iShares Trust


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

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


Fund Summary as of January 31, 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.

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)

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.


F U N D S 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.

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)

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


Fund Summary as of January 31, 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 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				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.

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)

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.


F U N D S 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.

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)

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


Fund Summary as of January 31, 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.

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)

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.


F U N D S 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.

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)

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


Fund Summary as of January 31, 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.

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)

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.


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

Schedule of Investments (unaudited)

January 31, 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.


S C H E D U L E O F I 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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 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.


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Cybersecurity and Tech ETF

Affiliates


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)

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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Cybersecurity and Tech ETF

Fair Value Hierarchy as of Period End


	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.


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited)

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

Schedule of Investments (unaudited) (continued)

January 31, 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


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (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



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)


20		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 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)

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


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Exponential Technologies ETF

Fair Value Hierarchy as of Period End (continued)


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

Schedule of Investments (unaudited)

January 31, 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.


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Genomics Immunology and Healthcare ETF

Affiliates


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)

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)

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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Genomics Immunology and Healthcare ETF

Fair Value Hierarchy as of Period End


	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.


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited)

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

Schedule of Investments (unaudited) (continued)

January 31, 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		2,113,245
Vimeo Inc.^(a)		199,568		2,923,671
Walt Disney Co. (The)^(a)		19,500		2,787,915
Xilinx Inc.		16,205		3,136,478


				183,181,783


Total Common Stocks — 99.8% (Cost: $361,080,248)				367,760,880


Security	Shares		Value

Short-Term Investments

Money Market Funds — 6.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(d)(e)(f)		22,920,862	$	22,927,738
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		400,000		400,000

				23,327,738


Total Short-Term Investments — 6.3% (Cost: $23,327,738)				23,327,738


Total Investments in Securities — 106.1% (Cost: $384,407,986)				391,088,618

Other Assets, Less Liabilities — (6.1)%				(22,445,597	)


Net Assets — 100.0%			$	368,643,021

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

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

Affiliates


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	$	29,642,364	$	—	$	(6,710,810	)^(a)	$	483	$	(4,299	)	$	22,927,738		22,920,862	$	172,204	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		790,000		—		(390,000	)^(a)		—		—			400,000		400,000		12			—

								$	483	$	(4,299	)	$	23,327,738			$	172,216		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Robotics and Artificial Intelligence Multisector ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

E-Mini Technology Select Sector Index

03/18/22

652

4,912

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)	$	4,912

^(a)

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	$	88,417

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(53,270	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,008,410

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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	225,321,173	$	142,439,707	$	—	$	367,760,880
Money Market Funds		23,327,738		—		—		23,327,738

	$	248,648,911	$	142,439,707	$	—	$	391,088,618

Derivative financial instruments^(a)
Assets
Futures Contracts	$	4,912	$	—	$	—	$	4,912

^(a)

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

See notes to financial statements.


28		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Self-Driving EV and Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.3%
Allkem Ltd.^(a)		175,820	$	1,144,879
Novonix Ltd.^(a)		86,600		467,025

				1,611,904

Austria — 0.2%
ams-OSRAM AG^(a)		76,214		1,281,413


Belgium — 0.8%
Solvay SA		21,160		2,549,551
Umicore SA		57,152		2,163,526

				4,713,077

Canada — 1.3%
ElectraMeccanica Vehicles Corp.^(a)(b)		20,423		40,642
Linamar Corp.		14,838		822,355
Lion Electric Co. (The)^(a)(b)		12,309		107,950
Magna International Inc.		84,823		6,833,752
Martinrea International Inc.		28,701		236,625

				8,041,324

China — 4.7%
BOE Varitronix Ltd.		137,000		156,145
BYD Co. Ltd., Class H		257,500		7,616,092
Ganfeng Lithium Co. Ltd., Class H^(c)		87,200		1,385,636
Li Auto Inc.^(a)		362,300		4,445,792
NIO Inc., ADR^(a)(b)		407,162		9,979,540
XPeng Inc.^(a)		327,400		5,710,300

				29,293,505

France — 0.6%
Cie. Plastic Omnium SA		18,295		425,529
Faurecia SE		38,511		1,707,118
Valeo		61,328		1,716,485

				3,849,132

Germany — 8.4%
Bayerische Motoren Werke AG		97,088		10,276,076
Continental AG^(a)		31,345		3,038,901
Daimler AG, Registered		263,804		21,049,904
Hella GmbH & Co. KGaA		13,789		966,603
Infineon Technologies AG		383,168		15,912,102
Vitesco Technologies Group AG^(a)		7,668		379,609

				51,623,195

Japan — 10.7%
Aisin Corp.		39,800		1,445,256
Alps Alpine Co. Ltd.		47,400		516,967
Denso Corp.		117,000		8,732,141
Exedy Corp.		11,000		161,470
FCC Co. Ltd.		12,300		158,169
GS Yuasa Corp.		17,200		367,974
Honda Motor Co. Ltd.		425,100		12,520,373
Koito Manufacturing Co. Ltd.		29,100		1,461,125
Musashi Seimitsu Industry Co. Ltd.		16,500		248,552
Nissan Motor Co. Ltd.^(a)		633,600		3,353,383
Nissha Co. Ltd.		9,900		126,041
Renesas Electronics Corp.^(a)		322,200		3,697,828
Subaru Corp.		167,200		3,043,265
Tokai Rika Co. Ltd.		17,800		231,889
Toyoda Gosei Co. Ltd.		18,900		397,223
Toyota Boshoku Corp.		24,800		439,591
Toyota Motor Corp.		1,442,800		28,514,303
TS Tech Co. Ltd.		27,700		364,988


Security	Shares		Value

Japan (continued)
Yokowo Co. Ltd		4,600	$	105,670

				65,886,208

Netherlands — 4.8%
NXP Semiconductors NV		79,471		16,326,522
Sono Group NV^(a)		6,807		38,664
STMicroelectronics NV		193,542		9,100,486
Yandex NV, Class A^(a)		89,510		4,301,851

				29,767,523

South Korea — 7.6%
Hanon Systems		53,885		483,525
Hyundai Mobis Co. Ltd.		18,334		3,599,008
Hyundai Wia Corp.		5,189		297,196
Iljin Materials Co. Ltd		6,505		525,734
KCC Corp.		1,287		416,929
LG Chem Ltd.		13,868		7,434,084
Samsung Electronics Co. Ltd.		413,526		25,720,936
Samsung SDI Co. Ltd.		15,212		7,549,468
Sebang Global Battery Co. Ltd.		1,741		90,894
SL Corp.		4,782		107,415
SNT Motiv Co. Ltd.		3,529		129,890
SOLUM Co. Ltd.^(a)		9,388		181,705

				46,536,784

Spain — 0.1%
Cie. Automotive SA		19,507		566,622


Sweden — 2.9%
Hexagon AB, Class B		605,475		8,166,688
Smart Eye AB^(a)		7,913		129,302
Volvo AB, Class B		431,074		9,727,796

				18,023,786

Switzerland — 2.9%
ABB Ltd., Registered		517,007		17,925,552
Autoneum Holding AG^(a)		1,150		208,902

				18,134,454
Taiwan — 1.3%
Delta Electronics Inc.		541,000		5,337,205
Himax Technologies Inc., ADR		57,117		620,862
Innolux Corp.		2,807,000		1,763,109
International CSRC Investment Holdings Co.		299,430		269,963
Via Technologies Inc.		49,000		122,705

				8,113,844

United Kingdom — 2.3%
Aptiv PLC^(a)		80,097		10,939,648
Sensata Technologies Holding PLC^(a)		46,317		2,656,743
TI Fluid Systems PLC^(c)		115,226		370,999

				13,967,390

United States — 47.9%
Adient PLC^(a)		27,523		1,155,140
Albemarle Corp.		34,716		7,663,210
Alphabet Inc., Class A^(a)		9,312		25,198,924
Altra Industrial Motion Corp.		17,768		857,839
Ambarella Inc.^(a)		10,527		1,475,359
Apple Inc.		163,414		28,561,499
Autoliv Inc.		26,461		2,620,697
BorgWarner Inc.		70,509		3,091,820
Canoo Inc.^(a)(b)		29,208		178,753
Cooper-Standard Holdings Inc.^(a)		4,551		93,705
CTS Corp.		8,336		279,673


