iShares Trust


		SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares S&P 100 ETF | OEF | NYSE Arca

· iShares S&P 500 Growth ETF | IVW | NYSE Arca

· iShares S&P 500 Value ETF | IVE | NYSE Arca

· iShares S&P Mid-Cap 400 Growth ETF | IJK | NYSE Arca

· iShares S&P Mid-Cap 400 Value ETF | IJJ | NYSE Arca

· iShares S&P Small-Cap 600 Growth ETF | IJT | NASDAQ

· iShares S&P Small-Cap 600 Value ETF | IJS | NYSE Arca

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		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		59
Statements of Operations		61
Statements of Changes in Net Assets		63
Financial Highlights		67
Notes to Financial Statements		74
Board Review and Approval of Investment Advisory Contract		85
Supplemental Information		97
General Information		98
Glossary of Terms Used in this Report		99


Fund Summary as of September 30, 2021		iShares^® S&P 100 ETF

Investment Objective

The iShares S&P 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities, as represented by the S&P 100^® (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		10.40	%		28.38	%		17.66	%	16.69%		28.38	%		125.46	%	367.93%
Fund Market		10.42			28.44			17.66		16.68		28.44			125.51		367.89
Index		10.52			28.62			17.89		16.92		28.62			127.68		377.58

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/21)

(09/30/21)

the Period

^(a)

(04/01/21)

(09/30/21)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,104.00

$ 1.05

$ 1,000.00

$ 1,024.10

$ 1.01

0.20

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Information Technology		32.1%
Communication Services		15.5
Consumer Discretionary		13.9
Health Care		11.9
Financials		9.9
Consumer Staples		6.5
Industrials		5.0
Energy		2.2
Utilities		1.4
Other (each representing less than 1%)		1.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Apple Inc.		9.1%
Microsoft Corp.		8.7
Amazon.com Inc.		5.9
Facebook Inc., Class A		3.3
Alphabet Inc., Class A		3.3
Alphabet Inc., Class C		3.1
Tesla Inc.		2.6
NVIDIA Corp.		2.1
Berkshire Hathaway Inc., Class B		2.1
JPMorgan Chase & Co.		2.0


4		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


Fund Summary as of September 30, 2021		iShares^® S&P 500 Growth ETF

Investment Objective

The iShares S&P 500 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 500 Growth Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		13.90	%		28.62	%		20.93	%	18.74%		28.62	%		158.61	%	457.04%
Fund Market		13.82			28.77			20.93		18.73		28.77			158.61		456.79
Index		14.02			28.86			21.15		18.96		28.86			160.95		467.43

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/21)

(09/30/21)

the Period

^(a)

(04/01/21)

(09/30/21)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,139.00

$ 0.97

$ 1,000.00

$ 1,024.20

$ 0.91

0.18

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Information Technology		41.7%
Consumer Discretionary		16.4
Communication Services		15.5
Health Care		11.9
Industrials		5.2
Consumer Staples		3.1
Financials		2.9
Materials		1.7
Real Estate		1.1
Other (each representing less than 1%)		0.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Apple Inc.		11.3%
Microsoft Corp.		10.8
Amazon.com Inc.		7.3
Facebook Inc., Class A		4.1
Alphabet Inc., Class A		4.1
Alphabet Inc., Class C		3.8
Tesla Inc.		3.2
NVIDIA Corp.		2.6
PayPal Holdings Inc.		1.6
Adobe Inc.		1.4


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


Fund Summary as of September 30, 2021		iShares^® S&P 500 Value ETF

Investment Objective

The iShares S&P 500 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 500 Value Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		4.02	%		31.76	%		11.52	%	13.57%		31.76	%		72.48	%	257.00%
Fund Market		3.92			31.98			11.52		13.57		31.98			72.52		256.95
Index		4.10			32.02			11.70		13.77		32.02			73.86		263.15

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/21)

(09/30/21)

the Period

^(a)

(04/01/21)

