iShares Trust


		SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Biotechnology ETF | IBB | NASDAQ

iShares Expanded Tech Sector ETF | IGM | NYSE Arca

iShares Expanded Tech-Software Sector ETF | IGV | Cboe BZX

iShares North American Natural Resources ETF | IGE | Cboe BZX

iShares North American Tech-Multimedia Networking ETF | IGN | NYSE Arca

iShares Semiconductor ETF | SOXX | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Trust

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	9.18%	30.00%

U.S. small cap equities (Russell 2000^® Index)	(0.25)	47.68

International equities (MSCI Europe, Australasia, Far East Index)	4.70	25.73

Emerging market equities (MSCI Emerging Markets Index)	(3.45)	18.20

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	2.92	(6.22)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.88	(0.90)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.24	2.71

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	3.65	11.27

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


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

Table of Contents


	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		45
Board Review and Approval of Investment Advisory Contract		55
Supplemental Information		61
General Information		62
Glossary of Terms Used in this Report		63


Fund Summary as of September 30, 2021		iShares^® Biotechnology ETF

Investment Objective

The iShares Biotechnology ETF (the “Fund”) (formerly the iShares Nasdaq Biotechnology ETF) 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


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.60	%		19.59	%		11.13	%		18.15	%		19.59	%		69.49	%		430.14	%
Fund Market		7.48			19.66			11.14			18.16			19.66			69.55			430.62
Index^(a)		7.83			20.06			11.51			18.50			20.06			72.41			446.09
Nasdaq Biotechnology Index		7.97			20.21			11.54			18.52			20.21			72.64			446.81
ICE Biotechnology Index^(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

^(a)

Index performance through June 20, 2021 reflects the performance of the NASDAQ Biotechnology Index. Index performance beginning on June 21, 2021 reflects the performance of the ICE Biotechnology Index, which, effective as of June 21, 2021, replaced the NASDAQ Biotechnology Index as the underlying index of the fund.

^(b)

The inception date of the ICE Biotechnology Index was April 13, 2021. The cumulative total return for this index for the period April 13, 2021 through September 30, 2021 was 10.20%.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,076.00	$	2.29		$	1,000.00	$	1,022.90	$	2.23		0.44	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Biotechnology	76.9	%
Life Sciences Tools & Services	19.0
Pharmaceuticals	1.8
Health Care Providers & Services	1.2
Other (each representing less than 1%)	1.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Moderna Inc.	8.7	%
Amgen Inc.	8.1
Gilead Sciences Inc.	6.8
Regeneron Pharmaceuticals Inc.	4.8
Illumina Inc.	3.8
Vertex Pharmaceuticals Inc.	3.7
BioNTech SE	3.6
IQVIA Holdings Inc.	3.6
Biogen Inc.	3.3
Mettler-Toledo International Inc.	2.5


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Fund Summary as of September 30, 2021		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 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.00	%		30.86	%		27.32	%		22.84	%		30.86	%		234.63	%		682.40	%
Fund Market		11.95			30.86			27.33			22.84			30.86			234.72			682.22
Index		12.23			31.40			27.88			23.39			31.40			242.01			718.25

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.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,120.00	$	2.18		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Interactive Media & Services	15.9	%
Semiconductors	13.6
Application Software	12.2
Systems Software	12.2
Data Processing & Outsourced Services	10.9
Internet & Direct Marketing Retail	9.4
Technology Hardware, Storage & Peripherals	9.3
IT Consulting & Other Services	3.3
Internet Services & Infrastructure	3.0
Semiconductor Equipment	2.5
Communications Equipment	2.5
Movies & Entertainment	1.9
Other (each representing less than 1%)	3.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	8.5	%
Amazon.com Inc.	8.5
Apple Inc.	8.3
Facebook Inc., Class A	5.8
Alphabet Inc., Class A	4.3
Alphabet Inc., Class C	4.0
NVIDIA Corp.	3.7
Visa Inc., Class A	2.7
PayPal Holdings Inc.	2.2
Mastercard Inc., Class A	2.2


F U N D S U M M A R Y		5


Fund Summary as of September 30, 2021		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 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		16.93	%		27.98	%		28.81	%		22.95	%		27.98	%		254.57	%		689.69	%
Fund Market		16.90			28.29			28.82			22.95			28.29			254.72			689.55
Index		17.18			28.51			29.21			23.41			28.51			260.11			719.46

Index performance through December 23, 2018 reflects the performance of the S&P North American Technology Software Index^TM. Index performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Software Index^TM.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,169.30	$	2.23		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Software	90.8	%
Entertainment	5.0
Interactive Media & Services	3.0
IT Services	1.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
salesforce.com Inc.	9.3	%
Microsoft Corp.	8.5
Adobe Inc.	7.8
Intuit Inc.	5.8
Oracle Corp.	5.6
ServiceNow Inc.	4.8
Snap Inc., Class A	3.0
Autodesk Inc.	2.5
Activision Blizzard Inc.	2.4
Zoom Video Communications Inc., Class A	2.2


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Fund Summary as of September 30, 2021		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 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.07	%		53.17	%		0.15	%		1.32	%		53.17	%		0.76	%		13.98	%
Fund Market		8.11			53.14			0.16			1.32			53.14			0.80			14.02
Index		8.36			53.93			0.68			1.83			53.93			3.47			19.83

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,080.70	$	2.14		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Oil, Gas & Consumable Fuels	66.6	%
Metals & Mining	14.6
Containers & Packaging	9.4
Energy Equipment & Services	5.5
Construction Materials	3.0
Paper & Forest Products	0.9

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Exxon Mobil Corp.	10.2	%
Chevron Corp.	10.0
ConocoPhillips	4.7
Enbridge Inc.	4.4
Freeport-McMoRan Inc.	2.7
TC Energy Corp.	2.6
EOG Resources Inc.	2.6
Newmont Corp.	2.4
Canadian Natural Resources Ltd.	2.4
Schlumberger NV	2.3


F U N D S U M M A R Y		7


Fund Summary as of September 30, 2021		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 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.90	%		48.49	%		11.61	%		11.49	%		48.49	%		73.21	%		196.62	%
Fund Market		2.86			48.70			11.65			11.50			48.70			73.47			197.03
Index		3.11			49.03			11.97			11.84			49.03			76.00			206.22

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,029.00	$	2.09		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Communications Equipment	97.4	%
Alternative Carriers	2.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
F5 Networks Inc.	8.6	%
Juniper Networks Inc.	8.6
Arista Networks Inc.	8.4
Motorola Solutions Inc.	8.4
Cisco Systems Inc.	8.2
Viasat Inc.	5.2
Calix Inc.	5.0
NetScout Systems Inc.	4.6
Viavi Solutions Inc.	4.5
Ubiquiti Inc.	4.4


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Fund Summary as of September 30, 2021		iShares^® Semiconductor ETF

Investment Objective

The iShares Semiconductor ETF (the “Fund”) (formerly the iShares PHLX Semiconductor ETF) 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


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.51	%		47.50	%		33.07	%		27.09	%		47.50	%		317.25	%		999.20	%
Fund Market		5.54			47.48			33.08			27.08			47.48			317.36			998.83
Index^(a)		5.75			48.22			33.74			27.71			48.22			327.79			1,054.12
PHLX Semiconductor Sector Index		4.89			47.01			33.52			27.61			47.01			324.30			1,044.70
ICE Semiconductor Index^(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

^(a)

Index performance through June 20, 2021 reflects the performance of the PHLX Semiconductor Sector Index. Index performance beginning on June 21, 2021 reflects the performance of the ICE Semiconductor Index, which, effective as of June 21, 2021, replaced the PHLX Semiconductor Sector Index as the underlying index of the fund.

^(b)

The inception date of the ICE Semiconductor Index was April 13, 2021. The cumulative total return for this index for the period April 13, 2021 through September 30, 2021 was 2.03%.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)		Ending Account Value (09/30/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,055.10	$	2.11		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Semiconductors	80.3	%
Semiconductor Equipment	19.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Intel Corp.	8.3	%
Broadcom Inc.	8.2
NVIDIA Corp.	7.8
Texas Instruments Inc.	6.0
QUALCOMM Inc.	5.3
Analog Devices Inc.	4.3
Marvell Technology Inc.	4.1
KLA Corp.	4.1
Micron Technology Inc.	4.0
Microchip Technology Inc.	4.0


F U N D S U M M A R Y		9

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


10		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 76.8%
AC Immune SA^(a)(b)		264,593	$	1,775,419
ACADIA Pharmaceuticals Inc.^(a)(b)		1,312,263		21,796,688
Acceleron Pharma Inc.^(a)(b)		437,164		75,235,924
Achillion Pharmaceuticals Inc.^(b)(c)		4,112		1,892
Adaptimmune Therapeutics PLC, ADR^(a)(b)		788,556		4,076,835
ADC Therapeutics SA^(a)(b)		313,641		8,518,490
Adverum Biotechnologies Inc.^(a)(b)		735,656		1,596,374
Aeglea BioTherapeutics Inc.^(a)		331,968		2,639,146
Affimed NV^(a)		912,856		5,641,450
Agios Pharmaceuticals Inc.^(a)(b)		477,112		22,018,719
Akebia Therapeutics Inc.^(a)(b)		1,364,348		3,929,322
Akero Therapeutics Inc.^(a)(b)		178,922		3,998,907
Alector Inc.^(a)(b)		462,518		10,554,661
Alkermes PLC^(a)		1,309,235		40,376,807
Allakos Inc.^(a)(b)		279,682		29,609,933
Allogene Therapeutics Inc.^(a)(b)		585,791		15,054,829
Alnylam Pharmaceuticals Inc.^(a)(b)		965,504		182,296,810
Altimmune Inc.^(a)(b)		278,701		3,152,108
ALX Oncology Holdings Inc.^(a)(b)		161,229		11,908,374
Amgen Inc.		3,985,778		847,575,692
Amicus Therapeutics Inc.^(a)(b)		2,143,255		20,468,085
AnaptysBio Inc.^(a)(b)		208,853		5,664,093
Annexon Inc.^(a)		218,828		4,072,389
Apellis Pharmaceuticals Inc.^(a)		556,048		18,327,342
Applied Molecular Transport Inc.^(a)(b)		203,387		5,261,622
Applied Therapeutics Inc.^(a)		125,355		2,080,893
Aprea Therapeutics Inc.^(a)(b)		114,610		585,657
Arbutus Biopharma Corp.^(a)		661,015		2,835,754
Arcturus Therapeutics Holdings Inc.^(a)(b)		176,983		8,456,248
Arcus Biosciences Inc.^(a)(b)		349,797		12,197,421
Arcutis Biotherapeutics Inc.^(a)(b)		224,793		5,370,305
Ardelyx Inc.^(a)(b)		603,896		797,143
Arena Pharmaceuticals Inc.^(a)(b)		499,153		29,724,561
Argenx SE, ADR^(a)(b)		292,974		88,478,148
Arrowhead Pharmaceuticals Inc.^(a)		794,116		49,576,662
Ascendis Pharma A/S, ADR^(a)(b)		295,624		47,119,509
Assembly Biosciences Inc.^(a)		348,769		1,213,716
Atara Biotherapeutics Inc.^(a)(b)		669,898		11,991,174
Athenex Inc.^(a)(b)		703,486		2,117,493
Atreca Inc., Class A^(a)(b)		235,376		1,466,392
Avidity Biosciences Inc.^(a)(b)		327,614		8,069,133
Avrobio Inc.^(a)		305,482		1,704,590
Beam Therapeutics Inc.^(a)(b)		398,017		34,631,459
BeiGene Ltd., ADR^(a)(b)		423,728		153,813,264
BioCryst Pharmaceuticals Inc.^(a)(b)		1,452,872		20,877,771
Biogen Inc.^(a)		1,219,172		345,013,484
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		470,782		65,396,328
BioMarin Pharmaceutical Inc.^(a)(b)		1,492,592		115,362,436
BioNTech SE, ADR^(a)(b)		1,380,158		376,769,332
Black Diamond Therapeutics Inc.^(a)(b)		204,474		1,729,850
Bluebird Bio Inc.^(a)(b)		540,744		10,333,618
Blueprint Medicines Corp.^(a)(b)		474,044		48,736,464
Bridgebio Pharma Inc.^(a)(b)		866,283		40,602,684
Cabaletta Bio Inc.^(a)		123,103		1,496,932
Calithera Biosciences Inc.^(a)(b)		578,176		1,260,424
CareDx Inc.^(a)(b)		423,403		26,831,048
Cellectis SA, ADR^(a)(b)		259,016		3,266,192
CEL-SCI Corp.^(a)(b)		339,308		3,728,995