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Self-Driving EV and Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Dana Inc		44,337	$	960,339
Diodes Inc.^(a)		12,861		1,193,372
Eaton Corp. PLC		118,867		18,832,099
Faraday Future Intelligent Electric Inc.^(a)(b)		32,238		137,979
Fisker Inc, Class A^(a)(b)		47,537		561,412
Ford Motor Co.		1,168,487		23,720,286
Garmin Ltd.		45,172		5,620,300
General Motors Co.^(a)		412,051		21,727,449
Gentex Corp		71,672		2,250,501
Gentherm Inc.^(a)		10,514		918,818
Holley Inc.^(a)		15,456		182,999
II-VI Inc.^(a)(b)		31,203		1,978,270
indie Semiconductor Inc., Class A^(a)		14,098		111,515
Intel Corp.		535,819		26,158,684
Lear Corp.		17,881		2,991,849
Lordstown Motors Corp., Class A^(a)(b)		36,457		109,371
Lucid Group Inc.^(a)(b)		154,454		4,539,403
Luminar Technologies Inc, Class A^(a)(b)		64,179		939,581
Methode Electronics Inc		10,541		464,120
Microvast Holdings Inc.^(a)(b)		36,250		200,825
NVIDIA Corp.		85,706		20,985,971
ON Semiconductor Corp.^(a)		126,472		7,461,848
QUALCOMM Inc.		149,445		26,266,453
Rivian Automotive Inc., Class A^(a)		138,507		9,105,450
Romeo Power Inc.^(a)		28,879		68,154
Standard Motor Products Inc.		7,157		342,606
Stoneridge Inc.^(a)		6,642		125,335
Synaptics Inc.^(a)		11,611		2,442,374
Tenneco Inc., Class A^(a)		23,963		251,612
Tesla Inc.^(a)		25,976		24,332,239
Universal Display Corp		12,669		1,944,818
Veoneer Inc.^(a)		33,919		1,194,288
Visteon Corp.^(a)(b)		8,810		894,303
Xilinx Inc.		73,634		14,251,861

				294,443,103


Total Common Stocks — 96.8% (Cost: $561,626,831)				595,853,264


Security	Shares		Value

Preferred Stocks

Chile — 0.3%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		34,608	$	1,853,393


Germany — 2.6%
Porsche Automobil Holding SE, Preference Shares, NVS		45,822		4,291,181
Volkswagen AG, Preference Shares, NVS		55,057		11,466,842

				15,758,023


Total Preferred Stocks — 2.9% (Cost: $16,618,960)				17,611,416


Short-Term Investments

Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(d)(e)(f)		14,037,747		14,041,959
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		650,000		650,000

				14,691,959


Total Short-Term Investments — 2.4% (Cost: $14,691,959)				14,691,959


Total Investments in Securities — 102.1% (Cost: $592,937,750)				628,156,639

Other Assets, Less Liabilities — (2.1)%				(12,981,151	)


Net Assets — 100.0%			$	615,175,488

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

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

Affiliates


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	$	216,037	$	13,826,402	^(a)	$	—	$	(480	)	$	—	$	14,041,959		14,037,747	$	82,292	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		220,000		430,000	^(a)		—		—			—		650,000		650,000		23			—

								$	(480	)	$	—	$	14,691,959			$	82,315		$	—

^(a)

Represents net amount purchased (sold).

^(b)


30		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Self-Driving EV and Tech ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		17		03/18/22	$	799	$	(4,184	)
S&P 500 E-Mini Index		2		03/18/22		450		(18,732	)

							$	(22,916	)

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)	$	22,916

^(a)


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	32,551

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(35,745	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,057,898

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


	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	347,348,257		$	248,505,007		$	—	$	595,853,264
Preferred Stocks		—			17,611,416			—		17,611,416
Money Market Funds		14,691,959			—			—		14,691,959

	$	362,040,216		$	266,116,423		$	—	$	628,156,639

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(18,732	)	$	(4,184	)	$	—	$	(22,916	)

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited)

January 31, 2022

iShares^® U.S. Tech Breakthrough Multisector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 0.0%
Meta Financial Group Inc.		787	$	46,795


Biotechnology — 8.6%
Agenus Inc.^(a)		29,142		80,432
Allogene Therapeutics Inc.^(a)		8,657		99,123
Arcturus Therapeutics Holdings Inc.^(a)		2,937		76,744
Arcus Biosciences Inc.^(a)(b)		5,450		167,860
Beam Therapeutics Inc.^(a)		6,969		482,325
Bluebird Bio Inc.^(a)		8,814		69,542
Blueprint Medicines Corp.^(a)		7,475		576,323
Coherus Biosciences Inc.^(a)		9,328		115,294
Editas Medicine Inc.^(a)		8,834		168,199
Exelixis Inc.^(a)		40,000		724,000
Fate Therapeutics Inc.^(a)		11,626		482,595
FibroGen Inc.^(a)		11,009		166,126
Gilead Sciences Inc.		162,353		11,150,404
Gossamer Bio Inc.^(a)		7,174		68,799
Inovio Pharmaceuticals Inc.^(a)(b)		26,846		111,142
Intellia Therapeutics Inc.^(a)		8,672		820,111
Invitae Corp.^(a)		28,934		325,218
Iovance Biotherapeutics Inc.^(a)		17,667		294,156
Ligand Pharmaceuticals Inc.^(a)		2,060		256,738
Moderna Inc.^(a)		45,305		7,671,496
Novavax Inc.^(a)		9,719		910,670
RAPT Therapeutics Inc.^(a)		3,089		66,784
Regeneron Pharmaceuticals Inc.^(a)		13,298		8,093,030
Sangamo Therapeutics Inc.^(a)		15,667		94,472
Twist Bioscience Corp.^(a)		5,789		343,982
Vaxart Inc.^(a)		16,139		79,888
Vir Biotechnology Inc.^(a)		9,116		312,952

				33,808,405

Capital Markets — 0.4%
Blucora Inc.^(a)		1,294		20,988
Coinbase Global Inc., Class A^(a)		4,146		788,362
Donnelley Financial Solutions Inc.^(a)		906		33,721
MarketAxess Holdings Inc.		1,033		355,848
Open Lending Corp., Class A^(a)		2,826		53,666
Tradeweb Markets Inc., Class A		2,896		245,494
Virtu Financial Inc., Class A		3,029		93,687

				1,591,766

Communications Equipment — 0.5%
ADTRAN Inc.		5,853		112,436
Calix Inc.^(a)		6,808		342,306
Juniper Networks Inc.		39,242		1,366,407

				1,821,149

Consumer Finance — 0.2%
Enova International Inc.^(a)		976		39,313
Green Dot Corp., Class A^(a)		1,254		39,765
OneMain Holdings Inc.		3,461		178,795
Regional Management Corp.		258		13,096
SoFi Technologies Inc.^(a)(b)		15,398		192,167
Upstart Holdings Inc.^(a)		1,724		187,933
World Acceptance Corp.^(a)		161		30,426

				681,495

Diversified Telecommunication Services — 0.1%
Lumen Technologies Inc.		47,184		583,194


Security	Shares		Value

Electrical Equipment — 0.4%
AMETEK Inc.		10,677	$	1,460,293


Electronic Equipment, Instruments & Components — 0.1%
Cognex Corp.		7,935		527,360
FARO Technologies Inc.^(a)		838		45,512

				572,872

Entertainment — 5.2%
Netflix Inc.^(a)		20,236		8,643,605
Walt Disney Co. (The)^(a)		84,202		12,038,360

				20,681,965

Equity Real Estate Investment Trusts (REITs) — 2.3%
CyrusOne Inc.		9,439		848,094
Digital Realty Trust Inc.		21,192		3,162,482
Equinix Inc.		6,710		4,864,079

				8,874,655

Health Care Equipment & Supplies — 1.2%
Intuitive Surgical Inc.^(a)		16,468		4,679,876
Vicarious Surgical Inc., Class A, NVS^(a)(b)		2,370		15,239

				4,695,115

Household Durables — 0.0%
iRobot Corp.^(a)		1,224		80,197


Interactive Media & Services — 9.6%
Alphabet Inc., Class A^(a)		6,021		16,293,247
Bumble Inc., Class A^(a)		3,832		113,082
fuboTV Inc.^(a)(b)		5,617		60,327
Meta Platforms Inc, Class A^(a)		55,719		17,454,534
Pinterest Inc., Class A^(a)		25,469		752,864
Snap Inc., Class A, NVS^(a)		49,968		1,625,959
Twitter Inc.^(a)		36,096		1,353,961
Vimeo Inc.^(a)		10,730		157,194

				37,811,168

Internet & Direct Marketing Retail — 6.2%
Amazon.com Inc.^(a)		5,044		15,088,975
ContextLogic Inc., Class A^(a)		31,291		82,921
Coupang Inc.^(a)(b)		53,741		1,118,888
eBay Inc.		44,870		2,695,341
Etsy Inc.^(a)		9,423		1,480,165
MercadoLibre Inc.^(a)(b)		3,338		3,778,816
Poshmark Inc., Class A^(a)		2,994		47,335

				24,292,441

IT Services — 15.5%
Affirm Holdings Inc.^(a)		5,136		329,064
Akamai Technologies Inc.^(a)(b)		19,540		2,238,307
Alliance Data Systems Corp.		1,379		95,206
Block Inc.^(a)		10,942		1,338,097
Broadridge Financial Solutions Inc.		3,228		513,962
Cantaloupe Inc.^(a)		1,855		15,582
Concentrix Corp.		3,214		645,982
Euronet Worldwide Inc.^(a)		1,407		188,383
Evo Payments Inc., Class A^(a)		1,304		31,452
Fastly Inc., Class A^(a)(b)		7,952		227,904
Fidelity National Information Services Inc.		16,838		2,019,213
Fiserv Inc.^(a)(b)		16,704		1,765,613
FleetCor Technologies Inc.^(a)		2,208		526,078
Flywire Corp.^(a)		1,505		42,426
Global Payments Inc.		8,007		1,200,089
GoDaddy Inc., Class A^(a)		12,362		935,927
International Business Machines Corp.		66,967		8,944,782