(09/30/21)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,040.20

$ 0.92

$ 1,000.00

$ 1,024.20

$ 0.91

0.18

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Financials		21.3%
Health Care		14.9
Industrials		11.3
Information Technology		11.2
Consumer Staples		8.9
Consumer Discretionary		7.6
Communication Services		6.4
Energy		5.9
Utilities		4.8
Real Estate		4.3
Materials		3.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Berkshire Hathaway Inc., Class B		3.0%
JPMorgan Chase & Co.		2.9
Bank of America Corp.		1.9
Walt Disney Co. (The)		1.8
Johnson & Johnson		1.5
Exxon Mobil Corp.		1.5
Pfizer Inc.		1.4
Cisco Systems Inc.		1.4
Verizon Communications Inc.		1.3
Intel Corp.		1.3


6		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


Fund Summary as of September 30, 2021		iShares^® S&P Mid-Cap 400 Growth ETF

Investment Objective

The iShares S&P Mid-Cap 400 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P MidCap 400 Growth Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		1.31	%		33.01	%		13.71	%	14.54%		33.01	%		90.09	%	288.77%
Fund Market		1.30			33.21			13.72		14.55		33.21			90.21		289.01
Index		1.41			33.26			13.96		14.78		33.26			92.20		296.81

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/21)

(09/30/21)

the Period

^(a)

(04/01/21)

(09/30/21)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,013.10

$ 0.86

$ 1,000.00

$ 1,024.20

$ 0.86

0.17

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Information Technology		20.4%
Industrials		20.1
Consumer Discretionary		17.6
Health Care		16.4
Financials		7.5
Real Estate		5.7
Materials		4.8
Consumer Staples		2.7
Communication Services		2.4
Energy		1.8
Utilities		0.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

FactSet Research Systems Inc.		1.4%
Repligen Corp.		1.4
Cognex Corp.		1.3
SolarEdge Technologies Inc.		1.3
Masimo Corp.		1.3
Williams-Sonoma Inc.		1.2
Graco Inc.		1.1
Trex Co. Inc.		1.1
Darling Ingredients Inc.		1.1
Axon Enterprise Inc.		1.1


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


Fund Summary as of September 30, 2021		iShares^® S&P Mid-Cap 400 Value ETF

Investment Objective

The iShares S&P Mid-Cap 400 Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P MidCap 400 Value Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		2.07	%		55.40	%		11.20	%	14.11%		55.40	%		70.04	%	274.38%
Fund Market		1.96			55.36			11.20		14.11		55.36			70.02		274.37
Index		2.18			55.72			11.45		14.36		55.72			71.98		282.45

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/21)

(09/30/21)

the Period

^(a)

(04/01/21)

(09/30/21)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,020.70

$ 0.91

$ 1,000.00

$ 1,024.20

$ 0.91

0.18

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Financials		21.3%
Industrials		16.6
Real Estate		13.3
Consumer Discretionary		13.2
Information Technology		8.9
Materials		6.9
Health Care		5.8
Utilities		5.5
Consumer Staples		4.1
Energy		3.3
Communication Services		1.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Jones Lang LaSalle Inc.		1.0%
Steel Dynamics Inc.		0.9
East West Bancorp. Inc.		0.9
Signature Bank/New York NY		0.9
Lear Corp.		0.8
AECOM		0.7
Reliance Steel & Aluminum Co.		0.7
First Horizon Corp.		0.7
UGI Corp.		0.7
Owens Corning		0.7


8		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


Fund Summary as of September 30, 2021		iShares^® S&P Small-Cap 600 Growth ETF

Investment Objective

The iShares S&P Small-Cap 600 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P SmallCap 600 Growth Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		2.12	%		48.68	%		14.68	%	16.08%		48.68	%		98.39	%	344.33%
Fund Market		1.80			48.48			14.67		16.08		48.48			98.24		344.36
Index		2.21			48.99			14.96		16.29		48.99			100.78		352.19

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/21)

(09/30/21)

the Period

^(a)

(04/01/21)

(09/30/21)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,021.20

$ 0.91

$ 1,000.00

$ 1,024.20

$ 0.91

0.18

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Information Technology		19.9%
Health Care		18.4
Industrials		16.8
Consumer Discretionary		14.0
Financials		11.2
Real Estate		5.6
Consumer Staples		4.8
Materials		4.3
Energy		2.7
Communication Services		1.2
Utilities		1.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Chart Industries Inc.		1.4%
Omnicell Inc.		1.3
Stamps.com Inc.		1.3
Power Integrations Inc.		1.2
NeoGenomics Inc.		1.2
Exponent Inc.		1.2
SPS Commerce Inc.		1.2
Innovative Industrial Properties Inc.		1.2
Balchem Corp.		1.0
ExlService Holdings Inc.		0.9


