LOGO

  JANUARY 31, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares Cloud 5G and Tech ETF  |  IDAT  |  NYSE Arca

 

·  

iShares Cybersecurity and Tech ETF  |  IHAK  |  NYSE Arca

 

·  

iShares Exponential Technologies ETF  |  XT  |  NASDAQ

 

·  

iShares Genomics Immunology and Healthcare ETF  |  IDNA  |  NYSE Arca

 

·  

iShares Robotics and Artificial Intelligence Multisector ETF  |  IRBO  |  NYSE Arca

 

·  

iShares Self-Driving EV and Tech ETF  |  IDRV  |  NYSE Arca

 

·  

iShares U.S. Tech Breakthrough Multisector ETF  |  TECB  |  NYSE Arca

 

·  

iShares Virtual Work and Life Multisector ETF  |  IWFH  |  NYSE Arca


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of January 31, 2022

 

     6-Month       12-Month  

 

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

 

    3.44   23.29%

 

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

 

    (8.41   (1.21)

 

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

 

    (3.43   7.03

 

Emerging market equities
(MSCI Emerging Markets Index)

 

    (4.59   (7.23)

 

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

 

    0.01     0.04

 

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

 

    (3.87   (4.43)

 

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

 

    (3.17   (2.97)

 

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

 

    (2.56   (1.22)

 

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

 

    (1.55   2.05

 

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

 

 

 

2  

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


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     12  

Shareholder Expenses

     12  

Schedules of Investments

     13  

Financial Statements:

  

Statements of Assets and Liabilities

     39  

Statements of Operations

     41  

Statements of Changes in Net Assets

     43  

Financial Highlights

     47  

Notes to Financial Statements

     55  

Statement Regarding Liquidity Risk Management Program

     65  

Supplemental Information

     66  

General Information

     67  

Glossary of Terms Used in this Report

     68  

 

 

  3


Fund Summary as of January 31, 2022    iShares® Cloud 5G and Tech ETF

 

Investment Objective

The iShares 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

 

           Cumulative Total Returns  
     6 Months     

Since

Inception

 

Fund NAV

    6.01      10.62

Fund Market

    5.97        10.58  

Index

    5.31        9.75  

The inception date of the Fund was 6/8/21. The first day of secondary market trading was 6/10/21.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 


Beginning

Account Value
(08/01/21)

 


 

      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      


Ending

Account Value
(01/31/22)

 


 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00        $ 1,060.10        $ 2.44             $ 1,000.00        $ 1,022.80        $ 2.40          0.47

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Semiconductors & Semiconductor Equipment

    37.9

Software

    19.7  

Communications Equipment

    17.1  

Electronic Equipment, Instruments & Components

    7.4  

Equity Real Estate Investment Trusts (REITs)

    3.5  

Technology Hardware, Storage & Peripherals

    3.4  

Chemicals

    2.6  

Media

    2.6  

Construction & Engineering

    2.4  

IT Services

    2.1  

Diversified Telecommunication Services

    1.3  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    64.9

Taiwan

    10.8  

Japan

    7.0  

Netherlands

    5.1  

Sweden

    3.3  

Finland

    2.8  

Germany

    2.4  

United Kingdom

    1.2  

Other (each representing less than 1%)

    2.5  

 

  (a) 

Excludes money market funds.

 

 

 

4  

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


Fund Summary as of January 31, 2022    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 Months      1 Year      Since
Inception
            1 Year     Since
Inception
 

Fund NAV

    (7.43 )%       (0.88 )%       20.71        (0.88 )%      64.50

Fund Market

    (7.47      (0.98      20.76          (0.98     64.66  

Index

    (7.68      (0.84      21.09                (0.84     65.61  

The inception date of the Fund was 6/11/19. The first day of secondary market trading was 6/13/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 


Beginning

Account Value
(08/01/21)

 


 

      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      


Ending

Account Value
(01/31/22)

 


 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized
Expense
Ratio
 
 
 
    $      1,000.00          $          925.70          $        2.28               $      1,000.00          $      1,022.80          $        2.40          0.47

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Software

    71.6

Professional Services

    9.7  

Communications Equipment

    9.7  

IT Services

    9.0  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    76.8

Israel

    8.6  

Japan

    3.9  

Taiwan

    2.4  

Canada

    2.4  

United Kingdom

    2.2  

Denmark

    1.6  

Germany

    1.4  

Other (each representing less than 1%)

    0.7  
  (a)

Excludes money market funds.

 

 

U N D    U M M A R Y

  5


Fund Summary as of January 31, 2022    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 Months      1 Year      5 Years    

Since

Inception

           1 Year      5 Years      Since
Inception
 

Fund NAV

    (6.51 )%       2.87      17.72     14.55       2.87      126.04      154.34

Fund Market

    (6.68      2.84        17.66       14.53         2.84        125.46        154.14  

Index

    (6.93      2.56        17.94       14.74               2.56        128.18        157.01  

The inception date of the Fund was 3/19/15. The first day of secondary market trading was 3/23/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $          934.90          $         2.19               $       1,000.00          $       1,022.90          $         2.29          0.45

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    53.2

Health Care

    22.7  

Industrials

    6.3  

Consumer Discretionary

    4.6  

Communication Services

    4.3  

Financials

    2.7  

Materials

    2.6  

Utilities

    2.0  

Other (each representing less than 1%)

    1.6  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    59.7

Japan

    7.1  

China

    5.7  

United Kingdom

    3.6  

Netherlands

    3.4  

Australia

    3.3  

Taiwan

    2.2  

Switzerland

    2.1  

Canada

    1.9  

India

    1.6  
  (a) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of January 31, 2022

  

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 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (26.91 )%       (27.20 )%       16.98       (27.20 )%       51.37

Fund Market

    (27.12      (27.39      16.90         (27.39      51.11  

Index

    (27.06      (27.41      16.82               (27.41      50.66  

The inception date of the Fund was 6/11/19. The first day of secondary market trading was 6/13/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
    $      1,000.00        $ 730.90        $ 2.05             $ $1,000.00        $ 1,022.80        $ 2.40          0.47

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Biotechnology

    71.9

Pharmaceuticals

    20.5  

Life Sciences Tools & Services

    7.6  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    61.3

Japan

    10.2  

Germany

    6.6  

France

    6.5  

Switzerland

    4.7  

Denmark

    4.4  

China

    3.2  

Taiwan

    1.7  

Netherlands

    1.0  

United Kingdom

    0.4  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  7


Fund Summary as of January 31, 2022

  

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 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (13.08 )%       (13.35 )%       14.17       (13.35 )%       61.21

Fund Market

    (13.42      (13.98      14.06         (13.98      60.66  

Index

    (13.34      (13.69      14.37               (13.69      62.02  

The inception date of the Fund was 6/26/18. The first day of secondary market trading was 6/28/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
    $      1,000.00        $ 869.20        $ 2.21             $ 1,000.00        $ 1,022.80        $ 2.40          0.47

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    53.9

Communication Services

    20.8  

Industrials

    14.9  

Consumer Discretionary

    7.4  

Health Care

    3.0  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    49.8

China

    13.5  

Japan

    10.8  

Taiwan

    7.8  

South Korea

    3.5  

France

    3.0  

Israel

    2.6  

Netherlands

    2.2  

Germany

    1.8  

United Kingdom

    1.6  

 

  (a) 

Excludes money market funds.

