SEPTEMBER
30,
2022
2022
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
12-month
reporting
period
as
of September
30,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
proving
more
persistent
than
expected,
raised
interest
rates
five
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
As
investors
attempted
to
assess
the
Fed’s
future
trajectory,
the
Fed’s
statements
late
in
the
reporting
period
led
markets
to
believe
that
additional
tightening
is
likely
in
the
near
term.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-
currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
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,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(20.20
)%
(15.47
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(19.01
)
(23.50
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(22.51
)
(25.13
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(21.70
)
(28.11
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.58
0.63
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(10.81
)
(16.20
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(9.22
)
(14.60
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(6.30
)
(11.50
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(10.42
)
(14.15
)
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
.........................................................................................
33
Statements
of
Operations
................................................................................................
35
Statements
of
Changes
in
Net
Assets
........................................................................................
37
Financial
Highlights
.....................................................................................................
40
Notes
to
Financial
Statements
...............................................................................................
46
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
56
General
Information
.....................................................................................................
62
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
63
Fund
Summary
as
of
September
30,
2022
2022
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.
Performance
(a)
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(9.94‌)%
(27.36‌)%
1.27‌%
9.64‌%
(27.36‌)%
6.53‌%
151.12‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(10.09‌)
(27.45‌)
1.26‌
9.64‌
(27.45‌)
6.45‌
151.08‌
Index
(a)
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(9.76‌)
(27.09‌)
1.63‌
9.98‌
(27.09‌)
8.43‌
159.01‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
900.60‌
$
2.14‌
$
1,000.00‌
$
1,022.81‌
$
2.28‌
0.45‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Biotechnology
....................................
80.1‌
%
Life
Sciences
Tools
&
Services
.........................
16.7‌
Pharmaceuticals
..................................
2.0‌
Other
(each
representing
less
than
1%)
...................
1.2‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Gilead
Sciences,
Inc.
...............................
8.0‌
%
Amgen,
Inc.
.....................................
7.8‌
Vertex
Pharmaceuticals,
Inc.
..........................
7.6‌
Regeneron
Pharmaceuticals,
Inc.
.......................
7.3‌
Moderna,
Inc.
....................................
4.1‌
Biogen,
Inc.
.....................................
4.0‌
IQVIA
Holdings,
Inc.
................................
3.5‌
Illumina,
Inc.
.....................................
3.1‌
BioNTech
SE
....................................
2.6‌
Seagen,
Inc.
.....................................
2.6‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
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
.
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(28.67‌)%
(31.38‌)%
12.67‌%
15.58‌%
(31.38‌)%
81.58‌%
325.46‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(28.73‌)
(31.32‌)
12.70‌
15.60‌
(31.32‌)
81.80‌
326.04‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(28.53‌)
(31.10‌)
13.15‌
16.10‌
(31.10‌)
85.45‌
344.85‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
713.30‌
$
1.76‌
$
1,000.00‌
$
1,023.01‌
$
2.08‌
0.41‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Software
.......................................
24.1‌
%
Semiconductors
&
Semiconductor
Equipment
...............
17.8‌
IT
Services
......................................
17.8‌
Interactive
Media
&
Services
..........................
13.0‌
Technology
Hardware,
Storage
&
Peripherals
...............
9.7‌
Internet
&
Direct
Marketing
Retail
.......................
9.0‌
Communications
Equipment
..........................
3.1‌
Electronic
Equipment,
Instruments
&
Components
............
3.1‌
Entertainment
....................................
2.3‌
Other
(each
representing
less
than
1%)
...................
0.1‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Microsoft
Corp.
...................................
8.7‌
%
Apple,
Inc.
......................................
8.6‌
Amazon.com,
Inc.
.................................
8.4‌
Alphabet,
Inc.,
Class
A
..............................
4.5‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
4.0‌
Meta
Platforms,
Inc.,
Class
A
..........................
3.5‌
NVIDIA
Corp.
....................................
3.4‌
Visa,
Inc.,
Class
A
.................................
3.2‌
Mastercard,
Inc.,
Class
A
.............................
2.7‌
Broadcom,
Inc.
...................................
2.0‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
2022
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
.
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(27.27‌)%
(37.26‌)%
11.52‌%
14.99‌%
(37.26‌)%
72.52‌%
304.30‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(27.48‌)
(37.33‌)
11.51‌
14.99‌
(37.33‌)
72.41‌
304.15‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(27.14‌)
(37.03‌)
11.88‌
15.41‌
(37.03‌)
75.29‌
319.31‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
727.30‌
$
1.78‌
$
1,000.00‌
$
1,023.01‌
$
2.08‌
0.41‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Software
.......................................
93.1‌
%
Entertainment
....................................
6.2‌
Other
(each
representing
less
than
1%)
...................
0.7‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Salesforce,
Inc.
...................................
8.8‌
%
Microsoft
Corp.
...................................
8.7‌
Adobe,
Inc.
......................................
6.9‌
Intuit,
Inc.
.......................................
6.8‌
Oracle
Corp.
.....................................
5.8‌
ServiceNow,
Inc.
..................................
4.7‌
Activision
Blizzard,
Inc.
..............................
3.3‌
Palo
Alto
Networks,
Inc.
.............................
3.0‌
Synopsys,
Inc.
....................................
2.9‌
Cadence
Design
Systems,
Inc.
.........................
2.8‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12.61‌)%
21.97‌%
4.24‌%
1.49‌%
21.97‌%
23.09‌%
15.92‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12.53‌)
22.08‌
4.27‌
1.50‌
22.08‌
23.28‌
16.09‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12.37‌)
22.59‌
4.80‌
2.00‌
22.59‌
26.39‌
21.92‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
873.90‌
$
1.93‌
$
1,000.00‌
$
1,023.01‌
$
2.08‌
0.41‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Oil,
Gas
&
Consumable
Fuels
.........................
74.0‌
%
Metals
&
Mining
...................................
11.0‌
Energy
Equipment
&
Services
.........................
6.2‌
Containers
&
Packaging
.............................
6.0‌
Construction
Materials
..............................
2.4‌
Other
(each
representing
less
than
1%)
...................
0.4‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Chevron
Corp.
....................................
10.1‌
%
Exxon
Mobil
Corp.
.................................
10.1‌
ConocoPhillips
...................................
4.6‌
Enbridge,
Inc.
....................................
3.7‌
EOG
Resources,
Inc.
...............................
3.2‌
Canadian
Natural
Resources
Ltd.
.......................
2.6‌
Pioneer
Natural
Resources
Co.
........................
2.6‌
Schlumberger
NV
.................................
2.5‌
Marathon
Petroleum
Corp.
...........................
2.4‌
Occidental
Petroleum
Corp.
...........................
2.3‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
2022
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.
Performance
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12.68‌)%
(6.20‌)%
7.47‌%
9.85‌%
(6.20‌)%
43.36‌%
155.77‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12.72‌)
(6.36‌)
7.46‌
9.84‌
(6.36‌)
43.29‌
155.67‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12.53‌)
(5.83‌)
7.82‌
10.23‌
(5.83‌)
45.69‌
164.92‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
873.20‌
$
1.93‌
$
1,000.00‌
$
1,023.01‌
$
2.08‌
0.41‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Communications
Equipment
..........................
100.0‌
%
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Arista
Networks,
Inc.
...............................
8.4‌
%
F5,
Inc.
........................................
8.4‌
Juniper
Networks,
Inc.
..............................
8.3‌
Motorola
Solutions,
Inc.
.............................
8.2‌
Cisco
Systems,
Inc.
................................
8.1‌
Calix,
Inc.
.......................................
5.2‌
NetScout
Systems,
Inc.
..............................
4.8‌
Viavi
Solutions,
Inc.
................................
4.5‌
Ciena
Corp.
.....................................
4.5‌
Extreme
Networks,
Inc.
..............................
4.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
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.
Performance
(a)
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.
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(32.16‌)%
(27.84‌)%
16.25‌%
21.38‌%
(27.84‌)%
112.30‌%
594.33‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(32.18‌)
(27.74‌)
16.29‌
21.40‌
(27.74‌)
112.63‌
595.58‌
Index
(a)
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(32.03‌)
(27.53‌)
16.80‌
21.99‌
(27.53‌)
117.40‌
629.67‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
678.40‌
$
1.73‌
$
1,000.00‌
$
1,023.01‌
$
2.08‌
0.41‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Semiconductors
&
Semiconductor
Equipment
...............
100.0‌
%
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Texas
Instruments,
Inc.
..............................
8.8‌
%
Broadcom,
Inc.
...................................
8.4‌
NVIDIA
Corp.
....................................
6.8‌
QUALCOMM,
Inc.
.................................
6.0‌
Advanced
Micro
Devices,
Inc.
.........................
5.1‌
Microchip
Technology,
Inc.
............................
4.5‌
ON
Semiconductor
Corp.
............................
4.2‌
Analog
Devices,
Inc.
................................
4.1‌
Micron
Technology,
Inc.
..............................
4.1‌
NXP
Semiconductors
NV
............................
4.1‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
2022
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,
2022
iShares
®
Biotechnology
ETF
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Biotechnology
—
79.9%
4D
Molecular
Therapeutics,
Inc.
(a)(b)
.......
220,618
$
1,773,769
89bio,
Inc.
(a)(b)
.....................
270,527
1,566,351
Abcam
plc,
ADR
(a)(b)
.................
1,345,367
20,167,051
AC
Immune
SA
(a)(b)
..................
327,410
1,034,616
ACADIA
Pharmaceuticals,
Inc.
(a)(b)
........
1,203,773
19,693,726
Achilles
Therapeutics
plc,
ADR
(a)(b)
.......
236,234
533,889
Acumen
Pharmaceuticals,
Inc.
(a)(b)
........
184,319
1,848,720
Adaptimmune
Therapeutics
plc,
ADR
(a)(b)
...
831,897
894,289
ADC
Therapeutics
SA
(a)(b)
.............
296,791
1,430,533
Adicet
Bio,
Inc.
(b)
...................
200,054
2,844,768
ADMA
Biologics,
Inc.
(a)(b)
..............
1,408,516
3,422,694
Adverum
Biotechnologies,
Inc.
(a)(b)
........
690,419
655,898
Aeglea
BioTherapeutics,
Inc.
(b)
..........
372,674
196,027
Aerovate
Therapeutics,
Inc.
(a)(b)
..........
126,140
2,091,401
Affimed
NV
(a)(b)
.....................
988,292
2,035,882
Agios
Pharmaceuticals,
Inc.
(a)(b)
.........
409,422
11,578,454
Akebia
Therapeutics,
Inc.
(a)(b)
...........
1,286,220
406,703
Akero
Therapeutics,
Inc.
(a)(b)
............
232,865
7,929,053
Akouos,
Inc.
(a)(b)
....................
145,895
986,250
Alaunos
Therapeutics,
Inc.
(a)(b)
..........
1,492,062
2,566,347
Alector,
Inc.
(a)(b)
....................
456,287
4,316,475
Aligos
Therapeutics,
Inc.
(b)
.............
195,349
214,884
Alkermes
plc
(a)(b)
....................
1,226,137
27,379,639
Allakos,
Inc.
(a)(b)
....................
358,675
2,195,091
Allogene
Therapeutics,
Inc.
(a)(b)
..........
593,315
6,407,802
Allovir,
Inc.
(a)(b)
.....................
223,245
1,761,403
Alnylam
Pharmaceuticals,
Inc.
(a)(b)
........
902,425
180,629,388
Alpine
Immune
Sciences,
Inc.
(b)
.........
148,508
1,069,258
Altimmune,
Inc.
(a)(b)
..................
364,395
4,653,324
ALX
Oncology
Holdings,
Inc.
(a)(b)
.........
137,721
1,317,990
Amgen,
Inc.
......................
2,532,579
570,843,307
Amicus
Therapeutics,
Inc.
(a)(b)
...........
2,054,527
21,449,262
AnaptysBio,
Inc.
(a)(b)
.................
187,973
4,795,191
Anavex
Life
Sciences
Corp.
(a)(b)
.........
569,012
5,872,204
Annexon,
Inc.
(a)(b)
...................
275,883
1,704,957
Annovis
Bio,
Inc.
(a)(b)
.................
41,302
565,837
Apellis
Pharmaceuticals,
Inc.
(b)
..........
691,500
47,229,450
Applied
Molecular
Transport,
Inc.
(a)(b)
......
186,204
181,214
Applied
Therapeutics,
Inc.
(b)
............
224,984
209,258
Arbutus
Biopharma
Corp.
(b)
............
998,199
1,906,560
Arcturus
Therapeutics
Holdings,
Inc.
(a)(b)
....
171,026
2,534,605
Arcus
Biosciences,
Inc.
(a)(b)
............
338,484
8,854,741
Arcutis
Biotherapeutics,
Inc.
(a)(b)
.........
313,399
5,989,055
Argenx
SE,
NVS,
ADR
(a)(b)
.............
323,105
114,072,220
Arrowhead
Pharmaceuticals,
Inc.
(a)(b)
......
772,245
25,522,697
Ascendis
Pharma
A/S,
ADR
(a)(b)
.........
324,047
33,461,093
Atara
Biotherapeutics,
Inc.
(a)(b)
..........
688,401
2,602,156
Athenex,
Inc.
(a)(b)
...................
942,556
253,925
Aurinia
Pharmaceuticals,
Inc.
(a)(b)
........
972,151
7,310,576
Autolus
Therapeutics
plc,
ADR
(a)(b)
........
397,995
851,709
Avidity
Biosciences,
Inc.
(a)(b)
............
353,957
5,780,118
Avrobio,
Inc.
(a)(b)
....................
283,029
181,846
Beam
Therapeutics,
Inc.
(a)(b)
............
415,591
19,798,755
BeiGene
Ltd.,
ADR
(a)(b)
...............
605,104
81,580,121
BELLUS
Health,
Inc.
(a)(b)
..............
795,195
8,397,259
Bicycle
Therapeutics
plc,
ADR
(a)(b)
........
169,654
3,946,152
BioAtla,
Inc.
(a)(b)
....................
233,319
1,796,556
BioCryst
Pharmaceuticals,
Inc.
(a)(b)
.......
1,383,928
17,437,493
Biogen,
Inc.
(a)(b)
....................
1,094,036
292,107,612
Biohaven
Pharmaceutical
Holding
Co.
Ltd.
(b)
.
472,867
71,483,304
BioMarin
Pharmaceutical,
Inc.
(b)
.........
1,374,752
116,537,727
Biomea
Fusion,
Inc.
(a)(b)
...............
176,486
1,726,033
BioNTech
SE,
ADR
(a)
................
1,426,617
192,422,101
Security
Shares
Shares
Value
Biotechnology
(continued)
Black
Diamond
Therapeutics,
Inc.
(a)(b)
.....
179,298
$
303,014
Bluebird
Bio,
Inc.
(a)(b)
.................
570,206
3,609,404
Blueprint
Medicines
Corp.
(a)(b)
...........
436,028
28,729,885
Bolt
Biotherapeutics,
Inc.
(a)(b)
...........
154,025
227,957
Bridgebio
Pharma,
Inc.
(a)(b)
.............
793,519
7,887,579
Brooklyn
ImmunoTherapeutics,
Inc.
(a)(b)
....
175,764
43,396
Burning
Rock
Biotech
Ltd.,
ADR
(a)(b)
.......
508,683
1,215,752
C4
Therapeutics,
Inc.
(a)(b)
..............
291,078
2,552,754
Cabaletta
Bio,
Inc.
(a)(b)
................
168,864
109,778
Candel
Therapeutics,
Inc.
(a)(b)
...........
74,306
233,321
CareDx,
Inc.
(a)(b)
....................
395,450
6,730,559
Caribou
Biosciences,
Inc.
(a)(b)
...........
385,457
4,066,571
Cellectis
SA,
ADR
(a)(b)
................
272,750
624,597
CEL-SCI
Corp.
(a)(b)
..................
306,720
947,765
Centessa
Pharmaceuticals
plc,
ADR
(a)(b)
....
271,671
1,092,117
Century
Therapeutics,
Inc.
(a)(b)
..........
177,255
1,753,052
ChemoCentryx,
Inc.
(a)(b)
...............
440,124
22,736,806
Chimerix,
Inc.
(a)(b)
...................
559,441
1,079,721
Chinook
Therapeutics,
Inc.
(a)(b)
..........
332,569
6,538,307
Clovis
Oncology,
Inc.
(a)(b)
..............
1,056,629
1,257,389
Codiak
Biosciences,
Inc.
(b)
.............
116,275
90,927
Cogent
Biosciences,
Inc.
(a)(b)
...........
410,995
6,132,045
Coherus
Biosciences,
Inc.
(a)(b)
...........
548,191
5,268,116
Compass
Pathways
plc,
ADR
(a)(b)
........
249,085
2,672,682
Connect
Biopharma
Holdings
Ltd.,
ADR
(a)(b)
.
274,012
353,475
Crinetics
Pharmaceuticals,
Inc.
(a)(b)
.......
326,864
6,419,609
CRISPR
Therapeutics
AG
(a)(b)
...........
542,014
35,420,615
Cullinan
Oncology,
Inc.
(a)(b)
.............
218,233
2,797,747
CureVac
NV
(a)(b)
....................
406,230
3,201,092
Curis,
Inc.
(b)
.......................
645,981
452,187
Cyteir
Therapeutics,
Inc.
(a)(b)
............
103,512
198,743
Cytokinetics,
Inc.
(a)(b)
.................
662,924
32,118,668
CytomX
Therapeutics,
Inc.
(a)(b)
..........
468,623
679,503
Day
One
Biopharmaceuticals,
Inc.
(a)(b)
.....