32		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® U.S. Tech Breakthrough Multisector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Jack Henry & Associates Inc.		2,049	$	343,843
Marqeta Inc., Class A^(a)		5,865		69,207
Mastercard Inc., Class A		24,184		9,344,214
MongoDB Inc.^(a)		4,622		1,872,418
Okta Inc.^(a)		17,470		3,457,138
Paya Holdings Inc., Class A^(a)(b)		2,345		15,360
Payoneer Global Inc.^(a)		5,959		31,106
PayPal Holdings Inc.^(a)		32,685		5,619,859
Repay Holdings Corp.^(a)(b)		2,127		38,052
Shift4 Payments Inc., Class A^(a)(b)		1,405		74,072
Snowflake Inc., Class A^(a)		20,576		5,676,918
Switch Inc., Class A		9,650		247,330
Toast Inc.^(a)(b)		1,526		34,915
Twilio Inc., Class A^(a)		12,414		2,558,774
Visa Inc., Class A		46,334		10,479,361
WEX Inc.^(a)		1,226		197,361

				61,117,995

Life Sciences Tools & Services — 0.1%
Maravai LifeSciences Holdings Inc., Class A^(a)		14,182		410,144


Machinery — 0.1%
Altra Industrial Motion Corp.		2,990		144,357
Desktop Metal Inc., Class A^(a)		8,946		36,589
Proto Labs Inc.^(a)		1,273		63,879
Velo3D Inc.^(a)		2,782		17,944

				262,769

Professional Services — 0.7%
Alight Inc., Class A^(a)(b)		6,235		60,230
Booz Allen Hamilton Holding Corp.		16,051		1,231,593
CACI International Inc., Class A^(a)		2,803		693,631
ManTech International Corp./VA, Class A		3,340		241,282
Science Applications International Corp.		6,975		572,159

				2,798,895

Semiconductors & Semiconductor Equipment — 13.9%
Advanced Micro Devices Inc.^(a)		55,704		6,364,182
Analog Devices Inc.		24,823		4,070,227
CEVA Inc.^(a)		1,038		39,101
Intel Corp.		188,556		9,205,304
Lattice Semiconductor Corp.^(a)		6,291		347,389
Microchip Technology Inc.		25,214		1,953,581
NVIDIA Corp.		55,703		13,639,437
QUALCOMM Inc.		51,887		9,119,659
Silicon Laboratories Inc.^(a)		1,828		301,967
Texas Instruments Inc.		42,774		7,677,505
Xilinx Inc.		11,472		2,220,406

				54,938,758

Software — 28.5%
A10 Networks Inc.		7,752		114,729
ACI Worldwide Inc.^(a)		3,235		111,187
Adobe Inc.^(a)		21,984		11,746,051
Alarm.com Holdings Inc.^(a)		5,670		422,812
Alkami Technology Inc.^(a)		895		13,729
Altair Engineering Inc., Class A^(a)		2,318		145,849
Alteryx Inc., Class A^(a)		4,370		249,396
ANSYS Inc.^(a)		4,032		1,370,920
Appian Corp.^(a)		2,945		166,010
Autodesk Inc.^(a)		10,162		2,538,366
Avalara Inc.^(a)		2,366		259,361
AvidXchange Holdings Inc.^(a)		3,538		36,654


Security	Shares		Value

Software (continued)
Bentley Systems Inc., Class B^(b)		8,789	$	353,054
Bill.com Holdings Inc.^(a)		2,653		499,321
Black Knight Inc.^(a)		4,193		312,798
Blackline Inc.^(a)		1,478		135,784
Blend Labs Inc.^(a)(b)		3,945		31,402
Bottomline Technologies DE Inc.^(a)		1,197		67,499
C3.ai Inc., Class A^(a)(b)		5,705		150,270
CCC Intelligent Solutions Holdings Inc.^(a)		1,973		21,032
Citrix Systems Inc.		15,049		1,534,095
Clear Secure Inc., Class A^(a)(b)		7,847		193,742
Clearwater Analytics Holdings Inc.^(a)		1,238		21,108
CommVault Systems Inc.^(a)		3,300		222,618
Confluent Inc., Class A^(a)(b)		4,478		292,816
Couchbase Inc.^(a)		1,734		40,628
Crowdstrike Holdings Inc., Class A^(a)		24,580		4,440,131
Datto Holding Corp.^(a)		2,079		51,788
DocuSign Inc.^(a)		23,505		2,956,224
Domo Inc., Class B^(a)		2,114		99,273
Dropbox Inc., Class A^(a)		22,110		547,222
Duck Creek Technologies Inc.^(a)		2,091		53,425
Ebix Inc.		660		20,057
Everbridge Inc.^(a)		4,661		238,270
Expensify Inc.^(a)		780		22,815
Fair Isaac Corp.^(a)		1,999		989,485
Fortinet Inc.^(a)		16,661		4,952,316
Freshworks Inc.^(a)(b)		2,562		55,724
Gitlab Inc.^(a)(b)		118		7,553
Guidewire Software Inc.^(a)		2,320		233,949
HubSpot Inc.^(a)		3,343		1,634,058
Informatica Inc.^(a)(b)		7,718		215,487
Intapp Inc.^(a)		1,007		20,261
Intuit Inc.		7,674		4,260,835
Mandiant Inc.^(a)		28,431		429,024
Matterport Inc, Class A^(a)(b)		8,392		81,654
McAfee Corp., Class A		11,533		295,821
Microsoft Corp.		52,930		16,460,171
MicroStrategy Inc., Class A^(a)		629		231,478
Ncino Inc.		1,760		80,661
Nutanix Inc., Class A^(a)		15,900		434,706
OneSpan Inc.^(a)		4,259		68,400
Oracle Corp.		118,773		9,639,617
Palo Alto Networks Inc.^(a)		11,760		6,084,624
Pegasystems Inc.		2,968		294,485
Ping Identity Holding Corp.^(a)		8,209		162,456
Progress Software Corp.		3,224		146,724
PTC Inc.^(a)		4,923		572,348
Q2 Holdings Inc.^(a)(b)		1,497		97,679
Qualys Inc.^(a)		4,180		535,625
Rapid7 Inc.^(a)(b)		6,740		649,264
SailPoint Technologies Holdings Inc.^(a)		11,156		431,626
salesforce.com Inc.^(a)		66,185		15,396,617
SentinelOne Inc., Class A^(a)		4,192		187,592
ServiceNow Inc.^(a)		14,786		8,661,343
Splunk Inc.^(a)		11,779		1,459,654
Sprout Social Inc., Class A^(a)		3,290		226,516
SS&C Technologies Holdings Inc.		6,201		495,274
Sumo Logic Inc.^(a)		5,837		69,519
Telos Corp.^(a)		5,784		67,615
Tenable Holdings Inc.^(a)		12,497		642,346
Teradata Corp.^(a)		7,914		319,251


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® U.S. Tech Breakthrough Multisector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Varonis Systems Inc.^(a)		12,812	$	477,375
VMware Inc., Class A		25,239		3,242,707
Workiva Inc.^(a)		1,158		136,968
Zscaler Inc.^(a)		9,907		2,547,189
Zuora Inc., Class A^(a)		8,561		142,369

				112,618,802

Technology Hardware, Storage & Peripherals — 6.3%
3D Systems Corp.^(a)(b)		5,778		103,426
Apple Inc.		105,641		18,463,934
HP Inc.		86,032		3,159,956
NetApp Inc.		16,577		1,434,076
Pure Storage Inc., Class A^(a)		19,815		524,899
Western Digital Corp.^(a)		22,724		1,175,740

				24,862,031


Total Common Stocks — 99.9% (Cost: $329,667,398)				394,010,904


Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		7,057,242		7,059,360


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		520,000	$	520,000

				7,579,360


Total Short-Term Investments — 1.9% (Cost: $7,579,360)				7,579,360


Total Investments in Securities — 101.8% (Cost: $337,246,758)				401,590,264

Other Assets, Less Liabilities — (1.8)%				(7,057,738	)


Net Assets — 100.0%			$	394,532,526

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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

Affiliates


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	$	6,355,243	$	705,607	^(a)	$	—	$	(1,490	)	$	—	$	7,059,360		7,057,242	$	11,396	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares .		470,000		50,000	^(a)		—		—			—		520,000		520,000		14			—

								$	(1,490	)	$	—	$	7,579,360			$	11,410		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		2		03/18/22	$	326	$	(10,289	)
Russell 2000 E-Mini Index		1		03/18/22		101		(9,550	)

							$	(19,839	)


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® U.S. Tech Breakthrough Multisector ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	19,839

^(a)

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	$	39,591


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(23,076	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	296,328

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


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	394,010,904		$	—	$	—	$	394,010,904
Money Market Funds		7,579,360			—		—		7,579,360

	$	401,590,264		$	—	$	—	$	401,590,264

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(19,839	)	$	—	$	—	$	(19,839	)

