|
|
JANUARY 31, 2024 |
|
2024 Semi-Annual Report (Unaudited) | ||
iShares Trust
| · |
iShares Breakthrough Environmental Solutions ETF | ETEC | NASDAQ |
| · |
iShares Cybersecurity and Tech ETF | IHAK | NYSE Arca |
| · |
iShares Exponential Technologies ETF | XT | NASDAQ |
| · |
iShares Future Cloud 5G and Tech ETF | IDAT | NYSE Arca |
| · |
iShares Genomics Immunology and Healthcare ETF | IDNA | NYSE Arca |
| · |
iShares Neuroscience and Healthcare ETF | IBRN | NYSE Arca |
| · |
iShares Robotics and Artificial Intelligence Multisector ETF | IRBO | NYSE Arca |
| · |
iShares Self-Driving EV and Tech ETF | IDRV | NYSE Arca |
| · |
iShares Virtual Work and Life Multisector ETF | IWFH | NYSE Arca |
Dear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.
Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock Inc.
Rob Kapito
President, BlackRock Inc.
Total Returns as of January 31, 2024
| 6-Month | 12-Month | |||||||
|
U.S.
large cap equities |
6.43% | 20.82% | ||||||
|
U.S.
small cap equities |
(2.02) | 2.40 | ||||||
|
International
equities |
3.15 | 10.01 | ||||||
|
Emerging
market equities |
(6.00) | (2.94) | ||||||
|
3-month
Treasury bills |
2.73 | 5.13 | ||||||
|
U.S.
Treasury securities |
1.74 | (0.38) | ||||||
|
U.S.
investment grade bonds |
3.15 | 2.10 | ||||||
|
Tax-exempt
municipal bonds |
2.70 | 2.90 | ||||||
|
U.S.
high yield bonds |
6.18 | 9.28 | ||||||
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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| 2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Semi-Annual Report: |
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Financial Statements: |
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| 3 |
| Fund Summary as of January 31, 2024 | iShares® Breakthrough Environmental Solutions ETF |
Investment Objective
The iShares Breakthrough Environmental Solutions ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies involved in breakthrough innovations and development of new technologies that address the climate transition, as represented by the Morningstar Global Emerging Green Technologies Select 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
|
|
Cumulative Total Returns
|
| ||||||||||||||||||||||||||||||||||||||
6-Month
|
Since Inception
|
|||||||||||||||||||||||||||||||||||||||
|
Fund NAV |
(23.85 | )% | (17.34 | )% | ||||||||||||||||||||||||||||||||||||
|
Fund Market |
(23.52 | ) | (17.12 | ) | ||||||||||||||||||||||||||||||||||||
|
Index |
(23.40 | ) | (16.37 | ) | ||||||||||||||||||||||||||||||||||||
The inception date of the Fund was March 28, 2023. The first day of secondary market trading was March 30, 2023.
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
| Actual
|
Hypothetical 5% Return
|
|||||||||||||||||||||||||||||
| |
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 761.50 | $ | 2.08 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.39 | 0.47 | % | |||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
INDUSTRY ALLOCATION
|
Industry
|
Percent of Total Investments(a)
|
| ||||
|
Semiconductors & Semiconductor Equipment |
25.8 | % | ||||
|
Machinery |
20.4 | |||||
|
Electrical Equipment |
19.2 | |||||
|
Automobiles |
11.4 | |||||
|
Chemicals |
8.9 | |||||
|
Automobile Components |
6.7 | |||||
|
Electronic Equipment, Instruments & Components |
5.7 | |||||
|
Leisure Products |
1.4 | |||||
|
Commercial Services & Supplies |
0.5 | |||||
GEOGRAPHIC ALLOCATION
|
Country/Geographic Region
|
|
Percent
of Total Investments
|
(a)
| |
|
United States |
33.8 | % | ||
|
China |
15.0 | |||
|
Japan |
13.2 | |||
|
Taiwan |
8.8 | |||
|
South Korea |
7.9 | |||
|
Belgium |
4.9 | |||
|
Finland |
4.2 | |||
|
United Kingdom |
4.1 | |||
|
Switzerland |
3.7 | |||
|
Denmark |
3.4 | |||
|
Germany |
1.0 |
| (a) |
Excludes money market funds. |
| 4 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 | iShares® Cybersecurity and Tech ETF |
Investment Objective
The iShares Cybersecurity and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that are involved in cyber security and technology, including cyber security hardware, software, products, and services, as represented by the NYSE® FactSet® Global Cyber Security 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
|
|
Average Annual Total Returns
|
|
|
Cumulative Total Returns
|
| |||||||||||||||||||
6-Month
|
1 Year
|
Since
|
1 Year
|
Since
|
||||||||||||||||||||
|
Fund NAV |
17.17 | % | 35.25 | % | 14.66 | % | 35.25 | % | 88.73 | % | ||||||||||||||
|
Fund Market |
17.29 | 35.68 | 14.70 | 35.68 | 89.05 | |||||||||||||||||||
|
Index |
15.72 | 33.86 | 14.75 | 33.86 | 89.21 | |||||||||||||||||||
The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 2019.
Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual
|
Hypothetical 5% Return
|
|||||||||||||||||||||||||||||
| |
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 1,171.70 | $ | 2.57 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.39 | 0.47 | % | |||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
INDUSTRY ALLOCATION
|
Industry
|
|
Percent
of Total Investments
|
(a)
| |
|
Software |
65.9 | % | ||
|
Professional Services |
12.8 | |||
|
Communications Equipment |
10.7 | |||
|
IT Services |
10.6 |
GEOGRAPHIC ALLOCATION
|
Country/Geographic Region
|
|
Percent
of Total Investments
|
(a)
| |
|
United States |
73.0 | % | ||
|
Israel |
9.0 | |||
|
Japan |
4.8 | |||
|
Taiwan |
3.6 | |||
|
Germany |
2.4 | |||
|
Denmark |
2.1 | |||
|
Canada |
1.9 | |||
|
United Kingdom |
1.4 | |||
|
Malaysia |
1.0 | |||
|
Other (each representing less than 1%) |
0.8 |
| (a) |
Excludes money market funds. |
|
F U N D S U M M A R Y |
5 |
| Fund Summary as of January 31, 2024 | iShares® Exponential Technologies ETF |
Investment Objective
The iShares Exponential Technologies ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of developed and emerging market companies that create or use exponential technologies, as represented by the Morningstar® Exponential Technologies IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
|
Average Annual Total Returns
|
Cumulative Total Returns
|
|||||||||||||||||||||||||||||
6-Month
|
1 Year
|
5 Years
|
Since
|
1 Year
|
5 Years
|
Since
|
||||||||||||||||||||||||
|
Fund NAV |
(2.25 | )% | 8.28 | % | 10.57 | % | 10.72 | % | 8.28 | % | 65.26 | % | 146.81 | % | ||||||||||||||||
|
Fund Market |
(2.15 | ) | 8.36 | 10.54 | 10.72 | 8.36 | 65.05 | 146.89 | ||||||||||||||||||||||
|
Index |
(1.97 | ) | 8.94 | 11.00 | 11.07 | 8.94 | 68.48 | 153.58 | ||||||||||||||||||||||
The inception date of the Fund was March 19, 2015. The first day of secondary market trading was March 23, 2015.
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
| Actual
|
Hypothetical 5% Return
|
|||||||||||||||||||||||||||||
| |
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 977.50 | $ | 2.29 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.34 | 0.46 | % | |||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector
|
|
Percent
of Total Investments
|
(a)
| |
|
Information Technology |
56.0 | % | ||
|
Health Care |
16.7 | |||
|
Industrials |
6.6 | |||
|
Financials |
5.3 | |||
|
Utilities |
4.6 | |||
|
Consumer Discretionary |
3.9 | |||
|
Materials |
3.0 | |||
|
Communication Services |
2.5 | |||
|
Real Estate |
1.0 | |||
|
Consumer Staples |
0.4 |
GEOGRAPHIC ALLOCATION
|
Country/Geographic Region
|
|
Percent
of Total Investments
|
(a)
| |
|
United States |
59.1 | % | ||
|
China |
5.9 | |||
|
Japan |
5.4 | |||
|
Canada |
3.3 | |||
|
Taiwan |
2.9 | |||
|
Netherlands |
2.7 | |||
|
Germany |
2.6 | |||
|
United Kingdom |
2.5 | |||
|
France |
2.4 | |||
|
Spain |
1.9 |
| (a) |
Excludes money market funds. |
| 6 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 | iShares® Future Cloud 5G and Tech ETF |
Investment Objective
The iShares Future Cloud 5G and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of companies from developed and emerging markets that could benefit from providing products, services, and technologies related to cloud computing and 5G, as represented by the Morningstar® Global Digital Infrastructure & Connectivity 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
|
Average Annual Total Returns
|
Cumulative Total Returns
|
|||||||||||||||||||||
6-Month
|
1 Year
|
Since
|
1 Year
|
Since
|
||||||||||||||||||
|
Fund NAV |
8.61 | % | 19.58 | % | 4.59 | % | 19.58 | % | 12.63 | % | ||||||||||||
|
Fund Market |
8.53 | 19.42 | 4.49 | 19.42 | 12.35 | |||||||||||||||||
|
Index |
8.95 | 20.17 | 4.74 | 20.17 | 13.04 | |||||||||||||||||
The inception date of the Fund was June 8, 2021. The first day of secondary market trading was June 10, 2021.
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
| Actual
|
Hypothetical 5% Return
|
|||||||||||||||||||||||||||||
| |
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 1,086.10 | $ | 2.46 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.39 | 0.47 | % | |||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
INDUSTRY ALLOCATION
|
Industry
|
Percent of Total Investments(a)
|
| ||||
|
Semiconductors & Semiconductor Equipment |
31.7 | % | ||||
|
Communications Equipment |
14.8 | |||||
|
Software |
14.2 | |||||
|
Technology Hardware, Storage & Peripherals |
10.5 | |||||
|
IT Services |
9.8 | |||||
|
Specialized REITs |
6.3 | |||||
|
Diversified Telecommunication Services |
6.2 | |||||
|
Electronic Equipment, Instruments & Components |
4.5 | |||||
|
Chemicals |
2.0 | |||||
GEOGRAPHIC ALLOCATION
|
Country/Geographic Region
|
|
Percent
of Total Investments
|
(a)
| |
|
United States |
77.3 | % | ||
|
Taiwan |
4.5 | |||
|
Japan |
3.6 | |||
|
Finland |
2.7 | |||
|
Sweden |
2.3 | |||
|
Spain |
2.3 | |||
|
Germany |
2.1 | |||
|
China |
2.0 | |||
|
Italy |
1.5 | |||
|
Australia |
1.1 | |||
|
Singapore |
0.6 |
| (a) |
Excludes money market funds. |
|
F U N D S U M M A R Y |
7 |
| Fund Summary as of January 31, 2024 | iShares® Genomics Immunology and Healthcare ETF |
Investment Objective
The iShares Genomics Immunology and Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in genomics, immunology and bioengineering, as represented by the NYSE® FactSet® Global Genomics and Immuno Biopharma IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
|
Average Annual Total Returns
|
Cumulative Total Returns
|
|||||||||||||||||||||||
6-Month
|
1 Year
|
Since
|
1 Year
|
Since
|
||||||||||||||||||||
|
Fund NAV |
(6.59 | )% | (16.79 | )% | (1.35 | )% | (16.79 | )% | (6.11 | )% | ||||||||||||||
|
Fund Market |
(6.33 | ) | (16.38 | ) | (1.28 | ) | (16.38 | ) | (5.79 | ) | ||||||||||||||
|
Index |
(6.21 | ) | (16.21 | ) | (1.13 | ) | (16.21 | ) | (5.14 | ) | ||||||||||||||
The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 2019.
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
| Actual
|
Hypothetical 5% Return
|
|||||||||||||||||||||||||||||
| |
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 934.10 | $ | 2.28 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.39 | 0.47 | % | |||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
INDUSTRY ALLOCATION
|
Industry
|
|
Percent of Total Investments
|
(a)
| |
|
Biotechnology |
72.1 | % | ||
|
Pharmaceuticals |
23.7 | |||
|
Chemicals |
2.1 | |||
|
Life Sciences Tools & Services |
2.1 |
GEOGRAPHIC ALLOCATION
|
Country/Geographic Region
|
|
Percent
of Total Investments
|
(a)
| |
|
United States |
67.7 | % | ||
|
Japan |
5.6 | |||
|
Switzerland |
5.1 | |||
|
France |
4.7 | |||
|
United Kingdom |
4.1 | |||
|
Germany |
3.6 | |||
|
Denmark |
3.3 | |||
|
China |
3.0 | |||
|
Canada |
1.3 | |||
|
South Korea |
0.9 |
| (a) |
Excludes money market funds. |
| 8 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 | iShares® Neuroscience and Healthcare ETF |
Investment Objective
The iShares Neuroscience and Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that could benefit from the growth and innovation in neuroscience, as represented by the NYSE® FactSet® Global Neuro Biopharma and MedTech 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
|
Average Annual Total Returns
|
Cumulative Total Returns
|
|||||||||||||||||||||||
6-Month
|
1 Year
|
Since
|
1 Year
|
Since
|
||||||||||||||||||||
|
Fund NAV |
3.63 | % | (5.01 | )% | 0.76 | % | (5.01 | )% | 1.10 | % | ||||||||||||||
|
Fund Market |
3.43 | (5.18 | ) | 0.75 | (5.18 | ) | 1.08 | |||||||||||||||||
|
Index |
3.69 | (4.84 | ) | 0.91 | (4.84 | ) | 1.31 | |||||||||||||||||
The inception date of the Fund was August 24, 2022. The first day of secondary market trading was August 26, 2022.
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
| Actual
|
Hypothetical 5% Return
|
|||||||||||||||||||||||||||||
| |
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 1,036.30 | $ | 2.41 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.39 | 0.47 | % | |||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
INDUSTRY ALLOCATION
|
Industry
|
|
Percent
of Total Investments
|
(a)
| |
|
Biotechnology |
59.8 | % | ||
|
Pharmaceuticals |
29.6 | |||
|
Health Care Equipment & Supplies |
10.2 | |||
|
Life Sciences Tools & Services |
0.4 |
GEOGRAPHIC ALLOCATION
|
Country/Geographic Region
|
|
Percent
of Total Investments
|
(a)
| |
|
United States |
76.1 | % | ||
|
Canada |
4.2 | |||
|
South Korea |
4.0 | |||
|
Australia |
4.0 | |||
|
Denmark |
3.2 | |||
|
Netherlands |
2.9 | |||
|
Ireland |
2.8 | |||
|
Sweden |
2.0 | |||
|
Singapore |
0.8 |
| (a) |
Excludes money market funds. |
|
F U N D S U M M A R Y |
9 |
| Fund Summary as of January 31, 2024 | iShares® Robotics and Artificial Intelligence Multisector ETF |
Investment Objective
The iShares Robotics and Artificial Intelligence Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in robotics technologies and artificial intelligence, as represented by the NYSE® FactSet® Global Robotics and Artificial Intelligence 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
|
Average Annual Total Returns
|
Cumulative Total Returns
|
|||||||||||||||||||||||||||||||
6-Month
|
1 Year
|
5 Years
|
Since
|
1 Year
|
5 Years
|
Since
|
||||||||||||||||||||||||||
|
Fund NAV |
(5.71 | )% | 9.80 | % | 8.46 | % | 6.73 | % | 9.80 | % | 50.10 | % | 44.05 | % | ||||||||||||||||||
|
Fund Market |
(5.67 | ) | 9.99 | 8.40 | 6.80 | 9.99 | 49.70 | 44.55 | ||||||||||||||||||||||||
|
Index |
(5.28 | ) | 10.19 | 8.78 | 7.01 | 10.19 | 52.32 | 46.07 | ||||||||||||||||||||||||
The inception date of the Fund was June 26, 2018. The first day of secondary market trading was June 28, 2018.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual
|
Hypothetical 5% Return
|
|||||||||||||||||||||||||||||
| |
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 942.90 | $ | 2.30 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.39 | 0.47 | % | |||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector
|
|
Percent
of Total Investments
|
(a)
| |
|
Information Technology |
56.2 | % | ||
|
Communication Services |
18.2 | |||
|
Industrials |
16.3 | |||
|
Consumer Discretionary |
7.1 | |||
|
Health Care |
1.1 | |||
|
Financials |
1.1 |
GEOGRAPHIC ALLOCATION
|
Country/Geographic Region
|
|
Percent
of Total Investments
|
(a)
| |
|
United States |
52.7 | % | ||
|
Japan |
10.0 | |||
|
China |
9.7 | |||
|
Taiwan |
8.1 | |||
|
Israel |
3.0 | |||
|
South Korea |
2.4 | |||
|
Switzerland |
1.8 | |||
|
Germany |
1.8 | |||
|
France |
1.6 | |||
|
Australia |
1.2 |
| (a) |
Excludes money market funds. |
| 10 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 | iShares® Self-Driving EV and Tech ETF |
Investment Objective
The iShares Self-Driving EV and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that may benefit from growth and innovation in and around electric vehicles, battery technologies and autonomous driving technologies, as represented by the NYSE® FactSet® Global Autonomous Driving and Electric Vehicle 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
|
Average Annual Total Returns
|
Cumulative Total Returns
|
|||||||||||||||||||||||
|
6-Month Total Returns
|
1 Year
|
Since Inception
|
1 Year
|
Since
|
||||||||||||||||||||
|
Fund NAV |
(33.78 | )% | (25.75 | )% | 5.20 | % | (25.75 | )% | 27.55 | % | ||||||||||||||
|
Fund Market |
(33.80 | ) | (25.71 | ) | 5.15 | (25.71 | ) | 27.26 | ||||||||||||||||
|
Index |
(34.07 | ) | (25.74 | ) | 5.21 | (25.74 | ) | 27.54 | ||||||||||||||||
The inception date of the Fund was April 16, 2019. The first day of secondary market trading was April 18, 2019.
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
| Actual
|
Hypothetical 5% Return
|
|||||||||||||||||||||||||||||
|
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 662.20 | $ | 1.96 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.39 | 0.47 | % | |||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector
|
|
Percent
of Total Investments
|
(a)
| |
|
Consumer Discretionary |
59.8 | % | ||
|
Industrials |
23.1 | |||
|
Materials |
9.0 | |||
|
Information Technology |
8.1 |
GEOGRAPHIC ALLOCATION
|
Country/Geographic Region
|
|
Percent
of Total Investments
|
(a)
| |
|
United States |
29.1 | % | ||
|
China |
16.7 | |||
|
South Korea |
11.2 | |||
|
Germany |
10.9 | |||
|
France |
9.4 | |||
|
Japan |
5.6 | |||
|
Switzerland |
4.7 | |||
|
Australia |
4.6 | |||
|
Sweden |
3.0 | |||
|
Netherlands |
1.7 |
| (a) |
Excludes money market funds. |
|
F U N D S U M M A R Y |
11 |
| Fund Summary as of January 31, 2024 | iShares® Virtual Work and Life Multisector ETF |
Investment Objective
The iShares Virtual Work and Life Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide products, services and technologies that empower individuals to work remotely, and support an increasingly virtual way of life across entertainment, wellness and learning, as represented by the NYSE® FactSet® Global Virtual Work and Life 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
|
Average Annual Total Returns
|
Cumulative Total Returns
|
|||||||||||||||||||||||
6-Month Total Returns
|
1 Year
|
Since Inception
|
1 Year
|
Since Inception
|
||||||||||||||||||||
|
Fund NAV |
(8.48 | )% | (1.24 | )% | (14.09 | )% | (1.24 | )% | (39.81 | )% | ||||||||||||||
|
Fund Market |
(8.41 | ) | (1.20 | ) | (14.09 | ) | (1.20 | ) | (39.82 | ) | ||||||||||||||
|
Index |
(8.15 | ) | (0.48 | ) | (13.67 | ) | (0.48 | ) | (38.77 | ) | ||||||||||||||
The inception date of the Fund was September 29, 2020. The first day of secondary market trading was October 1, 2020.
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
| Actual
|
Hypothetical 5% Return
|
|||||||||||||||||||||||||||||
|
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (08/01/23) |
|
|
Ending Account Value (01/31/24) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 915.20 | $ | 2.31 | $ | 1,000.00 | $ | 1,022.70 | $ | 2.44 | 0.48 | % | |||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector
|
|
Percent of Total Investments
|
(a)
| |
|
Information Technology |
42.3 | % | ||
|
Communication Services |
29.7 | |||
|
Consumer Discretionary |
19.4 | |||
|
Consumer Staples |
5.7 | |||
|
Health Care |
2.9 |
TEN LARGEST HOLDINGS
|
Security
|
|
Percent of Total Investments
|
(a)
| |
|
DocuSign Inc., Class A |
2.7 | % | ||
|
Monday.com Ltd. |
2.4 | |||
|
Netflix Inc. |
2.4 | |||
|
Zomato Ltd. |
2.3 | |||
|
Spotify Technology SA |
2.3 | |||
|
RingCentral Inc., Class A |
2.3 | |||
|
Nintendo Co. Ltd. |
2.3 | |||
|
Dropbox Inc., Class A |
2.3 | |||
|
Match Group Inc. |
2.2 | |||
|
Nice Ltd. |
2.2 |
| (a) |
Excludes money market funds. |
| 12 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.
