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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.65‌%
23.42‌%
6.93‌%
2.98‌%
23.42‌%
39.82‌%
34.13‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.64‌
23.26‌
6.94‌
2.97‌
23.26‌
39.86‌
34.05‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.93‌
24.05‌
7.49‌
3.50‌
24.05‌
43.51‌
41.03‌
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
$
1,076.50‌
$
2.13‌
$
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)
Oil,
Gas
&
Consumable
Fuels
.........................
72.2‌
%
Metals
&
Mining
...................................
10.3‌
Energy
Equipment
&
Services
.........................
9.1‌
Containers
&
Packaging
.............................
5.5‌
Construction
Materials
..............................
2.6‌
Other
(each
representing
less
than
1%)
...................
0.3‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Exxon
Mobil
Corp.
.................................
10.4‌
%
Chevron
Corp.
....................................
10.2‌
ConocoPhillips
...................................
4.4‌
Schlumberger
NV
.................................
3.5‌
EOG
Resources,
Inc.
...............................
3.1‌
Canadian
Natural
Resources
Ltd.
.......................
3.0‌
Enbridge,
Inc.
....................................
3.0‌
Marathon
Petroleum
Corp.
...........................
2.6‌
Pioneer
Natural
Resources
Co.
........................
2.3‌
Phillips
66
.......................................
2.3‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
8
iShares
®
North
American
Tech-Multimedia
Networking
ETF
Investment
Objective
The
iShares
North
American
Tech-Multimedia
Networking
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
North
American
equities
in
the
multimedia
and
networking
technology
sectors,
as
represented
by
the
S&P
North
American
Technology
Multimedia
Networking
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
On
September
27,
2023,
the
Board
approved
a
proposal
to
change
the
name
of
iShares
North
American
Tech-Multimedia
Networking
ETF
to
iShares
U.S.
Digital
Infrastructure
and
Real
Estate
ETF
as
well
as
the
Fund’s
investment
objective
and
underlying
index.
The
Fund’s
ticker
will
also
change
from
IGN
to
IDGT.
These
changes
are
expected
to
become
effective
on
December
15,
2023.
Performance
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(13.34‌)%
(3.90‌)%
2.76‌%
7.98‌%
(3.90‌)%
14.56‌%
115.50‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(13.32‌)
(3.83‌)
2.75‌
7.99‌
(3.83‌)
14.54‌
115.65‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(13.07‌)
(3.44‌)
3.15‌
8.38‌
(3.44‌)
16.76‌
123.54‌
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
$
866.60‌
$
1.91‌
$
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)
Communications
Equipment
..........................
100.0‌
%
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
F5,
Inc.
........................................
8.9‌
%
Juniper
Networks,
Inc.
..............................
8.7‌
Motorola
Solutions,
Inc.
.............................
8.6‌
Cisco
Systems,
Inc.
................................
8.5‌
Arista
Networks,
Inc.
...............................
8.4‌
NetScout
Systems,
Inc.
..............................
4.8‌
Calix,
Inc.
.......................................
4.7‌
Ciena
Corp.
.....................................
4.7‌
Extreme
Networks,
Inc.
..............................
4.5‌
Harmonic,
Inc.
....................................
4.4‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
9
Fund
Summary
iShares
®
Semiconductor
ETF
Investment
Objective
The
iShares
Semiconductor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.-listed
equities
in
the
semiconductor
sector,
as
represented
by
the
ICE
Semiconductor
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
Semiconductor
Index
to
the
NYSE
Semiconductor
Index.
Performance
Index
performance
through
June
20,
2021
reflects
the
performance
of
the
PHLX
Semiconductor
Sector
Index.
Index
performance
beginning
on
June
21,
2021
reflects
the
performance
of
the
ICE
Semiconductor
Index.
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.07‌%
50.45‌%
22.01‌%
23.16‌%
50.45‌%
170.43‌%
702.80‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.05‌
50.13‌
22.00‌
23.14‌
50.13‌
170.25‌
701.72‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.30‌
51.11‌
22.58‌
23.76‌
51.11‌
176.78‌
743.21‌
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
$
1,070.70‌
$
1.81‌
$
1,000.00‌
$
1,023.25‌
$
1.77‌
0.35‌%
(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)
Semiconductors
&
Semiconductor
Equipment
...............
100.0‌
%
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Advanced
Micro
Devices,
Inc.
.........................
8.3‌
%
Broadcom,
Inc.
...................................
7.7‌
NVIDIA
Corp.
....................................
7.6‌
Intel
Corp.
......................................
6.8‌
Texas
Instruments,
Inc.
..............................
6.3‌
Micron
Technology,
Inc.
..............................
4.2‌
NXP
Semiconductors
NV
............................
4.2‌
QUALCOMM,
Inc.
.................................
4.2‌
Analog
Devices,
Inc.
................................
4.1‌
Microchip
Technology,
Inc.
............................
4.1‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
2023
iShares
Semi-Annual
Report
To
Shareholders
10
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
Biotechnology
ETF
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Biotechnology
—
81.4%
2seventy
bio,
Inc.
(a)(b)
................
325,706
$
1,276,768
4D
Molecular
Therapeutics,
Inc.
(a)(b)
.......
258,798
3,294,499
89bio,
Inc.
(b)
......................
515,092
7,953,020
Abcam
plc,
ADR
(a)(b)
.................
1,171,673
26,514,960
Absci
Corp.
(a)(b)
....................
492,847
650,558
ACADIA
Pharmaceuticals,
Inc.
(b)
.........
1,177,286
24,534,640
Actinium
Pharmaceuticals,
Inc.
(a)(b)
.......
182,573
1,080,832
Acumen
Pharmaceuticals,
Inc.
(a)(b)
........
316,705
1,314,326
Adaptimmune
Therapeutics
plc,
ADR
(a)(b)
...
961,116
749,670
ADC
Therapeutics
SA
(a)(b)
.............
529,890
475,311
Adicet
Bio,
Inc.
(a)(b)
..................
202,011
276,755
ADMA
Biologics,
Inc.
(a)(b)
..............
1,567,145
5,610,379
Affimed
NV
(a)(b)
.....................
896,174
428,282
Agios
Pharmaceuticals,
Inc.
(a)(b)
.........
386,558
9,567,310
Akero
Therapeutics,
Inc.
(a)(b)
............
333,212
16,853,863
Alaunos
Therapeutics,
Inc.
(a)(b)
..........
1,541,531
203,174
Alector,
Inc.
(a)(b)
....................
446,717
2,894,726
Alkermes
plc
(a)(b)
....................
1,189,750
33,324,898
Allakos,
Inc.
(b)
.....................
477,102
1,083,022
Allogene
Therapeutics,
Inc.
(a)(b)
..........
761,760
2,414,779
Allovir,
Inc.
(a)(b)
.....................
417,876
898,433
Alnylam
Pharmaceuticals,
Inc.
(a)(b)
........
901,997
159,743,669
Alpine
Immune
Sciences,
Inc.
(a)(b)
........
190,615
2,182,542
Altimmune,
Inc.
(a)(b)
..................
374,185
972,881
ALX
Oncology
Holdings,
Inc.
(b)
..........
138,738
665,942
Amgen,
Inc.
......................
2,303,041
618,965,299
Amicus
Therapeutics,
Inc.
(b)
............
1,999,485
24,313,738
AnaptysBio,
Inc.
(a)(b)
.................
171,588
3,081,720
Anavex
Life
Sciences
Corp.
(a)(b)
.........
579,841
3,797,959
Annexon,
Inc.
(b)
....................
281,471
664,272
Apellis
Pharmaceuticals,
Inc.
(a)(b)
.........
704,884
26,813,787
Arbutus
Biopharma
Corp.
(a)(b)
...........
900,174
1,827,353
Arcellx,
Inc.
(a)(b)
....................
243,774
8,746,611
Arcturus
Therapeutics
Holdings,
Inc.
(a)(b)
....
176,479
4,509,038
Arcus
Biosciences,
Inc.
(a)(b)
............
344,487
6,183,542
Arcutis
Biotherapeutics,
Inc.
(a)(b)
.........
321,804
1,708,779
Argenx
SE,
ADR,
NVS
(a)(b)
.............
301,793
148,370,493
Arrowhead
Pharmaceuticals,
Inc.
(a)(b)
......
733,694
19,714,358
ARS
Pharmaceuticals,
Inc.
(a)(b)
..........
342,102
1,293,146
Ascendis
Pharma
A/S,
ADR
(a)(b)
.........
291,151
27,263,380
Atara
Biotherapeutics,
Inc.
(a)(b)
..........
707,372
1,046,911
Aurinia
Pharmaceuticals,
Inc.
(a)(b)
........
942,981
7,326,962
Autolus
Therapeutics
plc,
ADR
(a)(b)
........
758,915
1,768,272
Avidity
Biosciences,
Inc.
(a)(b)
............
508,996
3,247,394
Beam
Therapeutics,
Inc.
(a)(b)
............
480,838
11,564,154
BeiGene
Ltd.,
ADR
(a)(b)
...............
495,879
89,193,756
Bicycle
Therapeutics
plc,
ADR
(a)(b)
........
182,412
3,664,657
BioAtla,
Inc.
(a)(b)
....................
251,032
426,754
BioCryst
Pharmaceuticals,
Inc.
(a)(b)
.......
1,349,332
9,553,271
Biogen,
Inc.
(a)(b)
....................
1,043,069
268,079,164
BioMarin
Pharmaceutical,
Inc.
(a)(b)
........
1,337,932
118,380,223
Biomea
Fusion,
Inc.
(a)(b)
...............
211,770
2,913,955
BioNTech
SE,
ADR
(b)
................
1,256,633
136,520,609
Bluebird
Bio,
Inc.
(a)(b)
.................
747,054
2,271,044
Blueprint
Medicines
Corp.
(a)(b)
...........
431,560
21,672,943
Bridgebio
Pharma,
Inc.
(a)(b)
.............
846,636
22,325,791
C4
Therapeutics,
Inc.
(a)(b)
..............
300,131
558,244
CareDx,
Inc.
(a)(b)
....................
373,709
2,615,963
Caribou
Biosciences,
Inc.
(a)(b)
...........
536,015
2,562,152
Centessa
Pharmaceuticals
plc,
ADR
(a)(b)
....
301,963
1,953,701
Century
Therapeutics,
Inc.
(a)(b)
..........
167,429
334,858
Cogent
Biosciences,
Inc.
(a)(b)
...........
526,430
5,132,692
Coherus
Biosciences,
Inc.
(a)(b)
...........
762,392
2,851,346
Security
Shares
Shares
Value
Biotechnology
(continued)
Compass
Pathways
plc,
ADR
(a)(b)
........
280,101
$
2,072,747
Crinetics
Pharmaceuticals,
Inc.
(b)
........
377,015
11,212,426
CRISPR
Therapeutics
AG
(a)(b)
...........
552,406
25,073,708
Cullinan
Oncology,
Inc.
(b)
..............
194,034
1,756,008
CureVac
NV
(a)(b)
....................
666,568
4,552,659
Cytokinetics,
Inc.
(a)(b)
.................
649,379
19,130,705
Day
One
Biopharmaceuticals,
Inc.
(a)(b)
.....
430,718
5,284,910
DBV
Technologies
SA,
ADR,
NVS
(a)(b)
.....
915,341
1,244,864
Deciphera
Pharmaceuticals,
Inc.
(b)
.......
395,762
5,034,093
Denali
Therapeutics,
Inc.
(a)(b)
...........
792,059
16,340,177
Design
Therapeutics,
Inc.
(a)(b)
...........
226,604
534,785
Dyne
Therapeutics,
Inc.
(a)(b)
............
231,879
2,077,636
Editas
Medicine,
Inc.
(a)(b)
..............
591,716
4,615,385
Eiger
BioPharmaceuticals,
Inc.
(a)(b)
.......
280,370
85,513
Emergent
BioSolutions,
Inc.
(a)(b)
.........
357,947
1,217,020
Enanta
Pharmaceuticals,
Inc.
(b)
.........
139,977
1,563,543
EQRx,
Inc.
(a)(b)
.....................
2,186,240
4,853,453
Erasca,
Inc.
(a)(b)
....................
664,041
1,308,161
Evelo
Biosciences,
Inc.
(a)(b)
.............
64,761
253,863
Exelixis,
Inc.
(b)
.....................
2,230,008
48,725,675
Exscientia
plc,
ADR
(a)(b)
...............
592,446
2,677,856
Fate
Therapeutics,
Inc.
(b)
..............
675,056
1,431,119
FibroGen,
Inc.
(b)
....................
694,240
599,060
Foghorn
Therapeutics,
Inc.
(b)
...........
125,545
627,725
G1
Therapeutics,
Inc.
(a)(b)
..............
295,915
426,118
Galapagos
NV,
ADR,
NVS
(a)(b)
..........
341,604
11,802,418
Generation
Bio
Co.
(a)(b)
...............
349,014
1,322,763
Genmab
A/S,
ADR,
NVS
(a)(b)
............
3,415,916
120,479,357
Geron
Corp.
(a)(b)
....................
3,182,172
6,746,205
Gilead
Sciences,
Inc.
................
7,719,166
578,474,300
Gossamer
Bio,
Inc.
(a)(b)
...............
1,367,784
1,139,091
Gracell
Biotechnologies,
Inc.,
ADR
(b)
......
394,137
1,135,115
Graphite
Bio,
Inc.
(a)(b)
................
191,536
475,009
Gritstone
bio,
Inc.
(a)(b)
................
603,829
1,038,586
Halozyme
Therapeutics,
Inc.
(b)
..........
946,509
36,156,644
Humacyte,
Inc.
(b)
...................
476,255
1,395,427
Ideaya
Biosciences,
Inc.
(b)
.............
370,705
10,001,621
IGM
Biosciences,
Inc.
(a)(b)
.............
143,863
1,201,256
I-Mab,
ADR
(a)(b)
....................
463,711
612,099
Immuneering
Corp.,
Class
A
(a)(b)
.........
155,312
1,192,796
ImmunityBio,
Inc.
(a)(b)
.................
1,956,656
3,306,749
Immunocore
Holdings
plc,
ADR
(a)(b)
.......
243,775
12,651,922
ImmunoGen,
Inc.
(a)(b)
.................
1,769,100
28,075,617
Immunovant,
Inc.
(b)
..................
382,821
14,696,498
Incyte
Corp.
(a)(b)
....................
1,604,051
92,666,026
Inhibrx,
Inc.
(a)(b)
....................
243,540
4,468,959
Inovio
Pharmaceuticals,
Inc.
(a)(b)
.........
1,836,482
714,391
Insmed,
Inc.
(a)(b)
....................
1,015,143
25,632,361
Instil
Bio,
Inc.
(a)(b)
...................
550,157
235,467
Intellia
Therapeutics,
Inc.
(a)(b)
...........
628,329
19,867,763
Intercept
Pharmaceuticals,
Inc.
(b)
........
261,021
4,839,329
Invivyd,
Inc.
(a)(b)
....................
300,589
511,001
Ionis
Pharmaceuticals,
Inc.
(a)(b)
..........
1,014,993
46,040,082
Iovance
Biotherapeutics,
Inc.
(a)(b)
.........
1,481,221
6,739,556
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
.
1,101,797
10,610,305
iTeos
Therapeutics,
Inc.
(a)(b)
............
210,176
2,301,427
Karuna
Therapeutics,
Inc.
(a)(b)
...........
233,557
39,492,153
Karyopharm
Therapeutics,
Inc.
(a)(b)
.......
739,641
991,119
Keros
Therapeutics,
Inc.
