MARCH
31,
2023
2023
Annual
Report
iShares
Trust
iShares
Biotechnology
ETF
|
IBB
|
NASDAQ
iShares
Expanded
Tech
Sector
ETF
|
IGM
|
NYSE
Arca
iShares
Expanded
Tech-Software
Sector
ETF
|
IGV
|
Cboe
BZX
iShares
North
American
Natural
Resources
ETF
|
IGE
|
Cboe
BZX
iShares
North
American
Tech-Multimedia
Networking
ETF
|
IGN
|
NYSE
Arca
iShares
Semiconductor
ETF
|
SOXX
|
NASDAQ
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
March
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
declined,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
accelerated
the
reduction
of
its
balance
sheet.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
we
believe
that
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
knock-on
effects
of
substantially
higher
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
provides
a
supportive
backdrop.
We
also
see
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing
and
higher
yields
provide
attractive
income,
although
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
However,
we
believe
there
are
still
some
strong
opportunities
for
a
six-
to
twelve-month
horizon,
particularly
short-term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
March
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
15.62
%
(7.73
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
9.14
(11.61
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
27.27
(1.38
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
14.04
(10.70
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.93
2.52
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.38
(6.90
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
4.89
(4.78
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.00
0.26
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
7.88
(3.35
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
17
Disclosure
of Expenses
...................................................................................................
17
Schedules
of
Investments
.................................................................................................
18
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
39
Statements
of
Operations
................................................................................................
41
Statements
of
Changes
in
Net
Assets
........................................................................................
43
Financial
Highlights
.....................................................................................................
46
Notes
to
Financial
Statements
...............................................................................................
52
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
62
Important
Tax
Information
.................................................................................................
63
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
64
Supplemental
Information
.................................................................................................
65
Trustee
and
Officer
Information
..............................................................................................
67
General
Information
.....................................................................................................
69
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
70
Market
Overview
2023
iShares
Annual
Report
To
Shareholders
4
iShares
Trust
Domestic
Market
Overview
U.S.
stocks declined
for
the
12
months
ended March
31,
2023
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
-8.58%.
Elevated
inflation
and
rapid
tightening
of
monetary
policy
dampened
growth
and
weighed
on
equities.
Higher
interest
rates
drove
bond
yields
higher
and
increased
borrowing
costs
for
businesses
and
consumers.
Equities
began
to
recover
in
the
second
half
of
the
reporting
period,
as
the
broader
economy
remained
resilient
and
the
pace
of
inflation
declined.
In
March
2023,
two
banks
suddenly
failed,
representing
the
second
and
third
largest
bank
failures
in
U.S.
history
by
asset
value.
This
drove
concern
among
investors
about
the
resiliency
of
the
financial
system
in
the
face
of
rapidly
rising
interest
rates.
However,
government
agencies
acted
swiftly
to
organize
a
sale
of
the
failed
banks’
assets
and
inject
liquidity,
and
equity
prices
recovered.
Inflation
was
a
significant
driver
of
the
economic
outlook.
As
the
reporting
period
began,
the
consumer
price
index,
a
widely
followed
measure
of
inflation,
stood
at
multi-
decade
highs.
Strong
consumer
spending
and
a
tight
labor
market,
along
with
continued
supply
chain
disruptions
in
Asia,
combined
to
drive
prices
higher.
But
the
rate
of
inflation
began
to
decline
as
the
reporting
period
wore
on,
decelerating
for
nine
consecutive
months
beginning
in
July
2022.
Nonetheless,
inflation
remained
elevated
by
historic
standards,
and
higher
prices
negatively
impacted
both
consumers
and
businesses.
The
U.S.
economy
recovered
from
a
decline
in
the
first
half
of
2022
to
post
modest
growth
in
the
third
and
fourth
quarters
of
2022.
Consumers
continued
to
power
the
economy
with
growing
spending,
despite
higher
prices
for
many
consumer
goods
and
services.
The
strong
labor
market
supported
spending,
as
unemployment
remained
very
low,
at
one
point
dropping
to
the
lowest
recorded
level
since
1969.
Furthermore,
the
labor
force
participation
rate—which
measures
the
total
proportion
of
employed
persons
of
working
age—rose,
indicating
that
more
people
were
being
drawn
into
the
labor
force.
Amid
tightening
labor
supply,
wages
rose
significantly,
with
the
largest
gains
at
the
lower
end
of
the
wage
spectrum.
To
contain
inflation,
the
U.S.
Federal
Reserve
(“Fed”)
tightened
monetary
policy
rapidly,
raising
short-term
interest
rates
eight
times
over
the
course
of
the
reporting
period.
The
pace
of
tightening
accelerated
as
the
Fed
twice
stepped
up
the
increment
of
increase
before
reducing
it
again
as
inflation
began
to
subside.
The
Fed
also
started
to
reduce
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
While
the
Fed
indicated
that
more
tightening
could
be
needed
to
achieve
its
long-term
inflation
goal,
it
sounded
a
more
cautious
note
about
the
potential
for
further
interest
rate
increases
near
the
end
of
the
reporting
period.
Despite
economic
headwinds,
corporate
profits
remained
robust,
and
many
companies
were
able
to
sufficiently
raise
prices
to
preserve
profit
margins
even
in
the
face
of
rising
labor
and
input
costs.
Nonetheless,
profits
declined
overall
in
the
fourth
quarter
of
2022,
and
the
yield
curve
(a
graphical
representation
of
U.S.
Treasury
rates
at
different
maturities)
inverted,
a
sign
that
markets
were
concerned
about
the
impact
of
higher
borrowing
costs
on
the
economy.
Furthermore,
dwindling
personal
savings
and
rising
household
debt
raised
questions
about
the
sustainability
of
consumer
spending
as
an
engine
of
economic
growth.
Fund
Summary
as
of
March
31,
2023
5
Fund
Summary
iShares
®
Biotechnology
ETF
Investment
Objective
The
iShares
Biotechnology
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.-listed
equities
in
the
biotechnology
sector,
as
represented
by
the
ICE
Biotechnology
Index
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
June
20,
2021
reflects
the
performance
of
the
NASDAQ
Biotechnology
Index.
Index
performance
beginning
on
June
21,
2021
reflects
the
performance
of
the
ICE
Biotechnology
Index.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
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.
.
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.
.
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.
.
.
.
.
.
.
.
(0.46‌)%
4.15‌%
9.47‌%
(0.46‌)%
22.54‌%
147.13‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
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.
.
.
.
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.
.
.
.
.
.
.
(0.58‌)
4.13‌
9.47‌
(0.58‌)
22.44‌
147.07‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
(0.09‌)
4.51‌
9.81‌
(0.09‌)
24.71‌
154.96‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,105.30‌
$
2.36‌
$
1,000.00‌
$
1,022.69‌
$
2.27‌
0.45‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
6
iShares
®
Biotechnology
ETF
Portfolio
Management
Commentary
Biotechnology
stocks
ended
flat
for
the
reporting
period.
Rising
interest
rates
increased
financing
costs
for
many
biotechnology
companies,
as
they
typically
carry
high
debt
levels
to
fund
research
into
new
drugs.
The
higher
interest
rates
and
mounting
inflation
pressures
also
increased
companies’
operating
costs,
weakening
their
ability
to
attract
capital
investments,
particularly
for
those
researching
drugs
with
longer
development
periods
before
commercialization.
Stocks
in
the
biotechnology
sector,
which
constituted
78%
of
the
Index
on
average
during
the
reporting
period,
contributed
the
most
to
the
Index’s
performance.
Strong
drug
sales
and
positive
clinical
trials
from
a
few
companies
raised
the
Index
overall.
Biotechnology
stocks
are
often
volatile,
as
positive
performance
from
long
and
costly
clinical
studies
can
potentially
yield
large
sales
opportunities,
while
poor
outcomes
can
result
in
significant
losses.
The
stock
price
of
one
biotechnology
company
climbed
sharply
after
posting
stronger
sales
for
HIV
and
cancer
drugs
and
positive
revenues
from
its
COVID-19
antiviral
drug.
The
stock
price
of
another
biotechnology
company
rose
due
to
strong
sales
of
its
cystic
fibrosis
drug,
while
yet
another
rose
due
to
strong
sales
of
its
eczema
drug.
Conversely,
stocks
in
the
life
sciences
tools
and
services
industry,
which
constituted
18%
of
the
Index
on
average
during
the
reporting
period,
detracted
from
the
Index.
The
stock
price
of
one
company
in
the
sector
dropped
sharply
after
a
federal
jury
ruled
that
it
willfully
infringed
on
a
competitor’s
patents
and
ordered
it
to
pay
$333
million.
Stock
in
another
company
also
fell
sharply
after
it
forecast
that
a
fall
in
coronavirus-related
services
would
slow
sales
growth.
Stocks
in
the
healthcare
providers
and
services
industry
and
in
the
pharmaceuticals
industry,
which
constituted
on
average
a
small
percentage
of
the
Index,
also
detracted
from
the
performance.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Biotechnology
....................................
78.7‌
%
Life
Sciences
Tools
&
Services
.........................
17.9‌
Pharmaceuticals
..................................
2.5‌
Other
(each
representing
less
than
1%)
...................
0.9‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Amgen,
Inc.
.....................................
8.2‌
%
Gilead
Sciences,
Inc.
...............................
8.1‌
Regeneron
Pharmaceuticals,
Inc.
.......................
8.0‌
Vertex
Pharmaceuticals,
Inc.
..........................
7.7‌
Moderna,
Inc.
....................................
4.9‌
Biogen,
Inc.
.....................................
3.8‌
Seagen,
Inc.
.....................................
3.5‌
IQVIA
Holdings,
Inc.
................................
3.5‌
Illumina,
Inc.
.....................................
3.5‌
Mettler-Toledo
International,
Inc.
........................
3.2‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
March
31,
2023
7
Fund
Summary
iShares
®
Expanded
Tech
Sector
ETF
Investment
Objective
The
iShares
Expanded
Tech
Sector
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
North
American
equities
in
the
technology
sector
and
select
North
American
equities
from
communication
services
and
consumer
discretionary
sectors,
as
represented
by
the
S&P
North
American
Expanded
Technology
Sector
Index
TM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
December
23,
2018
reflects
the
performance
of
the
S&P
North
American
Technology
Sector
Index
TM
.
Index
Performance
beginning
on
December
24,
2018
reflects
the
performance
of
the
S&P
North
American
Expanded
Technology
Sector
Index
TM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12.06‌)%
14.08‌%
17.41‌%
(12.06‌)%
93.21‌%
397.72‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12.22‌)
14.09‌
17.41‌
(12.22‌)
93.33‌
397.67‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(11.71‌)
14.55‌
17.93‌
(11.71‌)
97.24‌
420.19‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,232.90‌
$
2.34‌
$
1,000.00‌
$
1,022.84‌
$
2.12‌
0.42‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
8
iShares
®
Expanded
Tech
Sector
ETF
Portfolio
Management
Commentary
Technology
stocks
declined
notably
during
the
reporting
period,
as
growth
slowed
amid
a
return
to
pre-pandemic
life,
while
economic
turbulence
further
dampened
investor
enthusiasm
toward
the
sector.
The
reopening
of
Main
Street
businesses
encouraged
consumers
to
spend
more
time
out
of
the
house
and
away
from
e-commerce.
Recession
concerns
led
enterprises
to
trim
their
technology
spending
in
multiple
areas.
Interest
rate
hikes,
namely
in
the
U.S.,
encouraged
investors
to
cycle
away
from
technology
stocks
in
favor
of
equities
considered
to
be
more
resilient
in
an
inflationary
environment.
Companies
in
the
U.S.
internet
and
direct
marketing
retail
industry
were
the
largest
detractors
from
the
Index’s
return,
as
the
appetite
for
their
services
decreased
amid
a
broad
shift
in
consumption
patterns,
leading
to
a
substantial
slowdown
in
sales.
Online
shopping
activity
dropped
significantly
as
more
consumers
opted
to
spend
more
in
brick-and-mortar
stores.
Growth
rates
among
streaming
subscription
services
and
digital
advertising
divisions
also
decelerated.
Companies
that
expanded
aggressively
during
the
pandemic
looked
to
trim
excessive
operational
costs.
The
U.S.
interactive
media
and
services
industry
also
detracted
from
the
Index’s
return.
Digital
advertising
revenues
across
search
and
video
streaming
websites
declined,
as
businesses
trimmed
their
spending
amid
economic
uncertainty.
This
downturn
in
spending
also
impacted
advertising
brokerage
services.
Companies
invested
heavily
in
cloud
computing
as
a
means
to
diversify
away
from
digital
advertising,
a
strategy
which
incurred
sizable
operational
costs.
Stocks
linked
to
the
U.S.
IT
services
industry
were
notable
detractors
from
the
Index’s
return.
Transaction
volume
growth
slumped
among
online
payment
providers,
while
competition
for
e-commerce
activity
tightened.
In
response,
executives
trimmed
revenue
forecasts,
which
were
met
with
disappointment
from
investors.
Sentiment
toward
e-commerce
technology
providers
also
dampened
amid
headcount
reductions
and
the
impact
of
recent
acquisitions
on
operating
margins.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Software
.......................................
23.3‌
%
Semiconductors
&
Semiconductor
Equipment
...............
20.8‌
Interactive
Media
&
Services
..........................
13.4‌
Technology
Hardware,
Storage
&
Peripherals
...............
9.5‌
Financial
Services
.................................
8.7‌
Broadline
Retail
...................................
8.4‌
IT
Services
......................................
5.4‌
Communications
Equipment
..........................
3.1‌
Electronic
Equipment,
Instruments
&
Components
............
2.9‌
Entertainment
....................................
2.5‌
Professional
Services
...............................
1.7‌
Other
(each
representing
less
than
1%)
...................
0.3‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Microsoft
Corp.
...................................
8.9‌
%
Apple,
Inc.
......................................
8.5‌
Amazon.com,
Inc.
.................................
8.1‌
NVIDIA
Corp.
....................................
6.0‌
Alphabet,
Inc.,
Class
A
..............................
4.7‌
Meta
Platforms,
Inc.,
Class
A
..........................
4.1‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
4.1‌
Visa,
Inc.,
Class
A
.................................
3.2‌
Mastercard
,
Inc.,
Class
A
.............................
2.7‌
Broadcom,
Inc.
...................................
2.4‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
March
31,
2023
9
Fund
Summary
iShares
®
Expanded
Tech-Software
Sector
ETF
Investment
Objective
The
iShares
Expanded
Tech-Software
Sector
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
North
American
equities
in
the
software
industry
and
select
North
American
equities
from
interactive
home
entertainment
and
interactive
media
and
services
industries,
as
represented
by
the
S&P
North
American
Expanded
Technology
Software
Index
TM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
December
23,
2018
reflects
the
performance
of
the
S&P
North
American
Technology
Sector
Index
TM
.
Index
Performance
beginning
on
December
24,
2018
reflects
the
performance
of
the
S&P
North
American
Expanded
Technology
Sector
Index
TM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(11.55‌)%
12.57‌%
16.24‌%
(11.55‌)%
80.78‌%
350.37‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(11.66‌)
12.60‌
16.25‌
(11.66‌)
80.99‌
350.76‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(11.23‌)
12.92‌
16.67‌
(11.23‌)
83.62‌
367.10‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,216.10‌
$
2.32‌
$
1,000.00‌
$
1,022.84‌
$
2.12‌
0.42‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
10
iShares
®
Expanded
Tech-Software
Sector
ETF
Portfolio
Management
Commentary
North
American
technology
and
software
companies
declined
notably
during
the
reporting
period
as
demand
for
enterprise
software
softened
substantially
amid
economic
turbulence.
As
schools
reopened
and
more
workers
returned
to
the
office,
the
need
to
support
remote
learning
and
working
activity
diminished.
Businesses
increasingly
sought
to
cut
costs
as
fears
of
a
recession
loomed.
Interest
rate
hikes,
namely
in
the
U.S.,
also
dampened
sentiment
for
software
stocks,
as
investors
opted
to
move
away
from
growth
equities
in
an
inflationary
environment.
The
U.S.
software
industry
was
the
largest
detractor
from
the
Index’s
performance
during
the
reporting
period,
as
worsening
economic
conditions
dampened
investor
sentiment
towards
companies
that
showed
signs
of
a
slowdown
in
growth.
Application
software
companies
faced
prolonged
sales
cycles.
A
strengthening
U.S.
dollar
ate
away
at
revenues
from
international
sales,
leading
companies
to
adjust
their
outlooks.
Large-scale
acquisitions
aimed
at
increasing
market
share
were
met
with
investor
scrutiny
about
cost,
questions
about
whether
such
deals
were
an
optimal
deployment
of
capital,
and
concerns
over
reports
of
U.S.
regulators
moving
to
block
such
transactions.
More
broadly,
demand
for
application
software
softened
across
the
industry.
Spending
on
infrastructure
monitoring
and
analytics
software
declined
as
interest
rates
rose.
Sales
of
cybersecurity
software
also
slowed,
even
as
a
variety
of
cybercrime
vulnerabilities
continued
to
loom
for
businesses.
Cloud
computing
proved
to
be
a
point
of
tepid
growth
within
the
industry,
as
larger
buyers
increasingly
deprioritized
spending
on
these
products
and
related
projects.
Small-
and
mid-sized
businesses
reduced
their
IT
outlays.
The
U.S.
interactive
media
and
services
industry
also
detracted
from
the
Index’s
performance.
Among
social
media
companies,
digital
advertising
revenues
declined
substantially.
Difficulties
in
tracking
user
activity
also
weighed
on
demand.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Software
.......................................
93.5‌
%
Entertainment
....................................
5.9‌
Other
(each
representing
less
than
1%)
...................
0.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Microsoft
Corp.
...................................
8.9‌
%
Adobe,
Inc.
......................................
8.9‌
Salesforce,
Inc.
...................................
8.7‌
Oracle
Corp.
.....................................
7.5‌
Intuit,
Inc.
.......................................
6.6‌
ServiceNow
,
Inc.
..................................
5.0‌
Activision
Blizzard,
Inc.
..............................
3.2‌
Palo
Alto
Networks,
Inc.
.............................
3.2‌
Synopsys,
Inc.
....................................
3.1‌
Cadence
Design
Systems,
Inc.
.........................
3.0‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
March
31,
2023
11
Fund
Summary
iShares
®
North
American
Natural
Resources
ETF
Investment
Objective
The
iShares
North
American
Natural
Resources
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
North
American
equities
in
the
natural
resources
sector,
as
represented
by
the
S&P
North
American
Natural
Resources
Sector
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.19‌%
7.29‌%
2.52‌%
0.19‌%
42.18‌%
28.31‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.16‌
7.29‌
2.52‌
0.16‌
42.14‌
28.28‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.73‌
7.85‌
3.04‌
0.73‌
45.95‌
34.92‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,146.50‌
$
2.25‌
$
1,000.00‌
$
1,022.84‌
$
2.12‌
0.42‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
12
iShares
®
North
American
Natural
Resources
ETF
Portfolio
Management
Commentary
North
American
natural
resources
stocks
advanced
slightly
during
the
reporting
period
due
primarily
to
strength
in
the
energy
sector
as
oil
and
gas
prices
rose
and
fell
amid
sharp
fluctuations
in
the
price
of
energy
products.
Oil
and
natural
gas
prices
surged
in
the
aftermath
of
Russia’s
invasion
of
Ukraine
and
began
the
reporting
period
at
high
levels.
While
prices
subsequently
fell
as
markets
stabilized,
the
relatively
high
average
prices
of
energy
commodities
supported
profitability
among
energy
producers.
Sanctions
imposed
on
Russia
led
to
a
sharp
reduction
in
Russian
gas
exports
to
Europe,
and
North
American
gas
producers
increased
their
European
exports
to
partially
make
up
for
this
disruption.
However,
an
unseasonably
warm
winter
weakened
demand
for
natural
gas,
sending
prices
for
the
fuel
sharply
lower
during
the
first
three
months
of
2023.
U.S.
supplies
of
natural
gas
uncharacteristically
outstripped
demand
during
the
winter
months.
Oil,
gas,
and
consumable
fuels
companies
in
the
U.S.
contributed
the
most
to
the
Index’s
performance
as
stocks
in
the
sector
rallied
to
record
highs.
Companies
in
the
sector
posted
record
profits
and,
flush
with
excess
cash,
rewarded
shareholders
by
buying
back
their
own
stock
and
raising
dividends.
The
industry
also
posted
strong
refining
performance
and
made
progress
on
some
environmental
goals.
Conversely,
Canadian
oil,
gas,
and
consumable
fuels
companies
detracted
from
the
Index,
particularly
those
that
operate
pipelines.