241,092
4,829,073
DBV
Technologies
SA,
NVS,
ADR
(a)(b)
.....
1,039,223
1,839,425
Decibel
Therapeutics,
Inc.
(a)(b)
...........
71,348
246,864
Deciphera
Pharmaceuticals,
Inc.
(a)(b)
......
352,840
6,527,540
Denali
Therapeutics,
Inc.
(a)(b)
...........
772,055
23,694,368
Design
Therapeutics,
Inc.
(a)(b)
...........
235,153
3,931,758
Dyne
Therapeutics,
Inc.
(b)
.............
208,898
2,653,005
Editas
Medicine,
Inc.
(a)(b)
..............
515,882
6,314,396
Eiger
BioPharmaceuticals,
Inc.
(a)(b)
.......
309,152
2,327,915
Emergent
BioSolutions,
Inc.
(a)(b)
.........
308,122
6,467,481
Enanta
Pharmaceuticals,
Inc.
(b)
.........
146,244
7,585,676
Erasca,
Inc.
(a)(b)
....................
486,311
3,793,226
Evelo
Biosciences,
Inc.
(a)(b)
.............
421,056
880,007
Exelixis,
Inc.
(a)(b)
....................
2,375,424
37,246,648
Fate
Therapeutics,
Inc.
(a)(b)
.............
686,411
15,382,471
FibroGen,
Inc.
(a)(b)
...................
649,262
8,446,899
Forma
Therapeutics
Holdings,
Inc.
(b)
......
314,652
6,277,307
Frequency
Therapeutics,
Inc.
(b)
..........
247,772
443,512
G1
Therapeutics,
Inc.
(a)(b)
..............
263,885
3,295,924
Galapagos
NV,
NVS,
ADR
(a)(b)
..........
386,884
16,496,734
Gamida
Cell
Ltd.
(a)(b)
.................
330,255
525,105
Generation
Bio
Co.
(b)
................
354,346
1,881,577
Genetron
Holdings
Ltd.,
NVS,
ADR
(a)(b)
.....
499,665
390,638
Genmab
A/S,
NVS,
ADR
(a)(b)
............
3,879,047
124,633,780
Geron
Corp.
(a)(b)
....................
2,529,180
5,918,281
Gilead
Sciences,
Inc.
................
9,470,273
584,221,141
Global
Blood
Therapeutics,
Inc.
(b)
........
480,164
32,699,168
Gossamer
Bio,
Inc.
(a)(b)
...............
513,196
6,148,088
Gracell
Biotechnologies,
Inc.,
ADR
(a)(b)
.....
345,080
1,111,158
Graphite
Bio,
Inc.
(b)
..................
188,913
598,854
Gritstone
bio,
Inc.
(b)
.................
471,488
1,211,724
Halozyme
Therapeutics,
Inc.
(a)(b)
.........
1,030,986
40,765,186
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Biotechnology
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Harpoon
Therapeutics,
Inc.
(b)
...........
141,754
$
137,516
Homology
Medicines,
Inc.
(b)
............
294,039
473,403
Humacyte,
Inc.
(a)(b)
..................
384,081
1,252,104
Icosavax,
Inc.
(a)(b)
...................
178,894
565,305
Ideaya
Biosciences,
Inc.
(a)(b)
............
276,912
4,131,527
IGM
Biosciences,
Inc.
(a)(b)
.............
126,136
2,868,333
I-Mab,
ADR
(a)(b)
....................
486,064
1,949,117
Imago
Biosciences,
Inc.
(a)(b)
............
152,438
2,294,192
Immuneering
Corp.,
Class
A
(a)(b)
.........
142,812
2,045,068
Immunic,
Inc.
(a)(b)
...................
170,142
537,649
ImmunityBio,
Inc.
(a)(b)
.................
609,710
3,030,259
ImmunoGen,
Inc.
(b)
..................
1,654,431
7,908,180
Immunovant,
Inc.
(a)(b)
.................
299,235
1,669,731
Immutep
Ltd.,
NVS,
ADR
(a)(b)
...........
517,096
806,670
Impel
Pharmaceuticals,
Inc.
(a)(b)
.........
76,107
370,641
Incyte
Corp.
(a)(b)
....................
1,664,965
110,953,268
Infinity
Pharmaceuticals,
Inc.
(a)(b)
.........
651,526
775,316
Inhibrx,
Inc.
(a)(b)
....................
192,843
3,461,532
Innate
Pharma
SA,
NVS,
ADR
(a)(b)
........
482,645
965,290
Inovio
Pharmaceuticals,
Inc.
(a)(b)
.........
1,854,801
3,199,532
Insmed,
Inc.
(a)(b)
....................
887,135
19,108,888
Instil
Bio,
Inc.
(a)(b)
...................
472,287
2,285,869
Intellia
Therapeutics,
Inc.
(a)(b)
...........
531,864
29,763,109
Intercept
Pharmaceuticals,
Inc.
(a)(b)
.......
178,668
2,492,419
Ionis
Pharmaceuticals,
Inc.
(a)(b)
..........
1,053,589
46,600,241
Iovance
Biotherapeutics,
Inc.
(a)(b)
.........
1,082,559
10,370,915
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
.
1,125,300
11,658,108
iTeos
Therapeutics,
Inc.
(a)(b)
............
218,185
4,156,424
IVERIC
bio,
Inc.
(a)(b)
.................
808,824
14,510,303
Janux
Therapeutics,
Inc.
(a)(b)
............
166,610
2,255,899
Jounce
Therapeutics,
Inc.
(a)(b)
...........
259,764
607,848
KalVista
Pharmaceuticals,
Inc.
(a)(b)
........
160,419
2,327,680
Kamada
Ltd.
(a)(b)
....................
169,296
763,525
Karuna
Therapeutics,
Inc.
(b)
............
184,280
41,450,100
Karyopharm
Therapeutics,
Inc.
(a)(b)
.......
531,015
2,899,342
Keros
Therapeutics,
Inc.
(a)(b)
............
120,154
4,520,193
Kezar
Life
Sciences,
Inc.
(a)(b)
...........
435,238
3,747,399
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(a)(b)
...
249,247
3,200,331
Kinnate
Biopharma,
Inc.
(a)(b)
............
134,610
1,608,589
Kodiak
Sciences,
Inc.
(b)
...............
367,829
2,846,996
Kronos
Bio,
Inc.
(b)
...................
303,196
1,015,707
Krystal
Biotech,
Inc.
(a)(b)
...............
147,573
10,285,838
Kura
Oncology,
Inc.
(a)(b)
...............
478,038
6,529,999
Kymera
Therapeutics,
Inc.
(a)(b)
..........
301,740
6,568,880
Larimar
Therapeutics,
Inc.
(a)(b)
...........
128,476
411,123
Leap
Therapeutics,
Inc.
(a)(b)
............
531,405
467,636
Legend
Biotech
Corp.,
ADR
(a)(b)
.........
946,646
38,623,157
Ligand
Pharmaceuticals,
Inc.
(a)(b)
.........
120,887
10,409,580
Lineage
Cell
Therapeutics,
Inc.
(a)(b)
.......
1,308,079
1,478,129
Lyell
Immunopharma,
Inc.
(a)(b)
...........
599,062
4,391,124
MacroGenics,
Inc.
(a)(b)
................
458,974
1,588,050
Madrigal
Pharmaceuticals,
Inc.
(a)(b)
.......
93,531
6,078,580
Magenta
Therapeutics,
Inc.
(a)(b)
..........
257,048
362,438
MannKind
Corp.
(a)(b)
.................
1,816,393
5,612,654
Matinas
BioPharma
Holdings,
Inc.
(a)(b)
.....
1,558,525
991,222
MeiraGTx
Holdings
plc
(b)
..............
261,330
2,197,785
Mereo
Biopharma
Group
plc,
ADR
(a)(b)
.....
609,047
524,450
Mersana
Therapeutics,
Inc.
(a)(b)
..........
586,062
3,961,779
Merus
NV
(a)(b)
......................
256,021
5,128,101
Mesoblast
Ltd.,
NVS,
ADR
(a)(b)
..........
869,435
2,212,712
Mirati
Therapeutics,
Inc.
(a)(b)
............
391,182
27,320,151
Mirum
Pharmaceuticals,
Inc.
(a)(b)
.........
170,363
3,579,327
Moderna,
Inc.
(a)(b)
...................
2,551,074
301,664,500
Molecular
Templates,
Inc.
(a)(b)
...........
311,358
233,425
Monte
Rosa
Therapeutics,
Inc.
(a)(b)
.......
226,480
1,850,342
Security
Shares
Shares
Value
Biotechnology
(continued)
Morphic
Holding,
Inc.
(a)(b)
..............
212,702
$
6,019,467
Mustang
Bio,
Inc.
(a)(b)
................
672,422
315,635
Myovant
Sciences
Ltd.
(a)(b)
.............
318,202
5,714,908
Myriad
Genetics,
Inc.
(a)(b)
..............
583,200
11,127,456
Natera,
Inc.
(a)(b)
....................
660,086
28,924,969
Neoleukin
Therapeutics,
Inc.
(a)(b)
.........
256,838
164,376
Neurocrine
Biosciences,
Inc.
(b)
..........
707,239
75,115,854
NextCure,
Inc.
(a)(b)
...................
122,704
337,436
Nkarta,
Inc.
(a)(b)
....................
248,291
3,267,510
Novavax,
Inc.
(a)(b)
...................
589,846
10,735,197
Nurix
Therapeutics,
Inc.
(a)(b)
............
297,170
3,872,125
Nuvalent,
Inc.,
Class
A
(a)(b)
.............
271,201
5,272,147
ObsEva
SA
(a)(b)
....................
293,051
41,643
Olema
Pharmaceuticals,
Inc.
(a)(b)
.........
255,458
705,064
Omega
Therapeutics,
Inc.
(a)(b)
...........
129,854
703,809
Oncocyte
Corp.
(a)(b)
..................
851,617
621,680
Oncorus,
Inc.
(a)(b)
...................
119,571
101,635
Orchard
Therapeutics
plc,
ADR
(a)(b)
.......
712,001
356,000
ORIC
Pharmaceuticals,
Inc.
(a)(b)
.........
218,762
700,038
Ovid
therapeutics,
Inc.
(a)(b)
.............
407,628
750,036
Oyster
Point
Pharma,
Inc.
(a)(b)
...........
89,367
502,243
Passage
Bio,
Inc.
(b)
.................
188,585
235,731
PMV
Pharmaceuticals,
Inc.
(a)(b)
..........
232,491
2,766,643
Poseida
Therapeutics,
Inc.
(a)(b)
..........
418,112
1,475,935
Praxis
Precision
Medicines,
Inc.
(a)(b)
.......
279,591
634,672
Precigen,
Inc.
(b)
....................
742,959
1,575,073
Precision
BioSciences,
Inc.
(a)(b)
..........
612,642
796,435
Prelude
Therapeutics,
Inc.
(a)(b)
..........
196,130
1,296,419
Prometheus
Biosciences,
Inc.
(a)(b)
........
192,190
11,341,132
ProQR
Therapeutics
NV
(a)(b)
............
452,623
336,752
Protagonist
Therapeutics,
Inc.
(a)(b)
........
328,686
2,770,823
Prothena
Corp.
plc
(b)
.................
333,301
20,208,040
PTC
Therapeutics,
Inc.
(a)(b)
.............
525,828
26,396,566
Puma
Biotechnology,
Inc.
(b)
............
291,495
690,843
Quince
Therapeutics,
Inc.
(a)(b)
...........
165,929
220,686
Rallybio
Corp.
(a)(b)
...................
97,957
1,417,438
RAPT
Therapeutics,
Inc.
(a)(b)
............
168,593
4,056,348
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
630,665
6,710,276
Regeneron
Pharmaceuticals,
Inc.
(a)(b)
......
775,499
534,217,996
REGENXBIO,
Inc.
(a)(b)
................
294,991
7,796,612
Relay
Therapeutics,
Inc.
(a)(b)
............
556,164
12,441,389
Repare
Therapeutics,
Inc.
(a)(b)
...........
231,380
2,806,639
Replimune
Group,
Inc.
(a)(b)
.............
236,124
4,077,861
REVOLUTION
Medicines,
Inc.
(a)(b)
........
468,782
9,244,381
Rhythm
Pharmaceuticals,
Inc.
(a)(b)
........
328,103
8,038,523
Rigel
Pharmaceuticals,
Inc.
(b)
...........
1,301,155
1,535,363
Rocket
Pharmaceuticals,
Inc.
(a)(b)
........
462,153
7,375,962
Roivant
Sciences
Ltd.
(a)(b)
.............
2,569,011
8,272,215
Rubius
Therapeutics,
Inc.
(a)(b)
...........
339,267
147,174
Sage
Therapeutics,
Inc.
(a)(b)
............
385,368
15,091,011
Sana
Biotechnology,
Inc.
(a)(b)
...........
606,968
3,641,808
Sangamo
Therapeutics,
Inc.
(a)(b)
.........
980,623
4,805,053
Sarepta
Therapeutics,
Inc.
(a)(b)
..........
628,725
69,499,262
Scholar
Rock
Holding
Corp.
(a)(b)
.........
287,385
1,991,578
Seagen,
Inc.
(b)
.....................
1,374,779
188,111,011
Selecta
Biosciences,
Inc.
(a)(b)
...........
806,850
1,323,234
Sensei
Biotherapeutics,
Inc.
(a)(b)
.........
125,372
194,327
Seres
Therapeutics,
Inc.
(a)(b)
............
699,512
4,490,867
Sesen
Bio,
Inc.
(a)(b)
..................
1,491,997
634,099
Shattuck
Labs,
Inc.
(b)
................
236,047
637,327
Silverback
Therapeutics,
Inc.
(a)(b)
.........
183,279
967,713
Solid
Biosciences,
Inc.
(b)
..............
626,498
292,324
Spectrum
Pharmaceuticals,
Inc.
(b)
........
1,262,743
542,979
Spero
Therapeutics,
Inc.
(a)(b)
............
187,440
374,880
SpringWorks
Therapeutics,
Inc.
(a)(b)
.......
288,472
8,230,106
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Biotechnology
ETF
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
SQZ
Biotechnologies
Co.
(a)(b)
...........
157,197
$
358,409
Stoke
Therapeutics,
Inc.
(b)
.............
164,584
2,113,259
Summit
Therapeutics,
Inc.
(a)(b)
...........
212,972
253,437
Surface
Oncology,
Inc.
(a)(b)
.............
336,841
350,315
Sutro
Biopharma,
Inc.
(a)(b)
.............
336,326
1,866,609
Syndax
Pharmaceuticals,
Inc.
(a)(b)
........
360,580
8,664,737
Syros
Pharmaceuticals,
Inc.
(a)(b)
.........
46,817
301,501
Talaris
Therapeutics,
Inc.
(b)
............
160,791
422,880
Taysha
Gene
Therapies,
Inc.
(a)(b)
.........
157,359
303,703
TCR2
Therapeutics,
Inc.
(a)(b)
............
215,628
388,130
Tenaya
Therapeutics,
Inc.
(a)(b)
...........
214,753
622,784
Travere
Therapeutics,
Inc.
(a)(b)
..........
454,863
11,207,824
Twist
Bioscience
Corp.
(a)(b)
.............
411,352
14,496,044
Ultragenyx
Pharmaceutical,
Inc.
(a)(b)
.......
492,146
20,379,766
uniQure
NV
(a)(b)
....................
314,244
5,895,217
United
Therapeutics
Corp.
(b)
............
337,302
70,624,293
UroGen
Pharma
Ltd.
(a)(b)
..............
150,389
1,251,236
Vanda
Pharmaceuticals,
Inc.
(b)
..........
408,848
4,039,418
Vaxcyte,
Inc.
(a)(b)
....................
292,906
7,029,744
Veracyte,
Inc.
(a)(b)
...................
531,928
8,830,005
Verastem,
Inc.
(a)(b)
...................
1,387,930
1,179,741
Vertex
Pharmaceuticals,
Inc.
(a)(b)
.........
1,931,576
559,268,515
Verve
Therapeutics,
Inc.
(a)(b)
............
264,280
9,078,018
Vir
Biotechnology,
Inc.
(a)(b)
.............
578,640
11,156,179
Viracta
Therapeutics,
Inc.
(a)(b)
...........
196,747
840,110
Vor
BioPharma,
Inc.
(a)(b)
...............
186,747
743,253
Werewolf
Therapeutics,
Inc.
(a)(b)
.........
97,837
441,245
Xencor,
Inc.
(a)(b)
....................
440,489
11,443,904
Xenon
Pharmaceuticals,
Inc.
(a)(b)
.........
447,079
16,139,552
Y-mAbs
Therapeutics,
Inc.
(a)(b)
..........
267,815
3,861,892
Zai
Lab
Ltd.,
ADR
(a)(b)
................
568,371
19,438,288
Zentalis
Pharmaceuticals,
Inc.
(a)(b)
........
381,033
8,253,175
Zymeworks,
Inc.
(a)(b)
.................
402,793
2,477,177
5,868,173,425
Health
Care
Equipment
&
Supplies
—
0.9%
(b)
Meridian
Bioscience,
Inc.
.............
325,517
10,263,551
Novocure
Ltd.
(a)
....................
777,663
59,086,835
69,350,386
Health
Care
Providers
&
Services
—
0.3%
(a)(b)
Castle
Biosciences,
Inc.
..............
178,158
4,646,361
Fulgent
Genetics,
Inc.
................
156,402
5,962,044
Invitae
Corp.
......................
1,724,001
4,241,042
OPKO
Health,
Inc.
..................
3,132,920
5,921,219
20,770,666
Life
Sciences
Tools
&
Services
—
16.7%
10X
Genomics,
Inc.,
Class
A
(a)(b)
.........