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Virtual Work and Life Multisector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Communication Services — 36.0%
Activision Blizzard Inc.		2,296	$	181,407
Bandwidth Inc., Class A^(a)		474		29,677
Bumble Inc., Class A^(a)		1,731		51,082
DouYu International Holdings Ltd., ADR^(a)		6,463		13,572
Electronic Arts Inc.		1,044		138,497
fuboTV Inc.^(a)		2,550		27,387
Hello Group Inc., ADR		3,480		33,860
HUYA Inc., ADR^(a)		1,710		11,320
iQIYI Inc., ADR^(a)		7,906		32,256
JOYY Inc., ADR		1,268		64,110
Kahoot! ASA^(a)		7,344		29,486
Kingsoft Corp. Ltd.		19,800		88,979
Kuaishou Technology^(a)(b)		12,600		144,028
Match Group Inc.^(a)		1,048		118,110
Meitu Inc.^(a)(b)		43,500		8,625
NetDragon Websoft Holdings Ltd.		5,000		12,621
Netflix Inc.^(a)		216		92,262
Nexon Co. Ltd.		6,600		124,421
Nintendo Co. Ltd.		300		147,012
Nordic Entertainment Group AB, Class B^(a)		1,608		62,256
Ooma Inc.^(a)		423		7,631
Paradox Interactive AB		792		16,415
Roku Inc., Class A^(a)		642		105,320
Snap Inc., Class A, NVS^(a)		2,823		91,860
Sohu.com Ltd., ADR^(a)		612		11,138
Spotify Technology SA^(a)		584		114,616
Take-Two Interactive Software Inc.^(a)		792		129,365
Tencent Holdings Ltd.		2,200		137,857
Ubisoft Entertainment SA^(a)		2,088		119,819
XD Inc.^(a)		4,200		15,876

				2,160,865

Consumer Discretionary — 17.2%
2U Inc.^(a)		1,545		24,936
Chegg Inc.^(a)		2,979		78,854
Dada Nexus Ltd., ADR^(a)		4,842		52,875
Deliveroo PLC^(a)(b)		18,159		38,151
Delivery Hero SE^(a)(b)		1,141		88,074
Demae-Can Co. Ltd.^(a)		900		5,858
DoorDash Inc., Class A^(a)		840		95,332
Duolingo Inc., Class A^(a)(c)		252		25,202
JD Health International Inc.^(a)(b)		16,200		130,850
JD.com Inc., Class A^(a)		104		3,942
Just Eat Takeaway.com NV^(a)(b)		2,295		113,329
Meituan, Class B^(a)(b)		4,300		128,288
New Oriental Education & Technology Group Inc.^(a)		31,800		44,561
Peloton Interactive Inc., Class A^(a)		3,033		82,892
PowerSchool Holdings Inc., Class A^(a)		1,683		27,568
Stride Inc.^(a)		837		29,354
Zomato Ltd.^(a)		54,087		65,920

				1,035,986

Consumer Staples — 1.3%
Shop Apotheke Europe NV^(a)(b)		252		32,763
Zur Rose Group AG^(a)		177		43,329

				76,092

Health Care — 5.8%
Alibaba Health Information Technology Ltd.^(a)		84,000		63,315
GN Store Nord A/S		2,406		145,597
Ping An Healthcare and Technology Co. Ltd.^(a)(b)		9,300		29,674


Security	Shares		Value

Health Care (continued)
Teladoc Health Inc.^(a)		1,429	$	109,618

				348,204

Information Technology — 39.5%
8x8 Inc.^(a)		2,298		35,274
Anaplan Inc.^(a)		2,829		136,584
Asana Inc., Class A^(a)		1,398		73,367
Avast PLC^(b)		12,768		105,297
Avaya Holdings Corp.^(a)(c)		1,722		31,375
Box Inc., Class A^(a)		3,069		80,193
Braze Inc.^(a)		132		6,603
Citrix Systems Inc.		1,662		169,424
Cloudflare Inc., Class A^(a)(c)		828		79,819
CM.Com NV^(a)		255		6,948
DocuSign Inc.^(a)		978		123,003
Dropbox Inc., Class A^(a)		5,511		136,397
Enghouse Systems Ltd.		864		30,437
Esker SA		108		29,206
Everbridge Inc.^(a)		798		40,794
Five9 Inc.^(a)		1,026		128,968
Fronteo Inc.^(a)		600		13,277
GB Group PLC		5,100		45,537
Justsystems Corp.		600		25,969
Life360 Inc.^(a)(b)		3,132		18,374
LivePerson Inc.^(a)		1,386		41,400
Megaport Ltd.^(a)		3,039		29,234
Microsoft Corp		414		128,746
Mitek Systems Inc.^(a)		796		13,030
Monday.com Ltd.^(a)		177		37,050
Nice Ltd.^(a)		445		113,910
Nuix Ltd.^(a)		5,802		6,139
PagerDuty Inc.^(a)		1,539		50,818
Plantronics Inc.^(a)		861		22,946
RingCentral Inc., Class A^(a)		681		120,190
Smartsheet Inc., Class A^(a)		2,001		124,502
Turtle Beach Corp.^(a)		324		6,584
Verint Systems Inc.^(a)		1,329		68,218
Weave Communications Inc.^(a)		564		5,640
WingArc1st Inc		300		3,377
Xperi Holding Corp.		2,127		35,882
Zendesk Inc.^(a)		1,362		134,171
Zoom Video Communications Inc., Class A^(a)		718		110,773

				2,369,456


Total Common Stocks — 99.8% (Cost: $7,905,709)				5,990,603


Short-Term Investments

Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(d)(e)(f)		121,342		121,378


36		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Virtual Work and Life Multisector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		10,000	$	10,000

				131,378


Total Short-Term Investments — 2.2% (Cost: $131,378)				131,378


Total Investments In Securities — 102.0% (Cost: $8,037,087)				6,121,981

Other Assets, Less Liabilities — (2.0)%				(119,508	)


Net Assets — 100.0%			$	6,002,473

^(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


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	$	305,040	$	—		$	(183,637	)^(a)	$	(25	)	$	—	$	121,378		121,342	$	187	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	^(a)		—			—			—		10,000		10,000		—			—

									$	(25	)	$	—	$	131,378			$	187		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-mini Russell 2000 Index		1		03/18/22	$	10	$	(475	)

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)	$	475

^(a)


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Virtual Work and Life Multisector ETF

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	$	39


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(570	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	7,077

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


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,857,585		$	2,133,018	$	—	$	5,990,603
Money Market Funds		131,378			—		—		131,378

	$	3,988,963		$	2,133,018	$	—	$	6,121,981

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(475	)	$	—	$	—	$	(475)

^(a)

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

See notes to financial statements.


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

January 31, 2022


	iShares Cloud 5G and Tech ETF		iShares Cybersecurity and Tech ETF		iShares Exponential Technologies ETF		iShares Genomics Immunology and Healthcare ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	8,812,178	$	541,938,253	$	3,793,728,985	$	257,830,338
Affiliated^(c)		168,430		47,769,158		149,760,709		10,491,741
Cash		8,804		—		9,684		5,421
Foreign currency, at value^(d)		13,580		45,093		3,972,780		209,372
Cash pledged:
Futures contracts		—		73,000		284,000		17,000
Foreign currency collateral pledged:
Futures contracts^(e)		—		—		85,383		—
Receivables:
Securities lending income — Affiliated		6		118,228		12,056		1,806
Variation margin on futures contracts		—		33,200		153,720		2,520
Capital shares sold		—		218,777		—		—
Dividends		1,029		533,665		2,360,447		211
Tax reclaims		—		—		1,895,772		62,515

Total assets		9,004,027		590,729,374		3,952,263,536		268,620,924


LIABILITIES
Bank overdraft		—		30,326		—		—
Collateral on securities loaned, at value		168,430		46,841,174		126,350,746		10,279,240
Deferred foreign capital gain tax		—		—		2,016,916		—
Payables:
Investments purchased		—		185,262		—		—
Investment advisory fees		3,623		221,296		1,524,150		112,325

Total liabilities		172,053		47,278,058		129,891,812		10,391,565


NET ASSETS	$	8,831,974	$	543,451,316	$	3,822,371,724	$	258,229,359


NET ASSETS CONSIST OF:
Paid-in capital	$	8,082,612	$	512,569,966	$	3,110,861,471	$	325,671,865
Accumulated earnings (loss)		749,362		30,881,350		711,510,253		(67,442,506	)

NET ASSETS	$	8,831,974	$	543,451,316	$	3,822,371,724	$	258,229,359


Shares outstanding		320,000		13,450,000		64,250,000		7,100,000


Net asset value	$	27.60	$	40.41	$	59.49	$	36.37


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a)Securities loaned, at value	$	168,824	$	47,492,847	$	132,988,486	$	10,850,011
^(b)Investments, at cost — Unaffiliated	$	8,696,087	$	536,713,463	$	3,402,126,611	$	312,093,839
^(c)Investments, at cost — Affiliated	$	168,430	$	47,768,655	$	141,300,764	$	10,491,377
^(d)Foreign currency, at cost	$	13,639	$	45,434	$	3,983,225	$	210,640
^(e)Foreign currency collateral pledged, at cost	$	—	$	—	$	88,484	$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		39