Security	Shares		Value

Biotechnology (continued)
ChemoCentryx Inc.^(a)(b)		437,565	$	7,482,361
Chinook Therapeutics Inc.^(a)(b)		220,930		2,819,067
Clovis Oncology Inc.^(a)(b)		934,482		4,167,790
Cogent Biosciences Inc.^(a)(b)		274,430		2,307,956
Coherus Biosciences Inc.^(a)(b)		583,530		9,377,327
Concert Pharmaceuticals Inc.^(a)		256,812		839,775
Cortexyme Inc.^(a)(b)		121,814		11,165,471
Crinetics Pharmaceuticals Inc.^(a)		229,852		4,838,385
CRISPR Therapeutics AG^(a)(b)		547,245		61,253,133
Cytokinetics Inc.^(a)(b)		646,981		23,123,101
CytomX Therapeutics Inc.^(a)		515,513		2,623,961
Deciphera Pharmaceuticals Inc.^(a)		295,165		10,029,707
Denali Therapeutics Inc.^(a)(b)		674,632		34,035,184
Dicerna Pharmaceuticals Inc.^(a)(b)		559,151		11,272,484
Eagle Pharmaceuticals Inc./DE^(a)(b)		93,037		5,189,604
Editas Medicine Inc.^(a)(b)		559,183		22,971,238
Eiger BioPharmaceuticals Inc.^(a)		251,907		1,682,739
Emergent BioSolutions Inc.^(a)(b)		397,043		19,879,943
Enanta Pharmaceuticals Inc.^(a)(b)		146,695		8,333,743
Epizyme Inc.^(a)(b)		746,644		3,822,817
Exelixis Inc.^(a)		2,520,816		53,290,050
Fate Therapeutics Inc.^(a)(b)		732,142		43,394,056
FibroGen Inc.^(a)(b)		694,107		7,093,774
Flexion Therapeutics Inc.^(a)(b)		342,713		2,090,549
Forma Therapeutics Holdings Inc.^(a)(b)		311,807		7,230,804
Frequency Therapeutics Inc.^(a)(b)		256,834		1,813,248
G1 Therapeutics Inc.^(a)(b)		277,217		3,720,252
Galapagos NV, ADR^(a)(b)		375,548		19,757,580
Gamida Cell Ltd.^(a)(b)		334,765		1,312,279
Generation Bio Co.^(a)(b)		368,195		9,230,649
Genmab A/S, ADR^(a)(b)		3,778,210		165,107,777
Geron Corp.^(a)(b)		2,540,493		3,480,475
Gilead Sciences Inc.		10,280,345		718,082,098
Global Blood Therapeutics Inc.^(a)(b)		498,615		12,704,710
Gossamer Bio Inc.^(a)(b)		449,599		5,651,459
Grifols SA, ADR		1,503,464		21,965,609
Halozyme Therapeutics Inc.^(a)(b)		1,147,482		46,679,568
Harpoon Therapeutics Inc.^(a)		164,927		1,302,923
Homology Medicines Inc.^(a)(b)		327,914		2,580,683
Ideaya Biosciences Inc.^(a)		255,589		6,514,964
IGM Biosciences Inc.^(a)(b)		118,166		7,770,596
I-Mab, ADR^(a)		442,147		32,051,236
Immunic Inc.^(a)		145,726		1,289,675
ImmunityBio Inc.^(a)(b)		558,895		5,443,637
ImmunoGen Inc.^(a)(b)		1,544,550		8,757,598
Immunovant Inc.^(a)(b)		332,079		2,885,767
Incyte Corp.^(a)		1,796,080		123,534,382
Inovio Pharmaceuticals Inc.^(a)(b)		1,697,987		12,157,587
Inozyme Pharma Inc.^(a)(b)		84,511		979,482
Insmed Inc.^(a)(b)		913,885		25,168,393
Intellia Therapeutics Inc.^(a)(b)		543,167		72,865,853
Intercept Pharmaceuticals Inc.^(a)(b)		223,628		3,320,876
Invitae Corp.^(a)(b)		1,755,524		49,909,547
Ionis Pharmaceuticals Inc.^(a)(b)		1,145,321		38,414,066
Iovance Biotherapeutics Inc.^(a)(b)		1,109,745		27,366,312
Ironwood Pharmaceuticals Inc.^(a)(b)		1,303,937		17,029,417
iTeos Therapeutics Inc.^(a)(b)		245,499		6,628,473
IVERIC bio Inc.^(a)		810,257		13,158,574
Jounce Therapeutics Inc.^(a)		251,267		1,866,914
Kadmon Holdings Inc.^(a)(b)		1,364,537		11,885,117


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
KalVista Pharmaceuticals Inc.^(a)		183,268	$	3,198,027
Karuna Therapeutics Inc.^(a)(b)		173,746		21,254,348
Karyopharm Therapeutics Inc.^(a)(b)		528,055		3,073,280
Keros Therapeutics Inc.^(a)(b)		107,791		4,264,212
Kezar Life Sciences Inc.^(a)		323,578		2,795,714
Kiniksa Pharmaceuticals Ltd., Class A^(a)(b)		250,209		2,849,881
Kodiak Sciences Inc.^(a)(b)		376,399		36,126,776
Krystal Biotech Inc.^(a)(b)		131,886		6,885,768
Kura Oncology Inc.^(a)(b)		500,929		9,382,400
Larimar Therapeutics Inc.^(a)(b)		133,168		1,535,427
Legend Biotech Corp., ADR^(a)(b)		813,071		41,108,870
Ligand Pharmaceuticals Inc.^(a)(b)		130,188		18,137,792
MacroGenics Inc.^(a)(b)		485,437		10,165,051
Madrigal Pharmaceuticals Inc.^(a)		91,297		7,284,588
Magenta Therapeutics Inc.^(a)		332,665		2,421,801
MannKind Corp.^(a)(b)		1,926,934		8,382,163
MediciNova Inc.^(a)(b)		387,063		1,466,969
MeiraGTx Holdings PLC^(a)		260,179		3,429,159
Mersana Therapeutics Inc.^(a)(b)		518,530		4,889,738
Mesoblast Ltd., SP ADR^(a)(b)		746,277		4,485,125
Mirati Therapeutics Inc.^(a)(b)		390,248		69,038,774
Moderna Inc.^(a)(b)		2,386,346		918,409,122
MorphoSys AG, ADR^(a)(b)		787,820		9,264,763
Myovant Sciences Ltd.^(a)(b)		330,853		7,424,341
Myriad Genetics Inc.^(a)(b)		622,070		20,086,640
Natera Inc.^(a)		692,247		77,144,006
Neoleukin Therapeutics Inc.^(a)		266,282		1,925,219
Neurocrine Biosciences Inc.^(a)		754,179		72,333,308
NextCure Inc.^(a)(b)		127,226		857,503
Nkarta Inc.^(a)(b)		142,851		3,972,686
Novavax Inc.^(a)(b)		604,486		125,315,993
NuCana PLC, ADR^(a)(b)		237,259		612,128
Nurix Therapeutics Inc.^(a)		276,804		8,293,048
OPKO Health Inc.^(a)(b)		3,359,686		12,262,854
Orchard Therapeutics PLC, ADR^(a)(b)		625,523		1,438,703
ORIC Pharmaceuticals Inc.^(a)(b)		244,700		5,116,677
Ovid therapeutics Inc.^(a)(b)		384,030		1,290,341
Passage Bio Inc.^(a)		202,782		2,019,709
Poseida Therapeutics Inc.^(a)(b)		279,180		2,035,222
Precigen Inc.^(a)(b)		811,701		4,050,388
Precision BioSciences Inc.^(a)(b)		398,237		4,595,655
Protagonist Therapeutics Inc.^(a)		344,434		6,103,370
Prothena Corp. PLC^(a)		369,601		26,326,679
PTC Therapeutics Inc.^(a)(b)		560,388		20,852,037
Puma Biotechnology Inc.^(a)		277,462		1,945,009
Radius Health Inc.^(a)(b)		385,763		4,787,319
RAPT Therapeutics Inc.^(a)		179,595		5,576,425
Regeneron Pharmaceuticals Inc.^(a)(b)		838,769		507,606,223
REGENXBIO Inc.^(a)(b)		297,610		12,475,811
Relay Therapeutics Inc.^(a)(b)		459,523		14,488,760
Repare Therapeutics Inc.^(a)		164,167		4,307,742
Replimune Group Inc.^(a)(b)		240,683		7,133,844
REVOLUTION Medicines Inc.^(a)(b)		469,549		12,917,293
Rhythm Pharmaceuticals Inc.^(a)(b)		351,675		4,592,875
Rigel Pharmaceuticals Inc.^(a)(b)		1,400,379		5,083,376
Rocket Pharmaceuticals Inc.^(a)(b)		500,067		14,947,003
Rubius Therapeutics Inc.^(a)(b)		369,745		6,611,041
Sage Therapeutics Inc.^(a)(b)		423,048		18,745,257
Sangamo Therapeutics Inc.^(a)(b)		985,961		8,883,509
Sarepta Therapeutics Inc.^(a)(b)		621,206		57,449,131


Security	Shares		Value

Biotechnology (continued)
Scholar Rock Holding Corp.^(a)(b)		225,543	$	7,447,430
Seagen Inc.^(a)(b)		1,477,511		250,881,368
Selecta Biosciences Inc.^(a)(b)		669,652		2,785,752
Seres Therapeutics Inc.^(a)(b)		555,552		3,866,642
Spectrum Pharmaceuticals Inc.^(a)(b)		1,308,495		2,852,519
Spero Therapeutics Inc.^(a)(b)		202,371		3,725,650
SpringWorks Therapeutics Inc.^(a)		258,534		16,401,397
Stoke Therapeutics Inc.^(a)		162,465		4,133,110
Surface Oncology Inc.^(a)(b)		314,449		2,380,379
Sutro Biopharma Inc.^(a)(b)		296,886		5,608,177
Syndax Pharmaceuticals Inc.^(a)(b)		353,722		6,759,627
Syros Pharmaceuticals Inc.^(a)(b)		321,717		1,438,075
TCR2 Therapeutics Inc.^(a)		261,036		2,221,416
Tiziana Life Sciences PLC., ADR ^(a)(b)		550,731		804,067
Travere Therapeutics Inc.^(a)(b)		492,070		11,932,697
Turning Point Therapeutics Inc.^(a)		353,340		23,472,376
Twist Bioscience Corp.^(a)(b)		363,146		38,845,728
Ultragenyx Pharmaceutical Inc.^(a)(b)		516,987		46,627,058
uniQure NV^(a)(b)		287,266		9,195,385
United Therapeutics Corp.^(a)(b)		360,234		66,491,992
UNITY Biotechnology Inc.^(a)(b)		299,330		897,990
UroGen Pharma Ltd.^(a)(b)		152,559		2,566,042
Vanda Pharmaceuticals Inc.^(a)		439,686		7,536,218
Veracyte Inc.^(a)(b)		574,866		26,702,526
Verastem Inc.^(a)(b)		1,461,455		4,501,281
Vertex Pharmaceuticals Inc.^(a)(b)		2,115,245		383,684,291
Vir Biotechnology Inc.^(a)(b)		558,128		24,289,731
Voyager Therapeutics Inc.^(a)(b)		199,616		524,990
XBiotech Inc.		150,550		1,949,622
Xencor Inc.^(a)		475,248		15,521,600
Xenon Pharmaceuticals Inc.^(a)(b)		309,942		4,735,914
Y-mAbs Therapeutics Inc.^(a)(b)		282,397		8,059,610
Zai Lab Ltd., ADR^(a)		542,922		57,218,550
Zentalis Pharmaceuticals Inc.^(a)		328,208		21,871,781
ZIOPHARM Oncology Inc.^(a)(b)		1,593,170		2,899,569
Zymeworks Inc.^(a)(b)		375,313		10,899,090

				8,075,076,309

Chemicals — 0.2%
Amyris Inc.^(a)(b)		1,421,590		19,518,431


Health Care Equipment & Supplies — 0.9%
Cerus Corp.^(a)(b)		1,368,389		8,333,489
Meridian Bioscience Inc.^(a)(b)		351,368		6,760,320
Novocure Ltd.^(a)(b)		730,543		84,867,180

				99,960,989

Health Care Providers & Services — 1.2%
Castle Biosciences Inc.^(a)(b)		181,053		12,040,025
Fulgent Genetics Inc.^(a)(b)		156,731		14,097,953
Guardant Health Inc.^(a)(b)		779,193		97,406,917

				123,544,895

Life Sciences Tools & Services — 19.0%
10X Genomics Inc., Class A^(a)(b)		665,156		96,833,410
Adaptive Biotechnologies Corp.^(a)(b)		1,138,444		38,695,712
Berkeley Lights Inc.^(a)(b)		401,908		7,861,320
Bio-Techne Corp.		316,587		153,408,563
Bruker Corp.		832,382		65,009,034
Charles River Laboratories International Inc.^(a)(b)		407,106		168,000,433
Codexis Inc.^(a)(b)		513,087		11,934,404
Compugen Ltd.^(a)(b)		693,878		4,142,452


12		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Fluidigm Corp.^(a)(b)		576,750	$	3,800,782
Illumina Inc.^(a)		983,147		398,774,255
IQVIA Holdings Inc.^(a)		1,556,237		372,781,011
Medpace Holdings Inc.^(a)(b)		237,842		45,018,734
Mettler-Toledo International Inc.^(a)(b)		186,854		257,365,225
NanoString Technologies Inc.^(a)(b)		364,364		17,493,116
Pacific Biosciences of California Inc.^(a)(b)		1,560,373		39,867,530
Personalis Inc.^(a)		289,015		5,560,649
Quanterix Corp.^(a)		264,481		13,168,509
Repligen Corp.^(a)		418,558		120,959,076
Waters Corp.^(a)(b)		500,690		178,896,537