644,447
18,353,851
AbCellera
Biologics,
Inc.
(a)(b)
............
1,403,952
13,885,085
Absci
Corp.
(a)(b)
....................
444,019
1,389,779
Adaptive
Biotechnologies
Corp.
(a)(b)
.......
1,054,237
7,506,167
Akoya
Biosciences,
Inc.
(a)(b)
............
129,525
1,521,919
Alpha
Teknova,
Inc.
(b)
................
51,856
173,199
Berkeley
Lights,
Inc.
(a)(b)
...............
392,308
1,122,001
Bio-Techne
Corp.
(a)
..................
292,336
83,023,424
Bruker
Corp.
(a)
.....................
756,350
40,131,931
Charles
River
Laboratories
International,
Inc.
(a)
(b)
...........................
380,151
74,813,717
Codex
DNA,
Inc.
(a)(b)
.................
64,850
107,651
Codexis,
Inc.
(a)(b)
...................
474,298
2,874,246
Compugen
Ltd.
(a)(b)
..................
592,424
389,223
Cytek
Biosciences,
Inc.
(a)(b)
............
563,834
8,299,636
Harvard
Bioscience,
Inc.
(b)
.............
272,536
697,692
Illumina,
Inc.
(a)(b)
....................
1,184,824
226,052,571
IQVIA
Holdings,
Inc.
(a)(b)
...............
1,399,255
253,461,051
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(a)
(b)
...........................
823,881
$
21,033,682
MaxCyte,
Inc.
(a)(b)
...................
650,202
4,226,313
Medpace
Holdings,
Inc.
(a)(b)
............
190,110
29,879,589
Mettler-Toledo
International,
Inc.
(b)
.......
167,710
181,817,765
NanoString
Technologies,
Inc.
(a)(b)
........
344,319
4,396,954
Nautilus
Biotechnology,
Inc.
(a)(b)
.........
333,922
707,915
Olink
Holding
AB,
ADR
(a)(b)
.............
207,490
2,518,929
Pacific
Biosciences
of
California,
Inc.
(a)(b)
...
1,528,005
8,870,069
Personalis,
Inc.
(a)(b)
..................
277,408
823,902
Quanterix
Corp.
(a)(b)
.................
250,473
2,760,212
Repligen
Corp.
(a)(b)
..................
390,096
72,990,863
Seer,
Inc.,
Class
A
(a)(b)
................
308,483
2,387,658
Singular
Genomics
Systems,
Inc.
(a)(b)
......
256,028
640,070
Standard
BioTools,
Inc.
(a)(b)
.............
585,213
643,734
Stevanato
Group
SpA
(a)
..............
250,026
4,235,440
Syneos
Health,
Inc.,
Class
A
(a)(b)
.........
773,008
36,447,327
Waters
Corp.
(a)(b)
...................
450,549
121,436,472
1,229,620,037
Pharmaceuticals
—
2.0%
(b)
Aclaris
Therapeutics,
Inc.
.............
391,569
6,163,296
Ampio
Pharmaceuticals,
Inc.
(a)
..........
1,583,934
95,828
Arvinas,
Inc.
(a)
.....................
346,934
15,435,094
ATAI
Life
Sciences
NV
(a)
..............
882,335
2,920,529
Atea
Pharmaceuticals,
Inc.
(a)
...........
553,521
3,149,534
Athira
Pharma,
Inc.
(a)
................
264,844
786,587
Axsome
Therapeutics,
Inc.
(a)
...........
241,717
10,785,413
Cara
Therapeutics,
Inc.
(a)
.............
317,175
2,968,758
Clearside
Biomedical,
Inc.
(a)
............
355,452
401,661
Cybin,
Inc.
(a)
......................
748,212
362,135
Cymabay
Therapeutics,
Inc.
(a)
..........
596,194
2,086,679
Edgewise
Therapeutics,
Inc.
(a)
..........
211,528
2,081,435
Fulcrum
Therapeutics,
Inc.
(a)
...........
314,616
2,545,243
Ikena
Oncology,
Inc.
(a)
................
182,390
647,484
Intra-Cellular
Therapies,
Inc.
(a)
..........
652,324
30,352,636
KemPharm,
Inc.
(a)
..................
230,659
1,439,312
Landos
Biopharma,
Inc.
..............
255,675
166,189
Marinus
Pharmaceuticals,
Inc.
(a)
.........
246,439
1,638,819
Nektar
Therapeutics
(a)
................
1,389,126
4,445,203
NGM
Biopharmaceuticals,
Inc.
(a)
.........
235,463
3,079,856
NRX
Pharmaceuticals,
Inc.
(a)
...........
257,139
190,283
Nuvation
Bio,
Inc.,
Class
A
(a)
...........
1,005,654
2,252,665
Phathom
Pharmaceuticals,
Inc.
(a)
........
147,820
1,637,846
Pliant
Therapeutics,
Inc.
(a)
.............
296,100
6,185,529
Provention
Bio,
Inc.
(a)
................
557,700
2,509,650
Rain
Therapeutics,
Inc.
(a)
..............
96,171
469,314
Rani
Therapeutics
Holdings,
Inc.,
Class
A
(a)
.
126,073
1,207,779
Reata
Pharmaceuticals,
Inc.,
Class
A
(a)
....
217,043
5,454,291
Redhill
Biopharma
Ltd.,
NVS,
ADR
(a)
......
315,646
158,612
Relmada
Therapeutics,
Inc.
(a)
...........
200,769
7,432,468
Revance
Therapeutics,
Inc.
(a)
...........
515,503
13,918,581
Terns
Pharmaceuticals,
Inc.
(a)
...........
125,413
738,683
Theravance
Biopharma,
Inc.
(a)
..........
495,710
5,026,499
Tricida,
Inc.
(a)
......................
251,763
2,638,476
Verrica
Pharmaceuticals,
Inc.
(a)
..........
179,743
524,850
WaVe
Life
Sciences
Ltd.
(a)
.............
506,529
1,828,570
143,725,787
Total
Common
Stocks
—
99.8%
(Cost:
$11,079,182,988)
...........................
7,331,640,301
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Biotechnology
ETF
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Preferred
Securities
Preferred
Stocks
—
0.1%
Biotechnology
—
0.1%
Grifols
SA
........................
1,541,642
$
9,496,514
Total
Preferred
Securities
—
0.1%
(Cost:
$27,672,523)
..............................
9,496,514
Rights
Biotechnology
—
0.0%
Achillion
Pharmaceuticals,
Inc.,
CVR
(a)(b)(c)
..
4,112
1,892
Total
Rights
—
0.0%
(Cost:
$1,892)
.................................
1,892
Total
Long-Term
Investments
—
99.9%
(Cost:
$11,106,857,403)
...........................
7,341,138,707
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
11.7%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(f)
............
845,429,251
$
845,682,879
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
13,462,710
13,462,710
Total
Short-Term
Securities
—
11.7%
(Cost:
$858,655,159)
.............................
859,145,589
Total
Investments
—
111.6%
(Cost:
$11,965,512,562
)
...........................
8,200,284,296
Liabilities
in
Excess
of
Other
Assets
—
(11.6)%
...........
(853,787,960)
Net
Assets
—
100.0%
..............................
$
7,346,496,336
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
790,386,973
$
54,899,895
(a)
$
—
$
(6,146)
$
402,157
$
845,682,879
845,429,251
$
2,920,654
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
15,470,000
—
(2,007,290)
(a)
—
—
13,462,710
13,462,710
47,122
—
$
(6,146)
$
402,157
$
859,145,589
$
2,967,776
$
—
—
—
(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
Health
Care
Select
Sector
Index
...........................................
29
12/16/22
$
3,562
$
(190,943)
Russell
2000
E-Mini
Index
....................................................
20
12/16/22
1,670
(161,928)
$
(352,871)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Biotechnology
ETF
Schedules
of
Investments
15
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.
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)
......
$
—
$
—
$
352,871
$
—
$
—
$
—
$
352,871
(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,
2022,
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
.......................
$
—
$
—
$
(1,341,773)
$
—
$
—
$
—
$
(1,341,773)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(359,016)
$
—
$
—
$
—
$
(359,016)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
5,416,030
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
7,331,640,301
$
—
$
—
$
7,331,640,301
Preferred
Stocks
.........................................
9,496,514
—
—
9,496,514
Rights
................................................
—
—
1,892
1,892
Short-Term
Securities
Money
Market
Funds
......................................
859,145,589
—
—
859,145,589
$
8,200,282,404
$
—
$
1,892
$
8,200,284,296
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(352,871)
$
—
$
—
$
(352,871)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Expanded
Tech
Sector
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Communications
Equipment
—
3.2%
ADTRAN
Holdings,
Inc.
..............
21,714
$
425,160
Arista
Networks,
Inc.
(a)
...............
76,906
8,681,918
Calix,
Inc.
(a)(b)
......................
17,711
1,082,850
Ciena
Corp.
(a)(b)
....................
46,713
1,888,607
Cisco
Systems,
Inc.
.................
1,292,780
51,711,200
Clearfield,
Inc.
(a)
....................
3,665
383,506
CommScope
Holding
Co.,
Inc.
(a)(b)
........
64,963
598,309
Digi
International,
Inc.
(a)
...............
11,422
394,859
DZS,
Inc.
(a)
.......................
5,151
58,206
Extreme
Networks,
Inc.
(a)
..............
40,634
531,086
F5,
Inc.
(a)
........................
18,585
2,689,807
Harmonic,
Inc.
(a)
....................
33,732
440,877
Infinera
Corp.
(a)(b)
...................
57,356
277,603
Juniper
Networks,
Inc.
...............
100,665
2,629,370
Lumentum
Holdings,
Inc.
(a)
............
21,530
1,476,312
Motorola
Solutions,
Inc.
..............
52,074
11,663,014
NETGEAR,
Inc.
(a)
...................
7,859
157,494
NetScout
Systems,
Inc.
(a)
.............
21,190
663,671
Ubiquiti,
Inc.
......................
1,319
387,206
Viasat,
Inc.
(a)
......................
23,575
712,672
Viavi
Solutions,
Inc.
(a)
................
71,091
927,738
87,781,465
Consumer
Finance
—
0.0%
Bread
Financial
Holdings,
Inc.
..........
15,631
491,595
Electrical
Equipment
—
0.0%
SunPower
Corp.
(a)
..................
26,876
619,223
Electronic
Equipment,
Instruments
&
Components
—
3.1%
Advanced
Energy
Industries,
Inc.
........
11,865
918,470
Amphenol
Corp.,
Class
A
.............
185,701
12,434,539
Arrow
Electronics,
Inc.
(a)
..............
20,195
1,861,777
Avnet,
Inc.
.......................
29,391
1,061,603
Badger
Meter,
Inc.
..................
9,133
843,798
Belden,
Inc.
......................
13,686
821,434
Benchmark
Electronics,
Inc.
...........
10,987
272,258
CDW
Corp.
.......................
42,200
6,586,576
Celestica,
Inc.
(a)(b)
...................
32,670
274,755
Cognex
Corp.
.....................
54,106
2,242,694
Coherent
Corp.
(a)
...................
40,448
1,409,613
Corning,
Inc.
......................
237,391
6,889,087
ePlus,
Inc.
(a)
......................
8,206
340,877
Fabrinet
(a)
........................
11,608
1,107,983
Insight
Enterprises,
Inc.
(a)(b)
............
9,527
785,120
IPG
Photonics
Corp.
(a)
...............
10,455
881,879
Itron,
Inc.
(a)
.......................
14,158
596,193
Jabil,
Inc.
........................
43,046
2,484,185
Keysight
Technologies,
Inc.
(a)
...........
56,178
8,840,170
Knowles
Corp.
(a)
...................
27,850
338,934
Littelfuse,
Inc.
.....................
7,725
1,534,880
Methode
Electronics,
Inc.
.............
11,764
437,033
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
38,081
284,465
National
Instruments
Corp.
............
41,287
1,558,171
Novanta,
Inc.
(a)
....................
11,122
1,286,259
OSI
Systems,
Inc.
(a)
.................
4,947
356,481
PAR
Technology
Corp.
(a)(b)
.............
9,011
266,095
Plexus
Corp.
(a)
.....................
8,647
757,131
Rogers
Corp.
(a)
....................
5,844
1,413,547
Sanmina
Corp.
(a)
...................
18,290
842,803
TD
SYNNEX
Corp.
..................
13,160
1,068,460
TE
Connectivity
Ltd.
.................
99,801
11,014,038
Teledyne
Technologies,
Inc.
(a)
...........
14,624
4,935,161
Trimble,
Inc.
(a)
.....................
77,277
4,193,823
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
TTM
Technologies,
Inc.
(a)
..............
32,172
$
424,027
Vishay
Intertechnology,
Inc.
............
41,020
729,746
Vontier
Corp.
......................
50,107
837,288
Zebra
Technologies
Corp.,
Class
A
(a)
......
16,160
4,234,082
87,165,435
Entertainment
—
2.3%
Activision
Blizzard,
Inc.
...............
222,250
16,522,065
Electronic
Arts,
Inc.
.................
82,464
9,541,910
Netflix,
Inc.
(a)
......................
138,834
32,687,077
Playtika
Holding
Corp.
(a)
..............
32,090
301,325
Take-Two
Interactive
Software,
Inc.
(a)
......
48,892
5,329,228
64,381,605
Interactive
Media
&
Services
—
13.0%
Alphabet,
Inc.,
Class
A
(a)
..............
1,304,363
124,762,321
Alphabet,
Inc.,
Class
C,
NVS
(a)
..........
1,166,402
112,149,552
Bumble,
Inc.,
Class
A
(a)
...............
24,666
530,072
Cargurus,
Inc.,
Class
A
(a)(b)
.............
29,095
412,276
Eventbrite,
Inc.,
Class
A
(a)
.............
24,925
151,544
IAC,
Inc.
(a)(b)
......................
24,462
1,354,706
Match
Group,
Inc.
(a)
.................
88,301
4,216,373
Meta
Platforms,
Inc.,
Class
A
(a)
..........
712,010
96,605,517
Pinterest,
Inc.,
Class
A
(a)
..............
181,878
4,237,757
Shutterstock,
Inc.
...................
7,759
389,269
Snap,
Inc.,
Class
A,
NVS
(a)
............
322,044
3,162,472
TripAdvisor,
Inc.
(a)
..................
32,506
717,733
Twitter,
Inc.
(a)
......................
209,906
9,202,279
Vimeo,
Inc.
(a)
......................
49,026
196,104
Yelp,
Inc.
(a)
.......................
21,927
743,545
Ziff
Davis,
Inc.
(a)
....................
14,725
1,008,368
ZoomInfo
Technologies,
Inc.
(a)
..........
84,344
3,513,771
363,353,659
Internet
&
Direct
Marketing
Retail
—
9.0%
Amazon.com,
Inc.
(a)
.................
2,072,057
234,142,441
Chewy,
Inc.,
Class
A
(a)(b)
..............
28,339
870,574
ContextLogic,
Inc.,
Class
A
(a)(b)
..........
157,724
115,754
DoorDash,
Inc.,
Class
A
(a)
.............
81,537
4,032,005
eBay,
Inc.
........................
171,421
6,310,007
Etsy,
Inc.
(a)(b)
......................
39,506
3,955,736
Overstock.com,
Inc.
(a)(b)
...............
14,560
354,536
Qurate
Retail,
Inc.
..................
100,673
202,353
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
13,286
288,173
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
24,362
96,230
Wayfair,
Inc.,
Class
A
(a)(b)
..............
23,830
775,666
251,143,475
IT
Services
—
17.8%
Accenture
plc,
Class
A
...............
197,477
50,810,832
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
64,250
1,205,330
Akamai
Technologies,
Inc.
(a)(b)
...........
49,600
3,983,872
Automatic
Data
Processing,
Inc.
.........
129,722
29,341,819
BigCommerce
Holdings,
Inc.
(a)
..........
19,258
285,018
Block,
Inc.,
Class
A
(a)
................
165,317
9,090,782
Broadridge
Financial
Solutions,
Inc.
......
36,579
5,279,081
CGI,
Inc.
(a)(b)
......................
66,246
4,984,349
Cloudflare,
Inc.,
Class
A
(a)(b)
............
88,312
4,884,537
Cognizant
Technology
Solutions
Corp.,
Class
A
161,649
9,285,119
Concentrix
Corp.
...................
13,317
1,486,577
Conduent,
Inc.
(a)
...................
52,301
174,685
CSG
Systems
International,
Inc.
.........
10,010
529,329
Cyxtera
Technologies,
Inc.,
Class
A
(a)(b)
....
17,272
70,470
DXC
Technology
Co.
(a)
...............
71,730
1,755,950
EPAM
Systems,
Inc.
(a)
................
17,900
6,483,201
Euronet
Worldwide,
Inc.
(a)
.............
14,697
1,113,445
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Expanded
Tech
Sector
ETF
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
(continued)
EVERTEC,
Inc.
....................
20,586
$
645,371
ExlService
Holdings,
Inc.
(a)
............
10,348
1,524,881
Fastly,
Inc.,
Class
A
(a)
................
34,424
315,324
Fidelity
National
Information
Services,
Inc.
..
189,807
14,343,715
Fiserv,
Inc.
(a)
......................
199,674
18,683,496
FleetCor
Technologies,
Inc.
(a)
...........
23,441
4,129,601
Gartner,
Inc.
(a)(b)
....................
24,680
6,828,709
Genpact
Ltd.
......................
52,673
2,305,497
Global
Payments,
Inc.
...............
86,528
9,349,350
GoDaddy,
Inc.,
Class
A
(a)
..............
48,690
3,451,147
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
15,302
286,607
International
Business
Machines
Corp.