(a)(b)
............
153,150
4,882,422
Kezar
Life
Sciences,
Inc.
(a)(b)
...........
409,183
486,928
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(b)
....
245,445
4,263,380
Kinnate
Biopharma,
Inc.
(a)(b)
............
136,853
191,594
Kodiak
Sciences,
Inc.
(a)(b)
..............
371,425
668,565
Krystal
Biotech,
Inc.
(a)(b)
...............
166,136
19,271,776
Kura
Oncology,
Inc.
(b)
................
511,679
4,666,512
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Biotechnology
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Kymera
Therapeutics,
Inc.
(a)(b)
..........
349,297
$
4,855,228
Legend
Biotech
Corp.,
ADR
(a)(b)
.........
846,274
56,844,225
Lineage
Cell
Therapeutics,
Inc.
(a)(b)
.......
1,251,393
1,476,644
Lyell
Immunopharma,
Inc.
(a)(b)
...........
877,383
1,289,753
MacroGenics,
Inc.
(a)(b)
................
426,933
1,989,508
Madrigal
Pharmaceuticals,
Inc.
(a)(b)
.......
93,802
13,698,844
MannKind
Corp.
(a)(b)
.................
1,874,181
7,740,368
MeiraGTx
Holdings
plc
(b)
..............
396,376
1,946,206
Mersana
Therapeutics,
Inc.
(b)
...........
628,976
798,800
Merus
NV
(a)(b)
......................
332,805
7,847,542
Mirati
Therapeutics,
Inc.
(a)(b)
............
459,847
20,030,935
Mirum
Pharmaceuticals,
Inc.
(a)(b)
.........
196,161
6,198,688
Moderna,
Inc.
(a)(b)
...................
2,398,194
247,709,458
Monte
Rosa
Therapeutics,
Inc.
(a)(b)
.......
222,486
1,065,708
Morphic
Holding,
Inc.
(a)(b)
..............
266,052
6,095,251
Myriad
Genetics,
Inc.
(a)(b)
..............
568,234
9,114,473
Natera,
Inc.
(a)(b)
....................
758,934
33,582,830
Neurocrine
Biosciences,
Inc.
(b)
..........
696,056
78,306,300
Nkarta,
Inc.
(a)(b)
....................
284,608
395,605
Novavax,
Inc.
(a)(b)
...................
633,939
4,589,718
Nurix
Therapeutics,
Inc.
(a)(b)
............
314,750
2,473,935
Nuvalent,
Inc.,
Class
A
(a)(b)
.............
322,584
14,829,186
Omega
Therapeutics,
Inc.
(a)(b)
...........
152,659
328,217
PepGen,
Inc.
(a)(b)
...................
130,793
664,428
PMV
Pharmaceuticals,
Inc.
(a)(b)
..........
242,087
1,486,414
Poseida
Therapeutics,
Inc.
(a)(b)
..........
393,178
935,764
Precigen,
Inc.
(a)(b)
...................
901,584
1,280,249
Prelude
Therapeutics,
Inc.
(a)(b)
..........
173,451
535,964
Protagonist
Therapeutics,
Inc.
(a)(b)
........
392,090
6,540,061
Prothena
Corp.
plc
(a)(b)
................
366,861
17,701,043
PTC
Therapeutics,
Inc.
(a)(b)
.............
526,506
11,798,999
RAPT
Therapeutics,
Inc.
(a)(b)
............
207,685
3,451,725
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
947,954
7,251,848
Regeneron
Pharmaceuticals,
Inc.
(b)
.......
714,300
587,840,328
REGENXBIO,
Inc.
(a)(b)
................
289,251
4,761,071
Relay
Therapeutics,
Inc.
(a)(b)
............
615,338
5,174,993
Repare
Therapeutics,
Inc.
(a)(b)
...........
228,189
2,756,523
Replimune
Group,
Inc.
(a)(b)
.............
317,077
5,425,187
REVOLUTION
Medicines,
Inc.
(a)(b)
........
676,307
18,720,178
Rhythm
Pharmaceuticals,
Inc.
(a)(b)
........
361,300
8,282,803
Rocket
Pharmaceuticals,
Inc.
(a)(b)
........
537,716
11,017,801
Roivant
Sciences
Ltd.
(a)(b)
.............
3,125,671
36,507,837
Sage
Therapeutics,
Inc.
(a)(b)
............
372,763
7,671,463
Sana
Biotechnology,
Inc.
(a)(b)
...........
629,079
2,434,536
Sangamo
Therapeutics,
Inc.
(a)(b)
.........
1,086,030
651,401
Sarepta
Therapeutics,
Inc.
(a)(b)
..........
637,418
77,267,810
Scholar
Rock
Holding
Corp.
(a)(b)
.........
309,093
2,194,560
Seagen,
Inc.
(b)
.....................
1,344,695
285,277,044
Selecta
Biosciences,
Inc.
(b)
............
795,242
842,957
Seres
Therapeutics,
Inc.
(a)(b)
............
692,106
1,647,212
SpringWorks
Therapeutics,
Inc.
(a)(b)
.......
360,337
8,330,991
Stoke
Therapeutics,
Inc.
(a)(b)
............
210,352
828,787
Summit
Therapeutics,
Inc.
(a)(b)
...........
822,689
1,538,428
Sutro
Biopharma,
Inc.
(b)
...............
411,558
1,428,106
Syndax
Pharmaceuticals,
Inc.
(a)(b)
........
419,181
6,086,508
Tango
Therapeutics,
Inc.
(a)(b)
............
337,240
3,797,322
Travere
Therapeutics,
Inc.
(b)
............
521,619
4,663,274
Twist
Bioscience
Corp.
(a)(b)
.............
402,181
8,148,187
Ultragenyx
Pharmaceutical,
Inc.
(b)
........
482,872
17,214,387
uniQure
NV
(a)(b)
....................
318,445
2,136,766
United
Therapeutics
Corp.
(b)
............
331,552
74,887,650
UroGen
Pharma
Ltd.
(a)(b)
..............
181,735
2,546,107
Vanda
Pharmaceuticals,
Inc.
(a)(b)
.........
398,870
1,723,118
Vaxcyte,
Inc.
(a)(b)
....................
633,673
32,304,650
Veracyte,
Inc.
(a)(b)
...................
522,227
11,661,329
Security
Shares
Shares
Value
Biotechnology
(continued)
Vertex
Pharmaceuticals,
Inc.
(b)
..........
1,694,785
$
589,344,536
Verve
Therapeutics,
Inc.
(a)(b)
............
308,716
4,093,574
Vir
Biotechnology,
Inc.
(b)
..............
621,254
5,821,150
Voyager
Therapeutics,
Inc.
(a)(b)
..........
249,862
1,936,431
Xencor,
Inc.
(a)(b)
....................
427,866
8,621,500
Xenon
Pharmaceuticals,
Inc.
(a)(b)
.........
447,967
15,302,553
Zai
Lab
Ltd.,
ADR
(b)
.................
506,238
12,306,646
Zentalis
Pharmaceuticals,
Inc.
(a)(b)
........
464,943
9,326,757
Zymeworks,
Inc.
(a)(b)
.................
454,047
2,878,658
5,662,582,364
Chemicals
—
0.2%
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
9,158,659
16,577,173
Health
Care
Equipment
&
Supplies
—
0.2%
Novocure
Ltd.
(b)
....................
700,765
11,317,355
Health
Care
Providers
&
Services
—
0.2%
(a)(b)
Castle
Biosciences,
Inc.
..............
184,653
3,118,789
Fulgent
Genetics,
Inc.
................
135,885
3,633,565
Invitae
Corp.
......................
1,873,486
1,133,834
OPKO
Health,
Inc.
..................
3,030,717
4,849,147
12,735,335
Life
Sciences
Tools
&
Services
—
15.7%
10X
Genomics,
Inc.,
Class
A
(a)(b)
.........
672,896
27,756,960
AbCellera
Biologics,
Inc.
(a)(b)
............
1,431,847
6,586,496
Adaptive
Biotechnologies
Corp.
(a)(b)
.......
1,028,737
5,606,617
Akoya
Biosciences,
Inc.
(a)(b)
............
162,761
756,839
Bio-Techne
Corp.
...................
1,125,720
76,627,760
Bruker
Corp.
......................
714,141
44,490,984
Charles
River
Laboratories
International,
Inc.
(a)
(b)
...........................
364,451
71,425,107
Codexis,
Inc.
(b)
.....................
483,998
914,756
Cytek
Biosciences,
Inc.
(a)(b)
............
832,935
4,597,801
Illumina,
Inc.
(a)(b)
....................
1,142,199
156,801,079
IQVIA
Holdings,
Inc.
(a)(b)
...............
1,314,405
258,609,184
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(a)
(b)
...........................
783,668
7,836,680
MaxCyte,
Inc.
(a)(b)
...................
654,760
2,042,851
Medpace
Holdings,
Inc.
(b)
.............
170,164
41,201,809
Mettler-Toledo
International,
Inc.
(a)(b)
......
156,065
172,930,945
NanoString
Technologies,
Inc.
(a)(b)
........
321,690
553,307
Nautilus
Biotechnology,
Inc.
(a)(b)
.........
496,961
1,570,397
Olink
Holding
AB,
ADR
(a)(b)
.............
611,258
9,016,056
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares,
NVS
(b)(c)
.................
46,839
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares,
NVS
(b)(c)
.................
46,839
—
Pacific
Biosciences
of
California,
Inc.
(a)(b)
...
1,761,242
14,706,371
Quanterix
Corp.
(b)
...................
247,167
6,708,112
Repligen
Corp.
(a)(b)
..................
375,719
59,743,078
Seer,
Inc.,
Class
A
(b)
.................
302,114
667,672
Stevanato
Group
SpA
................
247,220
7,347,378
Waters
Corp.
(a)(b)
...................
427,000
117,087,670
1,095,585,909
Pharmaceuticals
—
2.0%
(b)
Aclaris
Therapeutics,
Inc.
(a)
............
416,660
2,854,121
Amylyx
Pharmaceuticals,
Inc.
(a)
.........
347,101
6,355,419
Arvinas,
Inc.
(a)
.....................
333,116
6,542,398
ATAI
Life
Sciences
NV
(a)
..............
839,192
1,082,558
Atea
Pharmaceuticals,
Inc.
............
526,777
1,580,331
Axsome
Therapeutics,
Inc.
(a)
...........
278,146
19,439,624
Cara
Therapeutics,
Inc.
...............
328,789
552,366
Cymabay
Therapeutics,
Inc.
(a)
..........
744,251
11,096,782
Edgewise
Therapeutics,
Inc.
(a)
..........
278,880
1,597,982
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Biotechnology
ETF
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Fulcrum
Therapeutics,
Inc.
(a)
...........
417,078
$
1,851,826
Intra-Cellular
Therapies,
Inc.
(a)
..........
677,899
35,311,759
Ligand
Pharmaceuticals,
Inc.
...........
118,377
7,093,150
Marinus
Pharmaceuticals,
Inc.
(a)
.........
340,775
2,743,239
Nektar
Therapeutics
.................
1,358,953
809,392
NGM
Biopharmaceuticals,
Inc.
..........
342,609
366,592
Nuvation
Bio,
Inc.,
Class
A
(a)
...........
1,066,121
1,428,602
Phathom
Pharmaceuticals,
Inc.
(a)
........
180,593
1,872,749
Pliant
Therapeutics,
Inc.
(a)
.............
385,917
6,691,801
Revance
Therapeutics,
Inc.
(a)
...........
597,017
6,847,785
Tarsus
Pharmaceuticals,
Inc.
(a)
..........
168,461
2,993,552
Terns
Pharmaceuticals,
Inc.
............
267,890
1,347,487
Theravance
Biopharma,
Inc.
(a)
..........
326,439
2,817,169
Ventyx
Biosciences,
Inc.
(a)
.............
322,979
11,217,061
Verona
Pharma
plc,
ADR
(a)
............
306,445
4,995,053
WaVe
Life
Sciences
Ltd.
(a)
.............
590,588
3,395,881
142,884,679
Total
Common
Stocks
—
99.7%
(Cost:
$10,325,080,868)
...........................
6,941,682,815
Preferred
Stocks
Biotechnology
—
0.2%
Grifols
SA
(a)(b)
.....................
1,345,884
12,301,380
Total
Preferred
Stocks
—
0.2%
(Cost:
$24,200,503)
..............................
12,301,380
Rights
Biotechnology
—
0.0%
(a)(b)
Achillion
Pharmaceuticals,
Inc.,
CVR
(c)
.....
4,112
1,892
Akouos,
Inc.,
CVR
..................
157,087
124,099
125,991
Security
Shares
Shares
Value
Pharmaceuticals
—
0.0%
Contra
Chinook
Therape,
CVR
(b)(c)
........
320,962
$
138,013
Total
Rights
—
0.0%
(Cost:
$251,165)
................................
264,004
Total
Long-Term
Investments
—
99.9%
(Cost:
$10,349,532,536)
...........................
6,954,248,199
Short-Term
Securities
Money
Market
Funds
—
11.2%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(f)
............
754,167,633
754,469,301
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
21,973,423
21,973,423
Total
Short-Term
Securities
—
11.2%
(Cost:
$775,928,257)
.............................
776,442,724
Total
Investments
—
111.1%
(Cost:
$11,125,460,793
)
...........................
7,730,690,923
Liabilities
in
Excess
of
Other
Assets
—
(11.1)%
...........
(770,778,142)
Net
Assets
—
100.0%
..............................
$
6,959,912,781
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
852,348,490
$
—
$
(97,946,907)
(a)
$
7,305
$
60,413
$
754,469,301
754,167,633
$
2,488,191
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
8,598,879
13,374,544
(a)
—
—
—
21,973,423
21,973,423
240,235
—
$
7,305
$
60,413
$
776,442,724
$
2,728,426
$
—
—
—
(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.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Biotechnology
ETF
14
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Select
Sector
Index
...........................................
28
12/15/23
$
3,674
$
(95,265)
Russell
2000
E-Mini
Index
....................................................
13
12/15/23
1,169
(43,422)
$
(138,687)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
138,687
$
—
$
—
$
—
$
138,687
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(40,892)
$
—
$
—
$
—
$
(40,892)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(294,455)
$
—
$
—
$
—
$
(294,455)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
11,558,865
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Biotechnology
ETF
Schedules
of
Investments
15
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
6,941,682,815
$
—
$
—
$
6,941,682,815
Preferred
Stocks
.........................................
12,301,380
—
—
12,301,380
Rights
................................................
—
124,099
139,905
264,004
Short-Term
Securities
Money
Market
Funds
......................................
776,442,724
—
—
776,442,724
$
7,730,426,919
$
124,099
$
139,905
$
7,730,690,923
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(138,687)
$
—
$
—
$
(138,687)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
Expanded
Tech
Sector
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Communications
Equipment
—
3.8%
ADTRAN
Holdings,
Inc.
..............
23,917
$
196,837
Arista
Networks,
Inc.
(a)
...............
83,995
15,449,200
Aviat
Networks,
Inc.
(a)
................
3,656
114,067
Calix,
Inc.
(a)
.......................
19,259
882,833
Cambium
Networks
Corp.
(a)(b)
...........
4,739
34,737
Ciena
Corp.
(a)
.....................
50,571
2,389,985
Cisco
Systems,
Inc.
.................
1,366,975
73,488,576
Clearfield,
Inc.
(a)
....................
4,231
121,260
CommScope
Holding
Co.,
Inc.
(a)
.........
70,105
235,553
Digi
International,
Inc.