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.
|
A B O U T F U N D P E R F O R M A N C E |
13 |
|
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Breakthrough Environmental Solutions ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Automobile Components — 6.6% | ||||||||
|
BorgWarner Inc. |
6,232 | $ | 211,265 | |||||
|
|
|
|||||||
| Automobiles — 11.4% | ||||||||
|
Li Auto Inc.(a) |
5,400 | 74,644 | ||||||
|
Lucid Group Inc.(a)(b) |
12,056 | 40,749 | ||||||
|
NIO Inc., Class A |
12,920 | 72,518 | ||||||
|
Tesla Inc.(a)(b) |
554 | 103,759 | ||||||
|
XPeng Inc.(a) |
12,000 | 49,976 | ||||||
|
Yadea Group Holdings Ltd.(c) |
16,000 | 21,937 | ||||||
|
|
|
|||||||
| 363,583 | ||||||||
| Chemicals — 8.9% | ||||||||
|
Johnson Matthey PLC |
6,274 | 129,364 | ||||||
|
Umicore SA |
6,795 | 154,562 | ||||||
|
|
|
|||||||
| 283,926 | ||||||||
| Commercial Services & Supplies — 0.5% | ||||||||
|
Ecopro HN Co. Ltd.(a) |
388 | 16,741 | ||||||
|
|
|
|||||||
| Electrical Equipment — 19.2% | ||||||||
|
Advanced Energy Solution Holding Co. Ltd. |
1,000 | 20,160 | ||||||
|
Doosan Fuel Cell Co. Ltd.(a) |
1,668 | 25,796 | ||||||
|
Goldwind Science & Technology Co Ltd., Class A |
3,200 | 3,106 | ||||||
|
Kempower OYJ(a) |
596 | 19,072 | ||||||
|
Ming Yang Smart Energy Group Ltd., Class A |
2,800 | 3,504 | ||||||
|
Nordex SE(a) |
1,960 | 19,999 | ||||||
|
Plug Power Inc.(a)(b) |
19,196 | 85,422 | ||||||
|
Siemens Energy AG(a) |
7,600 | 112,913 | ||||||
|
Tatung Co. Ltd.(a) |
59,000 | 82,320 | ||||||
|
Vestas Wind Systems A/S(a) |
3,889 | 109,650 | ||||||
|
Voltronic Power Technology Corp. |
3,000 | 128,289 | ||||||
|
|
|
|||||||
| 610,231 | ||||||||
| Electronic Equipment, Instruments & Components — 5.7% | ||||||||
|
Everdisplay Optronics Shanghai Co. Ltd. |
32,800 | 9,622 | ||||||
|
Samsung SDI Co. Ltd. |
620 | 172,065 | ||||||
|
|
|
|||||||
| 181,687 | ||||||||
| Leisure Products — 1.4% | ||||||||
|
Merida Industry Co. Ltd. |
8,000 | 43,813 | ||||||
|
|
|
|||||||
| Machinery — 20.3% | ||||||||
|
Kurita Water Industries Ltd. |
3,900 | 142,432 | ||||||
|
NGK Insulators Ltd. |
5,100 | 63,713 | ||||||
|
Wartsila OYJ Abp |
7,680 | 113,292 | ||||||
|
Xylem Inc./NY |
1,012 | 113,789 | ||||||
|
Yaskawa Electric Corp. |
5,700 | 214,812 | ||||||
|
|
|
|||||||
| 648,038 | ||||||||
| Security | Shares | Value | ||||||||
| Semiconductors & Semiconductor Equipment — 25.7% | ||||||||||
|
Daqo New Energy Corp., ADR(a)(b) |
1,928 | $ | 34,800 | |||||||
|
Duk San Neolux Co. Ltd. |
407 | 11,734 | ||||||||
|
Enphase Energy Inc.(a) |
1,168 | 121,624 | ||||||||
|
First Solar Inc.(a) |
858 | 125,525 | ||||||||
|
GCL-Poly Energy Holdings Ltd. |
360,000 | 41,423 | ||||||||
|
Hangzhou First Applied Material Co. Ltd., Class A |
5,220 | 16,514 | ||||||||
|
JA Solar Technology Co. Ltd., Class A |
4,880 | 11,603 | ||||||||
|
Jinko Solar Co. Ltd. |
15,200 | 16,759 | ||||||||
|
LONGi Green Energy Technology Co. Ltd., Class A |
19,800 | 53,304 | ||||||||
|
Meyer Burger Technology AG(a)(b) |
48,956 | 6,297 | ||||||||
|
Shanghai Aiko Solar Energy Co. Ltd. |
2,800 | 5,390 | ||||||||
|
SMA Solar Technology AG(a) |
231 | 11,848 | ||||||||
|
SolarEdge Technologies Inc.(a) |
1,031 | 68,562 | ||||||||
|
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A |
10,800 | 18,474 | ||||||||
|
TSEC Corp. |
5,465 | 4,953 | ||||||||
|
Universal Display Corp. |
1,192 | 202,366 | ||||||||
|
WONIK IPS Co. Ltd. |
1,072 | 24,236 | ||||||||
|
Xinyi Solar Holdings Ltd. |
94,000 | 43,159 | ||||||||
|
|
|
|||||||||
| 818,571 | ||||||||||
|
|
|
|||||||||
|
Total
Long-Term Investments — 99.7% |
3,177,855 | |||||||||
|
|
|
|||||||||
|
Short-Term Securities |
||||||||||
| Money Market Funds — 8.7% | ||||||||||
|
BlackRock
Cash Funds: Institutional, |
277,549 | 277,716 | ||||||||
|
|
|
|||||||||
|
Total
Short-Term Securities — 8.7% |
277,716 | |||||||||
|
|
|
|||||||||
|
Total
Investments — 108.4% |
3,455,571 | |||||||||
|
Liabilities in Excess of Other Assets — (8.4)% |
|
(266,969 | ) | |||||||
|
|
|
|||||||||
|
Net Assets — 100.0% |
$ | 3,188,602 | ||||||||
|
|
|
|||||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (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. |
| 14 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Breakthrough Environmental Solutions ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$130,372 | $ 147,350(a) | $ | — | $ | (3 | ) | $ | (3 | ) | $ | 277,716 | 277,549 | $ | 476 | (b) | $ | — | ||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares(c) |
— | 0(a) | — | — | — | — | — | 102 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (3 | ) | $ | (3 | ) | $ | 277,716 | $ | 578 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| (c) |
As of period end, the entity is no longer held. |
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 |
||||||||||||||||
|
Micro E-Mini Russell 2000 Index |
1 | 03/15/24 | $ | 10 | $ | 330 | ||||||||||
|
|
|
|||||||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 330 | $ | — | $ | — | $ | — | $ | 330 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | (263 | ) | $ | — | $ | — | $ | — | $ | (263 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (227 | ) | $ | — | $ | — | $ | — | $ | (227 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||
|
Average notional value of contracts — long |
$9,061 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
|
S C H E D U L E O F I N V E S T M E N T S |
15 |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Breakthrough Environmental Solutions ETF |
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 |
$ | 1,237,225 | $ | 1,940,630 | $ | — | $ | 3,177,855 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
277,716 | — | — | 277,716 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,514,941 | $ | 1,940,630 | $ | — | $ | 3,455,571 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Equity Contracts |
$ | 330 | $ | — | $ | — | $ | 330 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 16 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Cybersecurity and Tech ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Communications Equipment — 10.7% | ||||||||
|
Accton Technology Corp. |
1,682,000 | $ | 28,295,535 | |||||
|
Calix Inc.(a)(b) |
541,421 | 17,964,349 | ||||||
|
Juniper Networks Inc. |
1,003,582 | 37,092,391 | ||||||
|
|
|
|||||||
| 83,352,275 | ||||||||
| IT Services — 10.5% | ||||||||
|
Akamai Technologies Inc.(a) |
247,100 | 30,450,133 | ||||||
|
Change Holdings Inc.(b) |
371,300 | 3,414,548 | ||||||
|
Netcompany Group A/S(a)(b)(c) |
409,751 | 16,344,327 | ||||||
|
Okta Inc.(a) |
389,404 | 32,184,241 | ||||||
|
|
|
|||||||
| 82,393,249 | ||||||||
| Professional Services — 12.8% | ||||||||
|
Booz Allen Hamilton Holding Corp., Class A |
223,711 | 31,491,797 | ||||||
|
CACI International Inc., Class A(a) |
88,345 | 30,366,827 | ||||||
|
My EG Services Bhd |
45,971,800 | 7,564,733 | ||||||
|
Science Applications International Corp. |
239,093 | 30,522,612 | ||||||
|
|
|
|||||||
| 99,945,969 | ||||||||
| Software — 65.6% | ||||||||
|
A10 Networks Inc. |
644,610 | 8,618,435 | ||||||
|
Ahnlab Inc.(a) |
54,433 | 2,961,251 | ||||||
|
Alarm.com Holdings Inc.(a) |
441,649 | 26,861,092 | ||||||
|
BlackBerry Ltd.(a) |
5,354,010 | 15,013,290 | ||||||
|
Check Point Software Technologies Ltd.(a)(b) |
196,602 | 31,245,956 | ||||||
|
Clear Secure Inc., Class A |
781,995 | 14,881,365 | ||||||
|
Crowdstrike Holdings Inc., Class A(a) |
121,983 | 35,680,027 | ||||||
|
CyberArk Software Ltd.(a) |
142,359 | 33,237,979 | ||||||
|
Darktrace PLC(a)(b) |
2,414,638 | 10,469,902 | ||||||
|
Digital Arts Inc. |
97,700 | 3,348,885 | ||||||
|
Everbridge Inc.(a) |
368,836 | 8,247,173 | ||||||
|
Fortinet Inc.(a)(b) |
546,242 | 35,227,147 | ||||||
|
MIA Teknoloji A/S, NVS |
2,254,715 | 3,254,458 | ||||||
|
OneSpan Inc.(a) |
336,301 | 3,450,448 | ||||||
|
Palo Alto Networks Inc.(a) |
96,806 | 32,769,799 | ||||||
|
Qualys Inc.(a)(b) |
152,493 | 28,847,101 | ||||||
|
Radware Ltd.(a) |
328,736 | 6,009,294 | ||||||
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
|
Rapid7 Inc.(a)(b) |
511,552 | $ | 28,150,707 | |||||
|
SentinelOne Inc., Class A(a) |
1,445,913 | 38,750,468 | ||||||
|
TeamViewer SE(a)(c) |
1,322,811 | 18,964,667 | ||||||
|
Tenable Holdings Inc.(a) |
703,267 | 33,123,876 | ||||||
|
Trend Micro Inc./Japan(a) |
537,900 | 30,772,916 | ||||||
|
Varonis Systems Inc., Class B(a)(b) |
665,560 | 29,870,333 | ||||||
|
Zscaler Inc.(a)(b) |
144,787 | 34,121,952 | ||||||
|
|
|
|||||||
| 513,878,521 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.6% |
|
779,570,014 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 6.2% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f) |
47,985,056 | 48,013,847 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e) |
720,000 | 720,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 6.2% |
|
48,733,847 | ||||||
|
|
|
|||||||
|
Total
Investments — 105.8% |
|
828,303,861 | ||||||
|
Liabilities in Excess of Other Assets — (5.8)% |
|
(45,363,049 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 782,940,812 | |||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (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 January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value
at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 27,934,894 | $ | 20,062,052 | (a) | $ | — | $ | 13,141 | $ | 3,760 | $ | 48,013,847 | 47,985,056 | $ | 48,865 | (b) | $ | — | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
1,260,000 | — | (540,000 | )(a) | — | — | 720,000 | 720,000 | 30,482 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 13,141 | $ | 3,760 | $ | 48,733,847 | $ | 79,347 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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. |
|
S C H E D U L E O F I N V E S T M E N T S |
17 |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Cybersecurity and Tech ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||
|
Long Contracts |
||||||||||||
|
E-Mini Technology Select Sector Index |
15 | 03/15/24 | $ 3,007 | $ | 126,211 | |||||||
|
|
|
|||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 126,211 | $ | — | $ | — | $ | — | $ | 126,211 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | 34,912 | $ | — | $ | — | $ | — | $ | 34,912 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 99,285 | $ | — | $ | — | $ | — | $ | 99,285 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||
|
Average notional value of contracts — long |
$1,669,630 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 657,433,250 | $ | 122,136,764 | $ | — | $ | 779,570,014 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
48,733,847 | — | — | 48,733,847 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 706,167,097 | $ | 122,136,764 | $ | — | $ | 828,303,861 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 18 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Cybersecurity and Tech ETF |
Fair Value Hierarchy as of Period End (continued)
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Equity Contracts |
$ | 126,211 | $ | — | $ | — | $ | 126,211 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
19 |
|
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Exponential Technologies ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Australia — 1.0% | ||||||||
|
Technology One Ltd. |
1,592,082 | $ | 16,266,594 | |||||
|
WiseTech Global Ltd. |
357,190 | 16,816,898 | ||||||
|
|
|
|||||||
| 33,083,492 | ||||||||
| Austria — 0.4% | ||||||||
|
Verbund AG |
171,952 | 13,982,847 | ||||||
|
|
|
|||||||
| Belgium — 0.8% | ||||||||
|
Argenx SE(a) |
34,833 | 13,154,056 | ||||||
|
Melexis NV |
170,767 | 14,631,879 | ||||||
|
|
|
|||||||
| 27,785,935 | ||||||||
| Canada — 3.3% | ||||||||
|
Ballard Power Systems Inc.(a)(b) |
5,509,595 | 18,031,327 | ||||||
|
BlackBerry Ltd.(a) |
4,061,528 | 11,389,014 | ||||||
|
Boralex Inc., Class A |
677,134 | 16,333,412 | ||||||
|
Brookfield Renewable Corp., Class A |
577,743 | 16,140,449 | ||||||
|
CGI Inc.(a) |
154,484 | 17,300,094 | ||||||
|
Lithium Americas Argentina Corp.(a)(b) |
2,906,517 | 12,884,705 | ||||||
|
Northland Power Inc. |
953,984 | 17,554,810 | ||||||
|
|
|
|||||||
| 109,633,811 | ||||||||
| China — 5.8% | ||||||||
|
Baidu Inc.(a) |
1,242,850 | 16,091,437 | ||||||
|
BYD Co. Ltd., Class A |
572,700 | 13,637,776 | ||||||
|
China Longyuan Power Group Corp. Ltd., Class H |
13,734,000 | 8,284,501 | ||||||
|
China Resources Power Holdings Co. Ltd. |
8,348,000 | 16,888,839 | ||||||
|
Ganfeng Lithium Group Co. Ltd., Class A |
2,718,700 | 12,879,389 | ||||||
|
Genscript Biotech Corp.(a) |
6,218,000 | 10,321,342 | ||||||
|
Innovent Biologics Inc.(a)(c) |
3,087,500 | 12,439,263 | ||||||
|
Li Auto Inc.(a)(b) |
883,500 | 12,212,549 | ||||||
|
LONGi Green Energy Technology Co. Ltd., Class A |
5,500,900 | 14,809,109 | ||||||
|
NIO Inc., Class A(b) |
2,117,680 | 11,886,273 | ||||||
|
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A |
7,254,200 | 12,408,928 | ||||||
|
Tianqi Lithium Corp.(b) |
3,103,800 | 13,640,048 | ||||||
|
Tianqi Lithium Corp., Class A |
2,074,000 | 13,442,463 | ||||||
|
Tongwei Co. Ltd., Class A |
4,869,200 | 15,782,463 | ||||||
|
XPeng Inc.(a)(b) |
1,943,700 | 8,094,827 | ||||||
|
|
|
|||||||
| 192,819,207 | ||||||||
| Denmark — 0.9% | ||||||||
|
Orsted A/S(c) |
239,826 | 13,517,733 | ||||||
|
Vestas Wind Systems A/S(a) |
578,334 | 16,306,132 | ||||||
|
|
|
|||||||
| 29,823,865 | ||||||||
| Finland — 0.6% | ||||||||
|
Nokia OYJ |
5,274,389 | 19,068,093 | ||||||
|
|
|
|||||||
| France — 2.4% | ||||||||
|
Capgemini SE |
78,142 | 17,372,638 | ||||||
|
Dassault Systemes SE |
337,618 | 17,501,532 | ||||||
|
Sartorius Stedim Biotech |
72,311 | 19,483,274 | ||||||
|
SOITEC(a) |
93,610 | 13,529,363 | ||||||
|
Worldline SA/France(a)(c) |
936,344 | 12,657,955 | ||||||
|
|
|
|||||||
| 80,544,762 | ||||||||
| Germany — 2.0% | ||||||||
|
Infineon Technologies AG |
403,728 | 14,718,681 | ||||||
|
Merck KGaA |
105,673 | 17,338,349 | ||||||
|
SAP SE |
100,868 | 17,475,035 | ||||||
|
Siemens AG, Registered |
92,334 | 16,529,988 | ||||||
|
|
|
|||||||
| 66,062,053 | ||||||||
| Hong Kong — 0.5% | ||||||||
|
ASMPT Ltd.(b) |
1,604,900 | 15,487,888 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
| India — 1.1% | ||||||||
|
Infosys Ltd. |
915,136 | $ | 18,244,298 | |||||
|
Tata Consultancy Services Ltd. |
374,378 | 17,195,590 | ||||||
|
|
|
|||||||
| 35,439,888 | ||||||||
| Israel — 0.5% | ||||||||
|
Nice Ltd.(a) |
79,670 | 16,530,081 | ||||||
|
|
|
|||||||
| Italy — 0.9% | ||||||||
|
Infrastrutture Wireless Italiane SpA(c) |
1,294,513 | 15,653,286 | ||||||
|
Nexi SpA(a)(c) |
2,003,979 | 15,371,445 | ||||||
|
|
|
|||||||
| 31,024,731 | ||||||||
| Japan — 5.4% | ||||||||
|
Daifuku Co. Ltd. |
870,900 | 17,174,143 | ||||||
|
Daiichi Sankyo Co. Ltd. |
561,700 | 16,816,755 | ||||||
|
Denso Corp. |
1,026,200 | 16,119,601 | ||||||
|
FANUC Corp. |
416,000 | 11,507,543 | ||||||
|
Harmonic Drive Systems Inc. |
572,000 | 13,861,642 | ||||||
|
Murata Manufacturing Co. Ltd. |
816,800 | 16,492,925 | ||||||
|
Nabtesco Corp. |
866,100 | 16,647,231 | ||||||
|
Taiyo Yuden Co. Ltd. |
733,100 | 17,708,574 | ||||||
|
TDK Corp. |
352,800 | 17,553,497 | ||||||
|
Tokyo Electron Ltd. |
102,800 | 19,076,845 | ||||||
|
Yaskawa Electric Corp. |
437,400 | 16,483,986 | ||||||
|
|
|
|||||||
| 179,442,742 | ||||||||
| Netherlands — 2.7% | ||||||||
|
Adyen NV(a)(c) |
12,890 | 16,166,466 | ||||||
|
ASM International NV |
33,147 | 18,371,181 | ||||||
|
ASML Holding NV |
22,906 | 19,872,968 | ||||||
|
BE Semiconductor Industries NV |
114,944 | 17,273,587 | ||||||
|
Qiagen NV, NVS |
375,723 | 16,301,406 | ||||||
|
|
|
|||||||
| 87,985,608 | ||||||||
| Norway — 0.5% | ||||||||
|
Nordic Semiconductor ASA(a) |
1,643,771 | 16,505,731 | ||||||
|
|
|
|||||||
| South Korea — 1.4% | ||||||||
|
Samsung Electro-Mechanics Co. Ltd. |
141,067 | 14,671,099 | ||||||
|
Samsung SDI Co. Ltd. |
48,623 | 13,494,030 | ||||||
|
SK Hynix Inc. |
169,249 | 16,948,703 | ||||||
|
|
|
|||||||
| 45,113,832 | ||||||||
| Spain — 1.9% | ||||||||
|
Amadeus IT Group SA |
229,334 | 16,071,812 | ||||||
|
Cellnex Telecom SA(c) |
410,428 | 15,792,187 | ||||||
|
Corp. ACCIONA Energias Renovables SA |
613,020 | 15,929,371 | ||||||
|
EDP Renovaveis SA |
999,865 | 16,191,047 | ||||||
|
|
|
|||||||
| 63,984,417 | ||||||||
| Sweden — 0.9% | ||||||||
|
Swedish Orphan Biovitrum AB(a) |
667,740 | 18,742,213 | ||||||
|
Telefonaktiebolaget LM Ericsson, Class B |
2,120,526 | 11,755,084 | ||||||
|
|
|
|||||||
| 30,497,297 | ||||||||
| Switzerland — 1.4% | ||||||||
|
CRISPR Therapeutics AG(b) |
225,010 | 14,164,380 | ||||||
|
Novartis AG, Registered |
165,062 | 17,069,675 | ||||||
|
STMicroelectronics NV |
335,428 | 14,727,807 | ||||||
|
|
|
|||||||
| 45,961,862 | ||||||||
| Taiwan — 2.9% | ||||||||
|
Advantech Co. Ltd. |
1,447,000 | 15,597,518 | ||||||
|
MediaTek Inc. |
550,000 | 16,971,690 | ||||||
|
Taiwan Semiconductor Manufacturing Co. Ltd. |
894,000 | 17,896,532 | ||||||
|
United Microelectronics Corp. |
10,348,000 | 16,118,647 | ||||||
|
Win Semiconductors Corp. |
2,979,000 | 14,678,769 | ||||||
| 20 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Exponential Technologies ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Taiwan (continued) | ||||||||
|
Yageo Corp. |
856,000 | $ | 15,056,269 | |||||
|
|
|
|||||||
| 96,319,425 | ||||||||
| United Kingdom — 2.5% | ||||||||
|
AstraZeneca PLC |
125,789 | 16,676,708 | ||||||
|
GSK PLC |
884,623 | 17,495,838 | ||||||
|
Ocado Group PLC(a) |
2,081,734 | 14,259,687 | ||||||
|
Sage Group PLC (The) |
1,110,403 | 16,531,592 | ||||||
|
Wise PLC, Class A(a) |
1,578,451 | 16,100,047 | ||||||
|
|
|
|||||||
| 81,063,872 | ||||||||
| United States — 58.9% | ||||||||
|
AbbVie Inc. |
109,652 | 18,026,789 | ||||||
|
Accenture PLC, Class A |
47,855 | 17,413,477 | ||||||
|
Advanced Micro Devices Inc.(a) |
137,151 | 22,998,851 | ||||||
|
Akamai Technologies Inc.(a) |
140,039 | 17,257,006 | ||||||
|
Albemarle Corp. |
156,259 | 17,929,158 | ||||||
|
Alnylam Pharmaceuticals Inc.(a) |
91,714 | 15,858,268 | ||||||
|
Alphabet Inc., Class A(a) |
123,236 | 17,265,364 | ||||||
|
Amazon.com Inc.(a) |
111,461 | 17,298,747 | ||||||
|
Analog Devices Inc. |
87,617 | 16,854,006 | ||||||
|
Ansys Inc.(a) |
56,876 | 18,645,659 | ||||||
|
Applied Materials Inc. |
110,800 | 18,204,440 | ||||||
|
Aptiv PLC(a) |
239,478 | 19,476,746 | ||||||
|
Arcadium Lithium PLC, NVS(b) |
2,776,538 | 13,577,271 | ||||||
|
Arista Networks Inc.(a) |
75,469 | 19,522,321 | ||||||