				1,999,570,752

Pharmaceuticals — 1.8%
Arvinas Inc.^(a)		323,784		26,608,569
Axsome Therapeutics Inc.^(a)(b)		243,017		8,009,840
Cara Therapeutics Inc.^(a)(b)		329,713		5,094,066
Cymabay Therapeutics Inc.^(a)(b)		521,026		1,901,745
Esperion Therapeutics Inc.^(a)(b)		225,658		2,719,179
Fulcrum Therapeutics Inc.^(a)		235,331		6,638,688
Intra-Cellular Therapies Inc.^(a)(b)		595,697		22,207,584
Kala Pharmaceuticals Inc.^(a)(b)		426,542		1,117,540
Kaleido Biosciences Inc.^(a)(b)		162,458		887,021
Marinus Pharmaceuticals Inc.^(a)(b)		264,570		3,010,807
Nektar Therapeutics^(a)(b)		1,490,696		26,772,900
NGM Biopharmaceuticals Inc.^(a)		207,563		4,362,974
Odonate Therapeutics Inc.^(a)(b)		308,232		896,955
Omeros Corp.^(a)(b)		491,739		6,781,081
Pliant Therapeutics Inc.^(a)(b)		203,932		3,442,372
Provention Bio Inc.^(a)(b)		414,226		2,651,046
Reata Pharmaceuticals Inc., Class A^(a)(b)		243,844		24,533,145
Redhill Biopharma Ltd., ADR^(a)(b)		263,468		1,206,684
Relmada Therapeutics Inc.^(a)		128,344		3,363,896
Restorbio Inc.		50,900		55,896
Revance Therapeutics Inc.^(a)(b)		562,849		15,680,973
SIGA Technologies Inc.^(a)(b)		354,982		2,623,317
Supernus Pharmaceuticals Inc.^(a)(b)		420,229		11,207,508
Theravance Biopharma Inc.^(a)(b)		446,121		3,301,295
Tricida Inc.^(a)(b)		244,095		1,132,601
Veritex Holdings Inc., ADR^(a)(b)		245,594		1,345,855
WaVe Life Sciences Ltd.^(a)		395,378		1,937,352

				189,490,889


Total Common Stocks — 99.9% (Cost: $11,460,073,418)				10,507,162,265


Security	Shares			Value

Short-Term Investments

Money Market Funds — 8.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		865,866,449		$	866,299,382
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		17,710,000			17,710,000

					884,009,382


Total Short-Term Investments — 8.4% (Cost: $883,503,205)					884,009,382


Total Investments Before Investments Sold Short — 108.3% (Cost: $12,343,576,623)					11,391,171,647

Investments In Securities Sold Short

Common Stocks — (0.0%)
PDL BioPharma Inc.^(a)(c)		(4,374	)		(9,183	)


Total Investments Sold Short (Proceeds $(10,702))					(9,183	)


Total Investments, Net of Investments Sold Short — 108.3% (Cost: $12,343,565,921)					11,391,162,464

Other Assets, Less Liabilities — (8.3)%					(876,493,709	)


Net Assets — 100.0%				$	10,514,668,755

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Biotechnology ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,133,003,134	$	—	$	(266,606,257	)^(a)	$	76,897	$	(174,392	)	$	866,299,382		865,866,449	$	1,351,160	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		24,820,000		—		(7,110,000	)^(a)		—		—			17,710,000		17,710,000		594			—

								$	76,897	$	(174,392	)	$	884,009,382			$	1,351,754		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		34		12/17/21	$	4,364	$	(167,686	)
Russell 2000 E-Mini Index		18		12/17/21		1,981		(36,140	)

							$	(203,826	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	203,826

^(a)

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	35,215


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(153,756	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	6,721,103

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


14		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Biotechnology ETF

Fair Value Hierarchy as of Period End

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

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


	Level 1			Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	10,507,104,477		$	55,896	$	1,892		$	10,507,162,265
Money Market Funds		884,009,382			—		—			884,009,382
Liabilities
Common Stocks		—			—		(9,183	)		(9,183	)

	$	11,391,113,859		$	55,896	$	(7,291	)	$	11,391,162,464

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(203,826	)	$	—	$	—		$	(203,826	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Communications Equipment — 2.5%
Arista Networks Inc.^(a)		14,502	$	4,983,467
Calix Inc.^(a)		13,905		687,324
Cambium Networks Corp.^(a)		2,883		104,336
Ciena Corp.^(a)		39,795		2,043,473
Cisco Systems Inc.		1,090,081		59,333,109
CommScope Holding Co. Inc.^(a)		53,934		732,963
Extreme Networks Inc.^(a)		32,782		322,903
F5 Networks Inc.^(a)		15,502		3,081,488
Harmonic Inc.^(a)		27,605		241,544
Infinera Corp.^(a)(b)		51,807		431,034
Inseego Corp.^(a)(b)		15,995		106,527
Juniper Networks Inc.		83,512		2,298,250
Lumentum Holdings Inc.^(a)		19,844		1,657,768
Motorola Solutions Inc.		43,845		10,186,070
NETGEAR Inc.^(a)		8,132		259,492
NetScout Systems Inc.^(a)		18,811		506,957
Plantronics Inc.^(a)		9,708		249,593
Ribbon Communications Inc.^(a)		32,507		194,392
Ubiquiti Inc.		1,626		485,637
Viasat Inc.^(a)(b)		18,986		1,045,559
Viavi Solutions Inc.^(a)		60,033		944,919

				89,896,805

Diversified Telecommunication Services — 0.0%
EchoStar Corp., Class A^(a)(b)		11,220		286,222


Electronic Equipment, Instruments & Components — 2.5%
Advanced Energy Industries Inc.		10,031		880,220
Amphenol Corp., Class A		154,894		11,342,888
Arrow Electronics Inc.^(a)		18,596		2,088,145
Avnet Inc.		25,910		957,893
Badger Meter Inc.		7,635		772,204
Belden Inc.		11,519		671,097
Benchmark Electronics Inc.		9,637		257,404
CDW Corp./DE		35,603		6,480,458
Celestica Inc.^(a)(b)		28,626		254,199
Cognex Corp.		45,495		3,649,609
Coherent Inc.^(a)		6,350		1,588,071
Corning Inc.		199,028		7,262,532
Fabrinet^(a)		9,584		982,456
II-VI Inc.^(a)(b)		27,190		1,613,998
Insight Enterprises Inc.^(a)(b)		9,204		829,096
IPG Photonics Corp.^(a)		9,151		1,449,518
Itron Inc.^(a)		11,819		893,871
Jabil Inc.		37,761		2,204,110
Keysight Technologies Inc.^(a)		47,703		7,837,126
Knowles Corp.^(a)		24,404		457,331
Littelfuse Inc.		6,385		1,744,829
Methode Electronics Inc.		9,649		405,740
MicroVision Inc.^(a)(b)		41,079		453,923
National Instruments Corp.		34,407		1,349,787
Novanta Inc.^(a)(b)		9,221		1,424,644
OSI Systems Inc.^(a)		4,327		410,200
PAR Technology Corp.^(a)(b)		6,215		382,285
Plexus Corp.^(a)		7,137		638,119
Rogers Corp.^(a)		4,898		913,379
Sanmina Corp.^(a)(b)		17,065		657,685
SYNNEX Corp.		10,808		1,125,113
TE Connectivity Ltd.		84,931		11,654,232


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Trimble Inc.^(a)		64,935	$	5,340,904
TTM Technologies Inc.^(a)(b)		25,826		324,633
Velodyne Lidar Inc.^(a)(b)		25,319		149,888
Vishay Intertechnology Inc.		34,295		688,986
Vontier Corp.		43,970		1,477,392
Zebra Technologies Corp., Class A^(a)		13,828		7,127,228

				88,741,193

Entertainment — 2.9%
Activision Blizzard Inc.		201,379		15,584,721
Electronic Arts Inc.		73,689		10,482,260
Netflix Inc.^(a)		114,486		69,875,385
Skillz Inc.^(a)(b)		65,464		642,857
Take-Two Interactive Software Inc.^(a)		30,075		4,633,655
Zynga Inc., Class A^(a)		263,324		1,982,830

				103,201,708

Interactive Media & Services — 15.9%
Alphabet Inc., Class A^(a)		58,431		156,216,447
Alphabet Inc., Class C, NVS^(a)		54,678		145,733,820
Bumble Inc., Class A^(a)(b)		18,334		916,333
Cargurus Inc.^(a)		22,387		703,176
Eventbrite Inc., Class A^(a)		19,475		368,272
Facebook Inc., Class A^(a)		616,617		209,273,644
fuboTV Inc.^(a)(b)		36,683		878,925
IAC/InterActiveCorp.^(a)		21,688		2,825,729
Match Group Inc.^(a)		71,677		11,252,572
MediaAlpha Inc., Class A^(a)		5,722		106,887
Pinterest Inc., Class A^(a)		143,757		7,324,419
Snap Inc., Class A, NVS^(a)		270,738		19,999,416
TripAdvisor Inc.^(a)		25,214		853,494
Twitter Inc.^(a)		206,625		12,478,084
Vimeo Inc.^(a)(b)		40,269		1,182,701
Yelp Inc.^(a)		18,240		679,258
Zillow Group Inc., Class A^(a)		9,524		843,636
Zillow Group Inc., Class C, NVS^(a)(b)		43,825		3,862,735
ZoomInfo Technologies Inc., Class A^(a)		46,773		2,862,040

				578,361,588

Internet & Direct Marketing Retail — 9.3%
Amazon.com Inc.^(a)		93,628		307,571,725
Chewy Inc., Class A^(a)(b)		22,400		1,525,664
eBay Inc.		168,312		11,726,297
Etsy Inc.^(a)		32,776		6,816,097
Groupon Inc.^(a)(b)		5,971		136,199
Overstock.com Inc.^(a)(b)		11,144		868,341
Porch Group Inc.^(a)		19,511		344,954
Qurate Retail Inc., Series A		94,885		966,878
RealReal Inc. (The)^(a)		20,865		275,001
Revolve Group Inc.^(a)		9,303		574,646
Shutterstock Inc.		5,935		672,554
Stamps.com Inc.^(a)		4,805		1,584,641
Stitch Fix Inc., Class A^(a)		18,595		742,870
Wayfair Inc., Class A^(a)(b)		20,025		5,116,588

				338,922,455

IT Services — 17.1%
Accenture PLC, Class A		164,031		52,476,798
Affirm Holdings Inc.^(a)		24,075		2,868,055
Akamai Technologies Inc.^(a)(b)		42,163		4,409,828
Alliance Data Systems Corp.		12,928		1,304,306
Automatic Data Processing Inc.		109,362		21,863,651
Broadridge Financial Solutions Inc.		29,971		4,994,367


16		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
CGI Inc.^(a)(b)		56,708	$	4,806,570
Cloudflare Inc., Class A^(a)		68,214		7,684,307
Cognizant Technology Solutions Corp., Class A		136,097		10,099,758
Concentrix Corp.^(a)		11,088		1,962,576
Conduent Inc.^(a)		38,940		256,615
CSG Systems International Inc		8,633		416,111
DXC Technology Co.^(a)		65,227		2,192,279
EPAM Systems Inc.^(a)		14,672		8,370,083
Euronet Worldwide Inc.^(a)		13,713		1,745,391
EVERTEC Inc.		15,229		696,270
ExlService Holdings Inc.^(a)		8,530		1,050,214
Fastly Inc., Class A^(a)(b)		27,475		1,111,089
Fidelity National Information Services Inc.		159,636		19,424,509
Fiserv Inc.^(a)(b)		153,977		16,706,505
FleetCor Technologies Inc.^(a)		21,390		5,588,565
Gartner Inc.^(a)		21,660		6,582,041
Genpact Ltd.		44,489		2,113,672
Global Payments Inc.		76,063		11,986,008
GoDaddy Inc., Class A^(a)		43,494		3,031,532
International Business Machines Corp.		231,812		32,205,641
Jack Henry & Associates Inc.		19,316		3,168,983
LiveRamp Holdings Inc.^(a)		17,389		821,282
Mastercard Inc., Class A		225,341		78,346,559
Maximus Inc.		16,097		1,339,270
MongoDB Inc.^(a)(b)		16,738		7,892,134
Okta Inc.^(a)		32,373		7,683,408
Paychex Inc.		82,925		9,324,916
PayPal Holdings Inc.^(a)		303,944		79,089,268
Perficient Inc.^(a)(b)		8,602		995,251
Repay Holdings Corp.^(a)(b)		19,463		448,233
Sabre Corp.^(a)		83,724		991,292
Shift4 Payments Inc., Class A^(a)(b)		12,230		948,070
Shopify Inc., Class A^(a)(b)		29,198		39,586,064
Snowflake Inc., Class A^(a)(b)		58,923		17,820,083
SolarWinds Corp.		9,348		156,392
Square Inc., Class A^(a)		102,757		24,645,239
Switch Inc., Class A		32,708		830,456
TTEC Holdings Inc.		4,777		446,793
Twilio Inc., Class A^(a)		43,225		13,790,936
Unisys Corp.^(a)		17,432		438,240
VeriSign Inc.^(a)		25,203		5,166,867
Verra Mobility Corp.^(a)(b)		35,315		532,197
Visa Inc., Class A		436,540		97,239,285
Western Union Co. (The)		104,389		2,110,746
WEX Inc.^(a)		11,636		2,049,565