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2022


	iShares Robotics and Artificial Intelligence Multisector ETF			iShares Self-Driving EV and Tech ETF		iShares U.S. Tech Breakthrough Multisector ETF		iShares Virtual Work and Life Multisector ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	367,760,880		$	613,464,680	$	394,010,904	$	5,990,603
Affiliated^(c)		23,327,738			14,691,959		7,579,360		131,378
Cash		30,986			2,674		8,356		1,255
Foreign currency, at value^(d)		334,970			699,291		—		1,452
Cash pledged:
Futures contracts		37,000			22,000		27,000		1,000
Foreign currency collateral pledged:
Futures contracts^(e)		—			69,654		—		—
Receivables:
Investments sold		58,102			—		—		—
Securities lending income — Affiliated		95,640			66,311		2,738		35
Variation margin on futures contracts		16,600			18,944		11,239		294
Dividends		111,848			363,163		61,877		3,926
Tax reclaims		17,530			71,417		—		195

Total assets		391,791,294			629,470,093		401,701,474		6,130,138


LIABILITIES
Collateral on securities loaned, at value		22,932,349			14,042,439		7,066,426		121,403
Payables:
Investments purchased		—			—		—		3,788
Bank borrowings		—			—		—		18
Capital shares redeemed		58,102			—		—		—
Investment advisory fees		157,822			252,166		102,522		2,456

Total liabilities		23,148,273			14,294,605		7,168,948		127,665


NET ASSETS	$	368,643,021		$	615,175,488	$	394,532,526	$	6,002,473


NET ASSETS CONSIST OF:
Paid-in capital	$	370,352,846		$	570,413,745	$	319,358,649	$	8,079,425
Accumulated earnings (loss)		(1,709,825	)		44,761,743		75,173,877		(2,076,952	)

NET ASSETS	$	368,643,021		$	615,175,488	$	394,532,526	$	6,002,473


Shares outstanding		10,000,000			12,300,000		10,500,000		300,000


Net asset value	$	36.86		$	50.01	$	37.57	$	20.01


Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited


Par value		None			None		None		None


^(a)Securities loaned, at value	$	23,923,220		$	15,402,594	$	7,421,170	$	132,202
^(b)Investments, at cost — Unaffiliated	$	361,080,248		$	578,245,791	$	329,667,398	$	7,905,709
^(c)Investments, at cost — Affiliated	$	23,327,738		$	14,691,959	$	7,579,360	$	131,378
^(d)Foreign currency, at cost	$	336,976		$	700,001	$	—	$	1,457
^(e)Foreign currency collateral pledged, at cost	$	—		$	69,958	$	—	$	—

See notes to financial statements.


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended January 31, 2022


	iShares Cloud 5G and Tech ETF			iShares Cybersecurity and Tech ETF			iShares Exponential Technologies ETF			iShares Genomics Immunology and Healthcare ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	49,464	^(a)	$	4,958,192		$	20,916,523		$	586,834
Dividends — Affiliated		—			26			212,181			11
Non-cash dividends — Unaffiliated		—			—			1,271,923			—
Securities lending income — Affiliated — net		24			222,324			61,035			53,525
Foreign taxes withheld		(1,445	)		(143,432	)		(913,364	)		(30,591	)

Total investment income		48,043			5,037,110			21,548,298			609,779


EXPENSES
Investment advisory fees		21,140			1,538,010			9,255,104			797,524
Commitment fees		23			695			6,661			21
Miscellaneous		—			—			217			—

Total expenses		21,163			1,538,705			9,261,982			797,545

Net investment income (loss)		26,880			3,498,405			12,286,316			(187,766	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(b)		(93,647	)		(1,863,633	)		420,394,097			(132,537	)
Investments — Affiliated		—			(9,490	)		68,708			(954	)
In-kind redemptions — Unaffiliated		732,444			33,119,830			—			987,443
Futures contracts		—			168,812			1,517,781			20,915
Foreign currency transactions		(828	)		(44,234	)		996,054			(8,371	)

Net realized gain		637,969			31,371,285			422,976,640			866,496

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(c)		(209,676	)		(82,199,652	)		(702,902,259	)		(101,931,984	)
Investments — Affiliated		—			(83	)		(1,024,993	)		(323	)
Futures contracts		—			(112,078	)		(249,987	)		(20,197	)
Foreign currency translations		(41	)		(2,143	)		(99,513	)		(6,060	)

Net change in unrealized appreciation (depreciation)		(209,717	)		(82,313,956	)		(704,276,752	)		(101,958,564	)

Net realized and unrealized gain (loss)		428,252			(50,942,671	)		(281,300,112	)		(101,092,068	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	455,132		$	(47,444,266	)	$	(269,013,796	)	$	(101,279,834	)


^(a)Includes $13,503 related to a special distribution from VMware Inc., Class A.
^(b)Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	(1,498,072	)	$	—
^(c)Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	1,109,449		$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		41

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2022


	iShares Robotics and Artificial Intelligence Multisector ETF			iShares Self-Driving EV and Tech ETF			iShares U.S. Tech Breakthrough Multisector ETF			iShares Virtual Work and Life Multisector ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	1,118,407		$	2,131,224		$	1,497,735		$	6,964
Dividends — Affiliated		12			23			14			—
Securities lending income — Affiliated — net		172,204			82,292			11,396			187
Foreign taxes withheld		(545,807	)		(163,541	)		—			(156	)

Total investment income		744,816			2,049,998			1,509,145			6,995


EXPENSES
Investment advisory fees		1,028,821			1,212,647			885,065			15,130
Commitment fees		1,032			1,196			—			—
Miscellaneous		217			—			—			—
Interest expense		—			—			—			18

Total expenses		1,030,070			1,213,843			885,065			15,148

Less:
Investment advisory fees waived		—			—			(221,266	)		—

Total expenses after fees waived		1,030,070			1,213,843			663,799			15,148

Net investment income (loss)		(285,254	)		836,155			845,346			(8,153	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(4,005,996	)		12,541,873			(3,311,322	)		(287,794	)
Investments — Affiliated		483			(480	)		(1,490	)		(25	)
In-kind redemptions — Unaffiliated		13,025,266			2,551,399			14,336,810			294,823
Futures contracts		88,417			32,551			39,591			39
Foreign currency transactions		781			(74,350	)		—			1,149

Net realized gain		9,108,951			15,050,993			11,063,589			8,192


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(67,981,509	)		(26,541,530	)		(48,921,703	)		(1,914,734	)
Investments — Affiliated		(4,299	)		—			—			—
Futures contracts		(53,270	)		(35,745	)		(23,076	)		(570	)
Foreign currency translations		(5,269	)		(7,787	)		—			(25	)

Net change in unrealized appreciation (depreciation)		(68,044,347	)		(26,585,062	)		(48,944,779	)		(1,915,329	)

Net realized and unrealized loss		(58,935,396	)		(11,534,069	)		(37,881,190	)		(1,907,137	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(59,220,650	)	$	(10,697,914	)	$	(37,035,844	)	$	(1,915,290	)

See notes to financial statements.


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares Cloud 5G and Tech ETF						iShares Cybersecurity and Tech ETF
		Six Months Ended 01/31/22 (unaudited)			Period From 06/08/21 to 07/31/21	^(a)		Six Months Ended 01/31/22 (unaudited	)		Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	26,880		$	12,454		$	3,498,405		$	127,176
Net realized gain		637,969			468			31,371,285			6,063,542
Net change in unrealized appreciation (depreciation)		(209,717	)		325,750			(82,313,956	)		74,847,100

Net increase (decrease) in net assets resulting from operations		455,132			338,672			(47,444,266	)		81,037,818


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(44,442	)		—			(3,285,180	)		(391,004	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		51,011			8,031,601			(22,213,584	)		426,258,789


NET ASSETS
Total increase (decrease) in net assets		461,701			8,370,273			(72,943,030	)		506,905,603
Beginning of period		8,370,273			—			616,394,346			109,488,743

End of period	$	8,831,974		$	8,370,273		$	543,451,316		$	616,394,346

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		43

Statements of Changes in Net Assets (continued)


	iShares Exponential Technologies ETF						iShares Genomics Immunology and Healthcare ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	12,286,316		$	29,176,818		$	(187,766	)	$	398,315
Net realized gain		422,976,640			428,643,327			866,496			13,765,938
Net change in unrealized appreciation (depreciation)		(704,276,752	)		502,112,932			(101,958,564	)		39,713,821

Net increase (decrease) in net assets resulting from operations		(269,013,796	)		959,933,077			(101,279,834	)		53,878,074


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(17,818,721	)		(26,862,976	)		(1,922,685	)		(498,913	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		194,626,556			323,880,980			33,613,780			132,764,319


NET ASSETS
Total increase (decrease) in net assets		(92,205,961	)		1,256,951,081			(69,588,739	)		186,143,480
Beginning of period		3,914,577,685			2,657,626,604			327,818,098			141,674,618

End of period	$	3,822,371,724		$	3,914,577,685		$	258,229,359		$	327,818,098

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


44		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Robotics and Artificial Intelligence Multisector ETF						iShares Self-Driving EV and Tech ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(285,254	)	$	1,352,975		$	836,155		$	2,411,618
Net realized gain		9,108,951			21,415,650			15,050,993			5,409,929
Net change in unrealized appreciation (depreciation)		(68,044,347	)		47,488,251			(26,585,062	)		58,225,172