|
Atlassian Corp., NVS(a) |
84,940 | 21,215,464 | ||||||
|
Autodesk Inc.(a) |
73,114 | 18,557,064 | ||||||
|
Biogen Inc.(a) |
68,630 | 16,928,276 | ||||||
|
BioMarin Pharmaceutical Inc.(a) |
170,439 | 15,012,267 | ||||||
|
Blackbaud Inc.(a) |
194,052 | 15,702,688 | ||||||
|
Box Inc., Class A(a) |
669,567 | 17,395,351 | ||||||
|
Bristol-Myers Squibb Co. |
321,779 | 15,725,340 | ||||||
|
Broadcom Inc. |
17,823 | 21,031,140 | ||||||
|
Cadence Design Systems Inc.(a) |
62,153 | 17,928,654 | ||||||
|
Chart Industries Inc.(a) |
131,846 | 15,389,065 | ||||||
|
Cisco Systems Inc. |
336,356 | 16,878,344 | ||||||
|
Cloudflare Inc., Class A(a) |
210,059 | 16,605,164 | ||||||
|
Cogent Communications Holdings Inc. |
239,169 | 18,463,847 | ||||||
|
Cognizant Technology Solutions Corp., Class A |
228,899 | 17,652,691 | ||||||
|
Coinbase Global Inc., Class A(a) |
119,045 | 15,261,569 | ||||||
|
Crowdstrike Holdings Inc., Class A(a) |
67,184 | 19,651,320 | ||||||
|
Crown Castle Inc. |
153,263 | 16,590,720 | ||||||
|
Datadog Inc., Class A(a) |
140,895 | 17,532,974 | ||||||
|
DocuSign Inc., Class A(a) |
338,907 | 20,646,214 | ||||||
|
Dropbox Inc., Class A(a) |
581,083 | 18,408,709 | ||||||
|
DuPont de Nemours Inc. |
227,146 | 14,037,623 | ||||||
|
Dynatrace Inc.(a) |
295,546 | 16,846,122 | ||||||
|
Elastic NV(a) |
142,569 | 16,689,127 | ||||||
|
Eli Lilly & Co. |
27,348 | 17,656,142 | ||||||
|
Enphase Energy Inc.(a)(b) |
150,330 | 15,653,863 | ||||||
|
FactSet Research Systems Inc. |
36,174 | 17,215,930 | ||||||
|
First Solar Inc.(a)(b) |
110,472 | 16,162,054 | ||||||
|
Five9 Inc.(a) |
196,447 | 14,902,469 | ||||||
|
Fortinet Inc.(a) |
309,648 | 19,969,199 | ||||||
|
Gen Digital Inc. |
725,012 | 17,023,282 | ||||||
|
Guardant Health Inc.(a) |
623,554 | 13,674,539 | ||||||
|
Guidewire Software Inc.(a)(b) |
163,218 | 18,228,186 | ||||||
|
Hewlett Packard Enterprise Co. |
1,010,727 | 15,454,016 | ||||||
|
Hubbell Inc., Class B |
52,858 | 17,737,559 | ||||||
|
HubSpot Inc.(a) |
32,351 | 19,766,461 | ||||||
|
Illumina Inc.(a) |
118,970 | 17,013,900 | ||||||
|
Incyte Corp.(a) |
289,615 | 17,020,674 | ||||||
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Intel Corp. |
388,316 | $ | 16,728,653 | |||||
|
Intellia Therapeutics Inc.(a)(b) |
537,526 | 12,803,869 | ||||||
|
International Business Machines Corp. |
100,141 | 18,391,896 | ||||||
|
Intuitive Surgical Inc.(a) |
52,003 | 19,668,575 | ||||||
|
Ionis Pharmaceuticals Inc.(a)(b) |
322,865 | 16,592,032 | ||||||
|
Jazz Pharmaceuticals PLC(a) |
131,966 | 16,194,868 | ||||||
|
Keysight Technologies Inc.(a) |
113,808 | 17,442,214 | ||||||
|
KLA Corp. |
30,329 | 18,016,639 | ||||||
|
Lam Research Corp. |
23,064 | 19,031,721 | ||||||
|
Manhattan Associates Inc.(a) |
71,639 | 17,376,756 | ||||||
|
MarketAxess Holdings Inc. |
61,256 | 13,813,841 | ||||||
|
Marvell Technology Inc. |
318,269 | 21,546,811 | ||||||
|
Merck & Co. Inc. |
151,877 | 18,343,704 | ||||||
|
Mettler-Toledo International Inc.(a) |
14,687 | 17,583,130 | ||||||
|
Microchip Technology Inc. |
191,946 | 16,349,960 | ||||||
|
Micron Technology Inc. |
219,242 | 18,800,001 | ||||||
|
Microsoft Corp. |
43,425 | 17,264,911 | ||||||
|
Moderna Inc.(a)(b) |
199,139 | 20,122,996 | ||||||
|
MongoDB Inc., Class A(a) |
41,276 | 16,531,864 | ||||||
|
Monolithic Power Systems Inc. |
28,927 | 17,434,881 | ||||||
|
NextEra Energy Inc. |
290,430 | 17,027,911 | ||||||
|
Nvidia Corp. |
35,271 | 21,701,188 | ||||||
|
NXP Semiconductors NV |
77,890 | 16,401,297 | ||||||
|
Okta Inc.(a) |
216,804 | 17,918,851 | ||||||
|
ON Semiconductor Corp.(a) |
218,552 | 15,545,604 | ||||||
|
Palantir Technologies Inc.(a)(b) |
938,007 | 15,092,533 | ||||||
|
Palo Alto Networks Inc.(a) |
56,069 | 18,979,917 | ||||||
|
Plug Power Inc.(a)(b) |
3,004,860 | 13,371,627 | ||||||
|
PTC Inc.(a) |
100,291 | 18,117,569 | ||||||
|
Qorvo Inc.(a) |
164,608 | 16,418,002 | ||||||
|
Qualcomm Inc. |
123,044 | 18,273,264 | ||||||
|
Qualys Inc.(a) |
86,421 | 16,348,261 | ||||||
|
Regeneron Pharmaceuticals Inc.(a) |
19,108 | 18,014,640 | ||||||
|
Revvity Inc. |
177,082 | 18,979,649 | ||||||
|
RingCentral Inc., Class A(a) |
509,694 | 17,273,530 | ||||||
|
Roper Technologies Inc. |
29,987 | 16,103,019 | ||||||
|
Salesforce Inc.(a) |
64,606 | 18,160,101 | ||||||
|
SBA Communications Corp., Class A |
71,422 | 15,988,529 | ||||||
|
Seagate Technology Holdings PLC |
206,281 | 17,674,156 | ||||||
|
SEI Investments Co. |
269,280 | 17,029,267 | ||||||
|
SentinelOne Inc., Class A(a) |
688,269 | 18,445,609 | ||||||
|
ServiceNow Inc.(a) |
23,319 | 17,848,363 | ||||||
|
Shoals Technologies Group Inc., Class A(a)(b) |
1,181,905 | 15,565,689 | ||||||
|
Skyworks Solutions Inc. |
158,620 | 16,569,445 | ||||||
|
Snowflake Inc., Class A(a) |
86,911 | 17,003,268 | ||||||
|
SoFi Technologies Inc.(a)(b) |
2,040,195 | 15,974,727 | ||||||
|
SolarEdge Technologies Inc.(a)(b) |
154,250 | 10,257,625 | ||||||
|
Splunk Inc.(a) |
106,552 | 16,341,880 | ||||||
|
Sunrun Inc.(a)(b) |
1,155,529 | 16,732,060 | ||||||
|
Synopsys Inc.(a) |
30,360 | 16,192,506 | ||||||
|
Teradyne Inc. |
175,956 | 16,995,590 | ||||||
|
Tesla Inc.(a) |
67,345 | 12,613,045 | ||||||
|
Texas Instruments Inc. |
102,859 | 16,469,783 | ||||||
|
Toast Inc.(a) |
1,060,830 | 18,850,949 | ||||||
|
Tradeweb Markets Inc., Class A |
173,889 | 16,587,272 | ||||||
|
Twilio Inc., Class A(a) |
235,928 | 16,592,816 | ||||||
|
Tyler Technologies Inc.(a)(b) |
39,647 | 16,760,769 | ||||||
|
Varonis Systems Inc., Class B(a) |
368,637 | 16,544,429 | ||||||
|
Veeva Systems Inc., Class A(a) |
89,909 | 18,648,026 | ||||||
|
Waters Corp.(a)(b) |
55,444 | 17,615,113 | ||||||
|
Western Digital Corp.(a) |
342,810 | 19,625,872 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
21 |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Exponential Technologies ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Zscaler Inc.(a) |
81,363 | $ | 19,174,818 | |||||
|
|
|
|||||||
| 1,949,824,001 | ||||||||
|
|
|
|||||||
|
Total
Common Stocks — 98.7% |
3,267,985,440 | |||||||
|
|
|
|||||||
|
Preferred Stocks |
||||||||
| Chile — 0.4% | ||||||||
|
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS |
315,916 | 13,565,447 | ||||||
|
|
|
|||||||
| Germany — 0.6% | ||||||||
|
Sartorius AG, Preference Shares, NVS(b) |
50,981 | 18,597,996 | ||||||
|
|
|
|||||||
|
Total
Preferred Stocks — 1.0% |
32,163,443 | |||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.7% |
3,300,148,883 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 6.3% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f) |
203,266,265 | 203,388,225 | ||||||
| Security | Shares | Value | ||||||
| Money Market Funds (continued) | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e) |
5,900,000 | $ | 5,900,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 6.3% |
209,288,225 | |||||||
|
|
|
|||||||
|
Total
Investments — 106.0% |
3,509,437,108 | |||||||
|
Liabilities in Excess of Other Assets — (6.0)% |
|
(197,271,569 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 3,312,165,539 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (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 January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 224,403,109 | $ | — | $ | (21,079,544 | )(a) | $ | 29,643 | $ | 35,017 | $ | 203,388,225 | 203,266,265 | $ | 888,549 | (b) | $ | — | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
5,560,000 | 340,000 | (a) | — | — | — | 5,900,000 | 5,900,000 | 94,737 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 29,643 | $ | 35,017 | $ | 209,288,225 | $ | 983,286 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 |
||||||||||||||||
|
Euro STOXX 50 Index |
15 | 03/15/24 | $ | 754 | $ | 10,714 | ||||||||||
|
MSCI Emerging Markets Index |
20 | 03/15/24 | 981 | (19,319 | ) | |||||||||||
|
S&P 500 E-Mini Index |
33 | 03/15/24 | 8,036 | 63,513 | ||||||||||||
|
|
|
|||||||||||||||
| $ | 54,908 | |||||||||||||||
|
|
|
|||||||||||||||
| 22 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Exponential Technologies ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 74,227 | $ | — | $ | — | $ | — | $ | 74,227 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 19,319 | $ | — | $ | — | $ | — | $ | 19,319 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | 490,441 | $ | — | $ | — | $ | — | $ | 490,441 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (555,701 | ) | $ | — | $ | — | $ | — | $ | (555,701 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 8,385,347 | ||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 2,059,457,812 | $ | 1,208,527,628 | $ | — | $ | 3,267,985,440 | ||||||||
|
Preferred Stocks |
— | 32,163,443 | — | 32,163,443 | ||||||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
209,288,225 | — | — | 209,288,225 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 2,268,746,037 | $ | 1,240,691,071 | $ | — | $ | 3,509,437,108 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Equity Contracts |
$ | 63,513 | $ | 10,714 | $ | — | $ | 74,227 | ||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
(19,319 | ) | — | — | (19,319 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 44,194 | $ | 10,714 | $ | — | 54,908 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
23 |
|
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Future Cloud 5G and Tech ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Chemicals — 2.0% | ||||||||
|
DuPont de Nemours Inc. |
2,173 | $ | 134,291 | |||||
|
|
|
|||||||
| Communications Equipment — 14.7% | ||||||||
|
Arista Networks Inc.(a) |
717 | 185,474 | ||||||
|
Ciena Corp.(a) |
3,344 | 177,232 | ||||||
|
Juniper Networks Inc. |
5,338 | 197,292 | ||||||
|
Lumentum Holdings Inc.(a) |
1,591 | 87,410 | ||||||
|
Nokia OYJ |
49,880 | 180,327 | ||||||
|
Telefonaktiebolaget LM Ericsson, Class B |
27,381 | 151,786 | ||||||
|
|
|
|||||||
| 979,521 | ||||||||
| Diversified Telecommunication Services — 6.2% | ||||||||
|
Cellnex Telecom SA(b) |
3,914 | 150,600 | ||||||
|
China Tower Corp. Ltd., Class H(b) |
998,000 | 111,019 | ||||||
|
Infrastrutture Wireless Italiane SpA(b) |
8,004 | 96,785 | ||||||
|
JTOWER Inc.(a) |
300 | 9,242 | ||||||
|
NetLink NBN Trust |
67,700 | 42,644 | ||||||
|
|
|
|||||||
| 410,290 | ||||||||
| Electronic Equipment, Instruments & Components — 4.5% | ||||||||
|
Belden Inc. |
916 | 67,949 | ||||||
|
Murata Manufacturing Co. Ltd. |
7,700 | 155,480 | ||||||
|
Taiyo Yuden Co. Ltd. |
3,000 | 72,467 | ||||||
|
|
|
|||||||
| 295,896 | ||||||||
| IT Services — 9.8% | ||||||||
|
Akamai Technologies Inc.(a) |
1,341 | 165,252 | ||||||
|
Cloudflare Inc., Class A(a) |
1,995 | 157,705 | ||||||
|
GDS Holdings Ltd.(a) |
18,600 | 12,458 | ||||||
|
Kyndryl Holdings Inc.(a) |
3,877 | 79,556 | ||||||
|
NEXTDC Ltd.(a) |
8,377 | 75,838 | ||||||
|
Twilio Inc., Class A(a) |
2,240 | 157,539 | ||||||
|
|
|
|||||||
| 648,348 | ||||||||
| Semiconductors & Semiconductor Equipment — 31.6% | ||||||||
|
Broadcom Inc. |
171 | 201,780 | ||||||
|
Diodes Inc.(a) |
782 | 52,644 | ||||||
|
Infineon Technologies AG |
3,849 | 140,322 | ||||||
|
Intel Corp. |
3,705 | 159,611 | ||||||
|
MACOM Technology Solutions Holdings Inc., Class H(a) |
1,254 | 108,133 | ||||||
|
Marvell Technology Inc. |
3,010 | 203,777 | ||||||
|
MediaTek Inc. |
5,000 | 154,288 | ||||||
|
Micron Technology Inc. |
2,091 | 179,303 | ||||||
|
Nvidia Corp. |
334 | 205,500 | ||||||
|
NXP Semiconductors NV |
743 | 156,454 | ||||||
|
Qorvo Inc.(a) |
1,572 | 156,791 | ||||||
|
Qualcomm Inc. |
1,177 | 174,796 | ||||||
|
SiTime Corp.(a) |
435 | 46,358 | ||||||
|
Skyworks Solutions Inc. |
1,528 | 159,615 | ||||||
|
|
|
|||||||
| 2,099,372 | ||||||||
| Security | Shares | Value | ||||||
| Software — 14.2% | ||||||||
|
Confluent Inc.(a)(c) |
3,286 | $ | 73,475 | |||||
|
Datadog Inc., Class A(a) |
1,328 | 165,256 | ||||||
|
Dynatrace Inc.(a) |
2,801 | 159,657 | ||||||
|
Elastic NV(a) |
1,015 | 118,816 | ||||||
|
Nutanix Inc., Class A(a) |
3,419 | 192,148 | ||||||
|
Splunk Inc.(a) |
1,005 | 154,137 | ||||||
|
Teradata Corp.(a) |
1,742 | 80,445 | ||||||
|
|
|
|||||||
| 943,934 | ||||||||
| Specialized REITs — 6.3% | ||||||||
|
American Tower Corp. |
726 | 142,042 | ||||||
|
Crown Castle Inc. |
1,308 | 141,591 | ||||||
|
SBA Communications Corp., Class A |
607 | 135,883 | ||||||
|
|
|
|||||||
| 419,516 | ||||||||
| Technology Hardware, Storage & Peripherals — 10.4% | ||||||||
|
IEIT Systems Co. Ltd., Class A |
2,000 | 7,809 | ||||||
|
Pure Storage Inc., Class A(a) |
4,772 | 190,832 | ||||||
|
Seagate Technology Holdings PLC |
1,951 | 167,162 | ||||||
|
Western Digital Corp.(a) |
3,242 | 185,604 | ||||||
|
Wiwynn Corp. |
2,000 | 141,002 | ||||||
|
|
|
|||||||
| 692,409 | ||||||||
|
Total
Long-Term Investments — 99.7% |
6,623,577 | |||||||
|
|
|
|||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 1.1% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f) |
75,123 | 75,168 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 1.1% |
75,168 | |||||||
|
|
|
|||||||
|
Total
Investments — 100.8% |
6,698,745 | |||||||
|
Liabilities in Excess of Other Assets — (0.8)% |
(55,808 | ) | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 6,642,937 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
All or a portion of this security is on loan. |
| (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. |
| 24 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Future Cloud 5G and Tech ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 697,644 | $ | — | $ | (622,551 | )(a) | $ | 85 | $ | (10 | ) | $ | 75,168 | 75,123 | $ | 311 | (b) | $ | — | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares(c) |
— | — | 0 | (a) | — | — | — | — | 25 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 85 | $ | (10 | ) | $ | 75,168 | $ | 336 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| (c) |
As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts |
Expiration Date |
Notional (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
Long Contracts |
||||||||||||||||
|
Micro E-Mini Russell 2000 Index |
1 | 03/15/24 | $ | 10 | $ | 330 | ||||||||||
|
|
|
|||||||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 330 | $ | — | $ | — | $ | — | $ | 330 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | 85 | $ | — | $ | — | $ | — | $ | 85 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 330 | $ | — | $ | — | $ | — | $ | 330 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 9,061 | ||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
|
S C H E D U L E O F I N V E S T M E N T S |
25 |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Future Cloud 5G and Tech ETF |
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 |
$ | 5,171,963 | $ | 1,451,614 | $ | — | $ | 6,623,577 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
75,168 | — | — | 75,168 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 5,247,131 | $ | 1,451,614 | $ | — | $ | 6,698,745 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Equity Contracts |
$ | 330 | $ | — | $ | — | $ | 330 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 26 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Genomics Immunology and Healthcare ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Canada — 1.3% | ||||||||
|
AbCellera Biologics Inc.(a) |
322,966 | $ | 1,650,356 | |||||
|
|
|
|||||||
| China — 3.0% | ||||||||
|
BeiGene Ltd.(a) |
325,900 | 3,693,492 | ||||||
|
|
|
|||||||
| Denmark — 3.3% | ||||||||
|
Genmab A/S(a) |
15,041 | 4,159,168 | ||||||
|
|
|
|||||||
| France — 4.7% | ||||||||
|
Sanofi SA |
50,749 | 5,082,286 | ||||||
|
Valneva SE(a)(b) |
171,035 | 697,215 | ||||||
|
|
|
|||||||
| 5,779,501 | ||||||||
| Germany — 3.6% | ||||||||
|
BioNTech SE, ADR(a) |
47,456 | 4,510,218 | ||||||
|
|
|
|||||||
| Japan — 5.6% | ||||||||
|
Ono Pharmaceutical Co. Ltd. |
98,500 | 1,775,376 | ||||||
|
Sosei Group Corp.(a)(b) |
21,400 | 207,727 | ||||||
|
Takeda Pharmaceutical Co. Ltd. |
167,300 | 4,917,027 | ||||||
|
|
|
|||||||
| 6,900,130 | ||||||||
| Netherlands — 0.7% | ||||||||
|
CureVac NV(b) |
149,442 | 536,497 | ||||||
|
uniQure NV |
69,423 | 385,992 | ||||||
|
|
|
|||||||
| 922,489 | ||||||||
| South Korea — 0.9% | ||||||||
|
ABLBio Inc.(a) |
47,376 | 775,436 | ||||||
|
ToolGen Inc., NVS |
9,266 | 334,916 | ||||||
|
|
|
|||||||
| 1,110,352 | ||||||||
| Switzerland — 5.1% | ||||||||
|
CRISPR Therapeutics AG(b) |
22,230 | 1,399,379 | ||||||
|
Roche Holding AG, NVS |
17,176 | 4,890,288 | ||||||
|
|
|
|||||||
| 6,289,667 | ||||||||
| United Kingdom — 4.1% | ||||||||
|
GSK PLC |
259,737 | 5,137,009 | ||||||
|
|
|
|||||||
| United States — 67.5% | ||||||||
|
4D Molecular Therapeutics Inc.(a) |
58,370 | 1,006,882 | ||||||
|
Arcellx Inc.(a)(b) |
57,355 | 3,546,833 | ||||||
|
Arcturus Therapeutics Holdings Inc.(a) |
39,694 | 1,308,711 | ||||||
|
Arcus Biosciences Inc.(a) |
78,611 | 1,190,171 | ||||||
|
Beam Therapeutics Inc.(a)(b) |
111,744 | 2,726,554 | ||||||
|
BioCryst Pharmaceuticals Inc.(a) |
324,140 | 1,717,942 | ||||||
|
Blueprint Medicines Corp.(a)(b) |
17,353 | 1,380,084 | ||||||
|
Caribou Biosciences Inc.(a)(b) |
118,208 | 724,615 | ||||||
|
Deciphera Pharmaceuticals Inc.(a) |
78,526 | 1,124,492 | ||||||
|
Dynavax Technologies Corp.(a)(b) |
208,818 | 2,697,929 | ||||||
|
Editas Medicine Inc.(a)(b) |
132,224 | 929,535 | ||||||
|
Exelixis Inc.(a) |
214,996 | 4,678,313 | ||||||
|
Geron Corp.(a) |
744,159 | 1,369,253 | ||||||
|
Gilead Sciences Inc. |
60,684 | 4,749,130 | ||||||
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Ginkgo Bioworks Holdings Inc.(a)(b) |
2,147,319 | $ | 2,598,256 | |||||
|
Icosavax Inc.(a) |
53,027 | 811,843 | ||||||
|
ImmunityBio Inc.(a)(b) |
213,372 | 716,930 | ||||||
|
Incyte Corp.(a) |
87,238 | 5,126,977 | ||||||
|
Intellia Therapeutics Inc.(a)(b) |
25,577 | 609,244 | ||||||
|
Iovance Biotherapeutics Inc.(a)(b) |
322,811 | 2,495,329 | ||||||
|
Ligand Pharmaceuticals Inc.(a)(b) |
26,755 | 1,955,790 | ||||||
|
MacroGenics Inc.(a)(b) |
95,522 | 1,365,965 | ||||||
|
Merck & Co. Inc. |
45,545 | 5,500,925 | ||||||
|
Moderna Inc.(a) |
59,034 | 5,965,386 | ||||||
|
Novavax Inc.(a)(b) |
179,791 | 719,164 | ||||||
|
Nurix Therapeutics Inc.(a) |
72,003 | 568,824 | ||||||
|
OmniAb Inc.(a) |
153,751 | 891,756 | ||||||
|
OmniAb, Inc., 12.50 Earnout Shares(c) |
19,498 | — | ||||||
|
OmniAb, Inc., 15.00 Earnout Shares(c) |
19,498 | — | ||||||
|
Regeneron Pharmaceuticals Inc.(a) |
5,784 | 5,453,039 | ||||||
|
Revolution Medicines Inc.(a) |
192,352 | 5,337,768 | ||||||
|
Sarepta Therapeutics Inc.(a) |
55,809 | 6,640,713 | ||||||
|