A
shortage
of
skilled
workers,
inflationary
pressures,
and
contractor
disputes
added
to
escalating
expenses
for
a
planned
pipeline
from
gas
fields
in
British
Columbia
to
a
Pacific
Ocean
port.
In
addition,
outages
at
U.S.
refineries
and
a
global
surplus
of
high
sulfur
fuel
oil
weakened
demand
for
Western
Canada
Select
crude
oil.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Oil,
Gas
&
Consumable
Fuels
.........................
71.0‌
%
Metals
&
Mining
...................................
12.4‌
Energy
Equipment
&
Services
.........................
7.7‌
Containers
&
Packaging
.............................
6.1‌
Construction
Materials
..............................
2.4‌
Other
(each
representing
less
than
1%)
...................
0.4‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Chevron
Corp.
....................................
10.1‌
%
Exxon
Mobil
Corp.
.................................
10.0‌
ConocoPhillips
...................................
4.2‌
Enbridge,
Inc.
....................................
3.4‌
Schlumberger
NV
.................................
3.1‌
EOG
Resources,
Inc.
...............................
3.0‌
Canadian
Natural
Resources
Ltd.
.......................
2.7‌
Marathon
Petroleum
Corp.
...........................
2.7‌
Freeport-McMoRan,
Inc.
.............................
2.6‌
Valero
Energy
Corp.
................................
2.4‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
March
31,
2023
13
Fund
Summary
iShares
®
North
American
Tech-Multimedia
Networking
ETF
Investment
Objective
The
iShares
North
American
Tech-Multimedia
Networking
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
North
American
equities
in
the
multimedia
and
networking
technology
sectors,
as
represented
by
the
S&P
North
American
Technology
Multimedia
Networking
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(3.16‌)%
7.27‌%
9.88‌%
(3.16‌)%
42.04‌%
156.50‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(3.17‌)
7.28‌
9.88‌
(3.17‌)
42.08‌
156.51‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(2.83‌)
7.63‌
10.26‌
(2.83‌)
44.46‌
165.62‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,109.00‌
$
2.21‌
$
1,000.00‌
$
1,022.84‌
$
2.12‌
0.42‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
14
iShares
®
North
American
Tech-Multimedia
Networking
ETF
Portfolio
Management
Commentary
North
American
technology
and
multimedia
networking
stocks
declined
for
the
reporting
period,
as
corporate
buyers
decelerated
their
information
technology
spending
amid
recession
concerns.
The
reopening
of
physical
spaces
meant
corporations
needed
less
infrastructure
to
support
remote
work
and
related
digital
services,
both
strong
drivers
of
demand
for
networking
equipment
early
in
the
coronavirus
pandemic.
Companies
increasingly
sought
to
delay
purchases
of
networking
software,
reflecting
an
expected
reversion
in
capital
spending.
Companies
in
the
communications
industry,
which
comprised
nearly
all
the
stocks
within
the
Index
during
the
reporting
period,
faced
multiple
supply
and
demand
imbalances
that
weighed
on
growth.
For
developers
of
enterprise
network
systems
software,
shortages
of
semiconductor
components
created
supply-chain
issues
that
led
to
a
decrease
in
revenue.
Investor
sentiment
softened
as
software
companies,
including
those
specializing
in
network
analytics,
posted
declining
sales
amid
a
swift
drop
in
demand
from
enterprise
customers.
Growth
among
hardware
developers—namely
those
focused
on
niche
segments
and
heavily
dependent
on
their
largest
enterprise
clients—also
slowed.
A
handful
of
these
major
buyers
opted
to
trim
their
own
inventories
by
postponing
receipt
of
their
orders,
a
decision
that
depressed
revenues
for
makers
of
commercial
lasers
and
other
hardware
suppliers.
Upbeat
expectations
for
demand
for
three-dimensional
sensing
products—a
core
component
in
smartphones—dampened,
as
market
share
declined
amid
increased
competition.
Developers
of
satellite
broadband
technologies
faced
additional
headwinds
beyond
broader
macroeconomic
weakness,
despite
the
anticipated
boost
from
commercial
airliners’
decision
to
offer
free
Wi-Fi
on
flights.
Plans
to
launch
new
high-capacity
broadband
satellites
to
power
a
global
network
were
delayed.
Regulators
opened
a
probe
into
a
merger
between
two
major
satellite
internet
providers,
citing
anti-competition
concerns.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Communications
Equipment
..........................
100.0‌
%
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Arista
Networks,
Inc.
...............................
9.2‌
%
Juniper
Networks,
Inc.
..............................
9.0‌
Motorola
Solutions,
Inc.
.............................
8.8‌
Cisco
Systems,
Inc.
................................
8.7‌
F5,
Inc.
........................................
8.4‌
Extreme
Networks,
Inc.
..............................
4.7‌
Calix,
Inc.
.......................................
4.7‌
Harmonic,
Inc.
....................................
4.6‌
Ciena
Corp.
.....................................
4.6‌
Viavi
Solutions,
Inc.
................................
4.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
March
31,
2023
15
Fund
Summary
iShares
®
Semiconductor
ETF
Investment
Objective
The
iShares
Semiconductor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.-listed
equities
in
the
semiconductor
sector,
as
represented
by
the
ICE
Semiconductor
Index
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
June
20,
2021
reflects
the
performance
of
the
PHLX
Semiconductor
Sector
Index.
Index
performance
beginning
on
June
21,
2021
reflects
the
performance
of
the
ICE
Semiconductor
Index.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.67‌)%
21.21‌%
23.85‌%
(4.67‌)%
161.66‌%
748.93‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.89‌)
21.21‌
23.84‌
(4.89‌)
161.63‌
748.62‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.27‌)
21.79‌
24.47‌
(4.27‌)
167.94‌
792.33‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,405.20‌
$
2.22‌
$
1,000.00‌
$
1,023.09‌
$
1.87‌
0.37‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
16
iShares
®
Semiconductor
ETF
Portfolio
Management
Commentary
Stocks
in
the
semiconductor
industry
declined
for
the
reporting
period,
as
momentum
from
pandemic-era
drivers
of
demand
slowed
amid
a
reopening
of
the
global
economy.
Sales
of
personal
computers
decreased
as
businesses,
schools,
and
governments
satisfied
their
technology
needs
for
remote
working
and
learning.
Appetite
for
graphics
cards
and
other
videogaming
equipment
softened
as
consumers
spent
more
time
away
from
home.
A
sharp
correction
in
the
cryptocurrency
markets
reduced
demand
for
chips
to
power
mining
activity.
Persistent
macroeconomic
headwinds,
namely
inflation,
weighed
on
growth
among
major
semiconductor
manufacturers.
Corporate
customers
tightened
their
information
technology
budgets
amid
recessionary
concerns,
reducing
spending
on
servers.
Cost-of-living
increases
limited
consumer
spending
power,
which
translated
into
diminished
sales.
Major
chipmakers
also
faced
increased
competition
for
enterprise
data
center
business,
driving
a
decline
in
market
share.
Operating
margins
came
under
additional
pressure
as
executives
continued
an
aggressive
expansion
of
physical
manufacturing
facilities,
resulting
in
record-high
capital
expenses.
In
light
of
this,
companies
increasingly
paused
hiring
and
reduced
their
headcount.
A
correction
in
supply
and
demand
imbalances
also
weighed
on
growth
among
semiconductor
companies.
After
years
of
aggressive
ordering,
customers
slowed
new
purchases
to
reduce
excess
inventory.
The
price
of
memory
chips—critical
components
for
smartphones,
computers,
and
data
servers—dropped
as
inventories
remained
full.
The
U.S.
government,
citing
national
security
concerns,
embarked
on
a
campaign
to
increase
domestic
microchip
manufacturing,
while
setting
curbs
on
exports
to
China,
a
move
that
was
seen
as
restrictive
to
growth.
In
response,
the
Chinese
government
announced
plans
for
a
cybersecurity
review
of
major
U.S.
chipmakers,
who
depend
heavily
on
the
region
for
sales,
sparking
concern
among
investors.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Semiconductors
&
Semiconductor
Equipment
...............
100.0‌
%
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
NVIDIA
Corp.
....................................
8.8‌
%
Texas
Instruments,
Inc.
..............................
8.0‌
Broadcom,
Inc.
...................................
7.9‌
Advanced
Micro
Devices,
Inc.
.........................
7.0‌
QUALCOMM,
Inc.
.................................
5.8‌
Intel
Corp.
......................................
4.8‌
Lam
Research
Corp.
...............................
4.0‌
Analog
Devices,
Inc.
................................
4.0‌
ON
Semiconductor
Corp.
............................
3.9‌
Applied
Materials,
Inc.
..............................
3.9‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
17
About
Fund
Performance
/
Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
March
31,
2023
iShares
®
Biotechnology
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Biotechnology
—
78.5%
2seventy
bio,
Inc.
(a)(b)
................
335,171
$
3,418,744
4D
Molecular
Therapeutics,
Inc.
(b)
........
219,144
3,767,085
89bio,
Inc.
(a)(b)
.....................
338,310
5,152,461
Abcam
plc,
ADR
(a)(b)
.................
1,340,736
18,046,307
Absci
Corp.
(a)(b)
....................
439,417
768,980
ACADIA
Pharmaceuticals,
Inc.
(b)
.........
1,215,167
22,869,443
Actinium
Pharmaceuticals,
Inc.
(a)(b)
.......
194,124
1,834,472
Acumen
Pharmaceuticals,
Inc.
(a)(b)
........
207,961
844,322
Adaptimmune
Therapeutics
plc,
ADR
(a)(b)
...
823,278
897,373
ADC
Therapeutics
SA
(b)
..............
486,100
947,895
Adicet
Bio,
Inc.
(b)
...................
220,523
1,270,212
ADMA
Biologics,
Inc.
(a)(b)
..............
1,590,252
5,263,734
Affimed
NV
(a)(b)
.....................
978,061
729,242
Agios
Pharmaceuticals,
Inc.
(a)(b)
.........
403,930
9,278,272
Akero
Therapeutics,
Inc.
(a)(b)
............
291,653
11,158,644
Alaunos
Therapeutics,
Inc.
(a)(b)
..........
1,682,451
1,059,944
Alector,
Inc.
(b)
.....................
473,709
2,932,259
Alkermes
plc
(b)
.....................
1,231,854
34,725,964
Allakos,
Inc.
(a)(b)
....................
353,050
1,571,073
Allogene
Therapeutics,
Inc.
(a)(b)
..........
608,353
3,005,264
Allovir,
Inc.
(a)(b)
.....................
285,035
1,123,038
Alnylam
Pharmaceuticals,
Inc.
(a)(b)
........
938,639
188,028,164
Alpine
Immune
Sciences,
Inc.
(b)
.........
204,863
1,581,542
Altimmune,
Inc.
(a)(b)
..................
374,440
1,580,137
ALX
Oncology
Holdings,
Inc.
(a)(b)
.........
136,291
616,035
Amgen,
Inc.
......................
2,724,306
658,600,975
Amicus
Therapeutics,
Inc.
(a)(b)
...........
2,068,511
22,939,787
AnaptysBio,
Inc.
(b)
..................
196,335
4,272,250
Anavex
Life
Sciences
Corp.
(a)(b)
.........
575,764
4,934,297
Annexon,
Inc.
(a)(b)
...................
233,233
897,947
Apellis
Pharmaceuticals,
Inc.
(a)(b)
.........
720,800
47,543,968
Arbutus
Biopharma
Corp.
(b)
............
873,188
2,645,760
Arcellx,
Inc.
(b)
.....................
168,216
5,182,735
Arcturus
Therapeutics
Holdings,
Inc.
(a)(b)
....
173,715
4,163,949
Arcus
Biosciences,
Inc.
(a)(b)
............
354,484
6,465,788
Arcutis
Biotherapeutics,
Inc.
(a)(b)
.........
335,229
3,687,519
Argenx
SE,
ADR,
NVS
(a)(b)
.............
324,317
120,834,028
Arrowhead
Pharmaceuticals,
Inc.
(b)
.......
791,293
20,098,842
ARS
Pharmaceuticals,
Inc.
(b)
...........
361,163
2,351,171
Ascendis
Pharma
A/S,
ADR
(a)(b)
.........
327,715
35,137,602
Atara
Biotherapeutics,
Inc.
(a)(b)
..........
713,350
2,068,715
Aurinia
Pharmaceuticals,
Inc.
(a)(b)
........
982,249
10,765,449
Autolus
Therapeutics
plc,
ADR
(a)(b)
........
865,301
1,592,154
Avidity
Biosciences,
Inc.
(a)(b)
............
459,914
7,059,680
Beam
Therapeutics,
Inc.
(a)(b)
............
439,006
13,442,364
BeiGene
Ltd.,
ADR
(a)(b)
...............
604,166
130,215,898
BELLUS
Health,
Inc.
(a)(b)
..............
807,414
5,813,381
Bicycle
Therapeutics
plc,
ADR
(b)
.........
166,531
3,542,114
BioAtla,
Inc.
(a)(b)
....................
274,016
734,363
BioCryst
Pharmaceuticals,
Inc.
(a)(b)
.......
1,398,380
11,662,489
Biogen,
Inc.
(b)
.....................
1,094,878
304,408,930
BioMarin
Pharmaceutical,
Inc.
(b)
.........
1,386,922
134,864,295
Biomea
Fusion,
Inc.
(a)(b)
...............
187,396
5,811,150
BioNTech
SE,
ADR
(a)
................
1,420,893
177,000,641
Bluebird
Bio,
Inc.
(a)(b)
.................
759,216
2,414,307
Blueprint
Medicines
Corp.
(a)(b)
...........
446,501
20,088,080
Bridgebio
Pharma,
Inc.
(a)(b)
.............
812,777
13,475,843
C4
Therapeutics,
Inc.
(a)(b)
..............
319,275
1,002,523
CareDx,
Inc.
(a)(b)
....................
393,465
3,596,270
Caribou
Biosciences,
Inc.
(a)(b)
...........
398,809
2,117,676
Centessa
Pharmaceuticals
plc,
ADR
(a)(b)
....
268,863
1,035,123
Century
Therapeutics,
Inc.
(a)(b)
..........
182,717
634,028
Chinook
Therapeutics,
Inc.
(b)
...........
348,448
8,066,571
Security
Shares
Shares
Value
Biotechnology
(continued)
Cogent
Biosciences,
Inc.
(a)(b)
...........
456,100
$
4,921,319
Coherus
Biosciences,
Inc.
(a)(b)
...........
552,501
3,779,107
Compass
Pathways
plc,
ADR
(a)(b)
........
250,334
2,485,817
Crinetics
Pharmaceuticals,
Inc.
(b)
........
328,856
5,281,427
CRISPR
Therapeutics
AG
(a)(b)
...........
571,250
25,837,638
Cullinan
Oncology,
Inc.
(a)(b)
.............
166,088
1,699,080
CureVac
NV
(a)(b)
....................
695,020
4,844,289
Cytokinetics,
Inc.
(a)(b)
.................
676,575
23,808,674
Day
One
Biopharmaceuticals,
Inc.
(a)(b)
.....
346,874
4,637,705
DBV
Technologies
SA,
ADR,
NVS
(a)(b)
.....
973,256
1,644,803
Deciphera
Pharmaceuticals,
Inc.
(a)(b)
......
393,488
6,079,390
Denali
Therapeutics,
Inc.
(b)
............
799,646
18,423,844
Design
Therapeutics,
Inc.
(b)
............
247,300
1,426,921
Dyne
Therapeutics,
Inc.
(b)
.............
209,885
2,417,875
Editas
Medicine,
Inc.
(a)(b)
..............
519,724
3,767,999
Eiger
BioPharmaceuticals,
Inc.
(a)(b)
.......
305,954
274,410
Emergent
BioSolutions,
Inc.
(b)
..........
308,930
3,200,515
Enanta
Pharmaceuticals,
Inc.
(b)
.........
146,101
5,908,324
EQRx,
Inc.
(a)(b)
.....................
1,911,213
3,707,753
Erasca,
Inc.
(a)(b)
....................
578,426
1,741,062
Evelo
Biosciences,
Inc.
(a)(b)
.............
416,675
75,293
Exelixis,
Inc.
(a)(b)
....................
2,406,646
46,712,999
Exscientia
plc,
ADR
(a)(b)
...............
657,142
3,482,853
Fate
Therapeutics,
Inc.
(a)(b)
.............
687,725
3,920,033
FibroGen,
Inc.
(a)(b)
...................
661,083
12,335,809
Foghorn
Therapeutics,
Inc.
(b)
...........
136,287
844,979
G1
Therapeutics,
Inc.
(a)(b)
..............
322,955
865,519
Galapagos
NV,
ADR,
NVS
(a)(b)
..........
384,220
14,846,261
Generation
Bio
Co.
(a)(b)
...............
361,194
1,553,134
Genmab
A/S,
ADR,
NVS
(a)(b)
............
3,857,238
145,649,307
Geron
Corp.
(a)(b)
....................
2,851,750
6,188,298
Gilead
Sciences,
Inc.
................
7,836,989
650,234,977
Gossamer
Bio,
Inc.
(a)(b)
...............
540,879
681,508
Gracell
Biotechnologies,
Inc.,
ADR
(a)(b)
.....
341,505
635,199
Graphite
Bio,
Inc.
(a)(b)
................
209,008
512,070
GreenLight
Biosciences
Holdings
PBC
(a)(b)
..
652,089
281,963
Gritstone
bio,
Inc.
(a)(b)
................
550,764
1,531,124
Halozyme
Therapeutics,
Inc.
(a)(b)
.........
1,019,026
38,916,603
Humacyte,
Inc.
(a)(b)
..................
383,266
1,184,292
Ideaya
Biosciences,
Inc.
(a)(b)
............
310,517
4,263,398
IGM
Biosciences,
Inc.
(a)(b)
.............
135,245
1,858,266
I-Mab,
ADR
(b)
.....................
481,033
1,664,374
Immuneering
Corp.,
Class
A
(a)(b)
.........
146,226
1,419,854
ImmunityBio,
Inc.
(a)(b)
.................
647,505
1,178,459
Immunocore
Holdings
plc,
ADR
(a)(b)
.......
258,933
12,801,648
ImmunoGen,
Inc.
(a)(b)
.................
1,660,776
6,377,380
Immunovant,
Inc.
(a)(b)
.................
398,181
6,175,787
Incyte
Corp.
(b)
.....................
1,681,928
121,552,937
Inhibrx,
Inc.
(a)(b)
....................
224,765
4,241,316
Inovio
Pharmaceuticals,
Inc.
(a)(b)
.........
1,854,275
1,520,506
Insmed,
Inc.
(a)(b)
....................
1,005,948
17,151,413
Instil
Bio,
Inc.
(b)
....................
467,761
309,096
Intellia
Therapeutics,
Inc.
(a)(b)
...........
607,749
22,650,805
Intercept
Pharmaceuticals,
Inc.
(a)(b)
.......
269,233
3,615,799
Invivyd,
Inc.
(a)(b)
....................
283,344
340,013
Ionis
Pharmaceuticals,
Inc.
(a)(b)
..........
1,052,540
37,617,780
Iovance
Biotherapeutics,
Inc.
(b)
..........
1,304,746
7,971,998
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
.
1,146,818
12,064,525
iTeos
Therapeutics,
Inc.
(b)
.............
219,534
2,987,858
IVERIC
bio,
Inc.
(a)(b)
.................
986,296
23,996,582
Karuna
Therapeutics,
Inc.
(b)
............
216,483
39,321,972
Karyopharm
Therapeutics,
Inc.
(a)(b)
.......
801,156
3,116,497
Keros
Therapeutics,
Inc.
(a)(b)
............
144,128
6,154,266
Kezar
Life
Sciences,
Inc.
(a)(b)
...........
414,404
1,297,085
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(b)
....
257,716
2,773,024
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Biotechnology
ETF
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Kinnate
Biopharma,
Inc.
(b)
.............
170,607
$
1,066,294
Kodiak
Sciences,
Inc.
(a)(b)
..............
369,175
2,288,885
Krystal
Biotech,
Inc.
(a)(b)
...............
158,134
12,660,208
Kura
Oncology,
Inc.
(a)(b)
...............
490,078
5,993,654
Kymera
Therapeutics,
Inc.
(a)(b)
..........
334,611
9,914,524
Legend
Biotech
Corp.,
ADR
(a)(b)
.........
967,967
46,675,369
Lineage
Cell
Therapeutics,
Inc.
(a)(b)
.......
1,294,533
1,941,799
Lyell
Immunopharma,
Inc.
(a)(b)
...........
911,004
2,149,969
MacroGenics,
Inc.
(b)
.................
454,216
3,256,729
Madrigal
Pharmaceuticals,
Inc.
(a)(b)
.......
99,472
24,098,087
MannKind
Corp.
(a)(b)
.................
1,945,933
7,978,325
MeiraGTx
Holdings
plc
(b)
..............