(a)
...............
11,985
323,595
Extreme
Networks,
Inc.
(a)
..............
44,164
1,069,210
F5,
Inc.
(a)
........................
19,894
3,205,719
Harmonic,
Inc.
(a)
....................
37,212
358,352
Infinera
Corp.
(a)(b)
...................
65,594
274,183
Juniper
Networks,
Inc.
...............
108,457
3,014,020
Lumentum
Holdings,
Inc.
(a)
............
22,956
1,037,152
Motorola
Solutions,
Inc.
..............
56,027
15,252,791
NETGEAR,
Inc.
(a)
...................
9,712
122,274
NetScout
Systems,
Inc.
(a)
.............
24,202
678,140
Ribbon
Communications,
Inc.
(a)(b)
........
32,657
87,521
Viasat,
Inc.
(a)
......................
25,519
471,081
Viavi
Solutions,
Inc.
(a)
................
74,335
679,422
119,486,508
Electronic
Equipment,
Instruments
&
Components
—
3.6%
Advanced
Energy
Industries,
Inc.
(b)
.......
12,542
1,293,331
Amphenol
Corp.,
Class
A
.............
200,249
16,818,914
Arrow
Electronics,
Inc.
(a)
..............
18,672
2,338,481
Avnet,
Inc.
.......................
30,544
1,471,915
Badger
Meter,
Inc.
..................
9,997
1,438,268
Belden,
Inc.
......................
14,220
1,372,941
Benchmark
Electronics,
Inc.
...........
11,904
288,791
CDW
Corp.
.......................
44,966
9,072,340
Celestica,
Inc.
(a)(b)
...................
37,745
925,507
Cognex
Corp.
.....................
58,255
2,472,342
Coherent
Corp.
(a)
...................
43,653
1,424,834
Corning,
Inc.
......................
257,831
7,856,111
CTS
Corp.
.......................
10,538
439,856
ePlus,
Inc.
(a)
......................
8,993
571,235
Fabrinet
(a)
........................
12,131
2,021,267
Insight
Enterprises,
Inc.
(a)(b)
............
10,143
1,475,807
IPG
Photonics
Corp.
(a)
...............
10,010
1,016,415
Itron,
Inc.
(a)
.......................
15,179
919,544
Jabil,
Inc.
........................
43,904
5,570,979
Keysight
Technologies,
Inc.
(a)
...........
60,043
7,944,289
Knowles
Corp.
(a)
...................
30,537
452,253
Littelfuse,
Inc.
.....................
8,423
2,083,176
Methode
Electronics,
Inc.
.............
12,024
274,748
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
60,680
453,280
National
Instruments
Corp.
............
44,501
2,653,150
Novanta,
Inc.
(a)
....................
12,166
1,745,091
OSI
Systems,
Inc.
(a)
.................
5,198
613,572
PC
Connection,
Inc.
.................
3,777
201,616
Plexus
Corp.
(a)
.....................
9,237
858,856
Rogers
Corp.
(a)
....................
5,620
738,861
Sanmina
Corp.
(a)
...................
19,499
1,058,406
TD
SYNNEX
Corp.
..................
16,039
1,601,655
TE
Connectivity
Ltd.
.................
105,311
13,009,068
Teledyne
Technologies,
Inc.
(a)
...........
15,801
6,455,973
Trimble,
Inc.
(a)
.....................
83,398
4,491,816
TTM
Technologies,
Inc.
(a)
..............
34,282
441,552
Vishay
Intertechnology,
Inc.
............
42,632
1,053,863
Vontier
Corp.
......................
51,907
1,604,965
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Zebra
Technologies
Corp.,
Class
A
(a)
......
17,301
$
4,092,206
110,617,274
Entertainment
—
3.2%
Activision
Blizzard,
Inc.
...............
239,982
22,469,515
Electronic
Arts,
Inc.
.................
82,698
9,956,839
Netflix,
Inc.
(a)(b)
.....................
148,653
56,131,373
Playtika
Holding
Corp.
(a)
..............
23,359
224,947
ROBLOX
Corp.,
Class
A
(a)(b)
............
161,580
4,679,357
Take-Two
Interactive
Software,
Inc.
(a)
......
52,982
7,438,143
100,900,174
Interactive
Media
&
Services
—
16.4%
Alphabet,
Inc.,
Class
A
(a)
..............
1,105,190
144,625,163
Alphabet,
Inc.,
Class
C,
NVS
(a)
..........
940,123
123,955,218
Bumble,
Inc.,
Class
A
(a)
...............
33,100
493,852
Cargurus,
Inc.,
Class
A
(a)
..............
29,857
523,095
IAC,
Inc.
(a)
........................
23,364
1,177,312
Match
Group,
Inc.
(a)
.................
93,811
3,675,046
Meta
Platforms,
Inc.,
Class
A
(a)
..........
745,564
223,825,768
Pinterest,
Inc.,
Class
A
(a)
..............
195,191
5,276,013
Shutterstock,
Inc.
...................
8,069
307,026
Snap,
Inc.,
Class
A,
NVS
(a)(b)
...........
339,744
3,027,119
TripAdvisor,
Inc.
(a)(b)
.................
35,435
587,512
Yelp,
Inc.
(a)
.......................
23,004
956,736
Ziff
Davis,
Inc.
(a)(b)
...................
15,800
1,006,302
ZipRecruiter,
Inc.,
Class
A
(a)
............
24,651
295,566
ZoomInfo
Technologies,
Inc.
(a)
..........
102,351
1,678,556
511,410,284
IT
Services
—
7.1%
Accenture
plc,
Class
A
...............
211,600
64,984,476
Akamai
Technologies,
Inc.
(a)
............
51,213
5,456,233
CGI,
Inc.
(a)(b)
......................
70,327
6,926,506
Cloudflare,
Inc.,
Class
A
(a)(b)
............
98,146
6,187,124
Cognizant
Technology
Solutions
Corp.,
Class
A
169,416
11,476,240
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
18,696
449,265
DXC
Technology
Co.
(a)
...............
68,825
1,433,625
EPAM
Systems,
Inc.
(a)
................
19,496
4,984,932
Fastly,
Inc.,
Class
A
(a)(b)
...............
38,619
740,326
Gartner,
Inc.
(a)
.....................
26,442
9,085,736
GoDaddy,
Inc.,
Class
A
(a)
..............
49,248
3,667,991
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
17,523
213,430
International
Business
Machines
Corp.
....
305,441
42,853,372
Kyndryl
Holdings,
Inc.
(a)
...............
76,782
1,159,408
MongoDB,
Inc.,
Class
A
(a)
.............
23,596
8,160,912
Okta,
Inc.,
Class
A
(a)
.................
52,236
4,257,756
Perficient,
Inc.
(a)
....................
11,644
673,722
Shopify,
Inc.,
Class
A
(a)(b)
..............
401,096
21,887,809
Snowflake,
Inc.,
Class
A
(a)
.............
109,323
16,701,275
Squarespace,
Inc.,
Class
A
(a)
...........
15,008
434,782
Thoughtworks
Holding,
Inc.
(a)(b)
..........
30,909
126,109
Twilio,
Inc.,
Class
A
(a)
................
60,756
3,556,049
VeriSign,
Inc.
(a)
....................
30,099
6,095,950
221,513,028
Semiconductors
&
Semiconductor
Equipment
—
27.2%
Advanced
Micro
Devices,
Inc.
(a)
.........
541,681
55,695,640
Allegro
MicroSystems,
Inc.
(a)
...........
23,877
762,631
Ambarella,
Inc.
(a)
...................
12,568
666,481
Amkor
Technology,
Inc.
...............
33,657
760,648
Analog
Devices,
Inc.
.................
168,200
29,450,138
Applied
Materials,
Inc.
...............
281,693
39,000,396
Axcelis
Technologies,
Inc.
(a)
............
11,104
1,810,507
Broadcom,
Inc.
....................
138,435
114,981,342
Cirrus
Logic,
Inc.
(a)
..................
18,466
1,365,745
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Expanded
Tech
Sector
ETF
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Cohu,
Inc.
(a)
......................
15,886
$
547,114
Credo
Technology
Group
Holding
Ltd.
(a)
....
38,507
587,232
Diodes,
Inc.
(a)
.....................
15,277
1,204,439
Enphase
Energy,
Inc.
(a)
...............
46,002
5,527,140
Entegris,
Inc.
......................
50,321
4,725,645
First
Solar,
Inc.
(a)
...................
35,836
5,790,739
FormFactor,
Inc.
(a)
..................
25,780
900,753
Ichor
Holdings
Ltd.
(a)
.................
9,707
300,529
Impinj,
Inc.
(a)
......................
7,305
401,994
Intel
Corp.
.......................
1,404,862
49,942,844
KLA
Corp.
........................
45,863
21,035,524
Kulicke
&
Soffa
Industries,
Inc.
..........
18,908
919,496
Lam
Research
Corp.
................
44,714
28,025,394
Lattice
Semiconductor
Corp.
(a)
..........
46,362
3,983,887
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
18,098
1,476,435
Marvell
Technology,
Inc.
..............
288,996
15,643,353
MaxLinear,
Inc.
(a)
...................
24,588
547,083
Microchip
Technology,
Inc.
.............
182,596
14,251,618
Micron
Technology,
Inc.
...............
367,418
24,995,447
MKS
Instruments,
Inc.
...............
21,083
1,824,523
Monolithic
Power
Systems,
Inc.
.........
16,027
7,404,474
NVIDIA
Corp.
.....................
600,187
261,075,343
NXP
Semiconductors
NV
.............
86,480
17,289,082
ON
Semiconductor
Corp.
(a)(b)
...........
144,756
13,455,070
Onto
Innovation,
Inc.
(a)
...............
16,596
2,116,322
PDF
Solutions,
Inc.
(a)
................
9,994
323,806
Power
Integrations,
Inc.
..............
19,558
1,492,471
Qorvo,
Inc.
(a)
......................
32,844
3,135,617
QUALCOMM,
Inc.
..................
374,361
41,576,533
Rambus,
Inc.
(a)
....................
36,907
2,059,042
Semtech
Corp.
(a)
...................
21,373
550,355
Silicon
Laboratories,
Inc.
(a)
.............
10,690
1,238,864
SiTime
Corp.
(a)(b)
...................
5,500
628,375
Skyworks
Solutions,
Inc.
..............
53,479
5,272,495
SolarEdge
Technologies,
Inc.
(a)(b)
........
18,946
2,453,696
Synaptics,
Inc.
(a)
...................
13,208
1,181,323
Teradyne,
Inc.
.....................
51,664
5,190,165
Texas
Instruments,
Inc.
...............
304,577
48,430,789
Ultra
Clean
Holdings,
Inc.
(a)
............
14,935
443,121
Universal
Display
Corp.
..............
14,757
2,316,701
Wolfspeed,
Inc.
(a)
...................
42,201
1,607,858
846,366,219
Software
—
28.6%
A10
Networks,
Inc.
..................
21,504
323,205
ACI
Worldwide,
Inc.
(a)
................
36,198
816,627
Adeia,
Inc.
.......................
35,534
379,503
Adobe,
Inc.
(a)
......................
152,898
77,962,690
Agilysys,
Inc.
(a)
....................
6,654
440,229
Alarm.com
Holdings,
Inc.
(a)
............
16,655
1,018,287
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
17,849
1,116,633
Alteryx,
Inc.,
Class
A
(a)(b)
..............
20,908
788,023
ANSYS,
Inc.
(a)
.....................
29,195
8,686,972
Appfolio,
Inc.,
Class
A
(a)
..............
6,598
1,204,993
Appian
Corp.,
Class
A
(a)(b)
.............
13,925
635,119
AppLovin
Corp.,
Class
A
(a)(b)
............
45,489
1,817,740
Asana,
Inc.,
Class
A
(a)(b)
...............
26,305
481,645
Aspen
Technology,
Inc.
(a)
..............
9,515
1,943,534
Atlassian
Corp.,
Class
A
(a)
.............
50,949
10,266,733
Autodesk,
Inc.
(a)
....................
71,694
14,834,206
Bentley
Systems,
Inc.,
Class
B
(b)
.........
76,994
3,862,019
BILL
Holdings,
Inc.
(a)(b)
................
32,285
3,505,182
Blackbaud,
Inc.
(a)
...................
14,452
1,016,265
BlackBerry
Ltd.
(a)
...................
175,405
826,158
BlackLine,
Inc.
(a)(b)
..................
16,979
941,825
Security
Shares
Shares
Value
Software
(continued)
Box,
Inc.,
Class
A
(a)
.................
48,219
$
1,167,382
Braze,
Inc.,
Class
A
(a)
................
15,848
740,577
C3.ai,
Inc.,
Class
A
(a)(b)
...............
30,839
787,011
Cadence
Design
Systems,
Inc.
(a)
........
91,172
21,361,600
Cerence,
Inc.
(a)(b)
...................
13,468
274,343
Clear
Secure,
Inc.,
Class
A
............
27,450
522,648
CommVault
Systems,
Inc.
(a)
............
14,695
993,529
Confluent,
Inc.,
Class
A
(a)(b)
............
71,087
2,104,886
Consensus
Cloud
Solutions,
Inc.
(a)
.......
5,846
147,202
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
75,185
12,584,465
Datadog,
Inc.,
Class
A
(a)(b)
.............
100,322
9,138,331
Descartes
Systems
Group,
Inc.
(The)
(a)(b)
...
28,801
2,113,417
Digital
Turbine,
Inc.
(a)(b)
...............
30,165
182,498
DocuSign,
Inc.
(a)
...................
68,206
2,864,652
Dolby
Laboratories,
Inc.,
Class
A
........
20,240
1,604,222
DoubleVerify
Holdings,
Inc.
(a)
...........
42,116
1,177,142
Dropbox,
Inc.,
Class
A
(a)(b)
.............
86,504
2,355,504
Dynatrace,
Inc.
(a)
...................
79,691
3,723,960
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
57,602
261,513
Elastic
NV
(a)
......................
26,603
2,161,228
Envestnet,
Inc.
(a)
...................
12,856
566,050
Everbridge,
Inc.
(a)
...................
13,551
303,813
Fair
Isaac
Corp.
(a)
...................
8,338
7,241,803
Five9,
Inc.
(a)
......................
24,206
1,556,446
Fortinet,
Inc.
(a)
.....................
218,656
12,830,734
Freshworks,
Inc.,
Class
A
(a)
............
53,355
1,062,832
Gen
Digital,
Inc.
....................
188,759
3,337,259
Gitlab,
Inc.,
Class
A
(a)
................
26,794
1,211,625
Guidewire
Software,
Inc.
(a)(b)
............
27,321
2,458,890
HashiCorp,
Inc.,
Class
A
(a)
.............
33,686
769,051
HubSpot,
Inc.
(a)
....................
16,724
8,236,570
Intapp,
Inc.
(a)
......................
8,569
287,233
InterDigital,
Inc.
....................
8,935
716,944
Intuit,
Inc.
........................
93,946
48,000,769
Jamf
Holding
Corp.
(a)
................
17,289
305,324
Lightspeed
Commerce,
Inc.
(a)(b)
..........
45,464
637,860
LiveRamp
Holdings,
Inc.
(a)
.............
21,626
623,694
Manhattan
Associates,
Inc.
(a)
...........
20,687
4,088,992
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
55,940
475,490
Matterport,
Inc.,
Class
A
(a)
.............
76,129
165,200
MeridianLink,
Inc.
(a)
.................
6,739
114,967
Microsoft
Corp.
....................
841,238
265,620,899
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
4,067
1,335,115
Model
N,
Inc.