....
281,966
33,500,381
Jack
Henry
&
Associates,
Inc.
..........
22,735
4,143,908
Kyndryl
Holdings,
Inc.
(a)(b)
.............
63,682
526,650
Marqeta,
Inc.,
Class
A
(a)(b)
.............
125,161
891,146
Mastercard,
Inc.,
Class
A
..............
266,370
75,739,646
Maximus,
Inc.
.....................
18,961
1,097,273
MongoDB,
Inc.,
Class
A
(a)
.............
21,254
4,220,194
Nuvei
Corp.
(a)(b)(c)
...................
20,281
548,601
Okta,
Inc.,
Class
A
(a)
.................
47,056
2,676,075
Paychex,
Inc.
.....................
99,950
11,215,390
Payoneer
Global,
Inc.
(a)
...............
63,467
383,975
PayPal
Holdings,
Inc.
(a)
...............
361,044
31,075,057
Perficient,
Inc.
(a)
....................
10,971
713,334
Rackspace
Technology,
Inc.
(a)(b)
.........
15,593
63,619
Repay
Holdings
Corp.,
Class
A
(a)(b)
.......
22,209
156,796
Sabre
Corp.
(a)(b)
....................
103,648
533,787
Shift4
Payments,
Inc.,
Class
A
(a)
.........
15,923
710,325
Shopify,
Inc.,
Class
A
(a)(b)
..............
370,402
9,978,630
Snowflake,
Inc.,
Class
A
(a)(b)
............
88,385
15,021,915
SolarWinds
Corp.
(a)
.................
13,397
103,827
Squarespace,
Inc.,
Class
A
(a)(b)
..........
13,097
279,752
SS&C
Technologies
Holdings,
Inc.
.......
69,232
3,305,828
Switch,
Inc.,
Class
A
(b)
................
43,395
1,461,978
TELUS
International
CDA,
Inc.
(a)(b)
........
21,075
551,322
TTEC
Holdings,
Inc.
.................
6,107
270,601
Twilio,
Inc.,
Class
A
(a)
................
54,078
3,738,953
Unisys
Corp.
(a)
.....................
19,880
150,094
VeriSign,
Inc.
(a)
....................
29,124
5,058,839
Verra
Mobility
Corp.,
Class
A
(a)
..........
44,453
683,243
Visa,
Inc.,
Class
A
..................
510,440
90,679,666
Western
Union
Co.
(The)
.............
120,368
1,624,968
WEX,
Inc.
(a)
.......................
13,784
1,749,741
495,483,608
Semiconductors
&
Semiconductor
Equipment
—
17.8%
ACM
Research,
Inc.,
Class
A
(a)
..........
12,848
160,086
Advanced
Micro
Devices,
Inc.
(a)
.........
503,980
31,932,173
Allegro
MicroSystems,
Inc.
(a)(b)
..........
20,293
443,402
Ambarella,
Inc.
(a)
...................
11,209
629,722
Amkor
Technology,
Inc.
...............
32,335
551,312
Analog
Devices,
Inc.
.................
162,280
22,612,095
Applied
Materials,
Inc.
...............
271,591
22,251,451
Axcelis
Technologies,
Inc.
(a)
............
10,262
621,467
Broadcom,
Inc.
....................
126,069
55,975,897
Cirrus
Logic,
Inc.
(a)
..................
17,532
1,206,202
Cohu,
Inc.
(a)
......................
15,403
397,089
Diodes,
Inc.
(a)
.....................
14,226
923,410
Enphase
Energy,
Inc.
(a)
...............
42,289
11,733,929
Entegris,
Inc.
......................
46,482
3,858,936
First
Solar,
Inc.
(a)
...................
30,933
4,091,508
FormFactor,
Inc.
(a)
..................
24,369
610,443
Ichor
Holdings
Ltd.
(a)
.................
9,386
227,235
Impinj,
Inc.
(a)(b)
.....................
6,551
524,276
Intel
Corp.
.......................
1,281,865
33,033,661
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
KLA
Corp.
........................
44,270
$
13,397,430
Kulicke
&
Soffa
Industries,
Inc.
(b)
.........
18,537
714,231
Lam
Research
Corp.
................
42,763
15,651,258
Lattice
Semiconductor
Corp.
(a)
..........
42,848
2,108,550
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
15,944
825,740
Marvell
Technology,
Inc.
..............
265,197
11,379,603
MaxLinear,
Inc.
(a)(b)
..................
22,523
734,700
Microchip
Technology,
Inc.
.............
172,482
10,526,576
Micron
Technology,
Inc.
...............
344,394
17,254,139
MKS
Instruments,
Inc.
...............
17,843
1,474,545
Monolithic
Power
Systems,
Inc.
.........
13,869
5,039,995
NVIDIA
Corp.
(b)
....................
781,736
94,894,933
NXP
Semiconductors
NV
.............
81,939
12,086,822
ON
Semiconductor
Corp.
(a)(b)
...........
135,253
8,430,319
Onto
Innovation,
Inc.
(a)
...............
15,502
992,903
Power
Integrations,
Inc.
..............
17,996
1,157,503
Qorvo,
Inc.
(a)
......................
32,204
2,557,320
QUALCOMM,
Inc.
..................
350,593
39,609,997
Rambus,
Inc.
(a)
....................
34,654
880,905
Semtech
Corp.
(a)
...................
20,042
589,435
Silicon
Laboratories,
Inc.
(a)(b)
............
10,679
1,318,216
SiTime
Corp.
(a)
.....................
5,081
400,027
Skyworks
Solutions,
Inc.
..............
50,064
4,268,957
SolarEdge
Technologies,
Inc.
(a)
..........
17,360
4,018,145
Synaptics,
Inc.
(a)
...................
12,363
1,224,061
Teradyne,
Inc.
.....................
48,953
3,678,818
Texas
Instruments,
Inc.
...............
285,253
44,151,459
Ultra
Clean
Holdings,
Inc.
(a)
............
13,837
356,303
Universal
Display
Corp.
..............
13,558
1,279,197
Wolfspeed,
Inc.
(a)(b)
..................
38,578
3,987,422
496,773,803
Software
—
24.1%
8x8,
Inc.
(a)
........................
36,153
124,728
ACI
Worldwide,
Inc.
(a)
................
35,939
751,125
Adobe,
Inc.
(a)
......................
146,106
40,208,371
Alarm.com
Holdings,
Inc.
(a)
............
15,520
1,006,627
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
16,288
720,255
Alteryx,
Inc.,
Class
A
(a)(b)
..............
18,960
1,058,726
ANSYS,
Inc.
(a)
.....................
27,169
6,023,367
Appfolio,
Inc.,
Class
A
(a)(b)
.............
5,907
618,581
Appian
Corp.,
Class
A
(a)(b)
.............
13,062
533,321
Asana,
Inc.,
Class
A
(a)
................
23,538
523,250
Aspen
Technology,
Inc.
(a)(b)
.............
9,029
2,150,708
Autodesk,
Inc.
(a)
....................
67,796
12,664,293
Avalara,
Inc.
(a)
.....................
27,542
2,528,356
Bentley
Systems,
Inc.,
Class
B
..........
61,317
1,875,687
Bill.com
Holdings,
Inc.
(a)(b)
.............
29,282
3,876,058
Black
Knight,
Inc.
(a)
..................
48,685
3,151,380
Blackbaud,
Inc.
(a)
...................
14,279
629,133
BlackBerry
Ltd.
(a)(b)
..................
163,281
767,421
Blackline,
Inc.
(a)(b)
...................
16,932
1,014,227
Box,
Inc.,
Class
A
(a)(b)
................
44,950
1,096,331
BTRS
Holdings,
Inc.,
Class
A
(a)
..........
27,840
257,798
C3.ai,
Inc.,
Class
A
(a)(b)
...............
25,643
320,537
Cadence
Design
Systems,
Inc.
(a)
........
85,457
13,966,238
Cerence,
Inc.
(a)
....................
12,218
192,434
Ceridian
HCM
Holding,
Inc.
(a)
...........
47,759
2,668,773
Citrix
Systems,
Inc.
.................
38,917
4,043,476
CommVault
Systems,
Inc.
(a)
............
14,039
744,629
Confluent,
Inc.,
Class
A
(a)(b)
............
44,053
1,047,140
Consensus
Cloud
Solutions,
Inc.
(a)
.......
5,506
260,434
Coupa
Software,
Inc.
(a)
...............
23,574
1,386,151
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
66,628
10,980,961
CS
Disco,
Inc.
(a)(b)
...................
6,132
61,320
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Expanded
Tech
Sector
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Datadog,
Inc.,
Class
A
(a)
..............
77,133
$
6,847,868
Descartes
Systems
Group,
Inc.
(The)
(a)(b)
...
26,455
1,680,686
Digital
Turbine,
Inc.
(a)
................
28,688
413,394
Docebo,
Inc.
(a)(b)
....................
3,923
105,960
DocuSign,
Inc.
(a)
...................
62,389
3,335,940
Dolby
Laboratories,
Inc.,
Class
A
........
19,076
1,242,801
Domo,
Inc.,
Class
B
(a)
................
9,253
166,461
Dropbox,
Inc.,
Class
A
(a)
..............
85,898
1,779,807
Duck
Creek
Technologies,
Inc.
(a)(b)
........
23,909
283,322
Dynatrace,
Inc.
(a)
...................
62,762
2,184,745
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
55,324
335,817
Elastic
NV
(a)(b)
.....................
23,975
1,719,967
Envestnet,
Inc.
(a)(b)
..................
13,228
587,323
Everbridge,
Inc.
(a)
...................
12,177
376,026
Fair
Isaac
Corp.
(a)
...................
7,880
3,246,639
Five9,
Inc.
(a)
......................
21,875
1,640,187
Fortinet,
Inc.
(a)
.....................
204,322
10,038,340
Guidewire
Software,
Inc.
(a)(b)
............
26,154
1,610,563
HubSpot,
Inc.
(a)(b)
...................
14,984
4,047,478
InterDigital,
Inc.
....................
9,510
384,394
Intuit,
Inc.
........................
88,062
34,108,174
Jamf
Holding
Corp.
(a)(b)
...............
13,934
308,777
Lightspeed
Commerce,
Inc.
(a)(b)
..........
42,437
746,042
LivePerson,
Inc.
(a)(b)
.................
20,803
195,964
LiveRamp
Holdings,
Inc.
(a)
.............
20,809
377,891
Manhattan
Associates,
Inc.
(a)
...........
19,570
2,603,397
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
34,627
370,855
Matterport,
Inc.,
Class
A
(a)(b)
............
66,710
252,831
Microsoft
Corp.
....................
1,040,517
242,336,409
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
2,984
633,384
Momentive
Global,
Inc.
(a)
..............
40,357
234,474
N-able,
Inc.
(a)(b)
....................
20,061
185,163
nCino,
Inc.
(a)(b)
.....................
23,727
809,328
NCR
Corp.
(a)
......................
42,718
812,069
New
Relic,
Inc.
(a)
...................
17,678
1,014,364
NortonLifeLock,
Inc.
.................
184,749
3,720,845
Nutanix,
Inc.,
Class
A
(a)
...............
69,988
1,457,850
Open
Text
Corp.
(b)
..................
84,101
2,223,630
Oracle
Corp.
......................
474,224
28,960,860
PagerDuty,
Inc.
(a)(b)
..................
24,942
575,412
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
545,371
4,433,866
Palo
Alto
Networks,
Inc.
(a)(b)
............
93,316
15,284,228
Paycom
Software,
Inc.
(a)
..............
15,167
5,004,958
Paylocity
Holding
Corp.
(a)
.............
12,764
3,083,527
Pegasystems,
Inc.
..................
12,474
400,914
Ping
Identity
Holding
Corp.
(a)(b)
..........
23,594
662,284
Progress
Software
Corp.
..............
13,495
574,212
PROS
Holdings,
Inc.
(a)(b)
..............
12,901
318,655
PTC,
Inc.
(a)
.......................
32,988
3,450,545
Q2
Holdings,
Inc.
(a)
..................
18,145
584,269
Qualtrics
International,
Inc.,
Class
A
(a)
.....
34,144
347,586
Qualys,
Inc.
(a)
.....................
10,893
1,518,375
Rapid7,
Inc.
(a)
.....................
18,316
785,756
RingCentral,
Inc.,
Class
A
(a)
............
23,972
957,921
Riot
Blockchain,
Inc.
(a)(b)
..............
42,233
296,053
Roper
Technologies,
Inc.
..............
33,078
11,896,172
Salesforce,
Inc.
(a)
...................
310,632
44,681,307
SentinelOne,
Inc.,
Class
A
(a)(b)
..........
62,317
1,592,823
ServiceNow,
Inc.
(a)
..................
63,063
23,813,219
Smartsheet,
Inc.,
Class
A
(a)
............
40,393
1,387,903
Splunk,
Inc.
(a)(b)
....................
46,189
3,473,413
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
14,629
887,688
SPS
Commerce,
Inc.
(a)
...............
11,255
1,398,209
Sumo
Logic,
Inc.
(a)
..................
33,692
252,690
Synopsys,
Inc.
(a)
...................
47,756
14,589,936
Security
Shares
Shares
Value
Software
(continued)
Tenable
Holdings,
Inc.
(a)
..............
34,837
$
1,212,328
Teradata
Corp.
(a)
...................
32,489
1,009,108
Trade
Desk,
Inc.
(The),
Class
A
(a)
........
138,549
8,278,303
Tyler
Technologies,
Inc.
(a)
.............
12,975
4,508,813
UiPath,
Inc.,
Class
A
(a)
...............
108,185
1,364,213
Unity
Software,
Inc.
(a)(b)
...............
55,823
1,778,521
Varonis
Systems,
Inc.
(a)(b)
..............
34,289
909,344
Verint
Systems,
Inc.
(a)
................
20,294
681,473
VMware,
Inc.,
Class
A
................
64,438
6,860,069
Workday,
Inc.,
Class
A
(a)
..............
62,095
9,452,101
Workiva,
Inc.,
Class
A
(a)(b)
.............
14,401
1,120,398
Xperi
Holding
Corp.
.................
32,815
464,004
Zendesk,
Inc.
(a)
....................
38,525
2,931,752
Zoom
Video
Communications,
Inc.,
Class
A
(a)
69,115
5,086,173
Zscaler,
Inc.
(a)
.....................
26,117
4,292,851
Zuora,
Inc.,
Class
A
(a)
................
39,933
294,706
673,127,939
Technology
Hardware,
Storage
&
Peripherals
—
9.7%
3D
Systems
Corp.
(a)
.................
42,458
338,815
Apple,
Inc.
.......................
1,741,516
240,677,511
Avid
Technology,
Inc.
(a)(b)
..............
10,577
246,021
Corsair
Gaming,
Inc.
(a)
...............
11,956
135,701
Dell
Technologies,
Inc.,
Class
C
.........
83,392
2,849,505
Hewlett
Packard
Enterprise
Co.
.........
405,435
4,857,111
HP,
Inc.
.........................
283,964
7,076,383
NetApp,
Inc.
......................
68,565
4,240,745
Pure
Storage,
Inc.,
Class
A
(a)(b)
..........
86,827
2,376,455
Seagate
Technology
Holdings
plc
........
60,940
3,243,836
Super
Micro
Computer,
Inc.
(a)
...........
14,091
775,991
Western
Digital
Corp.
(a)
...............
97,719
3,180,753
Xerox
Holdings
Corp.
................
35,846
468,866
270,467,693
Total
Long-Term
Investments
—
100.0%
(Cost:
$2,942,723,278)
...........................
2,790,789,500
Short-Term
Securities
Money
Market
Funds
—
3.4%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(f)
............
90,674,803
90,702,005
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
3,552,752
3,552,752
Total
Short-Term
Securities
—
3.4%
(Cost:
$94,228,962)
..............................
94,254,757
Total
Investments
—
103.4%
(Cost:
$3,036,952,240
)
...........................
2,885,044,257
Liabilities
in
Excess
of
Other
Assets
—
(3.4)%
............
(95,856,170)
Net
Assets
—
100.0%
..............................
$
2,789,188,087
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Expanded
Tech
Sector
ETF
Schedules
of
Investments
19
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
66,304,568
$
24,359,446
(a)
$
—
$
35,173
$
2,818
$
90,702,005
90,674,803
$
125,464
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,479,000
2,073,752
(a)
—
—
—
3,552,752
3,552,752
32,884
—
$
35,173
$
2,818
$
94,254,757
$
158,348
$
—
—
—
(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
...........................................
12
12/16/22
$
1,444
$
(171,164)
S&P
E-Mini
Communication
Services
Index
........................................
11
12/16/22
693
(79,478)
$
(250,642)
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)
......
$
—
$
—
$
250,642
$
—
$
—
$
—
$
250,642
(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,
2022,
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
.......................
$
—
$
—
$
(356,233)
$
—
$
—
$
—
$
(356,233)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(298,494)
$
—
$
—
$
—
$
(298,494)
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Expanded
Tech
Sector
ETF
20
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,685,974
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Communications
Equipment
................................
$
87,781,465
$
—
$
—
$
87,781,465
Consumer
Finance
......................................
491,595
—
—
491,595
Electrical
Equipment
.....................................
619,223
—
—
619,223
Electronic
Equipment,
Instruments
&
Components
.................
87,165,435
—
—
87,165,435
Entertainment
.........................................
64,381,605
—
—
64,381,605
Interactive
Media
&
Services
...............................
363,353,659
—
—
363,353,659
Internet
&
Direct
Marketing
Retail
............................
251,143,475
—
—
251,143,475
IT
Services
...........................................
495,483,608
—
—
495,483,608
Semiconductors
&
Semiconductor
Equipment
....................