272,568
1,409,177
Mersana
Therapeutics,
Inc.
(a)(b)
..........
595,835
2,448,882
Merus
NV
(a)(b)
......................
277,649
5,108,742
Mirati
Therapeutics,
Inc.
(b)
.............
404,867
15,052,955
Mirum
Pharmaceuticals,
Inc.
(b)
..........
181,036
4,348,485
Moderna,
Inc.
(a)(b)
...................
2,542,978
390,550,561
Monte
Rosa
Therapeutics,
Inc.
(a)(b)
.......
302,313
2,355,018
Morphic
Holding,
Inc.
(b)
...............
222,781
8,385,477
Myriad
Genetics,
Inc.
(a)(b)
..............
591,993
13,751,997
Natera,
Inc.
(b)
.....................
742,556
41,226,709
Neurocrine
Biosciences,
Inc.
(b)
..........
720,278
72,906,539
Nkarta,
Inc.
(a)(b)
....................
286,202
1,016,017
Novavax,
Inc.
(a)(b)
...................
630,889
4,372,061
Nurix
Therapeutics,
Inc.
(a)(b)
............
319,627
2,838,288
Nuvalent,
Inc.,
Class
A
(a)(b)
.............
335,456
8,752,047
Omega
Therapeutics,
Inc.
(a)(b)
...........
127,853
770,954
PepGen,
Inc.
(a)(b)
...................
148,765
1,819,396
PMV
Pharmaceuticals,
Inc.
(a)(b)
..........
245,149
1,169,361
Poseida
Therapeutics,
Inc.
(a)(b)
..........
432,396
1,331,780
Precigen,
Inc.
(a)(b)
...................
983,952
1,042,989
Prelude
Therapeutics,
Inc.
(a)(b)
..........
173,929
991,395
Prometheus
Biosciences,
Inc.
(b)
.........
268,302
28,794,171
Protagonist
Therapeutics,
Inc.
(b)
.........
330,818
7,608,814
Prothena
Corp.
plc
(b)
.................
371,203
17,992,209
PTC
Therapeutics,
Inc.
(a)(b)
.............
536,775
26,001,381
RAPT
Therapeutics,
Inc.
(a)(b)
............
201,243
3,692,809
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
859,227
5,731,044
Regeneron
Pharmaceuticals,
Inc.
(a)(b)
......
779,815
640,750,591
REGENXBIO,
Inc.
(a)(b)
................
295,651
5,590,760
Relay
Therapeutics,
Inc.
(a)(b)
............
639,539
10,533,207
Repare
Therapeutics,
Inc.
(a)(b)
...........
240,277
2,364,326
Replimune
Group,
Inc.
(b)
..............
295,819
5,224,164
REVOLUTION
Medicines,
Inc.
(a)(b)
........
627,634
13,594,552
Rhythm
Pharmaceuticals,
Inc.
(a)(b)
........
368,726
6,578,072
Rocket
Pharmaceuticals,
Inc.
(a)(b)
........
557,633
9,552,253
Roivant
Sciences
Ltd.
(b)
...............
2,887,762
21,311,684
Sage
Therapeutics,
Inc.
(b)
.............
388,768
16,312,705
Sana
Biotechnology,
Inc.
(a)(b)
...........
638,925
2,089,285
Sangamo
Therapeutics,
Inc.
(a)(b)
.........
985,493
1,734,468
Sarepta
Therapeutics,
Inc.
(b)
...........
628,073
86,567,302
Scholar
Rock
Holding
Corp.
(a)(b)
.........
288,930
2,311,440
Seagen,
Inc.
(a)(b)
....................
1,397,029
282,856,462
Selecta
Biosciences,
Inc.
(a)(b)
...........
798,491
1,109,902
Seres
Therapeutics,
Inc.
(a)(b)
............
707,265
4,010,193
SpringWorks
Therapeutics,
Inc.
(a)(b)
.......
338,022
8,700,686
Stoke
Therapeutics,
Inc.
(b)
.............
182,195
1,517,684
Summit
Therapeutics,
Inc.
(a)(b)
...........
709,038
1,240,816
Sutro
Biopharma,
Inc.
(b)
...............
389,366
1,798,871
Syndax
Pharmaceuticals,
Inc.
(a)(b)
........
439,723
9,286,950
Tango
Therapeutics,
Inc.
(a)(b)
............
384,217
1,517,657
Travere
Therapeutics,
Inc.
(a)(b)
..........
528,658
11,889,518
Twist
Bioscience
Corp.
(a)(b)
.............
416,274
6,277,412
Ultragenyx
Pharmaceutical,
Inc.
(b)
........
496,179
19,896,778
uniQure
NV
(a)(b)
....................
302,599
6,094,344
Security
Shares
Shares
Value
Biotechnology
(continued)
United
Therapeutics
Corp.
(b)
............
340,367
$
76,228,593
UroGen
Pharma
Ltd.
(a)(b)
..............
148,829
1,375,180
Vanda
Pharmaceuticals,
Inc.
(b)
..........
413,099
2,804,942
Vaxcyte,
Inc.
(b)
.....................
474,903
17,799,364
Veracyte,
Inc.
(a)(b)
...................
539,380
12,028,174
Vertex
Pharmaceuticals,
Inc.
(b)
..........
1,947,367
613,556,921
Verve
Therapeutics,
Inc.
(a)(b)
............
287,470
4,145,317
Vir
Biotechnology,
Inc.
(a)(b)
.............
630,228
14,665,406
Voyager
Therapeutics,
Inc.
(a)(b)
..........
188,625
1,454,299
Xencor,
Inc.
(a)(b)
....................
445,805
12,433,501
Xenon
Pharmaceuticals,
Inc.
(a)(b)
.........
457,457
16,372,386
Zai
Lab
Ltd.,
ADR
(a)(b)
................
565,241
18,799,916
Zentalis
Pharmaceuticals,
Inc.
(a)(b)
........
372,054
6,399,329
Zymeworks,
Inc.
(a)(b)
.................
434,660
3,929,326
6,296,599,916
Chemicals
—
0.1%
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
7,679,910
10,214,280
Health
Care
Equipment
&
Supplies
—
0.6%
Novocure
Ltd.
(a)(b)
...................
784,525
47,181,334
Health
Care
Providers
&
Services
—
0.2%
(a)(b)
Castle
Biosciences,
Inc.
..............
191,887
4,359,673
Fulgent
Genetics,
Inc.
................
141,649
4,422,282
Invitae
Corp.
......................
1,799,353
2,429,126
OPKO
Health,
Inc.
..................
3,169,247
4,627,101
15,838,182
Life
Sciences
Tools
&
Services
—
17.9%
10X
Genomics,
Inc.,
Class
A
(a)(b)
.........
664,922
37,095,998
AbCellera
Biologics,
Inc.
(a)(b)
............
1,486,047
11,204,794
Adaptive
Biotechnologies
Corp.
(a)(b)
.......
1,063,565
9,391,279
Akoya
Biosciences,
Inc.
(a)(b)
............
134,985
1,104,177
Bio-Techne
Corp.
...................
1,176,921
87,315,769
Bruker
Corp.
(a)
.....................
749,418
59,084,115
Charles
River
Laboratories
International,
Inc.
(a)
(b)
...........................
380,546
76,801,794
Codexis,
Inc.
(a)(b)
...................
478,297
1,980,150
Cytek
Biosciences,
Inc.
(a)(b)
............
821,712
7,551,533
Illumina,
Inc.
(a)(b)
....................
1,197,499
278,478,393
IQVIA
Holdings,
Inc.
(b)
................
1,401,596
278,763,428
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(b)
822,727
11,526,405
MaxCyte,
Inc.
(b)
....................
678,646
3,359,298
Medpace
Holdings,
Inc.
(a)(b)
............
180,545
33,951,487
Mettler-Toledo
International,
Inc.
(a)(b)
......
165,726
253,595,583
NanoString
Technologies,
Inc.
(a)(b)
........
351,122
3,476,108
Nautilus
Biotechnology,
Inc.
(b)
...........
376,947
1,044,143
Olink
Holding
AB,
ADR
(a)(b)
.............
691,881
15,588,079
OmniAb,
Inc.,
NVS
(b)(c)
...............
93,678
1
Pacific
Biosciences
of
California,
Inc.
(a)(b)
...
1,659,076
19,212,100
Quanterix
Corp.
(b)
...................
253,523
2,857,204
Repligen
Corp.
(a)(b)
..................
393,114
66,184,673
Seer,
Inc.,
Class
A
(a)(b)
................
301,946
1,165,512
Stevanato
Group
SpA
(a)
..............
251,761
6,520,610
Syneos
Health,
Inc.,
Class
A
(b)
..........
779,180
27,754,392
Waters
Corp.
(a)(b)
...................
449,935
139,313,374
1,434,320,399
Pharmaceuticals
—
2.5%
(b)
Aclaris
Therapeutics,
Inc.
(a)
............
390,840
3,161,896
Amylyx
Pharmaceuticals,
Inc.
(a)
.........
318,324
9,339,626
Arvinas,
Inc.
......................
347,479
9,493,126
ATAI
Life
Sciences
NV
(a)
..............
953,161
1,725,221
Atea
Pharmaceuticals,
Inc.
(a)
...........
560,810
1,878,713
Axsome
Therapeutics,
Inc.
(a)
...........
260,895
16,092,004
Cara
Therapeutics,
Inc.
(a)
.............
315,605
1,549,621
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Biotechnology
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Cymabay
Therapeutics,
Inc.
(a)
..........
686,091
$
5,982,714
DICE
Therapeutics,
Inc.
(a)
.............
292,337
8,375,455
Edgewise
Therapeutics,
Inc.
...........
313,677
2,092,226
Fulcrum
Therapeutics,
Inc.
............
394,174
1,123,396
Intra-Cellular
Therapies,
Inc.
...........
701,002
37,959,258
Ligand
Pharmaceuticals,
Inc.
...........
121,089
8,907,307
Marinus
Pharmaceuticals,
Inc.
(a)
.........
347,188
2,395,597
Nektar
Therapeutics
(a)
................
1,369,098
962,339
NGM
Biopharmaceuticals,
Inc.
(a)
.........
293,003
1,195,452
Nuvation
Bio,
Inc.,
Class
A
(a)
...........
1,056,912
1,754,474
Phathom
Pharmaceuticals,
Inc.
(a)
........
148,075
1,057,255
Pliant
Therapeutics,
Inc.
(a)
.............
368,529
9,802,871
Provention
Bio,
Inc.
.................
607,930
14,651,113
Reata
Pharmaceuticals,
Inc.,
Class
A
(a)
....
209,066
19,008,281
Revance
Therapeutics,
Inc.
(a)
...........
589,462
18,986,571
Tarsus
Pharmaceuticals,
Inc.
...........
141,771
1,782,061
Terns
Pharmaceuticals,
Inc.
(a)
...........
191,691
2,269,621
Theravance
Biopharma,
Inc.
(a)
..........
443,376
4,810,630
Ventyx
Biosciences,
Inc.
(a)
.............
263,831
8,838,339
Verona
Pharma
plc,
ADR
(a)
............
316,691
6,359,155
WaVe
Life
Sciences
Ltd.
(a)
.............
447,390
1,937,199
203,491,521
Total
Common
Stocks
—
99.8%
(Cost:
$10,871,302,763)
...........................
8,007,645,632
Preferred
Stocks
Biotechnology
—
0.1%
Grifols
SA
(a)(b)
.....................
1,528,055
11,261,765
Total
Preferred
Stocks
—
0.1%
(Cost:
$27,012,859)
..............................
11,261,765
Security
Shares
Shares
Value
Rights
Biotechnology
—
0.0%
(a)(b)
Achillion
Pharmaceuticals,
Inc.,
CVR
(c)
.....
4,112
$
1,891
Akouos,
Inc.,
CVR
..................
157,087
124,099
Total
Rights
—
0.0%
(Cost:
$125,990)
................................
125,990
Total
Long-Term
Investments
—
99.9%
(Cost:
$10,898,441,612)
...........................
8,019,033,387
Short-Term
Securities
Money
Market
Funds
—
10.7%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(f)
............
852,092,861
852,348,490
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
8,598,879
8,598,879
Total
Short-Term
Securities
—
10.7%
(Cost:
$860,493,315)
.............................
860,947,369
Total
Investments
—
110.6%
(Cost:
$11,758,934,927
)
...........................
8,879,980,756
Liabilities
in
Excess
of
Other
Assets
—
(10.6)%
...........
(854,274,073)
Net
Assets
—
100.0%
..............................
$
8,025,706,683
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
790,386,973
$
61,554,000
(a)
$
—
$
41,736
$
365,781
$
852,348,490
852,092,861
$
5,495,522
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
15,470,000
—
(6,871,121)
(a)
—
—
8,598,879
8,598,879
236,402
3
$
41,736
$
365,781
$
860,947,369
$
5,731,924
$
3
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Biotechnology
ETF
Schedules
of
Investments
21
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Select
Sector
Index
...........................................
33
06/16/23
$
4,353
$
118,288
Russell
2000
E-Mini
Index
....................................................
19
06/16/23
1,723
37,480
$
155,768
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
155,768
$
—
$
—
$
—
$
155,768
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(2,201,830)
$
—
$
—
$
—
$
(2,201,830)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
149,623
$
—
$
—
$
—
$
149,623
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
5,834,944
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Biotechnology
ETF
22
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
8,007,645,631
$
—
$
1
$
8,007,645,632
Preferred
Stocks
.........................................
11,261,765
—
—
11,261,765
Rights
................................................
—
124,099
1,891
125,990
Short-Term
Securities
Money
Market
Funds
......................................
860,947,369
—
—
860,947,369
$
8,879,854,765
$
124,099
$
1,892
$
8,879,980,756
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
155,768
$
—
$
—
$
155,768
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
Expanded
Tech
Sector
ETF
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Broadline
Retail
—
8.4%
Amazon.com,
Inc.
(a)(b)
................
2,187,580
$
225,955,138
eBay,
Inc.
........................
133,157
5,908,176
Etsy,
Inc.
(a)(b)
......................
30,841
3,433,528
Qurate
Retail,
Inc.
(b)
.................
82,247
81,244
235,378,086
Communications
Equipment
—
3.1%
ADTRAN
Holdings,
Inc.
..............
17,734
281,261
Arista
Networks,
Inc.
(b)
...............
60,735
10,194,977
Calix,
Inc.
(b)
.......................
14,098
755,512
Cambium
Networks
Corp.
(b)
............
2,811
49,811
Ciena
Corp.
(b)
.....................
36,159
1,899,071
Cisco
Systems,
Inc.
.................
1,008,041
52,695,343
Clearfield,
Inc.
(b)
....................
2,764
128,747
CommScope
Holding
Co.,
Inc.
(b)
.........
53,044
337,890
Digi
International,
Inc.
(b)
...............
8,711
293,386
DZS,
Inc.
(b)
.......................
4,204
33,170
Extreme
Networks,
Inc.
(b)
..............
30,993
592,586
F5,
Inc.
(b)
........................
14,821
2,159,272
Harmonic,
Inc.
(b)
....................
25,813
376,612
Infinera
Corp.
(b)
....................
46,848
363,540
Juniper
Networks,
Inc.
...............
79,493
2,736,149
Lumentum
Holdings,
Inc.
(b)
............
16,887
912,067
Motorola
Solutions,
Inc.
..............
41,028
11,739,342
NETGEAR,
Inc.
(b)
...................
7,555
139,843
NetScout
Systems,
Inc.
(b)
.............
16,361
468,743
Ribbon
Communications,
Inc.
(b)
.........
22,062
75,452
Viasat,
Inc.
(a)(b)
.....................
18,449
624,314
Viavi
Solutions,
Inc.
(b)
................
55,742
603,686
87,460,774
Electronic
Equipment,
Instruments
&
Components
—
2.9%
Advanced
Energy
Industries,
Inc.
........
9,256
907,088
Amphenol
Corp.,
Class
A
.............
145,904
11,923,275
Arrow
Electronics,
Inc.
(b)
..............
14,301
1,785,766
Avnet,
Inc.
.......................
22,660
1,024,232
Badger
Meter,
Inc.
..................
7,247
882,830
Belden,
Inc.
......................
10,599
919,675
Benchmark
Electronics,
Inc.
...........
8,989
212,949
CDW
Corp.
.......................
33,222
6,474,636
Celestica,
Inc.
(b)
....................
24,494
315,973
Cognex
Corp.
.....................
42,270
2,094,479
Coherent
Corp.
(b)
...................
34,340
1,307,667
Corning,
Inc.
......................
186,790
6,589,951
ePlus,
Inc.
(b)
......................
6,689
328,029
Fabrinet
(b)
........................
9,059
1,075,847
Insight
Enterprises,
Inc.
(a)(b)
............
7,504
1,072,772
IPG
Photonics
Corp.
(b)
...............
7,961
981,671
Itron,
Inc.
(b)
.......................
11,106
615,828
Jabil,
Inc.
........................
32,703
2,883,096
Keysight
Technologies,
Inc.
(b)
...........
43,762
7,066,688
Knowles
Corp.
(a)(b)
..................
22,744
386,648
Littelfuse,
Inc.
.....................
6,026
1,615,510
Methode
Electronics,
Inc.
.............
9,055
397,333
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
31,099
265,585
National
Instruments
Corp.
............
31,807
1,667,005
Novanta,
Inc.
(b)
....................
8,661
1,377,878
OSI
Systems,
Inc.
(b)
.................
3,834
392,448
PC
Connection,
Inc.
.................
2,799
125,843
Plexus
Corp.
(b)
.....................
6,828
666,208
Rogers
Corp.
(b)
....................
4,540
741,972
Sanmina
Corp.
(b)
...................
14,220
867,278
TD
SYNNEX
Corp.
..................
10,122
979,708
TE
Connectivity
Ltd.
.................
77,651
10,183,929
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Teledyne
Technologies,
Inc.
(b)
...........
11,501
$
5,145,087
Trimble,
Inc.
(b)
.....................
60,516
3,172,249
TTM
Technologies,
Inc.
(b)
..............
24,724
333,527
Vishay
Intertechnology,
Inc.
............
32,082
725,695
Vontier
Corp.
......................
39,119
1,069,513
Zebra
Technologies
Corp.,
Class
A
(b)
......
12,669
4,028,742
82,604,610
Entertainment
—
2.5%
Activision
Blizzard,
Inc.
...............
174,756
14,957,366
Electronic
Arts,
Inc.
.................
63,926
7,699,887
Netflix,
Inc.
(b)
......................
109,279
37,753,709
Playtika
Holding
Corp.
(b)
..............
23,111
260,230
ROBLOX
Corp.,
Class
A
(b)
.............
88,988
4,002,680
Take-Two
Interactive
Software,
Inc.
(b)
......
38,830
4,632,419
69,306,291
Financial
Services
—
8.7%
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
52,484
591,495
AvidXchange
Holdings,
Inc.
(b)
...........
32,963
257,111
Block,
Inc.,
Class
A
(a)(b)
...............
131,872
9,053,013
Euronet
Worldwide,
Inc.
(b)
.............
11,665
1,305,314
EVERTEC,
Inc.
....................
16,034
541,148
Fidelity
National
Information
Services,
Inc.
..
145,603
7,910,611
Fiserv,
Inc.
(b)
......................
155,823
17,612,674
FleetCor
Technologies,
Inc.
(b)
...........
18,097
3,815,752
Flywire
Corp.
(b)
....................
15,491
454,816
Global
Payments,
Inc.
...............
64,555
6,793,768
Jack
Henry
&
Associates,
Inc.
..........
17,884
2,695,476
Marqeta,
Inc.,
Class
A
(b)
..............
109,243
499,241
Mastercard,
Inc.,
Class
A
..............
207,031
75,237,136
Nuvei
Corp.
(a)(b)(c)
...................
15,749
685,475
Payoneer
Global,
Inc.
(b)
...............
47,314
297,132
PayPal
Holdings,
Inc.
(b)
...............
277,614
21,082,007
Remitly
Global,
Inc.
(b)
................
24,086
408,258
Repay
Holdings
Corp.,
Class
A
(b)
........
18,139
119,173
Shift4
Payments,
Inc.,
Class
A
(a)(b)
........
13,000
985,400
Toast,
Inc.,
Class
A
(b)
................
76,548
1,358,727
Visa,
Inc.,
Class
A
(a)
.................
398,729
89,897,440
Western
Union
Co.
(The)
.............
81,956
913,809
WEX,
Inc.
(b)
.......................
10,644
1,957,325
244,472,301
Hotels,
Restaurants
&
Leisure
—
0.2%
(b)
DoorDash,
Inc.,
Class
A
..............
64,499
4,099,556
Sabre
Corp.
(a)
.....................