 

 

 

8  

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


Fund Summary as of January 31, 2022

   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 Months      1 Year     

Since

Inception

           1 Year      Since
Inception
 

Fund NAV

    0.95      13.79      29.04       13.79      104.06

Fund Market

    0.85        13.50        29.01         13.50        103.91  

Index

    0.43        13.25        28.97               13.25        103.29  

The inception date of the Fund was 4/16/19. The first day of secondary market trading was 4/18/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00        $        1,009.50        $           2.38             $       1,000.00        $       1,022.80        $           2.40          0.47

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Consumer Discretionary

    45.1

Information Technology

    37.7  

Industrials

    8.3  

Communication Services

    4.8  

Materials

    4.1  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    48.0

Germany

    11.0  

Japan

    10.7  

South Korea

    7.6  

Netherlands

    4.8  

China

    4.8  

Switzerland

    3.0  

Sweden

    2.9  

United Kingdom

    2.3  

Taiwan

    1.3  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  9


Fund Summary as of January 31, 2022

  

iShares® U.S. Tech Breakthrough Multisector ETF

 

Investment Objective

The iShares U.S. Tech Breakthrough Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that could benefit from various breakthrough technologies, including robotics and artificial intelligence, cloud and data tech, cybersecurity, genomics and immunology, and financial technology, as represented by the NYSE® FactSet® U.S. Tech Breakthrough IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (8.57 )%       6.86      22.15       6.86      51.18

Fund Market

    (8.66      6.78        22.10         6.78        51.06  

Index

    (8.42      7.22        22.60               7.22        52.22  

The inception date of the Fund was 1/8/20. The first day of secondary market trading was 1/10/20.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
      $         1,000.00          $          914.30          $       1.45               $       1,000.00          $       1,023.70          $        1.53          0.30

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    65.0

Communication Services

    15.0  

Health Care

    9.9  

Consumer Discretionary

    6.2  

Real Estate

    2.2  

Industrials

    1.1  

Financials

    0.6  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Apple Inc.

    4.7

Meta Platforms Inc, Class A

    4.4  

Microsoft Corp.

    4.2  

Alphabet Inc., Class A

    4.1  

salesforce.com Inc.

    3.9  

Amazon.com Inc.

    3.8  

NVIDIA Corp.

    3.5  

Walt Disney Co. (The)

    3.1  

Adobe Inc.

    3.0  

Gilead Sciences Inc.

    2.8  

 

  (a) 

Excludes money market funds.

 

 

 

10  

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


Fund Summary as of January 31, 2022    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 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (29.09 )%       (35.93 )%       (15.72 )%        (35.93 )%       (20.51 )% 

Fund Market

    (28.80      (35.90      (15.53       (35.90      (20.27

Index

    (29.37      (36.15      (15.85             (36.15      (20.59

The inception date of the Fund was 9/29/20. The first day of secondary market trading was 10/1/20.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning
Account Value
(08/01/21)
 
 
 
      

Ending
Account Value
(01/31/22)
 
 
 
      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized
Expense
Ratio
 
 
 
    $      1,000.00          $         709.10          $        2.02               $      1,000.00          $      1,022.80          $        2.40          0.47

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    39.5

Communication Services

    36.1  

Consumer Discretionary

    17.3  

Health Care

    5.8  

Consumer Staples

    1.3  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Activision Blizzard Inc.

    3.0

Citrix Systems Inc.

    2.8  

Nintendo Co. Ltd.

    2.5  

GN Store Nord A/S

    2.4  

Kuaishou Technology

    2.4  

Electronic Arts Inc.

    2.3  

Tencent Holdings Ltd.

    2.3  

Anaplan Inc.

    2.3  

Dropbox Inc., Class A

    2.3  

Zendesk Inc.

    2.2  
  (a)

Excludes money market funds.

 

 

U N D    U M M A R Y

  11


About Fund Performance

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

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 (or from the commencement of operations if less than 6 months) 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 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 a 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.

 

12  

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


Schedule of Investments  (unaudited)

January 31, 2022

  

iShares® Cloud 5G and Tech ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Chemicals — 2.6%            

DuPont de Nemours Inc.

    3,052     $ 233,783  
   

 

 

 
Communications Equipment — 17.0%            

Arista Networks Inc.(a)

    1,920           238,675  

Ciena Corp.(a)

    3,872       256,752  

F5 Inc.(a)

    1,048       217,586  

Juniper Networks Inc.

    7,376       256,832  

Nokia OYJ(a)

    40,808       243,364  

Telefonaktiebolaget LM Ericsson, Class B

    23,220       289,927  
   

 

 

 
      1,503,136  
Construction & Engineering — 2.5%            

China Communications Services Corp. Ltd., Class H

    72,000       38,326  

COMSYS Holdings Corp.

    4,400       104,694  

EXEO Group Inc.

    3,600       73,166  
   

 

 

 
      216,186  
Diversified Telecommunication Services — 1.3%            

Cogent Communications Holdings Inc.

    1,344       85,492  

NOS SGPS SA

    6,632       26,107  
   

 

 

 
      111,599  

Electronic Equipment, Instruments &
Components — 7.4%

   

Murata Manufacturing Co. Ltd.

    3,200       240,586  

Quectel Wireless Solutions Co. Ltd., Class A

    400       11,938  

Taiyo Yuden Co. Ltd.

    4,000       194,285  

Yageo Corp.

    12,000       204,513  
   

 

 

 
      651,322  

Equity Real Estate Investment Trusts
(REITs) — 3.5%

   

CyrusOne Inc.

    2,688       241,517  

Keppel DC REIT

    40,800       64,766  
   

 

 

 
      306,283  
IT Services — 2.1%            

Computacenter PLC

    3,040       109,468  

Kingsoft Cloud Holdings Ltd., ADR(a)(b)

    3,260       27,547  

Megaport Ltd.(a)

    5,012       48,214  
   

 

 

 
      185,229  
Media — 2.6%            

DISH Network Corp., Class A(a)

    7,420       232,988  
   

 

 

 

Semiconductors & Semiconductor
Equipment — 37.8%

   

Analog Devices Inc.

    1,292       211,850  

Broadcom Inc.

    412       241,383  

Infineon Technologies AG

    5,180       215,114  

Intel Corp.

    4,648       226,915  

MACOM Technology Solutions Holdings Inc., Class H(a)

    1,464       89,611  

MediaTek Inc.