Net increase (decrease) in net assets resulting from operations		(59,220,650	)		70,256,876			(10,697,914	)		66,046,719


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(9,301,910	)		(1,990,133	)		(4,508,473	)		(1,978,221	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,720,910			208,006,030			201,197,308			332,456,072


NET ASSETS
Total increase (decrease) in net assets		(64,801,650	)		276,272,773			185,990,921			396,524,570
Beginning of period		433,444,671			157,171,898			429,184,567			32,659,997

End of period	$	368,643,021		$	433,444,671		$	615,175,488		$	429,184,567

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		45

Statements of Changes in Net Assets (continued)


	iShares U.S. Tech Breakthrough Multisector ETF						iShares Virtual Work and Life Multisector ETF
		Six Months Ended 01/31/22 (unaudited	)		Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Period From 09/29/20 to 07/31/21	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	845,346		$	1,552,833		$	(8,153	)	$	(9,155	)
Net realized gain		11,063,589			26,282,770			8,192			568,112
Net change in unrealized appreciation (depreciation)		(48,944,779	)		82,013,503			(1,915,329	)		(265	)

Net increase (decrease) in net assets resulting from operations		(37,035,844	)		109,849,106			(1,915,290	)		558,692


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(859,139	)		(1,801,251	)		—			(10,999	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		110,132			(19,803,841	)		(548,573	)		7,918,643


NET ASSETS
Total increase (decrease) in net assets		(37,784,851	)		88,244,014			(2,463,863	)		8,466,336
Beginning of period		432,317,377			344,073,363			8,466,336			—

End of period	$	394,532,526		$	432,317,377		$	6,002,473		$	8,466,336

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


46		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Cloud 5G and Tech ETF
		Six Months Ended 01/31/22 (unaudited)					Period From 06/08/21 to 07/31/21	^(a)


Net asset value, beginning of period			$	26.16		$	25.07

Net investment income^(b)				0.08	^(c)		0.04
Net realized and unrealized gain^(d)				1.50			1.05

Net increase from investment operations				1.58			1.09


Distributions^(e)
From net investment income				(0.14	)		—

Total distributions				(0.14	)		—


Net asset value, end of period			$	27.60		$	26.16


Total Return^(f)
Based on net asset value				6.01	%^(g)		4.35	%^(g)


Ratios to Average Net Assets^(h)
Total expenses				0.47	%⁽ⁱ⁾		0.47	%⁽ⁱ⁾

Net investment income				0.60	%^(c)(i)		1.09	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	8,832		$	8,370

Portfolio turnover rate^(j)				39	%^(g)		0	%^(g)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	Includes a one-time special distribution from VMware Inc., Class A. Excluding such special distribution, the net investment income would have been $0.30 per share and 0.04% of average net assets.

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Cybersecurity and Tech ETF
		Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Period From 06/11/19 to 07/31/19	^(a)


Net asset value, beginning of period	$	43.87		$	33.69		$	26.58		$	24.94

Net investment income^(b)		0.24			0.02			0.33	^(c)		0.00	^(d)
Net realized and unrealized gain (loss)^(e)		(3.49	)		10.22			7.02			1.64

Net increase (decrease) from investment operations		(3.25	)		10.24			7.35			1.64


Distributions^(f)
From net investment income		(0.21	)		(0.06	)		(0.15	)		—
From net realized gain		—			—			(0.09	)		—

Total distributions		(0.21	)		(0.06	)		(0.24	)		—


Net asset value, end of period	$	40.41		$	43.87		$	33.69		$	26.58


Total Return^(g)
Based on net asset value		(7.43	)%^(h)		30.42	%		27.85	%		6.58	%^(h)


Ratios to Average Net Assets⁽ⁱ⁾
Total expenses		0.47	%^(j)		0.47	%		0.47	%		0.47	%^(j)

Net investment income		1.07	%^(j)		0.04	%		1.12	%^(c)		0.06	%^(j)


Supplemental Data
Net assets, end of period (000)	$	543,451		$	616,394		$	109,489		$	3,987

Portfolio turnover rate^(k)		29	%^(h)		38	%		29	%		8	%^(h)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	Includes a one-time special distribution from NortonLifeLock Inc. Excluding such special distribution, the net investment income would have been $0.08 per share and 0.26% of average net assets.

^(d)	Rounds to less than $0.01.

^(e)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(f)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(g)	Where applicable, assumes the reinvestment of distributions.

^(h)	Not annualized.

⁽ⁱ⁾	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(j)	Annualized.

^(k)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


48		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Exponential Technologies ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	63.91		$	47.25		$	38.89		$	37.73		$	32.74		$	25.95

Net investment income^(a)			0.19			0.52			0.44			0.55			0.47			0.38
Net realized and unrealized gain (loss)^(b)			(4.33	)		16.61			8.47			1.16			4.91			6.79

Net increase (decrease) from investment operations			(4.14	)		17.13			8.91			1.71			5.38			7.17


Distributions^(c)
From net investment income			(0.28	)		(0.47	)		(0.55	)		(0.55	)		(0.39	)		(0.38	)

Total distributions			(0.28	)		(0.47	)		(0.55	)		(0.55	)		(0.39	)		(0.38	)


Net asset value, end of period		$	59.49		$	63.91		$	47.25		$	38.89		$	37.73		$	32.74


Total Return^(d)
Based on net asset value			(6.51	)%^(e)		36.33	%		23.05	%		4.67	%		16.48	%		27.80	%


Ratios to Average Net Assets^(f)
Total expenses			0.45	%^(g)		0.46	%		0.47	%		0.47	%		0.47	%		0.47	%

Net investment income			0.60	%^(g)		0.91	%		1.07	%		1.47	%		1.30	%		1.32	%


Supplemental Data
Net assets, end of period (000)		$	3,822,372		$	3,914,578		$	2,657,627		$	2,562,819		$	2,346,884		$	1,147,540

Portfolio turnover rate^(h)			52	%^(e)		23	%		23	%		21	%		19	%		23	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		49

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Genomics Immunology and Healthcare ETF
		Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Period From 06/11/19 to 07/31/19	^(a)


Net asset value, beginning of period	$	50.05		$	37.28		$	27.61		$	24.46

Net investment income (loss)^(b)		(0.03	)		0.08			0.17			(0.01	)
Net realized and unrealized gain (loss)^(c)		(13.39	)		12.78			9.82			3.16

Net increase (decrease) from investment operations		(13.42	)		12.86			9.99			3.15


Distributions^(d)
From net investment income		(0.26	)		(0.09	)		(0.08	)		—
From net realized gain		—			—			(0.24	)		—

Total distributions		(0.26	)		(0.09	)		(0.32	)		—


Net asset value, end of period	$	36.37		$	50.05		$	37.28		$	27.61


Total Return^(e)
Based on net asset value		(26.91	)%^(f)		34.49	%		36.42	%		12.88	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.47	%^(h)		0.47	%		0.47	%		0.47	%^(h)

Net investment income (loss)		(0.11	)%^(h)		0.16	%		0.54	%		(0.35	)%^(h)


Supplemental Data
Net assets, end of period (000)	$	258,229		$	327,818		$	141,675		$	24,851

Portfolio turnover rate⁽ⁱ⁾		38	%^(f)		52	%		38	%		19	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


50		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Robotics and Artificial Intelligence Multisector ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Period From 06/26/18^(a)to 07/31/18


Net asset value, beginning of period		$	43.34		$	31.43		$	24.99		$	23.63			$	23.80

Net investment income (loss)^(b)			(0.03	)		0.17			0.11			0.24				0.03
Net realized and unrealized gain (loss)^(c)			(5.54	)		12.00			6.44			1.30				(0.20	)

Net increase (decrease) from investment operations			(5.57	)		12.17			6.55			1.54				(0.17	)


Distributions^(d)
From net investment income			(0.91	)		(0.26	)		(0.11	)		(0.18	)			—

Total distributions			(0.91	)		(0.26	)		(0.11	)		(0.18	)			—


Net asset value, end of period		$	36.86		$	43.34		$	31.43		$	24.99			$	23.63


Total Return^(e)
Based on net asset value			(13.08	)%^(f)		38.79	%		26.27	%		6.60	%			(0.71	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.47	%^(h)		0.47	%		0.47	%		0.47	%			0.47	%^(h)

Net investment income (loss)			(0.13	)%^(h)		0.42	%		0.40	%		1.02	%			1.16	%^(h)


Supplemental Data
Net assets, end of period (000)		$	368,643		$	433,445		$	157,172		$	44,978			$	9,454

Portfolio turnover rate⁽ⁱ⁾			37	%^(f)		42	%		34	%		35	%			0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		51

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Self-Driving EV and Tech ETF
	Six Months Ended 01/31/22 (unaudited)					Year Ended 07/31/21			Year Ended 07/31/20			Period From 04/16/19 to 07/31/19	^(a)


Net asset value, beginning of period		$	49.91		$	29.69		$	24.08		$	25.39

Net investment income^(b)			0.09			0.50			0.37			0.17
Net realized and unrealized gain (loss)^(c)			0.41			20.04			5.59			(1.30	)

Net increase (decrease) from investment operations			0.50			20.54			5.96			(1.13	)