80,644
345,963
4,445,519
Interactive
Media
&
Services
—
13.4%
Alphabet,
Inc.,
Class
A
(b)
..............
1,258,120
130,504,788
Alphabet,
Inc.,
Class
C,
NVS
(b)
..........
1,096,770
114,064,080
Bumble,
Inc.,
Class
A
(b)
...............
23,120
451,996
Cargurus,
Inc.,
Class
A
(a)(b)
.............
22,278
416,153
IAC,
Inc.
(b)
........................
19,334
997,634
Match
Group,
Inc.
(b)
.................
68,446
2,627,642
Meta
Platforms,
Inc.,
Class
A
(b)
..........
546,155
115,752,091
Pinterest,
Inc.,
Class
A
(a)(b)
.............
145,477
3,967,158
Shutterstock,
Inc.
...................
5,863
425,654
Snap,
Inc.,
Class
A,
NVS
(b)
............
240,990
2,701,498
TripAdvisor,
Inc.
(b)
..................
25,147
499,419
Yelp,
Inc.
(a)(b)
......................
17,016
522,391
Ziff
Davis,
Inc.
(b)
....................
11,684
911,936
ZipRecruiter,
Inc.,
Class
A
(a)(b)
...........
12,847
204,781
ZoomInfo
Technologies,
Inc.
(b)
..........
66,963
1,654,656
375,701,877
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Expanded
Tech
Sector
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
—
5.4%
Accenture
plc,
Class
A
...............
154,524
$
44,164,504
Akamai
Technologies,
Inc.
(b)
............
38,572
3,020,188
CGI,
Inc.
(a)(b)
......................
51,949
5,001,130
Cloudflare,
Inc.,
Class
A
(a)(b)
............
70,488
4,346,290
Cognizant
Technology
Solutions
Corp.,
Class
A
124,898
7,610,035
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
15,021
588,373
DXC
Technology
Co.
(b)
...............
55,853
1,427,603
EPAM
Systems,
Inc.
(b)
................
14,112
4,219,488
Fastly,
Inc.,
Class
A
(a)(b)
...............
28,129
499,571
Gartner,
Inc.
(b)
.....................
19,390
6,316,680
GoDaddy,
Inc.,
Class
A
(b)
..............
38,035
2,956,080
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
12,490
143,135
International
Business
Machines
Corp.
....
221,853
29,082,710
Kyndryl
Holdings,
Inc.
(b)
...............
49,525
730,989
MongoDB,
Inc.,
Class
A
(b)
.............
17,012
3,965,837
Okta,
Inc.,
Class
A
(b)
.................
37,599
3,242,538
Perficient,
Inc.
(b)
....................
8,574
618,957
Rackspace
Technology,
Inc.
(b)
..........
12,744
23,959
Shopify,
Inc.,
Class
A
(a)(b)
..............
293,399
14,065,548
Snowflake,
Inc.,
Class
A
(a)(b)
............
70,233
10,836,250
Squarespace,
Inc.,
Class
A
(a)(b)
..........
9,737
309,345
Thoughtworks
Holding,
Inc.
(a)(b)
..........
16,178
119,070
Twilio,
Inc.,
Class
A
(b)
................
42,803
2,851,964
VeriSign,
Inc.
(b)
....................
22,480
4,750,698
150,890,942
Professional
Services
—
1.7%
Automatic
Data
Processing,
Inc.
.........
101,673
22,635,460
Broadridge
Financial
Solutions,
Inc.
......
28,879
4,232,795
Concentrix
Corp.
...................
10,490
1,275,060
Conduent,
Inc.
(b)
...................
42,718
146,523
CSG
Systems
International,
Inc.
.........
7,504
402,965
ExlService
Holdings,
Inc.
(b)
............
8,015
1,297,067
Genpact
Ltd.
......................
41,151
1,901,999
Maximus,
Inc.
.....................
14,992
1,179,870
Paychex,
Inc.
.....................
78,721
9,020,639
SS&C
Technologies
Holdings,
Inc.
.......
53,778
3,036,844
TELUS
International
CDA,
Inc.
(a)(b)
........
17,140
346,742
TTEC
Holdings,
Inc.
.................
4,459
166,009
Verra
Mobility
Corp.,
Class
A
(b)
..........
34,512
583,943
46,225,916
Semiconductors
&
Semiconductor
Equipment
—
20.8%
Advanced
Micro
Devices,
Inc.
(b)
.........
395,638
38,776,480
Allegro
MicroSystems,
Inc.
(b)
...........
15,821
759,250
Ambarella,
Inc.
(b)
...................
9,154
708,703
Amkor
Technology,
Inc.
...............
24,547
638,713
Analog
Devices,
Inc.
.................
124,371
24,528,449
Applied
Materials,
Inc.
...............
206,873
25,410,211
Axcelis
Technologies,
Inc.
(b)
............
8,085
1,077,326
Broadcom,
Inc.
....................
102,541
65,784,153
Cirrus
Logic,
Inc.
(b)
..................
13,632
1,491,068
Cohu,
Inc.
(b)
......................
11,794
452,772
Credo
Technology
Group
Holding
Ltd.
(b)
....
22,363
210,659
Diodes,
Inc.
(b)
.....................
11,259
1,044,385
Enphase
Energy,
Inc.
(b)
...............
33,353
7,013,469
Entegris,
Inc.
(a)
....................
36,570
2,999,106
First
Solar,
Inc.
(b)
...................
24,328
5,291,340
FormFactor,
Inc.
(b)
..................
18,877
601,232
Ichor
Holdings
Ltd.
(b)
.................
6,873
225,022
Impinj,
Inc.
(a)(b)
.....................
5,153
698,335
Intel
Corp.
.......................
1,015,132
33,164,362
KLA
Corp.
........................
33,980
13,563,797
Kulicke
&
Soffa
Industries,
Inc.
..........
13,878
731,232
Lam
Research
Corp.
................
33,110
17,552,273
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Lattice
Semiconductor
Corp.
(b)
..........
33,631
$
3,211,760
MACOM
Technology
Solutions
Holdings,
Inc.
(b)
12,651
896,197
Marvell
Technology,
Inc.
..............
209,357
9,065,158
MaxLinear,
Inc.
(a)(b)
..................
17,734
624,414
Microchip
Technology,
Inc.
.............
134,417
11,261,456
Micron
Technology,
Inc.
...............
267,751
16,156,095
MKS
Instruments,
Inc.
...............
14,161
1,254,948
Monolithic
Power
Systems,
Inc.
.........
10,981
5,496,430
NVIDIA
Corp.
(a)
....................
603,632
167,670,861
NXP
Semiconductors
NV
.............
63,587
11,857,386
ON
Semiconductor
Corp.
(b)
............
105,996
8,725,591
Onto
Innovation,
Inc.
(b)
...............
12,261
1,077,497
Power
Integrations,
Inc.
..............
13,849
1,172,179
Qorvo,
Inc.
(b)
......................
24,510
2,489,481
QUALCOMM,
Inc.
..................
273,597
34,905,505
Rambus,
Inc.
(b)
....................
26,613
1,364,182
Semtech
Corp.
(a)(b)
..................
15,349
370,525
Silicon
Laboratories,
Inc.
(b)
.............
7,828
1,370,604
SiTime
Corp.
(a)(b)
...................
3,932
559,248
Skyworks
Solutions,
Inc.
..............
39,009
4,602,282
SolarEdge
Technologies,
Inc.
(b)
..........
13,716
4,168,978
Synaptics,
Inc.
(b)
...................
9,617
1,068,929
Teradyne,
Inc.
.....................
38,219
4,108,925
Texas
Instruments,
Inc.
...............
222,363
41,361,742
Ultra
Clean
Holdings,
Inc.
(b)
............
11,376
377,228
Universal
Display
Corp.
..............
10,572
1,640,034
Wolfspeed,
Inc.
(a)(b)
..................
30,341
1,970,648
581,550,620
Software
—
23.3%
A10
Networks,
Inc.
..................
15,821
245,067
ACI
Worldwide,
Inc.
(b)
................
27,823
750,665
Adeia,
Inc.
.......................
26,947
238,750
Adobe,
Inc.
(b)
......................
112,334
43,290,154
Agilysys,
Inc.
(b)
....................
4,902
404,464
Alarm.com
Holdings,
Inc.
(b)
............
12,192
613,014
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
12,791
922,359
Alteryx,
Inc.,
Class
A
(b)
...............
14,929
878,422
ANSYS,
Inc.
(b)
.....................
21,375
7,113,600
Appfolio,
Inc.,
Class
A
(a)(b)
.............
4,618
574,849
Appian
Corp.,
Class
A
(b)
..............
10,005
444,022
AppLovin
Corp.,
Class
A
(b)
.............
30,472
479,934
Asana,
Inc.,
Class
A
(b)
................
19,219
406,097
Aspen
Technology,
Inc.
(a)(b)
.............
7,190
1,645,575
Autodesk,
Inc.
(b)
....................
52,945
11,021,031
Bentley
Systems,
Inc.,
Class
B
..........
48,015
2,064,165
BILL
Holdings,
Inc.
(b)
.................
23,547
1,910,604
Black
Knight,
Inc.
(b)
..................
38,166
2,196,835
Blackbaud,
Inc.
(b)
...................
10,757
745,460
BlackBerry
Ltd.
(a)(b)
..................
127,750
582,540
Blackline,
Inc.
(b)
....................
13,468
904,376
Box,
Inc.,
Class
A
(a)(b)
................
35,237
943,999
C3.ai,
Inc.,
Class
A
(a)(b)
...............
20,944
703,090
Cadence
Design
Systems,
Inc.
(b)
........
67,311
14,141,368
Cerence,
Inc.
(b)
....................
9,979
280,310
Ceridian
HCM
Holding,
Inc.
(b)
...........
37,651
2,756,806
Clear
Secure,
Inc.,
Class
A
............
18,597
486,683
CommVault
Systems,
Inc.
(b)
............
11,026
625,615
Confluent,
Inc.,
Class
A
(b)
.............
38,063
916,176
Consensus
Cloud
Solutions,
Inc.
(b)
.......
4,507
153,644
Crowdstrike
Holdings,
Inc.,
Class
A
(b)
......
53,561
7,351,783
Datadog,
Inc.,
Class
A
(a)(b)
.............
60,914
4,426,011
Descartes
Systems
Group,
Inc.
(The)
(a)(b)
...
20,995
1,692,407
Digital
Turbine,
Inc.
(a)(b)
...............
21,945
271,240
DocuSign,
Inc.
(b)
...................
49,254
2,871,508
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Expanded
Tech
Sector
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Dolby
Laboratories,
Inc.,
Class
A
........
14,726
$
1,257,895
DoubleVerify
Holdings,
Inc.
(b)
...........
21,441
646,446
Dropbox,
Inc.,
Class
A
(b)
..............
66,769
1,443,546
Dynatrace,
Inc.
(b)
...................
53,456
2,261,189
E2open
Parent
Holdings,
Inc.,
Class
A
(b)
...
40,173
233,807
Elastic
NV
(b)
......................
19,068
1,104,037
Envestnet,
Inc.
(b)
...................
12,856
754,262
Everbridge,
Inc.
(b)
...................
9,957
345,209
Fair
Isaac
Corp.
(b)
...................
6,184
4,345,435
Five9,
Inc.
(b)
......................
17,457
1,261,967
Fortinet,
Inc.
(b)
.....................
159,110
10,574,451
Freshworks,
Inc.,
Class
A
(b)
............
39,889
612,695
Gen
Digital,
Inc.
....................
139,577
2,395,141
Gitlab,
Inc.,
Class
A
(b)
................
14,864
509,687
Guidewire
Software,
Inc.
(b)
.............
19,934
1,635,585
HubSpot,
Inc.
(b)
....................
11,920
5,110,700
Intapp,
Inc.
(b)
......................
3,743
167,836
InterDigital,
Inc.
....................
6,665
485,878
Intuit,
Inc.
........................
68,933
30,732,399
Jamf
Holding
Corp.
(b)
................
11,381
221,019
Lightspeed
Commerce,
Inc.
(a)(b)
..........
33,061
501,866
LivePerson,
Inc.
(b)
..................
16,992
74,935
LiveRamp
Holdings,
Inc.
(b)
.............
15,757
345,551
Manhattan
Associates,
Inc.
(b)
...........
15,265
2,363,785
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
28,294
246,724
Matterport,
Inc.,
Class
A
(a)(b)
............
54,500
148,785
Microsoft
Corp.
....................
863,096
248,830,578
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
2,307
674,382
Model
N,
Inc.
(b)
....................
8,254
276,261
Momentive
Global,
Inc.
(b)
..............
30,165
281,138
N-able,
Inc.
(b)
......................
16,398
216,454
nCino,
Inc.
(a)(b)
.....................
18,215
451,368
NCR
Corp.
(b)
......................
33,856
798,663
New
Relic,
Inc.
(b)
...................
14,383
1,082,896
Nutanix,
Inc.,
Class
A
(b)
...............
56,120
1,458,559
Open
Text
Corp.
(a)
..................
66,904
2,579,149
Oracle
Corp.
......................
377,113
35,041,340
PagerDuty,
Inc.
(a)(b)
..................
20,374
712,683
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
432,259
3,652,589
Palo
Alto
Networks,
Inc.
(a)(b)
............
74,192
14,819,110
Paycom
Software,
Inc.
(b)
..............
11,831
3,596,742
Paycor
HCM,
Inc.
(b)
.................
11,757
311,796
Paylocity
Holding
Corp.
(b)
.............
10,053
1,998,335
Pegasystems,
Inc.
..................
10,282
498,471
PowerSchool
Holdings,
Inc.,
Class
A
(b)
.....
9,885
195,921
Procore
Technologies,
Inc.
(b)
...........
17,085
1,070,034
Progress
Software
Corp.
..............
10,537
605,351
PROS
Holdings,
Inc.
(a)(b)
..............
10,533
288,604
PTC,
Inc.
(b)
.......................
26,175
3,356,420
Q2
Holdings,
Inc.
(b)
..................
13,598
334,783
Qualtrics
International,
Inc.,
Class
A
(a)(b)
....
27,891
497,297
Qualys,
Inc.
(b)
.....................
8,559
1,112,841
Rapid7,
Inc.
(b)
.....................
14,314
657,156
RingCentral,
Inc.,
Class
A
(b)
............
18,978
582,055
Roper
Technologies,
Inc.
..............
26,023
11,468,076
Salesforce,
Inc.
(b)
...................
245,379
49,021,817
SentinelOne,
Inc.,
Class
A
(b)
............
52,497
858,851
ServiceNow,
Inc.
(b)
..................
49,812
23,148,633
Smartsheet,
Inc.,
Class
A
(b)
............
32,336
1,545,661
SolarWinds
Corp.
(b)
.................
10,955
94,213
Splunk,
Inc.
(b)
.....................
37,063
3,553,600
Sprout
Social,
Inc.,
Class
A
(b)
...........
11,577
704,808
SPS
Commerce,
Inc.
(b)
...............
8,924
1,359,125
Sumo
Logic,
Inc.
(b)
..................
27,513
329,606
Synopsys,
Inc.
(b)
...................
37,400
14,445,750
Security
Shares
Shares
Value
Software
(continued)
Tenable
Holdings,
Inc.
(b)
..............
27,850
$
1,323,153
Teradata
Corp.
(b)
...................
25,205
1,015,257
Tyler
Technologies,
Inc.
(b)
.............
10,217
3,623,357
UiPath,
Inc.,
Class
A
(b)
...............
86,467
1,518,360
Unity
Software,
Inc.
(a)(b)
...............
59,460
1,928,882
Varonis
Systems,
Inc.
(b)
...............
26,407
686,846
Verint
Systems,
Inc.
(b)
................
15,913
592,600
VMware,
Inc.,
Class
A
(b)
..............
51,151
6,386,202
Workday,
Inc.,
Class
A
(b)
..............
49,567
10,237,568
Workiva,
Inc.,
Class
A
(b)
...............
11,324
1,159,691
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
31,048
336,250
Zoom
Video
Communications,
Inc.,
Class
A
(b)
53,045
3,916,843
Zscaler,
Inc.
(a)(b)
....................
20,897
2,441,396
Zuora,
Inc.,
Class
A
(b)
................
29,791
294,335
652,805,309
Specialty
Retail
—
0.1%
(a)(b)
Chewy,
Inc.,
Class
A
.................
23,159
865,683
Overstock.com,
Inc.
.................
11,896
241,132
Revolve
Group,
Inc.,
Class
A
...........
9,913
260,712
Wayfair,
Inc.,
Class
A
................
18,661
640,819
2,008,346
Technology
Hardware,
Storage
&
Peripherals
—
9.5%
Apple,
Inc.
.......................
1,446,153
238,470,630
Avid
Technology,
Inc.
(b)
...............
7,749
247,813
Corsair
Gaming,
Inc.
(b)
...............
9,773
179,335
Dell
Technologies,
Inc.,
Class
C
.........
59,455
2,390,685
Hewlett
Packard
Enterprise
Co.
.........
314,531
5,010,479
HP,
Inc.
.........................
212,078
6,224,489
NetApp,
Inc.
......................
52,897
3,377,473
Pure
Storage,
Inc.,
Class
A
(b)
...........
69,571
1,774,756
Seagate
Technology
Holdings
plc
........
47,107
3,114,715
Super
Micro
Computer,
Inc.
(b)
...........
11,501
1,225,432
Western
Digital
Corp.
(b)
...............
78,649
2,962,708
Xerox
Holdings
Corp.
................
27,740
427,196
265,405,711
Trading
Companies
&
Distributors
—
0.0%
Xometry,
Inc.,
Class
A
(b)
..............
7,309
109,416
Total
Long-Term
Investments
—
100.0%
(Cost:
$2,581,490,098)
...........................
2,798,365,718
Short-Term
Securities
Money
Market
Funds
—
3.1%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(f)
............
85,356,325
85,381,932
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
1,581,001
1,581,001
Total
Short-Term
Securities
—
3.1%
(Cost:
$86,936,344)
..............................
86,962,933
Total
Investments
—
103.1%
(Cost:
$2,668,426,442
)
...........................
2,885,328,651
Liabilities
in
Excess
of
Other
Assets
—
(3.1)%
............
(85,644,673)
Net
Assets
—
100.0%
..............................
$
2,799,683,978
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Expanded
Tech
Sector
ETF
26
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
66,304,568
$
19,026,447
(a)
$
—
$
47,305
$
3,612
$
85,381,932
85,356,325
$
358,017
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,479,000
102,001
(a)
—
—
—
1,581,001
1,581,001
93,445
2
$
47,305
$
3,612
$
86,962,933
$
451,462
$
2
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Technology
Select
Sector
Index
............................................
4
06/16/23
$
614
$
38,697
S&P
E-Mini
Communication
Services
Index
........................................
4
06/16/23
306
19,422
$
58,119
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
58,119
$
—
$
—
$
—
$
58,119
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Expanded
Tech
Sector
ETF
Schedules
of
Investments
27
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
For
the
period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(160,882)
$
—
$
—
$
—
$
(160,882)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
10,267
$
—
$
—
$
—
$
10,267
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,204,994
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,798,365,718
$
—
$
—
$
2,798,365,718
Short-Term
Securities
Money
Market
Funds
......................................
86,962,933
—
—
86,962,933
$
2,885,328,651
$
—
$
—
$
2,885,328,651
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
58,119
$
—
$
—
$
58,119
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
March
31,
2023
iShares
®
Expanded
Tech-Software
Sector
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Entertainment
—
5.8%
Activision
Blizzard,
Inc.
...............
2,022,349
$
173,092,851
Electronic
Arts,
Inc.
.................
739,769
89,105,176
Take-Two
Interactive
Software,
Inc.
(a)(b)
....
450,292
53,719,836
315,917,863
Interactive
Media
&
Services
—
0.6%
Snap,
Inc.,
Class
A,
NVS
(b)
............
2,791,315
31,290,641
Software
—
93.5%
A10
Networks,
Inc.
..................
182,593
2,828,366
ACI
Worldwide,
Inc.
(b)
................
318,912
8,604,246
Adeia,
Inc.
.......................
303,984
2,693,298
Adobe,
Inc.
(b)
......................
1,243,069
479,041,501
Agilysys,
Inc.
(b)
....................
56,502
4,661,980
Alarm.com
Holdings,
Inc.
(b)
............
141,609
7,120,101
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
149,406
10,773,667
Alteryx,
Inc.,
Class
A
(b)
...............
174,874
10,289,586
ANSYS,
Inc.
(b)
.....................
247,366
82,323,405
Appfolio,
Inc.,
Class
A
(a)(b)
.............
53,900
6,709,472
Appian
Corp.,
Class
A
(a)(b)
.............
116,876
5,186,957
AppLovin
Corp.,
Class
A
(a)(b)
............