    6,000       238,315  

Microchip Technology Inc.

    2,760       213,845  

NXP Semiconductors NV

    1,056       216,945  
Security   Shares     Value  

Semiconductors & Semiconductor
Equipment (continued)

   

Qorvo Inc.(a)

    1,492     $ 204,822  

QUALCOMM Inc.

    1,320       232,003  

Skyworks Solutions Inc.

    1,504       220,366  

STMicroelectronics NV

    4,924       231,530  

Taiwan Semiconductor Manufacturing Co. Ltd.

    11,000       254,342  

Win Semiconductors Corp.

    12,000       148,659  

Wolfspeed Inc.(a)

    1,944       183,203  

Xilinx Inc.

    1,076       208,260  
   

 

 

 
      3,337,163  
Software — 19.6%            

C3.ai Inc., Class A(a)

    2,528       66,587  

Cadence Design Systems Inc.(a)

    1,308       198,999  

Citrix Systems Inc.

    2,904       296,034  

Datadog Inc., Class A(a)

    1,316       192,281  

Dropbox Inc., Class A(a)

    9,528       235,818  

New Relic Inc.(a)

    2,036       214,065  

Nutanix Inc., Class A(a)

    6,592       180,225  

Synopsys Inc.(a)

    660       204,930  

Teradata Corp.(a)(b)

    3,588       144,740  
   

 

 

 
          1,733,679  

Technology Hardware, Storage &
Peripherals — 3.4%

   

Pure Storage Inc., Class A(a)

    7,204       190,834  

Wiwynn Corp.

    3,000       109,976  
   

 

 

 
      300,810  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $8,696,087)

 

    8,812,178  
   

 

 

 
Short-Term Investments            
Money Market Funds — 1.9%            

BlackRock Cash Funds: Institutional, SL Agency
Shares, 0.08%(c)(d)(e)

    168,380       168,430  
   

 

 

 

Total Short-Term Investments — 1.9%
(Cost: $168,430)

 

    168,430  
   

 

 

 

Total Investments in Securities — 101.7%
(Cost: $8,864,517)

 

    8,980,608  

Other Assets, Less Liabilities — (1.7)%

 

    (148,634
   

 

 

 

Net Assets — 100.0%

 

  $ 8,831,974  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c)

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

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

  13


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Cloud 5G and Tech ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
07/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
01/31/22
    Shares
Held at
01/31/22
    Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional,
SL Agency Shares

  $     $ 168,430 (a)    $     $     $     $ 168,430       168,380     $ 24 (b)    $  

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

    10,000             (10,000 )(a)                                     
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $     $     $ 168,430       $ 24     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 5,990,996        $ 2,821,182        $        $ 8,812,178  

Money Market Funds

     168,430                            168,430  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 6,159,426        $ 2,821,182        $        $ 8,980,608  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

14  

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


Schedule of Investments (unaudited)

January 31, 2022

  

iShares® Cybersecurity and Tech ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Communications Equipment — 9.6%            

Accton Technology Corp

    1,345,000     $ 12,988,202  

ADTRAN Inc

    109,217       2,098,058  

Calix Inc.(a)

    154,928       7,789,780  

Juniper Networks Inc

    741,300       25,812,066  

Radware Ltd.(a)(b)

    110,022       3,700,040  
   

 

 

 
      52,388,146  
IT Services — 9.0%            

Akamai Technologies Inc.(a)(b)

    209,505       23,998,798  

My EG Services Bhd

    10,940,100       2,551,355  

Okta Inc.(a)(b)

    106,042       20,984,651  

Secunet Security Networks AG

    3,585       1,276,491  
   

 

 

 
      48,811,295  
Professional Services — 9.7%            

Booz Allen Hamilton Holding Corp.

    261,804       20,088,221  

CACI International Inc., Class A(a)

    62,950       15,577,607  

ManTech International Corp./VA, Class A

    58,183       4,203,140  

Science Applications International Corp.

    156,651       12,850,082  
   

 

 

 
      52,719,050  
Software — 71.4%            

A10 Networks Inc.

    201,760       2,986,047  

Absolute Software Corp.

    98,901       797,495  

Ahnlab Inc.(b)

    16,844       1,087,349  

Alarm.com Holdings Inc.(a)

    122,694       9,149,291  

Allot Ltd.(a)

    87,043       835,613  

BlackBerry Ltd.(a)

    1,469,320       12,090,695  

Check Point Software Technologies Ltd.(a)

    208,776       25,263,984  

Citrix Systems Inc

    292,844       29,852,517  

Clear Secure Inc., Class A(a)(b)

    185,872       4,589,180  

Cognyte Software Ltd.(a)

    194,838       2,113,992  

Crowdstrike Holdings Inc., Class A(a)

    116,597       21,062,082  

CyberArk Software Ltd.(a)(b)

    105,988       14,536,254  

Darktrace PLC(a)

    830,697       4,602,118  

Digital Arts Inc.

    28,200       1,661,479  

DocuSign Inc.(a)

    159,878       20,107,856  

Everbridge Inc.(a)

    81,766       4,179,878  

Fortinet Inc.(a)

    76,342       22,691,896  

Kape Technologies PLC(a)

    298,996       1,492,770  

KnowBe4 Inc., Class A(a)(b)

    58,395       1,396,808  

Mandiant Inc.(a)(b)

    630,123       9,508,556  

McAfee Corp., Class A

    247,992       6,360,995  

Micro Focus International PLC

    967,488       5,952,109  

Mimecast Ltd.(a)

    167,125       13,321,534  

Netcompany Group A/S(c)

    121,302       8,911,360  
Security   Shares     Value  
Software (continued)            

OneSpan Inc.(a)

    89,299     $ 1,434,142  

Palo Alto Networks Inc.(a)(b)

    44,264       22,902,194  

Ping Identity Holding Corp.(a)

    189,870       3,757,527  

Qualys Inc.(a)(b)

    94,342       12,088,984  

Rapid7 Inc.(a)(b)

    147,017       14,162,148  

SailPoint Technologies Holdings Inc.(a)(b)

    243,698       9,428,676  

SentinelOne Inc., Class A(a)(b)

    99,675       4,460,456  

TeamViewer AG(a)(c)

    429,799       6,494,278  

Telos Corp.(a)

    143,464       1,677,094  

Tenable Holdings Inc.(a)

    279,051       14,343,221  

Trend Micro Inc/Japan(a)

    367,500       19,496,828  

Varonis Systems Inc.(a)

    252,387       9,403,940  

VMware Inc., Class A

    194,623       25,005,163  

Zscaler Inc.(a)

    73,172       18,813,253  
   

 

 

 
      388,019,762  
   

 

 

 

Total Common Stocks — 99.7%
(Cost: $536,713,463)

      541,938,253  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 8.8%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)

    46,805,116       46,819,158  

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

    950,000       950,000  
   

 

 

 
      47,769,158  
   

 

 

 

Total Short-Term Investments — 8.8% (Cost: $47,768,655)

      47,769,158  
   

 

 

 

Total Investments in Securities — 108.5% (Cost: $584,482,118)

      589,707,411  

Other Assets, Less Liabilities — (8.5)%

      (46,256,095
   

 

 

 

Net Assets — 100.0%

    $ 543,451,316  
   

 

 

 

 

(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.