SpringWorks Therapeutics Inc.(a)(b) |
78,965 | 3,484,725 | ||||||
|
Twist Bioscience Corp.(a)(b) |
90,040 | 2,917,296 | ||||||
|
Vir Biotechnology Inc.(a) |
143,519 | 1,349,079 | ||||||
|
Xencor Inc.(a) |
17,160 | 320,892 | ||||||
|
|
|
|||||||
| 83,980,345 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.8% |
|
124,132,727 | ||||||
|
|
|
|||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 20.5% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f) |
25,406,123 | 25,421,367 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e) |
80,000 | 80,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 20.5% |
25,501,367 | |||||||
|
|
|
|||||||
|
Total
Investments — 120.3% |
149,634,094 | |||||||
|
Liabilities in Excess of Other Assets — (20.3)% |
|
(25,232,191 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 124,401,903 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (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. |
|
S C H E D U L E O F I N V E S T M E N T S |
27 |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Genomics Immunology and Healthcare ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$24,056,998 | $1,358,337(a) | $ — | $ | 1,223 | $ | 4,809 | $ | 25,421,367 | 25,406,123 | $ | 211,293 | (b) | $ | — | |||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
70,000 | 10,000(a) | — | — | — | 80,000 | 80,000 | 3,052 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 1,223 | $ | 4,809 | $ | 25,501,367 | $ | 214,345 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 Sector Index |
1 | 03/15/24 | $ 142 | $ | 5,732 | |||||||
|
|
|
|||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 5,732 | $ | — | $ | — | $ | — | $ | 5,732 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | (2,946 | ) | $ | — | $ | — | $ | — | $ | (2,946 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (1,718 | ) | $ | — | $ | — | $ | — | $ | (1,718 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||
|
Average notional value of contracts — long |
$197,605 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
| 28 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Genomics Immunology and Healthcare ETF |
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 |
$ | 91,063,408 | $ | 33,069,319 | $ | — | $ | 124,132,727 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
25,501,367 | — | — | 25,501,367 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 116,564,775 | $ | 33,069,319 | $ | — | $ | 149,634,094 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Equity Contracts |
$ | 5,732 | $ | — | $ | — | $ | 5,732 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
29 |
|
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Neuroscience and Healthcare ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Biotechnology — 59.6% | ||||||||
|
ACADIA Pharmaceuticals Inc.(a) |
5,799 | $ | 150,254 | |||||
|
Acumen Pharmaceuticals Inc.(a) |
3,573 | 11,362 | ||||||
|
Alector Inc.(a) |
5,427 | 32,345 | ||||||
|
Alkermes PLC |
5,395 | 145,935 | ||||||
|
Anavex Life Sciences Corp.(a)(b) |
7,132 | 42,578 | ||||||
|
Annexon Inc.(a) |
3,543 | 14,721 | ||||||
|
Argenx SE, ADR(a) |
289 | 109,967 | ||||||
|
BioArctic AB, Class B(a)(b)(c) |
3,495 | 75,807 | ||||||
|
Biogen Inc.(a) |
559 | 137,883 | ||||||
|
Biohaven Ltd., NVS |
3,893 | 173,161 | ||||||
|
Bioxcel Therapeutics Inc.(a) |
1,800 | 5,796 | ||||||
|
Catalyst Pharmaceuticals Inc.(a) |
8,222 | 118,397 | ||||||
|
Cerevel Therapeutics Holdings Inc.(a) |
5,040 | 211,176 | ||||||
|
Design Therapeutics Inc.(a) |
2,889 | 6,847 | ||||||
|
Dyne Therapeutics Inc.(a) |
2,797 | 59,856 | ||||||
|
Entrada Therapeutics Inc.(a) |
1,603 | 23,356 | ||||||
|
Karuna Therapeutics Inc.(a) |
667 | 209,051 | ||||||
|
Neurocrine Biosciences Inc.(a) |
1,119 | 156,403 | ||||||
|
PTC Therapeutics Inc.(a)(b) |
5,463 | 142,530 | ||||||
|
Sarepta Therapeutics Inc.(a)(b) |
1,552 | 184,672 | ||||||
|
Scholar Rock Holding Corp.(a)(b) |
4,940 | 68,913 | ||||||
|
Vanda Pharmaceuticals Inc.(a) |
4,956 | 17,841 | ||||||
|
Voyager Therapeutics Inc.(a) |
3,105 | 22,573 | ||||||
|
Xenon Pharmaceuticals Inc.(a) |
3,561 | 161,028 | ||||||
|
|
|
|||||||
| 2,282,452 | ||||||||
| Health Care Equipment & Supplies — 10.2% | ||||||||
|
Axogen Inc.(a) |
3,664 | 35,431 | ||||||
|
Axonics Inc.(a) |
2,279 | 154,699 | ||||||
|
CVRx Inc.(a) |
820 | 20,598 | ||||||
|
Integra LifeSciences Holdings Corp.(a) |
3,185 | 127,878 | ||||||
|
Nevro Corp.(a) |
3,131 | 51,849 | ||||||
|
|
|
|||||||
| 390,455 | ||||||||
| Life Sciences Tools & Services — 0.4% | ||||||||
|
Cellivery Therapeutics Inc.(d) |
3,565 | 14,274 | ||||||
|
|
|
|||||||
| Pharmaceuticals — 29.5% | ||||||||
|
Amylyx Pharmaceuticals Inc.(a) |
4,465 | 71,440 | ||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
|
Avadel Pharmaceuticals PLC, ADR(a)(b) |
7,525 | $ | 108,285 | |||||
|
Cassava Sciences Inc.(a)(b) |
3,549 | 84,999 | ||||||
|
Edgewise Therapeutics Inc.(a) |
3,217 | 57,359 | ||||||
|
H Lundbeck A/S |
24,106 | 122,096 | ||||||
|
Harmony Biosciences Holdings Inc.(a) |
2,975 | 93,831 | ||||||
|
Intra-Cellular Therapies Inc.(a) |
2,085 | 140,404 | ||||||
|
Neuren Pharmaceuticals Ltd., NVS(a) |
9,918 | 151,951 | ||||||
|
SK Biopharmaceuticals Co. Ltd.(a) |
2,006 | 139,332 | ||||||
|
Supernus Pharmaceuticals Inc.(a)(b) |
4,697 | 130,013 | ||||||
|
WaVe Life Sciences Ltd. |
6,532 | 28,218 | ||||||
|
|
|
|||||||
| 1,127,928 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.7% |
3,815,109 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 12.8% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g) |
488,870 | 489,163 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 12.8% |
489,163 | |||||||
|
|
|
|||||||
|
Total
Investments — 112.5% |
4,304,272 | |||||||
|
Liabilities in Excess of Other Assets — (12.5)% |
|
(477,152 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 3,827,120 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) |
Affiliate of the Fund. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
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 January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 656,581 | $ | — | $ | (167,566 | )(a) | $ | 80 | $ | 68 | $ | 489,163 | 488,870 | $ | 13,127 | (b) | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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. |
| 30 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Neuroscience and Healthcare ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
||||||||||||||
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||
|
|
||||||||||||||
| Long Contracts | ||||||||||||||
|
Micro E-Mini Russell 2000 Index |
1 | 03/15/24 | $ 10 | $ | (260 | ) | ||||||||
|
|
|
|||||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
|
||||||||||||||||||||||||
| 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) |
$ — | $ | — | $ 260 | $ | — | $ | — | $ | — | $ | 260 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||
|
Futures contracts |
$ — | $ | — | $ (260) | $ | — | $ | — | $ | — | $ | (260 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 4,890 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 3,311,649 | $ | 489,186 | $ | 14,274 | $ | 3,815,109 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
489,163 | — | — | 489,163 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 3,800,812 | $ | 489,186 | $ | 14,274 | $ | 4,304,272 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (260 | ) | $ | — | $ | — | $ | (260 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
31 |
|
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
| |||||||
| Australia — 1.2% | ||||||||
|
Megaport Ltd.(a) |
849,580 | $ | 6,937,847 | |||||
|
|
|
|||||||
| Canada — 1.0% | ||||||||
|
ATS Corp.(a) |
132,315 | 5,659,889 | ||||||
|
|
|
|||||||
| Cayman Islands — 0.5% | ||||||||
|
Kingsoft Cloud Holdings Ltd.(a)(b) |
17,898,000 | 3,118,322 | ||||||
|
|
|
|||||||
| China — 9.7% | ||||||||
|
AAC Technologies Holdings Inc.(b) |
1,936,500 | 4,348,480 | ||||||
|
Alibaba Group Holding Ltd. |
590,700 | 5,297,973 | ||||||
|
Baidu Inc.(a) |
364,200 | 4,715,373 | ||||||
|
China Ruyi Holdings Ltd.(a)(b) |
23,536,000 | 3,948,477 | ||||||
|
Hello Group Inc., ADR |
875,133 | 5,137,031 | ||||||
|
iQIYI Inc., ADR(a)(b) |
1,219,521 | 4,085,395 | ||||||
|
JOYY Inc., ADR |
149,913 | 4,596,332 | ||||||
|
Kuaishou Technology(a)(c) |
744,100 | 3,750,514 | ||||||
|
Meitu Inc.(b)(c) |
11,433,000 | 3,386,575 | ||||||
|
NetEase Inc. |
233,700 | 4,542,686 | ||||||
|
Tencent Holdings Ltd. |
135,900 | 4,717,266 | ||||||
|
Xiaomi Corp., Class B(a)(c) |
2,724,600 | 4,292,684 | ||||||
|
ZTE Corp., Class H |
2,469,400 | 4,291,253 | ||||||
|
|
|
|||||||
| 57,110,039 | ||||||||
| France — 1.6% | ||||||||
|
Atos SE(a)(b) |
846,053 | 3,611,729 | ||||||
|
Dassault Systemes SE |
111,823 | 5,796,711 | ||||||
|
|
|
|||||||
| 9,408,440 | ||||||||
| Germany — 1.8% | ||||||||
|
Duerr AG |
248,099 | 5,672,395 | ||||||
|
Infineon Technologies AG |
135,772 | 4,949,829 | ||||||
|
|
|
|||||||
| 10,622,224 | ||||||||
| Guernsey — 1.1% | ||||||||
|
Genius Sports Ltd.(a)(b) |
964,223 | 6,469,936 | ||||||
|
|
|
|||||||
| India — 1.0% | ||||||||
|
PB Fintech Ltd.(a) |
512,474 | 6,193,608 | ||||||
|
|
|
|||||||
| Israel — 3.0% | ||||||||
|
Maytronics Ltd. |
552,573 | 6,062,633 | ||||||
|
Nano Dimension Ltd., ADR(a)(b) |
2,330,520 | 5,593,248 | ||||||
|
Stratasys Ltd.(a)(b) |
441,848 | 5,841,230 | ||||||
|
|
|
|||||||
| 17,497,111 | ||||||||
| Italy — 0.9% | ||||||||
|
Stellantis NV |
250,435 | 5,516,242 | ||||||
|
|
|
|||||||
| Japan — 10.0% | ||||||||
|
Cover Corp.(a)(b) |
250,600 | 4,818,769 | ||||||
|
FANUC Corp. |
193,700 | 5,358,200 | ||||||
|
Harmonic Drive Systems Inc. |
184,800 | 4,478,377 | ||||||
|
Kawasaki Heavy Industries Ltd. |
234,900 | 5,318,106 | ||||||
|
Kyocera Corp. |
391,900 | 5,737,443 | ||||||
|
MINEBEA MITSUMI Inc. |
283,900 | 5,868,272 | ||||||
|
Nidec Corp. |
141,800 | 5,288,689 | ||||||
|
Oracle Corp. Japan |
69,800 | 5,500,877 | ||||||
|
Ricoh Co. Ltd. |
658,000 | 5,171,876 | ||||||
|
Sony Group Corp. |
61,900 | 6,070,428 | ||||||
|
Yaskawa Electric Corp. |
143,500 | 5,407,983 | ||||||
|
|
|
|||||||
| 59,019,020 | ||||||||
| Norway — 1.0% | ||||||||
|
AutoStore Holdings Ltd.(a)(b)(c) |
3,376,702 | 6,163,943 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
| South Korea — 2.4% | ||||||||
|
Rainbow Robotics(a) |
41,454 | $ | 4,446,347 | |||||
|
Samsung Electronics Co. Ltd. |
94,580 | 5,139,178 | ||||||
|
Samsung SDS Co. Ltd. |
41,188 | 4,683,923 | ||||||
|
|
|
|||||||
| 14,269,448 | ||||||||
| Sweden — 1.1% | ||||||||
|
Spotify Technology SA(a) |
30,111 | 6,484,404 | ||||||
|
|
|
|||||||
| Switzerland — 1.8% | ||||||||
|
ABB Ltd., Registered |
135,276 | 5,723,772 | ||||||
|
STMicroelectronics NV |
112,167 | 4,924,973 | ||||||
|
|
|
|||||||
| 10,648,745 | ||||||||
| Taiwan — 8.1% | ||||||||
|
Airoha Technology Corp., NVS |
308,000 | 5,593,333 | ||||||
|
Alchip Technologies Ltd. |
55,000 | 6,822,196 | ||||||
|
Faraday Technology Corp. |
426,000 | 5,630,400 | ||||||
|
Global Unichip Corp. |
102,000 | 5,007,862 | ||||||
|
Hiwin Technologies Corp. |
746,392 | 5,238,992 | ||||||
|
HTC Corp.(a) |
3,391,000 | 5,297,458 | ||||||
|
Nuvoton Technology Corp. |
1,135,000 | 4,645,452 | ||||||
|
Via Technologies Inc. |
944,000 | 4,179,547 | ||||||
|
Winbond Electronics Corp. |
6,012,150 | 5,225,849 | ||||||
|
|
|
|||||||
| 47,641,089 | ||||||||
| United Kingdom — 1.0% | ||||||||
|
ARM Holdings PLC, ADR(a)(b) |
85,085 | 6,012,957 | ||||||
|
|
|
|||||||
| United States — 52.6% | ||||||||
|
3D Systems Corp.(a)(b) |
944,241 | 4,522,914 | ||||||
|
Adobe Inc.(a) |
8,756 | 5,409,282 | ||||||
|
Advanced Micro Devices Inc.(a) |
44,387 | 7,443,256 | ||||||
|
Alphabet Inc., Class A(a) |
43,394 | 6,079,499 | ||||||
|
Altair Engineering Inc., Class A(a)(b) |
75,303 | 6,402,261 | ||||||
|
Alteryx Inc., Class A(a)(b) |
129,829 | 6,161,684 | ||||||
|
Amazon.com Inc.(a) |
36,773 | 5,707,170 | ||||||
|
Ambarella Inc.(a) |
94,153 | 4,948,682 | ||||||
|
AMETEK Inc. |
36,082 | 5,847,088 | ||||||
|
Analog Devices Inc. |
29,102 | 5,598,061 | ||||||
|
Ansys Inc.(a) |
18,499 | 6,064,527 | ||||||
|
Apple Inc. |
27,871 | 5,139,412 | ||||||
|
Autodesk Inc.(a) |
24,502 | 6,218,853 | ||||||
|
Bentley Systems Inc., Class B |
103,893 | 5,236,207 | ||||||
|
Bumble Inc., Class A(a) |
399,657 | 5,483,294 | ||||||
|
CEVA Inc.(a)(b) |
255,225 | 4,900,320 | ||||||
|
Clarivate PLC(a)(b) |
657,540 | 5,878,408 | ||||||
|
Cognex Corp. |
146,899 | 5,308,930 | ||||||
|
DigitalOcean Holdings Inc.(a)(b) |
175,639 | 5,922,547 | ||||||
|
Dropbox Inc., Class A(a) |
189,749 | 6,011,248 | ||||||
|
Elastic NV(a)(b) |
48,885 | 5,722,478 | ||||||
|
Freshworks Inc., Class A(a) |
254,148 | 5,642,086 | ||||||
|
fuboTV Inc.(a)(b) |
1,656,303 | 4,124,194 | ||||||
|
GoDaddy Inc., Class A(a) |
52,566 | 5,606,690 | ||||||
|
HubSpot Inc.(a) |
10,660 | 6,513,260 | ||||||
|
Informatica Inc., Class A(a)(b) |
212,162 | 6,364,860 | ||||||
|
Intel Corp. |
122,998 | 5,298,754 | ||||||
|
Intuitive Surgical Inc.(a) |
17,250 | 6,524,295 | ||||||
|
iRobot Corp.(a) |
147,334 | 2,003,742 | ||||||
|
Lattice Semiconductor Corp.(a)(b) |
89,715 | 5,460,055 | ||||||
|
Lumen Technologies Inc.(a)(b) |
3,654,795 | 4,458,850 | ||||||
|
Matterport Inc., Class A(a) |
2,052,311 | 4,617,700 | ||||||
|
Meta Platforms Inc, Class A(a) |
17,019 | 6,639,793 | ||||||
|
Microchip Technology Inc. |
62,899 | 5,357,737 | ||||||
|
Microsoft Corp. |
14,017 | 5,572,879 | ||||||
|
MicroStrategy Inc., Class A(a)(b) |
10,237 | 5,130,887 | ||||||
| 32 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
MicroVision Inc.(a)(b) |
2,025,574 | $ | 4,820,866 | |||||
|
Netflix Inc.(a) |
11,594 | 6,540,291 | ||||||
|
Nvidia Corp. |
11,434 | 7,034,997 | ||||||
|
Oracle Corp. |
45,409 | 5,072,185 | ||||||
|
Paramount Global, Class B, NVS |
346,120 | 5,049,891 | ||||||
|
Pegasystems Inc. |
101,818 | 4,962,609 | ||||||
|
Peloton Interactive Inc., Class A(a)(b) |
875,147 | 4,865,817 | ||||||
|
Pinterest Inc., Class A(a) |
159,928 | 5,992,502 | ||||||
|
Proto Labs Inc.(a) |
145,792 | 5,261,633 | ||||||
|
Qualcomm Inc. |
41,713 | 6,194,798 | ||||||
|
Salesforce Inc.(a) |
20,696 | 5,817,439 | ||||||
|
Silicon Laboratories Inc.(a)(b) |
50,004 | 6,168,493 | ||||||
|
Sirius XM Holdings Inc.(b) |
1,107,549 | 5,637,424 | ||||||
|
Snap Inc., Class A, NVS(a) |
386,903 | 6,147,889 | ||||||
|
Snowflake Inc., Class A(a) |
29,628 | 5,796,422 | ||||||
|
Splunk Inc.(a)(b) |
35,613 | 5,461,966 | ||||||
|
Sprinklr Inc.(a) |
334,451 | 4,173,948 | ||||||
|
Symbotic Inc.(a)(b) |
94,988 | 4,087,334 | ||||||
|
Teradata Corp.(a) |
113,788 | 5,254,730 | ||||||
|
Texas Instruments Inc. |
34,334 | 5,497,560 | ||||||
|
Vimeo Inc.(a) |
268,642 | 1,066,509 | ||||||
|
|
|
|||||||
| 310,227,206 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.8% |
589,000,470 | |||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 11.7% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f) |
68,487,365 | $ | 68,528,457 | |||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e) |
330,000 | 330,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 11.7% |
|
68,858,457 | ||||||
|
|
|
|||||||
|
Total
Investments — 111.5% |
|
657,858,927 | ||||||
|
|
|
|||||||
|
Liabilities in Excess of Other Assets — (11.5)% |
|
(68,036,910 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 589,822,017 | |||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (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 January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$49,090,383 | $19,425,048(a) | $ — | $ | 2,338 | $ | 10,688 | $ | 68,528,457 | 68,487,365 | $ | 714,642 | (b) | $ | — | |||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
60,000 | 270,000(a) | — | — | — | 330,000 | 330,000 | 14,835 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 2,338 | $ | 10,688 | $ | 68,858,457 | $ | 729,477 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 |
3 | 03/15/24 | $ 601 | $ | 3,333 | |||||||
|
|
|
|||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
33 |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Robotics and Artificial Intelligence Multisector ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 3,333 | $ | — | $ | — | $ | — | $ | 3,333 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | (25,293 | ) | $ | — | $ | — | $ | — | $ | (25,293 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (7,227 | ) | $ | — | $ | — | $ | — | $ | (7,227 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||
|
Average notional value of contracts — long |
$466,870 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 360,107,628 | $ | 228,892,842 | $ | — | $ | 589,000,470 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
68,858,457 | — | — | 68,858,457 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 428,966,085 | $ | 228,892,842 | $ | — | $ | 657,858,927 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Equity Contracts |
$ | 3,333 | $ | — | $ | — | $ | 3,333 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 34 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Self-Driving EV and Tech ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Australia — 4.5% | ||||||||
|
Core Lithium Ltd.(a)(b) |
7,263,967 | $ | 912,317 | |||||
|
Pilbara Minerals Ltd.(b) |
5,126,968 | 11,677,517 | ||||||
|
|
|
|||||||
| 12,589,834 | ||||||||
| China — 16.6% | ||||||||
|
BYD Co. Ltd., Class H |
466,500 | 10,445,008 | ||||||
|
Ganfeng Lithium Group Co. Ltd., Class H(c) |
1,542,280 | 4,119,902 | ||||||
|
Li Auto Inc.(a) |
654,900 | 9,052,630 | ||||||
|
NIO Inc., Class A |
1,700,370 | 9,543,964 | ||||||
|
XPeng Inc.(a) |
1,506,100 | 6,272,377 | ||||||
|
Zhejiang Leapmotor Technology Co. Ltd.(a)(c) |
2,388,100 | 6,453,296 | ||||||
|
|
|
|||||||
| 45,887,177 | ||||||||
| Finland — 0.7% | ||||||||
|
Kempower OYJ(a)(b) |
58,731 | 1,879,379 | ||||||
|
|
|
|||||||
| France — 9.4% | ||||||||
|
Forvia SE(a) |
59,076 | 1,015,353 | ||||||
|
Renault SA |
312,737 | 11,777,575 | ||||||
|
Schneider Electric SE |
66,760 | 13,115,001 | ||||||
|
|
|
|||||||
| 25,907,929 | ||||||||
| Germany — 1.4% | ||||||||
|
Continental AG |
41,237 | 3,368,677 | ||||||
|
Vitesco Technologies Group AG(a) |
4,989 | 436,008 | ||||||
|
|
|
|||||||
| 3,804,685 | ||||||||
| Israel — 0.0% | ||||||||
|
Innoviz Technologies Ltd.(b) |
59,825 | 102,301 | ||||||
|
|
|
|||||||
| Japan — 5.6% | ||||||||
|
Denso Corp. |
692,400 | 10,876,254 | ||||||
|
GS Yuasa Corp. |
285,000 | 4,110,487 | ||||||
|
TS Tech Co. Ltd. |
34,800 | 440,810 | ||||||
|
|
|
|||||||