349,130
5,498,798
Asana,
Inc.,
Class
A
(a)(b)
...............
216,680
4,578,448
Aspen
Technology,
Inc.
(a)(b)
.............
82,943
18,983,164
Autodesk,
Inc.
(b)
....................
612,698
127,539,216
Bentley
Systems,
Inc.,
Class
B
(a)
.........
558,816
24,023,500
BILL
Holdings,
Inc.
(a)(b)
................
272,365
22,099,696
Black
Knight,
Inc.
(b)
..................
443,608
25,534,076
Blackbaud,
Inc.
(b)
...................
126,544
8,769,499
BlackBerry
Ltd.
(a)(b)
..................
1,481,876
6,757,355
Blackline,
Inc.
(a)(b)
...................
154,336
10,363,662
Box,
Inc.,
Class
A
(b)
.................
407,514
10,917,300
C3.ai,
Inc.,
Class
A
(a)(b)
...............
242,288
8,133,608
Cadence
Design
Systems,
Inc.
(b)
........
778,954
163,650,446
Cerence,
Inc.
(a)(b)
...................
114,839
3,225,828
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
437,278
32,017,495
Clear
Secure,
Inc.,
Class
A
............
221,041
5,784,643
CommVault
Systems,
Inc.
(b)
............
127,056
7,209,157
Confluent,
Inc.,
Class
A
(a)(b)
............
436,170
10,498,612
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
51,539
1,756,965
Crowdstrike
Holdings,
Inc.,
Class
A
(b)
......
619,839
85,079,101
Datadog,
Inc.,
Class
A
(b)
..............
705,076
51,230,822
Descartes
Systems
Group,
Inc.
(The)
(a)(b)
...
241,302
19,451,354
Digital
Turbine,
Inc.
(a)(b)
...............
257,388
3,181,316
DocuSign,
Inc.
(a)(b)
..................
571,390
33,312,037
Dolby
Laboratories,
Inc.,
Class
A
........
170,898
14,598,107
DoubleVerify
Holdings,
Inc.
(a)(b)
..........
248,031
7,478,135
Dropbox,
Inc.,
Class
A
(a)(b)
.............
767,560
16,594,647
Dynatrace,
Inc.
(b)
...................
616,383
26,073,001
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
496,383
2,888,949
Elastic
NV
(a)(b)
.....................
220,641
12,775,114
Envestnet,
Inc.
(a)(b)
..................
127,286
7,467,870
Everbridge,
Inc.
(b)
...................
113,681
3,941,320
Fair
Isaac
Corp.
(b)
...................
71,444
50,202,984
Five9,
Inc.
(b)
......................
200,862
14,520,314
Fortinet,
Inc.
(b)
.....................
1,841,285
122,371,801
Freshworks,
Inc.,
Class
A
(a)(b)
...........
457,081
7,020,764
Gen
Digital,
Inc.
....................
1,617,047
27,748,527
Gitlab,
Inc.,
Class
A
(b)
................
178,516
6,121,314
Guidewire
Software,
Inc.
(a)(b)
............
232,974
19,115,517
HubSpot,
Inc.
(b)
....................
137,950
59,146,062
Intapp,
Inc.
(a)(b)
.....................
43,639
1,956,773
InterDigital,
Inc.
(a)
...................
76,723
5,593,107
Intuit,
Inc.
........................
797,721
355,647,953
Jamf
Holding
Corp.
(b)
................
128,768
2,500,675
Security
Shares
Shares
Value
Software
(continued)
Lightspeed
Commerce,
Inc.
(a)(b)
..........
384,859
$
5,842,160
LivePerson,
Inc.
(b)
..................
202,737
894,070
LiveRamp
Holdings,
Inc.
(b)
.............
183,638
4,027,181
Manhattan
Associates,
Inc.
(a)(b)
..........
177,660
27,510,651
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
319,559
2,786,554
Matterport,
Inc.,
Class
A
(b)
.............
629,807
1,719,373
Microsoft
Corp.
....................
1,667,000
480,596,100
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
27,194
7,949,350
Model
N,
Inc.
(b)
....................
96,350
3,224,834
Momentive
Global,
Inc.
(b)
..............
367,504
3,425,137
N-able,
Inc.
(a)(b)
....................
191,627
2,529,476
nCino,
Inc.
(a)(b)
.....................
217,860
5,398,571
NCR
Corp.
(b)
......................
391,534
9,236,287
New
Relic,
Inc.
(b)
...................
166,847
12,561,911
Nutanix,
Inc.,
Class
A
(a)(b)
..............
654,949
17,022,125
Open
Text
Corp.
(a)
..................
768,726
29,634,387
Oracle
Corp.
......................
4,364,116
405,513,659
PagerDuty,
Inc.
(a)(b)
..................
232,300
8,125,854
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
5,004,472
42,287,788
Palo
Alto
Networks,
Inc.
(a)(b)
............
858,580
171,492,769
Paycom
Software,
Inc.
(a)(b)
.............
136,997
41,648,458
Paycor
HCM,
Inc.
(a)(b)
................
135,264
3,587,201
Paylocity
Holding
Corp.
(b)
.............
117,376
23,332,001
Pegasystems,
Inc.
(a)
.................
116,595
5,652,526
PowerSchool
Holdings,
Inc.,
Class
A
(b)
.....
115,192
2,283,105
Procore
Technologies,
Inc.
(b)
...........
196,678
12,317,943
Progress
Software
Corp.
..............
123,258
7,081,172
PROS
Holdings,
Inc.
(b)
...............
117,695
3,224,843
PTC,
Inc.
(b)
.......................
302,396
38,776,239
Q2
Holdings,
Inc.
(b)
..................
164,500
4,049,990
Qualtrics
International,
Inc.,
Class
A
(a)(b)
....
319,603
5,698,521
Qualys,
Inc.
(a)(b)
....................
98,219
12,770,434
Rapid7,
Inc.
(b)
.....................
168,066
7,715,910
RingCentral,
Inc.,
Class
A
(b)
............
219,776
6,740,530
Roper
Technologies,
Inc.
..............
301,148
132,712,912
Salesforce,
Inc.
(b)
...................
2,353,496
470,181,431
SentinelOne,
Inc.,
Class
A
(a)(b)
..........
624,571
10,217,982
ServiceNow,
Inc.
(b)
..................
576,443
267,884,591
Smartsheet,
Inc.,
Class
A
(a)(b)
...........
373,716
17,863,625
SolarWinds
Corp.
(b)
.................
137,087
1,178,948
Splunk,
Inc.
(b)
.....................
427,866
41,023,792
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
134,091
8,163,460
SPS
Commerce,
Inc.
(b)
...............
102,609
15,627,351
Sumo
Logic,
Inc.
(b)
..................
315,961
3,785,213
Synopsys,
Inc.
(b)
...................
432,807
167,171,704
Tenable
Holdings,
Inc.
(b)
..............
321,912
15,294,039
Teradata
Corp.
(b)
...................
289,499
11,661,020
Tyler
Technologies,
Inc.
(a)(b)
............
118,297
41,952,848
UiPath,
Inc.,
Class
A
(b)
...............
1,004,180
17,633,401
Unity
Software,
Inc.
(a)(b)
...............
693,675
22,502,817
Varonis
Systems,
Inc.
(a)(b)
..............
305,350
7,942,153
Verint
Systems,
Inc.
(b)
................
186,872
6,959,113
VMware,
Inc.,
Class
A
(b)
..............
591,945
73,904,333
Workday,
Inc.,
Class
A
(b)
..............
573,604
118,472,170
Workiva,
Inc.,
Class
A
(a)(b)
.............
130,292
13,343,204
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
356,389
3,859,693
Zoom
Video
Communications,
Inc.,
Class
A
(a)(b)
614,120
45,346,621
Zscaler,
Inc.
(a)(b)
....................
241,866
28,257,205
Zuora,
Inc.,
Class
A
(a)(b)
...............
356,063
3,517,902
5,036,706,249
Total
Long-Term
Investments
—
99.9%
(Cost:
$7,111,607,772)
............................
5,383,914,753
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Expanded
Tech-Software
Sector
ETF
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
4.3%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(e)
............
224,351,176
$
224,418,482
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
5,186,304
5,186,304
Total
Short-Term
Securities
—
4.3%
(Cost:
$229,482,932)
.............................
229,604,786
Total
Investments
—
104.2%
(Cost:
$7,341,090,704
)
...........................
5,613,519,539
Liabilities
in
Excess
of
Other
Assets
—
(4.2)%
............
(225,839,495)
Net
Assets
—
100.0%
..............................
$
5,387,680,044
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
224,839,162
$
—
$
(535,496)
(a)
$
32,887
$
81,929
$
224,418,482
224,351,176
$
1,629,489
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
3,730,000
1,456,304
(a)
—
—
—
5,186,304
5,186,304
125,402
3
$
32,887
$
81,929
$
229,604,786
$
1,754,891
$
3
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Technology
Select
Sector
Index
............................................
16
06/16/23
$
2,457
$
124,002
Russell
2000
E-Mini
Index
....................................................
9
06/16/23
816
33,370
$
157,372
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Expanded
Tech-Software
Sector
ETF
30
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
157,372
$
—
$
—
$
—
$
157,372
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(542,312)
$
—
$
—
$
—
$
(542,312)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
32,122
$
—
$
—
$
—
$
32,122
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,901,585
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
5,383,914,753
$
—
$
—
$
5,383,914,753
Short-Term
Securities
Money
Market
Funds
......................................
229,604,786
—
—
229,604,786
$
5,613,519,539
$
—
$
—
$
5,613,519,539
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
157,372
$
—
$
—
$
157,372
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
North
American
Natural
Resources
ETF
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Construction
Materials
—
2.4%
Eagle
Materials,
Inc.
.................
12,841
$
1,884,417
Martin
Marietta
Materials,
Inc.
..........
22,144
7,862,449
Summit
Materials,
Inc.,
Class
A
(a)
........
42,152
1,200,910
Vulcan
Materials
Co.
................
47,400
8,131,944
19,079,720
Containers
&
Packaging
—
6.1%
Amcor
plc
........................
529,915
6,030,433
AptarGroup,
Inc.
...................
23,252
2,748,154
Avery
Dennison
Corp.
................
28,886
5,168,572
Ball
Corp.
........................
111,958
6,170,005
Berry
Global
Group,
Inc.
..............
43,389
2,555,612
Crown
Holdings,
Inc.
................
42,821
3,541,725
Graphic
Packaging
Holding
Co.
.........
109,701
2,796,279
Greif,
Inc.,
Class
A,
NVS
..............
9,125
578,251
International
Paper
Co.
...............
126,907
4,576,266
O-I
Glass,
Inc.
(a)
....................
54,979
1,248,573
Packaging
Corp.
of
America
...........
33,017
4,583,750
Pactiv
Evergreen,
Inc.
...............
13,829
110,632
Sealed
Air
Corp.
...................
51,524
2,365,467
Silgan
Holdings,
Inc.
.................
29,797
1,599,205
Sonoco
Products
Co.
................
34,864
2,126,704
WestRock
Co.
.....................
90,702
2,763,690
48,963,318
Energy
Equipment
&
Services
—
7.7%
Baker
Hughes
Co.,
Class
A
............
358,783
10,354,477
Cactus,
Inc.,
Class
A
................
22,912
944,662
ChampionX
Corp.
..................
70,749
1,919,420
Halliburton
Co.
....................
322,435
10,201,844
Helmerich
&
Payne,
Inc.
..............
37,216
1,330,472
Liberty
Energy,
Inc.,
Class
A
...........
53,678
687,615
NexTier
Oilfield
Solutions,
Inc.
(a)(b)
........
57,141
454,271
Noble
Corp.
plc
(a)(b)
..................
34,953
1,379,595
NOV,
Inc.
........................
139,910
2,589,734
Patterson-UTI
Energy,
Inc.
............
77,107
902,152
Schlumberger
NV
..................
506,501
24,869,199
TechnipFMC
plc
(a)
..................
159,602
2,178,567
Transocean
Ltd.
(a)(b)
.................
236,552
1,504,471
Valaris
Ltd.
(a)
......................
21,422
1,393,715
Weatherford
International
plc
(a)
..........
22,977
1,363,685
62,073,879
Metals
&
Mining
—
12.4%
Agnico
Eagle
Mines
Ltd.
(b)
.............
162,606
8,288,028
Alamos
Gold,
Inc.,
Class
A
(b)
...........
140,075
1,713,117
Alcoa
Corp.
.......................
63,032
2,682,642
Arconic
Corp.
(a)
....................
36,500
957,395
B2Gold
Corp.
.....................
382,634
1,507,578
Barrick
Gold
Corp.
(b)
.................
628,240
11,666,417
Compass
Minerals
International,
Inc.
......
12,229
419,332
First
Majestic
Silver
Corp.
(b)
............
85,075
613,391
Franco-Nevada
Corp.
................
68,355
9,966,159
Freeport-McMoRan,
Inc.
..............
509,761
20,854,323
Hecla
Mining
Co.
...................
200,263
1,267,665
Kinross
Gold
Corp.
(b)
................
435,213
2,049,853
Lithium
Americas
Corp.
(a)(b)
............
38,172
830,623
MP
Materials
Corp.,
Class
A
(a)
..........
33,092
932,863
Newmont
Corp.
....................
283,083
13,876,729
Novagold
Resources,
Inc.
(a)
............
87,602
544,884
Pan
American
Silver
Corp.
(b)
...........
74,989
1,364,800
Royal
Gold,
Inc.
....................
23,382
3,032,879
SSR
Mining,
Inc.
(b)
..................
73,604
1,112,892
Teck
Resources
Ltd.,
Class
B
(b)
.........
160,609
5,862,229
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Wheaton
Precious
Metals
Corp.
(b)
........
161,190
$
7,762,910
Yamana
Gold,
Inc.
(b)
.................
342,303
2,002,473
99,309,182
Oil,
Gas
&
Consumable
Fuels
—
70.8%
Antero
Midstream
Corp.
..............
119,297
1,251,425
Antero
Resources
Corp.
(a)
.............
98,350
2,270,901
APA
Corp.
.......................
114,734
4,137,308
Arch
Resources,
Inc.,
Class
A
..........
6,422
844,236
California
Resources
Corp.
............
26,151
1,006,813
Callon
Petroleum
Co.
(a)(b)
..............
18,151
606,969
Cameco
Corp.
(b)
....................
154,434
4,041,538
Canadian
Natural
Resources
Ltd.
(b)
.......
394,913
21,858,434
Cenovus
Energy,
Inc.
(b)
...............
492,717
8,602,839
Cheniere
Energy,
Inc.
................
88,683
13,976,441
Chesapeake
Energy
Corp.
............
38,174
2,902,751
Chevron
Corp.
.....................
497,430
81,160,678
Chord
Energy
Corp.
.................
14,820
1,994,772
Civitas
Resources,
Inc.
...............
18,492
1,263,743
CNX
Resources
Corp.
(a)(b)
.............
60,528
969,659
Comstock
Resources,
Inc.
(b)
............
32,461
350,254
ConocoPhillips
....................
339,563
33,688,045
CONSOL
Energy,
Inc.
................
11,685
680,885
Coterra
Energy,
Inc.
.................
281,201
6,900,672
Crescent
Point
Energy
Corp.
...........
198,086
1,398,487
CVR
Energy,
Inc.
...................
10,479
343,502
Denbury,
Inc.
(a)
....................
17,739
1,554,469
Devon
Energy
Corp.
.................
233,137
11,799,064
Diamondback
Energy,
Inc.
.............
65,543
8,859,447
DT
Midstream,
Inc.
..................
34,461
1,701,340
Enbridge,
Inc.
(b)
....................
722,171
27,550,824
Enerplus
Corp.
....................
77,424
1,115,680
Enviva,
Inc.
.......................
11,037
318,749
EOG
Resources,
Inc.
................
209,488
24,013,609
EQT
Corp.
.......................
130,734
4,171,722
Equitrans
Midstream
Corp.
............
154,774
894,594
Exxon
Mobil
Corp.
..................
731,628
80,230,326
Hess
Corp.
.......................
98,961
13,096,499
HF
Sinclair
Corp.
...................
47,902
2,317,499
Kinder
Morgan,
Inc.
.................
705,527
12,353,778
Kosmos
Energy
Ltd.
(a)(b)
...............
163,002
1,212,735
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
59,638
1,304,879
Marathon
Oil
Corp.
..................
226,533
5,427,731
Marathon
Petroleum
Corp.
............
161,916
21,831,134
Matador
Resources
Co.
..............
39,981
1,905,095
Murphy
Oil
Corp.
...................
52,047
1,924,698
New
Fortress
Energy,
Inc.,
Class
A
(b)
......
17,067
502,282
Northern
Oil
and
Gas,
Inc.
.............
26,577
806,612
Occidental
Petroleum
Corp.
............
259,325
16,189,660
ONEOK,
Inc.
......................
159,403
10,128,467
Ovintiv,
Inc.
.......................
87,527
3,157,974
PBF
Energy,
Inc.,
Class
A
.............
40,710
1,765,186
PDC
Energy,
Inc.
...................
32,820
2,106,388
Peabody
Energy
Corp.
(a)(b)
.............
41,517
1,062,835
Pembina
Pipeline
Corp.
..............
196,457
6,365,207
Permian
Resources
Corp.,
Class
A
.......
83,202
873,621
Phillips
66
........................
166,196
16,848,950
Pioneer
Natural
Resources
Co.
.........
84,737
17,306,685
Range
Resources
Corp.
..............
86,065
2,278,140
SM
Energy
Co.
....................
43,684
1,230,141
Southwestern
Energy
Co.
(a)
............
393,071
1,965,355
Suncor
Energy,
Inc.
(b)
................
481,271
14,943,465
Targa
Resources
Corp.
...............
80,741
5,890,056
TC
Energy
Corp.
...................
363,018
14,125,030
Texas
Pacific
Land
Corp.
(b)
............
2,197
3,737,141
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
North
American
Natural
Resources
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Valero
Energy
Corp.
.................
137,983
$
19,262,427
Vermilion
Energy,
Inc.
................
58,004
752,312
Williams
Cos.,
Inc.
(The)
..............
434,393
12,970,975
World
Fuel
Services
Corp.
.............
22,009
562,330
568,665,463
Paper
&
Forest
Products
—
0.4%
Louisiana-Pacific
Corp.
...............
25,537
1,384,361
West
Fraser
Timber
Co.
Ltd.
...........
21,131
1,505,372
2,889,733
Total
Long-Term
Investments
—
99.8%
(Cost:
$841,367,290)
.............................
800,981,295
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
3.0%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(e)
............
23,464,286
$
23,471,325
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
865,116
865,116
Total
Short-Term
Securities
—
3.0%
(Cost:
$24,324,468)
..............................
24,336,441
Total
Investments
—
102.8%
(Cost:
$865,691,758
)
.............................
825,317,736
Liabilities
in
Excess
of
Other
Assets
—
(2.8)%
............
(22,366,261)
Net
Assets
—
100.0%
..............................
$
802,951,475
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
7,685,209
$
15,767,427
(a)
$
—
$
7,940
$
10,749
$
23,471,325
23,464,286
$
117,738
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,640,000
—
(774,884)
(a)
—
—
865,116
865,116
30,151
—
$
7,940
$
10,749
$
24,336,441
$
147,889
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
..............................................
17
06/16/23
$
1,484
$
36,054
E-Mini
Materials
Select
Sector
Index
.............................................
4
06/16/23
345
16,231
$
52,285
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
North
American
Natural
Resources
ETF
Schedules
of
Investments
33
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
52,285
$
—
$
—
$
—
$
52,285
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(399,925)
$
—
$
—
$
—
$
(399,925)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
35,114
$
—
$
—
$
—
$
35,114
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,652,820
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
800,981,295
$
—
$
—
$
800,981,295
Short-Term
Securities
Money
Market
Funds
......................................
24,336,441
—
—
24,336,441
$
825,317,736
$
—
$
—
$
825,317,736
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
52,285
$
—
$
—
$
52,285
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
March
31,
2023
iShares
®
North
American
Tech-Multimedia
Networking
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Communications
Equipment
—
100.0%
ADTRAN
Holdings,
Inc.
..............
219,668
$
3,483,935
Arista
Networks,
Inc.
(a)
...............
58,608
9,837,939
Calix,
Inc.
(a)
.......................
93,159
4,992,391
Cambium
Networks
Corp.
(a)
............
35,296
625,445
Ciena
Corp.
(a)
.....................
92,915
4,879,896
Cisco
Systems,
Inc.
.................
178,490
9,330,565
Clearfield,
Inc.
(a)
....................
39,268
1,829,103
CommScope
Holding
Co.,
Inc.
(a)
.........
647,655
4,125,562
Digi
International,
Inc.
(a)(b)
.............