 

 

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

  15


Schedule of Investments  (unaudited) (continued)

January 31, 2022

  

iShares® Cybersecurity and Tech ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
07/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
01/31/22
    Shares
Held at
01/31/22
    Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional,
SL Agency Shares

  $ 62,729,133     $     $ (15,900,402 )(a)    $ (9,490   $ (83   $ 46,819,158       46,805,116     $ 222,324 (b)    $  

BlackRock Cash Funds: Treasury,
SL Agency Shares

    790,000       160,000 (a)                        950,000       950,000       26        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (9,490   $ (83   $ 47,769,158       $ 222,350     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

     8        03/18/22      $ 1,304      $ (53,658
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
     Equity
Contracts
 

 

 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 53,658  
  

 

 

 

 

  (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, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 168,812  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (112,078
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 692,177  

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

 

 

16  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Cybersecurity 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  

Investments

                 

Assets

                 

Common Stocks

   $ 475,423,914        $ 66,514,339        $        $ 541,938,253  

Money Market Funds

     47,769,158                            47,769,158  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 523,193,072        $  66,514,339        $        $ 589,707,411  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (53,658      $        $                     —        $ (53,658
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

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

  17


Schedule of Investments (unaudited)

January 31, 2022

  

iShares® Exponential Technologies ETF

(Percentages shown are based on Net Assets)

 

Security  

 

Shares

    Value  

Common Stocks

   
Australia — 3.3%            

IRESS Ltd.

    2,335,065     $ 18,890,284  

Megaport Ltd.(a)

    1,478,706       14,224,813  

Nanosonics Ltd.(a)

    4,963,785       18,042,370  

Netwealth Group Ltd.

    1,837,130       19,897,096  

NEXTDC Ltd.(a)

    2,458,512       18,864,079  

Technology One Ltd.

    2,357,500       17,636,470  

WiseTech Global Ltd.

    558,313       18,183,892  
   

 

 

 
          125,739,004  
Canada — 1.9%pg8            

Bausch Health Cos Inc.(a)

    835,098       20,530,081  

BlackBerry Ltd.(a)

    2,290,381       18,847,017  

Descartes Systems Group Inc. (The)(a)

    261,067       18,993,412  

Shopify Inc., Class A(a)

    13,816       13,335,595  
   

 

 

 
      71,706,105  
China — 5.6%            

3SBio Inc.(a)(b)

    24,281,000       19,225,533  

Alibaba Group Holding Ltd.(a)

    1,367,300       21,430,461  

Baidu Inc.(a)

    1,148,950       22,759,413  

China Datang Corp. Renewable Power Co. Ltd., Class H

    51,994,000       21,098,026  

China Longyuan Power Group Corp. Ltd., Class H

    10,063,000       20,531,420  

China Resources Power Holdings Co. Ltd.

    6,878,000       16,749,871  

Genscript Biotech Corp.(a)

    4,036,000       12,856,338  

I-Mab, ADR(a)

    391,711       9,890,703  

Innovent Biologics Inc.(a)(b)

    2,509,500       10,627,244  

JD.com Inc., Class A(a)

    16,804       636,895  

Shanghai Junshi Biosciences Co. Ltd., Class A(a)

    2,289,284       21,244,946  

Tencent Holdings Ltd.

    352,900       22,113,517  

Wuxi Biologics Cayman Inc., New(a)(b)

    1,616,500       16,201,798  
   

 

 

 
      215,366,165  
Denmark — 0.9%            

Orsted A/S(b)

    166,088       17,695,845  

Vestas Wind Systems A/S

    670,417       18,141,747  
   

 

 

 
      35,837,592  
Finland — 1.1%            

Nokia OYJ(a)

    3,613,839       21,551,576  

Wartsila OYJ Abp

    1,514,220       18,695,176  
   

 

 

 
      40,246,752  
France — 1.6%            

Capgemini SE

    93,421       21,002,569  

Dassault Systemes SE

    336,903       16,292,081  

Sanofi

    212,995       22,271,185  
   

 

 

 
      59,565,835  
Germany — 1.5%            

Infineon Technologies AG

    456,757       18,968,087  

Merck KGaA

    83,555       18,323,467  

SAP SE

    159,575       20,020,472  
   

 

 

 
      57,312,026  
India — 1.6%            

Infosys Ltd.

    905,567       21,305,909  

Tata Consultancy Services Ltd.

    427,103       21,507,123  

Wipro Ltd.

    2,513,364       19,405,359  
   

 

 

 
      62,218,391  
Israel — 0.5%            

Nice Ltd.(a)

    68,688       17,582,591  
   

 

 

 

 

Security

  Shares      Value  
Japan — 7.1%             

Chugai Pharmaceutical Co. Ltd.

    623,600      $ 20,254,380  

Denso Corp.

    264,100        19,710,755  

FANUC Corp.

    97,200        19,221,136  

Harmonic Drive Systems Inc.

    506,200        20,021,573  

Murata Manufacturing Co. Ltd.

    272,000        20,449,849  

Nabtesco Corp.

    756,300        23,641,155  

Nidec Corp.

    177,200        15,705,200  

Rakuten Group Inc.(a)

    2,093,700        18,163,632  

SoftBank Group Corp.

    445,411        19,731,502  

Taiyo Yuden Co. Ltd.

    368,700        17,908,198  

Takeda Pharmaceutical Co. Ltd.

    782,304        22,673,661  

TDK Corp.

    522,100        18,855,579  

Tokyo Electron Ltd.

    38,100        18,635,966  

Yaskawa Electric Corp.

    408,000        17,083,108  
    

 

 

 
           272,055,694  
Netherlands — 3.4%             

Adyen NV(a)(b)

    7,415        15,088,765  

ASM International NV

    50,890        17,484,805  

ASML Holding NV

    26,484        17,937,467  

NXP Semiconductors NV

    95,912        19,704,161  

QIAGEN NV(a)

    369,705        18,275,347  

STMicroelectronics NV

    455,036        21,396,125  

TomTom NV(a)(c)

    2,245,430        21,458,308  
    

 

 

 
       131,344,978  
Singapore — 0.5%             

Keppel DC REIT

    11,947,900        18,966,016  
    

 

 

 
South Korea — 1.0%             

Samsung SDI Co. Ltd.

    35,478        17,607,154  

SK Hynix Inc.