(a)
....................
11,462
279,787
N-able,
Inc.
(a)(b)
....................
22,508
290,353
nCino,
Inc.
(a)(b)
.....................
20,334
646,621
NCR
Corp.
(a)
......................
44,902
1,211,007
New
Relic,
Inc.
(a)
...................
18,159
1,554,774
Nutanix,
Inc.,
Class
A
(a)
...............
79,085
2,758,485
Open
Text
Corp.
(b)
..................
91,249
3,202,840
Oracle
Corp.
......................
528,088
55,935,081
PagerDuty,
Inc.
(a)
...................
30,930
695,616
Palantir
Technologies,
Inc.,
Class
A
(a)
.....
638,676
10,218,816
Palo
Alto
Networks,
Inc.
(a)(b)
............
102,599
24,053,310
Pegasystems,
Inc.
..................
13,862
601,749
PowerSchool
Holdings,
Inc.,
Class
A
(a)
.....
19,200
435,072
Procore
Technologies,
Inc.
(a)(b)
..........
29,613
1,934,321
Progress
Software
Corp.
..............
14,471
760,885
PROS
Holdings,
Inc.
(a)(b)
..............
13,847
479,383
PTC,
Inc.
(a)
.......................
39,862
5,647,648
Q2
Holdings,
Inc.
(a)
..................
19,449
627,619
Qualys,
Inc.
(a)
.....................
12,315
1,878,653
Rapid7,
Inc.
(a)
.....................
20,166
923,199
RingCentral,
Inc.,
Class
A
(a)
............
28,433
842,470
Riot
Platforms,
Inc.
(a)(b)
...............
58,505
545,852
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Expanded
Tech
Sector
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Software
(continued)
Roper
Technologies,
Inc.
..............
35,855
$
17,363,859
Salesforce,
Inc.
(a)
...................
326,728
66,253,904
Samsara,
Inc.,
Class
A
(a)(b)
.............
51,356
1,294,685
SentinelOne,
Inc.,
Class
A
(a)(b)
..........
78,532
1,324,050
ServiceNow,
Inc.
(a)
..................
68,432
38,250,751
Smartsheet,
Inc.,
Class
A
(a)
............
45,176
1,827,821
SolarWinds
Corp.
(a)
.................
15,865
149,766
Splunk,
Inc.
(a)
.....................
51,199
7,487,854
Sprinklr,
Inc.,
Class
A
(a)
...............
34,932
483,459
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
16,056
800,873
SPS
Commerce,
Inc.
(a)
...............
12,383
2,112,664
Synopsys,
Inc.
(a)
...................
51,042
23,426,747
Tenable
Holdings,
Inc.
(a)
..............
39,142
1,753,562
Teradata
Corp.
(a)
...................
33,511
1,508,665
Tyler
Technologies,
Inc.
(a)
.............
14,094
5,442,257
UiPath,
Inc.,
Class
A
(a)(b)
..............
134,889
2,307,951
Unity
Software,
Inc.
(a)(b)
...............
81,037
2,543,751
Varonis
Systems,
Inc.
(a)
...............
36,662
1,119,658
Verint
Systems,
Inc.
(a)(b)
...............
21,481
493,848
VMware,
Inc.,
Class
A
(a)
..............
73,625
12,257,090
Workday,
Inc.,
Class
A
(a)
..............
69,027
14,830,451
Workiva,
Inc.,
Class
A
(a)(b)
.............
15,862
1,607,455
Zeta
Global
Holdings
Corp.,
Class
A
(a)
.....
50,185
419,045
Zoom
Video
Communications,
Inc.,
Class
A
(a)(b)
84,156
5,885,871
Zscaler,
Inc.
(a)
.....................
29,363
4,568,589
Zuora,
Inc.,
Class
A
(a)
................
41,939
345,577
892,465,002
Technology
Hardware,
Storage
&
Peripherals
—
10.0%
Apple,
Inc.
.......................
1,563,036
267,607,394
Avid
Technology,
Inc.
(a)
...............
11,153
299,681
Corsair
Gaming,
Inc.
(a)(b)
..............
13,640
198,189
Dell
Technologies,
Inc.,
Class
C
.........
85,007
5,856,982
Hewlett
Packard
Enterprise
Co.
.........
434,975
7,555,516
HP,
Inc.
.........................
290,989
7,478,417
IonQ,
Inc.
(a)(b)
......................
57,087
849,455
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
NetApp,
Inc.
......................
70,718
$
5,366,082
Pure
Storage,
Inc.,
Class
A
(a)
...........
97,362
3,468,034
Seagate
Technology
Holdings
plc
........
64,824
4,275,143
Super
Micro
Computer,
Inc.
(a)
...........
15,401
4,223,262
Western
Digital
Corp.
(a)
...............
107,705
4,914,579
Xerox
Holdings
Corp.
................
37,762
592,486
312,685,220
Total
Long-Term
Investments
—
99.9%
(Cost:
$2,625,129,771)
...........................
3,115,443,709
Short-Term
Securities
Money
Market
Funds
—
5.1%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
153,471,741
153,533,129
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
5,536,076
5,536,076
Total
Short-Term
Securities
—
5.1%
(Cost:
$159,041,208)
.............................
159,069,205
Total
Investments
—
105.0%
(Cost:
$2,784,170,979
)
...........................
3,274,512,914
Liabilities
in
Excess
of
Other
Assets
—
(5.0)%
............
(157,238,443)
Net
Assets
—
100.0%
..............................
$
3,117,274,471
(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.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
85,381,932
$
68,148,577
(a)
$
—
$
1,212
$
1,408
$
153,533,129
153,471,741
$
148,921
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,581,001
3,955,075
(a)
—
—
—
5,536,076
5,536,076
94,447
—
$
1,212
$
1,408
$
159,069,205
$
243,368
$
—
—
—
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Expanded
Tech
Sector
ETF
Schedules
of
Investments
19
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Technology
Select
Sector
Index
............................................
8
12/15/23
$
1,335
$
(51,598)
S&P
E-Mini
Communication
Services
Index
........................................
6
12/15/23
520
(16,034)
$
(67,632)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
67,632
$
—
$
—
$
—
$
67,632
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
132,472
$
—
$
—
$
—
$
132,472
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(125,751)
$
—
$
—
$
—
$
(125,751)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
3,383,813
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Expanded
Tech
Sector
ETF
20
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,115,443,709
$
—
$
—
$
3,115,443,709
Short-Term
Securities
Money
Market
Funds
......................................
159,069,205
—
—
159,069,205
$
3,274,512,914
$
—
$
—
$
3,274,512,914
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(67,632)
$
—
$
—
$
(67,632)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
Expanded
Tech-Software
Sector
ETF
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Entertainment
—
5.8%
Activision
Blizzard,
Inc.
...............
2,202,844
$
206,252,284
Electronic
Arts,
Inc.
.................
759,105
91,396,242
Take-Two
Interactive
Software,
Inc.
(a)
......
486,330
68,275,868
365,924,394
Interactive
Media
&
Services
—
0.5%
Snap,
Inc.,
Class
A,
NVS
(a)(b)
...........
3,118,560
27,786,370
Software
—
93.6%
A10
Networks,
Inc.
..................
214,508
3,224,055
ACI
Worldwide,
Inc.
(a)(b)
...............
334,382
7,543,658
Adeia,
Inc.
.......................
330,541
3,530,178
Adobe,
Inc.
(a)(b)
.....................
1,016,561
518,344,454
Agilysys,
Inc.
(a)
....................
62,456
4,132,089
Alarm.com
Holdings,
Inc.
(a)
............
153,668
9,395,262
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
166,499
10,416,177
Alteryx,
Inc.,
Class
A
(a)(b)
..............
194,496
7,330,554
ANSYS,
Inc.
(a)(b)
....................
267,242
79,517,857
Appfolio,
Inc.,
Class
A
(a)(b)
.............
60,566
11,061,169
Appian
Corp.,
Class
A
(a)(b)
.............
128,775
5,873,428
AppLovin
Corp.,
Class
A
(a)(b)
............
417,552
16,685,378
Asana,
Inc.,
Class
A
(a)(b)
...............
244,413
4,475,202
Aspen
Technology,
Inc.
(a)(b)
.............
87,339
17,839,864
Atlassian
Corp.,
Class
A
(a)(b)
............
467,672
94,240,585
Autodesk,
Inc.
(a)
....................
658,096
136,166,643
Bentley
Systems,
Inc.,
Class
B
(b)
.........
706,745
35,450,329
BILL
Holdings,
Inc.
(a)(b)
................
297,772
32,329,106
Blackbaud,
Inc.
(a)
...................
132,663
9,328,862
BlackBerry
Ltd.
(a)(b)
..................
1,616,262
7,612,594
BlackLine,
Inc.
(a)(b)
..................
155,849
8,644,944
Box,
Inc.,
Class
A
(a)(b)
................
446,030
10,798,386
Braze,
Inc.,
Class
A
(a)(b)
...............
145,471
6,797,860
C3.ai,
Inc.,
Class
A
(a)(b)
...............
283,075
7,224,074
Cadence
Design
Systems,
Inc.
(a)
........
836,884
196,081,921
Cerence,
Inc.
(a)(b)
...................
124,278
2,531,543
Clear
Secure,
Inc.,
Class
A
............
257,550
4,903,752
CommVault
Systems,
Inc.
(a)(b)
...........
135,632
9,170,080
Confluent,
Inc.,
Class
A
(a)(b)
............
652,520
19,321,117
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
56,370
1,419,397
Crowdstrike
Holdings,
Inc.,
Class
A
(a)(b)
....
690,137
115,515,131
Datadog,
Inc.,
Class
A
(a)(b)
.............
920,874
83,882,413
Descartes
Systems
Group,
Inc.
(The)
(a)(b)
...
261,746
19,206,921
Digital
Turbine,
Inc.
(a)(b)
...............
285,505
1,727,305
DocuSign,
Inc.
(a)(b)
..................
623,132
26,171,544
Dolby
Laboratories,
Inc.,
Class
A
........
183,380
14,534,699
DoubleVerify
Holdings,
Inc.
(a)(b)
..........
386,595
10,805,330
Dropbox,
Inc.,
Class
A
(a)(b)
.............
794,037
21,621,628
Dynatrace,
Inc.
(a)(b)
..................
731,499
34,182,948
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
530,749
2,409,600
Elastic
NV
(a)
......................
245,904
19,977,241
Envestnet,
Inc.
(a)(b)
..................
143,417
6,314,650
Everbridge,
Inc.
(a)(b)
..................
125,123
2,805,258
Fair
Isaac
Corp.
(a)
...................
76,539
66,476,418
Five9,
Inc.
(a)
......................
222,352
14,297,234
Fortinet,
Inc.
(a)(b)
....................
2,007,086
117,775,806
Freshworks,
Inc.,
Class
A
(a)(b)
...........
489,757
9,755,959
Gen
Digital,
Inc.
....................
1,732,661
30,633,446
Gitlab,
Inc.,
Class
A
(a)(b)
...............
245,948
11,121,769
Guidewire
Software,
Inc.
(a)(b)
............
250,782
22,570,380
HashiCorp,
Inc.,
Class
A
(a)(b)
............
309,213
7,059,333
HubSpot,
Inc.
(a)(b)
...................
154,004
75,846,970
Intapp,
Inc.
(a)
......................
78,655
2,636,516
InterDigital,
Inc.
....................
81,670
6,553,201
Intuit,
Inc.
........................
846,335
432,426,405
Security
Shares
Shares
Value
Software
(continued)
Jamf
Holding
Corp.
(a)(b)
...............
158,323
$
2,795,984
Lightspeed
Commerce,
Inc.
(a)(b)
..........
421,538
5,914,178
LiveRamp
Holdings,
Inc.
(a)
.............
203,810
5,877,880
Manhattan
Associates,
Inc.
(a)(b)
..........
189,888
37,533,262
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
536,592
4,561,032
Matterport,
Inc.,
Class
A
(a)
.............
742,139
1,610,442
MeridianLink,
Inc.
(a)
.................
65,202
1,112,346
Microsoft
Corp.
....................
1,726,962
545,288,251
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
37,329
12,254,364
Model
N,
Inc.
(a)
....................
108,229
2,641,870
N-able,
Inc.
(a)(b)
....................
214,650
2,768,985
nCino,
Inc.
(a)(b)
.....................
186,649
5,935,438
NCR
Corp.
(a)(b)
.....................
412,161
11,115,982
New
Relic,
Inc.
(a)
...................
165,784
14,194,426
Nutanix,
Inc.,
Class
A
(a)
...............
725,939
25,320,752
Open
Text
Corp.
(b)
..................
835,027
29,309,448
Oracle
Corp.
......................
4,554,661
482,429,693
PagerDuty,
Inc.
(a)(b)
..................
283,913
6,385,203
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
5,862,534
93,800,544
Palo
Alto
Networks,
Inc.
(a)(b)
............
941,775
220,789,731
Pegasystems,
Inc.
..................
130,729
5,674,946
PowerSchool
Holdings,
Inc.,
Class
A
(a)(b)
...
176,243
3,993,666
Procore
Technologies,
Inc.
(a)(b)
..........
271,823
17,755,478
Progress
Software
Corp.
..............
133,531
7,021,060
PROS
Holdings,
Inc.
(a)(b)
..............
130,885
4,531,239
PTC,
Inc.
(a)
.......................
365,906
51,841,562
Q2
Holdings,
Inc.
(a)
..................
180,313
5,818,701
Qualys,
Inc.
(a)(b)
....................
113,043
17,244,710
Rapid7,
Inc.
(a)(b)
....................
187,723
8,593,959
RingCentral,
Inc.,
Class
A
(a)
............
260,989
7,733,104
Riot
Platforms,
Inc.
(a)(b)
...............
543,833
5,073,962
Roper
Technologies,
Inc.
..............
328,580
159,124,722
Salesforce,
Inc.
(a)
...................
2,560,296
519,176,823
Samsara,
Inc.,
Class
A
(a)(b)
.............
471,408
11,884,196
SentinelOne,
Inc.,
Class
A
(a)(b)
..........
734,367
12,381,428
ServiceNow,
Inc.
(a)(b)
.................
503,284
281,315,625
Smartsheet,
Inc.,
Class
A
(a)(b)
...........
411,400
16,645,244
SolarWinds
Corp.
(a)
.................
157,249
1,484,431
Splunk,
Inc.
(a)
.....................
469,116
68,608,215
Sprinklr,
Inc.,
Class
A
(a)
...............
320,648
4,437,768
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
149,160
7,440,101
SPS
Commerce,
Inc.
(a)(b)
..............
112,854
19,254,021
Synopsys,
Inc.
(a)
...................
468,524
215,038,460
Tenable
Holdings,
Inc.
(a)(b)
.............
356,070
15,951,936
Teradata
Corp.
(a)
...................
308,783
13,901,411
Tyler
Technologies,
Inc.
(a)(b)
............
129,564
50,029,843
UiPath,
Inc.,
Class
A
(a)(b)
..............
1,238,176
21,185,191
Unity
Software,
Inc.
(a)(b)
...............
743,855
23,349,608
Varonis
Systems,
Inc.
(a)(b)
..............
337,627
10,311,129
Verint
Systems,
Inc.
(a)
................
199,093
4,577,148
VMware,
Inc.,
Class
A
(a)
..............
675,819
112,510,347
Workday,
Inc.,
Class
A
(a)(b)
.............
633,612
136,131,538
Workiva,
Inc.,
Class
A
(a)(b)
.............