496,773,803
—
—
496,773,803
Software
.............................................
669,084,463
4,043,476
—
673,127,939
Technology
Hardware,
Storage
&
Peripherals
....................
270,467,693
—
—
270,467,693
Short-Term
Securities
Money
Market
Funds
......................................
94,254,757
—
—
94,254,757
$
2,881,000,781
$
4,043,476
$
—
$
2,885,044,257
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(250,642)
$
—
$
—
$
(250,642)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Expanded
Tech-Software
Sector
ETF
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Entertainment
—
6.3%
Activision
Blizzard,
Inc.
...............
2,052,360
$
152,572,443
Electronic
Arts,
Inc.
.................
761,506
88,113,859
Take-Two
Interactive
Software,
Inc.
(a)(b)
....
451,727
49,238,243
289,924,545
Interactive
Media
&
Services
—
0.6%
Snap,
Inc.,
Class
A,
NVS
(b)
............
2,975,398
29,218,408
Software
—
93.8%
8x8,
Inc.
(b)
........................
358,286
1,236,087
ACI
Worldwide,
Inc.
(a)(b)
...............
334,673
6,994,666
Adobe,
Inc.
(a)(b)
.....................
1,168,506
321,572,851
Alarm.com
Holdings,
Inc.
(a)(b)
...........
143,635
9,316,166
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
151,912
6,717,549
Alteryx
,
Inc.,
Class
A
(a)(b)
..............
175,946
9,824,825
ANSYS,
Inc.
(b)
.....................
251,013
55,649,582
Appfolio
,
Inc.,
Class
A
(b)
..............
53,652
5,618,437
Appian
Corp.,
Class
A
(a)(b)
.............
119,249
4,868,937
Asana,
Inc.,
Class
A
(a)(b)
...............
218,279
4,852,342
Aspen
Technology,
Inc.
(a)(b)
.............
83,491
19,887,556
Autodesk,
Inc.
(a)(b)
...................
626,381
117,007,971
Avalara,
Inc.
(b)
.....................
254,632
23,375,218
Bentley
Systems,
Inc.,
Class
B
(a)
.........
567,018
17,345,081
Bill.com
Holdings,
Inc.
(a)(b)
.............
270,545
35,812,042
Black
Knight,
Inc.
(b)
..................
450,043
29,131,283
Blackbaud
,
Inc.
(b)
...................
128,764
5,673,342
BlackBerry
Ltd.
(a)(b)
..................
1,497,704
7,039,209
Blackline,
Inc.
(a)(b)
...................
156,739
9,388,666
Box,
Inc.,
Class
A
(a)(b)
................
416,301
10,153,581
BTRS
Holdings,
Inc.,
Class
A
(b)
..........
251,526
2,329,131
C3.ai,
Inc.,
Class
A
(a)(b)
...............
237,849
2,973,113
Cadence
Design
Systems,
Inc.
(a)(b)
.......
789,550
129,036,157
Cerence
,
Inc.
(a)(b)
...................
114,688
1,806,336
Ceridian
HCM
Holding,
Inc.
(b)
...........
441,525
24,672,417
Citrix
Systems,
Inc.
.................
335,077
34,814,500
CommVault
Systems,
Inc.
(b)
............
129,934
6,891,699
Confluent,
Inc.,
Class
A
(a)(b)
............
407,681
9,690,577
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
51,175
2,420,577
Coupa
Software,
Inc.
(a)(b)
..............
218,536
12,849,917
Crowdstrike
Holdings,
Inc.,
Class
A
(a)(b)
....
615,269
101,402,484
CS
Disco,
Inc.
(a)(b)
...................
50,406
504,060
Datadog
,
Inc.,
Class
A
(a)(b)
.............
712,639
63,268,090
Descartes
Systems
Group,
Inc.
(The)
(a)(b)
...
244,419
15,527,939
Digital
Turbine,
Inc.
(a)(b)
...............
260,289
3,750,764
Docebo
,
Inc.
(a)(b)
....................
39,984
1,079,968
DocuSign,
Inc.
(b)
...................
576,703
30,836,309
Dolby
Laboratories,
Inc.,
Class
A
........
177,795
11,583,344
Domo,
Inc.,
Class
B
(b)
................
89,395
1,608,216
Dropbox,
Inc.,
Class
A
(b)
..............
794,334
16,458,600
Duck
Creek
Technologies,
Inc.
(a)(b)
........
218,540
2,589,699
Dynatrace
,
Inc.
(b)
...................
580,305
20,200,417
E2open
Parent
Holdings,
Inc.,
Class
A
(b)
...
499,181
3,030,029
Elastic
NV
(b)
......................
221,725
15,906,552
Envestnet
,
Inc.
(a)(b)
..................
109,005
4,839,822
Everbridge
,
Inc.
(b)
...................
115,392
3,563,305
Fair
Isaac
Corp.
(a)(b)
.................
72,838
30,009,984
Five9,
Inc.
(b)
......................
202,811
15,206,769
Fortinet,
Inc.
(a)(b)
....................
1,886,802
92,698,582
Guidewire
Software,
Inc.
(a)(b)
............
241,883
14,895,155
HubSpot
,
Inc.
(b)
....................
138,435
37,394,062
InterDigital
,
Inc.
....................
85,906
3,472,321
Intuit,
Inc.
........................
813,209
314,972,110
Jamf
Holding
Corp.
(a)(b)
...............
129,639
2,872,800
Lightspeed
Commerce,
Inc.
(a)(b)
..........
387,950
6,820,161
Security
Shares
Shares
Value
Software
(continued)
LivePerson
,
Inc.
(a)(b)
.................
201,769
$
1,900,664
LiveRamp
Holdings,
Inc.
(b)
.............
199,740
3,627,278
Manhattan
Associates,
Inc.
(b)
...........
180,931
24,069,251
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
321,329
3,441,434
Matterport
,
Inc.,
Class
A
(a)(b)
............
641,585
2,431,607
Microsoft
Corp.
(a)
...................
1,734,000
403,848,600
MicroStrategy
,
Inc.,
Class
A
(a)(b)
..........
27,051
5,741,845
Momentive
Global,
Inc.
(b)
..............
377,541
2,193,513
N-able,
Inc.
(a)(b)
....................
199,742
1,843,619
nCino
,
Inc.
(a)(b)
.....................
219,655
7,492,432
NCR
Corp.
(b)
......................
397,147
7,549,764
New
Relic,
Inc.
(b)
...................
165,234
9,481,127
NortonLifeLock
,
Inc.
.................
1,707,682
34,392,715
Nutanix
,
Inc.,
Class
A
(b)
...............
647,359
13,484,488
Open
Text
Corp.
(a)
..................
777,011
20,544,171
Oracle
Corp.
......................
4,379,203
267,437,927
PagerDuty
,
Inc.
(a)(b)
..................
231,105
5,331,592
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
5,038,748
40,965,021
Palo
Alto
Networks,
Inc.
(b)
.............
861,727
141,142,265
Paycom
Software,
Inc.
(a)(b)
.............
140,128
46,240,839
Paylocity
Holding
Corp.
(a)(b)
............
117,991
28,504,266
Pegasystems
,
Inc.
..................
118,580
3,811,161
Ping
Identity
Holding
Corp.
(b)
...........
218,539
6,134,390
Progress
Software
Corp.
(a)
.............
127,583
5,428,657
PROS
Holdings,
Inc.
(a)(b)
..............
118,821
2,934,879
PTC,
Inc.
(b)
.......................
304,926
31,895,260
Q2
Holdings,
Inc.
(b)
..................
166,103
5,348,517
Qualtrics
International,
Inc.,
Class
A
(b)
.....
310,455
3,160,432
Qualys
,
Inc.
(b)
.....................
100,755
14,044,239
Rapid7,
Inc.
(b)
.....................
169,851
7,286,608
RingCentral,
Inc.,
Class
A
(a)(b)
...........
221,868
8,865,845
Riot
Blockchain
,
Inc.
(a)(b)
..............
391,173
2,742,123
Roper
Technologies,
Inc.
..............
305,621
109,913,536
Salesforce,
Inc.
(a)(b)
..................
2,857,067
410,960,516
SentinelOne
,
Inc.,
Class
A
(a)(b)
..........
576,353
14,731,583
ServiceNow
,
Inc.
(b)
..................
582,354
219,902,694
Smartsheet
,
Inc.,
Class
A
(a)(b)
...........
374,934
12,882,732
Splunk
,
Inc.
(b)
.....................
426,952
32,106,790
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
135,538
8,224,446
SPS
Commerce,
Inc.
(b)
...............
103,951
12,913,833
Sumo
Logic,
Inc.
(b)
..................
305,496
2,291,220
Synopsys,
Inc.
(b)
...................
441,003
134,730,827
Tenable
Holdings,
Inc.
(b)
..............
322,307
11,216,284
Teradata
Corp.
(b)
...................
296,857
9,220,378
Trade
Desk,
Inc.
(The),
Class
A
(b)
........
1,280,085
76,485,079
Tyler
Technologies,
Inc.
(a)(b)
............
119,875
41,656,563
UiPath
,
Inc.,
Class
A
(a)(b)
..............
1,000,769
12,619,697
Unity
Software,
Inc.
(a)(b)
...............
516,237
16,447,311
Varonis
Systems,
Inc.
(a)(b)
..............
318,706
8,452,083
Verint
Systems,
Inc.
(a)(b)
...............
187,493
6,296,015
VMware,
Inc.,
Class
A
................
595,348
63,380,748
Workday,
Inc.,
Class
A
(a)(b)
.............
573,705
87,329,375
Workiva
,
Inc.,
Class
A
(a)(b)
.............
131,516
10,231,945
Xperi
Holding
Corp.
.................
304,014
4,298,758
Zendesk
,
Inc.
(a)(b)
...................
356,146
27,102,711
Zoom
Video
Communications,
Inc.,
Class
A
(a)(b)
638,563
46,991,851
Zscaler
,
Inc.
(a)(b)
....................
241,298
39,662,152
Zuora
,
Inc.,
Class
A
(b)
................
352,337
2,600,247
4,329,407,260
Total
Long-Term
Investments
—
100.7%
(Cost:
$7,329,396,513)
...........................
4,648,550,213
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Expanded
Tech-Software
Sector
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
5.0%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(e)
............
225,848,139
$
225,915,893
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
5,872,669
5,872,669
Total
Short-Term
Securities
—
5.0%
(Cost:
$231,663,904)
.............................
231,788,562
Total
Investments
—
105.7%
(Cost:
$7,561,060,417
)
...........................
4,880,338,775
Liabilities
in
Excess
of
Other
Assets
—
(5.7)%
............
(262,275,233)
Net
Assets
—
100.0%
..............................
$
4,618,063,542
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
224,839,162
$
959,255
(a)
$
—
$
32,743
$
84,733
$
225,915,893
225,848,139
$
434,621
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
3,730,000
2,142,669
(a)
—
—
—
5,872,669
5,872,669
32,292
—
$
32,743
$
84,733
$
231,788,562
$
466,913
$
—
—
—
(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
...........................................
18
12/16/22
$
2,166
$
(180,550)
Russell
2000
E-Mini
Index
....................................................
12
12/16/22
1,002
(56,726)
$
(237,276)
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)
......
$
—
$
—
$
237,276
$
—
$
—
$
—
$
237,276
(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).
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Expanded
Tech-Software
Sector
ETF
Schedules
of
Investments
23
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
For
the
period
ended
September
30,
2022,
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
.......................
$
—
$
—
$
(763,797)
$
—
$
—
$
—
$
(763,797)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(362,526)
$
—
$
—
$
—
$
(362,526)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,567,810
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Entertainment
.........................................
$
289,924,545
$
—
$
—
$
289,924,545
Interactive
Media
&
Services
...............................
29,218,408
—
—
29,218,408
Software
.............................................
4,294,592,760
34,814,500
—
4,329,407,260
Short-Term
Securities
Money
Market
Funds
......................................
231,788,562
—
—
231,788,562
$
4,845,524,275
$
34,814,500
$
—
$
4,880,338,775
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(237,276)
$
—
$
—
$
(237,276)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
North
American
Natural
Resources
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Construction
Materials
—
2.4%
Eagle
Materials,
Inc.
.................
14,168
$
1,518,526
Martin
Marietta
Materials,
Inc.
..........
23,455
7,554,621
Summit
Materials,
Inc.,
Class
A
(a)
........
44,478
1,065,693
Vulcan
Materials
Co.
................
49,972
7,881,084
18,019,924
Containers
&
Packaging
—
6.0%
Amcor
plc
........................
564,965
6,062,074
AptarGroup,
Inc.
...................
24,564
2,334,317
Avery
Dennison
Corp.
................
30,558
4,971,787
Ball
Corp.
........................
118,182
5,710,554
Berry
Global
Group,
Inc.
(a)(b)
............
47,038
2,188,678
Crown
Holdings,
Inc.
................
45,539
3,690,025
Graphic
Packaging
Holding
Co.
.........
115,727
2,284,451
Greif,
Inc.,
Class
A,
NVS
..............
10,060
599,274
International
Paper
Co.
...............
136,121
4,315,036
O-I
Glass,
Inc.
(a)
....................
58,457
757,018
Packaging
Corp.
of
America
...........
35,247
3,957,886
Pactiv
Evergreen,
Inc.
...............
14,849
129,632
Sealed
Air
Corp.
...................
54,595
2,430,024
Silgan
Holdings,
Inc.
.................
31,485
1,323,629
Sonoco
Products
Co.
................
36,666
2,080,062
WestRock
Co.
.....................
95,606
2,953,269
45,787,716
Energy
Equipment
&
Services
—
6.1%
Baker
Hughes
Co.,
Class
A
............
380,426
7,973,729
Cactus,
Inc.,
Class
A
(b)
...............
22,860
878,510
ChampionX
Corp.
..................
76,304
1,493,269
Halliburton
Co.
....................
341,017
8,395,839
Helmerich
&
Payne,
Inc.
..............
39,582
1,463,347
Liberty
Energy,
Inc.,
Class
A
(a)
..........
59,702
757,021
NexTier
Oilfield
Solutions,
Inc.
(a)
.........
59,643
441,358
NOV,
Inc.
(b)
.......................
147,668
2,389,268
Patterson-UTI
Energy,
Inc.
............
81,522
952,177
Schlumberger
NV
..................
531,819
19,092,302
TechnipFMC
plc
(a)(b)
.................
170,014
1,438,319
Transocean
Ltd.
(a)(b)
.................
243,503
601,452
Valaris
Ltd.
(a)
......................
22,619
1,106,974
46,983,565
Metals
&
Mining
—
10.9%
Agnico
Eagle
Mines
Ltd.
(b)
.............
171,544
7,244,303
Alamos
Gold,
Inc.,
Class
A
(b)
...........
147,205
1,090,789
Alcoa
Corp.
.......................
67,641
2,276,796
Arconic
Corp.
(a)(b)
...................
38,588
657,540
B2Gold
Corp.
(b)
....................
399,527
1,286,477
Barrick
Gold
Corp.
(b)
.................
665,696
10,318,288
Compass
Minerals
International,
Inc.
......
12,918
497,731
Equinox
Gold
Corp.
(a)(b)
...............
105,671
385,699
First
Majestic
Silver
Corp.
(b)
............
88,775
676,465
Franco-Nevada
Corp.
(b)
...............
72,026
8,605,666
Freeport-McMoRan,
Inc.
..............
537,689
14,695,040
Hecla
Mining
Co.
(b)
..................
210,700
830,158
Kinross
Gold
Corp.
(b)
................
488,747
1,837,689
Lithium
Americas
Corp.
(a)(b)
............
39,970
1,048,413
MP
Materials
Corp.,
Class
A
(a)(b)
.........
34,700
947,310
Newmont
Corp.
....................
298,429
12,542,971
Novagold
Resources,
Inc.
(a)
............
92,256
432,681
Pan
American
Silver
Corp.
(b)
...........
79,117
1,256,378
Royal
Gold,
Inc.
....................
24,676
2,315,102
SSR
Mining,
Inc.
(b)
..................
79,642
1,171,534
Teck
Resources
Ltd.,
Class
B
(b)
.........
174,560
5,308,370
Turquoise
Hill
Resources
Ltd.
(a)(b)
........
37,035
1,095,125
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Wheaton
Precious
Metals
Corp.
(b)
........
169,839
$
5,495,990
Yamana
Gold,
Inc.
(b)
.................
361,297
1,636,675
83,653,190
Oil,
Gas
&
Consumable
Fuels
—
73.9%
Antero
Midstream
Corp.
..............
125,920
1,155,946
Antero
Resources
Corp.
(a)
.............
105,873
3,232,303
APA
Corp.
.......................
122,777
4,197,746
California
Resources
Corp.
............
28,347
1,089,375
Callon
Petroleum
Co.
(a)
...............
19,232
673,312
Cameco
Corp.
(b)
....................
149,803
3,971,278
Canadian
Natural
Resources
Ltd.
(b)
.......
422,489
19,675,313
Cenovus
Energy,
Inc.
(b)
...............
522,794
8,035,344
Cheniere
Energy,
Inc.
................
93,920
15,582,267
Chesapeake
Energy
Corp.
............
36,353
3,424,816
Chevron
Corp.
.....................
533,945
76,711,878
Chord
Energy
Corp.
.................
15,592
2,132,518
Civitas
Resources,
Inc.
...............
19,506
1,119,449
CNX
Resources
Corp.
(a)
..............
71,218
1,106,016
Comstock
Resources,
Inc.
(a)(b)
..........
34,347
593,860
ConocoPhillips
....................
345,928
35,402,271
Continental
Resources,
Inc.
............