    210,746        21,813,845  
    

 

 

 
       39,420,999  
Spain — 0.5%             

Siemens Gamesa Renewable Energy SA(a)

    843,821        18,258,486  
    

 

 

 
Sweden — 1.3%             

Subsea 7 SA

    2,951,177        22,187,748  

Telefonaktiebolaget LM Ericsson, Class B

    2,051,332        25,613,123  
    

 

 

 
       47,800,871  
Switzerland — 2.1%             

ABB Ltd., Registered

    576,179        19,977,150  

CRISPR Therapeutics AG(a)

    269,393        17,173,804  

Novartis AG, Registered

    255,487        22,199,135  

Roche Holding AG, NVS

    49,853        19,293,069  
    

 

 

 
       78,643,158  
Taiwan — 2.2%             

Hon Hai Precision Industry Co. Ltd.

    5,464,000        20,429,496  

MediaTek Inc.

    540,000        21,448,362  

Taiwan Semiconductor Manufacturing Co. Ltd.

    977,000        22,590,181  

Win Semiconductors Corp.

    1,648,000        20,415,902  
    

 

 

 
       84,883,941  
United Kingdom — 3.6%             

Aptiv PLC(a)

    121,458        16,588,734  

AstraZeneca PLC

    197,197        22,939,520  

GlaxoSmithKline PLC

    993,886        22,179,545  

Ocado Group PLC(a)

    981,192        19,992,350  

Sage Group PLC (The)

    1,920,973        18,771,700  

Sensata Technologies Holding PLC(a)

    350,413        20,099,690  

Spirax-Sarco Engineering PLC

    98,266        17,713,006  
    

 

 

 
       138,284,545  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Exponential Technologies ETF

(Percentages shown are based on Net Assets)

 

Security  

 

Shares

    Value  
United States — 59.6%            

AbbVie Inc.

    169,476     $     23,199,570  

Accenture PLC, Class A

    55,340       19,567,117  

Advanced Micro Devices Inc.(a)(c)

    146,922       16,785,839  

Agilent Technologies Inc.

    132,819       18,504,343  

Akamai Technologies Inc.(a)

    187,327       21,458,308  

Albemarle Corp.

    79,287       17,501,812  

Alnylam Pharmaceuticals Inc.(a)

    119,626       16,460,538  

Alphabet Inc., Class A(a)

    6,996       18,931,666  

Amazon.com Inc.(a)

    6,004       17,960,786  

Analog Devices Inc.

    119,350       19,569,819  

ANSYS Inc.(a)

    52,209       17,751,582  

Apple Inc.

    114,940       20,089,213  

Applied Materials Inc.

    133,649       18,467,619  

Arista Networks Inc.(a)

    170,545       21,200,449  

Aspen Technology Inc.(a)

    142,854       21,450,957  

Autodesk Inc.(a)

    78,191       19,531,330  

Beam Therapeutics Inc.(a)(c)

    266,642       18,454,293  

Biogen Inc.(a)

    91,247       20,621,822  

BioMarin Pharmaceutical Inc.(a)

    233,491       20,694,307  

Blackbaud Inc.(a)

    265,332       18,079,722  

BlackRock Inc.(d)

    22,898       18,843,680  

Block Inc.(a)(c)

    107,852       13,189,221  

Bristol-Myers Squibb Co.

    375,631       24,374,696  

Broadcom Inc.

    38,240       22,404,051  

Broadridge Financial Solutions Inc.

    125,404       19,966,825  

Cadence Design Systems Inc.(a)

    116,593       17,738,459  

CF Industries Holdings Inc.

    354,503       24,414,622  

Cisco Systems Inc.

    369,081       20,546,739  

Citrix Systems Inc.

    260,412       26,546,399  

Cogent Communications Holdings Inc.

    268,282       17,065,418  

Cognizant Technology Solutions Corp., Class A

    255,081       21,789,019  

Coinbase Global Inc., Class A(a)(c)

    74,061       14,082,699  

Coupa Software Inc.(a)(c)

    121,986       16,379,060  

Crowdstrike Holdings Inc., Class A(a)

    100,259       18,110,786  

Denali Therapeutics Inc.(a)(c)

    444,903       15,224,581  

DISH Network Corp., Class A(a)(c)

    658,526       20,677,716  

Dropbox Inc., Class A(a)

    870,723       21,550,394  

DuPont de Nemours Inc.

    272,309       20,858,869  

Edwards Lifesciences Corp.(a)

    176,051       19,224,769  

Eli Lilly & Co.

    86,326       21,183,537  

Enphase Energy Inc.(a)(c)

    91,395       12,838,256  

Envestnet Inc.(a)(c)

    230,046       17,009,601  

Exelixis Inc.(a)(c)

    1,256,709       22,746,433  

F5 Inc.(a)(c)

    91,281       18,951,761  

Fastly Inc., Class A(a)(c)

    483,626       13,860,721  

First Solar Inc.(a)

    205,970       16,143,929  

Fortinet Inc.(a)

    65,669       19,519,454  

Gilead Sciences Inc.

    289,398       19,875,855  

Guardant Health Inc.(a)(c)

    211,416       14,703,983  

Guidewire Software Inc.(a)(c)

    175,330       17,680,277  

Hewlett Packard Enterprise Co.

    1,358,787       22,188,992  

Hubbell Inc.

    107,492       20,132,177  

Illumina Inc.(a)

    54,781       19,108,708  

Incyte Corp.(a)

    312,363       23,217,942  

Intel Corp.

    399,672       19,511,987  

Intellia Therapeutics Inc.(a)

    176,720       16,712,410  

International Business Machines Corp.

    173,273       23,144,075  

Intuit Inc.

    29,963       16,636,356  

Intuitive Surgical Inc.(a)

    64,892       18,441,009  

Ionis Pharmaceuticals Inc.(a)(c)

    663,909       21,112,306  

 

Security

  Shares      Value  
United States (continued)             

Jazz Pharmaceuticals PLC(a)(c)

    170,531      $     23,688,461  

Johnson & Johnson

    122,835        21,163,242  

Juniper Networks Inc.

    637,750        22,206,455  

KLA Corp.

    50,250        19,560,817  

Lam Research Corp.

    30,063        17,734,765  

Livent Corp.(a)

    740,946        17,049,167  

Lumen Technologies Inc.

    1,771,929        21,901,042  

Mandiant Inc.(a)

    1,267,547        19,127,284  

Manhattan Associates Inc.(a)

    137,455        18,401,101  

Marqeta Inc., Class A(a)(c)

    1,108,877        13,084,749  

MercadoLibre Inc.(a)(c)

    17,284        19,566,525  

Merck & Co. Inc.

    298,348        24,309,395  

Meta Platforms Inc, Class A(a)

    65,310        20,459,011  

Microchip Technology Inc.

    250,916        19,440,972  

Micron Technology Inc.

    251,018        20,651,251  

Microsoft Corp.