111,110
3,742,185
DZS,
Inc.
(a)(b)
......................
49,506
390,602
Extreme
Networks,
Inc.
(a)(b)
............
261,765
5,004,947
F5,
Inc.
(a)(b)
.......................
61,670
8,984,702
Harmonic,
Inc.
(a)
....................
341,534
4,982,981
Infinera
Corp.
(a)(b)
...................
594,273
4,611,559
Juniper
Networks,
Inc.
...............
280,493
9,654,569
Lumentum
Holdings,
Inc.
(a)(b)
...........
87,904
4,747,695
Motorola
Solutions,
Inc.
..............
32,854
9,400,515
NETGEAR,
Inc.
(a)(b)
..................
89,832
1,662,790
NetScout
Systems,
Inc.
(a)
.............
166,329
4,765,326
Ribbon
Communications,
Inc.
(a)
.........
276,983
947,282
Viasat
,
Inc.
(a)(b)
.....................
130,217
4,406,543
Viavi
Solutions,
Inc.
(a)
................
441,368
4,780,015
Total
Long-Term
Investments
—
100.0%
(Cost:
$113,800,889)
.............................
107,186,547
Short-Term
Securities
Money
Market
Funds
—
7.5%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(e)
............
8,037,687
8,040,099
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
22,921
22,921
Total
Short-Term
Securities
—
7.5%
(Cost:
$8,061,207)
..............................
8,063,020
Total
Investments
—
107.5%
(Cost:
$121,862,096
)
.............................
115,249,567
Liabilities
in
Excess
of
Other
Assets
—
(7.5)%
............
(8,044,087)
Net
Assets
—
100.0%
..............................
$
107,205,480
(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.
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
North
American
Tech-Multimedia
Networking
ETF
Schedules
of
Investments
35
Affiliates 
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
4,451,027
$
3,585,879
(a)
$
—
$
2,036
$
1,157
$
8,040,099
8,037,687
$
25,094
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
110,000
—
(87,079)
(a)
—
—
22,921
22,921
4,322
—
$
2,036
$
1,157
$
8,063,020
$
29,416
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
the
period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(5,222)
$
—
$
—
$
—
$
(5,222)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(2,967)
$
—
$
—
$
—
$
(2,967)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
86,495
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
107,186,547
$
—
$
—
$
107,186,547
Short-Term
Securities
Money
Market
Funds
......................................
8,063,020
—
—
8,063,020
$
115,249,567
$
—
$
—
$
115,249,567
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
March
31,
2023
iShares
®
Semiconductor
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Common
Stocks
Semiconductors
&
Semiconductor
Equipment
—
99.8%
Advanced
Micro
Devices,
Inc.
(a)(b)
........
5,574,247
$
546,331,948
Analog
Devices,
Inc.
.................
1,559,201
307,505,621
Applied
Materials,
Inc.
...............
2,462,907
302,518,867
ASE
Technology
Holding
Co.
Ltd.,
ADR,
NVS
5,525,702
44,039,845
ASML
Holding
NV
(Registered),
ADR,
NVS
(a)
415,334
282,722,007
Broadcom,
Inc.
....................
962,718
617,622,106
Entegris,
Inc.
(a)
....................
1,282,552
105,182,089
Intel
Corp.
.......................
11,474,793
374,881,487
KLA
Corp.
........................
754,035
300,988,151
Lam
Research
Corp.
................
588,603
312,030,222
Lattice
Semiconductor
Corp.
(a)(b)
.........
1,170,040
111,738,820
Marvell
Technology,
Inc.
..............
6,335,917
274,345,206
Microchip
Technology,
Inc.
.............
3,530,379
295,775,153
Micron
Technology,
Inc.
...............
4,947,538
298,534,443
MKS
Instruments,
Inc.
(a)
..............
497,277
44,068,688
Monolithic
Power
Systems,
Inc.
(a)
........
382,930
191,671,782
NVIDIA
Corp.
(a)
....................
2,464,391
684,533,888
NXP
Semiconductors
NV
(a)
............
1,602,791
298,880,452
ON
Semiconductor
Corp.
(a)(b)
...........
3,695,471
304,211,173
Qorvo,
Inc.
(a)(b)
.....................
857,120
87,057,678
QUALCOMM,
Inc.
..................
3,545,896
452,385,412
Silicon
Laboratories,
Inc.
(a)(b)
............
268,788
47,062,091
Skyworks
Solutions,
Inc.
..............
1,368,666
161,475,215
STMicroelectronics
NV,
ADR,
NVS
(a)
......
2,304,148
123,248,876
Synaptics,
Inc.
(a)(b)
..................
335,464
37,286,824
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR,
NVS
.....................
2,946,638
274,096,267
Teradyne,
Inc.
(a)
....................
1,339,765
144,038,135
Texas
Instruments,
Inc.
...............
3,337,025
620,720,020
United
Microelectronics
Corp.,
ADR,
NVS
(a)(b)
6,328,652
55,438,992
Wolfspeed,
Inc.
(a)(b)
..................
1,066,572
69,273,851
Total
Long-Term
Investments
—
99.8%
(Cost:
$8,355,486,034)
...........................
7,769,665,309
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
4.0%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(e)
............
300,162,171
$
300,252,220
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
12,751,014
12,751,014
Total
Short-Term
Securities
—
4.0%
(Cost:
$312,905,332)
.............................
313,003,234
Total
Investments
—
103.8%
(Cost:
$8,668,391,366
)
...........................
8,082,668,543
Liabilities
in
Excess
of
Other
Assets
—
(3.8)%
............
(296,753,466)
Net
Assets
—
100.0%
..............................
$
7,785,915,077
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
186,623,706
$
113,370,312
(a)
$
—
$
181,572
$
76,630
$
300,252,220
300,162,171
$
2,540,393
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
15,210,000
—
(2,458,986)
(a)
—
—
12,751,014
12,751,014
255,935
7
$
181,572
$
76,630
$
313,003,234
$
2,796,328
$
7
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Semiconductor
ETF
Schedules
of
Investments
37
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Technology
Select
Sector
Index
............................................
80
06/16/23
$
12,286
$
659,593
Russell
2000
E-Mini
Index
....................................................
28
06/16/23
2,539
81,722
$
741,315
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
741,315
$
—
$
—
$
—
$
741,315
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(1,584,740)
$
—
$
—
$
—
$
(1,584,740)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(82,579)
$
—
$
—
$
—
$
(82,579)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
12,113,790
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Semiconductor
ETF
38
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
7,769,665,309
$
—
$
—
$
7,769,665,309
Short-Term
Securities
Money
Market
Funds
......................................
313,003,234
—
—
313,003,234
$
8,082,668,543
$
—
$
—
$
8,082,668,543
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
741,315
$
—
$
—
$
741,315
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities

March
31,
2023
39
Financial
Statements
See
notes
to
financial
statements.
iShares
Biotechnology
ETF
iShares
Expanded
Tech
Sector
ETF
iShares
Expanded
Tech-
Software
Sector
ETF
iShares
North
American
Natural
Resources
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
8,019,033,387‌
$
2,798,365,718‌
$
5,383,914,753‌
$
800,981,295‌
Investments,
at
value
—
affiliated
(c)
............................................
860,947,369‌
86,962,933‌
229,604,786‌
24,336,441‌
Cash  
...............................................................
255,061‌
—‌
—‌
—‌
Cash
pledged:
Futures
contracts
......................................................
351,000‌
61,000‌
210,000‌
171,000‌
Foreign
currency,
at
value
(d)
.................................................
—‌
—‌
—‌
179,197‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
10,045,884‌
93,339‌
—‌
—‌
Securities
lending
income
—
affiliated
........................................
368,993‌
37,085‌
130,988‌
8,884‌
Capital
shares
sold
.....................................................
—‌
21,269‌
64,091‌
—‌
Dividends
—
unaffiliated
.................................................
356,701‌
489,558‌
18,343‌
1,144,119‌
Dividends
—
affiliated
...................................................
37,155‌
11,306‌
25,012‌
4,948‌
Variation
margin
on
futures
contracts
.........................................
77,890‌
14,220‌
50,263‌
14,549‌
Total
assets
...........................................................
8,891,473,440‌
2,886,056,428‌
5,614,018,236‌
826,840,433‌
LIABILITIES
Bank
overdraft
..........................................................
—‌
—‌
—‌
155,866‌
Collateral
on
securities
loaned
...............................................
852,166,471‌
85,431,880‌
224,546,756‌
23,436,406‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
10,523,251‌
—‌
—‌
—‌
Capital
shares
redeemed
.................................................
33,947‌
16,706‌
31,599‌
15,420‌
Investment
advisory
fees
.................................................
3,043,088‌
923,864‌
1,759,837‌
281,266‌
Total
liabilities
..........................................................
865,766,757‌
86,372,450‌
226,338,192‌
23,888,958‌
NET
ASSETS
..........................................................
$
8,025,706,683‌
$
2,799,683,978‌
$
5,387,680,044‌
$
802,951,475‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
13,683,917,511‌
$
2,701,985,336‌
$
7,640,917,518‌
$
1,350,499,638‌
Accumulated
earnings
(loss)
................................................
(5,658,210,828‌)
97,698,642‌
(2,253,237,474‌)
(547,548,163‌)
NET
ASSETS
..........................................................
$
8,025,706,683‌
$
2,799,683,978‌
$
5,387,680,044‌
$
802,951,475‌
NET
ASSET
VALUE
Shares
outstanding
......................................................
62,100,000‌
8,250,000‌
17,700,000‌
20,500,000‌
Net
asset
value
.........................................................
$
129.24‌
$
339.36‌
$
304.39‌
$
39.17‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
..........................................
$
10,898,441,612‌
$
2,581,490,098‌
$
7,111,607,772‌
$
841,367,290‌
(b)
  Securities
loaned,
at
value
................................................
$
846,002,080‌
$
87,086,537‌
$
230,179,615‌
$
22,843,841‌
(c)
  Investments,
at
cost
—
affiliated
............................................
$
860,493,315‌
$
86,936,344‌
$
229,482,932‌
$
24,324,468‌
(d)
  Foreign
currency,
at
cost
.................................................
$
—‌
$
—‌
$
—‌
$
179,197‌
Statements
of
Assets
and
Liabilities
(continued)
March
31,
2023
2023
iShare
Annual
Report
to
Shareholders
40
See
notes
to
financial
statements.
iShares
North
American
Tech-
Multimedia
Networking
ETF
iShares
Semiconductor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
107,186,547‌
$
7,769,665,309‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
8,063,020‌
313,003,234‌
Cash  
..............................................................................................
—‌
265,893‌
Cash
pledged:
Futures
contracts
.....................................................................................
—‌
943,000‌
Receivables:
–‌
–‌
Securities
lending
income
—
affiliated
.......................................................................
2,175‌
119,309‌
Capital
shares
sold
....................................................................................
—‌
184,509‌
Dividends
—
unaffiliated
................................................................................
31,266‌
3,716,939‌
Dividends
—
affiliated
..................................................................................
485‌
39,282‌
Variation
margin
on
futures
contracts
........................................................................
—‌
222,839‌
Total
assets
..........................................................................................
115,283,493‌
8,088,160,314‌
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
8,040,130‌
300,054,408‌
Payables:
–‌
–‌
Capital
shares
redeemed
................................................................................
635‌
46,328‌
Investment
advisory
fees
................................................................................
37,248‌
2,144,501‌
Total
liabilities
.........................................................................................
8,078,013‌
302,245,237‌
NET
ASSETS
.........................................................................................
$
107,205,480‌
$
7,785,915,077‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
192,261,710‌
$
9,135,123,287‌
Accumulated
loss
......................................................................................
(85,056,230‌)
(1,349,208,210‌)
NET
ASSETS
.........................................................................................
$
107,205,480‌
$
7,785,915,077‌
NET
ASSET
VALUE
Shares
outstanding
.....................................................................................
1,500,000‌
17,500,000‌
Net
asset
value
........................................................................................
$
71.47‌
$
444.91‌
Shares
authorized
......................................................................................
Unlimited
Unlimited
Par
value
............................................................................................
None
None
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
113,800,889‌
$
8,355,486,034‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
8,008,598‌
$
297,044,231‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
8,061,207‌
$
312,905,332‌
Statements
of
Operations

Year
Ended
March
31,
2023
41
Financial
Statements
iShares
Biotechnology
ETF
iShares
Expanded
Tech
Sector
ETF
iShares
Expanded
Tech-
Software
Sector
ETF
iShares
North
American
Natural
Resources
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
52,890,876‌
$
24,629,592‌
$
18,653,247‌
$
33,340,573‌
Dividends
—
affiliated
...................................................
236,402‌
93,445‌
125,402‌
30,151‌
Securities
lending
income
—
affiliated
—
net
...................................
5,495,522‌
358,017‌
1,629,489‌
117,738‌
Foreign
taxes
withheld
..................................................
(473,943‌)
(52,072‌)
(99,773‌)
(1,170,427‌)
Total
investment
income
...................................................
58,148,857‌
25,028,982‌
20,308,365‌
32,318,035‌
EXPENSES
Investment
advisory
....................................................
36,617,628‌
12,961,118‌
19,045,707‌
3,821,284‌
Total
expenses
.........................................................
36,617,628‌
12,961,118‌
19,045,707‌
3,821,284‌
Net
investment
income
....................................................
21,531,229‌
12,067,864‌
1,262,658‌
28,496,751‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(114,307,210‌)
$
(709,182,787‌)
$
(556,702,287‌)
$
(55,250,675‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(571,899,264‌)
$
(94,504,946‌)
$
(353,629,185‌)
$
(10,900,316‌)
Investments
—
affiliated
...............................................
41,736‌
47,305‌
32,887‌
7,940‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
........................
3‌
2‌
3‌
—‌
Foreign
currency
transactions
...........................................
—‌
—‌
—‌
(38,917‌)
Futures
contracts
....................................................
(2,201,830‌)
(160,882‌)
(542,312‌)
(399,925‌)
In-kind
redemptions
—
unaffiliated
(a)
.......................................
406,747,890‌
489,193,716‌
19,991,317‌
103,740,052‌
(167,311,465‌)
394,575,195‌
(334,147,290‌)
92,408,834‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
52,488,850‌
(1,103,771,862‌)
(222,669,047‌)
(147,705,106‌)
Investments
—
affiliated
...............................................
365,781‌
3,612‌
81,929‌
10,749‌
Foreign
currency
translations
............................................
—‌
—‌
—‌
(268‌)
Futures
contracts
....................................................
149,623‌
10,267‌
32,122‌
35,114‌
53,004,254‌
(1,103,757,983‌)
(222,554,996‌)
(147,659,511‌)
Net
realized
and
unrealized
loss
..............................................
(114,307,211‌)
(709,182,788‌)
(556,702,286‌)
(55,250,677‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................
$
(92,775,982‌)
$
(697,114,924‌)
$
(555,439,628‌)
$
(26,753,926‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
March
31,
2023
2023
iShares
Annual
Report
to
Shareholders
42
iShares
North
American
Tech-Multimedia
Networking
ETF
iShares
Semiconductor
ETF
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
809,563‌
$
105,543,979‌
Dividends
—
affiliated
..................................................................................
4,322‌
255,935‌
Securities
lending
income
—
affiliated
—
net
..................................................................
25,094‌
2,540,393‌
Foreign
taxes
withheld
.................................................................................
—‌
(3,161,303‌)
Total
investment
income
..................................................................................
838,979‌
105,179,004‌
EXPENSES
Investment
advisory
...................................................................................
459,340‌
26,548,407‌
Commitment
costs
....................................................................................
—‌
22,323‌
Total
expenses
........................................................................................
459,340‌
26,570,730‌
Net
investment
income
...................................................................................
379,639‌
78,608,274‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(8,964,794‌)
$
(623,173,838‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
$
(7,459,477‌)
$
(500,412,432‌)
Investments
—
affiliated
..............................................................................
2,036‌
181,572‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
.......................................................
—‌
7‌
Futures
contracts
...................................................................................
(5,222‌)
(1,584,740‌)
In-kind
redemptions
—
unaffiliated
(a)
......................................................................
6,845,604‌
309,062,564‌
(617,059‌)
(192,753,029‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
(8,345,925‌)
(430,414,864‌)
Investments
—
affiliated
..............................................................................
1,157‌
76,630‌
Futures
contracts
...................................................................................
(2,967‌)
(82,579‌)
(8,347,735‌)
(430,420,813‌)
Net
realized
and
unrealized
loss
.............................................................................
(8,964,794‌)
(623,173,842‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................
$
(8,585,155‌)
$
(544,565,568‌)
(a)
  See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

43
Financial
Statements
See
notes
to
financial
statements.
iShares
Biotechnology
ETF
iShares
Expanded
Tech
Sector
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
21,531,229‌
$
20,526,397‌
$
12,067,864‌
$
5,764,193‌
Net
realized
gain
(loss)
....................................................
(167,311,465‌)
622,010,093‌
394,575,195‌
351,991,955‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
53,004,254‌
(1,958,746,176‌)
(1,103,757,983‌)
(25,134,610‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(92,775,982‌)
(1,316,209,686‌)
(697,114,924‌)
332,621,538‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(22,926,845‌)
(20,365,764‌)
(15,012,645‌)
(6,535,033‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(465,468,446‌)
94,871,036‌
(969,167,551‌)
945,279,952‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(581,171,273‌)
(1,241,704,414‌)
(1,681,295,120‌)
1,271,366,457‌
Beginning
of
year
..........................................................
8,606,877,956‌
9,848,582,370‌
4,480,979,098‌
3,209,612,641‌
End
of
year
..............................................................
$
8,025,706,683‌
$
8,606,877,956‌
$
2,799,683,978‌
$
4,480,979,098‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2023
iShares
Annual
Report
to
Shareholders
44
See
notes
to
financial
statements.
iShares
Expanded
Tech-Software
Sector
ETF
iShares
North
American
Natural
Resources
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
1,262,658‌
$
(8,034,692‌)
$
28,496,751‌
$
14,672,372‌
Net
realized
gain
(loss)
....................................................
(334,147,290‌)
1,245,446,708‌
92,408,834‌
(5,041,185‌)
Net
change
in
unrealized
appreciation
(depreciation)
................................
(222,554,996‌)
(1,376,833,197‌)
(147,659,511‌)
222,174,980‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(555,439,628‌)
(139,421,181‌)
(26,753,926‌)
231,806,167‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(366,961‌)
—‌
(29,227,112‌)
(15,154,197‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
540,096,149‌
492,759,205‌
(83,209,205‌)
328,467,837‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(15,710,440‌)
353,338,024‌
(139,190,243‌)
545,119,807‌
Beginning
of
year
..........................................................
5,403,390,484‌
5,050,052,460‌
942,141,718‌
397,021,911‌
End
of
year
..............................................................
$
5,387,680,044‌
$
5,403,390,484‌
$
802,951,475‌
$
942,141,718‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
45
Financial
Statements
See
notes
to
financial
statements.
iShares
North
American
Tech-Multimedia
Networking
ETF
iShares
Semiconductor
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
379,639‌
$
265,882‌
$
78,608,274‌
$
59,455,111‌
Net
realized
gain
(loss)
....................................................
(617,059‌)
12,218,899‌
(192,753,029‌)
1,557,162,546‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(8,347,735‌)
(2,027,174‌)
(430,420,813‌)
(982,288,405‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(8,585,155‌)
10,457,607‌
(544,565,568‌)
634,329,252‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(390,901‌)
(284,071‌)
(78,660,830‌)
(61,257,081‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(46,790,846‌)
52,044,106‌
(543,707,282‌)
2,060,808,454‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(55,766,902‌)
62,217,642‌
(1,166,933,680‌)
2,633,880,625‌
Beginning
of
year
..........................................................
162,972,382‌
100,754,740‌
8,952,848,757‌
6,318,968,132‌
End
of
year
..............................................................
$
107,205,480‌
$
162,972,382‌
$
7,785,915,077‌
$
8,952,848,757‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
46
iShares
Biotechnology
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
year
................................
$
130.21
‌
$
150.36
‌
$
107.98
‌
$
111.78
‌
$
106.73
‌
Net
investment
income
(a)
.......................................
0.33
‌
0.31
‌
0.34
‌
0.26
‌
0.16
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.............................
(0.94
)
(20.15
)
42.43
‌
(3.80
)
5.08
‌
Net
increase
(decrease)
from
investment
operations
......................
(0.61
)
(19.84
)
42.77
‌
(3.54
)
5.24
‌
Distributions
from
net
investment
income
(c)
.............................
(0.36
)
(0.31
)
(0.39
)
(0.26
)
(0.19
)
Net
asset
value,
end
of
year
.....................................
$
129.24
‌
$
130.21
‌
$
150.36
‌
$
107.98
‌
$
111.78
‌
Total
Return
(d)
(0.46)%
—
—
—
—
Based
on
net
asset
value
........................................