20,460
1,366,933
Coterra
Energy,
Inc.
.................
299,149
7,813,772
Crescent
Point
Energy
Corp.
(b)
..........
211,859
1,305,051
CVR
Energy,
Inc.
...................
11,034
319,765
Denbury,
Inc.
(a)
....................
18,701
1,613,148
Devon
Energy
Corp.
.................
246,209
14,804,547
Diamondback
Energy,
Inc.
.............
66,836
8,051,065
DT
Midstream,
Inc.
..................
36,355
1,886,461
Enbridge,
Inc.
.....................
761,333
28,245,454
Enerplus
Corp.
(b)
...................
87,369
1,238,019
Enviva
,
Inc.
.......................
11,539
693,032
EOG
Resources,
Inc.
................
220,357
24,620,488
EQT
Corp.
.......................
139,106
5,668,569
Equitrans
Midstream
Corp.
............
162,697
1,216,974
Exxon
Mobil
Corp.
..................
877,345
76,600,992
Hess
Corp.
.......................
104,776
11,419,536
HF
Sinclair
Corp.
...................
54,627
2,941,118
Kinder
Morgan,
Inc.
.................
745,486
12,404,887
Kosmos
Energy
Ltd.
(a)
................
170,871
883,403
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
63,183
1,251,655
Marathon
Oil
Corp.
..................
254,776
5,752,842
Marathon
Petroleum
Corp.
............
187,486
18,622,984
Matador
Resources
Co.
..............
42,183
2,063,592
Murphy
Oil
Corp.
...................
54,935
1,932,064
New
Fortress
Energy,
Inc.,
Class
A
(b)
......
17,944
784,332
Northern
Oil
and
Gas,
Inc.
.............
25,796
707,068
Occidental
Petroleum
Corp.
............
280,198
17,218,167
ONEOK,
Inc.
......................
168,023
8,609,498
Ovintiv
,
Inc.
.......................
95,617
4,398,382
PBF
Energy,
Inc.,
Class
A
(a)(b)
...........
40,327
1,417,897
PDC
Energy,
Inc.
...................
36,215
2,092,865
Peabody
Energy
Corp.
(a)
..............
43,808
1,087,315
Pembina
Pipeline
Corp.
(b)
.............
208,764
6,340,163
Phillips
66
........................
180,878
14,600,472
Pioneer
Natural
Resources
Co.
.........
89,740
19,431,402
Range
Resources
Corp.
(b)
.............
93,169
2,353,449
SM
Energy
Co.
....................
46,083
1,733,182
Southwestern
Energy
Co.
(a)
............
418,930
2,563,852
Suncor
Energy,
Inc.
(b)
................
518,934
14,607,992
Targa
Resources
Corp.
...............
85,187
5,140,184
TC
Energy
Corp.
...................
380,493
15,330,063
Texas
Pacific
Land
Corp.
..............
2,326
4,133,837
Valero
Energy
Corp.
.................
148,135
15,828,225
Vermilion
Energy,
Inc.
................
62,116
1,330,525
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
North
American
Natural
Resources
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Williams
Cos.,
Inc.
(The)
..............
458,175
$
13,117,550
World
Fuel
Services
Corp.
.............
23,271
545,472
564,191,935
Paper
&
Forest
Products
—
0.4%
Louisiana-Pacific
Corp.
...............
27,773
1,421,700
West
Fraser
Timber
Co.
Ltd.
...........
23,119
1,675,896
3,097,596
Total
Long-Term
Investments
—
99.7%
(Cost:
$870,697,602)
.............................
761,733,926
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
6.3%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(e)
............
46,637,266
$
46,651,257
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
1,553,145
1,553,145
Total
Short-Term
Securities
—
6.3%
(Cost:
$48,190,008)
..............................
48,204,402
Total
Investments
—
106.0%
(Cost:
$918,887,610
)
.............................
809,938,328
Liabilities
in
Excess
of
Other
Assets
—
(6.0)%
............
(46,134,006)
Net
Assets
—
100.0%
..............................
$
763,804,322
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
7,685,209
$
38,948,929
(a)
$
—
$
3,949
$
13,170
$
46,651,257
46,637,266
$
48,201
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,640,000
—
(86,855)
(a)
—
—
1,553,145
1,553,145
8,986
—
$
3,949
$
13,170
$
48,204,402
$
57,187
$
—
—
—
(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
..............................................
20
12/16/22
$
1,507
$
(138,066)
E-Mini
Materials
Select
Sector
Index
.............................................
3
12/16/22
217
(18,496)
$
(156,562)
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
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.
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)
......
$
—
$
—
$
156,562
$
—
$
—
$
—
$
156,562
(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,
2022,
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
.......................
$
—
$
—
$
(72,347)
$
—
$
—
$
—
$
(72,347)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(173,733)
$
—
$
—
$
—
$
(173,733)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,802,070
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
761,733,926
$
—
$
—
$
761,733,926
Short-Term
Securities
Money
Market
Funds
......................................
48,204,402
—
—
48,204,402
$
809,938,328
$
—
$
—
$
809,938,328
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(156,562)
$
—
$
—
$
(156,562)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
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.
..............
204,135
$
3,996,963
Arista
Networks,
Inc.
(a)
...............
74,424
8,401,725
Calix,
Inc.
(a)
.......................
85,143
5,205,643
Ciena
Corp.
(a)(b)
....................
111,480
4,507,136
Cisco
Systems,
Inc.
.................
201,389
8,055,560
Clearfield,
Inc.
(a)(b)
...................
33,135
3,467,246
CommScope
Holding
Co.,
Inc.
(a)(b)
........
384,559
3,541,788
Digi
International,
Inc.
(a)(b)
.............
101,657
3,514,283
DZS,
Inc.
(a)
.......................
46,205
522,117
Extreme
Networks,
Inc.
(a)
..............
343,099
4,484,304
F5,
Inc.
(a)
........................
57,912
8,381,604
Harmonic,
Inc.
(a)
....................
304,413
3,978,678
Infinera
Corp.
(a)(b)
...................
546,922
2,647,103
Juniper
Networks,
Inc.
...............
318,475
8,318,567
Lumentum
Holdings,
Inc.
(a)
............
60,019
4,115,503
Motorola
Solutions,
Inc.
..............
36,495
8,173,785
NETGEAR,
Inc.
(a)
...................
83,215
1,667,629
NetScout
Systems,
Inc.
(a)
.............
153,934
4,821,213
Ubiquiti,
Inc.
......................
12,254
3,597,284
Viasat
,
Inc.
(a)(b)
.....................
133,349
4,031,140
Viavi
Solutions,
Inc.
(a)
................
347,062
4,529,159
99,958,430
Total
Long-Term
Investments
—
99.9%
(Cost:
$115,491,696)
.............................
99,958,430
Short-Term
Securities
Money
Market
Funds
—
5.7%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(e)
............
5,578,833
5,580,507
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
96,339
96,339
Total
Short-Term
Securities
—
5.7%
(Cost:
$5,673,995)
..............................
5,676,846
Total
Investments
—
105.6%
(Cost:
$121,165,691
)
.............................
105,635,276
Liabilities
in
Excess
of
Other
Assets
—
(5.6)%
............
(5,576,689)
Net
Assets
—
100.0%
..............................
$
100,058,587
(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.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
North
American
Tech-Multimedia
Networking
ETF
28
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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
4,451,027
$
1,126,390
(a)
$
—
$
895
$
2,195
$
5,580,507
5,578,833
$
13,559
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
110,000
—
(13,661)
(a)
—
—
96,339
96,339
1,269
—
$
895
$
2,195
$
5,676,846
$
14,828
$
—
—
—
(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
Russell
2000
E-Mini
Index
....................................................
1
12/16/22
$
83
$
(9,118)
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)
......
$
—
$
—
$
9,118
$
—
$
—
$
—
$
9,118
(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,
2022,
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
.......................
$
—
$
—
$
1,031
$
—
$
—
$
—
$
1,031
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(12,085)
$
—
$
—
$
—
$
(12,085)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
84,445
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
North
American
Tech-Multimedia
Networking
ETF
Schedules
of
Investments
29
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
99,958,430
$
—
$
—
$
99,958,430
Short-Term
Securities
Money
Market
Funds
......................................
5,676,846
—
—
5,676,846
$
105,635,276
$
—
$
—
$
105,635,276
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(9,118)
$
—
$
—
$
(9,118)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Semiconductor
ETF
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Semiconductors
&
Semiconductor
Equipment
—
99.8%
Advanced
Micro
Devices,
Inc.
(a)(b)
........
4,462,960
$
282,773,146
Analog
Devices,
Inc.
.................
1,626,903
226,692,664
Applied
Materials,
Inc.
(a)
..............
2,639,764
216,275,864
ASE
Technology
Holding
Co.
Ltd.,
NVS,
ADR
5,858,696
29,234,893
ASML
Holding
NV
(Registered),
NVS,
NYRS
(a)
458,098
190,271,004
Broadcom,
Inc.
....................
1,044,903
463,947,381
Entegris
,
Inc.
(a)
....................
1,271,733
105,579,274
Intel
Corp.
.......................
7,704,826
198,553,366
KLA
Corp.
........................
729,421
220,744,677
Lam
Research
Corp.
................
558,953
204,576,798
Lattice
Semiconductor
Corp.
(b)
..........
1,169,679
57,559,904
Marvell
Technology,
Inc.
..............
5,024,467
215,599,879
Microchip
Technology,
Inc.
.............
4,062,768
247,950,731
Micron
Technology,
Inc.
...............
4,522,507
226,577,601
MKS
Instruments,
Inc.
(a)
..............
495,657
40,961,094
Monolithic
Power
Systems,
Inc.
(a)
........
377,384
137,141,346
NVIDIA
Corp.
(a)
....................
3,080,572
373,950,635
NXP
Semiconductors
NV
(a)
............
1,521,439
224,427,467
ON
Semiconductor
Corp.
(a)(b)
...........
3,713,133
231,439,580
Qorvo
,
Inc.
(b)
......................
887,898
70,507,980
QUALCOMM,
Inc.
..................
2,906,492
328,375,466
Silicon
Laboratories,
Inc.
(a)(b)
............
307,654
37,976,810
Skyworks
Solutions,
Inc.
..............
1,380,821
117,742,607
STMicroelectronics
NV,
NVS,
NYRS
(a)
.....
2,447,062
75,712,098
Synaptics
,
Inc.
(b)
...................
336,642
33,330,924
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
NVS,
ADR
(a)
....................
2,974,119
203,905,599
Teradyne,
Inc.
(a)
....................
1,374,190
103,270,378
Texas
Instruments,
Inc.
...............
3,127,758
484,114,383
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
United
Microelectronics
Corp.,
NVS,
ADR
(a)
.
6,709,188
$
37,370,177
Wolfspeed
,
Inc.
(a)(b)
..................
1,056,949
109,246,249
5,495,809,975
Total
Long-Term
Investments
—
99.8%
(Cost:
$8,125,229,166)
...........................
5,495,809,975
Short-Term
Securities
Money
Market
Funds
—
5.9%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(e)
............
313,533,635
313,627,695
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
9,299,834
9,299,834
Total
Short-Term
Securities
—
5.9%
(Cost:
$322,778,590)
.............................
322,927,529
Total
Investments
—
105.7%
(Cost:
$8,448,007,756
)
...........................
5,818,737,504
Liabilities
in
Excess
of
Other
Assets
—
(5.7)%
............
(312,817,953)
Net
Assets
—
100.0%
..............................
$
5,505,919,551
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
186,623,706
$
126,878,590
(a)
$
—
$
(2,268)
$
127,667
$
313,627,695
313,533,635
$
1,882,830
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
15,210,000
—
(5,910,166)
(a)
—
—
9,299,834
9,299,834
65,919
—
$
(2,268)
$
127,667
$
322,927,529
$
1,948,749
$
—
—
—
(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,
2022
iShares
®
Semiconductor
ETF
Schedules
of
Investments
31
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
...........................................
59
12/16/22
$
7,101
$
(751,811)
Russell
2000
E-Mini
Index
....................................................
24
12/16/22
2,004
(190,970)
$
(942,781)
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)
......
$
—
$
—
$
942,781
$
—
$
—
$
—
$
942,781
(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,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(2,094,905)
$
—
$
—
$
—
$
(2,094,905)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(1,766,675)
$
—
$
—
$
—
$
(1,766,675)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
12,998,820
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Semiconductor
ETF
32
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
5,495,809,975
$
—
$
—
$
5,495,809,975
Short-Term
Securities
Money
Market
Funds
......................................
322,927,529
—
—
322,927,529
$
5,818,737,504
$
—
$
—
$
5,818,737,504
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(942,781)
$
—
$
—
$
(942,781)
(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,
2022
33
Financial
Statements
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)
.........................................
$
7,341,138,707‌
$
2,790,789,500‌
$
4,648,550,213‌
$
761,733,926‌
Investments,
at
value
—
affiliated
(c)
............................................
859,145,589‌
94,254,757‌
231,788,562‌
48,204,402‌
Cash  
...............................................................
258,637‌
1,970‌
14,865‌
11,213‌
Cash
pledged:
Futures
contracts
......................................................
751,000‌
276,000‌
342,000‌
175,000‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
5,946,218‌
—‌
—‌
39,161‌
Securities
lending
income
—
affiliated
........................................
444,040‌
18,968‌
71,406‌
10,657‌
Capital
shares
sold
.....................................................
—‌
—‌
3,601,021‌
—‌
Dividends
—
unaffiliated
.................................................
356,701‌
579,552‌
3,538‌
1,352,876‌
Dividends
—
affiliated
...................................................
17,021‌
8,776‌
9,815‌
3,320‌
Total
assets
...........................................................
8,208,057,913‌
2,885,929,523‌
4,884,381,420‌
811,530,555‌
LIABILITIES
Collateral
on
securities
loaned
...............................................
845,512,367‌
90,764,879‌
226,041,509‌
46,617,908‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
12,873,931‌
4,821,745‌
38,102,286‌
792,167‌
Capital
shares
redeemed
.................................................
149,121‌
—‌
769,228‌
—‌
Investment
advisory
fees
.................................................
2,885,067‌
1,098,325‌
1,337,247‌
304,487‌
Variation
margin
on
futures
contracts
.........................................
141,091‌
56,487‌
67,608‌
11,671‌
Total
liabilities
..........................................................
861,561,577‌
96,741,436‌
266,317,878‌
47,726,233‌
NET
ASSETS
..........................................................
$
7,346,496,336‌
$
2,789,188,087‌
$
4,618,063,542‌
$
763,804,322‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
13,365,569,374‌
$
2,718,917,724‌
$
7,727,552,881‌
$
1,314,684,014‌
Accumulated
earnings
(loss)
................................................
(6,019,073,038‌)
70,270,363‌
(3,109,489,339‌)
(550,879,692‌)
NET
ASSETS
..........................................................
$
7,346,496,336‌
$
2,789,188,087‌
$
4,618,063,542‌
$
763,804,322‌
NET
ASSET
VALUE
Shares
outstanding
......................................................
62,750,000‌
10,100,000‌
18,450,000‌
22,000,000‌
Net
asset
value
.........................................................
$
117.08‌
$
276.16‌
$
250.30‌
$
34.72‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
..........................................
$
11,106,857,403‌
$
2,942,723,278‌
$
7,329,396,513‌
$
870,697,602‌
(b)
  Securities
loaned,
at
value
................................................
$
820,641,992‌
$
87,555,486‌
$
219,008,301‌
$
45,968,736‌
(c)
  Investments,
at
cost
—
affiliated
............................................
$
858,655,159‌
$
94,228,962‌
$
231,663,904‌
$
48,190,008‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
September
30,
2022
2022
iShare
Semi-Annual
Report
to
Shareholders
34
See
notes
to
financial
statements.
iShares
North
American
Tech-
Multimedia
Networking
ETF
iShares
Semiconductor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
99,958,430‌
$
5,495,809,975‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
5,676,846‌
322,927,529‌
Cash  
..............................................................................................
—‌
180,181‌
Cash
pledged:
Futures
contracts
.....................................................................................
6,000‌
857,000‌
Receivables:
–‌
–‌
Investments
sold
.....................................................................................
193,716‌
—‌
Securities
lending
income
—
affiliated
.......................................................................
1,693‌
131,692‌
Capital
shares
sold
....................................................................................
—‌
169,491‌
Dividends
—
unaffiliated
................................................................................
32,215‌
3,344,300‌
Dividends
—
affiliated
..................................................................................
532‌
18,882‌
Total
assets
..........................................................................................
105,869,432‌
5,823,439,050‌
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
5,580,640‌
313,562,687‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
192,549‌
1,568,164‌
Capital
shares
redeemed
................................................................................
—‌
137,110‌
Investment
advisory
fees
................................................................................
37,042‌
2,074,200‌
Variation
margin
on
futures
contracts
........................................................................
614‌
177,338‌
Total
liabilities
.........................................................................................
5,810,845‌
317,519,499‌
NET
ASSETS
.........................................................................................
$
100,058,587‌
$
5,505,919,551‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
189,105,111‌
$
8,727,599,988‌
Accumulated
loss
......................................................................................
(89,046,524‌)
(3,221,680,437‌)
NET
ASSETS
.........................................................................................
$
100,058,587‌
$
5,505,919,551‌
NET
ASSET
VALUE
Shares
outstanding
.....................................................................................
1,550,000‌
17,300,000‌
Net
asset
value
........................................................................................
$
64.55‌
$
318.26‌
Shares
authorized
......................................................................................
Unlimited
Unlimited
Par
value
............................................................................................