				621,808,270

Semiconductors & Semiconductor Equipment — 16.0%
Advanced Micro Devices Inc.^(a)		313,724		32,282,200
Allegro MicroSystems Inc.^(a)		14,241		455,142
Ambarella Inc.^(a)		9,432		1,468,940
Amkor Technology Inc.		25,298		631,185
Analog Devices Inc.		139,066		23,290,774
Applied Materials Inc.		236,392		30,430,742
Broadcom Inc.		106,122		51,461,742
Brooks Automation Inc.		19,354		1,980,882
Cirrus Logic Inc.^(a)		14,756		1,215,157
CMC Materials Inc.		7,624		939,506
Cohu Inc.^(a)		12,593		402,220
Diodes Inc.^(a)		11,643		1,054,739
Enphase Energy Inc.^(a)		34,859		5,227,804


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Entegris Inc.		34,960	$	4,401,464
First Solar Inc.^(a)		25,603		2,444,062
FormFactor Inc.^(a)		20,286		757,276
Ichor Holdings Ltd.^(a)		7,302		300,039
Intel Corp.		1,049,417		55,912,938
KLA Corp.		39,550		13,229,871
Kulicke & Soffa Industries Inc.		16,051		935,452
Lam Research Corp.		36,836		20,965,209
Lattice Semiconductor Corp.^(a)		35,105		2,269,538
MACOM Technology Solutions Holdings Inc.^(a)		12,215		792,387
Marvell Technology Inc.		212,200		12,797,782
MaxLinear Inc.^(a)		17,792		876,256
Microchip Technology Inc.		70,899		10,882,288
Micron Technology Inc.		290,994		20,654,754
MKS Instruments Inc.		14,224		2,146,544
Monolithic Power Systems Inc.		11,146		5,402,243
NVIDIA Corp.		644,601		133,535,543
NXP Semiconductors NV		68,653		13,447,063
ON Semiconductor Corp.^(a)		111,046		5,082,575
Onto Innovation Inc.^(a)		12,802		924,945
Power Integrations Inc.		15,691		1,553,252
Qorvo Inc.^(a)		28,779		4,811,561
QUALCOMM Inc.		291,778		37,633,526
Rambus Inc.^(a)		28,198		625,996
Semtech Corp.^(a)		16,581		1,292,821
Silicon Laboratories Inc.^(a)		10,570		1,481,491
SiTime Corp.^(a)		3,240		661,511
Skyworks Solutions Inc.		42,717		7,038,907
SolarEdge Technologies Inc.^(a)		13,515		3,584,448
SunPower Corp.^(a)		20,972		475,645
Synaptics Inc.^(a)		9,052		1,626,916
Teradyne Inc.		42,718		4,663,524
Texas Instruments Inc.		238,805		45,900,709
Ultra Clean Holdings Inc.^(a)		11,393		485,342
Universal Display Corp.		11,264		1,925,693
Xilinx Inc.		63,930		9,652,791

				582,013,395

Software — 24.4%
8x8 Inc.^(a)(b)		28,753		672,533
ACI Worldwide Inc.^(a)		30,608		940,584
Adobe Inc.^(a)		123,230		70,945,976
Alarm.com Holdings Inc.^(a)(b)		12,022		940,000
Altair Engineering Inc., Class A^(a)(b)		12,209		841,688
Alteryx Inc., Class A^(a)(b)		15,225		1,112,947
Anaplan Inc.^(a)		37,603		2,289,647
ANSYS Inc.^(a)		22,564		7,681,914
Appfolio Inc., Class A^(a)		4,894		589,238
Appian Corp.^(a)(b)		10,231		946,470
Asana Inc., Class A^(a)		20,215		2,099,126
Aspen Technology Inc.^(a)		17,485		2,147,158
Autodesk Inc.^(a)		56,971		16,246,420
Avalara Inc.^(a)		22,417		3,917,819
Avaya Holdings Corp.^(a)		21,806		431,541
Bill.com Holdings Inc.^(a)		22,858		6,101,943
Black Knight Inc.^(a)		40,510		2,916,720
Blackbaud Inc.^(a)		10,885		765,760
BlackBerry Ltd.^(a)(b)		131,000		1,274,630
Blackline Inc.^(a)(b)		13,763		1,624,860
Bottomline Technologies DE Inc.^(a)		10,186		400,106
Box Inc., Class A^(a)		38,521		911,792


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
BTRS Holdings Inc.^(a)		16,736	$	178,071
Cadence Design Systems Inc.^(a)		71,669		10,853,553
CDK Global Inc.		31,185		1,326,922
Cerence Inc.^(a)		9,758		937,841
Ceridian HCM Holding Inc.^(a)		34,925		3,933,253
Citrix Systems Inc.		32,287		3,466,655
Cloudera Inc.^(a)		58,587		935,634
CommVault Systems Inc.^(a)		11,718		882,483
Cornerstone OnDemand Inc.^(a)		15,039		861,133
Coupa Software Inc.^(a)		19,089		4,183,927
Crowdstrike Holdings Inc., Class A^(a)		51,592		12,680,282
Datadog Inc., Class A^(a)		62,077		8,774,584
Descartes Systems Group Inc. (The)^(a)(b)		22,147		1,799,665
Digital Turbine Inc.^(a)		22,644		1,556,775
DocuSign Inc.^(a)		50,450		12,987,343
Dolby Laboratories Inc., Class A		16,832		1,481,216
Domo Inc., Class B^(a)		7,390		624,012
Dropbox Inc., Class A^(a)		74,381		2,173,413
Duck Creek Technologies Inc.^(a)(b)		19,440		860,026
Dynatrace Inc.^(a)		50,793		3,604,779
E2open Parent Holdings Inc.^(a)		44,968		508,138
Elastic NV^(a)		18,481		2,753,484
Envestnet Inc.^(a)		13,215		1,060,372
Everbridge Inc.^(a)		9,795		1,479,437
Fair Isaac Corp.^(a)		7,351		2,925,183
Five9 Inc.^(a)		17,509		2,796,888
Fortinet Inc.^(a)		35,101		10,250,896
Guidewire Software Inc.^(a)		21,532		2,559,509
HubSpot Inc.^(a)		11,563		7,817,629
InterDigital Inc.		7,835		531,370
Intuit Inc.		70,684		38,134,725
J2 Global Inc.^(a)(b)		12,482		1,705,291
Jamf Holding Corp.^(a)(b)		14,065		541,784
Lightspeed Commerce Inc.^(a)(b)		32,382		3,122,596
LivePerson Inc.^(a)(b)		16,900		996,255
Mandiant Inc.		61,698		1,098,224
Manhattan Associates Inc.^(a)		16,404		2,510,304
Marathon Digital Holdings Inc.^(a)		25,760		813,501
McAfee Corp., Class A		18,962		419,250
Medallia Inc.^(a)		30,315		1,026,769
Microsoft Corp.		1,097,441		309,390,567
MicroStrategy Inc., Class A^(a)(b)		2,027		1,172,417
Mimecast Ltd.^(a)		15,831		1,006,852
Momentive Global Inc.^(a)		33,232		651,347
N-Able Inc.^(a)(b)		17,588		218,267
NCR Corp.^(a)		33,728		1,307,297
New Relic Inc.^(a)		15,113		1,084,660
NortonLifeLock Inc.		150,480		3,807,144
Nuance Communications Inc.^(a)		74,057		4,076,097
Nutanix Inc., Class A^(a)		53,136		2,003,227
Open Text Corp.		70,313		3,427,056
Oracle Corp.		426,099		37,126,006
Pagerduty Inc.^(a)(b)		19,276		798,412
Palantir Technologies Inc., Class A^(a)		405,871		9,757,139
Palo Alto Networks Inc.^(a)		25,218		12,079,422
Paycom Software Inc.^(a)		12,447		6,170,600
Paylocity Holding Corp.^(a)		10,180		2,854,472
Pegasystems Inc.		10,368		1,317,773
Ping Identity Holding Corp.^(a)		12,754		313,366
Progress Software Corp.		10,995		540,844


Security	Shares		Value

Software (continued)
PROS Holdings Inc.^(a)		10,248	$	363,599
PTC Inc.^(a)		27,451		3,288,355
Q2 Holdings Inc.^(a)		14,620		1,171,647
QAD Inc., Class A		3,032		264,966
Qualtrics International Inc., Class A^(a)		16,339		698,329
Qualys Inc.^(a)		8,791		978,350
Rapid7 Inc.^(a)(b)		14,339		1,620,594
RingCentral Inc., Class A^(a)		20,997		4,566,847
Riot Blockchain Inc.^(a)		21,881		562,342
SailPoint Technologies Holdings Inc.^(a)(b)		23,834		1,022,002
salesforce.com Inc.^(a)		251,304		68,158,671
ServiceNow Inc.^(a)		51,239		31,884,492
Smartsheet Inc., Class A^(a)		32,396		2,229,493
Splunk Inc.^(a)		42,369		6,131,218
Sprout Social Inc., Class A^(a)		11,672		1,423,400
SPS Commerce Inc.^(a)		9,205		1,484,858
SS&C Technologies Holdings Inc		57,353		3,980,298
Synopsys Inc.^(a)		39,507		11,828,791
Telos Corp.^(a)		13,652		387,990
Tenable Holdings Inc.^(a)		23,457		1,082,306
Teradata Corp.^(a)		27,936		1,602,130
Trade Desk Inc. (The), Class A^(a)(b)		112,140		7,883,442
Tyler Technologies Inc.^(a)		10,593		4,858,479
Varonis Systems Inc.^(a)		27,608		1,679,947
Verint Systems Inc.^(a)(b)		17,142		767,790
VMware Inc., Class A^(a)		20,813		3,094,893
Vonage Holdings Corp.^(a)		65,215		1,051,266
Wolfspeed Inc.		29,776		2,403,816
Workday Inc., Class A^(a)		48,940		12,229,617
Workiva Inc.^(a)(b)		11,103		1,565,079
Xperi Holding Corp.		27,101		510,583
Yext Inc.^(a)(b)		29,420		353,923
Zendesk Inc.^(a)		30,859		3,591,679
Zoom Video Communications Inc., Class A^(a)		55,975		14,637,462
Zscaler Inc.^(a)		20,218		5,301,564
Zuora Inc., Class A^(a)(b)		27,618		457,906

				887,173,133

Technology Hardware, Storage & Peripherals — 9.3%
3D Systems Corp.^(a)		32,100		884,997
Apple Inc.		2,117,313		299,599,790
Corsair Gaming Inc.^(a)(b)		8,501		220,431
Dell Technologies Inc., Class C^(a)		71,878		7,478,187
Hewlett Packard Enterprise Co		336,824		4,799,742
HP Inc.		311,022		8,509,562
NetApp Inc.		57,994		5,205,541
Pure Storage Inc., Class A^(a)		68,945		1,734,656
Seagate Technology Holdings PLC		54,220		4,474,234
Super Micro Computer Inc.^(a)		11,151		407,792
Western Digital Corp.^(a)		79,033		4,460,623
Xerox Holdings Corp.		35,587		717,790

				338,493,345


Total Common Stocks — 99.9% (Cost: $2,071,246,316)				3,628,898,114


Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		64,891,637		64,924,083


18		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		4,159,000	$	4,159,000

				69,083,083


Total Short-Term Investments — 1.9% (Cost: $69,049,168)				69,083,083


Total Investments in Securities — 101.8% (Cost: $2,140,295,484)				3,697,981,197

Other Assets, Less Liabilities — (1.8)%				(65,554,268	)


Net Assets — 100.0%			$	3,632,426,929

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	43,347,251	$	21,572,254	^(a)	$	—	$	7,001	$	(2,423	)	$	64,924,083		64,891,637	$	71,571	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,339,000		1,820,000	^(a)		—		—		—			4,159,000		4,159,000		158			—

								$	7,001	$	(2,423	)	$	69,083,083			$	71,729		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Communication Services Index		17		12/17/21	$	1,782	$	(56,172	)
E-Mini Technoloy Select Sector Index		10		12/17/21		1,505		(84,823	)

							$	(140,995	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts	$	140,995


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Expanded Tech Sector ETF

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	386,240

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(139,166	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	2,761,558

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,628,898,114		$	—	$	—	$	3,628,898,114
Money Market Funds		69,083,083			—		—		69,083,083

	$	3,697,981,197		$	—	$	—	$	3,697,981,197

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(140,995	)	$	—	$	—	$	(140,995	)

^(a)

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

See notes to financial statements.