(0.46
)%
(13.22
)%
39.63
%
(3.17
)%
4.92
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...............................................
0.45
%
0.44
%
0.45
%
0.46
%
0.47
%
Net
investment
income
..........................................
0.26
%
0.21
%
0.24
%
0.24
%
0.15
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
8,025,707
‌
$
8,606,878
‌
$
9,848,582
‌
$
6,343,965
‌
$
8,026,142
‌
Portfolio
turnover
rate
(f)
..........................................
13
%
46
%
34
%
29
%
18
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
47
Financial
Highlights
iShares
Expanded
Tech
Sector
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
year
.................................
$
387.96
‌
$
360.63
‌
$
212.15
‌
$
206.22
‌
$
179.48
‌
Net
investment
income
(a)
........................................
1.20
‌
0.64
‌
0.86
‌
1.26
‌
1.09
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............................
(48.17
)
27.37
‌
148.55
‌
6.00
‌
26.69
‌
Net
increase
(decrease)
from
investment
operations
.......................
(46.97
)
28.01
‌
149.41
‌
7.26
‌
27.78
‌
Distributions
from
net
investment
income
(c)
..............................
(1.63
)
(0.68
)
(0.93
)
(1.33
)
(1.04
)
Net
asset
value,
end
of
year
......................................
$
339.36
‌
$
387.96
‌
$
360.63
‌
$
212.15
‌
$
206.22
‌
Total
Return
(d)
(12.06)%
—
—
—
—
Based
on
net
asset
value
.........................................
(12.06
)%
7.76
%
70.51
%
3.51
%
15.52
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................................
0.41
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
...........................................
0.38
%
0.16
%
0.28
%
0.56
%
0.56
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
2,799,684
‌
$
4,480,979
‌
$
3,209,613
‌
$
1,707,788
‌
$
1,587,932
‌
Portfolio
turnover
rate
(f)
...........................................
9
%
8
%
9
%
10
%
8
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
48
iShares
Expanded
Tech-Software
Sector
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
year
................................
$
344.16
‌
$
341.22
‌
$
209.77
‌
$
210.77
‌
$
169.69
‌
Net
investment
income
(loss)
(a)
...................................
0.08
‌
(0.56
)
(0.31
)
1.28
(b)
0.24
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............................
(39.83
)
3.50
‌
131.83
‌
(1.06
)
41.10
‌
Net
increase
(decrease)
from
investment
operations
......................
(39.75
)
2.94
‌
131.52
‌
0.22
‌
41.34
‌
Distributions
from
net
investment
income
(d)
.............................
(0.02
)
—
‌
(0.07
)
(1.22
)
(0.26
)
Net
asset
value,
end
of
year
.....................................
$
304.39
‌
$
344.16
‌
$
341.22
‌
$
209.77
‌
$
210.77
‌
Total
Return
(e)
(11.55)%
—
—
—
—
Based
on
net
asset
value
........................................
(11.55
)%
0.86
%
62.70
%
0.13
%
24.39
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................................
0.41
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
(loss)
......................................
0.03
%
(0.15
)%
(0.10
)%
0.57
%
(b)
0.13
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
5,387,680
‌
$
5,403,390
‌
$
5,050,052
‌
$
3,031,151
‌
$
2,729,463
‌
Portfolio
turnover
rate
(g)
..........................................
13
%
15
%
22
%
18
%
18
%
(a)
Based
on
average
shares
outstanding.
(b)
Includes
a
one-time
special
distribution
from
NortonLifeLock
Inc.
Excluding
such
special
distribution,
the
net
investment
income
would
have
been
$(0.07)
per
share
and
(0.03)%
of
average
net
assets.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
49
Financial
Highlights
iShares
North
American
Natural
Resources
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
year
.................................
$
40.44
‌
$
27.57
‌
$
16.65
‌
$
31.40
‌
$
33.08
‌
Net
investment
income
(a)
........................................
1.22
‌
0.93
‌
0.70
‌
0.78
‌
0.65
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............................
(1.22
)
12.85
‌
11.04
‌
(13.82
)
(1.59
)
Net
increase
(decrease)
from
investment
operations
.......................
0.00
‌
13.78
‌
11.74
‌
(13.04
)
(0.94
)
Distributions
from
net
investment
income
(c)
..............................
(1.27
)
(0.91
)
(0.82
)
(1.71
)
(0.74
)
Net
asset
value,
end
of
year
......................................
$
39.17
‌
$
40.44
‌
$
27.57
‌
$
16.65
‌
$
31.40
‌
Total
Return
(d)
0.19%
—
—
—
—
Based
on
net
asset
value
.........................................
0.19
%
50.84
%
71.57
%
(43.54
)%
(2.87
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................................
0.41
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
...........................................
3.08
%
2.92
%
3.14
%
2.72
%
1.94
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
802,951
‌
$
942,142
‌
$
397,022
‌
$
294,696
‌
$
761,370
‌
Portfolio
turnover
rate
(f)
...........................................
11
%
15
%
14
%
16
%
12
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
50
iShares
North
American
Tech-Multimedia
Networking
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
year
.................................
$
74.08
‌
$
67.17
‌
$
43.34
‌
$
56.49
‌
$
51.48
‌
Net
investment
income
(a)
........................................
0.24
‌
0.16
‌
0.29
‌
0.26
‌
0.23
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............................
(2.60
)
6.91
‌
23.83
‌
(13.10
)
5.04
‌
Net
increase
(decrease)
from
investment
operations
.......................
(2.36
)
7.07
‌
24.12
‌
(12.84
)
5.27
‌
Distributions
from
net
investment
income
(c)
..............................
(0.25
)
(0.16
)
(0.29
)
(0.31
)
(0.26
)
Net
asset
value,
end
of
year
......................................
$
71.47
‌
$
74.08
‌
$
67.17
‌
$
43.34
‌
$
56.49
‌
Total
Return
(d)
(3.16)%
—
—
—
—
Based
on
net
asset
value
.........................................
(3.16
)%
10.53
%
55.89
%
(22.80
)%
10.27
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................................
0.41
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
...........................................
0.34
%
0.22
%
0.52
%
0.47
%
0.44
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
107,205
‌
$
162,972
‌
$
100,755
‌
$
43,335
‌
$
132,758
‌
Portfolio
turnover
rate
(f)
...........................................
31
%
37
%
38
%
33
%
29
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
51
Financial
Highlights
iShares
Semiconductor
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
year
.................................
$
472.45
‌
$
424.09
‌
$
204.97
‌
$
189.61
‌
$
180.13
‌
Net
investment
income
(a)
........................................
4.48
‌
3.56
‌
3.35
‌
3.13
‌
2.66
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............................
(27.46
)
48.37
‌
218.90
‌
15.50
‌
9.12
‌
Net
increase
(decrease)
from
investment
operations
.......................
(22.98
)
51.93
‌
222.25
‌
18.63
‌
11.78
‌
Distributions
from
net
investment
income
(c)
..............................
(4.56
)
(3.57
)
(3.13
)
(3.27
)
(2.30
)
Net
asset
value,
end
of
year
......................................
$
444.91
‌
$
472.45
‌
$
424.09
‌
$
204.97
‌
$
189.61
‌
Total
Return
(d)
(4.67)%
—
—
—
—
Based
on
net
asset
value
.........................................
(4.67
)%
12.23
%
108.93
%
9.80
%
6.61
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................................
0.39
%
0.40
%
0.43
%
0.46
%
0.46
%
Net
investment
income
...........................................
1.17
%
0.76
%
1.02
%
1.42
%
1.50
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
7,785,915
‌
$
8,952,849
‌
$
6,318,968
‌
$
2,141,965
‌
$
1,061,836
‌
Portfolio
turnover
rate
(f)
...........................................
18
%
32
%
23
%
14
%
26
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2023
iShares
Annual
Report
To
Shareholders
52
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. 
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
prevailing
market
rates
as
quoted
by
one
or
more
data
service
providers.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of 
March
31,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
iShares
ETF
Diversification
Classification
Biotechnology
.......................................................................................................
Non-diversified
Expanded
Tech
Sector
.................................................................................................
Non-diversified
Expanded
Tech-Software
Sector
...........................................................................................
Non-diversified
North
American
Natural
Resources
.........................................................................................
Diversified
North
American
Tech-Multimedia
Networking
..................................................................................
Non-diversified
Semiconductor
......................................................................................................
Non-diversified
Notes
to
Financial
Statements
(continued)
53
Notes
to
Financial
Statements
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
To
Shareholders
54
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Biotechnology
Barclays
Bank
PLC
.....................................
$
20,911,810‌
$
(20,911,810‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
5,215,087‌
(5,215,087‌)
–‌
–‌
BNP
Paribas
SA
.......................................
132,300,923‌
(131,716,299‌)
–‌
584,624‌
BofA
Securities,
Inc.
....................................
57,522,872‌
(57,522,872‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
11,152,752‌
(11,152,752‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
42,459,454‌
(42,459,454‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
3,864‌
(3,864‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
66,730,206‌
(66,730,206‌)
–‌
–‌
HSBC
Bank
PLC
......................................
2,305,423‌
(2,305,423‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
265,040,582‌
(265,040,582‌)
–‌
–‌
Jefferies
LLC
.........................................
21,999,839‌
(21,999,839‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
94,640‌
(94,640‌)
–‌
–‌
Morgan
Stanley
.......................................
42,340,256‌
(42,340,256‌)
–‌
–‌
National
Financial
Services
LLC
............................
14,890,059‌
(14,890,059‌)
–‌
–‌
Natixis
SA
...........................................
19,559,126‌
(18,947,600‌)
–‌
611,526‌
Nomura
Securities
International,
Inc.
.........................
58,553‌
(58,553‌)
–‌
–‌
Pershing
LLC
.........................................
11,883,794‌
(11,660,362‌)
–‌
223,432‌
RBC
Capital
Markets
LLC
................................
12,064,033‌
(11,942,642‌)
–‌
121,391‌
Scotia
Capital
(USA),
Inc.
................................
960,943‌
(960,943‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
2,118,041‌
(2,118,041‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
17,595,281‌
(16,929,170‌)
–‌
666,111‌
Toronto-Dominion
Bank
..................................
71,960,510‌
(71,960,510‌)
–‌
–‌
UBS
AG
............................................
13,620,120‌
(13,552,217‌)
–‌
67,903‌
UBS
Securities
LLC
....................................
2,128,352‌
(2,128,352‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
515,573‌
(515,573‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
7,274,328‌
(7,118,261‌)
–‌
156,067‌
Wells
Fargo
Securities
LLC
...............................
3,295,659‌
(3,293,729‌)
–‌
1,930‌
$
846,002,080‌
$
(843,569,096‌)
$
–‌
$
2,432,984‌
Expanded
Tech
Sector
Barclays
Bank
PLC
.....................................
$
4,714,286‌
$
(4,714,286‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
268,742‌
(258,958‌)
–‌
9,784‌
BMO
Capital
Markets
Corp.
...............................
365,407‌
(348,345‌)
–‌
17,062‌
BNP
Paribas
SA
.......................................
15,827,277‌
(15,685,243‌)
–‌
142,034‌
BofA
Securities,
Inc.
....................................
1,015,973‌
(992,312‌)
–‌
23,661‌
Citadel
Clearing
LLC
....................................
313,434‌
(313,434‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
12,317,155‌
(12,097,494‌)
–‌
219,661‌
Goldman
Sachs
&
Co.
LLC
...............................
14,623,599‌
(13,947,699‌)
–‌
675,900‌
HSBC
Bank
PLC
......................................
7,002,136‌
(6,880,758‌)
–‌
121,378‌
J.P.
Morgan
Securities
LLC
...............................
2,739,546‌
(2,739,546‌)
–‌
–‌
Jefferies
LLC
.........................................
37,070‌
(37,054‌)
–‌
16‌
Morgan
Stanley
.......................................
3,135,973‌
(3,079,135‌)
–‌
56,838‌
National
Financial
Services
LLC
............................
789,193‌
(713,322‌)
–‌
75,871‌
RBC
Capital
Markets
LLC
................................
4,196,392‌
(4,098,202‌)
–‌
98,190‌
Scotia
Capital
(USA),
Inc.
................................
3,985,800‌
(3,944,831‌)
–‌
40,969‌
SG
Americas
Securities
LLC
..............................
338,541‌
(333,392‌)
–‌
5,149‌
State
Street
Bank
&
Trust
Co.
..............................
298,786‌
(297,652‌)
–‌
1,134‌
Toronto-Dominion
Bank
..................................
10,511,116‌
(10,428,306‌)
–‌
82,810‌
UBS
AG
............................................
654,807‌
(653,995‌)
–‌
812‌
UBS
Securities
LLC
....................................
1,770,997‌
(1,636,841‌)
–‌
134,156‌
Notes
to
Financial
Statements
(continued)
55
Notes
to
Financial
Statements
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Expanded
Tech
Sector
(continued)
Virtu
Americas
LLC
.....................................
1,342,359‌
(1,329,429‌)
–‌
12,930‌
Wells
Fargo
Bank
N.A.
..................................
545,010‌
(545,010‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
292,938‌
(284,985‌)
–‌
7,953‌
$
87,086,537‌
$
(85,360,229‌)
$
–‌
$
1,726,308‌
Expanded
Tech-Software
Sector
Barclays
Bank
PLC
.....................................
$
15,260,373‌
$
(15,029,108‌)
$
–‌
$
231,265‌
Barclays
Capital,
Inc.
...................................
1,804,376‌
(1,677,647‌)
–‌
126,729‌
BNP
Paribas
SA
.......................................
11,090,572‌
(10,987,533‌)
–‌
103,039‌
BofA
Securities,
Inc.
....................................
8,196,508‌
(7,968,150‌)
–‌
228,358‌
Citadel
Clearing
LLC
....................................
5,600,030‌
(5,600,030‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
1,241,394‌
(1,241,394‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
177,246‌
(175,877‌)
–‌
1,369‌
Goldman
Sachs
&
Co.
LLC
...............................
61,431,596‌
(60,491,407‌)
–‌
940,189‌
HSBC
Bank
PLC
......................................
34,692,281‌
(33,493,203‌)
–‌
1,199,078‌
J.P.
Morgan
Securities
LLC
...............................
33,888,930‌
(33,230,364‌)
–‌
658,566‌
Jefferies
LLC
.........................................
1,208,565‌
(1,149,935‌)
–‌
58,630‌
Morgan
Stanley
.......................................
33,163,522‌
(31,270,427‌)
–‌
1,893,095‌
National
Financial
Services
LLC
............................
4,931,490‌
(4,894,605‌)
–‌
36,885‌
Natixis
SA
...........................................
554,819‌
(522,122‌)
–‌
32,697‌
Nomura
Securities
International,
Inc.
.........................
231,525‌
(231,525‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
212,807‌
(211,454‌)
–‌
1,353‌
Scotia
Capital
(USA),
Inc.
................................
1,267,738‌
(1,267,738‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
15,420‌
(15,420‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
2,990,366‌
(2,990,366‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
4,644,172‌
(4,644,172‌)
–‌
–‌
UBS
AG
............................................
2,213,684‌
(2,071,582‌)
–‌
142,102‌
UBS
Securities
LLC
....................................
2,817,038‌
(2,633,595‌)
–‌
183,443‌
Virtu
Americas
LLC
.....................................
63,543‌
(63,543‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
2,427,838‌
(2,385,125‌)
–‌
42,713‌
Wells
Fargo
Securities
LLC
...............................
53,782‌
(53,782‌)
–‌
–‌
$
230,179,615‌
$
(224,300,104‌)
$
–‌
$
5,879,511‌
North
American
Natural
Resources
Barclays
Bank
PLC
.....................................
$
333,802‌
$
(333,802‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
24,539‌
(24,539‌)
–‌
–‌
BNP
Paribas
SA
.......................................
8,199,919‌
(8,199,919‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
1,078,125‌
(1,078,125‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
825,551‌
(825,551‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
311,740‌
(311,740‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
522‌
(522‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
887,519‌
(887,519‌)
–‌
–‌
HSBC
Bank
PLC
......................................
76,300‌
(76,300‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
473,670‌
(473,670‌)
–‌
–‌
Jefferies
LLC
.........................................
2,659,151‌
(2,659,151‌)
–‌
–‌
Morgan
Stanley
.......................................
602,892‌
(602,892‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
202,272‌
(202,272‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
1,107,000‌
(1,107,000‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
156,644‌
(156,644‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
554,936‌
(554,936‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
725,567‌
(725,567‌)
–‌
–‌
UBS
AG
............................................
749,259‌
(749,259‌)
–‌
–‌
UBS
Securities
LLC
....................................
3,753,304‌
(3,753,304‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
106,569‌
(106,569‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
14,560‌
(14,560‌)
–‌
–‌
$
22,843,841‌
$
(22,843,841‌)
$
–‌
$
–‌
North
American
Tech-Multimedia
Networking
Goldman
Sachs
&
Co.
LLC
...............................
$
1,092,180‌
$
(1,081,977‌)
$
–‌
$
10,203‌
J.P.
Morgan
Securities
LLC
...............................
1,050,643‌
(1,050,643‌)
–‌
–‌
Jefferies
LLC
.........................................
516,282‌
(516,282‌)
–‌
–‌
Morgan
Stanley
.......................................
3,371,310‌
(3,337,424‌)
–‌
33,886‌
Scotia
Capital
(USA),
Inc.
................................
1,552,000‌
(1,552,000‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
413,559‌
(410,623‌)
–‌
2,936‌
Wells
Fargo
Securities
LLC
...............................
12,624‌
(12,624‌)
–‌
–‌
$
8,008,598‌
$
(7,961,573‌)
$
–‌
$
47,025‌
Semiconductor
Barclays
Bank
PLC
.....................................
$
2,018,666‌
$
(2,018,666‌)
$
–‌
$
–‌
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
To
Shareholders
56
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
the iShares
Biotechnology
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Semiconductor
(continued)
BNP
Paribas
SA
.......................................
2,567,796‌
(2,567,796‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
3,138,513‌
(3,138,513‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
6,486,189‌
(6,486,189‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
122,006‌
(122,006‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
26,186,478‌
(26,186,478‌)
–‌
–‌
HSBC
Bank
PLC
......................................
19,701,382‌
(19,701,382‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
205,902,078‌
(205,902,078‌)
–‌
–‌
Jefferies
LLC
.........................................
563,664‌
(563,664‌)
–‌
–‌
Morgan
Stanley
.......................................
16,047,117‌
(16,047,117‌)
–‌
–‌
National
Financial
Services
LLC
............................
861,984‌
(861,984‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
3,696,159‌
(3,696,159‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
8,816,768‌
(8,816,768‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
5,066‌
(5,066‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
748,781‌
(748,781‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
181,584‌
(181,584‌)
–‌
–‌
$
297,044,231‌
$
(297,044,231‌)
$
–‌
$
–‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
March
31,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
..................................................................................................
0.4800%
Over
$121
billion,
up
to
and
including
$181
billion
............................................................................
0.4560
Over
$181
billion,
up
to
and
including
$231
billion
............................................................................
0.4332
Over
$231
billion,
up
to
and
including
$281
billion
............................................................................
0.4116
Over
$281
billion
..................................................................................................
0.3910
Notes
to
Financial
Statements
(continued)
57
Notes
to
Financial
Statements
For
its
investment
advisory
services
to
each
of
the iShares
Expanded
Tech
Sector
ETF,
iShares
Expanded
Tech-Software
Sector
ETF,
iShares
North
American
Natural
Resources
ETF
and
iShares
North
American
Tech-Multimedia
Networking
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Effective
December
16,
2022,
for
its
investment
advisory
services
to
the iShares
Semiconductor
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Prior
to
December
16,
2022,
for
its
investment
advisory
services
to
the
iShares
Semiconductor
ETF,
BFA
was
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the year ended
March
31,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$10
billion
...................................................................................................
0.4800%
Over
$10
billion,
up
to
and
including
$20
billion
..............................................................................
0.4300
Over
$20
billion,
up
to
and
including
$30
billion
..............................................................................
0.3800
Over
$30
billion,
up
to
and
including
$40
billion
..............................................................................
0.3420
Over
$40
billion
...................................................................................................
0.3078
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$10
billion
...................................................................................................
0.3500%
Over
$10
billion,
up
to
and
including
$20
billion
..............................................................................
0.3500
Over
$20
billion,
up
to
and
including
$30
billion
..............................................................................
0.3500
Over
$30
billion,
up
to
and
including
$40
billion
..............................................................................
0.3420
Over
$40
billion
...................................................................................................
0.3078
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$10
billion
...................................................................................................
0.4800%
Over
$10
billion,
up
to
and
including
$20
billion
..............................................................................