| 15,427,551 | ||||||||
| Netherlands — 1.7% | ||||||||
|
Alfen NV(a)(b)(c) |
78,941 | 4,773,841 | ||||||
|
|
|
|||||||
| Singapore — 0.3% | ||||||||
|
Vinfast Auto Ltd., NVS(b) |
123,388 | 734,159 | ||||||
|
|
|
|||||||
| South Korea — 11.2% | ||||||||
|
Hyundai Mobis Co. Ltd. |
23,370 | 3,663,329 | ||||||
|
LG Energy Solution Ltd.(a) |
37,433 | 10,625,007 | ||||||
|
Samsung SDI Co. Ltd. |
35,881 | 9,957,824 | ||||||
|
Sebang Global Battery Co. Ltd. |
21,154 | 913,719 | ||||||
|
SK IE Technology Co. Ltd.(a)(c) |
102,497 | 5,681,099 | ||||||
|
|
|
|||||||
| 30,840,978 | ||||||||
| Sweden — 2.9% | ||||||||
|
Hexagon AB, Class B |
749,536 | 8,180,125 | ||||||
|
|
|
|||||||
| Switzerland — 4.7% | ||||||||
|
ABB Ltd., Registered |
304,579 | 12,887,287 | ||||||
|
|
|
|||||||
| Taiwan — 1.3% | ||||||||
|
Advanced Energy Solution Holding Co. Ltd. |
116,000 | 2,338,574 | ||||||
|
Darfon Electronics Corp. |
749,000 | 1,215,970 | ||||||
|
|
|
|||||||
| 3,554,544 | ||||||||
| United Kingdom — 0.7% | ||||||||
|
Polestar Automotive Holding U.K. PLC, Class A(a)(b) |
935,524 | 2,030,087 | ||||||
|
|
|
|||||||
| United States — 29.0% | ||||||||
|
Adient PLC |
35,247 | 1,223,423 | ||||||
|
Aptiv PLC(a) |
107,452 | 8,739,071 | ||||||
|
Arcadium Lithium PLC, NVS(b) |
1,640,156 | 8,020,363 | ||||||
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
|
Aurora Innovation Inc., Class A(a)(b) |
257,825 | $ | 770,897 | |||||
|
Autoliv Inc. |
32,052 | 3,433,410 | ||||||
|
Blue Bird Corp.(a) |
89,249 | 2,599,823 | ||||||
|
ChargePoint Holdings Inc., Class A(a)(b) |
1,079,958 | 2,051,920 | ||||||
|
Cooper-Standard Holdings Inc.(a) |
6,424 | 112,998 | ||||||
|
CTS Corp. |
11,699 | 480,361 | ||||||
|
EVgo Inc., Class A(a)(b) |
368,886 | 844,749 | ||||||
|
Fisker Inc., Class A(a)(b) |
753,937 | 604,959 | ||||||
|
Gentex Corp. |
88,868 | 2,944,197 | ||||||
|
Gentherm Inc.(a) |
12,417 | 597,879 | ||||||
|
Lear Corp. |
22,200 | 2,950,380 | ||||||
|
Lucid Group Inc.(a)(b) |
2,836,525 | 9,587,455 | ||||||
|
Lumentum Holdings Inc.(a)(b) |
25,394 | 1,395,146 | ||||||
|
Luminar Technologies Inc., Class A(a)(b) |
97,882 | 266,239 | ||||||
|
Methode Electronics Inc. |
12,984 | 269,548 | ||||||
|
Microvast Holdings Inc.(a)(b) |
806,435 | 756,436 | ||||||
|
Nikola Corp.(a)(b) |
3,379,216 | 2,525,288 | ||||||
|
QuantumScape Corp., Class A(a)(b) |
1,230,554 | 8,380,073 | ||||||
|
Rivian Automotive Inc., Class A(a)(b) |
681,208 | 10,429,295 | ||||||
|
Stoneridge Inc.(a)(b) |
10,052 | 178,825 | ||||||
|
Tesla Inc.(a) |
51,429 | 9,632,137 | ||||||
|
Visteon Corp.(a) |
10,442 | 1,203,858 | ||||||
|
|
|
|||||||
| 79,998,730 | ||||||||
|
|
|
|||||||
|
Total
Common Stocks — 90.0% |
248,598,607 | |||||||
|
|
|
|||||||
|
Preferred Stocks |
||||||||
| Germany — 9.5% | ||||||||
|
Porsche Automobil Holding SE, Preference Shares, NVS |
251,000 | 12,530,913 | ||||||
|
Volkswagen AG, Preference Shares, NVS |
105,917 | 13,622,518 | ||||||
|
|
|
|||||||
| 26,153,431 | ||||||||
|
|
|
|||||||
|
Total
Preferred Stocks — 9.5% |
26,153,431 | |||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.5% |
274,752,038 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 14.4% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f) |
39,681,177 | 39,704,985 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e) |
140,000 | 140,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 14.4% |
39,844,985 | |||||||
|
|
|
|||||||
|
Total
Investments — 113.9% |
314,597,023 | |||||||
|
Liabilities in Excess of Other Assets — (13.9)% |
|
(38,508,419 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 276,088,604 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) |
Affiliate of the Fund. |
| (e) |
Annualized 7-day yield as of period end. |
|
S C H E D U L E O F I N V E S T M E N T S |
35 |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Self-Driving EV and Tech ETF |
| (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 January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | |
Value at 07/31/23 |
|
|
Purchases at Cost |
|
|
Proceeds from Sale |
|
|
Net Realized Gain (Loss) |
|
|
Change
in Unrealized Appreciation (Depreciation) |
|
|
Value at 01/31/24 |
|
|
Shares Held at 01/31/24 |
|
Income | |
Capital Gain Distributions from Underlying Funds |
||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$93,121,617 | $ — | $(53,431,182)(a) | $ | 12,990 | $ | 1,560 | $ | 39,704,985 | 39,681,177 | $ | 1,674,102 | (b) | $ | — | |||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
180,000 | — | (40,000)(a) | — | — | 140,000 | 140,000 | 8,171 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 12,990 | $ | 1,560 | $ | 39,844,985 | $ | 1,682,273 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 |
||||||||||||
|
Euro STOXX 50 Index |
10 | 03/15/24 | $ 503 | $ | 7,878 | |||||||
|
S&P 500 E-Mini Index |
3 | 03/15/24 | 730 | 15,000 | ||||||||
|
|
|
|||||||||||
| $ | 22,878 | |||||||||||
|
|
|
|||||||||||
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 22,878 | $ | — | $ | — | $ | — | $ | 22,878 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (29,275 | ) | $ | — | $ | — | $ | — | $ | (29,275 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (31,019 | ) | $ | — | $ | — | $ | — | $ | (31,019 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||
|
Average notional value of contracts — long |
$1,296,944 | |
| 36 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Self-Driving EV and Tech ETF |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 82,865,277 | $ | 165,733,330 | $ | — | $ | 248,598,607 | ||||||||
|
Preferred Stocks |
— | 26,153,431 | — | 26,153,431 | ||||||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
39,844,985 | — | — | 39,844,985 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 122,710,262 | $ | 191,886,761 | $ | — | $ | 314,597,023 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Equity Contracts |
$ | 15,000 | $ | 7,878 | $ | — | $ | 22,878 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
37 |
|
Schedule of Investments (unaudited) January 31, 2024 |
iShares® Virtual Work and Life Multisector ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Communication Services — 29.7% | ||||||||
|
Bandwidth Inc., Class A(a) |
710 | $ | 9,826 | |||||
|
Bumble Inc., Class A(a) |
2,085 | 28,606 | ||||||
|
China Ruyi Holdings Ltd.(a) |
120,000 | 20,132 | ||||||
|
Cover Corp.(a) |
500 | 9,615 | ||||||
|
DeNA Co. Ltd. |
2,300 | 23,222 | ||||||
|
Electronic Arts Inc. |
418 | 57,509 | ||||||
|
fuboTV Inc.(a) |
6,232 | 15,518 | ||||||
|
Hello Group Inc., ADR |
3,120 | 18,314 | ||||||
|
HUYA Inc., ADR(a) |
1,908 | 5,858 | ||||||
|
iQIYI Inc., ADR(a) |
11,318 | 37,915 | ||||||
|
JOYY Inc., ADR |
978 | 29,986 | ||||||
|
Match Group Inc.(a) |
1,730 | 66,397 | ||||||
|
Meitu Inc.(b) |
49,500 | 14,662 | ||||||
|
Netflix Inc.(a) |
124 | 69,950 | ||||||
|
Nexon Co. Ltd. |
2,700 | 43,089 | ||||||
|
Nintendo Co. Ltd. |
1,200 | 67,045 | ||||||
|
Paradox Interactive AB |
722 | 14,145 | ||||||
|
Roku Inc.(a) |
558 | 49,138 | ||||||
|
Rumble Inc.(a)(c) |
1,404 | 9,617 | ||||||
|
Snap Inc., Class A, NVS(a) |
4,088 | 64,958 | ||||||
|
Spotify Technology SA(a) |
323 | 69,558 | ||||||
|
Take-Two Interactive Software Inc.(a) |
364 | 60,035 | ||||||
|
Tencent Holdings Ltd. |
1,500 | 52,067 | ||||||
|
Ubisoft Entertainment SA(a) |
1,642 | 36,219 | ||||||
|
XD Inc.(a) |
5,800 | 6,235 | ||||||
|
|
|
|||||||
| 879,616 | ||||||||
| Consumer Discretionary — 19.4% | ||||||||
|
Chegg Inc.(a) |
2,380 | 23,443 | ||||||
|
Deliveroo PLC, Class A(a)(b) |
18,056 | 26,887 | ||||||
|
Delivery Hero SE(a)(b) |
1,810 | 41,068 | ||||||
|
DoorDash Inc., Class A(a)(c) |
600 | 62,520 | ||||||
|
Duolingo Inc, Class A(a) |
270 | 48,300 | ||||||
|
GN Store Nord A/S(a) |
2,642 | 62,304 | ||||||
|
Just Eat Takeaway.com NV(a)(b) |
3,750 | 56,623 | ||||||
|
Meituan, Class B(a)(b) |
5,050 | 40,618 | ||||||
|
New Oriental Education & Technology Group Inc.(a) |
6,900 | 53,256 | ||||||
|
Peloton Interactive Inc., Class A(a) |
6,768 | 37,630 | ||||||
|
Stride Inc.(a) |
892 | 53,475 | ||||||
|
Zomato Ltd.(a) |
41,436 | 69,618 | ||||||
|
|
|
|||||||
| 575,742 | ||||||||
| Consumer Staples — 5.7% | ||||||||
|
Alibaba Health Information Technology Ltd.(a) |
104,000 | 38,215 | ||||||
|
Dada Nexus Ltd., ADR(a) |
5,528 | 10,448 | ||||||
|
DocMorris AG(a)(c) |
256 | 23,883 | ||||||
|
JD Health International Inc.(a)(b) |
12,400 | 40,917 | ||||||
|
Ping An Healthcare and Technology Co. Ltd.(a)(b) |
11,400 | 16,367 | ||||||
|
Redcare Pharmacy NV(a)(b) |
290 | 40,367 | ||||||
|
|
|
|||||||
| 170,197 | ||||||||
| Health Care — 2.8% | ||||||||
|
Hims & Hers Health Inc.(a)(c) |
3,010 | 25,826 | ||||||
|
Teladoc Health Inc.(a) |
3,024 | 58,756 | ||||||
|
|
|
|||||||
| 84,582 | ||||||||
| Information Technology — 42.2% | ||||||||
|
8x8 Inc.(a) |
3,652 | 12,271 | ||||||
| Security | Shares | Value | ||||||
| Information Technology (continued) | ||||||||
|
Asana Inc., Class A(a)(c) |
2,300 | $ | 40,067 | |||||
|
Box Inc., Class A(a) |
2,288 | 59,442 | ||||||
|
Braze Inc., Class A(a) |
1,082 | 58,482 | ||||||
|
Cellebrite DI Ltd.(a) |
1,118 | 10,107 | ||||||
|
Cloudflare Inc., Class A(a) |
772 | 61,027 | ||||||
|
Consensus Cloud Solutions Inc.(a) |
552 | 12,000 | ||||||
|
DocuSign Inc., Class A(a) |
1,322 | 80,536 | ||||||
|
Dropbox Inc., Class A(a) |
2,110 | 66,845 | ||||||
|
Everbridge Inc.(a) |
1,194 | 26,698 | ||||||
|
Five9 Inc.(a) |
764 | 57,957 | ||||||
|
GMO internet group Inc. |
1,900 | 34,243 | ||||||
|
Instructure Holdings Inc.(a) |
362 | 8,916 | ||||||
|
Justsystems Corp. |
1,000 | 20,894 | ||||||
|
Life360 Inc.(b) |
3,926 | 19,571 | ||||||
|
LivePerson Inc.(a) |
2,328 | 6,518 | ||||||
|
Megaport Ltd.(a) |
4,558 | 37,222 | ||||||
|
Microsoft Corp. |
162 | 64,408 | ||||||
|
Mitek Systems Inc.(a) |
1,382 | 17,413 | ||||||
|
Monday.com Ltd.(a) |
346 | 72,674 | ||||||
|
Nice Ltd.(a) |
316 | 65,564 | ||||||
|
PagerDuty Inc.(a)(c) |
2,692 | 63,747 | ||||||
|
PowerSchool Holdings Inc., Class A(a) |
1,222 | 28,766 | ||||||
|
RingCentral Inc., Class A(a) |
1,988 | 67,373 | ||||||
|
Smartsheet Inc., Class A(a) |
1,368 | 61,519 | ||||||
|
Tyler Technologies Inc.(a)(c) |
138 | 58,340 | ||||||
|
Verint Systems Inc.(a) |
1,916 | 56,886 | ||||||
|
Weave Communications Inc.(a) |
1,286 | 16,126 | ||||||
|
WingArc1st Inc. |
500 | 9,512 | ||||||
|
Zoom Video Communications Inc., Class A(a) |
868 | 56,081 | ||||||
|
|
|
|||||||
| 1,251,205 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.8% |
2,961,342 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 9.9% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f) |
291,815 | 291,990 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 9.9% |
|
291,990 | ||||||
|
|
|
|||||||
|
Total
Investments — 109.7% |
|
3,253,332 | ||||||
|
Liabilities in Excess of Other Assets — (9.7)% |
|
(286,942 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 2,966,390 | |||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
All or a portion of this security is on loan. |
| (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. |
| 38 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) January 31, 2024 |
iShares® Virtual Work and Life Multisector ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 437,802 | $ | — | $ | (145,879 | )(a) | $ | 59 | $ | 8 | $ | 291,990 | 291,815 | $ | 966 | (b) | $ | — | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares(c) |
— | 0 | (a) | — | — | — | — | — | 71 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 59 | $ | 8 | $ | 291,990 | $ | 1,037 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| (c) |
As of period end, the entity is no longer held. |
Derivative Financial Instruments Categorized by Risk Exposure
For the period ended January 31, 2024, 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 |
$ | — | $ | — | $ | (6 | ) | $ | — | $ | — | $ | — | $ (6) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
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 |
$ | 2,004,669 | $ | 956,673 | $ | — | $ | 2,961,342 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
291,990 | — | — | 291,990 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 2,296,659 | $ | 956,673 | $ | — | $ | 3,253,332 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
39 |
Statements of Assets and Liabilities (unaudited)
January 31, 2024
|
iShares Breakthrough Environmental Solutions ETF |
iShares Cybersecurity and Tech ETF |
iShares Exponential Technologies |
iShares Future Cloud 5G and Tech ETF |
|||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 3,177,855 | $ | 779,570,014 | $ | 3,300,148,883 | $ | 6,623,577 | ||||||||
|
Investments, at value — affiliated(c) |
277,716 | 48,733,847 | 209,288,225 | 75,168 | ||||||||||||
|
Cash |
1,435 | 2,917 | 5,468 | — | ||||||||||||
|
Cash pledged for futures contracts |
1,000 | 144,000 | 422,000 | 1,000 | ||||||||||||
|
Foreign currency collateral pledged for futures contracts(d) |
— | — | 55,116 | — | ||||||||||||
|
Foreign currency, at value(e) |
5,722 | 481,341 | 4,068,973 | 10,225 | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
— | — | — | 7,935 | ||||||||||||
|
Securities lending income — affiliated |
246 | 7,955 | 167,236 | 38 | ||||||||||||
|
Dividends — unaffiliated |
2,213 | 2,375,486 | 1,930,301 | 2,609 | ||||||||||||
|
Dividends — affiliated |
— | 2,162 | 10,683 | — | ||||||||||||
|
Tax reclaims |
1,743 | 2,787 | 936,624 | 540 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
3,467,930 | 831,320,509 | 3,517,033,509 | 6,721,092 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Bank overdraft |
— | — | — | 79 | ||||||||||||
|
Collateral on securities loaned, at value |
277,736 | 48,013,917 | 203,295,662 | 75,200 | ||||||||||||
|
Payables: |
||||||||||||||||
|
Deferred foreign capital gain tax |
— | — | 117,235 | — | ||||||||||||
|
Investment advisory fees |
1,347 | 300,831 | 1,311,484 | 2,629 | ||||||||||||
|
Variation margin on futures contracts |
245 | 64,949 | 143,589 | 247 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
279,328 | 48,379,697 | 204,867,970 | 78,155 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Commitments and contingent liabilities |
||||||||||||||||
|
NET ASSETS |
$ | 3,188,602 | $ | 782,940,812 | $ | 3,312,165,539 | $ | 6,642,937 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF |
||||||||||||||||
|
Paid-in capital |
$ | 4,025,360 | $ | 705,758,553 | $ | 2,841,375,919 | $ | 7,007,192 | ||||||||
|
Accumulated earnings (loss) |
(836,758 | ) | 77,182,259 | 470,789,620 | (364,255 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 3,188,602 | $ | 782,940,812 | $ | 3,312,165,539 | $ | 6,642,937 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETVALUE |
||||||||||||||||
|
Shares outstanding |
160,000 | 16,950,000 | 58,050,000 | 240,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net asset value |
$ | 19.93 | $ | 46.19 | $ | 57.06 | $ | 27.68 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Investments, at cost — unaffiliated |
$ | 3,964,262 | $ | 677,084,164 | $ | 2,921,925,494 | $ | 6,429,586 | ||||||||
|
(b) Securities loaned, at value |
$ | 257,556 | $ | 45,833,831 | $ | 192,752,754 | $ | 71,552 | ||||||||
|
(c) Investments, at cost — affiliated |
$ | 277,717 | $ | 48,731,527 | $ | 209,183,693 | $ | 75,176 | ||||||||
|
(d) Foreign currency collateral pledged, at cost |
$ | — | $ | — | $ | 55,482 | $ | — | ||||||||
|
(e) Foreign currency, at cost |
$ | 5,802 | $ | 487,165 | $ | 4,081,137 | $ | 10,366 | ||||||||
| 40 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
January 31, 2024
|
iShares Genomics Immunology and Healthcare ETF |
iShares Neuroscience and Healthcare ETF |
iShares Robotics and Artificial Intelligence Multisector ETF |
iShares Self-Driving EV and Tech ETF |
|||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 124,132,727 | $ | 3,815,109 | $ | 589,000,470 | $ | 274,752,038 | ||||||||
|
Investments, at value — affiliated(c) |
25,501,367 | 489,163 | 68,858,457 | 39,844,985 | ||||||||||||
|
Cash |
11,657 | 7,857 | 4,307 | 77 | ||||||||||||
|
Cash pledged for futures contracts |
6,000 | — | 10,000 | 36,000 | ||||||||||||
|
Foreign currency collateral pledged for futures contracts(d) |
— | — | — | 36,743 | ||||||||||||
|
Foreign currency, at value(e) |
72,813 | 2,723 | 330,592 | 280,465 | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
— | — | 288,503 | — | ||||||||||||
|
Securities lending income — affiliated |
30,342 | 2,985 | 286,892 | 177,449 | ||||||||||||
|
Capital shares sold |
288,948 | — | — | — | ||||||||||||
|
Dividends — unaffiliated |
— | — | 130,006 | 32,697 | ||||||||||||
|
Dividends — affiliated |
363 | — | 1,171 | 641 | ||||||||||||
|
Tax reclaims |
113,063 | — | 44,295 | 752,598 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
150,157,280 | 4,317,837 | 658,954,693 | 315,913,693 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Collateral on securities loaned, at value |
25,424,432 | 488,910 | 68,529,589 | 39,687,887 | ||||||||||||
|
Payables: |
||||||||||||||||
|
Investments purchased |
279,883 | — | — | — | ||||||||||||
|
Deferred foreign capital gain tax |
— | — | 365,699 | — | ||||||||||||
|
Investment advisory fees |
50,798 | 1,547 | 232,755 | 121,919 | ||||||||||||
|
Variation margin on futures contracts |
264 | 260 | 4,633 | 15,283 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
25,755,377 | 490,717 | 69,132,676 | 39,825,089 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Commitments and contingent liabilities |
||||||||||||||||
|
NET ASSETS |
$ | 124,401,903 | $ | 3,827,120 | $ | 589,822,017 | $ | 276,088,604 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF |
||||||||||||||||
|
Paid-in capital |
$ | 283,285,244 | $ | 3,901,694 | $ | 654,139,576 | $ | 472,181,721 | ||||||||
|
Accumulated loss |
(158,883,341 | ) | (74,574 | ) | (64,317,559 | ) | (196,093,117 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 124,401,903 | $ | 3,827,120 | $ | 589,822,017 | $ | 276,088,604 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETVALUE |
||||||||||||||||
|
Shares outstanding |
5,600,000 | 150,000 | 18,200,000 | 9,200,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net asset value |
$ | 22.21 | $ | 25.51 | $ | 32.41 | $ | 30.01 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Investments, at cost — unaffiliated |
$ | 133,604,962 | $ | 3,737,070 | $ | 571,935,879 | $ | 347,685,897 | ||||||||
|
(b) Securities loaned, at value |
$ | 23,628,593 | $ | 465,935 | $ | 64,190,654 | $ | 35,883,567 | ||||||||
|
(c) Investments, at cost — affiliated |