20		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Expanded Tech-Software Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Application Software — 62.4%
8x8 Inc.^(a)		243,159	$	5,687,489
ACI Worldwide Inc.^(a)		255,103		7,839,315
Adobe Inc.^(a)		745,036		428,932,126
Alarm.com Holdings Inc.^(a)		99,449		7,775,917
Altair Engineering Inc., Class A^(a)(b)		101,069		6,967,697
Alteryx Inc., Class A^(a)		128,850		9,418,935
Anaplan Inc.^(a)		313,521		19,090,294
ANSYS Inc.^(a)		189,007		64,347,433
Appfolio Inc., Class A^(a)(b)		40,947		4,930,019
Asana Inc., Class A^(a)		169,117		17,561,109
Aspen Technology Inc.^(a)		147,263		18,083,896
Autodesk Inc.^(a)		476,397		135,854,132
Avalara Inc.^(a)		186,979		32,678,320
Avaya Holdings Corp.^(a)		182,423		3,610,151
Bill.com Holdings Inc.^(a)(b)		191,085		51,010,141
Blackbaud Inc.^(a)		91,352		6,426,613
Blackline Inc.^(a)		115,141		13,593,546
Bottomline Technologies DE Inc.^(a)		85,672		3,365,196
Box Inc., Class A^(a)		332,544		7,871,316
BTRS Holdings Inc.^(a)(b)		156,625		1,666,490
Cadence Design Systems Inc.^(a)		599,208		90,744,060
CDK Global Inc.		263,787		11,224,137
Cerence Inc.^(a)(b)		82,328		7,912,544
Ceridian HCM Holding Inc.^(a)		292,171		32,904,298
Citrix Systems Inc.		269,115		28,894,878
Cloudera Inc.^(a)		483,982		7,729,193
Cornerstone OnDemand Inc.^(a)		125,804		7,203,537
Coupa Software Inc.^(a)		159,271		34,909,018
Datadog Inc., Class A^(a)		518,934		73,351,321
Descartes Systems Group Inc. (The)^(a)(b)		183,308		14,895,608
Digital Turbine Inc.^(a)(b)		189,430		13,023,313
DocuSign Inc.^(a)		421,846		108,595,816
Domo Inc., Class B^(a)		61,556		5,197,789
Dropbox Inc., Class A^(a)		622,876		18,200,437
Duck Creek Technologies Inc.^(a)(b)		162,630		7,194,751
Dynatrace Inc.^(a)		424,918		30,156,430
E2open Parent Holdings Inc.^(a)		376,192		4,250,970
Elastic NV^(a)		154,607		23,034,897
Envestnet Inc.^(a)		108,970		8,743,753
Everbridge Inc.^(a)		83,146		12,558,372
Fair Isaac Corp.^(a)		61,492		24,469,512
Five9 Inc.^(a)		146,650		23,425,871
Guidewire Software Inc.^(a)(b)		180,130		21,412,053
HubSpot Inc.^(a)(b)		96,731		65,398,862
InterDigital Inc.		66,800		4,530,376
Intuit Inc.		591,696		319,225,909
J2 Global Inc.^(a)(b)		104,559		14,284,851
Jamf Holding Corp.^(a)(b)		117,668		4,532,571
Lightspeed Commerce Inc.^(a)(b)		270,901		26,122,983
LivePerson Inc.^(a)(b)		140,545		8,285,128
Mandiant Inc.		518,143		9,222,945
Manhattan Associates Inc.^(a)(b)		137,339		21,016,987
Medallia Inc.^(a)		254,181		8,609,110
MicroStrategy Inc., Class A^(a)(b)		16,890		9,769,176
Mimecast Ltd.^(a)(b)		132,436		8,422,930
Momentive Global Inc.^(a)(b)		278,005		5,448,898
New Relic Inc.^(a)		126,425		9,073,522
Nuance Communications Inc.^(a)		617,499		33,987,145


Security	Shares		Value

Application Software (continued)
Nutanix Inc., Class A^(a)		442,603	$	16,686,133
Open Text Corp.		588,217		28,669,697
Pagerduty Inc.^(a)(b)		161,255		6,679,182
Palantir Technologies Inc., Class A^(a)		3,393,323		81,575,485
Paycom Software Inc.^(a)		104,133		51,623,935
Paylocity Holding Corp.^(a)		85,157		23,878,023
Pegasystems Inc.		88,231		11,214,160
PROS Holdings Inc.^(a)		86,519		3,069,694
PTC Inc.^(a)		228,846		27,413,462
Q2 Holdings Inc.^(a)(b)		122,538		9,820,195
QAD Inc., Class A		25,251		2,206,685
Qualtrics International Inc., Class A^(a)		136,687		5,842,002
RingCentral Inc., Class A^(a)		176,349		38,355,908
Riot Blockchain Inc.^(a)		178,739		4,593,592
salesforce.com Inc.^(a)		1,890,679		512,789,958
Smartsheet Inc., Class A^(a)(b)		271,017		18,651,390
Splunk Inc.^(a)(b)		355,079		51,383,482
Sprout Social Inc., Class A^(a)		97,785		11,924,881
SPS Commerce Inc.^(a)		77,619		12,520,721
SS&C Technologies Holdings Inc.		481,060		33,385,564
Synopsys Inc.^(a)		330,329		98,903,806
Trade Desk Inc. (The), Class A^(a)(b)		940,394		66,109,698
Tyler Technologies Inc.^(a)		88,473		40,578,141
Verint Systems Inc.^(a)(b)		140,800		6,306,432
Vonage Holdings Corp.^(a)(b)		545,573		8,794,637
Workday Inc., Class A^(a)		409,203		102,255,738
Workiva Inc.^(a)		93,065		13,118,442
Yext Inc.^(a)		246,126		2,960,896
Zendesk Inc.^(a)		259,991		30,260,352
Zoom Video Communications Inc., Class A^(a)		468,072		122,400,828

				3,448,647,205

Interactive Home Entertainment — 5.0%
Activision Blizzard Inc.		1,683,895		130,316,634
Electronic Arts Inc.		616,015		87,628,134
Take-Two Interactive Software Inc.^(a)		252,402		38,887,576
Zynga Inc., Class A^(a)		2,223,352		16,741,841

				273,574,185

Interactive Media & Services — 3.0%
Snap Inc., Class A, NVS^(a)(b)		2,267,990		167,536,421


Internet Services & Infrastructure — 1.2%
Cloudflare Inc., Class A^(a)		570,236		64,237,085
SolarWinds Corp		95,848		1,603,537

				65,840,622

Systems Software — 28.4%
Appian Corp.^(a)(b)		85,934		7,949,754
BlackBerry Ltd.^(a)(b)		1,104,548		10,747,252
CommVault Systems Inc.^(a)		99,368		7,483,404
Crowdstrike Holdings Inc., Class A^(a)(b)		431,384		106,025,560
Dolby Laboratories Inc., Class A		141,655		12,465,640
Fortinet Inc.^(a)		293,453		85,700,014
McAfee Corp., Class A		158,462		3,503,595
Microsoft Corp.		1,658,456		467,551,916
N-Able Inc.^(a)		147,137		1,825,970
NortonLifeLock Inc.		1,259,168		31,856,950
Oracle Corp.		3,566,901		310,784,084
Palo Alto Networks Inc.^(a)(b)		210,852		100,998,108
Ping Identity Holding Corp.^(a)		106,691		2,621,398
Progress Software Corp.		94,782		4,662,327


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Expanded Tech-Software Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Systems Software (continued)
Qualys Inc.^(a)(b)		72,553	$	8,074,423
Rapid7 Inc.^(a)		120,837		13,656,998
SailPoint Technologies Holdings Inc.^(a)(b)		201,333		8,633,159
ServiceNow Inc.^(a)		428,950		266,922,716
Telos Corp.^(a)		114,203		3,245,649
Tenable Holdings Inc.^(a)		196,652		9,073,523
Teradata Corp.^(a)		236,333		13,553,698
Varonis Systems Inc.^(a)(b)		231,884		14,110,141
VMware Inc., Class A^(a)(b)		174,118		25,891,347
Xperi Holding Corp.		226,950		4,275,738
Zscaler Inc.^(a)		169,145		44,353,202
Zuora Inc., Class A^(a)		241,315		4,001,003

				1,569,967,569


Total Common Stocks — 100.0% (Cost: $5,634,619,521)				5,525,566,002


Short-Term Investments

Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		225,480,396		225,593,136


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		2,090,000	$	2,090,000

				227,683,136


Total Short -Term Investments — 4.1% (Cost: $ 227,573,794)				227,683,136


Total Investments in Securities — 104.1% (Cost: $ 5,862,193,315)				5,753,249,138

Other Assets, Less Liabilities — (4.1)%				(227,384,684	)


Net Assets — 100.0%			$	5,525,864,454

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	224,544,053	$	1,074,855	^(a)	$	—		$	12,009	$	(37,781	)	$	225,593,136		225,480,396	$	355,552	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,920,000		—			(2,830,000	)^(a)		—		—			2,090,000		2,090,000		222			—

									$	12,009	$	(37,781	)	$	227,683,136			$	355,774		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	871,253

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	13,920

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	2,325,568


22		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Expanded Tech-Software Sector ETF

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	5,525,566,002	$	—	$	—	$	5,525,566,002
Money Market Funds		227,683,136		—		—		227,683,136

	$	5,753,249,138	$	—	$	—	$	5,753,249,138

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2021

iShares^® North American Natural Resources ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Construction Materials — 3.0%
Eagle Materials Inc.		9,863	$	1,293,631
Martin Marietta Materials Inc.		14,689		5,018,938
Summit Materials Inc., Class A^(a)		27,793		888,542
Vulcan Materials Co.		31,244		5,285,235

				12,486,346

Containers & Packaging — 9.4%
Amcor PLC		363,080		4,208,097
AptarGroup Inc.		15,533		1,853,863
Avery Dennison Corp.		19,518		4,044,325
Ball Corp.		76,914		6,919,953
Berry Global Group Inc.^(a)		31,862		1,939,759
Crown Holdings Inc.		30,936		3,117,730
Graphic Packaging Holding Co.		66,523		1,266,598
Greif Inc., Class A, NVS		6,242		403,233
International Paper Co.		92,039		5,146,821
O-I Glass Inc.^(a)		37,039		528,546
Packaging Corp. of America		22,370		3,074,533
Pactiv Evergreen Inc.		10,100		126,452
Sealed Air Corp.		35,299		1,934,032
Silgan Holdings Inc.		19,761		758,032
Sonoco Products Co.		23,154		1,379,515
Westrock Co.		62,877		3,133,161

				39,834,650

Energy Equipment & Services — 5.5%
Baker Hughes Co.		195,101		4,824,848
ChampionX Corp.^(a)(b)		47,523		1,062,614
Halliburton Co.		209,705		4,533,822
Helmerich & Payne Inc.		25,409		696,461
Liberty Oilfield Services Inc., Class A^(a)		24,609		298,507
NOV Inc.^(a)		92,007		1,206,212
Schlumberger NV		329,319		9,761,015
TechnipFMC PLC^(a)		99,768		751,253

				23,134,732

Metals & Mining — 14.5%
Agnico Eagle Mines Ltd.		57,518		2,982,308
Alamos Gold Inc., Class A^(b)		92,535		666,252
Alcoa Corp.^(a)		44,006		2,153,654
Arconic Corp.^(a)		25,757		812,376
B2Gold Corp.		247,666		847,018
Barrick Gold Corp.		418,799		7,559,322
Coeur Mining Inc.^(a)(b)		60,408		372,717
Compass Minerals International Inc.		8,016		516,230
Equinox Gold Corp.^(a)(b)		64,449		425,363
First Majestic Silver Corp.^(b)		51,472		581,634
Franco-Nevada Corp.		45,004		5,846,470
Freeport-McMoRan Inc.		345,716		11,246,142
Hecla Mining Co.		126,454		695,497
Kinross Gold Corp.		297,175		1,592,858
Kirkland Lake Gold Ltd.		62,579		2,602,661
MP Materials Corp.^(a)		17,580		566,603
Newmont Corp.		188,187		10,218,554
NovaGold Resources Inc.^(a)		56,916		391,582
Pan American Silver Corp.		49,524		1,152,423
Royal Gold Inc.		15,450		1,475,321
SSR Mining Inc.^(b)		50,466		734,280
Teck Resources Ltd., Class B		109,955		2,738,979
Turquoise Hill Resources Ltd.^(a)(b)		23,423		345,723
Wheaton Precious Metals Corp.^(b)		106,035		3,984,795


Security	Shares		Value

Metals & Mining (continued)
Yamana Gold Inc.^(b)		227,587	$	901,245

				61,410,007

Oil, Gas & Consumable Fuels — 66.5%
Antero Midstream Corp.		76,457		796,682
Antero Resources Corp.^(a)		67,261		1,265,179
APA Corp.		89,021		1,907,720
Cabot Oil & Gas Corp.		94,118		2,048,008
Cameco Corp.		93,667		2,035,384
Canadian Natural Resources Ltd.		279,363		10,207,924
Cenovus Energy Inc.^(b)		299,301		3,010,968
Cheniere Energy Inc.^(a)		55,542		5,424,787
Chevron Corp.		415,342		42,136,446
Cimarex Energy Co.		24,212		2,111,286
CNX Resources Corp.^(a)		51,318		647,633
ConocoPhillips		293,114		19,864,336
Continental Resources Inc./OK		13,849		639,131
CVR Energy Inc.		6,926		115,387
Denbury Inc.^(a)(b)		11,801		829,020
Devon Energy Corp.		148,268		5,264,997
Diamondback Energy Inc.		40,078		3,794,184
Enbridge Inc.		461,773		18,378,565
EOG Resources Inc.		137,494		11,036,643
EQT Corp.^(a)		71,194		1,456,629
Equitrans Midstream Corp.		95,744		970,844
Exxon Mobil Corp.		734,540		43,205,643
Hess Corp.		64,903		5,069,573
HollyFrontier Corp.		35,204		1,166,309
Kinder Morgan Inc.		459,022		7,679,438
Marathon Oil Corp.		185,662		2,538,000
Marathon Petroleum Corp.		150,291		9,289,487
Matador Resources Co.		25,896		985,084
Murphy Oil Corp.		34,186		853,625
New Fortress Energy Inc.		9,820		272,505
Occidental Petroleum Corp.		208,892		6,179,025
ONEOK Inc.		104,949		6,085,993
Ovintiv Inc.		61,483		2,021,561
PDC Energy Inc.^(b)		23,234		1,101,059
Pembina Pipeline Corp.		129,528		4,104,742
Phillips 66		103,143		7,223,104
Pioneer Natural Resources Co.		53,429		8,896,463
Range Resources Corp.^(a)		61,175		1,384,390
Renewable Energy Group Inc.^(a)(b)		11,830		593,866
Southwestern Energy Co.^(a)		159,433		883,259
Suncor Energy Inc.		351,103		7,281,876
Targa Resources Corp.		53,846		2,649,762
TC Energy Corp.		230,594		11,089,266
Texas Pacific Land Corp.		1,460		1,765,666
Valero Energy Corp.		96,275		6,794,127
Williams Companies Inc. (The)		286,112		7,421,745
World Fuel Services Corp.		14,954		502,754