145,731
14,768,380
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
460,654
3,846,461
Zoom
Video
Communications,
Inc.,
Class
A
(a)(b)
772,484
54,027,531
Zscaler,
Inc.
(a)(b)
....................
269,532
41,936,484
Zuora,
Inc.,
Class
A
(a)(b)
...............
397,612
3,276,323
5,907,215,185
Total
Long-Term
Investments
—
99.9%
(Cost:
$7,679,781,159)
...........................
6,300,925,949
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Expanded
Tech-Software
Sector
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
8.1%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
501,721,195
$
501,921,883
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
10,890,600
10,890,600
Total
Short-Term
Securities
—
8.1%
(Cost:
$512,655,290)
.............................
512,812,483
Total
Investments
—
108.0%
(Cost:
$8,192,436,449
)
...........................
6,813,738,432
Liabilities
in
Excess
of
Other
Assets
—
(8.0)%
............
(503,481,884)
Net
Assets
—
100.0%
..............................
$
6,310,256,548
(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.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
224,418,482
$
277,456,480
(a)
$
—
$
11,582
$
35,339
$
501,921,883
501,721,195
$
973,149
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
5,186,304
5,704,296
(a)
—
—
—
10,890,600
10,890,600
147,319
—
$
11,582
$
35,339
$
512,812,483
$
1,120,468
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Technology
Select
Sector
Index
............................................
43
12/15/23
$
7,174
$
(259,520)
Russell
2000
E-Mini
Index
....................................................
15
12/15/23
1,349
(51,825)
$
(311,345)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Expanded
Tech-Software
Sector
ETF
Schedules
of
Investments
23
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
311,345
$
—
$
—
$
—
$
311,345
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
543,245
$
—
$
—
$
—
$
543,245
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(468,717)
$
—
$
—
$
—
$
(468,717)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
6,555,753
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
6,300,925,949
$
—
$
—
$
6,300,925,949
Short-Term
Securities
Money
Market
Funds
......................................
512,812,483
—
—
512,812,483
$
6,813,738,432
$
—
$
—
$
6,813,738,432
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(311,345)
$
—
$
—
$
(311,345)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
North
American
Natural
Resources
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Construction
Materials
—
2.6%
Eagle
Materials,
Inc.
.................
8,964
$
1,492,685
Martin
Marietta
Materials,
Inc.
..........
15,637
6,418,676
Summit
Materials,
Inc.,
Class
A
(a)
........
30,057
935,975
Vulcan
Materials
Co.
................
33,616
6,791,105
15,638,441
Containers
&
Packaging
—
5.5%
Amcor
plc
........................
372,282
3,410,103
AptarGroup,
Inc.
...................
16,606
2,076,414
Avery
Dennison
Corp.
................
20,388
3,724,276
Ball
Corp.
........................
79,711
3,968,014
Berry
Global
Group,
Inc.
..............
29,880
1,849,871
Crown
Holdings,
Inc.
................
30,525
2,700,852
Graphic
Packaging
Holding
Co.
.........
77,726
1,731,735
Greif,
Inc.,
Class
A,
NVS
..............
6,461
431,659
International
Paper
Co.
...............
87,539
3,105,008
O-I
Glass,
Inc.
(a)
....................
39,231
656,335
Packaging
Corp.
of
America
...........
22,749
3,493,109
Pactiv
Evergreen,
Inc.
...............
9,751
79,276
Sealed
Air
Corp.
...................
36,530
1,200,376
Silgan
Holdings,
Inc.
.................
21,141
911,388
Sonoco
Products
Co.
................
24,783
1,346,956
WestRock
Co.
.....................
64,840
2,321,272
33,006,644
Energy
Equipment
&
Services
—
9.1%
Baker
Hughes
Co.,
Class
A
............
255,447
9,022,388
Cactus,
Inc.,
Class
A
................
16,347
820,783
ChampionX
Corp.
(b)
.................
49,736
1,771,596
Halliburton
Co.
....................
227,336
9,207,108
Helmerich
&
Payne,
Inc.
..............
25,155
1,060,535
Liberty
Energy,
Inc.,
Class
A
...........
39,230
726,540
Noble
Corp.
plc
....................
27,399
1,387,759
NOV,
Inc.
........................
99,627
2,082,204
Patterson-UTI
Energy,
Inc.
............
81,095
1,122,355
Schlumberger
NV
..................
359,567
20,962,756
TechnipFMC
plc
....................
110,833
2,254,343
Transocean
Ltd.
(a)(b)
.................
170,691
1,401,373
Valaris
Ltd.
(a)
......................
16,099
1,207,103
Weatherford
International
plc
(a)
..........
18,235
1,647,168
54,674,011
Metals
&
Mining
—
10.3%
Agnico
Eagle
Mines
Ltd.
..............
125,203
5,690,476
Alamos
Gold,
Inc.,
Class
A
(b)
...........
100,210
1,131,371
Alcoa
Corp.
.......................
45,149
1,312,030
Arch
Resources,
Inc.,
Class
A
..........
4,586
782,647
B2Gold
Corp.
.....................
327,749
947,195
Barrick
Gold
Corp.
(b)
.................
444,126
6,462,033
Compass
Minerals
International,
Inc.
......
8,548
238,917
First
Majestic
Silver
Corp.
(b)
............
72,310
370,950
Franco-Nevada
Corp.
(b)
...............
48,591
6,486,413
Freeport-McMoRan,
Inc.
..............
362,717
13,525,717
Hecla
Mining
Co.
...................
145,163
567,587
Kinross
Gold
Corp.
..................
310,573
1,416,213
Lithium
Americas
Corp.
(a)(b)
............
29,536
502,407
MP
Materials
Corp.,
Class
A
(a)
..........
36,406
695,355
Newmont
Corp.
....................
201,071
7,429,573
Novagold
Resources,
Inc.
(a)
............
61,714
236,982
Osisko
Gold
Royalties
Ltd.
............
46,837
550,335
Pan
American
Silver
Corp.
(b)
...........
92,205
1,335,128
Royal
Gold,
Inc.
....................
16,620
1,767,205
SSR
Mining,
Inc.
...................
51,836
688,900
Teck
Resources
Ltd.,
Class
B
(b)
.........
116,567
5,022,872
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Wheaton
Precious
Metals
Corp.
(b)
........
114,569
$
4,645,773
61,806,079
Oil,
Gas
&
Consumable
Fuels
—
71.9%
Antero
Midstream
Corp.
..............
86,166
1,032,269
Antero
Resources
Corp.
(a)
.............
71,439
1,813,122
APA
Corp.
.......................
77,739
3,195,073
California
Resources
Corp.
............
16,383
917,612
Callon
Petroleum
Co.
(a)(b)
..............
14,140
553,157
Cameco
Corp.
(b)
....................
109,629
4,345,694
Canadian
Natural
Resources
Ltd.
........
276,397
17,874,594
Cenovus
Energy,
Inc.
(b)
...............
340,673
7,092,812
Cheniere
Energy,
Inc.
................
60,879
10,103,479
Chesapeake
Energy
Corp.
............
28,464
2,454,451
Chevron
Corp.
.....................
360,755
60,830,508
Chord
Energy
Corp.
.................
10,508
1,703,032
Civitas
Resources,
Inc.
...............
21,587
1,745,741
CNX
Resources
Corp.
(a)
..............
40,786
920,948
Comstock
Resources,
Inc.
(b)
............
23,428
258,411
ConocoPhillips
....................
222,268
26,627,706
CONSOL
Energy,
Inc.
................
7,283
764,059
Coterra
Energy,
Inc.
.................
191,639
5,183,835
Crescent
Point
Energy
Corp.
(b)
..........
135,638
1,125,795
CVR
Energy,
Inc.
...................
7,365
250,631
Denbury,
Inc.
(a)
....................
12,878
1,262,173
Devon
Energy
Corp.
.................
162,100
7,732,170
Diamondback
Energy,
Inc.
.............
45,242
7,007,081
DT
Midstream,
Inc.
..................
24,517
1,297,440
Enbridge,
Inc.
.....................
534,384
17,736,205
Enerplus
Corp.
(b)
...................
53,311
939,873
EOG
Resources,
Inc.
................
147,315
18,673,649
EQT
Corp.
.......................
91,501
3,713,111
Equitrans
Midstream
Corp.
............
109,617
1,027,111
Exxon
Mobil
Corp.
..................
527,566
62,031,210
Hess
Corp.
.......................
69,917
10,697,301
HF
Sinclair
Corp.
...................
36,799
2,094,967
Kinder
Morgan,
Inc.
.................
490,450
8,131,661
Kosmos
Energy
Ltd.
(a)
................
116,410
952,234
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
47,541
1,089,164
Marathon
Oil
Corp.
..................
153,242
4,099,223
Marathon
Petroleum
Corp.
............
101,162
15,309,857
Matador
Resources
Co.
..............
28,035
1,667,522
Murphy
Oil
Corp.
...................
37,533
1,702,121
New
Fortress
Energy,
Inc.,
Class
A
.......
16,597
544,050
Northern
Oil
&
Gas,
Inc.
..............
21,182
852,152
Occidental
Petroleum
Corp.
............
167,871
10,891,470
ONEOK,
Inc.
......................
147,368
9,347,552
Ovintiv,
Inc.
.......................
64,202
3,054,089
PBF
Energy,
Inc.,
Class
A
.............
27,830
1,489,740
Peabody
Energy
Corp.
...............
28,223
733,516
Pembina
Pipeline
Corp.
..............
138,950
4,176,837
Permian
Resources
Corp.,
Class
A
.......
70,198
979,964
Phillips
66
........................
112,660
13,536,099
Pioneer
Natural
Resources
Co.
.........
58,986
13,540,236
Range
Resources
Corp.
..............
61,063
1,979,052
SM
Energy
Co.
....................
30,023
1,190,412
Southwestern
Energy
Co.
(a)
............
278,675
1,797,454
Suncor
Energy,
Inc.
.................
331,347
11,391,710
Targa
Resources
Corp.
...............
56,600
4,851,752
TC
Energy
Corp.
(b)
..................
260,462
8,962,497
Texas
Pacific
Land
Corp.
..............
1,573
2,868,460
Valero
Energy
Corp.
.................
89,345
12,661,080
Vermilion
Energy,
Inc.
(b)
...............
41,567
607,709
Williams
Cos.,
Inc.
(The)
..............
307,760
10,368,434
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
North
American
Natural
Resources
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
World
Kinect
Corp.
..................
15,416
$
345,781
432,127,048
Paper
&
Forest
Products
—
0.3%
Louisiana-Pacific
Corp.
...............
16,237
897,419
West
Fraser
Timber
Co.
Ltd.
(b)
..........
15,221
1,104,131
2,001,550
Total
Long-Term
Investments
—
99.7%
(Cost:
$634,282,738)
.............................
599,253,773
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
4.2%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
19,681,921
$
19,689,793
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
5,493,538
5,493,538
Total
Short-Term
Securities
—
4.2%
(Cost:
$25,175,468)
..............................
25,183,331
Total
Investments
—
103.9%
(Cost:
$659,458,206
)
.............................
624,437,104
Liabilities
in
Excess
of
Other
Assets
—
(3.9)%
............
(23,458,384)
Net
Assets
—
100.0%
..............................
$
600,978,720
(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.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
23,471,325
$
—
$
(3,785,098)
(a)
$
7,676
$
(4,110)
$
19,689,793
19,681,921
$
51,227
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
865,116
4,628,422
(a)
—
—
—
5,493,538
5,493,538
25,365
—
$
7,676
$
(4,110)
$
25,183,331
$
76,592
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
..............................................
14
12/15/23
$
1,338
$
(20,974)
E-Mini
Materials
Select
Sector
Index
.............................................
3
12/15/23
252
(8,187)
$
(29,161)
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
North
American
Natural
Resources
ETF
26
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
29,161
$
—
$
—
$
—
$
29,161
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
210,098
$
—
$
—
$
—
$
210,098
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(81,446)
$
—
$
—
$
—
$
(81,446)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,527,765
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
599,253,773
$
—
$
—
$
599,253,773
Short-Term
Securities
Money
Market
Funds
......................................
25,183,331
—
—
25,183,331
$
624,437,104
$
—
$
—
$
624,437,104
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(29,161)
$
—
$
—
$
(29,161)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
North
American
Tech-Multimedia
Networking
ETF
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Communications
Equipment
—
99.9%
ADTRAN
Holdings,
Inc.
..............
182,936
$
1,505,563
Arista
Networks,
Inc.
(a)
...............
24,040
4,421,677
Aviat
Networks,
Inc.
(a)
................
29,566
922,459
Calix,
Inc.
(a)
.......................
53,611
2,457,528
Cambium
Networks
Corp.
(a)
............
31,390
230,089
Ciena
Corp.
(a)
.....................
51,695
2,443,106
Cisco
Systems,
Inc.
.................
82,774
4,449,930
Clearfield,
Inc.
(a)(b)
...................
33,507
960,311
CommScope
Holding
Co.,
Inc.
(a)(b)
........
547,647
1,840,094
Digi
International,
Inc.
(a)
...............
78,456
2,118,312
Extreme
Networks,
Inc.
(a)
..............
97,287
2,355,318
F5,
Inc.
(a)
........................
29,116
4,691,752
Harmonic,
Inc.
(a)
....................
242,319
2,333,532
Infinera
Corp.
(a)(b)
...................
516,053
2,157,102
Juniper
Networks,
Inc.
...............
164,016
4,558,005
Lumentum
Holdings,
Inc.
(a)
............
49,942
2,256,380
Motorola
Solutions,
Inc.
..............
16,645
4,531,435
NETGEAR,
Inc.
(a)
...................
75,976
956,538
NetScout
Systems,
Inc.
(a)(b)
............
90,004
2,521,912
Ribbon
Communications,
Inc.
(a)
.........
225,564
604,511
Viasat
,
Inc.
(a)(b)
.....................
102,244
1,887,424
Viavi
Solutions,
Inc.
(a)
................
250,363
2,288,318
Total
Long-Term
Investments
—
99.9%
(Cost:
$71,313,479)
..............................
52,491,296
Short-Term
Securities
Money
Market
Funds
—
7.8%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
4,003,750
4,005,351
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
109,796
109,796
Total
Short-Term
Securities
—
7.8%
(Cost:
$4,113,696)
..............................
4,115,147
Total
Investments
—
107.7%
(Cost:
$75,427,175
)
..............................
56,606,443
Liabilities
in
Excess
of
Other
Assets
—
(7.7)%
............
(4,070,097)
Net
Assets
—
100.0%
..............................
$
52,536,346
(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.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
North
American
Tech-Multimedia
Networking
ETF
28
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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.
See
notes
to
financial
statements.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
8,040,099
$
—
$
(4,035,164)
(a)
$
778
$
(362)
$
4,005,351
4,003,750
$
8,275
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
22,921
86,875
(a)
—
—
—
109,796
109,796
2,929
—
$
778
$
(362)
$
4,115,147
$
11,204
$
—
—
—
(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.
For
the
period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
1,490
$
—
$
—
$
—
$
1,490
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
47,593
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
52,491,296
$
—
$
—
$
52,491,296
Short-Term
Securities
Money
Market
Funds
......................................
4,115,147
—
—
4,115,147
$
56,606,443
$
—
$
—
$
56,606,443
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
Semiconductor
ETF
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Common
Stocks
Semiconductors
&
Semiconductor
Equipment
—
99.8%
Advanced
Micro
Devices,
Inc.
(a)
.........
6,837,279
$
703,009,027
Analog
Devices,
Inc.
.................