$ | 25,498,401 | $ | 489,041 | $ | 68,850,495 | $ | 39,840,927 | ||||||||
|
(d) Foreign currency collateral pledged, at cost |
$ | — | $ | — | $ | — | $ | 37,066 | ||||||||
|
(e) Foreign currency, at cost |
$ | 73,365 | $ | 2,739 | $ | 335,891 | $ | 281,430 | ||||||||
|
F I N A N C I A L S T A T E M E N T S |
41 |
Statements of Assets and Liabilities (unaudited) (continued)
January 31, 2024
|
iShares Virtual Work and Life Multisector ETF |
||||
|
ASSETS |
||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 2,961,342 | ||
|
Investments, at value — affiliated(c) |
291,990 | |||
|
Cash |
1,226 | |||
|
Foreign currency, at value(d) |
4,448 | |||
|
Receivables: |
||||
|
Investments sold |
861 | |||
|
Securities lending income — affiliated |
122 | |||
|
Dividends — unaffiliated |
82 | |||
|
Tax reclaims |
153 | |||
|
|
|
|||
|
Total assets |
3,260,224 | |||
|
|
|
|||
|
LIABILITIES |
||||
|
Collateral on securities loaned, at value |
292,064 | |||
|
Payables: |
||||
|
Investments purchased |
564 | |||
|
Investment advisory fees |
1,204 | |||
|
Variation margin on futures contracts |
2 | |||
|
|
|
|||
|
Total liabilities |
293,834 | |||
|
|
|
|||
|
Commitments and contingent liabilities |
||||
|
NET ASSETS |
$ | 2,966,390 | ||
|
|
|
|||
|
NET ASSETS CONSIST OF |
||||
|
Paid-in capital |
$ | 6,699,279 | ||
|
Accumulated loss |
(3,732,889 | ) | ||
|
|
|
|||
|
NET ASSETS |
$ | 2,966,390 | ||
|
|
|
|||
|
NET ASSETVALUE |
||||
|
Shares outstanding |
200,000 | |||
|
|
|
|||
|
Net asset value |
$ | 14.83 | ||
|
|
|
|||
|
Shares authorized |
Unlimited | |||
|
|
|
|||
|
Par value |
None | |||
|
|
|
|||
|
(a) Investments, at cost — unaffiliated |
$ | 3,887,710 | ||
|
(b) Securities loaned, at value |
$ | 279,300 | ||
|
(c) Investments, at cost — affiliated |
$ | 291,968 | ||
|
(d) Foreign currency, at cost |
$ | 4,500 | ||
| 42 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended January 31, 2024
|
iShares Breakthrough Environmental Solutions ETF |
iShares Cybersecurity and Tech ETF |
iShares Exponential Technologies ETF |
iShares Future Cloud ETF |
|||||||||||||
|
INVESTMENT INCOME |
||||||||||||||||
|
Dividends — unaffiliated |
$ | 10,718 | $ | 4,501,032 | $ | 12,604,085 | $ | 34,904 | ||||||||
|
Dividends — affiliated |
102 | 30,482 | 94,737 | 25 | ||||||||||||
|
Interest — unaffiliated |
33 | 4,418 | 41,850 | 67 | ||||||||||||
|
Securities lending income — affiliated — net |
476 | 48,865 | 888,549 | 311 | ||||||||||||
|
Foreign taxes withheld |
(1,012 | ) | (381,147 | ) | (575,411 | ) | (2,395 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total investment income |
10,317 | 4,203,650 | 13,053,810 | 32,912 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
EXPENSES |
||||||||||||||||
|
Investment advisory |
8,496 | 1,533,956 | 7,459,985 | 14,144 | ||||||||||||
|
Commitment costs |
9 | 892 | 3,945 | 13 | ||||||||||||
|
Professional |
— | — | 3,782 | — | ||||||||||||
|
Interest expense |
— | — | 38,320 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses |
8,505 | 1,534,848 | 7,506,032 | 14,157 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net investment income |
1,812 | 2,668,802 | 5,547,778 | 18,755 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||||
|
Investments — unaffiliated |
29,515 | 17,846,235 | 114,469,004 | 69,133 | ||||||||||||
|
Investments — affiliated |
(3 | ) | 13,141 | 29,643 | 85 | |||||||||||
|
Foreign currency transactions |
2,294 | (42,116 | ) | (214,950 | ) | (330 | ) | |||||||||
|
Futures contracts |
(263 | ) | 34,912 | 490,441 | 85 | |||||||||||
|
In-kind redemptions — unaffiliated(a) |
— | 3,804,906 | 22,580,247 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 31,543 | 21,657,078 | 137,354,385 | 68,973 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
|
Investments — unaffiliated(b) |
(1,055,793 | ) | 87,461,203 | (223,036,165 | ) | 440,018 | ||||||||||
|
Investments — affiliated |
(3 | ) | 3,760 | 35,017 | (10 | ) | ||||||||||
|
Foreign currency translations |
(229 | ) | (102,993 | ) | 21,321 | (100 | ) | |||||||||
|
Futures contracts |
(227 | ) | 99,285 | (555,701 | ) | 330 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1,056,252 | ) | 87,461,255 | (223,535,528 | ) | 440,238 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net realized and unrealized gain (loss) |
(1,024,709 | ) | 109,118,333 | (86,181,143 | ) | 509,211 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (1,022,897 | ) | $ | 111,787,135 | $ | (80,633,365 | ) | $ | 527,966 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) See Note 2 of the Notes to Financial Statements. |
||||||||||||||||
|
(b) Net of increase in deferred foreign capital gain tax of |
$ | — | $ | — | $ | (117,235 | ) | $ | — | |||||||
|
F I N A N C I A L S T A T E M E N T S |
43 |
Statements of Operations (unaudited) (continued)
Six Months Ended January 31, 2024
| |
iShares Genomics Immunology and Healthcare ETF |
|
iShares Neuroscience and Healthcare ETF |
|
iShares Robotics and Artificial Intelligence Multisector ETF |
|
iShares Self-Driving EV and Tech ETF |
|||||||||
|
INVESTMENT INCOME |
||||||||||||||||
|
Dividends — unaffiliated |
$ | 115,268 | $ | — | $ | 1,394,230 | $ | 782,231 | ||||||||
|
Dividends — affiliated |
3,052 | — | 14,835 | 8,171 | ||||||||||||
|
Interest — unaffiliated |
530 | 47 | 3,918 | 2,911 | ||||||||||||
|
Securities lending income — affiliated — net |
211,293 | 13,127 | 714,642 | 1,674,102 | ||||||||||||
|
Foreign taxes withheld |
(11,527 | ) | — | (139,021 | ) | (10,384 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total investment income |
318,616 | 13,174 | 1,988,604 | 2,457,031 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
EXPENSES |
||||||||||||||||
|
Investment advisory |
294,779 | 9,850 | 1,211,965 | 866,646 | ||||||||||||
|
Commitment costs |
129 | — | 1,477 | 1,675 | ||||||||||||
|
Interest expense |
— | — | 41 | 166 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses |
294,908 | 9,850 | 1,213,483 | 868,487 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net investment income |
23,708 | 3,324 | 775,121 | 1,588,544 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||||
|
Investments — unaffiliated(a) |
(68,883,190 | ) | (126,932 | ) | (9,862,859 | ) | (28,641,638 | ) | ||||||||
|
Investments — affiliated |
1,223 | 80 | 2,338 | 12,990 | ||||||||||||
|
Foreign currency transactions |
2,544 | (64 | ) | (15,027 | ) | (20,763 | ) | |||||||||
|
Futures contracts |
(2,946 | ) | — | (25,293 | ) | (29,275 | ) | |||||||||
|
In-kind redemptions — unaffiliated(b) |
392,583 | 36,418 | — | (304,430 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (68,489,786 | ) | (90,498 | ) | (9,900,841 | ) | (28,983,116 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
|
Investments — unaffiliated(c) |
58,237,622 | 133,454 | (20,866,544 | ) | (133,169,578 | ) | ||||||||||
|
Investments — affiliated |
4,809 | 68 | 10,688 | 1,560 | ||||||||||||
|
Foreign currency translations |
(2,023 | ) | (113 | ) | (9,345 | ) | (10,672 | ) | ||||||||
|
Futures contracts |
(1,718 | ) | (260 | ) | (7,227 | ) | (31,019 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 58,238,690 | 133,149 | (20,872,428 | ) | (133,209,709 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net realized and unrealized gain (loss) |
(10,251,096 | ) | 42,651 | (30,773,269 | ) | (162,192,825 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (10,227,388 | ) | $ | 45,975 | $ | (29,998,148 | ) | $ | (160,604,281 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of |
$ | — | $ | — | $ | (129,730 | ) | $ | — | |||||||
|
(b) See Note 2 of the Notes to Financial Statements. |
||||||||||||||||
|
(c) Net of increase in deferred foreign capital gain tax of |
$ | — | $ | — | $ | (123,776 | ) | $ | — | |||||||
| 44 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended January 31, 2024
| |
iShares Virtual Work and Life Multisector ETF |
|||
|
INVESTMENT INCOME |
||||
|
Dividends — unaffiliated |
$ | 2,825 | ||
|
Dividends — affiliated |
71 | |||
|
Interest — unaffiliated |
123 | |||
|
Securities lending income — affiliated — net |
966 | |||
|
Foreign taxes withheld |
(10 | ) | ||
|
|
|
|||
|
Total investment income |
3,975 | |||
|
|
|
|||
|
EXPENSES |
||||
|
Investment advisory |
6,919 | |||
|
Interest expense |
89 | |||
|
Commitment costs |
13 | |||
|
|
|
|||
|
Total expenses |
7,021 | |||
|
|
|
|||
|
Net investment loss |
(3,046 | ) | ||
|
|
|
|||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||
|
Net realized gain (loss) from: |
||||
|
Investments — unaffiliated |
(1,015,552 | ) | ||
|
Investments — affiliated |
59 | |||
|
Foreign currency transactions |
(29 | ) | ||
|
Futures contracts |
(6 | ) | ||
|
|
|
|||
| (1,015,528 | ) | |||
|
|
|
|||
|
Net change in unrealized appreciation (depreciation) on: |
||||
|
Investments — unaffiliated |
740,930 | |||
|
Investments — affiliated |
8 | |||
|
Foreign currency translations |
(130 | ) | ||
|
|
|
|||
| 740,808 | ||||
|
|
|
|||
|
Net realized and unrealized loss |
(274,720 | ) | ||
|
|
|
|||
|
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (277,766 | ) | |
|
|
|
|||
|
F I N A N C I A L S T A T E M E N T S |
45 |
Statements of Changes in Net Assets
| iShares Breakthrough Environmental Solutions ETF |
iShares Cybersecurity and Tech ETF |
|||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Period From 03/28/23 to 07/31/23 |
(a)
|
|
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
| |||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
|
OPERATIONS |
||||||||||||||||
|
Net investment income |
$ | 1,812 | $ | 23,946 | $ | 2,668,802 | $ | 95,018 | ||||||||
|
Net realized gain (loss) |
31,543 | 48,582 | 21,657,078 | (7,716,347 | ) | |||||||||||
|
Net change in unrealized appreciation (depreciation) |
(1,056,252 | ) | 270,071 | 87,461,255 | 50,854,326 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) in net assets resulting from operations |
(1,022,897 | ) | 342,599 | 111,787,135 | 43,232,997 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(139,910 | ) | (16,550 | ) | (763,133 | ) | (566,608 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
|
Net increase in net assets derived from capital share transactions |
— | 4,025,360 | 54,288,155 | 35,073,669 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
||||||||||||||||
|
Total increase (decrease) in net assets |
(1,162,807 | ) | 4,351,409 | 165,312,157 | 77,740,058 | |||||||||||
|
Beginning of period |
4,351,409 | — | 617,628,655 | 539,888,597 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
End of period |
$ | 3,188,602 | $ | 4,351,409 | $ | 782,940,812 | $ | 617,628,655 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Commencement of operations. |
| (b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| 46 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
| iShares Exponential Technologies ETF |
iShares Future Cloud 5G and Tech ETF |
|||||||||||||||
| Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
|||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
|
OPERATIONS |
||||||||||||||||
|
Net investment income |
$ | 5,547,778 | $ | 18,995,296 | $ | 18,755 | $ | 54,715 | ||||||||
|
Net realized gain (loss) |
137,354,385 | 36,354,440 | 68,973 | (321,517 | ) | |||||||||||
|
Net change in unrealized appreciation (depreciation) |
(223,535,528 | ) | 350,427,607 | 440,238 | 1,209,602 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) in net assets resulting from operations |
(80,633,365 | ) | 405,777,343 | 527,966 | 942,800 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(6,223,454 | ) | (17,634,859 | ) | (32,583 | ) | (50,307 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
|
Net decrease in net assets derived from capital share transactions |
(68,577,887 | ) | (80,184,166 | ) | — | (1,935,326 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
||||||||||||||||
|
Total increase (decrease) in net assets |
(155,434,706 | ) | 307,958,318 | 495,383 | (1,042,833 | ) | ||||||||||
|
Beginning of period |
3,467,600,245 | 3,159,641,927 | 6,147,554 | 7,190,387 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
End of period |
$ | 3,312,165,539 | $ | 3,467,600,245 | $ | 6,642,937 | $ | 6,147,554 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
|
F I N A N C I A L S T A T E M E N T S |
47 |
Statements of Changes in Net Assets (continued)
| iShares Genomics Immunology and Healthcare ETF |
iShares Neuroscience and Healthcare ETF |
|||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited |
) |
|
Year Ended 07/31/23 |
|
|
Six Months Ended 01/31/24 (unaudited |
) |
|
Period From 08/24/22 to 07/31/23 |
(a)
| |||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
|
OPERATIONS |
||||||||||||||||
|
Net investment income (loss) |
$ | 23,708 | $ | 640,524 | $ | 3,324 | $ | (3,665 | ) | |||||||
|
Net realized loss |
(68,489,786 | ) | (52,043,410 | ) | (90,498 | ) | (64,142 | ) | ||||||||
|
Net change in unrealized appreciation (depreciation) |
58,238,690 | 2,523,191 | 133,149 | (55,264 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) in net assets resulting from operations |
(10,227,388 | ) | (48,879,695 | ) | 45,975 | (123,071 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||
|
From net investment income |
(973,176 | ) | (435,229 | ) | (945 | ) | — | |||||||||
|
Return of capital |
— | — | — | (1,648 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(973,176 | ) | (435,229 | ) | (945 | ) | (1,648 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
(9,391,864 | ) | (5,024,984 | ) | (1,143,238 | ) | 5,050,047 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
||||||||||||||||
|
Total increase (decrease) in net assets |
(20,592,428 | ) | (54,339,908 | ) | (1,098,208 | ) | 4,925,328 | |||||||||
|
Beginning of period |
144,994,331 | 199,334,239 | 4,925,328 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
End of period |
$ | 124,401,903 | $ | 144,994,331 | $ | 3,827,120 | $ | 4,925,328 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Commencement of operations. |
| (b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| 48 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
| iShares Robotics and Artificial Intelligence Multisector ETF |
iShares Self-Driving EV and Tech ETF |
|||||||||||||||
| Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
|||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
|
OPERATIONS |
||||||||||||||||
|
Net investment income |
$ | 775,121 | $ | 2,947,690 | $ | 1,588,544 | $ | 10,660,434 | ||||||||
|
Net realized loss |
(9,900,841 | ) | (23,400,784 | ) | (28,983,116 | ) | (75,864,123 | ) | ||||||||
|
Net change in unrealized appreciation (depreciation) |
(20,872,428 | ) | 90,466,793 | (133,209,709 | ) | 122,532,280 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) in net assets resulting from operations |
(29,998,148 | ) | 70,013,699 | (160,604,281 | ) | 57,328,591 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(2,552,856 | ) | (2,261,595 | ) | (3,341,092 | ) | (8,577,251 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
111,353,349 | 182,260,510 | (54,173,341 | ) | (20,839,481 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
||||||||||||||||
|
Total increase (decrease) in net assets |
78,802,345 | 250,012,614 | (218,118,714 | ) | 27,911,859 | |||||||||||
|
Beginning of period |
511,019,672 | 261,007,058 | 494,207,318 | 466,295,459 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
End of period |
$ | 589,822,017 | $ | 511,019,672 | $ | 276,088,604 | $ | 494,207,318 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
|
F I N A N C I A L S T A T E M E N T S |
49 |
Statements of Changes in Net Assets (continued)
| iShares Virtual Work and Life Multisector ETF |
||||||||
| Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
|||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||
|
OPERATIONS |
||||||||
|
Net investment loss |
$ | (3,046 | ) | $ | (931 | ) | ||
|
Net realized loss |
(1,015,528 | ) | (1,372,328 | ) | ||||
|
Net change in unrealized appreciation (depreciation) |
740,808 | 1,513,040 | ||||||
|
|
|
|
|
|||||
|
Net increase (decrease) in net assets resulting from operations |
(277,766 | ) | 139,781 | |||||
|
|
|
|
|
|||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(51,062 | )(b) | (9,849 | ) | ||||
|
|
|
|
|
|||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Net decrease in net assets derived from capital share transactions |
— | (1,240,169 | ) | |||||
|
|
|
|
|
|||||
|
NET ASSETS |
||||||||
|
Total decrease in net assets |
(328,828 | ) | (1,110,237 | ) | ||||
|
Beginning of period |
3,295,218 | 4,405,455 | ||||||
|
|
|
|
|
|||||
|
End of period |
$ | 2,966,390 | $ | 3,295,218 | ||||
|
|
|
|
|
|||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| 50 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
| iShares Breakthrough Environmental Solutions ETF | ||||||||
| |
Six Months Ended 01/31/24 (unaudited |
) |
|
Period From 03/28/23 to 07/31/23 |
(a)
| |||
|
|
||||||||
|
Net asset value, beginning of period |
$ | 27.20 | $ | 25.16 | ||||
|
|
|
|
|
|||||
|
Net investment income(b) |
0.01 | 0.15 | ||||||
|
Net realized and unrealized gain (loss)(c) |
(6.41 | ) | 1.99 | |||||
|
|
|
|
|
|||||
|
Net increase (decrease) from investment operations |
(6.40 | ) | 2.14 | |||||
|
|
|
|
|
|||||
|
Distributions(d) |
||||||||
|
From net investment income |
(0.05 | ) | (0.10 | ) | ||||
|
From net realized gain |
(0.82 | ) | — | |||||
|
|
|
|
|
|||||
|
Total distributions |
(0.87 | ) | (0.10 | ) | ||||
|
|
|
|
|
|||||
|
Net asset value, end of period |
$ | 19.93 | $ | 27.20 | ||||
|
|
|
|
|
|||||
|
Total Return(e) |
||||||||
|
Based on net asset value |
(23.85 | )%(f) | 8.54 | %(f) | ||||
|
|
|
|
|
|||||
|
Ratios to Average Net Assets(g) |
||||||||
|
Total expenses |
0.47 | %(h) | 0.47 | %(h) | ||||
|
|
|
|
|
|||||
|
Net investment income |
0.10 | %(h) | 1.72 | %(h) | ||||
|
|
|
|
|
|||||
|
Supplemental Data |
||||||||
|
Net assets, end of period (000) |
$ | 3,189 | $ | 4,351 | ||||
|
|
|
|
|
|||||
|
Portfolio turnover rate(i) |
49 | % | 9 | % | ||||
|
|
|
|
|
|||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
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. |
|
F I N A N C I A L H I G H L I G H T S |
51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Cybersecurity and Tech ETF | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited |
) |
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Year Ended 07/31/21 |
|
|
Year Ended 07/31/20 |
|
|
Period From 06/11/19 to 07/31/19 |
(a)