				280,980,075

Paper & Forest Products — 0.9%
Domtar Corp.^(a)		11,818		644,554
Louisiana-Pacific Corp.		22,425		1,376,222
West Fraser Timber Co. Ltd.		23,245		1,957,926

				3,978,702


Total Common Stocks — 99.8% (Cost: $508,138,533)				421,824,512


24		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® North American Natural Resources ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		9,270,553	$	9,275,188
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		698,000		698,000

				9,973,188


Total Short-Term Investments — 2.3% (Cost: $9,971,883)				9,973,188


Total Investments in Securities — 102.1% (Cost: $518,110,416)				431,797,700

Other Assets, Less Liabilities — (2.1)%				(9,001,425	)


Net Assets — 100.0%			$	422,796,275

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,673,173	$	5,603,598	^(a)	$	—	$	(1,481	)	$	(102	)	$	9,275,188		9,270,553	$	10,037	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		648,000		50,000	^(a)		—		—			—			698,000		698,000		23			—

								$	(1,481	)	$	(102	)	$	9,973,188			$	10,060		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		12		12/17/21	$	650	$	45,863
Russell 2000 E-Mini Index		2		12/17/21		220		(4,521	)

							$	41,342


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® North American Natural Resources ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	45,863

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	4,521

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	27,812


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	81,507

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	844,937

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	421,824,512		$	—	$	—	$	421,824,512
Money Market Funds		9,973,188			—		—		9,973,188

	$	431,797,700		$	—	$	—	$	431,797,700

Derivative financial instruments^(a)
Assets
Futures Contracts	$	45,863		$	—	$	—	$	45,863
Liabilities
Futures Contracts		(4,521	)		—		—		(4,521	)

	$	41,342		$	—	$	—	$	41,342

^(a)

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

See notes to financial statements.


26		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2021

iShares^® North American Tech-Multimedia Networking ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Alternative Carriers — 2.6%
EchoStar Corp., Class A^(a)(b)		111,533	$	2,845,207


Communications Equipment — 97.3%
Arista Networks Inc.^(a)		27,069		9,301,991
Calix Inc.^(a)		110,993		5,486,384
Cambium Networks Corp.^(a)		30,113		1,089,789
Ciena Corp.^(a)		92,491		4,749,413
Cisco Systems Inc.		165,433		9,004,518
CommScope Holding Co. Inc.^(a)		347,718		4,725,488
Extreme Networks Inc.^(a)		342,625		3,374,856
F5 Networks Inc.^(a)		47,706		9,482,999
Harmonic Inc.^(a)(b)		275,346		2,409,278
Infinera Corp.^(a)		564,163		4,693,836
Inseego Corp.^(a)(b)		209,298		1,393,925
Juniper Networks Inc.		344,505		9,480,778
Lumentum Holdings Inc.^(a)(b)		57,848		4,832,622
Motorola Solutions Inc.		39,731		9,230,306
NETGEAR Inc.^(a)		82,610		2,636,085
NetScout Systems Inc.^(a)		190,651		5,138,044
Plantronics Inc.^(a)		114,465		2,942,895
Ribbon Communications Inc.^(a)(b)		324,478		1,940,378
Ubiquiti Inc.		16,234		4,848,609
Viasat Inc.^(a)(b)		104,358		5,746,995
Viavi Solutions Inc.^(a)(b)		314,480		4,949,915

				107,459,104


Total Common Stocks — 99.9% (Cost: $106,497,082)				110,304,311


Security	Shares		Value

Short-Term Investments

Money Market Funds — 6.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		6,884,622	$	6,888,065
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		110,000		110,000

				6,998,065


Total Short -Term Investments — 6.3% (Cost: $6,996,752)				6,998,065


Total Investments in Securities — 106.2% (Cost: $113,493,834)				117,302,376

Other Assets, Less Liabilities — (6.2)%				(6,881,727	)


Net Assets — 100.0%			$	110,420,649

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,333,755	$	—		$	(5,445,466	)^(a)	$	(131	)	$	(93	)	$	6,888,065		6,884,622	$	7,749	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		10,000	^(a)		—			—			—			110,000		110,000		4			—

									$	(131	)	$	(93	)	$	6,998,065			$	7,753		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® North American Tech-Multimedia Networking ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		1		12/17/21	$	110	$	(2,260	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	2,260

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(4,208	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,260	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	36,680

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	110,304,311	$	—	$	—	$	110,304,311
Money Market Funds		6,998,065		—		—		6,998,065

	$	117,302,376	$	—	$	—	$	117,302,376

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(2,260)	$	—	$	—	$	(2,260)

^(a)

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

See notes to financial statements.


28		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Semiconductor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Semiconductor Equipment — 19.6%
Applied Materials Inc.		2,233,121	$	287,469,666
ASML Holding NV, NYS^(a)(b)		332,327		247,620,171
Entegris Inc.		943,909		118,838,143
KLA Corp.		887,642		296,925,126
Lam Research Corp.		498,929		283,965,440
MKS Instruments Inc.		386,856		58,380,439
Teradyne Inc.		1,152,250		125,791,133

				1,418,990,118

Semiconductors — 80.2%
Advanced Micro Devices Inc.^(b)(c)		2,725,451		280,448,908
Analog Devices Inc.		1,851,871		310,151,355
ASE Technology Holding Co. Ltd., ADR		4,942,138		38,795,783
Broadcom Inc.		1,213,818		588,616,763
Intel Corp.		11,163,968		594,816,215
Lattice Semiconductor Corp.^(b)(c)		942,308		60,920,212
Marvell Technology Inc.		4,931,557		297,422,203
Microchip Technology Inc.		1,881,896		288,852,217
Micron Technology Inc.		4,094,462		290,624,913
Monolithic Power Systems Inc.		302,348		146,542,029
NVIDIA Corp.		2,696,107		558,525,526
NXP Semiconductors NV		1,402,694		274,745,674
ON Semiconductor Corp.^(c)		2,977,006		136,257,565
Qorvo Inc.^(c)		774,635		129,511,226
QUALCOMM Inc.		2,932,664		378,255,003
Skyworks Solutions Inc.		1,153,954		190,148,540
STMicroelectronics NV., NVS^(b)		2,053,469		89,592,852
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,326,196		259,719,783
Texas Instruments Inc.		2,253,381		433,122,362
United Microelectronics Corp., ADR		5,600,289		64,011,303
Universal Display Corp.		302,251		51,672,831


Security	Shares		Value

Semiconductors (continued)
Wolfspeed Inc		805,029	$	64,989,991
Xilinx Inc		1,729,759		261,176,311

				5,788,919,565


Total Common Stocks — 99.8% (Cost: $7,020,734,914)				7,207,909,683


Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		50,565,475		50,590,757
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		11,990,000		11,990,000

				62,580,757


Total Short -Term Investments — 0.9% (Cost: $62,556,187)				62,580,757

Total Investments in Securities — 100.7% (Cost: $7,083,291,101)				7,270,490,440

Other Assets, Less Liabilities — (0.7)%				(47,967,586	)


Net Assets — 100.0%			$	7,222,522,854

^(a)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

^(c)	Non-income producing security.

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,454,684	$	17,135,384	^(a)	$	—	$	4,685	$	(3,996	)	$	50,590,757		50,565,475	$	116,770	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		9,855,000		2,135,000	^(a)		—		—		—			11,990,000		11,990,000		369			—

								$	4,685	$	(3,996	)	$	62,580,757			$	117,139		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Semiconductor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technoloy Select Sector Index		62		12/17/21	$	9,328	$	(388,817	)
Russell 2000 E-Mini Index		37		12/17/21		4,071		(40,041	)

							$	(428,858	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	428,858

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,336,426

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(353,954	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	12,471,408

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


30		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Semiconductor ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	7,207,909,683		$	—	$	—	$	7,207,909,683
Money Market Funds		62,580,757			—		—		62,580,757

	$	7,270,490,440		$	—	$	—	$	7,270,490,440

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(428,858	)	$	—	$	—	$	(428,858	)

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

September 30, 2021


	iShares Biotechnology ETF			iShares Expanded Tech Sector ETF		iShares Expanded Tech-Software Sector ETF		iShares North American Natural Resources ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	10,507,162,265		$	3,628,898,114	$	5,525,566,002	$	421,824,512
Affiliated^(c)		884,009,382			69,083,083		227,683,136		9,973,188
Cash		74,443			3,156		714		67,092
Cash pledged:
Futures contracts		803,000			177,000		—		77,000
Receivables:
Investments sold		3,769,858			—		—		—
Securities lending income — Affiliated		155,549			14,357		70,695		1,301
Capital shares sold		—			106,236		97,700		—
Dividends		41			450,702		16,167		377,551

Total assets		11,395,974,538			3,698,732,648		5,753,434,414		432,320,644


LIABILITIES
Investments sold short at value^(d)		9,183			—		—		—
Collateral on securities loaned, at value		866,032,099			64,935,721		225,649,462		9,245,139
Payables:
Investments purchased		10,870,168			106,236		—		127,086
Variation margin on futures contracts		164,128			11,708		34		12,994
Capital shares redeemed		172,227			—		64,646		—
Investment advisory fees		4,057,978			1,252,054		1,855,818		139,150

Total liabilities		881,305,783			66,305,719		227,569,960		9,524,369


NET ASSETS	$	10,514,668,755		$	3,632,426,929	$	5,525,864,454	$	422,796,275


NET ASSETS CONSIST OF:
Paid-in capital	$	12,247,418,607		$	1,936,097,822	$	5,021,351,230	$	1,002,429,320
Accumulated earnings (loss)		(1,732,749,852	)		1,696,329,107		504,513,224		(579,633,045	)

NET ASSETS	$	10,514,668,755		$	3,632,426,929	$	5,525,864,454	$	422,796,275


Shares outstanding		65,050,000			9,000,000		13,850,000		14,400,000


Net asset value	$	161.64		$	403.60	$	398.98	$	29.36


Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited


Par value		None			None		None		None


^(a)Securities loaned, at value	$	848,055,785		$	63,560,175	$	221,171,935	$	9,028,726
^(b)Investments, at cost — Unaffiliated	$	11,460,073,418		$	2,071,246,316	$	5,634,619,521	$	508,138,533
^(c)Investments, at cost — Affiliated	$	883,503,205		$	69,049,168	$	227,573,794	$	9,971,883
^(d)Proceeds received from investments sold short	$	10,702		$	—	$	—	$	—

See notes to financial statements.


32		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021


	iShares North American Tech-Multimedia Networking ETF			iShares Semiconductor ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	110,304,311		$	7,207,909,683
Affiliated^(c)		6,998,065			62,580,757
Cash		2,027			7,880
Cash pledged:
Futures contracts		7,000			807,000
Receivables:
Securities lending income — Affiliated		1,169			33,659
Capital shares sold		—			312,218
Dividends		33,588			4,143,240

Total assets		117,346,160			7,275,794,437


LIABILITIES
Collateral on securities loaned, at value		6,887,174			50,506,538
Payables:
Variation margin on futures contracts		1,059			94,228
Capital shares redeemed		—			222,181
Investment advisory fees		37,278			2,448,636

Total liabilities		6,925,511			53,271,583


NET ASSETS	$	110,420,649		$	7,222,522,854


NET ASSETS CONSIST OF:
Paid-in capital	$	175,434,066		$	6,205,555,107
Accumulated earnings (loss)		(65,013,417	)		1,016,967,747

NET ASSETS	$	110,420,649		$	7,222,522,854


Shares outstanding		1,600,000			16,200,000


Net asset value	$	69.01		$	445.83


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Securities loaned, at value	$	6,679,524		$	49,085,871
^(b)Investments, at cost — Unaffiliated	$	106,497,082		$	7,020,734,914
^(c)Investments, at cost — Affiliated	$	6,996,752		$	62,556,187

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		33

Statements of Operations (unaudited)

Six Months Ended September 30, 2021


	iShares Biotechnology ETF			iShares Expanded Tech Sector ETF			iShares Expanded Tech-Software Sector ETF			iShares North American Natural Resources ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	32,517,416		$	9,784,074		$	7,816,837		$	7,873,299
Dividends — Affiliated		594			158			222			23
Securities lending income — Affiliated — net		1,351,160			71,571			355,552			10,037
Foreign taxes withheld		(610,163	)		(15,953	)		(38,040	)		(277,375	)

Total investment income		33,259,007			9,839,850			8,134,571			7,605,984


EXPENSES
Investment advisory fees		23,639,839			7,197,984			10,638,928			901,960

Total expenses		23,639,839			7,197,984			10,638,928			901,960

Net investment income (loss)		9,619,168			2,641,866			(2,504,357	)		6,704,024


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(438,106,385	)		4,725,029			(7,786,967	)		(14,729,372	)
Investments — Affiliated		76,897			7,001			12,009			(1,481	)
In-kind redemptions — Unaffiliated		1,161,825,102			159,287,359			736,732,034			9,095,847
Futures contracts		35,215			386,240			871,253			27,812
Foreign currency transactions		—			—			—			(797	)

Net realized gain (loss)		723,830,829			164,405,629			729,828,329			(5,607,991	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		20,775,725			211,833,386			19,105,284			28,482,785
Investments — Affiliated		(174,392	)		(2,423	)		(37,781	)		(102	)
Futures contracts		(153,756	)		(139,166	)		13,920			81,507
Foreign currency translations		—			—			—			1,336
Short sales — Unaffiliated		1,621			—			—			—

Net change in unrealized appreciation (depreciation)		20,449,198			211,691,797			19,081,423			28,565,526

Net realized and unrealized gain		744,280,027			376,097,426			748,909,752			22,957,535

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	753,899,195		$	378,739,292		$	746,405,395		$	29,661,559

See notes to financial statements.