Distributions^(d)
From net investment income			(0.40	)		(0.32	)		(0.35	)		(0.18	)

Total distributions			(0.40	)		(0.32	)		(0.35	)		(0.18	)


Net asset value, end of period		$	50.01		$	49.91		$	29.69		$	24.08


Total Return^(e)
Based on net asset value			0.95	%^(f)		69.28	%		24.91	%^(g)		(4.40	)%^(f)


Ratios to Average Net Assets^(h)
Total expenses			0.47	%⁽ⁱ⁾		0.47	%		0.47	%		0.47	%⁽ⁱ⁾

Net investment income			0.32	%⁽ⁱ⁾		1.10	%		1.44	%		2.43	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)		$	615,175		$	429,185		$	32,660		$	26,493

Portfolio turnover rate^(j)			29	%^(f)		24	%		19	%		2	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


52		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Tech Breakthrough Multisector ETF
	Six Months Ended 01/31/22 (unaudited)					Year Ended 07/31/21			Period From 06/11/20 to 07/31/20	^(a)


Net asset value, beginning of period		$	41.17		$	30.72		$	25.21

Net investment income^(b)			0.08			0.15			0.07
Net realized and unrealized gain (loss)^(c)			(3.60	)		10.48			5.60

Net increase (decrease) from investment operations			(3.52	)		10.63			5.67


Distributions^(d)
From net investment income			(0.08	)		(0.15	)		(0.16	)
From net realized gain			—			(0.03	)		—

Total distributions			(0.08	)		(0.18	)		(0.16	)


Net asset value, end of period		$	37.57		$	41.17		$	30.72


Total Return^(e)
Based on net asset value			(8.57	)%^(f)		34.72	%		22.73	%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.40	%^(h)		0.40	%		0.40	%^(h)

Total expenses after fees waived			0.30	%^(h)		0.30	%		0.30	%^(h)

Net investment income			0.38	%^(h)		0.43	%		0.43	%^(h)


Supplemental Data
Net assets, end of period (000)		$	394,533		$	432,317		$	344,073

Portfolio turnover rate⁽ⁱ⁾			5	%^(f)		11	%		12	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		53

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Virtual Work and Life Multisector ETF
		Six Months Ended 01/31/22 (unaudited)					Period From 09/29/20 to 07/31/21	^(a)


Net asset value, beginning of period			$	28.22		$	25.22

Net investment loss^(b)				(0.03	)		(0.04	)
Net realized and unrealized gain (loss)^(c)				(8.18	)		3.09

Net increase (decrease) from investment operations				(8.21	)		3.05


Distributions^(d)
From net investment income				—			(0.05	)

Total distributions				—			(0.05	)


Net asset value, end of period			$	20.01		$	28.22


Total Return^(e)
Based on net asset value				(29.09	)%^(f)		12.11	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.47	%^(h)		0.47	%^(h)

Net investment loss				(0.25	)%^(h)		(0.16	)%^(h)


Supplemental Data
Net assets, end of period (000)			$	6,002		$	8,466

Portfolio turnover rate⁽ⁱ⁾				27	%^(f)		27	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


54		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Notes to Financial Statements (unaudited)

1.	ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):


iShares ETF	Diversification Classification
Cloud 5G and Tech		Non-diversified
Cybersecurity and Tech		Non-diversified
Exponential Technologies		Diversified
Genomics Immunology and Healthcare		Non-diversified
Robotics and Artificial Intelligence Multisector		Diversified
Self-Driving EV and Tech		Non-diversified
U.S. Tech Breakthrough Multisector		Non-diversified
Virtual Work and Life Multisector		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.


N O T E S T O F I N A N C I A L S T A T E M E N T S		55

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund


56		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Cloud 5G and Tech
Barclays Capital, Inc.	$	141,835	$	141,835		$	—	$	—
UBS AG		26,989		24,274			—		(2,715	)^(b)

	$	168,824	$	166,109		$	—	$	(2,715	)

Cybersecurity and Tech
Cybersecurity and Tech
Barclays Capital, Inc.	$	1,985,776	$	1,985,776		$	—	$	—
BNP Paribas SA		10,415,045		10,118,675			—		(296,370	)^(b)
BofA Securities, Inc.		1,781,146		1,754,060			—		(27,086	)^(b)
Citigroup Global Markets, Inc.		647,780		646,914			—		(866	)^(b)
Credit Suisse Securities (USA) LLC		8,311		8,108			—		(203	)^(b)
J.P. Morgan Securities LLC		31,943,234		31,187,571			—		(755,663	)^(b)
Jefferies LLC		638,070		635,105			—		(2,965	)^(b)
RBC Capital Markets LLC		23,541		23,089			—		(452	)^(b)
State Street Bank & Trust Co.		49,944		49,899			—		(45	)^(b)

	$	47,492,847	$	46,409,197		$	—	$	(1,083,650	)

Exponential Technologies
Barclays Bank PLC	$	11,573,648	$	11,030,706		$	—	$	(542,942	)^(b)
BNP Paribas SA		26,738,033		25,209,933			—		(1,528,100	)^(b)
BofA Securities, Inc.		3,994,720		3,793,268			—		(201,452	)^(b)
Citigroup Global Markets, Inc.		84,697		80,466			—		(4,231	)^(b)
Credit Suisse Securities (USA) LLC		252,846		227,495			—		(25,351	)^(b)
Goldman Sachs & Co. LLC		62,338,894		59,758,401			—		(2,580,493	)^(b)
J.P. Morgan Securities LLC		21,390,718		20,203,691			—		(1,187,027	)^(b)
SG Americas Securities LLC		111,128		111,128			—		—
Toronto Dominion Bank		2,377,718		2,202,429			—		(175,289	)^(b)
UBS AG		1,134,084		1,021,812			—		(112,272	)^(b)
UBS Securities LLC		2,847,200		2,601,554			—		(245,646	)^(b)
Wells Fargo Bank N.A		144,800		144,800			—		—

	$	132,988,486	$	126,385,683		$	—	$	(6,602,803	)

Genomics Immunology and Healthcare
Barclays Capital, Inc.	$	818,342	$	784,646		$	—	$	(33,696	)^(b)
BNP Paribas SA		4,400,957		4,208,639			—		(192,318	)^(b)
Credit Suisse Securities (USA) LLC		37,788		34,109			—		(3,679	)^(b)
Jefferies LLC		267,167		256,685			—		(10,482	)^(b)
Scotia Capital (USA), Inc.		4,608,400		4,301,805			—		(306,595	)^(b)
State Street Bank & Trust Co.		563,168		539,897			—		(23,271	)^(b)
Toronto Dominion Bank		13,265		12,505			—		(760	)^(b)
UBS Securities LLC		140,924		133,454			—		(7,470	)^(b)

	$	10,850,011	$	10,271,740		$	—	$	(578,271	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		57

Notes to Financial Statements (unaudited) (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Robotics and Artificial Intelligence Multisector
BNP Paribas SA	$	2,642	$	2,521		$	—	$	(121	)^(b)
BofA Securities, Inc.		7,424,837		7,092,359			—		(332,478	)^(b)
Citigroup Global Markets, Inc.		8,733		8,663			—		(70	)^(b)
Credit Suisse Securities (USA) LLC		294,390		264,622			—		(29,768	)^(b)
Goldman Sachs & Co. LLC		4,666,904		4,526,669			—		(140,235	)^(b)
J.P. Morgan Securities LLC		6,799,563		6,519,384			—		(280,179	)^(b)
Macquarie Bank Ltd		614,598		614,598			—		—
RBC Capital Markets LLC		219,328		206,958			—		(12,370	)^(b)
Scotia Capital (USA), Inc		127,296		116,976			—		(10,320	)^(b)
State Street Bank & Trust Co.		7,835		7,835			—		—
Toronto Dominion Bank		192,900		187,462			—		(5,438	)^(b)
UBS AG		2,517,046		2,370,700			—		(146,346	)^(b)
UBS Securities LLC		1,047,148		983,700			—		(63,448	)^(b)

	$	23,923,220	$	22,902,447		$	—	$	(1,020,773	)

Self-Driving EV and Tech
Barclays Capital, Inc.	$	4,491,002	$	4,241,787		$	—	$	(249,215	)^(b)
BNP Paribas SA		1,181,483		1,120,347			—		(61,136	)^(b)
Citigroup Global Markets, Inc		9,467,520		8,438,796			—		(1,028,724	)^(b
Toronto Dominion Bank		57,882		54,448			—		(3,434	)^(b)
UBS AG		191,374		173,852			—		(17,522	)^(b)
UBS Securities LLC		13,333		12,730			—		(603	)^(b)

	$	15,402,594	$	14,041,960		$	—	$	(1,360,634	)

U.S. Tech Breakthrough Multisector
Barclays Bank PLC	$	150,865	$	146,267		$	—	$	(4,598	)^(b)
BNP Paribas SA		3,984,974		3,783,206			—		(201,768	)^(b)
BofA Securities, Inc.		377,494		362,629			—		(14,865	)^(b)
Citadel Clearing LLC		470,532		440,260			—		(30,272	)^(b)
Citigroup Global Markets, Inc.		779,490		754,764			—		(24,726	)^(b)
J.P. Morgan Securities LLC		827,120		794,712			—		(32,408	)^(b)
Morgan Stanley		588,375		553,236			—		(35,139	)^(b)
Toronto Dominion Bank		190,245		175,131			—		(15,114	)^(b)
UBS AG		52,075		49,157			—		(2,918	)^(b)