| |||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 39.47 | $ | 36.73 | $ | 43.87 | $ | 33.69 | $ | 26.58 | $ | 24.94 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Net investment income(b) |
0.17 | 0.01 | 0.26 | 0.02 | 0.33 | (c) | 0.00 | (d) | ||||||||||||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(e) |
6.60 | 2.77 | (7.13 | ) | 10.22 | 7.02 | 1.64 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Net increase (decrease) from investment operations |
6.77 | 2.78 | (6.87 | ) | 10.24 | 7.35 | 1.64 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Distributions(f) |
||||||||||||||||||||||||||||||||||||||||||||
|
From net investment income |
(0.05 | ) | (0.04 | ) | (0.27 | ) | (0.06 | ) | (0.15 | ) | — | |||||||||||||||||||||||||||||||||
|
From net realized gain |
— | — | — | — | (0.09 | ) | — | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Total distributions |
(0.05 | ) | (0.04 | ) | (0.27 | ) | (0.06 | ) | (0.24 | ) | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Net asset value, end of period |
$ | 46.19 | $ | 39.47 | $ | 36.73 | $ | 43.87 | $ | 33.69 | $ | 26.58 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Total Return(g) |
||||||||||||||||||||||||||||||||||||||||||||
|
Based on net asset value |
17.17 | %(h) | 7.57 | % | (15.73 | )% | 30.42 | % | 27.85 | % | 6.58 | %(h) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Ratios to Average Net Assets(i) |
||||||||||||||||||||||||||||||||||||||||||||
|
Total expenses |
0.47 | %(j) | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | %(j) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Net investment income |
0.82 | %(j) | 0.02 | % | 0.62 | % | 0.04 | % | 1.12 | %(c) | 0.06 | %(j) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 782,941 | $ | 617,629 | $ | 539,889 | $ | 616,394 | $ | 109,489 | $ | 3,987 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Portfolio turnover rate(k) |
21 | % | 39 | % | 44 | % | 38 | % | 29 | % | 8 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Includes a one-time special distribution from NortonLifeLock Inc. Excluding such special distribution, the net investment income would have been $0.08 per share and 0.26% of average net assets. |
| (d) |
Rounds to less than $0.01. |
| (e) |
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. |
| (f) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (g) |
Where applicable, assumes the reinvestment of distributions. |
| (h) |
Not annualized. |
| (i) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (j) |
Annualized. |
| (k) |
Portfolio turnover rate excludes in-kind transactions. |
| 52 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Exponential Technologies ETF | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited |
) |
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Year Ended 07/31/21 |
|
|
Year Ended 07/31/20 |
|
|
Year Ended 07/31/19 |
| |||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 58.48 | $ | 52.01 | $ | 63.91 | $ | 47.25 | $ | 38.89 | $ | 37.73 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Net investment income(a) |
0.09 | 0.32 | (b) | 0.44 | 0.52 | 0.44 | 0.55 | |||||||||||||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(c) |
(1.40 | ) | 6.44 | (11.84 | ) | 16.61 | 8.47 | 1.16 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Net increase (decrease) from investment operations |
(1.31 | ) | 6.76 | (11.40 | ) | 17.13 | 8.91 | 1.71 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Distributions from net investment income(d) |
(0.11 | ) | (0.29 | ) | (0.50 | ) | (0.47 | ) | (0.55 | ) | (0.55 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Net asset value, end of period |
$ | 57.06 | $ | 58.48 | $ | 52.01 | $ | 63.91 | $ | 47.25 | $ | 38.89 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||||||||||||||||||||||||
|
Based on net asset value |
(2.25 | )%(f) | 13.05 | %(b) | (17.91 | )% | 36.33 | % | 23.05 | % | 4.67 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||||||||
|
Total expenses |
0.46 | %(h) | 0.46 | % | 0.46 | % | 0.46 | % | 0.47 | % | 0.47 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Total expenses excluding professional fees for foreign withholding tax claims |
0.46 | %(h) | 0.46 | % | 0.46 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Net investment income |
0.34 | %(h) | 0.62 | %(b) | 0.74 | % | 0.91 | % | 1.07 | % | 1.47 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 3,312,166 | $ | 3,467,600 | $ | 3,159,642 | $ | 3,914,578 | $ | 2,657,627 | $ | 2,562,819 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Portfolio turnover rate(f)(i) |
36 | %(f) | 45 | % | 69 | % | 23 | % | 23 | % | 21 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023: |
| • |
Net investment income per share by $0.01. |
| • |
Total return by 0.01%. |
| • |
Ratio of net investment income to average net assets by 0.01%. |
| (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. |
|
F I N A N C I A L H I G H L I G H T S |
53 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Future Cloud 5G and Tech ETF | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Period From 06/08/21 to 07/31/21 |
(a)
| |||||||||
|
|
||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 25.61 | $ | 22.47 | $ | 26.16 | $ | 25.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment income(b) |
0.08 | 0.19 | 0.21 | 0.04 | ||||||||||||||||
|
Net realized and unrealized gain (loss)(c) |
2.13 | 3.12 | (3.70 | ) | 1.05 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net increase (decrease) from investment operations |
2.21 | 3.31 | (3.49 | ) | 1.09 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Distributions from net investment income(d) |
(0.14 | ) | (0.17 | ) | (0.20 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net asset value, end of period |
$ | 27.68 | $ | 25.61 | $ | 22.47 | $ | 26.16 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total Return(e) |
||||||||||||||||||||
|
Based on net asset value |
8.61 | %(f) | 14.84 | % | (13.46 | )% | 4.35 | %(f) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||
|
Total expenses |
0.47 | %(h) | 0.47 | % | 0.47 | % | 0.47 | %(h) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment income |
0.62 | %(h) | 0.87 | % | 0.80 | % | 1.09 | %(h) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Supplemental Data |
||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 6,643 | $ | 6,148 | $ | 7,190 | $ | 8,370 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Portfolio turnover rate(i) |
36 | % | 45 | % | 51 | % | 0 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
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. |
| 54 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Genomics Immunology and Healthcare ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited |
) |
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Year Ended 07/31/21 |
|
|
Year Ended 07/31/20 |
|
|
Period From 06/11/19 to 07/31/19 |
(a)
| |||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 23.97 | $ | 31.64 | $ | 50.05 | $ | 37.28 | $ | 27.61 | $ | 24.46 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income (loss)(b) |
0.00 | (c) | 0.10 | (d) | 0.14 | 0.08 | 0.17 | (0.01 | ) | |||||||||||||||||||
|
Net realized and unrealized gain (loss)(e) |
(1.59 | ) | (7.70 | ) | (18.16 | ) | 12.78 | 9.82 | 3.16 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
(1.59 | ) | (7.60 | ) | (18.02 | ) | 12.86 | 9.99 | 3.15 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions(f) |
||||||||||||||||||||||||||||
|
From net investment income |
(0.17 | ) | (0.07 | ) | (0.39 | ) | (0.09 | ) | (0.08 | ) | — | |||||||||||||||||
|
From net realized gain |
— | — | — | — | (0.24 | ) | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total distributions |
(0.17 | ) | (0.07 | ) | (0.39 | ) | (0.09 | ) | (0.32 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 22.21 | $ | 23.97 | $ | 31.64 | $ | 50.05 | $ | 37.28 | $ | 27.61 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(g) |
||||||||||||||||||||||||||||
|
Based on net asset value |
(6.59 | )%(h) | (24.04 | )%(d) | (36.11 | )% | 34.49 | % | 36.42 | % | 12.88 | %(h) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(i) |
||||||||||||||||||||||||||||
|
Total expenses |
0.47 | %(j) | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | %(j) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.47 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income (loss) |
0.04 | %(j) | 0.39 | %(d) | 0.35 | % | 0.16 | % | 0.54 | % | (0.35 | )%(j) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 124,402 | $ | 144,994 | $ | 199,334 | $ | 327,818 | $ | 141,675 | $ | 24,851 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(k) |
42 | % | 45 | % | 59 | % | 52 | % | 38 | % | 19 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Rounds to less than $0.01. |
| (d) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023: |
| • |
Net investment income per share by $0.01. |
| • |
Total return by 0.03%. |
| • |
Ratio of net investment income to average net assets by 0.04%. |
| (e) |
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. |
| (f) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (g) |
Where applicable, assumes the reinvestment of distributions. |
| (h) |
Not annualized. |
| (i) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (j) |
Annualized. |
| (k) |
Portfolio turnover rate excludes in-kind transactions. |
|
F I N A N C I A L H I G H L I G H T S |
55 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Neuroscience and Healthcare ETF | ||||||||
| |
Six Months Ended 01/31/24 (unaudited |
) |
|
Period From 08/24/22 to 07/31/23 |
(a)
| |||
|
|
||||||||
|
Net asset value, beginning of period |
$ | 24.63 | $ | 25.25 | ||||
|
|
|
|
|
|||||
|
Net investment income (loss)(b) |
0.02 | (0.02 | ) | |||||
|
Net realized and unrealized gain (loss)(c) |
0.87 | (0.59 | ) | |||||
|
|
|
|
|
|||||
|
Net increase (decrease) from investment operations |
0.89 | (0.61 | ) | |||||
|
|
|
|
|
|||||
|
Distributions(d) |
||||||||
|
From net investment income |
(0.01 | ) | — | |||||
|
Return of capital |
— | (0.01 | ) | |||||
|
|
|
|
|
|||||
|
Total distributions |
(0.01 | ) | (0.01 | ) | ||||
|
|
|
|
|
|||||
|
Net asset value, end of period |
$ | 25.51 | $ | 24.63 | ||||
|
|
|
|
|
|||||
|
Total Return(e) |
||||||||
|
Based on net asset value |
3.63 | %(f) | (2.45 | )%(f) | ||||
|
|
|
|
|
|||||
|
Ratios to Average Net Assets(g) |
||||||||
|
Total expenses |
0.47 | %(h) | 0.47 | %(h) | ||||
|
|
|
|
|
|||||
|
Net investment income (loss) |
0.16 | %(h) | (0.08 | )%(h) | ||||
|
|
|
|
|
|||||
|
Supplemental Data |
||||||||
|
Net assets, end of period (000) |
$ | 3,827 | $ | 4,925 | ||||
|
|
|
|
|
|||||
|
Portfolio turnover rate(i) |
21 | % | 61 | % | ||||
|
|
|
|
|
|||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
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. |
| 56 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Robotics and Artificial Intelligence Multisector ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited |
) |
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Year Ended 07/31/21 |
|
|
Year Ended 07/31/20 |
|
|
Year Ended 07/31/19 |
| |||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 34.53 | $ | 28.37 | $ | 43.34 | $ | 31.43 | $ | 24.99 | $ | 23.63 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.05 | 0.30 | 0.11 | 0.17 | 0.11 | 0.24 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(2.02 | ) | 6.07 | (14.03 | ) | 12.00 | 6.44 | 1.30 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
(1.97 | ) | 6.37 | (13.92 | ) | 12.17 | 6.55 | 1.54 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(c) |
(0.15 | ) | (0.21 | ) | (1.05 | ) | (0.26 | ) | (0.11 | ) | (0.18 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 32.41 | $ | 34.53 | $ | 28.37 | $ | 43.34 | $ | 31.43 | $ | 24.99 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||
|
Based on net asset value |
(5.71 | )%(e) | 22.55 | %(f) | (32.79 | )% | 38.79 | % | 26.27 | % | 6.60 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||
|
Total expenses |
0.47 | %(h) | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.47 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
0.30 | %(h) | 1.02 | %(f) | 0.29 | % | 0.42 | % | 0.40 | % | 1.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 589,822 | $ | 511,020 | $ | 261,007 | $ | 433,445 | $ | 157,172 | $ | 44,978 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(i) |
24 | % | 35 | % | 58 | % | 42 | % | 34 | % | 35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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) |
Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023: |
| • |
Total return by 0.01%. |
| • |
Ratio of net investment income to average net assets by 0.01%. |
| (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. |
|
F I N A N C I A L H I G H L I G H T S |
57 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Self-Driving EV and Tech ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Year Ended 07/31/21 |
|
|
Year Ended 07/31/20 |
|
|
Period From 04/16/19 to 07/31/19 |
(a)
| |||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 45.76 | $ | 40.90 | $ | 49.91 | $ | 29.69 | $ | 24.08 | $ | 25.39 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(b) |
0.15 | 0.95 | (c) | 0.54 | 0.50 | 0.37 | 0.17 | |||||||||||||||||||||
|
Net realized and unrealized gain (loss)(d) |
(15.56 | ) | 4.68 | (8.71 | ) | 20.04 | 5.59 | (1.30 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
(15.41 | ) | 5.63 | (8.17 | ) | 20.54 | 5.96 | (1.13 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(e) |
(0.34 | ) | (0.77 | ) | (0.84 | ) | (0.32 | ) | (0.35 | ) | (0.18 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 30.01 | $ | 45.76 | $ | 40.90 | $ | 49.91 | $ | 29.69 | $ | 24.08 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(f) |
||||||||||||||||||||||||||||
|
Based on net asset value |
(33.78 | )%(g) | 14.17 | % | (16.54 | )% | 69.28 | % | 24.91 | %(h) | (4.40 | )%(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(i) |
||||||||||||||||||||||||||||
|
Total expenses |
0.47 | %(j) | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | %(j) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
0.86 | %(j) | 2.48 | %(c) | 1.16 | % | 1.10 | % | 1.44 | % | 2.43 | %(j) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 276,089 | $ | 494,207 | $ | 466,295 | $ | 429,185 | $ | 32,660 | $ | 26,493 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(k) |
24 | % | 85 | % | 41 | % | 24 | % | 19 | % | 2 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
Includes a special distribution from Volkswagen AG. Excluding such special distribution, the net investment income would have been $0.72 per share and 1.89% of average net assets. |
| (d) |
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. |
| (e) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Not annualized. |
| (h) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
| (i) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (j) |
Annualized. |
| (k) |
Portfolio turnover rate excludes in-kind transactions. |
| 58 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares Virtual Work and Life Multisector ETF | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Period From 09/29/20 to 07/31/21 |
(a)
| |||||||||
|
|
||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 16.48 | $ | 14.68 | $ | 28.22 | $ | 25.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment loss(b) |
(0.02 | ) | (0.00 | ) | (0.02 | ) | (0.04 | ) | ||||||||||||
|
Net realized and unrealized gain (loss)(c) |
(1.37 | ) | 1.85 | (13.50 | ) | 3.09 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net increase (decrease) from investment operations |
(1.39 | ) | 1.85 | (13.52 | ) | 3.05 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Distributions from net investment income(d) |
(0.26 | )(e) | (0.05 | ) | (0.02 | ) | (0.05 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net asset value, end of period |
$ | 14.83 | $ | 16.48 | $ | 14.68 | $ | 28.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total Return(f) |
||||||||||||||||||||
|
Based on net asset value |
(8.48 | )%(g) | 12.58 | % | (47.89 | )% | 12.11 | %(g) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ratios to Average Net Assets(h) |
||||||||||||||||||||
|
Total expenses |
0.48 | %(i) | 0.47 | % | 0.47 | % | 0.47 | %(i) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net investment loss |
(0.21 | )%(i) | (0.03 | )% | (0.08 | )% | (0.16 | )%(i) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Supplemental Data |
||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 2,966 | $ | 3,295 | $ | 4,405 | $ | 8,466 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Portfolio turnover rate(j) |
34 | % | 47 | % | 46 | % | 27 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Not annualized. |
| (h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (i) |
Annualized. |
| (j) |
Portfolio turnover rate excludes in-kind transactions. |
|
F I N A N C I A L H I G H L I G H T S |
59 |
Notes to Financial Statements (unaudited)
| 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”):
|
iShares ETF |
Diversification Classification | |
|
Breakthrough Environmental Solutions |
Non-diversified | |
|
Cybersecurity and Tech |
Non-diversified | |
|
Exponential Technologies |
Diversified | |
|
Future Cloud 5G and Tech |
Non-diversified | |
|
Genomics Immunology and Healthcare |
Non-diversified | |
|
Neuroscience and Healthcare |
Non-diversified | |
|
Robotics and Artificial Intelligence Multisector |
Diversified | |
|
Self-Driving EV and Tech |
Non-diversified | |
|
Virtual Work and Life Multisector |
Diversified | |
| 2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
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.
| 60 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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, net realized capital gains and/or return of capital 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 portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
| 3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
| • |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| • |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
| • |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| • |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
61 |
Notes to Financial Statements (unaudited) (continued)
| 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.