    63,198        19,653,314  

Moderna Inc.(a)

    72,396        12,258,815  

MongoDB Inc.(a)

    39,813        16,128,644  

Myriad Genetics Inc.(a)(c)

    790,929        20,793,523  

NortonLifeLock Inc.

    874,460        22,744,705  

NVIDIA Corp.

    66,387        16,255,521  

Okta Inc.(a)(c)

    87,113        17,238,792  

Oracle Corp.

    235,328        19,099,220  

Palantir Technologies Inc., Class A(a)

    1,038,846        14,242,579  

Palo Alto Networks Inc.(a)(c)

    39,857        20,622,012  

Paylocity Holding Corp.(a)

    84,154        17,165,733  

PayPal Holdings Inc.(a)

    107,076        18,410,647  

Pegasystems Inc.

    179,358        17,795,901  

PTC Inc.(a)(c)

    177,541        20,640,917  

Qorvo Inc.(a)

    125,055        17,167,550  

QUALCOMM Inc.

    117,106        20,582,551  

Regeneron Pharmaceuticals Inc.(a)

    32,259        19,632,505  

RingCentral Inc., Class A(a)

    97,829        17,265,840  

Rocket Companies Inc., Class A

    1,282,857        16,215,312  

Sabre Corp.(a)

    2,298,063        21,027,276  

salesforce.com Inc.(a)

    80,963        18,834,423  

Seagen Inc.(a)

    141,726        19,063,564  

SEI Investments Co.

    342,495        20,073,632  

ServiceNow Inc.(a)

    32,151        18,833,413  

Shoals Technologies Group Inc., Class A(a)(c)

    741,032        12,493,800  

Skyworks Solutions Inc.

    128,124        18,772,728  

Snowflake Inc., Class A(a)

    56,557        15,604,076  

SoFi Technologies Inc.(a)(c)

    1,223,464        15,268,831  

SolarEdge Technologies Inc.(a)

    62,068        14,785,839  

Splunk Inc.(a)

    177,818        22,035,207  

SS&C Technologies Holdings Inc.

    276,904        22,116,322  

Synaptics Inc.(a)

    73,189        15,395,306  

Synopsys Inc.(a)

    58,406        18,135,063  

TE Connectivity Ltd.

    141,554        20,243,638  

Teladoc Health Inc.(a)(c)

    207,504        15,917,632  

Tesla Inc.(a)

    19,784        18,532,068  

Texas Instruments Inc.

    110,513        19,835,978  

Thermo Fisher Scientific Inc.

    32,891        19,119,538  

Twilio Inc., Class A(a)

    77,139        15,899,891  

Tyler Technologies Inc.(a)(c)

    39,702        18,810,808  

Veoneer Inc.(a)(c)

    596,421        20,999,983  

VMware Inc., Class A

    184,434        23,696,080  

Xilinx Inc.

    94,370        18,265,314  

Zendesk Inc.(a)(c)

    204,652        20,160,269  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Exponential Technologies ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United States (continued)            

Zscaler Inc.(a)

    68,307     $ 17,562,413  
   

 

 

 
      2,277,730,274  
   

 

 

 

Total Common Stocks — 99.3%
(Cost: $3,391,623,988)

      3,792,963,423  
   

 

 

 

Preferred Stocks

 

Chile — 0.5%  

Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares

    366,159       19,609,242  
   

 

 

 

Total Preferred Stocks — 0.5%
(Cost: $20,894,108)

      19,609,242  
   

 

 

 

Short-Term Investments

 

Money Market Funds — 3.4%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)

    126,349,124       126,387,029  

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

    4,530,000       4,530,000  
   

 

 

 
      130,917,029  
   

 

 

 

Total Short-Term Investments — 3.4%
(Cost: $130,909,279)

      130,917,029  
   

 

 

 

Total Investments in Securities — 103.2%
(Cost: $3,543,427,375)

      3,943,489,694  

Other Assets, Less Liabilities — (3.2)%

      (121,117,970
   

 

 

 

Net Assets — 100.0%

    $   3,822,371,724  
   

 

 

 
(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
07/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
01/31/22
    Shares
Held at
01/31/22
    Income     Capital
Gain
Distributions
from
Underlying
Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 29,091,609     $ 97,303,544 (a)    $     $ (3,179   $ (4,945)     $ 126,387,029       126,349,124     $ 61,035 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    12,950,000             (8,420,000 )(a)                  4,530,000       4,530,000       147        

BlackRock Inc

    21,333,249       1,641,426       (3,182,834     71,887       (1,020,048     18,843,680       22,898       212,034        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 68,708     $ (1,024,993   $ 149,760,709       $ 273,216     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

 

 

20  

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


Schedule of Investments  (unaudited) (continued)

January 31, 2022

  

iShares® Exponential Technologies 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

           

Euro STOXX 50 Index

     21        03/18/22      $ 987      $ (6,956

MSCI Emerging Markets Index

     33        03/18/22        2,021        7,006  

S&P 500 E-Mini Index

     19        03/18/22        4,279        (193,973
           

 

 

 
            $ (193,923
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 7,006  
  

 

 

 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 200,929  
  

 

 

 

 

  (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, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 1,517,781  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (249,987
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

Futures contracts:

        

Average notional value of contracts — long

   $

 

9,438,463

 

 

 

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.

 

 

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

  21


Schedule of Investments  (unaudited) (continued)

January 31, 2022

  

iShares® Exponential Technologies ETF

 

Fair Value Hierarchy as of Period End (continued)

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

 

      Level 1        Level 2        Level 3        Total  

 

Investments

                 

Assets

                 

Common Stocks

   $ 2,454,138,417        $ 1,338,825,006        $             —        $ 3,792,963,423  

Preferred Stocks

              19,609,242                   19,609,242  

Money Market Funds

     130,917,029                            130,917,029  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 2,585,055,446        $ 1,358,434,248        $        $ 3,943,489,694  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 7,006        $        $        $ 7,006  

Liabilities

                 

Futures Contracts

     (193,973        (6,956                 (200,929
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ (186,967      $ (6,956      $        $ (193,923
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

22  

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


Schedule of Investments  (unaudited)

January 31, 2022

  

iShares® Genomics Immunology and Healthcare ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
China — 3.1%            

BeiGene Ltd.(a)(b)

    450,600     $ 8,159,059  
   

 

 

 
Denmark — 4.4%            

Genmab A/S(a)

    33,086       11,266,759  
   

 

 

 
France — 6.5%            

Sanofi

    130,356       13,630,285  

Valneva SE(a)(b)

    187,724       3,244,892  
   

 

 

 
      16,875,177  
Germany — 6.6%            

BioNTech SE, ADR(a)

    35,784       6,157,711  

Evotec SE(a)

    272,214       11,015,056  
   

 

 

 
      17,172,767  
Japan — 10.2%            

Ono Pharmaceutical Co. Ltd.

    539,600       13,086,218  

Takeda Pharmaceutical Co. Ltd.