1,988,220
348,117,440
Applied
Materials,
Inc.
...............
2,365,924
327,562,178
ASE
Technology
Holding
Co.
Ltd.,
ADR,
NVS
(b)
6,571,413
49,417,026
ASML
Holding
NV
(Registered),
ADR,
NVS
.
504,480
296,967,197
Axcelis
Technologies,
Inc.
(a)(b)
...........
327,283
53,363,493
Broadcom,
Inc.
....................
783,232
650,536,835
Entegris,
Inc.
......................
1,512,197
142,010,420
Intel
Corp.
.......................
16,007,766
569,076,081
KLA
Corp.
........................
720,144
330,301,247
Lam
Research
Corp.
................
514,548
322,503,250
Lattice
Semiconductor
Corp.
(a)(b)
.........
1,380,385
118,616,483
Marvell
Technology,
Inc.
..............
6,204,610
335,855,539
Microchip
Technology,
Inc.
.............
4,416,160
344,681,288
Micron
Technology,
Inc.
...............
5,167,551
351,548,495
MKS
Instruments,
Inc.
...............
637,809
55,195,991
Monolithic
Power
Systems,
Inc.
(b)
........
458,732
211,934,184
NVIDIA
Corp.
.....................
1,464,567
637,071,999
NXP
Semiconductors
NV
.............
1,756,847
351,228,852
ON
Semiconductor
Corp.
(a)(b)
...........
3,670,715
341,192,959
Qorvo,
Inc.
(a)
......................
985,776
94,112,035
QUALCOMM,
Inc.
..................
3,155,668
350,468,488
Rambus,
Inc.
(a)(b)
...................
1,097,520
61,230,641
Skyworks
Solutions,
Inc.
..............
1,610,821
158,810,842
STMicroelectronics
NV,
ADR,
NVS
(b)
......
2,734,561
118,023,653
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR,
NVS
.....................
3,561,232
309,471,061
Teradyne,
Inc.
(b)
....................
1,555,766
156,292,252
Texas
Instruments,
Inc.
...............
3,347,096
532,221,735
United
Microelectronics
Corp.,
ADR,
NVS
(b)
.
7,509,797
53,019,167
Wolfspeed,
Inc.
(a)(b)
..................
1,256,122
47,858,248
Total
Long-Term
Investments
—
99.8%
(Cost:
$9,459,053,386)
...........................
8,421,698,106
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
5.4%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
410,661,273
$
410,825,537
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
41,680,670
41,680,670
Total
Short-Term
Securities
—
5.4%
(Cost:
$452,442,104)
.............................
452,506,207
Total
Investments
—
105.2%
(Cost:
$9,911,495,490
)
...........................
8,874,204,313
Liabilities
in
Excess
of
Other
Assets
—
(5.2)%
............
(437,224,100)
Net
Assets
—
100.0%
..............................
$
8,436,980,213
(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.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
300,252,220
$
110,487,365
(a)
$
—
$
119,751
$
(33,799)
$
410,825,537
410,661,273
$
664,285
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
12,751,014
28,929,656
(a)
—
—
—
41,680,670
41,680,670
314,376
—
$
119,751
$
(33,799)
$
452,506,207
$
978,661
$
—
—
—
(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.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Semiconductor
ETF
30
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Technology
Select
Sector
Index
............................................
70
12/15/23
$
11,679
$
(380,114)
Russell
2000
E-Mini
Index
....................................................
30
12/15/23
2,698
(96,151)
$
(476,265)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
476,265
$
—
$
—
$
—
$
476,265
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
1,800,304
$
—
$
—
$
—
$
1,800,304
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(1,217,580)
$
—
$
—
$
—
$
(1,217,580)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
18,449,118
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Semiconductor
ETF
Schedules
of
Investments
31
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
8,421,698,106
$
—
$
—
$
8,421,698,106
Short-Term
Securities
Money
Market
Funds
......................................
452,506,207
—
—
452,506,207
$
8,874,204,313
$
—
$
—
$
8,874,204,313
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(476,265)
$
—
$
—
$
(476,265)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
(unaudited)

September
30,
2023
2023
iShare
Semi-Annual
Report
to
Shareholders
32
See
notes
to
financial
statements.
iShares
Biotechnology
ETF
iShares
Expanded
Tech
Sector
ETF
iShares
Expanded
Tech-
Software
Sector
ETF
iShares
North
American
Natural
Resources
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
6,954,248,199‌
$
3,115,443,709‌
$
6,300,925,949‌
$
599,253,773‌
Investments,
at
value
—
affiliated
(c)
............................................
776,442,724‌
159,069,205‌
512,812,483‌
25,183,331‌
Cash  
...............................................................
31,964,771‌
—‌
—‌
—‌
Cash
pledged:
Futures
contracts
......................................................
578,000‌
108,000‌
507,000‌
129,000‌
Foreign
currency,
at
value
(d)
.................................................
—‌
—‌
—‌
98,121‌
Receivables:
–‌
–‌
–‌
–‌
Securities
lending
income
—
affiliated
........................................
296,292‌
20,033‌
137,112‌
4,855‌
Capital
shares
sold
.....................................................
75,138‌
—‌
86,214‌
—‌
Dividends
—
unaffiliated
.................................................
356,700‌
466,151‌
18,766‌
835,320‌
Dividends
—
affiliated
...................................................
44,470‌
18,885‌
32,538‌
5,127‌
Variation
margin
on
futures
contracts
.........................................
—‌
4,316‌
23,230‌
—‌
Total
assets
...........................................................
7,764,006,294‌
3,275,130,299‌
6,814,543,292‌
625,509,527‌
LIABILITIES
Bank
overdraft
..........................................................
—‌
—‌
75,892‌
33,059‌
Collateral
on
securities
loaned
...............................................
754,219,565‌
153,580,457‌
502,003,238‌
19,651,309‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
37,833,699‌
—‌
—‌
—‌
Capital
shares
redeemed
.................................................
451,842‌
—‌
—‌
—‌
Income
dividend
distributions
..............................................
8,806,930‌
3,193,537‌
—‌
4,612,541‌
Investment
advisory
fees
.................................................
2,700,902‌
1,078,834‌
2,199,739‌
204,940‌
Variation
margin
on
futures
contracts
.........................................
80,575‌
3,000‌
7,875‌
28,958‌
Total
liabilities
..........................................................
804,093,513‌
157,855,828‌
504,286,744‌
24,530,807‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
—‌
NET
ASSETS
..........................................................
$
6,959,912,781‌
$
3,117,274,471‌
$
6,310,256,548‌
$
600,978,720‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
13,030,658,695‌
$
2,661,725,621‌
$
7,934,812,942‌
$
1,118,924,121‌
Accumulated
earnings
(loss)
................................................
(6,070,745,914‌)
455,548,850‌
(1,624,556,394‌)
(517,945,401‌)
NET
ASSETS
..........................................................
$
6,959,912,781‌
$
3,117,274,471‌
$
6,310,256,548‌
$
600,978,720‌
NET
ASSET
VALUE
Shares
outstanding
......................................................
56,900,000‌
8,150,000‌
18,500,000‌
14,450,000‌
Net
asset
value
.........................................................
$
122.32‌
$
382.49‌
$
341.09‌
$
41.59‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
..........................................
$
10,349,532,536‌
$
2,625,129,771‌
$
7,679,781,159‌
$
634,282,738‌
(b)
  Securities
loaned,
at
value
................................................
$
720,042,398‌
$
151,498,939‌
$
496,727,006‌
$
19,047,206‌
(c)
  Investments,
at
cost
—
affiliated
............................................
$
775,928,257‌
$
159,041,208‌
$
512,655,290‌
$
25,175,468‌
(d)
  Foreign
currency,
at
cost
.................................................
$
—‌
$
—‌
$
—‌
$
98,121‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
September
30,
2023
33
Financial
Statements
See
notes
to
financial
statements.
iShares
North
American
Tech-
Multimedia
Networking
ETF
iShares
Semiconductor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
52,491,296‌
$
8,421,698,106‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
4,115,147‌
452,506,207‌
Cash
pledged:
Futures
contracts
.....................................................................................
—‌
860,000‌
Receivables:
–‌
–‌
Securities
lending
income
—
affiliated
.......................................................................
619‌
129,763‌
Capital
shares
sold
....................................................................................
—‌
302,980‌
Dividends
—
unaffiliated
................................................................................
15,389‌
4,385,344‌
Dividends
—
affiliated
..................................................................................
739‌
61,636‌
Variation
margin
on
futures
contracts
........................................................................
—‌
37,826‌
Total
assets
..........................................................................................
56,623,190‌
8,879,981,862‌
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
4,004,966‌
410,541,773‌
Payables:
–‌
–‌
Capital
shares
redeemed
................................................................................
—‌
216,199‌
Income
dividend
distributions
.............................................................................
63,512‌
29,733,745‌
Investment
advisory
fees
................................................................................
18,366‌
2,494,182‌
Variation
margin
on
futures
contracts
........................................................................
—‌
15,750‌
Total
liabilities
.........................................................................................
4,086,844‌
443,001,649‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
52,536,346‌
$
8,436,980,213‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
148,920,852‌
$
9,243,047,235‌
Accumulated
loss
......................................................................................
(96,384,506‌)
(806,067,022‌)
NET
ASSETS
.........................................................................................
$
52,536,346‌
$
8,436,980,213‌
NET
ASSET
VALUE
Shares
outstanding
.....................................................................................
850,000‌
17,800,000‌
Net
asset
value
........................................................................................
$
61.81‌
$
473.99‌
Shares
authorized
......................................................................................
Unlimited
Unlimited
Par
value
............................................................................................
None
None
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
71,313,479‌
$
9,459,053,386‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
3,931,015‌
$
400,603,769‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
4,113,696‌
$
452,442,104‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
September
30,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
34
iShares
Biotechnology
ETF
iShares
Expanded
Tech
Sector
ETF
iShares
Expanded
Tech-
Software
Sector
ETF
iShares
North
American
Natural
Resources
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
23,019,577‌
$
10,771,415‌
$
11,170,951‌
$
10,309,199‌
Dividends
—
affiliated
...................................................
240,235‌
94,447‌
147,319‌
25,365‌
Interest
—
unaffiliated
...................................................
32,348‌
189‌
3,744‌
4,817‌
Securities
lending
income
—
affiliated
—
net
...................................
2,488,191‌
148,921‌
973,149‌
51,227‌
Foreign
taxes
withheld
..................................................
(3,546‌)
(29,026‌)
(60,489‌)
(384,373‌)
Total
investment
income
...................................................
25,776,805‌
10,985,946‌
12,234,674‌
10,006,235‌
EXPENSES
Investment
advisory
....................................................
17,168,925‌
6,314,210‌
12,371,638‌
1,340,229‌
Total
expenses
.........................................................
17,168,925‌
6,314,210‌
12,371,638‌
1,340,229‌
Net
investment
income
(loss)
................................................
8,607,880‌
4,671,736‌
(136,964‌)
8,666,006‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(411,967,961‌)
$
358,019,597‌
$
629,269,359‌
$
29,337,781‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(67,088,584‌)
$
10,642,852‌
$
(114,850,480‌)
$
(2,708,502‌)
Investments
—
affiliated
...............................................
7,305‌
1,212‌
11,582‌
7,676‌
Foreign
currency
transactions
...........................................
—‌
—‌
—‌
5,427‌
Futures
contracts
....................................................
(40,892‌)
132,472‌
543,245‌
210,098‌
In-kind
redemptions
—
unaffiliated
(a)
.......................................
171,264,364‌
73,929,086‌
395,160,581‌
26,557,915‌
104,142,193‌
84,705,622‌
280,864,928‌
24,072,614‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
(515,876,112‌)
273,438,318‌
348,837,809‌
5,357,030‌
Investments
—
affiliated
...............................................
60,413‌
1,408‌
35,339‌
(4,110‌)
Foreign
currency
translations
............................................
—‌
—‌
—‌
(6,307‌)
Futures
contracts
....................................................
(294,455‌)
(125,751‌)
(468,717‌)
(81,446‌)
(516,110,154‌)
273,313,975‌
348,404,431‌
5,265,167‌
Net
realized
and
unrealized
gain
(loss)
.........................................
(411,967,961‌)
358,019,597‌
629,269,359‌
29,337,781‌
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........
$
(403,360,081‌)
$
362,691,333‌
$
629,132,395‌
$
38,003,787‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
September
30,
2023
35
Financial
Statements
iShares
North
American
Tech-Multimedia
Networking
ETF
iShares
Semiconductor
ETF
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
276,296‌
$
57,645,925‌
Dividends
—
affiliated
..................................................................................
2,929‌
314,376‌
Interest
—
unaffiliated
..................................................................................
10‌
—‌
Securities
lending
income
—
affiliated
—
net
..................................................................
8,275‌
664,285‌
Foreign
taxes
withheld
.................................................................................
—‌
(3,009,185‌)
Total
investment
income
..................................................................................
287,510‌
55,615,401‌
EXPENSES
Investment
advisory
...................................................................................
152,829‌
14,637,423‌
Commitment
costs
....................................................................................
—‌
10,640‌
Total
expenses
........................................................................................
152,829‌
14,648,063‌
Net
investment
income
...................................................................................
134,681‌
40,967,338‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(11,333,434‌)
$
543,099,788‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
$
50,453‌
$
(123,218,795‌)
Investments
—
affiliated
..............................................................................
778‌
119,751‌
Futures
contracts
...................................................................................
1,490‌
1,800,304‌
In-kind
redemptions
—
unaffiliated
(a)
......................................................................
822,051‌
1,117,184,463‌
874,772‌
995,885,723‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
(12,207,841‌)
(451,534,555‌)
Investments
—
affiliated
..............................................................................
(362‌)
(33,799‌)
Futures
contracts
...................................................................................
—‌
(1,217,580‌)
(12,208,203‌)
(452,785,934‌)
Net
realized
and
unrealized
gain
(loss)
........................................................................
(11,333,431‌)
543,099,789‌
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.........................................
$
(11,198,750‌)
$
584,067,127‌
(a)
  See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2023
iShares
Semi-Annual
Report
to
Shareholders
36
See
notes
to
financial
statements.
iShares
Biotechnology
ETF
iShares
Expanded
Tech
Sector
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
8,607,880‌
$
21,531,229‌
$
4,671,736‌
$
12,067,864‌
Net
realized
gain
(loss)
............................................
104,142,193‌
(167,311,465‌)
84,705,622‌
394,575,195‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
(516,110,154‌)
53,004,254‌
273,313,975‌
(1,103,757,983‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
(403,360,081‌)
(92,775,982‌)
362,691,333‌
(697,114,924‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(9,175,005‌)
(22,926,845‌)
(4,841,125‌)
(15,012,645‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.................
(653,258,816‌)
(465,468,446‌)
(40,259,715‌)
(969,167,551‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
(1,065,793,902‌)
(581,171,273‌)
317,590,493‌
(1,681,295,120‌)
Beginning
of
period
................................................
8,025,706,683‌
8,606,877,956‌
2,799,683,978‌
4,480,979,098‌
End
of
period
....................................................
$
6,959,912,781‌
$
8,025,706,683‌
$
3,117,274,471‌
$
2,799,683,978‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
37
Financial
Statements
See
notes
to
financial
statements.
iShares
Expanded
Tech-Software
Sector
ETF
iShares
North
American
Natural
Resources
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
........................................
$
(136,964‌)
$
1,262,658‌
$
8,666,006‌
$
28,496,751‌
Net
realized
gain
(loss)
............................................