None
None
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
115,491,696‌
$
8,125,229,166‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
5,516,599‌
$
291,793,068‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
5,673,995‌
$
322,778,590‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
September
30,
2022
35
Financial
Statements
iShares
Biotechnology
ETF
iShares
Expanded
Tech
Sector
ETF
iShares
Expanded
Tech-
Software
Sector
ETF
iShares
North
American
Natural
Resources
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
27,349,974‌
$
13,713,766‌
$
7,597,315‌
$
19,095,690‌
Dividends
—
affiliated
...................................................
47,122‌
32,884‌
32,292‌
8,986‌
Securities
lending
income
—
affiliated
—
net
...................................
2,920,654‌
125,464‌
434,621‌
48,201‌
Foreign
taxes
withheld
..................................................
(473,943‌)
(28,597‌)
(44,225‌)
(649,801‌)
Total
investment
income
...................................................
29,843,807‌
13,843,517‌
8,020,003‌
18,503,076‌
EXPENSES
Investment
advisory
....................................................
17,736,193‌
7,648,080‌
9,162,993‌
2,002,702‌
Total
expenses
.........................................................
17,736,193‌
7,648,080‌
9,162,993‌
2,002,702‌
Net
investment
income
(loss)
................................................
12,107,614‌
6,195,437‌
(1,142,990‌)
16,500,374‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(867,388,698‌)
$
(1,228,265,379‌)
$
(1,413,391,572‌)
$
(156,205,462‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(181,133,822‌)
$
(44,209,267‌)
$
(142,084,034‌)
$
(10,249,312‌)
Investments
—
affiliated
...............................................
(6,146‌)
35,173‌
32,743‌
3,949‌
Foreign
currency
transactions
...........................................
—‌
—‌
—‌
(67,051‌)
Futures
contracts
....................................................
(1,341,773‌)
(356,233‌)
(763,797‌)
(72,347‌)
In-kind
redemptions
—
unaffiliated
(a)
.......................................
148,871,523‌
289,141,884‌
(94,476,363‌)
70,599,550‌
(33,610,218‌)
244,611,557‌
(237,291,451‌)
60,214,789‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
(833,821,621‌)
(1,472,581,260‌)
(1,175,822,328‌)
(216,282,787‌)
Investments
—
affiliated
...............................................
402,157‌
2,818‌
84,733‌
13,170‌
Foreign
currency
translations
............................................
—‌
—‌
—‌
23,099‌
Futures
contracts
....................................................
(359,016‌)
(298,494‌)
(362,526‌)
(173,733‌)
(833,778,480‌)
(1,472,876,936‌)
(1,176,100,121‌)
(216,420,251‌)
Net
realized
and
unrealized
loss
..............................................
(867,388,698‌)
(1,228,265,379‌)
(1,413,391,572‌)
(156,205,462‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................
$
(855,281,084‌)
$
(1,222,069,942‌)
$
(1,414,534,562‌)
$
(139,705,088‌)
(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,
2022
2022
iShares
Semi-Annual
Report
to
Shareholders
36
iShares
North
American
Tech-Multimedia
Networking
ETF
iShares
Semiconductor
ETF
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
406,090‌
$
56,763,870‌
Dividends
—
affiliated
..................................................................................
1,269‌
65,919‌
Securities
lending
income
—
affiliated
—
net
..................................................................
13,559‌
1,882,830‌
Foreign
taxes
withheld
.................................................................................
—‌
(1,978,185‌)
Total
investment
income
..................................................................................
420,918‌
56,734,434‌
EXPENSES
Investment
advisory
...................................................................................
228,168‌
14,498,588‌
Miscellaneous
.......................................................................................
—‌
12,598‌
Total
expenses
........................................................................................
228,168‌
14,511,186‌
Net
investment
income
...................................................................................
192,750‌
42,223,248‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(19,374,225‌)
$
(2,799,047,437‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
$
(7,070,446‌)
$
(435,279,898‌)
Investments
—
affiliated
..............................................................................
895‌
(2,268‌)
Futures
contracts
...................................................................................
1,031‌
(2,094,905‌)
In-kind
redemptions
—
unaffiliated
(a)
......................................................................
4,969,034‌
113,981,972‌
(2,099,486‌)
(323,395,099‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
(17,264,849‌)
(2,474,013,330‌)
Investments
—
affiliated
..............................................................................
2,195‌
127,667‌
Futures
contracts
...................................................................................
(12,085‌)
(1,766,675‌)
(17,274,739‌)
(2,475,652,338‌)
Net
realized
and
unrealized
loss
.............................................................................
(19,374,225‌)
(2,799,047,437‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................
$
(19,181,475‌)
$
(2,756,824,189‌)
(a)
  See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

37
Financial
Statements
See
notes
to
financial
statements.
iShares
Biotechnology
ETF
iShares
Expanded
Tech
Sector
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
12,107,614‌
$
20,526,397‌
$
6,195,437‌
$
5,764,193‌
Net
realized
gain
(loss)
....................................................
(33,610,218‌)
622,010,093‌
244,611,557‌
351,991,955‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(833,778,480‌)
(1,958,746,176‌)
(1,472,876,936‌)
(25,134,610‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(855,281,084‌)
(1,316,209,686‌)
(1,222,069,942‌)
332,621,538‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(12,119,707‌)
(20,365,764‌)
(6,431,559‌)
(6,535,033‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(392,980,829‌)
94,871,036‌
(463,289,510‌)
945,279,952‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(1,260,381,620‌)
(1,241,704,414‌)
(1,691,791,011‌)
1,271,366,457‌
Beginning
of
period
........................................................
8,606,877,956‌
9,848,582,370‌
4,480,979,098‌
3,209,612,641‌
End
of
period
............................................................
$
7,346,496,336‌
$
8,606,877,956‌
$
2,789,188,087‌
$
4,480,979,098‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
38
See
notes
to
financial
statements.
iShares
Expanded
Tech-Software
Sector
ETF
iShares
North
American
Natural
Resources
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
(1,142,990‌)
$
(8,034,692‌)
$
16,500,374‌
$
14,672,372‌
Net
realized
gain
(loss)
....................................................
(237,291,451‌)
1,245,446,708‌
60,214,789‌
(5,041,185‌)
Net
change
in
unrealized
appreciation
(depreciation)
................................
(1,176,100,121‌)
(1,376,833,197‌)
(216,420,251‌)
222,174,980‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(1,414,534,562‌)
(139,421,181‌)
(139,705,088‌)
231,806,167‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(366,961‌)
—‌
(15,805,678‌)
(15,154,197‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
629,574,581‌
492,759,205‌
(22,826,630‌)
328,467,837‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(785,326,942‌)
353,338,024‌
(178,337,396‌)
545,119,807‌
Beginning
of
period
........................................................
5,403,390,484‌
5,050,052,460‌
942,141,718‌
397,021,911‌
End
of
period
............................................................
$
4,618,063,542‌
$
5,403,390,484‌
$
763,804,322‌
$
942,141,718‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
39
Financial
Statements
See
notes
to
financial
statements.
iShares
North
American
Tech-Multimedia
Networking
ETF
iShares
Semiconductor
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
192,750‌
$
265,882‌
$
42,223,248‌
$
59,455,111‌
Net
realized
gain
(loss)
....................................................
(2,099,486‌)
12,218,899‌
(323,395,099‌)
1,557,162,546‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(17,274,739‌)
(2,027,174‌)
(2,475,652,338‌)
(982,288,405‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(19,181,475‌)
10,457,607‌
(2,756,824,189‌)
634,329,252‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(200,660‌)
(284,071‌)
(42,420,095‌)
(61,257,081‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(43,531,660‌)
52,044,106‌
(647,684,922‌)
2,060,808,454‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(62,913,795‌)
62,217,642‌
(3,446,929,206‌)
2,633,880,625‌
Beginning
of
period
........................................................
162,972,382‌
100,754,740‌
8,952,848,757‌
6,318,968,132‌
End
of
period
............................................................
$
100,058,587‌
$
162,972,382‌
$
5,505,919,551‌
$
8,952,848,757‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
iShares
Semi-Annual
Report
to
Shareholders
40
iShares
Biotechnology
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
(a)
Net
asset
value,
beginning
of
period
................
$
130.21
‌
$
150.36
‌
$
107.98
‌
$
111.78
‌
$
106.73
‌
$
97.75
‌
Net
investment
income
(b)
........................
0.19
‌
0.31
‌
0.34
‌
0.26
‌
0.16
‌
0.15
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(13.13
)
(20.15
)
42.43
‌
(3.80
)
5.08
‌
9.05
‌
Net
increase
(decrease)
from
investment
operations
.......
(12.94
)
(19.84
)
42.77
‌
(3.54
)
5.24
‌
9.20
‌
Distributions
from
net
investment
income
(d)
..............
(0.19
)
(0.31
)
(0.39
)
(0.26
)
(0.19
)
(0.22
)
Net
asset
value,
end
of
period
.....................
$
117.08
‌
$
130.21
‌
$
150.36
‌
$
107.98
‌
$
111.78
‌
$
106.73
‌
Total
Return
(e)
(9.94)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(9.94
)%
(f)
(13.22
)%
39.63
%
(3.17
)%
4.92
%
9.41
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.45
%
(h)
0.44
%
0.45
%
0.46
%
0.47
%
0.47
%
Net
investment
income
...........................
0.31
%
(h)
0.21
%
0.24
%
0.24
%
0.15
%
0.14
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
7,346,496
‌
$
8,606,878
‌
$
9,848,582
‌
$
6,343,965
‌
$
8,026,142
‌
$
9,040,121
‌
Portfolio
turnover
rate
(i)
...........................
5
%
46
%
34
%
29
%
18
%
26
%
(a)
Per
share
amounts
reflect
a
three-for-one
stock
split
effective
after
the
close
of
trading
on
November
30,
2017.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
41
Financial
Highlights
iShares
Expanded
Tech
Sector
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
.................
$
387.96
‌
$
360.63
‌
$
212.15
‌
$
206.22
‌
$
179.48
‌
$
138.39
‌
Net
investment
income
(a)
.........................
0.54
‌
0.64
‌
0.86
‌
1.26
‌
1.09
‌
0.88
‌
Net
realized
and
unrealized
gain
(loss)
(b)
...............
(111.74
)
27.37
‌
148.55
‌
6.00
‌
26.69
‌
41.18
‌
Net
increase
(decrease)
from
investment
operations
........
(111.20
)
28.01
‌
149.41
‌
7.26
‌
27.78
‌
42.06
‌
Distributions
from
net
investment
income
(c)
...............
(0.60
)
(0.68
)
(0.93
)
(1.33
)
(1.04
)
(0.97
)
Net
asset
value,
end
of
period
......................
$
276.16
‌
$
387.96
‌
$
360.63
‌
$
212.15
‌
$
206.22
‌
$
179.48
‌
Total
Return
(d)
(28.67)%
—
—
—
—
—
Based
on
net
asset
value
..........................
(28.67
)%
(e)
7.76
%
70.51
%
3.51
%
15.52
%
30.48
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................................
0.41
%
(g)
0.40
%
0.43
%
0.46
%
0.46
%
0.47
%
Net
investment
income
............................
0.33
%
(g)
0.16
%
0.28
%
0.56
%
0.56
%
0.55
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
2,789,188
‌
$
4,480,979
‌
$
3,209,613
‌
$
1,707,788
‌
$
1,587,932
‌
$
1,462,726
‌
Portfolio
turnover
rate
(h)
............................
4
%
8
%
9
%
10
%
8
%
6
%
(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)
2022
iShares
Semi-Annual
Report
to
Shareholders
42
iShares
Expanded
Tech-Software
Sector
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
................
$
344.16
‌
$
341.22
‌
$
209.77
‌
$
210.77
‌
$
169.69
‌
$
126.45
‌
Net
investment
income
(loss)
(a)
....................
(0.07
)
(0.56
)
(0.31
)
1.28
(b)
0.24
‌
0.12
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(93.77
)
3.50
‌
131.83
‌
(1.06
)
41.10
‌
43.23
‌
Net
increase
(decrease)
from
investment
operations
.......
(93.84
)
2.94
‌
131.52
‌
0.22
‌
41.34
‌
43.35
‌
Distributions
from
net
investment
income
(d)
..............
(0.02
)
—
‌
(0.07
)
(1.22
)
(0.26
)
(0.11
)
Net
asset
value,
end
of
period
.....................
$
250.30
‌
$
344.16
‌
$
341.22
‌
$
209.77
‌
$
210.77
‌
$
169.69
‌
Total
Return
(e)
(27.27)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(27.27
)%
(f)
0.86
%
62.70
%
0.13
%
24.39
%
34.30
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.41
%
(h)
0.40
%
0.43
%
0.46
%
0.46
%
0.47
%
Net
investment
income
(loss)
.......................
(0.05
)%
(h)
(0.15
)%
(0.10
)%
0.57
%
(b)
0.13
%
0.08
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
4,618,064
‌
$
5,403,390
‌
$
5,050,052
‌
$
3,031,151
‌
$
2,729,463
‌
$
1,357,537
‌
Portfolio
turnover
rate
(i)
...........................
7
%
15
%
22
%
18
%
18
%
12
%
(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)
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
Natural
Resources
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
...............
$
40.44
‌
$
27.57
‌
$
16.65
‌
$
31.40
‌
$
33.08
‌
$
34.26
‌
Net
investment
income
(a)
.......................
0.66
‌
0.93
‌
0.70
‌
0.78
‌
0.65
‌
0.75
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.............
(5.73
)
12.85
‌
11.04
‌
(13.82
)
(1.59
)
(1.16
)
Net
increase
(decrease)
from
investment
operations
......
(5.07
)
13.78
‌
11.74
‌
(13.04
)
(0.94
)
(0.41
)
Distributions
from
net
investment
income
(c)
.............
(0.65
)
(0.91
)
(0.82
)
(1.71
)
(0.74
)
(0.77
)
Net
asset
value,
end
of
period
....................
$
34.72
‌
$
40.44
‌
$
27.57
‌
$
16.65
‌
$
31.40
‌
$
33.08
‌
Total
Return
(d)
(12.61)%
—
—
—
—
—
Based
on
net
asset
value
........................
(12.61
)%
(e)
50.84
%
71.57
%
(43.54
)%
(2.87
)%
(1.19
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.41
%
(g)
0.40
%
0.43
%
0.46
%
0.46
%
0.47
%
Net
investment
income
..........................
3.39
%
(g)
2.92
%
3.14
%
2.72
%
1.94
%
2.25
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
763,804
‌
$
942,142
‌
$
397,022
‌
$
294,696
‌
$
761,370
‌
$
929,571
‌
Portfolio
turnover
rate
(h)
..........................
7
%
15
%
14
%
16
%
12
%
7
%
(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)
2022
iShares
Semi-Annual
Report
to
Shareholders
44
iShares
North
American
Tech-Multimedia
Networking
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
................
$
74.08
‌
$
67.17
‌
$
43.34
‌
$
56.49
‌
$
51.48
‌
$
45.54
‌
Net
investment
income
(a)
........................
0.12
‌
0.16
‌
0.29
‌
0.26
‌
0.23
‌
0.30
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(9.52
)
6.91
‌
23.83
‌
(13.10
)
5.04
‌
5.95
‌
Net
increase
(decrease)
from
investment
operations
.......
(9.40
)
7.07
‌
24.12
‌
(12.84
)
5.27
‌
6.25
‌
Distributions
from
net
investment
income
(c)
..............
(0.13
)
(0.16
)
(0.29
)
(0.31
)
(0.26
)
(0.31
)
Net
asset
value,
end
of
period
.....................
$
64.55
‌
$
74.08
‌
$
67.17
‌
$
43.34
‌
$
56.49
‌
$
51.48
‌
Total
Return
(d)
(12.68)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(12.68
)%
(e)
10.53
%
55.89
%
(22.80
)%
10.27
%
13.77
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.41
%
(g)
0.40
%
0.43
%
0.46
%
0.46
%
0.47
%
Net
investment
income
...........................
0.35
%
(g)
0.22
%
0.52
%
0.47
%
0.44
%
0.63
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
100,059
‌
$
162,972
‌
$
100,755
‌
$
43,335
‌
$
132,758
‌
$
64,349
‌
Portfolio
turnover
rate
(h)
...........................
18
%
37
%
38
%
33
%
29
%
23
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
45
Financial
Highlights
iShares
Semiconductor
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
.................
$
472.45
‌
$
424.09
‌
$
204.97
‌
$
189.61
‌
$
180.13
‌
$
136.85
‌
Net
investment
income
(a)
.........................
2.35
‌
3.56
‌
3.35
‌
3.13
‌
2.66
‌
1.51
‌
Net
realized
and
unrealized
gain
(loss)
(b)
...............
(154.11
)
48.37
‌
218.90
‌
15.50
‌
9.12
‌
43.32
‌
Net
increase
(decrease)
from
investment
operations
........
(151.76
)
51.93
‌
222.25
‌
18.63
‌
11.78
‌
44.83
‌
Distributions
from
net
investment
income
(c)
...............
(2.43
)
(3.57
)
(3.13
)
(3.27
)
(2.30
)
(1.55
)
Net
asset
value,
end
of
period
......................
$
318.26
‌
$
472.45
‌
$
424.09
‌
$
204.97
‌
$
189.61
‌
$
180.13
‌
Total
Return
(d)
(32.16)%
—
—
—
—
—
Based
on
net
asset
value
..........................
(32.16
)%
(e)
12.23
%
108.93
%
9.80
%
6.61
%
32.91
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................................
0.41
%
(g)
0.40
%
0.43
%
0.46
%
0.46
%
0.47
%
Net
investment
income
............................
1.20
%
(g)
0.76
%
1.02
%
1.42
%
1.50
%
0.93
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
5,505,920
‌
$
8,952,849
‌
$
6,318,968
‌
$
2,141,965
‌
$
1,061,836
‌
$
1,630,190
‌
Portfolio
turnover
rate
(h)
............................