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 | ||||||
|
|
||||||||||||||||
|
Breakthrough Environmental Solutions |
||||||||||||||||
|
BofA Securities, Inc. |
$ | 126 | $ | (126 | ) | $ | — | $ | — | |||||||
|
Citigroup Global Markets, Inc. |
39,931 | (39,931 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
216,609 | (215,593 | ) | — | 1,016 | (b) | ||||||||||
|
Toronto-Dominion Bank |
890 | (800 | ) | — | 90 | (b) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 257,556 | $ | (256,450 | ) | $ | — | $ | 1,106 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Cybersecurity and Tech |
||||||||||||||||
|
Barclays Capital, Inc. |
$ | 569,976 | $ | (569,976 | ) | $ | — | $ | — | |||||||
|
BNP Paribas SA |
165,531 | (165,531 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
4,606,807 | (4,606,807 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
9,148,328 | (9,148,328 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
16,177,795 | (16,177,795 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
3,108,783 | (3,108,783 | ) | — | — | |||||||||||
|
RBC Capital Markets LLC |
5,694,017 | (5,694,017 | ) | — | — | |||||||||||
|
Scotia Capital (USA), Inc. |
5,498,978 | (5,498,978 | ) | — | — | |||||||||||
|
State Street Bank & Trust Co. |
183,806 | (165,520 | ) | — | 18,286 | (b) | ||||||||||
|
UBS AG |
595,973 | (595,973 | ) | — | — | |||||||||||
|
Virtu Americas LLC |
83,837 | (83,837 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 45,833,831 | $ | (45,815,545 | ) | $ | — | $ | 18,286 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 62 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
|
|
||||||||||||||||
| iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
|
||||||||||||||||
|
Exponential Technologies |
||||||||||||||||
|
Barclays Bank PLC |
$ | 11,000,490 | $ | (11,000,490 | ) | $ | — | $ | — | |||||||
|
Barclays Capital, Inc. |
1,932,499 | (1,932,499 | ) | — | — | |||||||||||
|
BNP Paribas SA |
14,835,845 | (14,835,845 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
24,712,465 | (24,712,465 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
22,582,825 | (22,582,825 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
45,922,135 | (45,922,135 | ) | — | — | |||||||||||
|
HSBC Bank PLC |
5,540,456 | (5,540,456 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
19,645,831 | (19,645,831 | ) | — | — | |||||||||||
|
Jefferies LLC |
3,740,993 | (3,740,993 | ) | — | — | |||||||||||
|
Macquarie Bank Ltd. |
2,749,152 | (2,749,152 | ) | — | — | |||||||||||
|
Morgan Stanley |
22,492,703 | (22,492,703 | ) | — | — | |||||||||||
|
Scotia Capital (USA), Inc. |
886,608 | (886,608 | ) | — | — | |||||||||||
|
State Street Bank & Trust Co. |
423,489 | (423,489 | ) | — | — | |||||||||||
|
UBS AG |
15,948,508 | (15,948,508 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A. |
338,755 | (338,755 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 192,752,754 | $ | (192,752,754 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Future Cloud 5G and Tech |
||||||||||||||||
|
J.P. Morgan Securities LLC |
$ | 71,552 | $ | (71,552 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Genomics Immunology and Healthcare |
||||||||||||||||
|
Barclays Capital, Inc. |
$ | 1,001,705 | $ | (1,001,705 | ) | $ | — | $ | — | |||||||
|
BNP Paribas SA |
3,294,654 | (3,294,654 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
116,800 | (116,800 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
5,499,884 | (5,499,884 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
10,099,067 | (10,099,067 | ) | — | — | |||||||||||
|
Jefferies LLC |
223,186 | (223,186 | ) | — | — | |||||||||||
|
National Financial Services LLC |
1,033,676 | (1,033,676 | ) | — | — | |||||||||||
|
UBS AG |
1,964,380 | (1,964,380 | ) | — | — | |||||||||||
|
Wells Fargo Securities LLC |
395,241 | (395,241 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 23,628,593 | $ | (23,628,593 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Neuroscience and Healthcare |
||||||||||||||||
|
Barclays Capital, Inc. |
$ | 77,814 | $ | (77,814 | ) | $ | — | $ | — | |||||||
|
BofA Securities, Inc. |
45,908 | (45,908 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
88,888 | (88,888 | ) | — | — | |||||||||||
|
HSBC Bank PLC |
182,769 | (182,769 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
27,862 | (27,862 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A. |
42,694 | (42,694 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 465,935 | $ | (465,935 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Robotics and Artificial Intelligence Multisector |
||||||||||||||||
|
Barclays Capital, Inc. |
$ | 5,380,737 | $ | (5,380,737 | ) | $ | — | $ | — | |||||||
|
BMO Capital Markets Corp. |
321,368 | (321,368 | ) | — | — | |||||||||||
|
BNP Paribas SA |
8,460,162 | (8,460,162 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
6,191,113 | (6,191,113 | ) | — | — | |||||||||||
|
Citadel Clearing LLC |
722,670 | (722,670 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
1,106,723 | (1,106,723 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
6,192,707 | (6,192,707 | ) | — | — | |||||||||||
|
HSBC Bank PLC |
2,625,231 | (2,625,231 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
10,953,565 | (10,953,565 | ) | — | — | |||||||||||
|
Jefferies LLC |
1,348,960 | (1,348,960 | ) | — | — | |||||||||||
|
Morgan Stanley |
7,570,218 | (7,570,218 | ) | — | — | |||||||||||
|
National Financial Services LLC |
464,724 | (464,724 | ) | — | — | |||||||||||
|
Scotia Capital (USA), Inc. |
426,892 | (426,892 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
588,474 | (588,474 | ) | — | — | |||||||||||
|
UBS AG |
7,295,022 | (7,295,022 | ) | — | — | |||||||||||
|
UBS Securities LLC |
2,120,100 | (2,120,100 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A. |
2,421,988 | (2,421,988 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 64,190,654 | $ | (64,190,654 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
63 |
Notes to Financial Statements (unaudited) (continued)
|
|
||||||||||||||||
| iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
|
||||||||||||||||
|
Self-Driving EV and Tech |
||||||||||||||||
|
Barclays Capital, Inc. |
$ | 3,140,249 | $ | (3,140,249 | ) | $ | — | $ | — | |||||||
|
BNP Paribas SA |
4,906,811 | (4,906,811 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
3,954,655 | (3,954,655 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
14,810,435 | (14,810,435 | ) | — | — | |||||||||||
|
HSBC Bank PLC |
1,743,745 | (1,743,745 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
3,061,615 | (3,061,615 | ) | — | — | |||||||||||
|
Macquarie Bank Ltd. |
233,639 | (233,639 | ) | — | — | |||||||||||
|
National Financial Services LLC |
472,164 | (472,164 | ) | — | — | |||||||||||
|
UBS AG |
2,331,896 | (2,331,896 | ) | — | — | |||||||||||
|
Virtu Americas LLC |
434,026 | (434,026 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A. |
736,196 | (736,196 | ) | — | — | |||||||||||
|
Wells Fargo Securities LLC |
58,136 | (58,136 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 35,883,567 | $ | (35,883,567 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Virtual Work and Life Multisector |
||||||||||||||||
|
BofA Securities, Inc. |
$ | 39,665 | $ | (39,665 | ) | $ | — | $ | — | |||||||
|
Goldman Sachs & Co. LLC |
81,097 | (81,097 | ) | — | — | |||||||||||
|
HSBC Bank PLC |
61,895 | (61,895 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
35,075 | (35,075 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
61,568 | (61,568 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 279,300 | $ | (279,300 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 January 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
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).
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Notes to Financial Statements (unaudited) (continued)
For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
| iShares ETF | Investment Advisory Fees | |||
|
Breakthrough Environmental Solutions |
0.47 | % | ||
|
Cybersecurity and Tech |
0.47 | |||
|
Future Cloud 5G and Tech |
0.47 | |||
|
Genomics Immunology and Healthcare |
0.47 | |||
|
Neuroscience and Healthcare |
0.47 | |||
|
Robotics and Artificial Intelligence Multisector |
0.47 | |||
|
Self-Driving EV and Tech |
0.47 | |||
|
Virtual Work and Life Multisector |
0.47 | |||
For its investment advisory services to the iShares Exponential Technologies 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:
| Aggregate Average Net Assets | Investment Advisory Fees | |||
|
First $2 billion |
0.4700 | % | ||
|
Over $2 billion, up to and including $3 billion |
0.4465 | |||
|
Over $3 billion, up to and including $4 billion |
0.4242 | |||
|
Over $4 billion |
0.4030 | |||
Distributor: BlackRock Investments, LLC, 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.
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 of iShares Cybersecurity and Tech ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Neuroscience and Healthcare ETF and iShares Virtual Work and Life Multisector ETF (the “Group 1 Funds”), 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.
Pursuant to the current securities lending agreement, each of iShares Breakthrough Environmental Solutions ETF, iShares Exponential Technologies ETF, iShares Robotics and Artificial Intelligence Multisector ETF and iShares Self-Driving EV and Tech ETF (the “Group 2 Funds”), retains 82% 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 a given calendar year exceeds a specified threshold: (1) each Group 1 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, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% 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.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
65 |
| Notes to Financial Statements (unaudited) (continued) |
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 January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:
| iShares ETF | Amounts | |||
|
Breakthrough Environmental Solutions |
$ | 124 | ||
|
Cybersecurity and Tech |
18,300 | |||
|
Exponential Technologies |
215,603 | |||
|
Future Cloud 5G and Tech |
110 | |||
|
Genomics Immunology and Healthcare |
44,576 | |||
|
Neuroscience and Healthcare |
3,184 | |||
|
Robotics and Artificial Intelligence Multisector |
153,677 | |||
|
Self-Driving EV and Tech |
334,524 | |||
|
Virtual Work and Life Multisector |
245 | |||
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended January 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
| iShares ETF | Purchases | Sales | Net Realized Gain (Loss) |
|||||||||
|
Cybersecurity and Tech |
$ | 9,785,117 | $ | 24,408,335 | $ | 3,350,316 | ||||||
|
Exponential Technologies |
112,319,705 | 302,218,057 | 49,774,510 | |||||||||
|
Future Cloud 5G and Tech |
844,602 | 555,141 | 44,241 | |||||||||
|
Genomics Immunology and Healthcare |
5,898,947 | 6,659,147 | (4,693,621 | ) | ||||||||
|
Robotics and Artificial Intelligence Multisector |
14,707,129 | 21,727,535 | (312,550 | ) | ||||||||
|
Self-Driving EV and Tech |
11,061,920 | 17,654,080 | (6,314,824 | ) | ||||||||
|
Virtual Work and Life Multisector |
213,147 | 281,389 | (267,842 | ) | ||||||||
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 January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
| iShares ETF | Purchases | Sales | ||||||
|
Breakthrough Environmental Solutions |
$ | 1,782,837 | $ | 1,918,171 | ||||
|
Cybersecurity and Tech |
140,494,266 | 135,624,352 | ||||||
|
Exponential Technologies |
1,182,904,462 | 1,184,729,798 | ||||||
|
Future Cloud 5G and Tech |
2,178,705 | 2,203,101 | ||||||
|
Genomics Immunology and Healthcare |
52,610,326 | 53,849,009 | ||||||
|
Neuroscience and Healthcare |
890,985 | 951,951 | ||||||
|
Robotics and Artificial Intelligence Multisector |
149,988,682 | 127,180,683 | ||||||
|
Self-Driving EV and Tech |
89,219,063 | 97,172,142 | ||||||
|
Virtual Work and Life Multisector |
1,015,175 | 1,070,011 | ||||||
For the six months ended January 31, 2024, in-kind transactions were as follows:
| iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
|
Cybersecurity and Tech |
$ | 66,953,852 | $ | 17,705,380 | ||||
|
Exponential Technologies |
14,500,050 | 81,534,835 | ||||||
|
Genomics Immunology and Healthcare |
4,292,216 | 13,277,175 | ||||||
|
Neuroscience and Healthcare |
— | 1,085,774 | ||||||
|
Robotics and Artificial Intelligence Multisector |
86,786,258 | — | ||||||
|
Self-Driving EV and Tech |
— | 47,085,266 | ||||||
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2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
| 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 January 31, 2024, 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 July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:
| iShares ETF | Non-Expiring Capital Loss Carryforwards |
Qualified Late-Year Ordinary Losses |
||||||
|
Cybersecurity and Tech |
$ | (46,277,332 | ) | $ | (19,340 | ) | ||
|
Exponential Technologies |
(34,675,999 | ) | — | |||||
|
Future Cloud 5G and Tech |
(613,248 | ) | — | |||||
|
Genomics Immunology and Healthcare |
(74,880,768 | ) | — | |||||
|
Neuroscience and Healthcare |
(59,252 | ) | — | |||||
|
Robotics and Artificial Intelligence Multisector |
(62,816,894 | ) | — | |||||
|
Self-Driving EV and Tech |
(88,412,872 | ) | — | |||||
|
Virtual Work and Life Multisector |
(1,676,647 | ) | — | |||||
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of January 31, 2024, 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 | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
|
Breakthrough Environmental Solutions |
$ | 4,243,070 | $ | 90,943 | $ | (878,112 | ) | $ | (787,169 | ) | ||||||
|
Cybersecurity and Tech |
728,383,889 | 160,243,158 | (60,196,975 | ) | 100,046,183 | |||||||||||
|
Exponential Technologies |
3,141,871,605 | 671,199,724 | (303,579,313 | ) | 367,620,411 | |||||||||||
|
Future Cloud 5G and Tech |
6,522,591 | 946,335 | (769,851 | ) | 176,484 | |||||||||||
|
Genomics Immunology and Healthcare |
165,173,490 | 11,072,712 | (26,606,376 | ) | (15,533,664 | ) | ||||||||||
|
Neuroscience and Healthcare |
4,231,199 | 633,759 | (560,946 | ) | 72,813 | |||||||||||
|
Robotics and Artificial Intelligence Multisector |
649,228,701 | 92,621,878 | (83,988,319 | ) | 8,633,559 | |||||||||||
|
Self-Driving EV and Tech |
394,189,945 | 12,578,369 | (92,148,413 | ) | (79,570,044 | ) | ||||||||||
|
Virtual Work and Life Multisector |
4,290,893 | 297,759 | (1,335,320 | ) | (1,037,561 | ) | ||||||||||
| 9. |
LINE OF CREDIT |
The iShares Breakthrough Environmental Solutions ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended January 31, 2024, the iShares Breakthrough Environmental Solutions ETF, iShares Cybersecurity and Tech ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF and iShares Self-Driving EV and Tech ETF did not borrow under the Syndicated Credit Agreement.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
67 |
Notes to Financial Statements (unaudited) (continued)
For the six months ended January 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
| iShares ETF | Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
|
Exponential Technologies |
$ | 35,500,000 | $ | 964,674 | 6.42 | % | ||||||
|
Virtual Work and Life Multisector |
100,000 | 2,717 | 6.42 | |||||||||
| 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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
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.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.”
| 68 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
| 11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
|
|
||||||||||||||||
| Six Months Ended 01/31/24 |
Period Ended 07/31/23 |
|||||||||||||||
| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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|
Breakthrough Environmental Solutions(a) |
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|
Shares sold |
— | $ | — | 160,000 | $ | 4,025,360 | ||||||||||
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| Six Months Ended 01/31/24 |
Year Ended 07/31/23 |
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| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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|
Cybersecurity and Tech |
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|
Shares sold |
1,800,000 | $ | 73,340,432 | 2,500,000 | $ | 89,024,383 | ||||||||||
|
Shares redeemed |
(500,000 | ) | (19,052,277 | ) | (1,550,000 | ) | (53,950,714 | ) | ||||||||
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| 1,300,000 | $ | 54,288,155 | 950,000 | $ | 35,073,669 | |||||||||||
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Exponential Technologies |
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Shares sold |
400,000 | $ | 21,959,065 | 1,750,000 | $ | 85,761,417 | ||||||||||
|
Shares redeemed |
(1,650,000 | ) | (90,536,952 | ) | (3,200,000 | ) | (165,945,583 | ) | ||||||||
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| (1,250,000 | ) | $ | (68,577,887 | ) | (1,450,000 | ) | $ | (80,184,166 | ) | |||||||
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Future Cloud 5G and Tech |
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Shares redeemed |
— | $ | — | (80,000 | ) | $ | (1,935,326 | ) | ||||||||
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N O T E S T O F I N A N C I A L S T A T E M E N T S |
69 |
Notes to Financial Statements (unaudited) (continued)
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| Six Months Ended 01/31/24 |
Year Ended 07/31/23 |
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| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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|
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|
Genomics Immunology and Healthcare |
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|
Shares sold |
200,000 | $ | 4,449,049 | 450,000 | $ | 13,403,128 | ||||||||||
|
Shares redeemed |
(650,000 | ) | (13,840,913 | ) | (700,000 | ) | (18,428,112 | ) | ||||||||
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| (450,000 | ) | $ | (9,391,864 | ) | (250,000 | ) | $ | (5,024,984 | ) | |||||||
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| Six Months Ended 01/31/24 |
Period Ended 07/31/23 |
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| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
|
||||||||||||||||
|
Neuroscience and Healthcare(b) |
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|
Shares sold |
— | $ | 177 | 200,000 | $ | 5,050,047 | ||||||||||
|
Shares redeemed |
(50,000 | ) | (1,143,415 | ) | — | — | ||||||||||
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| (50,000 | ) | $ | (1,143,238 | ) | 200,000 | $ | 5,050,047 | |||||||||
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| Six Months Ended 01/31/24 |
Year Ended 07/31/23 |
|||||||||||||||
| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
|
||||||||||||||||
|
Robotics and Artificial Intelligence Multisector |
||||||||||||||||
|
Shares sold |
3,400,000 | $ | 111,353,349 | 6,200,000 | $ | 197,528,251 | ||||||||||
|
Shares redeemed |
— | — | (600,000 | ) | (15,267,741 | ) | ||||||||||
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| 3,400,000 | $ | 111,353,349 | 5,600,000 | $ | 182,260,510 | |||||||||||
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Self-Driving EV and Tech |
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|
Shares sold |
— | $ | 39,231 | 400,000 | $ | 15,998,969 | ||||||||||
|
Shares redeemed |
(1,600,000 | ) | (54,212,572 | ) | (1,000,000 | ) | (36,838,450 | ) | ||||||||
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| (1,600,000 | ) | $ | (54,173,341 | ) | (600,000 | ) | $ | (20,839,481 | ) | |||||||
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Virtual Work and Life Multisector |
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|
Shares redeemed |
— | $ | — | (100,000 | ) | $ | (1,240,169 | ) | ||||||||
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| (a) |
The Fund commenced operations on March 28, 2023. |
| (b) |
The Fund commenced operations on August 24, 2022. |
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. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
| 12. |
SUBSEQUENT EVENTS |
Management 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.
| 70 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Breakthrough Environmental Solutions ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Neuroscience and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
| a) |
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
| b) |
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
| c) |
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing. |
| d) |
The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
| e) |
The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
|
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M |
71 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
January 31, 2024
| Total Cumulative
Distributions for the Fiscal Year-to-Date |
% Breakdown of the Total
Cumulative Distributions for the Fiscal Year-to-Date |
|||||||||||||||||||||||||||||||
| iShares ETF | Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||
|
Breakthrough Environmental Solutions |
$ | 0.058225 | $ | 0.816214 | $ | — | $ | 0.874439 | 7 | % | 93 | % | — | % | 100 | % | ||||||||||||||||
|
Virtual Work and Life Multisector(a) |
0.246656 | — | 0.008654 | 0.255310 | 97 | — | 3 | 100 | ||||||||||||||||||||||||
|
(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
| |||||||||||||||||||||||||||||||
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
| 72 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
| • |
Go to icsdelivery.com. |
| • |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
|
G E N E R A L I N F O R M A T I O N |
73 |
Glossary of Terms Used in this Report
Portfolio Abbreviation
| ADR | American Depositary Receipt | |
| NVS | Non-Voting Shares | |
| S&P | Standard & Poor’s | |
| 74 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC or Morningstar Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-701-0124
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