280,864,928‌
(334,147,290‌)
24,072,614‌
92,408,834‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
348,404,431‌
(222,554,996‌)
5,265,167‌
(147,659,511‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
629,132,395‌
(555,439,628‌)
38,003,787‌
(26,753,926‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(451,315‌)
(366,961‌)
(8,401,025‌)
(29,227,112‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
293,895,424‌
540,096,149‌
(231,575,517‌)
(83,209,205‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
922,576,504‌
(15,710,440‌)
(201,972,755‌)
(139,190,243‌)
Beginning
of
period
................................................
5,387,680,044‌
5,403,390,484‌
802,951,475‌
942,141,718‌
End
of
period
....................................................
$
6,310,256,548‌
$
5,387,680,044‌
$
600,978,720‌
$
802,951,475‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
38
See
notes
to
financial
statements.
iShares
North
American
Tech-Multimedia
Networking
ETF
iShares
Semiconductor
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
134,681‌
$
379,639‌
$
40,967,338‌
$
78,608,274‌
Net
realized
gain
(loss)
............................................
874,772‌
(617,059‌)
995,885,723‌
(192,753,029‌)
Net
change
in
unrealized
appreciation
(depreciation)
........................
(12,208,203‌)
(8,347,735‌)
(452,785,934‌)
(430,420,813‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
(11,198,750‌)
(8,585,155‌)
584,067,127‌
(544,565,568‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(129,526‌)
(390,901‌)
(40,925,939‌)
(78,660,830‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(43,340,858‌)
(46,790,846‌)
107,923,948‌
(543,707,282‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
(54,669,134‌)
(55,766,902‌)
651,065,136‌
(1,166,933,680‌)
Beginning
of
period
................................................
107,205,480‌
162,972,382‌
7,785,915,077‌
8,952,848,757‌
End
of
period
....................................................
$
52,536,346‌
$
107,205,480‌
$
8,436,980,213‌
$
7,785,915,077‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
39
Financial
Highlights
iShares
Biotechnology
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
...............
$
129.24
‌
$
130.21
‌
$
150.36
‌
$
107.98
‌
$
111.78
‌
$
106.73
‌
Net
investment
income
(a)
.......................
0.14
‌
0.33
‌
0.31
‌
0.34
‌
0.26
‌
0.16
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.............
(6.90
)
(0.94
)
(20.15
)
42.43
‌
(3.80
)
5.08
‌
Net
increase
(decrease)
from
investment
operations
......
(6.76
)
(0.61
)
(19.84
)
42.77
‌
(3.54
)
5.24
‌
Distributions
from
net
investment
income
(c)
.............
(0.16
)
(0.36
)
(0.31
)
(0.39
)
(0.26
)
(0.19
)
Net
asset
value,
end
of
period
....................
$
122.32
‌
$
129.24
‌
$
130.21
‌
$
150.36
‌
$
107.98
‌
$
111.78
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
........................
(5.23
)%
(e)
(0.46
)%
(13.22
)%
39.63
%
(3.17
)%
4.92
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.45
%
(g)
0.45
%
0.44
%
0.45
%
0.46
%
0.47
%
Net
investment
income
..........................
0.23
%
(g)
0.26
%
0.21
%
0.24
%
0.24
%
0.15
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
6,959,913
‌
$
8,025,707
‌
$
8,606,878
‌
$
9,848,582
‌
$
6,343,965
‌
$
8,026,142
‌
Portfolio
turnover
rate
(h)
..........................
8
%
13
%
46
%
34
%
29
%
18
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
40
iShares
Expanded
Tech
Sector
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
.................
$
339.36
‌
$
387.96
‌
$
360.63
‌
$
212.15
‌
$
206.22
‌
$
179.48
‌
Net
investment
income
(a)
.........................
0.57
‌
1.20
‌
0.64
‌
0.86
‌
1.26
‌
1.09
‌
Net
realized
and
unrealized
gain
(loss)
(b)
...............
43.15
‌
(48.17
)
27.37
‌
148.55
‌
6.00
‌
26.69
‌
Net
increase
(decrease)
from
investment
operations
........
43.72
‌
(46.97
)
28.01
‌
149.41
‌
7.26
‌
27.78
‌
Distributions
from
net
investment
income
(c)
...............
(0.59
)
(1.63
)
(0.68
)
(0.93
)
(1.33
)
(1.04
)
Net
asset
value,
end
of
period
......................
$
382.49
‌
$
339.36
‌
$
387.96
‌
$
360.63
‌
$
212.15
‌
$
206.22
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
12.89
%
(e)
(12.06
)%
7.76
%
70.51
%
3.51
%
15.52
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................................
0.41
%
(g)
0.41
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
............................
0.30
%
(g)
0.38
%
0.16
%
0.28
%
0.56
%
0.56
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
3,117,274
‌
$
2,799,684
‌
$
4,480,979
‌
$
3,209,613
‌
$
1,707,788
‌
$
1,587,932
‌
Portfolio
turnover
rate
(h)
............................
23
%
9
%
8
%
9
%
10
%
8
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
41
Financial
Highlights
iShares
Expanded
Tech-Software
Sector
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
...............
$
304.39
‌
$
344.16
‌
$
341.22
‌
$
209.77
‌
$
210.77
‌
$
169.69
‌
Net
investment
income
(loss)
(a)
...................
(0.01
)
0.08
‌
(0.56
)
(0.31
)
1.28
(b)
0.24
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............
36.74
‌
(39.83
)
3.50
‌
131.83
‌
(1.06
)
41.10
‌
Net
increase
(decrease)
from
investment
operations
......
36.73
‌
(39.75
)
2.94
‌
131.52
‌
0.22
‌
41.34
‌
Distributions
from
net
investment
income
(d)
.............
(0.03
)
(0.02
)
—
‌
(0.07
)
(1.22
)
(0.26
)
Net
asset
value,
end
of
period
....................
$
341.09
‌
$
304.39
‌
$
344.16
‌
$
341.22
‌
$
209.77
‌
$
210.77
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
........................
12.07
%
(f)
(11.55
)%
0.86
%
62.70
%
0.13
%
24.39
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
0.41
%
(h)
0.41
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
(loss)
......................
(0.00
)%
(h)(i)
0.03
%
(0.15
)%
(0.10
)%
0.57
%
(b)
0.13
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
6,310,257
‌
$
5,387,680
‌
$
5,403,390
‌
$
5,050,052
‌
$
3,031,151
‌
$
2,729,463
‌
Portfolio
turnover
rate
(j)
..........................
7
%
13
%
15
%
22
%
18
%
18
%
(a)
Based
on
average
shares
outstanding.
(b)
Includes
a
one-time
special
distribution
from
NortonLifeLock
Inc.
Excluding
such
special
distribution,
the
net
investment
income
would
have
been
$(0.07)
per
share
and
(0.03)%
of
average
net
assets.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Rounds
to
less
than
0.01%.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
42
iShares
North
American
Natural
Resources
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
................
$
39.17
‌
$
40.44
‌
$
27.57
‌
$
16.65
‌
$
31.40
‌
$
33.08
‌
Net
investment
income
(a)
........................
0.53
‌
1.22
‌
0.93
‌
0.70
‌
0.78
‌
0.65
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
2.44
‌
(1.22
)
12.85
‌
11.04
‌
(13.82
)
(1.59
)
Net
increase
(decrease)
from
investment
operations
.......
2.97
‌
0.00
‌
13.78
‌
11.74
‌
(13.04
)
(0.94
)
Distributions
from
net
investment
income
(c)
..............
(0.55
)
(1.27
)
(0.91
)
(0.82
)
(1.71
)
(0.74
)
Net
asset
value,
end
of
period
.....................
$
41.59
‌
$
39.17
‌
$
40.44
‌
$
27.57
‌
$
16.65
‌
$
31.40
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
7.65
%
(e)
0.19
%
50.84
%
71.57
%
(43.54
)%
(2.87
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.41
%
(g)
0.41
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
...........................
2.65
%
(g)
3.08
%
2.92
%
3.14
%
2.72
%
1.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
600,979
‌
$
802,951
‌
$
942,142
‌
$
397,022
‌
$
294,696
‌
$
761,370
‌
Portfolio
turnover
rate
(h)
...........................
4
%
11
%
15
%
14
%
16
%
12
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
43
Financial
Highlights
iShares
North
American
Tech-Multimedia
Networking
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
................
$
71.47
‌
$
74.08
‌
$
67.17
‌
$
43.34
‌
$
56.49
‌
$
51.48
‌
Net
investment
income
(a)
........................
0.12
‌
0.24
‌
0.16
‌
0.29
‌
0.26
‌
0.23
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(9.65
)
(2.60
)
6.91
‌
23.83
‌
(13.10
)
5.04
‌
Net
increase
(decrease)
from
investment
operations
.......
(9.53
)
(2.36
)
7.07
‌
24.12
‌
(12.84
)
5.27
‌
Distributions
from
net
investment
income
(c)
..............
(0.13
)
(0.25
)
(0.16
)
(0.29
)
(0.31
)
(0.26
)
Net
asset
value,
end
of
period
.....................
$
61.81
‌
$
71.47
‌
$
74.08
‌
$
67.17
‌
$
43.34
‌
$
56.49
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
(13.34
)%
(e)
(3.16
)%
10.53
%
55.89
%
(22.80
)%
10.27
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.41
%
(g)
0.41
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
...........................
0.36
%
(g)
0.34
%
0.22
%
0.52
%
0.47
%
0.44
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
52,536
‌
$
107,205
‌
$
162,972
‌
$
100,755
‌
$
43,335
‌
$
132,758
‌
Portfolio
turnover
rate
(h)
...........................
14
%
31
%
37
%
38
%
33
%
29
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
44
iShares
Semiconductor
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
.................
$
444.91
‌
$
472.45
‌
$
424.09
‌
$
204.97
‌
$
189.61
‌
$
180.13
‌
Net
investment
income
(a)
.........................
2.31
‌
4.48
‌
3.56
‌
3.35
‌
3.13
‌
2.66
‌
Net
realized
and
unrealized
gain
(loss)
(b)
...............
29.09
‌
(27.46
)
48.37
‌
218.90
‌
15.50
‌
9.12
‌
Net
increase
(decrease)
from
investment
operations
........
31.40
‌
(22.98
)
51.93
‌
222.25
‌
18.63
‌
11.78
‌
Distributions
from
net
investment
income
(c)
...............
(2.32
)
(4.56
)
(3.57
)
(3.13
)
(3.27
)
(2.30
)
Net
asset
value,
end
of
period
......................
$
473.99
‌
$
444.91
‌
$
472.45
‌
$
424.09
‌
$
204.97
‌
$
189.61
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
7.07
%
(e)
(4.67
)%
12.23
%
108.93
%
9.80
%
6.61
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................................
0.35
%
(g)
0.39
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
............................
0.97
%
(g)
1.17
%
0.76
%
1.02
%
1.42
%
1.50
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
8,436,980
‌
$
7,785,915
‌
$
8,952,849
‌
$
6,318,968
‌
$
2,141,965
‌
$
1,061,836
‌
Portfolio
turnover
rate
(h)
............................
14
%
18
%
32
%
23
%
14
%
26
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
45
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
On
September
27,
2023,
the
Board
approved
a
proposal
to
change
the
name
of
iShares
North
American
Tech-Multimedia
Networking
ETF
to
iShares
U.S.
Digital
Infrastructure
and
Real
Estate
ETF
as
well
as
the
Fund’s
investment
objective
and
underlying
index.
The
Fund’s
ticker
will
also
change
from
IGN
to
IDGT.
These
changes
are
expected
to
become
effective
on
December
15,
2023.
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
prevailing
market
rates
as
quoted
by
one
or
more
data
service
providers.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of 
September
30,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
iShares
ETF
Diversification
Classification
Biotechnology
.......................................................................................................
Non-diversified
Expanded
Tech
Sector
.................................................................................................
Non-diversified
Expanded
Tech-Software
Sector
...........................................................................................
Non-diversified
North
American
Natural
Resources
.........................................................................................
Diversified
North
American
Tech-Multimedia
Networking
..................................................................................
Non-diversified
Semiconductor
......................................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
46
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
Notes
to
Financial
Statements
(unaudited)
(continued)
47
Notes
to
Financial
Statements
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Biotechnology
Barclays
Bank
PLC
.....................................
$
50,713,358‌
$
(50,713,358‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
1,748,970‌
(1,748,970‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
12,368‌
(12,368‌)
–‌
–‌
BNP
Paribas
SA
.......................................
88,733,294‌
(88,733,294‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
34,777,826‌
(34,777,826‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
15,400,813‌
(15,400,813‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
49,776,038‌
(49,776,038‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
3,864‌
(3,864‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
66,244,761‌
(66,244,761‌)
–‌
–‌
HSBC
Bank
PLC
......................................
8,616,482‌
(8,616,482‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
82,511,681‌
(82,511,681‌)
–‌
–‌
Jefferies
LLC
.........................................
13,424,387‌
(13,424,387‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
231,132‌
(231,132‌)
–‌
–‌
Morgan
Stanley
.......................................
69,448,973‌
(69,448,973‌)
–‌
–‌
National
Financial
Services
LLC
............................
19,431,333‌
(19,431,333‌)
–‌
–‌
Natixis
SA
...........................................
13,265,368‌
(13,265,368‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
76,929‌
(76,929‌)
–‌
–‌
Pershing
LLC
.........................................
4,075,344‌
(4,075,344‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
418,709‌
(418,709‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
90,151,402‌
(90,151,402‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
12,572,097‌
(12,572,097‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
7,418,205‌
(7,418,205‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
26,273,707‌
(26,273,707‌)
–‌
–‌
UBS
AG
............................................
40,267,969‌
(40,267,969‌)
–‌
–‌
UBS
Securities
LLC
....................................
6,077,790‌
(6,077,790‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
1,233,945‌
(1,233,945‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
10,032,470‌
(10,032,470‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
7,103,183‌
(7,103,183‌)
–‌
–‌
$
720,042,398‌
$
(720,042,398‌)
$
–‌
$
–‌
Expanded
Tech
Sector
Barclays
Bank
PLC
.....................................
$
6,035,310‌
$
(6,028,379‌)
$
–‌
$
6,931‌
(b)
BNP
Paribas
SA
.......................................
27,729,682‌
(27,729,682‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
58,326,026‌
(58,326,026‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
8,963,899‌
(8,963,899‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
9,921,619‌
(9,921,619‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
3,538,234‌
(3,538,234‌)
–‌
–‌
HSBC
Bank
PLC
......................................
926,314‌
(926,314‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
3,327,704‌
(3,327,704‌)
–‌
–‌
Jefferies
LLC
.........................................
576,640‌
(576,640‌)
–‌
–‌
Morgan
Stanley
.......................................
2,691,488‌
(2,691,488‌)
–‌
–‌
Natixis
SA
...........................................
1,009,115‌
(1,009,115‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
22,188‌
(22,000‌)
–‌
188‌
(b)
RBC
Capital
Markets
LLC
................................
5,378,877‌
(5,378,877‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
14,418,756‌
(14,418,756‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
481‌
(473‌)
–‌
8‌
(b)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
48
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Expanded
Tech
Sector
(continued)
State
Street
Bank
&
Trust
Co.
..............................
331,013‌
(331,013‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
727,231‌
(727,231‌)
–‌
–‌
UBS
AG
............................................
5,966,204‌
(5,949,230‌)
–‌
16,974‌
(b)
Virtu
Americas
LLC
.....................................