    454,400       13,169,959  
   

 

 

 
      26,256,177  
Netherlands — 1.0%            

CureVac NV(a)(b)

    130,782       2,525,400  
   

 

 

 
Switzerland — 4.7%            

Roche Holding AG, NVS

    31,240       12,089,854  
   

 

 

 
Taiwan — 1.7%            

Adimmune Corp.

    739,000       1,052,146  

Medigen Vaccine Biologics Corp.(a)

    369,000       3,363,109  
   

 

 

 
      4,415,255  
United Kingdom — 0.4%            

Adaptimmune Therapeutics PLC, ADR(a)

    331,428       967,770  
   

 

 

 
United States — 61.2%            

Agenus Inc.(a)

    541,588       1,494,783  

Alaunos Therapeutics Inc.(a)

    475,132       513,143  

Aligos Therapeutics Inc.(a)

    62,906       200,671  

Allogene Therapeutics Inc.(a)

    160,886       1,842,145  

Altimmune Inc.(a)(b)

    80,940       653,186  

Arcturus Therapeutics Holdings Inc.(a)

    54,670       1,428,527  

Arcus Biosciences Inc.(a)

    101,246       3,118,377  

Beam Therapeutics Inc.(a)(b)

    129,788       8,982,627  

Bluebird Bio Inc.(a)

    164,152       1,295,159  

Blueprint Medicines Corp.(a)

    130,640       10,072,344  

Coherus Biosciences Inc.(a)

    173,382       2,143,002  

Cue Biopharma Inc.(a)

    73,982       546,727  

CytomX Therapeutics Inc.(a)(b)

    150,946       694,352  

Editas Medicine Inc.(a)

    164,436       3,130,861  

Exelixis Inc.(a)

    744,790       13,480,699  

Fate Therapeutics Inc.(a)(b)

    216,550       8,988,990  

FibroGen Inc.(a)

    204,622       3,087,746  
Security   Shares     Value  
United States (continued)            

Gilead Sciences Inc.

    176,932     $ 12,151,690  

Gossamer Bio Inc.(a)

    133,338       1,278,711  

Humanigen Inc.(a)(b)

    146,402       377,717  

Inovio Pharmaceuticals Inc.(a)(b)

    498,988       2,065,810  

Intellia Therapeutics Inc.(a)

    121,836       11,522,030  

Invitae Corp.(a)(b)

    538,748       6,055,527  

Iovance Biotherapeutics Inc.(a)

    329,014       5,478,083  

Ligand Pharmaceuticals Inc.(a)

    38,340       4,778,314  

Maravai LifeSciences Holdings Inc., Class A(a)

    263,978       7,634,244  

Moderna Inc.(a)

    40,186       6,804,695  

NGM Biopharmaceuticals Inc.(a)

    61,628       974,339  

Novavax Inc.(a)(b)

    76,680       7,184,916  

Personalis Inc.(a)

    86,620       986,602  

Precision BioSciences Inc.(a)(b)

    121,410       579,126  

RAPT Therapeutics Inc.(a)

    57,368       1,240,296  

Regeneron Pharmaceuticals Inc.(a)

    19,454       11,839,510  

Sangamo Therapeutics Inc.(a)

    291,100       1,755,333  

Twist Bioscience Corp.(a)

    107,778       6,404,169  

Vaxart Inc.(a)

    300,472       1,487,336  

Vir Biotechnology Inc.(a)(b)

    169,832       5,830,333  
   

 

 

 
      158,102,120  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $312,093,839)

      257,830,338  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 4.1%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.08%(c)(d)(e)

    10,268,661       10,271,741  

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

    220,000       220,000  
   

 

 

 
      10,491,741  
   

 

 

 

Total Short-Term Investments — 4.1%
(Cost: $10,491,377)

      10,491,741  
   

 

 

 

Total Investments in Securities — 103.9%
(Cost: $322,585,216)

      268,322,079  

Other Assets, Less Liabilities — (3.9)%

      (10,092,720
   

 

 

 

Net Assets — 100.0%

    $   258,229,359  
   

 

 

 

 

(a) 

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period end.

(e)

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

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

  23


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:)

 

Affiliated Issuer    Value at
07/31/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
01/31/22
     Shares
Held at
01/31/22
     Income     

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 14,270,396      $      $ (3,997,378 )(a)     $ (954    $ (323    $ 10,271,741        10,268,661      $ 53,525 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     200,000        20,000 (a)                            220,000        220,000        11         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (954    $ (323    $ 10,491,741         $ 53,536      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

     3        03/18/22      $ 397      $ (12,787
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 12,787  
  

 

 

 

 

  (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, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 20,915  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (20,197
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

 

Futures contracts:

        

Average notional value of contracts — long

   $

 

401,117

 

 

 

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

 

 

24  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

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  

Investments

                 

Assets

                 

Common Stocks

   $ 172,168,256        $ 85,662,082        $        $ 257,830,338  

Money Market Funds

     10,491,741                            10,491,741  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 182,659,997        $ 85,662,082        $        $ 268,322,079  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (12,787      $        $             —        $ (12,787
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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

  25


Schedule of Investments  (unaudited)

January 31, 2022

  

iShares® Robotics and Artificial Intelligence Multisector ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 0.6%            

Megaport Ltd.(a)

    244,743     $ 2,354,372  
   

 

 

 
Canada — 1.2%            

ATS Automation Tooling Systems Inc.(a)

    107,835       4,402,815  
   

 

 

 
China — 13.5%            

Alibaba Group Holding Ltd.(a)

    224,400       3,517,147  

Baidu Inc.(a)

    195,100       3,864,713  

DouYu International Holdings Ltd., ADR(a)

    1,513,656       3,178,678  

Hello Group Inc., ADR

    376,343       3,661,817  

HUYA Inc., ADR(a)

    534,371       3,537,536  

iQIYI Inc., ADR(a)(b)

    729,512       2,976,409  

JD.com Inc., Class A(a)

    2,433       92,214  

JOYY Inc., ADR

    83,724       4,233,085  

Kingsoft Cloud Holdings Ltd., ADR(a)(b)

    103,836       877,414  

Kuaishou Technology(a)(c)

    356,400       4,073,921  

Shanghai MicroPort MedBot Group Co. Ltd.(a)(b)

    539,000       3,312,684  

Tencent Holdings Ltd.

    49,300       3,089,250  

Tencent Music Entertainment Group, ADR(a)

    567,935       3,509,838  

Weibo Corp., ADR(a)

    73,857       2,559,145  

Xiaomi Corp., Class B(a)(c)

    1,550,000       3,288,121  

ZTE Corp., Class H

    1,435,800       3,879,876  
   

 

 

 
        49,651,848  
France — 3.0%            

Atos SE

    31,595       1,132,584  

Dassault Systemes SE

    60,031       2,903,001  

Somfy SA, NVS

    14,722       2,710,562  

Vivendi SE

    335,328       4,394,597  
   

 

 

 
      11,140,744  
Germany — 1.8%            

Duerr AG

    82,589       3,655,004  

Nemetschek SE

    30,022       2,774,998  
   

 

 

 
      6,430,002  
Israel — 2.6%            

Maytronics Ltd.