34		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021


	iShares North American Tech-Multimedia Networking ETF			iShares Semiconductor ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	366,122		$	42,567,691
Dividends — Affiliated		4			369
Securities lending income — Affiliated — net		7,749			116,770
Foreign taxes withheld		—			(1,441,501	)

Total investment income		373,875			41,243,329


EXPENSES
Investment advisory fees		213,920			14,010,246
Commitment fees		—			11,004

Total expenses		213,920			14,021,250

Net investment income		159,955			27,222,079


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		456,032			(33,365,830	)
Investments — Affiliated		(131	)		4,685
In-kind redemptions — Unaffiliated		1,706,697			948,046,322
Futures contracts		(4,208	)		1,336,426

Net realized gain		2,158,390			916,021,603

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		46,255			(640,599,279	)
Investments — Affiliated		(93	)		(3,996	)
Futures contracts		(2,260	)		(353,954	)

Net change in unrealized appreciation (depreciation)		43,902			(640,957,229	)

Net realized and unrealized gain		2,202,292			275,064,374

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,362,247		$	302,286,453

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		35

Statements of Changes in Net Assets


	iShares Biotechnology ETF						iShares Expanded Tech Sector ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	9,619,168		$	22,963,639		$	2,641,866		$	7,522,231
Net realized gain		723,830,829			1,573,276,301			164,405,629			155,422,525
Net change in unrealized appreciation (depreciation)		20,449,198			1,144,045,717			211,691,797			1,121,446,883

Net increase in net assets resulting from operations		753,899,195			2,740,285,657			378,739,292			1,284,391,639


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(9,709,360	)		(26,026,125	)		(2,856,194	)		(8,184,628	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(78,103,450	)		790,357,567			46,931,190			225,617,802


NET ASSETS
Total increase in net assets		666,086,385			3,504,617,099			422,814,288			1,501,824,813
Beginning of period		9,848,582,370			6,343,965,271			3,209,612,641			1,707,787,828

End of period	$	10,514,668,755		$	9,848,582,370		$	3,632,426,929		$	3,209,612,641

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

See notes to financial statements.


36		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Expanded Tech-Software Sector ETF						iShares North American Natural Resources ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(2,504,357	)	$	(4,994,506	)	$	6,704,024		$	11,307,892
Net realized gain (loss)		729,828,329			1,924,332,673			(5,607,991	)		(57,251,765	)
Net change in unrealized appreciation (depreciation)		19,081,423			248,277,573			28,565,526			227,665,109

Net increase in net assets resulting from operations		746,405,395			2,167,615,740			29,661,559			181,721,236


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(1,076,738	)		(6,538,045	)		(12,822,042	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(270,593,401	)		(147,637,588	)		2,650,850			(66,573,691	)


NET ASSETS
Total increase in net assets		475,811,994			2,018,901,414			25,774,364			102,325,503
Beginning of period		5,050,052,460			3,031,151,046			397,021,911			294,696,408

End of period	$	5,525,864,454		$	5,050,052,460		$	422,796,275		$	397,021,911

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		37

Statements of Changes in Net Assets (continued)


	iShares North American Tech-Multimedia Networking ETF						iShares Semiconductor ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	159,955		$	295,055		$	27,222,079		$	40,983,638
Net realized gain (loss)		2,158,390			(288,243	)		916,021,603			1,417,069,739
Net change in unrealized appreciation (depreciation)		43,902			23,978,068			(640,957,229	)		1,183,337,044

Net increase in net assets resulting from operations		2,362,247			23,984,880			302,286,453			2,641,390,421


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(169,483	)		(307,049	)		(26,118,897	)		(40,572,378	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		7,473,145			33,741,764			627,387,166			1,576,185,144


NET ASSETS
Total increase in net assets		9,665,909			57,419,595			903,554,722			4,177,003,187
Beginning of period		100,754,740			43,335,145			6,318,968,132			2,141,964,945

End of period	$	110,420,649		$	100,754,740		$	7,222,522,854		$	6,318,968,132

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

See notes to financial statements.


38		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Biotechnology ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18	^(a)		Year Ended 03/31/17	^(a)


Net asset value, beginning of period	$	150.36		$	107.98		$	111.78		$	106.73		$	97.75		$	86.90

Net investment income^(b)		0.15			0.34			0.26			0.16			0.15			0.21
Net realized and unrealized gain (loss)^(c)		11.28			42.43			(3.80	)		5.08			9.05			10.85

Net increase (decrease) from investment operations		11.43			42.77			(3.54	)		5.24			9.20			11.06


Distributions^(d)
From net investment income		(0.15	)		(0.39	)		(0.26	)		(0.19	)		(0.22	)		(0.21	)

Total distributions		(0.15	)		(0.39	)		(0.26	)		(0.19	)		(0.22	)		(0.21	)


Net asset value, end of period	$	161.64		$	150.36		$	107.98		$	111.78		$	106.73		$	97.75


Total Return^(e)
Based on net asset value		7.60	%^(f)		39.63	%		(3.17	)%		4.92	%		9.41	%		12.75	%


Ratios to Average Net Assets
Total expenses		0.44	%^(g)		0.45	%		0.46	%		0.47	%		0.47	%		0.47	%

Net investment income		0.18	%^(g)		0.24	%		0.24	%		0.15	%		0.14	%		0.22	%


Supplemental Data
Net assets, end of period (000)	$	10,514,669		$	9,848,582		$	6,343,965		$	8,026,142		$	9,040,121		$	8,343,317

Portfolio turnover rate^(h)		31	%^(f)		34	%		29	%		18	%		26	%		18	%

^(a)	Per share amounts reflect a three-for-one stock split effective after the close of trading on November 30, 2017.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Expanded Tech Sector ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	360.63		$	212.15		$	206.22		$	179.48		$	138.39		$	110.64

Net investment income^(a)		0.30			0.86			1.26			1.09			0.88			1.00
Net realized and unrealized gain^(b)		42.99			148.55			6.00			26.69			41.18			27.77

Net increase from investment operations		43.29			149.41			7.26			27.78			42.06			28.77


Distributions^(c)
From net investment income		(0.32	)		(0.93	)		(1.33	)		(1.04	)		(0.97	)		(1.02	)

Total distributions		(0.32	)		(0.93	)		(1.33	)		(1.04	)		(0.97	)		(1.02	)


Net asset value, end of period	$	403.60		$	360.63		$	212.15		$	206.22		$	179.48		$	138.39


Total Return^(d)
Based on net asset value		12.00	%^(e)		70.51	%		3.51	%		15.52	%		30.48	%		26.13	%


Ratios to Average Net Assets
Total expenses		0.41	%^(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		0.15	%^(f)		0.28	%		0.56	%		0.56	%		0.55	%		0.82	%


Supplemental Data
Net assets, end of period (000)	$	3,632,427		$	3,209,613		$	1,707,788		$	1,587,932		$	1,462,726		$	1,120,933

Portfolio turnover rate^(g)		3	%^(e)		9	%		10	%		8	%		6	%		7	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


40		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Expanded Tech-Software Sector ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	341.22		$	209.77		$	210.77		$	169.69		$	126.45		$	100.66

Net investment income (loss)^(a)		(0.18	)		(0.31	)		1.28	^(b)		0.24			0.12			0.22
Net realized and unrealized gain (loss)^(c)		57.94			131.83			(1.06	)		41.10			43.23			25.75

Net increase from investment operations		57.76			131.52			0.22			41.34			43.35			25.97


Distributions^(d)
From net investment income		—			(0.07	)		(1.22	)		(0.26	)		(0.11	)		(0.18	)

Total distributions		—			(0.07	)		(1.22	)		(0.26	)		(0.11	)		(0.18	)


Net asset value, end of period	$	398.98		$	341.22		$	209.77		$	210.77		$	169.69		$	126.45


Total Return^(e)
Based on net asset value		16.93	%^(f)		62.70	%		0.13	%		24.39	%		34.30	%		25.82	%


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income (loss)		(0.10	)%^(g)		(0.10	)%		0.57	%^(b)		0.13	%		0.08	%		0.19	%


Supplemental Data
Net assets, end of period (000)	$	5,525,864		$	5,050,052		$	3,031,151		$	2,729,463		$	1,357,537		$	815,631

Portfolio turnover rate^(h)		7	%^(f)		22	%		18	%		18	%		12	%		12	%

^(a)	Based on average shares outstanding.

^(b)	Includes a one-time special distribution from NortonLifeLock Inc. Excluding such special distribution, the net investment income would have been $(0.07) per share and (0.03)% of average net assets.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		41

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares North American Natural Resources ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	27.57		$	16.65		$	31.40		$	33.08		$	34.26		$	29.72

Net investment income^(a)		0.44			0.70			0.78			0.65			0.75			0.57
Net realized and unrealized gain (loss)^(b)		1.79			11.04			(13.82	)		(1.59	)		(1.16	)		4.55

Net increase (decrease) from investment operations		2.23			11.74			(13.04	)		(0.94	)		(0.41	)		5.12


Distributions^(c)
From net investment income		(0.44	)		(0.82	)		(1.71	)		(0.74	)		(0.77	)		(0.58	)

Total distributions		(0.44	)		(0.82	)		(1.71	)		(0.74	)		(0.77	)		(0.58	)


Net asset value, end of period	$	29.36		$	27.57		$	16.65		$	31.40		$	33.08		$	34.26


Total Return^(d)
Based on net asset value		8.07	%^(e)		71.57	%		(43.54	)%		(2.87	)%		(1.19	)%		17.26	%


Ratios to Average Net Assets
Total expenses		0.41	%^(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		3.02	%^(f)		3.14	%		2.72	%		1.94	%		2.25	%		1.67	%


Supplemental Data
Net assets, end of period (000)	$	422,796		$	397,022		$	294,696		$	761,370		$	929,571		$	1,034,595

Portfolio turnover rate^(g)		8	%^(e)		14	%		16	%		12	%		7	%		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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


42		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares North American Tech-Multimedia Networking ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	67.17		$	43.34		$	56.49		$	51.48		$	45.54		$	36.57

Net investment income^(a)		0.11			0.29			0.26			0.23			0.30			0.26
Net realized and unrealized gain (loss)^(b)		1.84			23.83			(13.10	)		5.04			5.95			8.97

Net increase (decrease) from investment operations		1.95			24.12			(12.84	)		5.27			6.25			9.23


Distributions^(c)
From net investment income		(0.11	)		(0.29	)		(0.31	)		(0.26	)		(0.31	)		(0.26	)

Total distributions		(0.11	)		(0.29	)		(0.31	)		(0.26	)		(0.31	)		(0.26	)


Net asset value, end of period	$	69.01		$	67.17		$	43.34		$	56.49		$	51.48		$	45.54


Total Return^(d)
Based on net asset value		2.90	%^(e)		55.89	%		(22.80	)%		10.27	%		13.77	%		25.31	%


Ratios to Average Net Assets
Total expenses		0.41	%^(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		0.30	%^(f)		0.52	%		0.47	%		0.44	%		0.63	%		0.64	%


Supplemental Data
Net assets, end of period (000)	$	110,421		$	100,755		$	43,335		$	132,758		$	64,349		$	77,417

Portfolio turnover rate^(g)		14	%^(e)		38	%		33	%		29	%		23	%		27	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		43

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Semiconductor ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	424.09		$	204.97		$	189.61		$	180.13		$	136.85		$	91.63

Net investment income^(a)		1.75			3.35			3.13			2.66			1.51			1.36
Net realized and unrealized gain^(b)		21.66			218.90			15.50			9.12			43.32			45.26

Net increase from investment operations		23.41			222.25			18.63			11.78			44.83			46.62


Distributions^(c)
From net investment income		(1.67	)		(3.13	)		(3.27	)		(2.30	)		(1.55	)		(1.40	)

Total distributions		(1.67	)		(3.13	)		(3.27	)		(2.30	)		(1.55	)		(1.40	)


Net asset value, end of period	$	445.83		$	424.09		$	204.97		$	189.61		$	180.13		$	136.85


Total Return^(d)
Based on net asset value		5.51	%^(e)		108.93	%		9.80	%		6.61	%		32.91	%		51.20	%


Ratios to Average Net Assets
Total expenses		0.41	%^(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		0.79	%^(f)		1.02	%		1.42	%		1.50	%		0.93	%		1.22	%


Supplemental Data
Net assets, end of period (000)	$	7,222,523		$	6,318,968		$	2,141,965		$	1,061,836		$	1,630,190		$	889,518

Portfolio turnover rate^(g)		22	%^(e)		23	%		14	%		26	%		20	%		38	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


44		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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


iShares ETF		Diversification Classification
Biotechnology^(a)		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^(b)		Non-diversified

^(a)

Formerly the iShares Nasdaq Biotechnology ETF.