10
%
32
%
23
%
14
%
26
%
20
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2022
iShares
Semi-Annual
Report
To
Shareholders
46
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. 
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,
2022
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
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)
47
Notes
to
Financial
Statements
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
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
48
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Biotechnology
Barclays
Bank
PLC
...................................
$
48,756,821‌
$
(48,756,821‌)
$
–‌
$
–‌
$
–
$
–
$
–
$
–
Barclays
Capital,
Inc.
...................................
4,168,765‌
(4,168,765‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
817,717‌
(817,717‌)
–‌
–‌
BNP
Paribas
SA
.......................................
120,233,339‌
(120,233,339‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
81,349,446‌
(81,349,446‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
4,347,540‌
(4,347,540‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
23,713,867‌
(23,713,867‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
786,278‌
(786,278‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
451,127‌
(451,127‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
119,715,064‌
(119,715,064‌)
–‌
–‌
HSBC
Bank
PLC
......................................
10,163,615‌
(10,163,615‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
24,261‌
(24,261‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
119,498,989‌
(119,498,989‌)
–‌
–‌
Jefferies
LLC
.........................................
29,845,023‌
(29,845,023‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
101,244‌
(101,244‌)
–‌
–‌
Morgan
Stanley
.......................................
131,370,377‌
(131,370,377‌)
–‌
–‌
National
Financial
Services
LLC
............................
11,786,242‌
(11,786,242‌)
–‌
–‌
Natixis
SA
...........................................
2,461,915‌
(2,461,915‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
35,374‌
(35,374‌)
–‌
–‌
Pershing
LLC
.........................................
33,348‌
(33,348‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
9,934,844‌
(9,934,844‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
1,293,690‌
(1,293,690‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
1,531,569‌
(1,531,569‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
5,293,790‌
(5,293,790‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
8,730,087‌
(8,730,087‌)
–‌
–‌
UBS
AG
............................................
63,593,709‌
(63,593,709‌)
–‌
–‌
UBS
Securities
LLC
....................................
1,854,541‌
(1,854,541‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
3,441,069‌
(3,441,069‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
10,161,900‌
(10,161,900‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
5,146,441‌
(5,146,441‌)
–‌
–‌
$
820,641,992‌
$
(820,641,992‌)
$
–‌
$
–‌
Expanded
Tech
Sector
Barclays
Bank
PLC
...................................
$
1,121,885‌
$
(1,121,885‌)
$
–‌
$
–‌
–
–
–
–
Barclays
Capital,
Inc.
...................................
635,773‌
(635,773‌)
–‌
–‌
BNP
Paribas
SA
.......................................
30,811,458‌
(30,811,458‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
3,102,197‌
(3,102,197‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
5,329,685‌
(5,329,685‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
41,691‌
(41,691‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
10,144,909‌
(10,144,909‌)
–‌
–‌
HSBC
Bank
PLC
......................................
1,981,695‌
(1,981,695‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
3,275,961‌
(3,275,961‌)
–‌
–‌
Jefferies
LLC
.........................................
642,455‌
(642,455‌)
–‌
–‌
Morgan
Stanley
.......................................
3,497,249‌
(3,497,249‌)
–‌
–‌
National
Financial
Services
LLC
............................
313,598‌
(313,598‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
2,018,159‌
(2,018,159‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
60,878‌
(60,878‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
119,713‌
(119,713‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
23,085,358‌
(23,085,358‌)
–‌
–‌
Notes
to
Financial
Statements
(unaudited)
(continued)
49
Notes
to
Financial
Statements
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Expanded
Tech
Sector
(continued)
UBS
AG
............................................
$
239,188‌
$
(239,188‌)
$
–‌
$
–‌
UBS
Securities
LLC
....................................
104,880‌
(104,880‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
1,028,155‌
(1,028,155‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
599‌
(599‌)
–‌
–‌
$
87,555,486‌
$
(87,555,486‌)
$
–‌
$
–‌
Expanded
Tech-Software
Sector
Barclays
Bank
PLC
...................................
$
3,511,043‌
$
(3,511,043‌)
$
–‌
$
–‌
–
–
–
–
Barclays
Capital,
Inc.
...................................
15,283‌
(15,283‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
80,221‌
(80,221‌)
–‌
–‌
BNP
Paribas
SA
.......................................
26,943,124‌
(26,943,124‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
6,869,524‌
(6,869,524‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
16,276,752‌
(16,276,752‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
241,871‌
(241,871‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
127,356‌
(127,356‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
70,366,225‌
(70,366,225‌)
–‌
–‌
HSBC
Bank
PLC
......................................
2,712,742‌
(2,712,742‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
25,582,746‌
(25,582,746‌)
–‌
–‌
Jefferies
LLC
.........................................
5,485,810‌
(5,485,810‌)
–‌
–‌
Morgan
Stanley
.......................................
9,062,890‌
(9,062,890‌)
–‌
–‌
Natixis
SA
...........................................
88,725‌
(88,725‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
345,148‌
(345,148‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
1,186,458‌
(1,186,458‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
4,795,801‌
(4,795,801‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
2,774,513‌
(2,774,513‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
33,140,871‌
(33,140,871‌)
–‌
–‌
UBS
AG
............................................
1,734,256‌
(1,734,256‌)
–‌
–‌
UBS
Securities
LLC
....................................
6,263,951‌
(6,263,951‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
799,050‌
(799,050‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
571,649‌
(571,649‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
32,292‌
(32,292‌)
–‌
–‌
$
219,008,301‌
$
(219,008,301‌)
$
–‌
$
–‌
North
American
Natural
Resources
Barclays
Bank
PLC
...................................
$
503‌
$
(495‌)
$
–‌
$
8‌
–
–
–
–
Barclays
Capital,
Inc.
...................................
293,776‌
(293,776‌)
–‌
–‌
BNP
Paribas
SA
.......................................
21,453,645‌
(21,453,645‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
1,413,081‌
(1,413,081‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
16,257‌
(16,257‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
72,530‌
(72,530‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
76,067‌
(76,067‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
3,262,042‌
(3,262,042‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
91,230‌
(91,230‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
2,806,860‌
(2,806,860‌)
–‌
–‌
Jefferies
LLC
.........................................
407,100‌
(407,100‌)
–‌
–‌
Morgan
Stanley
.......................................
1,354,124‌
(1,354,124‌)
–‌
–‌
Natixis
SA
...........................................
343,252‌
(343,252‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
893,125‌
(893,125‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
1,620,444‌
(1,620,444‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
374,741‌
(374,741‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
245,629‌
(245,629‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
826,320‌
(826,320‌)
–‌
–‌
UBS
AG
............................................
6,223,331‌
(6,223,331‌)
–‌
–‌
UBS
Securities
LLC
....................................
1,698,163‌
(1,698,163‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
652,754‌
(652,754‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
1,203,676‌
(1,203,676‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
640,086‌
(640,086‌)
–‌
–‌
$
45,968,736‌
$
(45,968,728‌)
$
–‌
$
8‌
North
American
Tech-Multimedia
Networking
BNP
Paribas
SA
....................................
$
2,187,537‌
$
(2,187,537‌)
$
–‌
$
–‌
–
–
–
–
BofA
Securities,
Inc.
....................................
420,472‌
(420,472‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
2,376,074‌
(2,330,820‌)
–‌
45,254‌
J.P.
Morgan
Securities
LLC
...............................
87,633‌
(87,633‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
444,883‌
(444,883‌)
–‌
–‌
$
5,516,599‌
$
(5,471,345‌)
$
–‌
$
45,254‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
50
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
).
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Semiconductor
Barclays
Bank
PLC
...................................
$
37,893,050‌
$
(37,893,050‌)
$
–‌
$
–‌
$
–
$
–
$
–
$
–
BNP
Paribas
SA
.......................................
4,667,944‌
(4,667,944‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
9,199,084‌
(9,199,084‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
234,536‌
(234,536‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
28,896,874‌
(28,896,874‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
181,700‌
(181,700‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
3,572,010‌
(3,572,010‌)
–‌
–‌
HSBC
Bank
PLC
......................................
1,235,520‌
(1,235,520‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
77,345,209‌
(77,345,209‌)
–‌
–‌
Jefferies
LLC
.........................................
280,695‌
(280,695‌)
–‌
–‌
Morgan
Stanley
.......................................
37,967,359‌
(37,967,359‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
4,118,114‌
(4,118,114‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
58,569,405‌
(58,569,405‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
7,744,682‌
(7,744,682‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
8,372‌
(8,372‌)
–‌
–‌
UBS
AG
............................................
6,668,208‌
(6,668,208‌)
–‌
–‌
UBS
Securities
LLC
....................................
996,840‌
(996,840‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
3,753,346‌
(3,753,346‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
329,088‌
(329,088‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
8,131,032‌
(8,131,032‌)
–‌
–‌
$
291,793,068‌
$
(291,793,068‌)
$
–‌
$
–‌
(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,
2022.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(continued)
51
Notes
to
Financial
Statements
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:
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,
iShares
North
American
Tech-Multimedia
Networking
ETF
and
iShares
Semiconductor
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
Each Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
September
30,
2022,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
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
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
iShares
ETF
Amounts
Biotechnology
...........................................................................................................
$
856,813‌
Expanded
Tech
Sector
.....................................................................................................
48,183‌
Expanded
Tech-Software
Sector
...............................................................................................
154,338‌
North
American
Natural
Resources
.............................................................................................
18,126‌
North
American
Tech-Multimedia
Networking
......................................................................................
4,595‌
Semiconductor
..........................................................................................................
492,247‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
52
For
the six
months ended September
30,
2022,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months ended
September
30,
2022,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
September
30,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
September
30,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
March
31,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
As
of
September
30,
2022,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Biotechnology
........................................................................
$
25,866,793‌
$
50,240,564‌
$
(26,839,289‌)
Expanded
Tech
Sector
..................................................................
35,003,243‌
64,987,092‌
(26,420,085‌)
Expanded
Tech-Software
Sector
............................................................
55,024,413‌
78,033,998‌
(57,861,608‌)
North
American
Natural
Resources
..........................................................
4,299,802‌
3,558,243‌
(1,214,418‌)
North
American
Tech-Multimedia
Networking
...................................................
9,989,482‌
4,976,613‌
(1,664,673‌)
Semiconductor
.......................................................................
187,825,379‌
114,945,068‌
(68,460,019‌)
iShares
ETF
Purchases
Sales
Biotechnology
........................................................................................
$
393,550,622‌
$
398,250,815‌
Expanded
Tech
Sector
..................................................................................
161,056,357‌
160,716,916‌
Expanded
Tech-Software
Sector
............................................................................
375,924,410‌
341,766,503‌
North
American
Natural
Resources
..........................................................................
63,378,838‌
62,898,342‌
North
American
Tech-Multimedia
Networking
...................................................................
20,513,345‌
20,593,969‌
Semiconductor
.......................................................................................
730,046,386‌
728,771,613‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Biotechnology
........................................................................................
$
3,058,495,112‌
$
3,450,972,921‌
Expanded
Tech
Sector
..................................................................................
136,701,154‌
598,874,431‌
Expanded
Tech-Software
Sector
............................................................................
5,650,081,523‌
5,024,676,053‌
North
American
Natural
Resources
..........................................................................
262,791,097‌
286,069,391‌
North
American
Tech-Multimedia
Networking
...................................................................
10,581,748‌
54,051,742‌
Semiconductor
.......................................................................................
4,837,681,364‌
5,483,971,752‌
iShares
ETF
Amounts
Biotechnology
..........................................................................................................
$
2,130,904,723‌
Expanded
Tech
Sector
....................................................................................................
16,755,133‌
Expanded
Tech-Software
Sector
..............................................................................................
164,666,778‌
North
American
Natural
Resources
............................................................................................
490,461,147‌
North
American
Tech-Multimedia
Networking
.....................................................................................
69,077,425‌
Semiconductor
.........................................................................................................
252,258,852‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Biotechnology
...................................................
$
12,054,471,284‌
$
84,911,907‌
$
(3,939,451,766‌)
$
(3,854,539,859‌)
Expanded
Tech
Sector
..............................................
3,042,095,702‌
249,745,193‌
(407,047,280‌)
(157,302,087‌)
Expanded
Tech-Software
Sector
.......................................
7,582,013,660‌
2,441,557‌
(2,704,353,718‌)
(2,701,912,161‌)
North
American
Natural
Resources
.....................................
931,117,355‌
22,973,033‌
(144,308,622‌)
(121,335,589‌)
North
American
Tech-Multimedia
Networking
...............................
123,484,894‌
2,696,731‌
(20,555,467‌)
(17,858,736‌)
Semiconductor
...................................................
8,462,800,468‌
148,939‌
(2,645,154,684‌)
(2,645,005,745‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
53
Notes
to
Financial
Statements
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
11,
2023.
The
line
of
credit
may
be
used
for
temporary
or
emergency
purposes,
including
redemptions,
settlement
of
trades
and
rebalancing
of
portfolio
holdings
in
certain
target
markets.
The
Funds
may
borrow
up
to
the
aggregate
commitment
amount
subject
to
asset
coverage
and
other
limitations
as
specified in
the
Syndicated Credit
Agreement. The
Syndicated
Credit
Agreement
has
the
following
terms:
a
commitment
fee
of
0.15%
per
annum
on
the
unused
portion
of
the
credit
agreement
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Daily
Simple Secured
Overnight Financing
Rate
(“SOFR”)
plus
0.10%
and
1.00%
per
annum
or (b)
the
U.S.
Federal
Funds
rate plus
1.00%
per
annum
on
amounts
borrowed.
The
commitment
fee
is
generally
allocated
to
each
Participating
Fund
based
on
the
lesser
of
a
Participating
Fund’s
relative
exposure
to
certain
target
markets
or
a
Participating
Fund’s
maximum
borrowing
amount
as
set
forth
by
the
terms
of
the
Syndicated
Credit
Agreement.
During
the
six
months
ended
September
30,
2022, 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.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund’s
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
54
Concentration
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
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.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31, 2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
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:
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.
Six
Months
Ended
09/30/22
Year
Ended
03/31/22
iShares
ETF
Shares
Amount
Shares
Amount
Biotechnology
Shares
sold
25,400,000‌
$
3,063,434,953‌
69,600,000‌
$
10,694,874,817‌
Shares
redeemed
(28,750,000‌)
(3,456,415,782‌)
(69,000,000‌)
(10,600,003,781‌)
(3,350,000‌)
$
(392,980,829‌)
600,000‌
$
94,871,036‌
Expanded
Tech
Sector
Shares
sold
450,000‌
$
137,106,930‌
4,000,000‌
$
1,487,473,141‌
Shares
redeemed
(1,900,000‌)
(600,396,440‌)
(1,350,000‌)
(542,193,189‌)
(1,450,000‌)
$
(463,289,510‌)
2,650,000‌
$
945,279,952‌
Expanded
Tech-Software
Sector
Shares
sold
20,400,000‌
$
5,673,785,615‌
41,050,000‌
$
15,779,096,632‌
Shares
redeemed
(17,650,000‌)
(5,044,211,034‌)
(40,150,000‌)
(15,286,337,427‌)
2,750,000‌
$
629,574,581‌
900,000‌
$
492,759,205‌
North
American
Natural
Resources
Shares
sold
6,550,000‌
$
267,495,943‌
11,400,000‌
$
402,445,296‌
Shares
redeemed
(7,850,000‌)
(290,322,573‌)
(2,500,000‌)
(73,977,459‌)
(1,300,000‌)
$
(22,826,630‌)
8,900,000‌
$
328,467,837‌
North
American
Tech-Multimedia
Networking
Shares
sold
150,000‌
$
10,593,146‌
1,450,000‌
$
106,155,183‌
Shares
redeemed
(800,000‌)
(54,124,806‌)
(750,000‌)
(54,111,077‌)
(650,000‌)
$
(43,531,660‌)
700,000‌
$
52,044,106‌
Semiconductor
Shares
sold
12,350,000‌
$
4,848,130,757‌
22,350,000‌
$
10,465,399,629‌
Shares
redeemed
(14,000,000‌)
(5,495,815,679‌)
(18,300,000‌)
(8,404,591,175‌)
(1,650,000‌)
$
(647,684,922‌)
4,050,000‌
$
2,060,808,454‌
Notes
to
Financial
Statements
(unaudited)
(continued)
55
Notes
to
Financial
Statements
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
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Board
Review
and
Approval
of
Investment
Advisory
Contract
2022
iShares
Semi-Annual
Report
to
Shareholders
56
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
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
57
Board
Review
and
Approval
of
Investment
Advisory
Contract
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
Expanded
Tech
Sector
ETF
,
iShares
Expanded
Tech-Software
Sector
ETF,
i
Shares
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
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
58
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
59
Board
Review
and
Approval
of
Investment
Advisory
Contract
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
North
American
Natural
Resources
ETF
,
iShares
North
American
Tech-Multimedia
Networking
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
60
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
higher
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
61
Board
Review
and
Approval
of
Investment
Advisory
Contract
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
General
Information
2022
iShares
Semi-Annual
Report
to
Shareholders
62
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.
Once
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Please
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The
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file
their
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portfolio
holdings
with
the
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for
the
first
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as
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on
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The
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are
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Additionally,
each
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makes
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Availability
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A
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policies
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Funds
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determine
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vote
proxies
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information
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the
iShares
Funds
voted
proxies
relating
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securities
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the
most
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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
Portf
olio
Abbreviation
ADR
American
Depositary
Receipts
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares
NYRS
New
York
Registered
Shares
S&P
Standard
&
Poor's
iS-SAR-313-0922