    134,328       2,878,672  

Nano Dimension Ltd., ADR(a)

    860,150       3,156,750  

Stratasys Ltd.(a)(b)

    146,490       3,492,322  
   

 

 

 
      9,527,744  
Japan — 10.7%            

FANUC Corp.

    18,500       3,658,344  

Harmonic Drive Systems Inc.

    67,200       2,657,941  

Hitachi Ltd.

    59,400       3,087,375  

Kawasaki Heavy Industries Ltd.

    213,700       4,141,195  

Kyocera Corp.

    63,800       3,934,629  

MinebeaMitsumi Inc.

    133,900       3,276,611  

Nidec Corp.

    32,600       2,889,331  

Oracle Corp. Japan

    40,000       2,991,622  

Ricoh Co. Ltd.

    386,200       3,261,232  

Sharp Corp./Japan

    325,000       3,612,736  

Sony Group Corp.

    27,000       3,020,448  

Yaskawa Electric Corp.

    72,400       3,031,414  
   

 

 

 
      39,562,878  
Netherlands — 2.2%            

Stellantis NV

    195,256       3,770,172  

STMicroelectronics NV

    73,498       3,455,930  

Yandex NV, Class A(a)

    21,031       1,010,750  
   

 

 

 
      8,236,852  
Security   Shares     Value  
South Korea — 3.5%            

AfreecaTV Co. Ltd.

    20,856     $ 2,736,016  

LG Electronics Inc.

    33,962       3,689,716  

Samsung Electronics Co. Ltd.

    59,876       3,724,232  

Samsung SDS Co. Ltd.

    21,821       2,590,258  
   

 

 

 
      12,740,222  
Sweden — 1.6%            

Spotify Technology SA(a)(b)

    16,702       3,277,935  

Surgical Science Sweden AB(a)

    118,023       2,531,319  
   

 

 

 
      5,809,254  
Taiwan — 7.8%            

Alchip Technologies Ltd.

    95,000       3,295,805  

Faraday Technology Corp.

    493,000       3,706,195  

Global Unichip Corp.

    161,000       2,826,944  

Hiwin Technologies Corp.

    367,000       3,553,395  

Holtek Semiconductor Inc.

    870,000       3,241,373  

HTC Corp.(a)

    1,119,000       2,648,662  

Nuvoton Technology Corp.

    609,000       3,245,383  

RDC Semiconductor Co. Ltd.(a)

    210,000       3,626,289  

Via Technologies Inc.

    1,050,000       2,629,404  
   

 

 

 
      28,773,450  
United Kingdom — 1.6%            

AVEVA Group PLC

    92,839       3,684,020  

Clarivate PLC(a)(b)

    137,600       2,264,896  
   

 

 

 
      5,948,916  
United States — 49.7%            

3D Systems Corp.(a)(b)

    165,590       2,964,061  

Adobe Inc.(a)(b)

    6,019       3,215,952  

Advanced Micro Devices Inc.(a)

    23,920       2,732,860  

Alphabet Inc., Class A(a)

    1,292       3,496,242  

Altair Engineering Inc., Class A(a)

    57,575       3,622,619  

Alteryx Inc., Class A(a)

    55,015       3,139,706  

Altra Industrial Motion Corp.

    70,553       3,406,299  

Amazon.com Inc.(a)

    1,051       3,144,035  

Ambarella Inc.(a)

    17,594       2,465,799  

AMETEK Inc.

    22,082       3,020,155  

Analog Devices Inc.

    17,448       2,860,949  

ANSYS Inc.(a)

    9,747       3,314,078  

Apple Inc.

    17,716       3,096,403  

Autodesk Inc.(a)(b)

    14,942       3,732,362  

Bentley Systems Inc., Class B

    82,088       3,297,475  

Bumble Inc., Class A(a)

    113,600       3,352,336  

CEVA Inc.(a)

    84,898       3,198,108  

Cognex Corp.

    46,161       3,067,860  

Concentrix Corp.

    19,201       3,859,209  

Desktop Metal Inc., Class A(a)

    643,141       2,630,447  

Domo Inc., Class B(a)

    70,719       3,320,964  

Dropbox Inc., Class A(a)

    158,463       3,921,959  

Elastic NV(a)

    30,275       2,823,144  

FARO Technologies Inc.(a)(b)

    52,254       2,837,915  

Freshworks Inc.(a)

    127,395       2,770,841  

fuboTV Inc.(a)(b)

    71,574       768,705  

GoDaddy Inc., Class A(a)

    56,186       4,253,842  

HubSpot Inc.(a)(b)

    5,172       2,528,074  

Informatica Inc.(a)(b)

    108,307       3,023,931  

Intel Corp.

    69,906       3,412,811  

International Business Machines Corp.

    31,360       4,188,755  

Intuitive Surgical Inc.(a)

    11,296       3,210,097  

iRobot Corp.(a)(b)

    50,200       3,289,104  

Lattice Semiconductor Corp.(a)

    51,878       2,864,703  

 

 

26  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Robotics and Artificial Intelligence Multisector ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United States (continued)            

Lumen Technologies Inc.

    284,374     $ 3,514,863  

Matterport Inc, Class A(a)(b)

    136,603       1,329,147  

Meta Platforms Inc, Class A(a)

    12,613       3,951,148  

Microchip Technology Inc.

    39,607       3,068,750  

Microsoft Corp.

    10,759       3,345,834  

MicroStrategy Inc., Class A(a)(b)

    5,647       2,078,152  

Netflix Inc.(a)

    6,002       2,563,694  

NVIDIA Corp.

    11,664       2,856,047  

Pegasystems Inc.

    25,382       2,518,402  

Pinterest Inc., Class A(a)

    45,021       1,330,821  

Proto Labs Inc.(a)

    73,371       3,681,757  

PTC Inc.(a)

    27,071       3,147,274  

QUALCOMM Inc.

    18,559       3,261,930  

salesforce.com Inc.(a)

    15,211       3,538,535  

Silicon Laboratories Inc.(a)

    17,358       2,867,368  

Snap Inc., Class A, NVS(a)

    75,553       2,458,495  

Snowflake Inc., Class A(a)

    10,924       3,013,932  

Splunk Inc.(a)(b)

    26,083       3,232,205  

Sumo Logic Inc.(a)

    110,917       1,321,021  

Teradata Corp.(a)(b)

    86,290       3,480,939  

Texas Instruments Inc.

    16,266       2,919,584  

Twitter Inc.(a)

    87,800       3,293,378  

Velo3D Inc.(a)(b)

    405,488       2,615,398  

Vicarious Surgical Inc., Class A, NVS(a)(b)

    328,654