^(b)

Formerly the iShares PHLX Semiconductor ETF.

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

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

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

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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


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

Notes to Financial Statements (unaudited) (continued)

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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

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

•

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

•

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

•

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

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

4.	SECURITIES AND OTHER INVESTMENTS

Short Positions: From time to time, in order to track the performance of its benchmark index, a fund may sell non-index securities that will be received through corporate actions occurring on the opening of market trading on the following business day. A fund may also experience temporary short positions due to the timing of portfolio securities trades and in-kind redemption transactions. Such short positions are valued consistent with how securities are valued as described under Investment Valuation and Fair Value Measurements. The obligation to deliver the securities is recorded as a liability in the Statements of Assets and Liabilities and is equal to the current fair value


46		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

of the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealized appreciation (depreciation) in the Statements of Operations. Upon receipt of the securities related to the corporate actions or purchase of the securities related to the short position, a realized gain (loss) is recorded. Dividends or interest on securities sold short, if any, are reflected as an expense in the Statements of Operations. Details of the short positions, if any, are included in the schedules of Investments.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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



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

Biotechnology
Barclays Bank PLC	$	35,242,132	$	35,242,132		$	—	$	—
Barclays Capital, Inc.		9,840,590		9,840,590			—		—
BNP Paribas SA		66,664,584		66,664,584			—		—
BofA Securities, Inc.		66,308,728		66,308,728			—		—
Citadel Clearing LLC		2,487,728		2,487,728			—		—
Citigroup Global Markets, Inc.		75,997,813		75,997,813			—		—
Credit Suisse Securities (USA) LLC		18,657,865		18,657,865			—		—
Deutsche Bank Securities, Inc.		2,311,947		2,311,947			—		—
Goldman Sachs & Co. LLC		85,597,299		85,597,299			—		—
HSBC Bank PLC		10,410,026		10,410,026			—		—
ING Financial Markets LLC		31,691		31,691			—		—
J.P. Morgan Securities LLC		118,585,947		118,585,947			—		—
Jefferies LLC		3,336,180		3,336,180			—		—
Morgan Stanley		157,317,207		157,317,207			—		—
National Financial Services LLC		50,683,496		50,683,496			—		—
Nomura Securities International, Inc.		892,629		892,629			—		—
RBC Capital Markets LLC		149,176		149,176			—		—
Scotia Capital (USA), Inc.		6,886,347		6,886,347			—		—
SG Americas Securities LLC		4,174,791		4,174,791			—		—
State Street Bank & Trust Co.		24,844,812		24,747,389			—		(97,423	)^(b)
Toronto Dominion Bank		10,863,167		10,863,167			—		—
UBS AG		27,779,563		27,779,563			—		—
UBS Securities LLC		47,481,805		47,481,805			—		—
Virtu Americas LLC		2,619,701		2,619,701			—		—
Wells Fargo Bank N.A		2,791,218		2,791,218			—		—
Wells Fargo Securities LLC		16,099,343		16,099,343			—		—

	$	848,055,785	$	847,958,362		$	—	$	(97,423	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Notes to Financial Statements (unaudited) (continued)



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

Expanded Tech Sector
Barclays Bank PLC	$	777,765	$	777,765		$	—	$	—
Barclays Capital, Inc.		909,975		909,975			—		—
BMO Capital Markets Corp.		78,735		78,735			—		—
BNP Paribas SA		12,239,556		12,239,556			—		—
BofA Securities, Inc.		1,846,332		1,846,332			—		—
Citigroup Global Markets, Inc.		21,900,726		21,900,726			—		—
Credit Suisse Securities (USA) LLC		755,876		755,876			—		—
Deutsche Bank Securities, Inc.		16,133		16,133			—		—
Goldman Sachs & Co. LLC		5,095,510		5,095,510			—		—
J.P. Morgan Securities LLC		7,748,758		7,748,758			—		—
Jefferies LLC		659,030		659,030			—		—
Morgan Stanley		4,866,777		4,866,777			—		—
National Financial Services LLC		187,967		187,967			—		—
Nomura Securities International, Inc.		12,426		12,426			—		—
Scotia Capital (USA), Inc.		774,956		774,956			—		—
State Street Bank & Trust Co.		1,046,662		1,046,662			—		—
Toronto Dominion Bank		7,146		7,146			—		—
UBS AG		1,264,116		1,264,116			—		—
UBS Securities LLC		698,623		698,623			—		—
Wells Fargo Bank N.A		2,673,106		2,673,106			—		—

	$	63,560,175	$	63,560,175		$	—	$	—

Expanded Tech-Software Sector
Barclays Bank PLC	$	27,632,837	$	27,632,837		$	—	$	—
Barclays Capital, Inc.		1,939,217		1,928,181			—		(11,036	)^(b)
BNP Paribas SA		46,798,104		46,798,104			—		—
BofA Securities, Inc.		11,466,134		11,466,134			—		—
Citigroup Global Markets, Inc.		3,625,203		3,625,203			—		—
Credit Suisse Securities (USA) LLC		592,064		592,064			—		—
Goldman Sachs & Co. LLC		27,846,696		27,846,696			—		—
J.P. Morgan Securities LLC		72,009,899		72,009,899			—		—
Jefferies LLC		2,171,796		2,171,796			—		—
Morgan Stanley		6,181,280		6,181,280			—		—
National Financial Services LLC		293,645		291,480			—		(2,165	)^(b)
SG Americas Securities LLC		2,454,915		2,454,915			—		—
State Street Bank & Trust Co.		2,119,892		2,119,892			—		—
UBS AG		3,602,028		3,602,028			—		—
UBS Securities LLC		186,138		186,138			—		—
Wells Fargo Bank N.A		11,821,762		11,821,762			—		—
Wells Fargo Securities LLC		430,325		430,325			—		—

	$	221,171,935	$	221,158,734		$	—	$	(13,201	)

North American Natural Resources
Barclays Bank PLC	$	48,590	$	48,590		$	—	$	—
BNP Paribas SA		381,700		381,700			—		—
Citigroup Global Markets, Inc.		142,655		142,655			—		—
Credit Suisse Securities (USA) LLC		712,248		712,248			—		—
Deutsche Bank Securities, Inc.		87,324		87,324			—		—
Goldman Sachs & Co. LLC		395,080		395,080			—		—
HSBC Bank PLC		291		291			—		—
J.P. Morgan Securities LLC		1,079,070		1,079,070			—		—
Jefferies LLC		89,270		89,270			—		—
Morgan Stanley		2,411,140		2,411,140			—		—
SG Americas Securities LLC		376		376			—		—
State Street Bank & Trust Co.		614		614			—		—
UBS AG		29,040		29,040			—		—
UBS Securities LLC		3,651,328		3,651,328			—		—

	$	9,028,726	$	9,028,726		$	—	$	—


48		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)



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

North American Tech-Multimedia Networking
BNP Paribas SA	$	34,628	$	34,628		$	—	$	—
BofA Securities, Inc.		430,842		430,842			—		—
Goldman Sachs & Co. LLC		2,367,947		2,367,947			—		—
J.P. Morgan Securities LLC		239,232		239,232			—		—
Morgan Stanley		2,665,310		2,665,310			—		—
National Financial Services LLC		106,750		106,750			—		—
Wells Fargo Securities LLC		834,815		834,815			—		—

	$	6,679,524	$	6,679,524		$	—	$	—

Semiconductor
Barclays Bank PLC	$	1,171,800	$	1,171,800		$	—	$	—
Barclays Capital, Inc.		864,222		864,222			—		—
J.P. Morgan Securities LLC		37,840,299		37,840,299			—		—
UBS AG		9,209,550		9,179,921			—		(29,629	)^(b)

	$	49,085,871	$	49,056,242		$	—	$	(29,629	)

^(a)

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

^(b)

The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		49

Notes to Financial Statements (unaudited) (continued)

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:


Aggregate Average Daily Net Assets	Investment Advisory Fee
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

For its investment advisory services to each of the iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources, iShares North American Tech-Multimedia Networking and iShares Semiconductor ETFs, 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:


Aggregate Average Daily Net Assets	Investment Advisory Fee
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

Prior to July 14, 2021, for its investment advisory services to each of the iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources, iShares North American Tech-Multimedia Networking and iShares Semiconductor ETFs, BFA was 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:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.480	%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. 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 77% 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.


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Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
Biotechnology	$	572,863
Expanded Tech Sector		30,484
Expanded Tech-Software Sector		148,046
North American Natural Resources		4,285
North American Tech-Multimedia Networking		3,316
Semiconductor		48,192

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

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

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Biotechnology	$	245,475,291	$	312,024,605	$	(38,952,473)
Expanded Tech Sector		15,530,586		10,089,023		439,676
Expanded Tech-Software Sector		51,182,246		57,744,303		(3,971,359)
North American Natural Resources		8,888,360		10,371,213		(5,786,467)
North American Tech-Multimedia Networking		5,169,027		7,005,077		354,889
Semiconductor		193,280,752		180,821,046		7,128,988

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

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

7.	PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Biotechnology	$	3,276,411,164	$	3,275,343,949
Expanded Tech Sector		110,725,992		113,611,793
Expanded Tech-Software Sector		382,351,415		383,877,569
North American Natural Resources		34,036,132		33,803,529
North American Tech-Multimedia Networking		14,538,649		14,568,577
Semiconductor		1,533,014,803		1,543,271,641

For the six months ended September 30, 2021, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Biotechnology	$	6,957,957,820	$	7,052,299,148
Expanded Tech Sector		304,794,684		256,654,023
Expanded Tech-Software Sector		6,147,363,181		6,414,843,273
North American Natural Resources		61,148,298		58,386,448
North American Tech-Multimedia Networking		14,354,932		6,884,429
Semiconductor		4,595,167,223		3,959,050,824

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		51

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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


iShares ETF	Non-Expiring
Biotechnology	$	1,428,052,267
Expanded Tech Sector		22,125,503
Expanded Tech-Software Sector		111,306,889
North American Natural Resources		477,090,865
North American Tech-Multimedia Networking		70,375,105
Semiconductor		83,206,150

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Biotechnology	$	12,418,888,945	$	829,025,957	$	(1,856,947,081	)	$	(1,027,921,124)
Expanded Tech Sector		2,143,578,723		1,584,727,935		(30,466,456	)		1,554,261,479
Expanded Tech-Software Sector		5,864,766,917		213,639,091		(325,156,870	)		(111,517,779)
North American Natural Resources		528,980,432		32,797,773		(129,939,163	)		(97,141,390)
North American Tech-Multimedia Networking		114,087,290		10,614,646		(7,401,820	)		3,212,826
Semiconductor		7,088,357,242		418,912,553		(237,208,213	)		181,704,340

9.	LINE OF CREDIT

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

Effective August 13, 2021, the iShares 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 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended September 30, 2021, the Fund did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

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

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


52		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience 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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

Certain Funds invest a significant portion of their assets in securities 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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		53

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Biotechnology
Shares sold		43,750,000		$	6,993,597,068			92,850,000		$	12,973,745,658
Shares redeemed		(44,200,000	)		(7,071,700,518	)		(86,100,000	)		(12,183,388,091	)

Net increase (decrease)		(450,000	)	$	(78,103,450	)		6,750,000		$	790,357,567


Expanded Tech Sector
Shares sold		750,000		$	305,361,168			1,700,000		$	492,883,102
Shares redeemed		(650,000	)		(258,429,978	)		(850,000	)		(267,265,300	)

Net increase		100,000		$	46,931,190			850,000		$	225,617,802


Expanded Tech-Software Sector
Shares sold		16,000,000		$	6,162,158,767			35,650,000		$	10,854,261,767
Shares redeemed		(16,950,000	)		(6,432,752,168	)		(35,300,000	)		(11,001,899,355	)

Net increase (decrease)		(950,000	)	$	(270,593,401	)		350,000		$	(147,637,588	)


North American Natural Resources
Shares sold		2,050,000		$	61,350,289			4,800,000		$	110,829,085
Shares redeemed		(2,050,000	)		(58,699,439	)		(8,100,000	)		(177,402,776	)

Net increase (decrease)		—		$	2,650,850			(3,300,000	)	$	(66,573,691	)


North American Tech-Multimedia Networking
Shares sold		200,000		$	14,368,458			900,000		$	55,817,552
Shares redeemed		(100,000	)		(6,895,313	)		(400,000	)		(22,075,788	)

Net increase		100,000		$	7,473,145			500,000		$	33,741,764


Semiconductor
Shares sold		10,400,000		$	4,603,735,344			21,350,000		$	7,051,302,523
Shares redeemed		(9,100,000	)		(3,976,348,178	)		(16,900,000	)		(5,475,117,379	)

Net increase		1,300,000		$	627,387,166			4,450,000		$	1,576,185,144

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

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

12.

SUBSEQUENT EVENTS

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


54		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares Biotechnology ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		55

Board Review and Approval of Investment Advisory Contract (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares North American Natural Resources ETF, iShares Semiconductor ETF (each the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,


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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

iShares North American Tech-Multimedia Networking ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

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


S U P P L E M E N T A L I N F O R M A T I O N		61

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

NVS		Non-Voting Shares

NYS		New York Registered Shares


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC or 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.

iS-SAR-313-0921