52,895‌
(52,895‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
817,289‌
(817,289‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
737,974‌
(737,974‌)
–‌
–‌
$
151,498,939‌
$
(151,474,838‌)
$
–‌
$
24,101‌
Expanded
Tech-Software
Sector
Barclays
Bank
PLC
.....................................
$
8,551,252‌
$
(8,551,252‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
17,149‌
(17,149‌)
–‌
–‌
BNP
Paribas
SA
.......................................
28,222,300‌
(28,222,300‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
14,855,708‌
(14,855,708‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
11,128,507‌
(11,128,507‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
37,765,641‌
(37,686,487‌)
–‌
79,154‌
(b)
Goldman
Sachs
&
Co.
LLC
...............................
40,045,240‌
(40,045,240‌)
–‌
–‌
HSBC
Bank
PLC
......................................
14,550,071‌
(14,550,071‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
20,863,977‌
(20,863,977‌)
–‌
–‌
Jefferies
LLC
.........................................
812,110‌
(812,110‌)
–‌
–‌
Morgan
Stanley
.......................................
56,993,729‌
(56,993,729‌)
–‌
–‌
National
Financial
Services
LLC
............................
10,149,663‌
(10,149,663‌)
–‌
–‌
Natixis
SA
...........................................
26,559,009‌
(26,559,009‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
5,042‌
(5,042‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
33,840,327‌
(33,496,980‌)
–‌
343,347‌
(b)
Scotia
Capital
(USA),
Inc.
................................
7,180,899‌
(7,180,899‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
9,326,732‌
(9,326,732‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
112,710‌
(112,710‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
135,476,894‌
(135,476,894‌)
–‌
–‌
UBS
AG
............................................
28,551,590‌
(28,551,590‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
487,014‌
(487,014‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
9,672,488‌
(9,672,488‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
1,558,954‌
(1,558,954‌)
–‌
–‌
$
496,727,006‌
$
(496,304,505‌)
$
–‌
$
422,501‌
North
American
Natural
Resources
Barclays
Bank
PLC
.....................................
$
2,237,417‌
$
(2,237,417‌)
$
–‌
$
–‌
BNP
Paribas
SA
.......................................
3,075,734‌
(3,075,734‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
1,415,306‌
(1,415,306‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
3,683,949‌
(3,683,949‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
344,868‌
(344,868‌)
–‌
–‌
HSBC
Bank
PLC
......................................
185,381‌
(185,381‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
2,361,015‌
(2,361,015‌)
–‌
–‌
Jefferies
LLC
.........................................
23,085‌
(23,085‌)
–‌
–‌
Morgan
Stanley
.......................................
33,244‌
(33,244‌)
–‌
–‌
Natixis
SA
...........................................
301,264‌
(301,264‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
1,607,569‌
(1,607,569‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
19,504‌
(19,504‌)
–‌
–‌
UBS
AG
............................................
59,545‌
(59,545‌)
–‌
–‌
UBS
Securities
LLC
....................................
61,420‌
(61,420‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
3,573,412‌
(3,573,412‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
64,493‌
(64,493‌)
–‌
–‌
$
19,047,206‌
$
(19,047,206‌)
$
–‌
$
–‌
North
American
Tech-Multimedia
Networking
BNP
Paribas
SA
.......................................
$
1,018,992‌
$
(1,018,992‌)
$
–‌
$
–‌
BofA
Securities,
Inc.
....................................
840,816‌
(840,816‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
8,732‌
(8,732‌)
–‌
–‌
HSBC
Bank
PLC
......................................
886,855‌
(886,855‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
74,789‌
(74,789‌)
–‌
–‌
Morgan
Stanley
.......................................
236,562‌
(236,562‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
864,269‌
(864,269‌)
–‌
–‌
$
3,931,015‌
$
(3,931,015‌)
$
–‌
$
–‌
Semiconductor
Barclays
Bank
PLC
.....................................
$
9,192,089‌
$
(9,192,089‌)
$
–‌
$
–‌
BNP
Paribas
SA
.......................................
56,731,195‌
(56,731,195‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
2,879,941‌
(2,879,941‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
8,257,873‌
(8,257,873‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
15,165,835‌
(15,165,835‌)
–‌
–‌
Notes
to
Financial
Statements
(unaudited)
(continued)
49
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
the iShares
Biotechnology
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Semiconductor
(continued)
J.P.
Morgan
Securities
LLC
...............................
3,129,100‌
(3,129,100‌)
–‌
–‌
Morgan
Stanley
.......................................
52,346,913‌
(52,346,913‌)
–‌
–‌
Natixis
SA
...........................................
3,806,190‌
(3,806,190‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
474,760‌
(474,760‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
62,682,796‌
(62,682,796‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
180,975,107‌
(180,975,107‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
867,868‌
(867,868‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
3,869,855‌
(3,869,855‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
208,455‌
(208,455‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
15,792‌
(15,792‌)
–‌
–‌
$
400,603,769‌
$
(400,603,769‌)
$
–‌
$
–‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
September
30,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
..................................................................................................
0.4800%
Over
$121
billion,
up
to
and
including
$181
billion
............................................................................
0.4560
Over
$181
billion,
up
to
and
including
$231
billion
............................................................................
0.4332
Over
$231
billion,
up
to
and
including
$281
billion
............................................................................
0.4116
Over
$281
billion
..................................................................................................
0.3910
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
50
For
its
investment
advisory
services
to
each
of
the iShares
Expanded
Tech
Sector
ETF,
iShares
Expanded
Tech-Software
Sector
ETF,
iShares
North
American
Natural
Resources
ETF
and
iShares
North
American
Tech-Multimedia
Networking
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
For
its
investment
advisory
services
to
the iShares
Semiconductor
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
September
30,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$10
billion
...................................................................................................
0.4800%
Over
$10
billion,
up
to
and
including
$20
billion
..............................................................................
0.4300
Over
$20
billion,
up
to
and
including
$30
billion
..............................................................................
0.3800
Over
$30
billion,
up
to
and
including
$40
billion
..............................................................................
0.3420
Over
$40
billion
...................................................................................................
0.3078
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$10
billion
...................................................................................................
0.3500%
Over
$10
billion,
up
to
and
including
$20
billion
..............................................................................
0.3500
Over
$20
billion,
up
to
and
including
$30
billion
..............................................................................
0.3500
Over
$30
billion,
up
to
and
including
$40
billion
..............................................................................
0.3420
Over
$40
billion
...................................................................................................
0.3078
iShares
ETF
Amounts
Biotechnology
...........................................................................................................
$
744,346‌
Expanded
Tech
Sector
.....................................................................................................
51,945‌
Expanded
Tech-Software
Sector
...............................................................................................
304,657‌
North
American
Natural
Resources
.............................................................................................
15,636‌
North
American
Tech-Multimedia
Networking
......................................................................................
3,251‌
Semiconductor
..........................................................................................................
214,920‌
Notes
to
Financial
Statements
(unaudited)
(continued)
51
Notes
to
Financial
Statements
For
the six
months ended September
30,
2023,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months ended
September
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
September
30,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
September
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
March
31,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses as
follows:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Biotechnology
........................................................................
$
104,206,177‌
$
76,654,777‌
$
(23,953,694‌)
Expanded
Tech
Sector
..................................................................
329,189,141‌
203,798,832‌
16,612,858‌
Expanded
Tech-Software
Sector
............................................................
91,089,637‌
97,749,174‌
(11,558,522‌)
North
American
Natural
Resources
..........................................................
2,305,945‌
1,095,220‌
(57,446‌)
North
American
Tech-Multimedia
Networking
...................................................
5,592,372‌
1,752,973‌
154,963‌
Semiconductor
.......................................................................
135,593,609‌
343,494,304‌
(839,437‌)
iShares
ETF
Purchases
Sales
Biotechnology
........................................................................................
$
576,852,917‌
$
577,439,883‌
Expanded
Tech
Sector
..................................................................................
710,967,935‌
711,800,229‌
Expanded
Tech-Software
Sector
............................................................................
447,379,941‌
451,220,477‌
North
American
Natural
Resources
..........................................................................
27,599,587‌
27,981,066‌
North
American
Tech-Multimedia
Networking
...................................................................
10,848,919‌
11,485,599‌
Semiconductor
.......................................................................................
1,157,019,483‌
1,156,795,692‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Biotechnology
........................................................................................
$
2,099,908,727‌
$
2,751,743,876‌
Expanded
Tech
Sector
..................................................................................
111,474,784‌
151,537,171‌
Expanded
Tech-Software
Sector
............................................................................
3,776,629,737‌
3,484,793,641‌
North
American
Natural
Resources
..........................................................................
32,694,112‌
263,246,393‌
North
American
Tech-Multimedia
Networking
...................................................................
—‌
42,588,441‌
Semiconductor
.......................................................................................
9,785,475,922‌
9,676,191,169‌
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
Qualified
 Late-Year
Capital
Losses
Biotechnology
.........................................................................................
$
2,690,738,576‌
$
608,491‌
Expanded
Tech
Sector
...................................................................................
114,307,739‌
—‌
Expanded
Tech-Software
Sector
.............................................................................
441,797,378‌
485,074‌
North
American
Natural
Resources
...........................................................................
498,272,318‌
—‌
North
American
Tech-Multimedia
Networking
....................................................................
78,086,958‌
—‌
Semiconductor
........................................................................................
721,302,528‌
—‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
52
As
of
September
30,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Line
of
Credit
The
iShares
Semiconductor
ETF,
along
with
certain
other
iShares
funds
(“Participating
Funds”),
is
a
party
to
a
$800
million
credit
agreement
(“Syndicated
Credit
Agreement”)
with
a
group
of
lenders,
which
expires
on
August
9,
2024.
The
line
of
credit
may
be
used
for
temporary
or
emergency
purposes,
including
redemptions,
settlement
of
trades
and
rebalancing
of
portfolio
holdings
in
certain
target
markets.
The
Funds
may
borrow
up
to
the
aggregate
commitment
amount
subject
to
asset
coverage
and
other
limitations
as
specified in
the
Syndicated Credit
Agreement. The
Syndicated
Credit
Agreement
has
the
following
terms:
a
commitment
fee
of
0.15%
per
annum
on
the
unused
portion
of
the
credit
agreement
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Daily
Simple Secured
Overnight Financing
Rate
(“SOFR”)
plus
0.10%
and
1.00%
per
annum
or (b)
the
U.S.
Federal
Funds
rate plus
1.00%
per
annum
on
amounts
borrowed.
The
commitment
fee
is
generally
allocated
to
each
Participating
Fund
based
on
the
lesser
of
a
Participating
Fund’s
relative
exposure
to
certain
target
markets
or
a
Participating
Fund’s
maximum
borrowing
amount
as
set
forth
by
the
terms
of
the
Syndicated
Credit
Agreement.
During
the
six
months
ended
September
30,
2023, the
Fund did
not
borrow
under
the Syndicated
Credit
Agreement.
10.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Biotechnology
...................................................
$
11,213,370,383‌
$
225,705,705‌
$
(3,708,523,852‌)
$
(3,482,818,147‌)
Expanded
Tech
Sector
..............................................
2,789,066,806‌
650,561,205‌
(165,182,729‌)
485,378,476‌
Expanded
Tech-Software
Sector
.......................................
8,275,820,306‌
37,653,042‌
(1,500,046,261‌)
(1,462,393,219‌)
North
American
Natural
Resources
.....................................
668,361,392‌
48,554,868‌
(92,508,317‌)
(43,953,449‌)
North
American
Tech-Multimedia
Networking
...............................
75,783,918‌
3,054,685‌
(22,232,160‌)
(19,177,475‌)
Semiconductor
...................................................
9,953,678,348‌
74,031,027‌
(1,153,981,327‌)
(1,079,950,300‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
53
Notes
to
Financial
Statements
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest. 
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Six
Months
Ended
09/30/23
Year
Ended
03/31/23
iShares
ETF
Shares
Amount
Shares
Amount
Biotechnology
Shares
sold
16,300,000‌
$
2,105,561,077‌
47,300,000‌
$
5,905,319,995‌
Shares
redeemed
(21,500,000‌)
(2,758,819,893‌)
(51,300,000‌)
(6,370,788,441‌)
(5,200,000‌)
$
(653,258,816‌)
(4,000,000‌)
$
(465,468,446‌)
Expanded
Tech
Sector
Shares
sold
300,000‌
$
111,696,101‌
950,000‌
$
292,277,292‌
Shares
redeemed
(400,000‌)
(151,955,816‌)
(4,250,000‌)
(1,261,444,843‌)
(100,000‌)
$
(40,259,715‌)
(3,300,000‌)
$
(969,167,551‌)
Expanded
Tech-Software
Sector
Shares
sold
11,250,000‌
$
3,792,463,900‌
38,550,000‌
$
10,559,918,140‌
Shares
redeemed
(10,450,000‌)
(3,498,568,476‌)
(36,550,000‌)
(10,019,821,991‌)
800,000‌
$
293,895,424‌
2,000,000‌
$
540,096,149‌
North
American
Natural
Resources
Shares
sold
800,000‌
$
32,834,635‌
8,300,000‌
$
339,579,091‌
Shares
redeemed
(6,850,000‌)
(264,410,152‌)
(11,100,000‌)
(422,788,296‌)
(6,050,000‌)
$
(231,575,517‌)
(2,800,000‌)
$
(83,209,205‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
54
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
12.
Subsequent
Events
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds'
financial
statements
was
completed
through
the
date
the
financial
statements
were
available
to
be
issued
and
the
following
items
were
noted:
Effective
October
18,
2023,
the
Syndicated
Credit
Agreement
to
which
the
Participating
Funds
are
party
was
amended
to
extend
the
maturity
date
to
October
2024
under
the
same
terms. 
Effective
November
3,
2023,
iShares
Biotechnology
ETF
and
iShares
Semiconductor
ETF’s
underlying
indices
changed
their
names
from
the
ICE
Biotechnology
Index
and
ICE
Semiconductor
Index
to
the
NYSE
Biotechnology
Index
and
NYSE
Semiconductor
Index,
respectively. 
Six
Months
Ended
09/30/23
Year
Ended
03/31/23
iShares
ETF
Shares
Amount
Shares
Amount
North
American
Tech-Multimedia
Networking
Shares
sold
—‌
$
—‌
300,000‌
$
21,073,892‌
Shares
redeemed
(650,000‌)
(43,340,858‌)
(1,000,000‌)
(67,864,738‌)
(650,000‌)
$
(43,340,858‌)
(700,000‌)
$
(46,790,846‌)
Semiconductor
Shares
sold
20,200,000‌
$
9,805,603,650‌
25,800,000‌
$
9,899,375,994‌
Shares
redeemed
(19,900,000‌)
(9,697,679,702‌)
(27,250,000‌)
(10,443,083,276‌)
300,000‌
$
107,923,948‌
(1,450,000‌)
$
(543,707,282‌)
Board
Review
and
Approval
of
Investment
Advisory
Contract
55
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Biotechnology
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
56
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
Expanded
Tech
Sector
ETF
,
iShares
Expanded
Tech-Software
Sector
ETF,
iShares
North
American
Natural
Resources
ETF,
iShares
Semiconductor
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
57
Board
Review
and
Approval
of
Investment
Advisory
Contract
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
58
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
North
American
Tech-Multimedia
Networking
ETF
(
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
59
Board
Review
and
Approval
of
Investment
Advisory
Contract
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
higher
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
60
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
61
Supplemental
Information
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
General
Information
2023
iShares
Semi-Annual
Report
to
Shareholders
62
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
63
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares
iS-SAR-313-0923
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
ICE
Data
Indices,
LLC
or
S&P
Dow
Jones
Indices
LLC,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.