	$	7,421,170	$	7,059,362		$	—	$	(361,808	)

Virtual Work and Life Multisector
Barclays Bank PLC	$	37,748	$	36,520		$	—	$	(1,228	)^(b)
Citigroup Global Markets, Inc.		15,502		14,521			—		(981	)^(b)
Credit Suisse Securities (USA) LLC		78,952		70,338			—		(8,614	)^(b)

	$	132,202	$	121,379		$	—	$	(10,823	)

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)

The market value of the loaned securities is determined as of January 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities


58		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fee
Cloud 5G and Tech		0.47	%
Cybersecurity and Tech		0.47
Genomics Immunology and Healthcare		0.47
Robotics and Artificial Intelligence Multisector		0.47
Self-Driving EV and Tech		0.47
U.S. Tech Breakthrough Multisector		0.40
Virtual Work and Life Multisector		0.47

For its investment advisory services to the iShares Exponential Technologies ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Net Assets	Investment Advisory Fee
First $2 billion		0.4700	%
Over $2 billion, up to and including $3 billion		0.4465
Over $3 billion, up to and including $4 billion		0.4242
Over $4 billion		0.4030

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). For the iShares U.S. Tech Breakthrough Multisector ETF, BFA has elected to implement a voluntary fee waiver in order to limit the Fund’s total annual operating expenses after fee waiver to 0.30%, and currently intends to keep such voluntary fee waiver for the Fund in place through December 31, 2022. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:


iShares ETF	Amounts waived
U.S. Tech Breakthrough Multisector	$	221,266

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.


N O T E S T O F I N A N C I A L S T A T E M E N T S		59

Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, each of iShares Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF and iShares U.S. Tech Breakthrough Multisector ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF		Fees Paid to BTC
Cloud 5G and Tech	$	10
Cybersecurity and Tech		65,012
Exponential Technologies		22,898
Genomics Immunology and Healthcare		18,298
Robotics and Artificial Intelligence Multisector		41,867
Self-Driving EV and Tech		19,655
U.S. Tech Breakthrough Multisector		4,457
Virtual Work and Life Multisector		81

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF		Purchases		Sales		Net Realized Gain (Loss)
Cybersecurity and Tech	$	13,548,755	$	41,858,725	$	7,357,422
Exponential Technologies		133,959,247		335,740,881		62,631,290
Genomics Immunology and Healthcare		12,975,055		29,738,866		(275,408	)
Robotics and Artificial Intelligence Multisector		10,230,060		31,414,820		(2,712,445	)
Self-Driving EV and Tech		45,192,984		34,168,318		918,155
U.S. Tech Breakthrough Multisector		3,220,911		7,743,664		(1,281,735	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.


60		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Cloud 5G and Tech	$	5,777,502	$	3,455,260
Cybersecurity and Tech		190,343,884		184,342,483
Exponential Technologies		2,147,802,175		2,097,709,256
Genomics Immunology and Healthcare		126,312,855		128,112,119
Robotics and Artificial Intelligence Multisector		162,628,982		159,301,501
Self-Driving EV and Tech		164,923,972		146,099,243
U.S. Tech Breakthrough Multisector		22,323,306		22,967,182
Virtual Work and Life Multisector		1,746,834		1,753,085

For the six months ended January 31, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Cloud 5G and Tech	$	—	$	2,269,818
Cybersecurity and Tech		88,142,507		113,895,894
Exponential Technologies		157,269,363		—
Genomics Immunology and Healthcare		50,838,832		17,629,956
Robotics and Artificial Intelligence Multisector		22,364,022		27,642,007
Self-Driving EV and Tech		186,119,532		5,010,755
U.S. Tech Breakthrough Multisector		29,218,250		28,384,802
Virtual Work and Life Multisector		2,203,727		2,749,587

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
Cybersecurity and Tech	$	4,994,488
Exponential Technologies		85,246,475
Genomics Immunology and Healthcare		9,347,857
Robotics and Artificial Intelligence Multisector		5,680,653
Self-Driving EV and Tech		1,559,145
U.S. Tech Breakthrough Multisector		228,014
Virtual Work and Life Multisector		112,129

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Cloud 5G and Tech	$	8,864,517	$	610,180	$	(494,089	)	$	116,091
Cybersecurity and Tech		585,302,977		53,881,647		(49,530,871	)		4,350,776
Exponential Technologies		3,565,161,056		692,956,689		(314,821,974	)		378,134,715
Genomics Immunology and Healthcare		327,069,979		17,642,259		(76,402,946	)		(58,760,687	)
Robotics and Artificial Intelligence Multisector		389,968,092		46,906,272		(45,780,834	)		1,125,438
Self-Driving EV and Tech		596,873,355		62,543,679		(31,283,311	)		31,260,368
U.S. Tech Breakthrough Multisector		337,276,547		82,903,466		(18,609,588	)		64,293,878
Virtual Work and Life Multisector		8,069,567		137,770		(2,085,831	)		(1,948,061	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		61

Notes to Financial Statements (unaudited) (continued)

LINE OF CREDIT

The iShares Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended January 31, 2022, the iShares Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF,iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF and iShares Self-Driving EV and Tech ETF did not borrow under the Credit Agreement or Syndicated Credit Agreement.

For the six months ended January 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:


iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
Virtual Work and Life Multisector	$	99,000	$	3,228		1.10	%

10.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience


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Notes to Financial Statements (unaudited) (continued)

significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:


	Six Months Ended 01/31/22						Period Ended 07/31/21
iShares ETF	Shares			Amount			Shares		Amount
Cloud 5G and Tech
Shares sold		80,000		$	2,360,994			320,000	$	8,031,601
Shares redeemed		(80,000	)		(2,309,983	)		—		—

Net increase		—		$	51,011			320,000	$	8,031,601


N O T E S T O F I N A N C I A L S T A T E M E N T S		63

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
Cybersecurity and Tech
Shares sold		2,100,000		$	96,167,964			11,500,000		$	453,252,819
Shares redeemed		(2,700,000	)		(118,381,548	)		(700,000	)		(26,994,030	)

Net increase (decrease)		(600,000	)	$	(22,213,584	)		10,800,000		$	426,258,789

Exponential Technologies
Shares sold		3,000,000		$	194,626,556			18,650,000		$	1,079,162,518
Shares redeemed		—			—			(13,650,000	)		(755,281,538	)

Net increase		3,000,000		$	194,626,556			5,000,000		$	323,880,980

Genomics Immunology and Healthcare
Shares sold		1,050,000		$	51,613,485			4,600,000		$	217,819,944
Shares redeemed		(500,000	)		(17,999,705	)		(1,850,000	)		(85,055,625	)

Net increase		550,000		$	33,613,780			2,750,000		$	132,764,319

Robotics and Artificial Intelligence Multisector
Shares sold		800,000		$	34,386,688			6,400,000		$	263,467,814
Shares redeemed		(800,000	)		(30,665,778	)		(1,400,000	)		(55,461,784	)

Net increase		—		$	3,720,910			5,000,000		$	208,006,030

Self-Driving EV and Tech
Shares sold		3,800,000		$	206,663,909			8,000,000		$	353,574,131
Shares redeemed		(100,000	)		(5,466,601	)		(500,000	)		(21,118,059	)

Net increase		3,700,000		$	201,197,308			7,500,000		$	332,456,072

U.S. Tech Breakthrough Multisector
Shares sold		700,000		$	29,288,940			2,200,000		$	81,664,317
Shares redeemed		(700,000	)		(29,178,808	)		(2,900,000	)		(101,468,158	)

Net increase (decrease)		—		$	110,132			(700,000	)	$	(19,803,841	)


	Six Months Ended 01/31/22						Period Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
Virtual Work and Life Multisector
Shares sold		100,000		$	2,213,934			400,000		$	10,935,506
Shares redeemed		(100,000	)		(2,762,507	)		(100,000	)		(3,016,863	)

Net increase (decrease)		—		$	(548,573)			300,000		$	7,918,643

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF, iShares U.S. Tech Breakthrough Multisector ETF and iShares Virtual Work and Life Multisector ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		65

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

January 31, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Cloud 5G and Tech^(a)	$	0.118953	$	—	$	0.019929	$	0.138882		86	%		—	%		14	%		100	%
Cybersecurity and Tech^(a)		0.201802		—		0.010831		0.212633		95			—			5			100
Exponential Technologies^(a)		0.211351		—		0.069038		0.280389		75			—			25			100
Genomics Immunology and Healthcare^(a)		0.239098		—		0.017260		0.256358		93			—			7			100
Robotics and Artificial Intelligence Multisector^(a)		0.619362		—		0.292590		0.911952		68			—			32			100
Self-Driving EV and Tech^(a)		0.391130		—		0.012861		0.403991		97			—			3			100
U.S. Tech Breakthrough Multisector^(a)		0.076381		—		0.005392		0.081773		93			—			7			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.


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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


G E N E R A L I N F O R M A T I O N		67

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC or Morningstar Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-101-0122