0.4300
Over
$20
billion,
up
to
and
including
$30
billion
..............................................................................
0.3800
Over
$30
billion,
up
to
and
including
$40
billion
..............................................................................
0.3420
Over
$40
billion
...................................................................................................
0.3078
iShares
ETF
Amounts
Biotechnology
...........................................................................................................
$
1,629,210‌
Expanded
Tech
Sector
.....................................................................................................
127,046‌
Expanded
Tech-Software
Sector
...............................................................................................
487,742‌
North
American
Natural
Resources
.............................................................................................
42,451‌
North
American
Tech-Multimedia
Networking
......................................................................................
8,940‌
Semiconductor
..........................................................................................................
706,021‌
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
To
Shareholders
58
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 year ended March
31,
2023,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year ended
March
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
March
31,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
March
31,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of March
31,
2023,
permanent
differences
attributable
to
net
operating
loss,
distributions
paid
in
excess
of
taxable
income
and
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Biotechnology
........................................................................
$
126,743,933‌
$
334,307,187‌
$
(54,993,735‌)
Expanded
Tech
Sector
..................................................................
118,295,981‌
110,550,536‌
(52,019,385‌)
Expanded
Tech-Software
Sector
............................................................
120,884,682‌
130,056,409‌
(91,881,698‌)
North
American
Natural
Resources
..........................................................
13,248,840‌
10,806,443‌
(1,784,368‌)
North
American
Tech-Multimedia
Networking
...................................................
18,754,392‌
12,598,206‌
(1,833,652‌)
Semiconductor
.......................................................................
421,104,362‌
187,591,146‌
(73,441,594‌)
iShares
ETF
Purchases
Sales
Biotechnology
........................................................................................
$
1,079,163,321‌
$
1,084,512,595‌
Expanded
Tech
Sector
..................................................................................
281,362,318‌
287,483,664‌
Expanded
Tech-Software
Sector
............................................................................
635,900,215‌
633,844,113‌
North
American
Natural
Resources
..........................................................................
103,538,102‌
103,942,459‌
North
American
Tech-Multimedia
Networking
...................................................................
35,237,697‌
35,496,297‌
Semiconductor
.......................................................................................
1,229,448,803‌
1,231,981,008‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Biotechnology
........................................................................................
$
5,895,630,521‌
$
6,361,022,712‌
Expanded
Tech
Sector
..................................................................................
291,445,286‌
1,258,469,190‌
Expanded
Tech-Software
Sector
............................................................................
10,522,514,826‌
9,988,575,724‌
North
American
Natural
Resources
..........................................................................
334,212,844‌
417,006,524‌
North
American
Tech-Multimedia
Networking
...................................................................
21,048,907‌
67,470,179‌
Semiconductor
.......................................................................................
9,878,975,079‌
10,421,149,682‌
iShares
ETF
Paid-In
Capital
Accumulated
Earnings
(Loss)
Biotechnology
.............................................................................
$
390,835,754‌
$
(390,835,754‌)
Expanded
Tech
Sector
.......................................................................
488,945,653‌
(488,945,653‌)
Expanded
Tech-Software
Sector
.................................................................
2,843,069‌
(2,843,069‌)
North
American
Natural
Resources
...............................................................
96,198,199‌
(96,198,199‌)
North
American
Tech-Multimedia
Networking
........................................................
6,415,785‌
(6,415,785‌)
Semiconductor
............................................................................
303,545,659‌
(303,545,659‌)
—‌
Notes
to
Financial
Statements
(continued)
59
Notes
to
Financial
Statements
The
tax
character
of
distributions
paid
was
as
follows:
As
of
March
31,
2023,
the
tax
components
of
accumulated
net
earnings
(losses)
were
as
follows:
As
of
March
31,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Line
of
Credit
The
iShares
Semiconductor
ETF,
along
with
certain
other
iShares
funds
(“Participating
Funds”),
is
a
party
to
a
$800
million
credit
agreement
(“Syndicated
Credit
Agreement”)
with
a
group
of
lenders,
which
expires
on
August
11,
2023.
The
line
of
credit
may
be
used
for
temporary
or
emergency
purposes,
including
redemptions,
settlement
of
trades
and
rebalancing
of
portfolio
holdings
in
certain
target
markets.
The
Funds
may
borrow
up
to
the
aggregate
commitment
amount
subject
to
asset
coverage
and
other
limitations
as
specified in
the
Syndicated Credit
Agreement. The
Syndicated
Credit
Agreement
has
the
following
terms:
a
commitment
fee
of
0.15%
per
annum
on
the
unused
portion
of
the
credit
agreement
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Daily
Simple Secured
Overnight Financing
Rate
(“SOFR”)
plus
0.10%
and
1.00%
per
annum
or (b)
the
U.S.
Federal
Funds
rate plus
1.00%
per
annum
on
amounts
borrowed.
The
commitment
fee
is
generally
allocated
to
each
Participating
Fund
based
on
the
lesser
of
a
Participating
Fund’s
relative
exposure
to
certain
target
markets
or
a
Participating
Fund’s
maximum
borrowing
amount
as
set
forth
by
the
terms
of
the
Syndicated
Credit
Agreement.
During
the
year
ended
March
31,
2023, the
Fund did
not
borrow
under
the Syndicated
Credit
Agreement.
iShares
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Biotechnology
Ordinary
income
...........................................................................................
$
22,926,845‌
$
20,365,764‌
Expanded
Tech
Sector
Ordinary
income
...........................................................................................
$
15,012,645‌
$
6,535,033‌
Expanded
Tech-Software
Sector
Ordinary
income
...........................................................................................
$
366,961‌
$
—‌
North
American
Natural
Resources
Ordinary
income
...........................................................................................
$
29,227,112‌
$
15,154,197‌
North
American
Tech-Multimedia
Networking
Ordinary
income
...........................................................................................
$
390,901‌
$
284,071‌
Semiconductor
Ordinary
income
...........................................................................................
$
78,660,830‌
$
61,257,081‌
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Losses
(c)
Total
Biotechnology
.........................................................
$
(2,690,738,576‌)
$
(2,966,863,761‌)
$
(608,491‌)
$
(5,658,210,828‌)
Expanded
Tech
Sector
...................................................
(114,307,739‌)
212,006,381‌
—‌
97,698,642‌
Expanded
Tech-Software
Sector
.............................................
(441,797,378‌)
(1,810,955,022‌)
(485,074‌)
(2,253,237,474‌)
North
American
Natural
Resources
...........................................
(498,272,318‌)
(49,275,845‌)
—‌
(547,548,163‌)
North
American
Tech-Multimedia
Networking
....................................
(78,086,958‌)
(6,969,272‌)
—‌
(85,056,230‌)
Semiconductor
........................................................
(721,302,528‌)
(627,905,682‌)
—‌
(1,349,208,210‌)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
were
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies
and
the
characterization
of
corporate
actions.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Biotechnology
...................................................
$
11,846,844,517‌
$
317,378,722‌
$
(3,284,242,483‌)
$
(2,966,863,761‌)
Expanded
Tech
Sector
..............................................
2,673,322,269‌
452,263,904‌
(240,257,523‌)
212,006,381‌
Expanded
Tech-Software
Sector
.......................................
7,424,474,561‌
70,914,152‌
(1,881,869,174‌)
(1,810,955,022‌)
North
American
Natural
Resources
.....................................
874,594,944‌
65,907,177‌
(115,184,385‌)
(49,277,208‌)
North
American
Tech-Multimedia
Networking
...............................
122,218,839‌
9,851,506‌
(16,820,778‌)
(6,969,272‌)
Semiconductor
...................................................
8,710,574,224‌
342,290,399‌
(970,196,080‌)
(627,905,681‌)
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
To
Shareholders
60
10.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
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.
Notes
to
Financial
Statements
(continued)
61
Notes
to
Financial
Statements
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
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.
Year
Ended
03/31/23
Year
Ended
03/31/22
iShares
ETF
Shares
Amount
Shares
Amount
Biotechnology
Shares
sold
47,300,000‌
$
5,905,319,995‌
69,600,000‌
$
10,694,874,817‌
Shares
redeemed
(51,300,000‌)
(6,370,788,441‌)
(69,000,000‌)
(10,600,003,781‌)
(4,000,000‌)
$
(465,468,446‌)
600,000‌
$
94,871,036‌
Expanded
Tech
Sector
Shares
sold
950,000‌
$
292,277,292‌
4,000,000‌
$
1,487,473,141‌
Shares
redeemed
(4,250,000‌)
(1,261,444,843‌)
(1,350,000‌)
(542,193,189‌)
(3,300,000‌)
$
(969,167,551‌)
2,650,000‌
$
945,279,952‌
Expanded
Tech-Software
Sector
Shares
sold
38,550,000‌
$
10,559,918,140‌
41,050,000‌
$
15,779,096,632‌
Shares
redeemed
(36,550,000‌)
(10,019,821,991‌)
(40,150,000‌)
(15,286,337,427‌)
2,000,000‌
$
540,096,149‌
900,000‌
$
492,759,205‌
North
American
Natural
Resources
Shares
sold
8,300,000‌
$
339,579,091‌
11,400,000‌
$
402,445,296‌
Shares
redeemed
(11,100,000‌)
(422,788,296‌)
(2,500,000‌)
(73,977,459‌)
(2,800,000‌)
$
(83,209,205‌)
8,900,000‌
$
328,467,837‌
North
American
Tech-Multimedia
Networking
Shares
sold
300,000‌
$
21,073,892‌
1,450,000‌
$
106,155,183‌
Shares
redeemed
(1,000,000‌)
(67,864,738‌)
(750,000‌)
(54,111,077‌)
(700,000‌)
$
(46,790,846‌)
700,000‌
$
52,044,106‌
Semiconductor
Shares
sold
25,800,000‌
$
9,899,375,994‌
22,350,000‌
$
10,465,399,629‌
Shares
redeemed
(27,250,000‌)
(10,443,083,276‌)
(18,300,000‌)
(8,404,591,175‌)
(1,450,000‌)
$
(543,707,282‌)
4,050,000‌
$
2,060,808,454‌
Report
of
Independent
Registered
Public
Accounting
Firm
2023
ISHARES
ANNUAL
REPORT
TO
SHAREHOLDERS
62
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the six
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed in
the
table
below
(six
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the “Funds”)
as
of
March
31,
2023,
the
related
statements
of
operations
for
the
year
ended
March
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2023 (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
March
31,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2023
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2023 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
May
25,
2023 
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Biotechnology
ETF
iShares
Expanded
Tech
Sector
ETF
iShares
Expanded
Tech-Software
Sector
ETF
iShares
North
American
Natural
Resources
ETF
iShares
North
American
Tech-Multimedia
Networking
ETF
iShares
Semiconductor
ETF
Important
Tax
Information
(unaudited)
63
Important
Tax
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
March
31,
2023:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended March
31,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Biotechnology
.....................................................................................................
$
48,768,056‌
Expanded
Tech
Sector
...............................................................................................
27,313,983‌
Expanded
Tech-Software
Sector
.........................................................................................
15,493,110‌
North
American
Natural
Resources
.......................................................................................
33,101,449‌
North
American
Tech-Multimedia
Networking
................................................................................
802,607‌
Semiconductor
....................................................................................................
96,649,128‌
iShares
ETF
Dividends-Received
Deduction
Biotechnology
.......................................................................................................
100.00
%
‌
Expanded
Tech
Sector
.................................................................................................
100.00
‌
North
American
Natural
Resource
s
.........................................................................................
85.52
‌
North
American
Tech-Multimedia
Networking
..................................................................................
100.00
‌
Semiconductor
......................................................................................................
100.00
‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
2023
iShares
Annual
Report
to
Shareholders
64
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
Biotechnology
ETF,
iShares
Expanded
Tech
Sector
ETF,
iShares
Expanded
Tech-Software
Sector
ETF,
iShares
North
American
Natural
Resources
ETF,
iShares
North
American
Tech-Multimedia
Networking
ETF
and
iShares
Semiconductor
ETF (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,
2022
(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,
2021
through
September
30,
2022
(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, the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“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.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
65
Supplemental
Information
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.
March
31,
2023
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Regulation
under
the
Alternative
Investment
Fund
Managers
Directive
The
Alternative
Investment
Fund
Managers
Directive,
and
its
United
Kingdom
(“UK”)
equivalent,
(“AIFMD”)
impose
detailed
and
prescriptive
obligations
on
fund
managers
established
in
the
European
Union
(the
“EU”)
and
the
UK.
These
do
not
currently
apply
to
managers
established
outside
of
the
EU
or
UK, such
as
BFA
(the
“Company”). Rather,
the
Company
is
only
required
to
comply
with
certain
disclosure,
reporting
and
transparency
obligations
of
AIFMD
because
it
has
registered
the
iShares
Biotechnology
ETF (the
“Fund”)
to
be
marketed
to
investors
in
the
EU
and/or
UK. 
Report
on
Remuneration
The
Company
is
required
under
AIFMD
to
make
quantitative
disclosures
of
remuneration.
These
disclosures
are
made
in
line
with
BlackRock’s
interpretation
of
currently
available
regulatory
guidance
on
quantitative
remuneration
disclosures.
As
market
or
regulatory
practice
develops
BlackRock
may
consider
it
appropriate
to
make
changes
to
the
way
in
which
quantitative
remuneration
disclosures
are
calculated.
Where
such
changes
are
made,
this
may
result
in
disclosures
in
relation
to
a
fund
not
being
comparable
to
the
disclosures
made
in
the
prior
year,
or
in
relation
to
other
BlackRock
fund
disclosures
in
that
same
year.
Disclosures
are
provided
in
relation
to
(a)
the
staff
of
the
Company;
(b)
staff
who
are
senior
management;
and
(c)
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Fund.
All
individuals
included
in
the
aggregated
figures
disclosed
are
rewarded
in
line
with
BlackRock’s
remuneration
policy
for
their
responsibilities
across
the
relevant
BlackRock
business
area.
As
all
individuals
have
a
number
of
areas
of
responsibilities,
only
the
portion
of
remuneration
for
those
individuals’
services
attributable
to
the
Fund
is
included
in
the
aggregate
figures
disclosed.
BlackRock
has
a
clear
and
well-defined
pay-for-performance
philosophy,
and
compensation
programs
which
support
that
philosophy.
BlackRock
operates
a
total
compensation
model
for
remuneration
which
includes
a
base
salary,
which
is
contractual,
and
a
discretionary
bonus
scheme.
Although
all
employees
are
eligible
to
receive
a
discretionary
bonus,
there
is
no
contractual
obligation
to
make
a
discretionary
bonus
award
to
any
employees.
For
senior
management
and
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Fund, a
significant
percentage
of
variable
remuneration
is
deferred
over
time.
All
employees
are
subject
to
a
clawback
policy.
Remuneration
decisions
for
employees
are
made
once
annually
in
January
following
the
end
of
the
performance
year,
based
on
BlackRock’s
full-year
financial
results
and
other
non-financial
goals
and
objectives.
Alongside
financial
performance,
individual
total
compensation
is
also
based
on
strategic
and
operating
results
and
other
considerations
such
as
management
and
leadership
capabilities.
No
set
formulas
are
established
and
no
fixed
benchmarks
are
used
in
determining
annual
incentive
awards.
Annual
incentive
awards
are
paid
from
a
bonus
pool
which
is
reviewed
throughout
the
year
by
BlackRock's
independent
compensation
committee,
taking
into
account
both
actual
and
projected
financial
information
together
with
information
provided
by
the
Enterprise
Risk
and
Regulatory
Compliance
departments
in
relation
to
any
activities,
incidents
or
events
that
warrant
consideration
in
making
compensation
decisions.
Individuals
are
not
involved
in
setting
their
own
remuneration.
Each
of
the
control
functions
(Enterprise
Risk,
Legal
&
Compliance,
and
Internal
Audit)
each
have
their
own
organizational
structures
which
are
independent
of
the
business
units
and
therefore
staff
members
in
control
functions
are
remunerated
independently
of
the
businesses
they
oversee.
Functional
bonus
pools
for
those
control
functions
are
determined
with
reference
to
the
performance
of
each
individual
function
and
the
remuneration
of
the
senior
members
of
control
functions
is
directly
overseen
by
BlackRock's
independent
remuneration
committee.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
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
Biotechnology
(a)
.......................
$
0.346105‌
$
—‌
$
0.008973‌
$
0.355078‌
97‌%
—‌%
3‌%
100‌%
Expanded
Tech
Sector
(a)
.................
1.267550‌
—‌
0.365287‌
1.632837‌
78‌
—‌
22‌
100‌
Semiconductor
.......................
4.564560‌
—‌
—‌
4.564560‌
100‌
—‌
—‌
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.
Supplemental
Information
(unaudited)
(continued)
2023
iShares
Annual
Report
to
Shareholders
66
Members
of
staff
and
senior
management
of
the
Company
typically
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
Company
and
across
the
broader
BlackRock
group.
Conversely,
members
of
staff
and
senior
management
of
the
broader
BlackRock
group
may
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
broader
BlackRock
group
and
of
the
Company.
Therefore,
the
figures
disclosed
are
a
sum
of
individuals’
portion
of
remuneration
attributable
to
the
Company
according
to
an
objective
apportionment
methodology
which
acknowledges
the
multiple-service
nature
of
the
Company
and
the
broader
BlackRock
group.
Accordingly,
the
figures
are
not
representative
of
any
individual’s
actual
remuneration
or
their
remuneration
structure.
The
amount
of
the
total
remuneration
awarded
to
the
Company’s
staff
in
respect
of
the
Company’s
financial
year
ending
December
31,
2022
was
USD
4,121
million.
This
figure
is
comprised
of
fixed
remuneration
of
USD
685
million
and
variable
remuneration
of
USD
3,436
million.
There
was
a
total
of
8
beneficiaries
of
the
remuneration
described
above.
The
amount
of
the
aggregate
remuneration
awarded
by
the
Company
in
respect
of
the
Company’s
financial
year
ending
December
31,
2022,
to
its
senior
management
was
USD
2,958
million,
and
to
other
members
of
its
staff
whose
actions
potentially
have
a
material
impact
on
the
risk
profile
of
the
Company
or
its
funds
was
USD
970
million.
These
figures
relate
to
the
entire
Company
and
not
to
the
Fund.
Disclosures
Under
the
EU
Sustainable
Finance
Disclosure
Regulation
The
iShares
Biotechnology
ETF (the
“Fund”)
is
registered
under
the
Alternative
Investment
Fund
Managers
Directive
to
be
marketed
to
European
Union
(“EU”)
investors,
as
noted
above.
As
a
result,
certain
disclosures
are
required
under
the
EU
Sustainable
Finance
Disclosure
Regulation
(“SFDR”).
The
Fund
has
not
been
categorized
under
the
SFDR
as
an
“Article
8”
or
“Article
9”
product.
In
addition,
the Fund’s
investment
strategy
does
not
take
into
account
the
criteria
for
environmentally
sustainable
economic
activities
under
the
EU
sustainable
investment
taxonomy
regulation
or
principal
adverse
impacts
(“PAIs”)
on
sustainability
factors
under
the
SFDR.
PAIs
are
identified
under
the
SFDR
as
the
material
impacts
of
investment
decisions
on
sustainability
factors
relating
to
environmental,
social
and
employee
matters,
respect
for
human
rights,
and
anti-corruption
and
anti-bribery
matters.
Trustee
and
Officer
Information
(unaudited)
67
Trustee
and
Officer
Information
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”).
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee
also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust,
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
380
funds
as
of
March
31,
2023.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee
and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New York,
NY
10001.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees
and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(1970)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(1955)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(1956)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(1954)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016);
Director
of
One
Generation
Away
(since
2021).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(1949)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018),
Investment
Committee
(since
2011)
and
Personnel
Committee
(since
2022);
Chair
(1994-2005)
and
Member
(1992-2021)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(continued)
2023
iShares
Annual
Report
to
Shareholders
68
Officers
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(1959)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Director
of
Jackson
Financial
Inc.
(since
2021).
John
E.
Martinez
(1961)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(1964)
Trustee
(since
2011);
Fixed-
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Dominik
Rohé
(1973)
President
(since
2023).
Managing
Director,
BlackRock,
Inc.
(since
2005);
Head
of
Americas
ETF
and
Index
Investments
(since
2023);
Head
of
Latin
America
(2019-
2023).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(1967)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2023);
Director,
BlackRock,
Inc.
(2018-2022);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-
2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Effective
March
30,
2023,
Dominik
Rohé
replaced
Armando
Senra
as
President.
Independent
Trustees
(continued)
General
Information
69
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2023
iShares
Annual
Report
to
Shareholders
70
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares
S&P
Standard
&
Poor's
iS-AR-313-0323
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
ICE
Data
Indices,
LLC
or
S&P
Dow
Jones
Indices
LLC,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.