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


Fund Summary as of September 30, 2021		iShares^® S&P Small-Cap 600 Value ETF

Investment Objective

The iShares S&P Small-Cap 600 Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P SmallCap 600 Value Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		0.83	%		66.23	%		11.73	%	14.77%		66.23	%		74.10	%	296.68%
Fund Market		0.66			66.24			11.75		14.79		66.24			74.27		297.13
Index		0.95			66.65			11.91		14.96		66.65			75.56		303.23

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/21)

(09/30/21)

the Period

^(a)

(04/01/21)

(09/30/21)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,008.30

$ 0.91

$ 1,000.00

$ 1,024.20

$ 0.91

0.18

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Financials		24.6%
Industrials		16.7
Consumer Discretionary		13.2
Real Estate		10.1
Information Technology		7.4
Energy		6.9
Health Care		6.9
Materials		5.9
Consumer Staples		3.9
Communication Services		2.2
Utilities		2.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Macy’s Inc.		1.3%
PDC Energy Inc.		0.8
Signet Jewelers Ltd.		0.8
Pacific Premier Bancorp. Inc.		0.7
BankUnited Inc.		0.7
Asbury Automotive Group Inc.		0.7
First Hawaiian Inc.		0.7
Resideo Technologies Inc.		0.6
Ameris Bancorp.		0.6
Investors Bancorp. Inc.		0.6


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

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.


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		11

Schedule of Investments (unaudited)

September 30, 2021

iShares^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.6%
Boeing Co. (The)^(a)		181,615	$	39,944,403
General Dynamics Corp.		76,701		15,035,697
Lockheed Martin Corp.		81,234		28,033,853
Raytheon Technologies Corp.		497,025		42,724,269


				125,738,222

Air Freight & Logistics — 0.8%
FedEx Corp.		80,952		17,751,964
United Parcel Service Inc., Class B		240,058		43,714,562


				61,466,526

Automobiles — 3.1%
Ford Motor Co.^(a)		1,292,577		18,302,891
General Motors Co.^(a)		479,369		25,267,540
Tesla Inc.^(a)		267,463		207,412,207


				250,982,638

Banks — 5.0%
Bank of America Corp.		2,440,868		103,614,847
Citigroup Inc.		668,067		46,884,942
JPMorgan Chase & Co.		984,953		161,226,957
U.S. Bancorp.		444,598		26,426,905
Wells Fargo & Co.		1,353,552		62,818,348


				400,971,999

Beverages — 1.7%
Coca-Cola Co. (The)		1,280,556		67,190,773
PepsiCo Inc.		455,572		68,522,585


				135,713,358

Biotechnology — 1.8%
AbbVie Inc.		582,495		62,833,736
Amgen Inc.		187,175		39,802,764
Biogen Inc.^(a)		48,983		13,861,699
Gilead Sciences Inc.		413,484		28,881,857


				145,380,056

Capital Markets — 1.8%
Bank of New York Mellon Corp. (The)		262,520		13,609,037
BlackRock Inc.^(b)		47,157		39,548,690
Goldman Sachs Group Inc. (The)		111,114		42,004,425
Morgan Stanley		481,128		46,818,566


				141,980,718

Chemicals — 0.9%
Dow Inc.		245,821		14,149,457
DuPont de Nemours Inc.		172,912		11,756,287
Linde PLC		170,219		49,938,850


				75,844,594

Communications Equipment — 0.9%
Cisco Systems Inc.		1,389,083		75,607,788


Consumer Finance — 0.7%
American Express Co.		212,107		35,534,286
Capital One Financial Corp.		146,963		23,803,597


				59,337,883

Diversified Financial Services — 2.1%
Berkshire Hathaway Inc., Class B^(a)		611,005		166,767,705


Diversified Telecommunication Services — 1.7%
AT&T Inc.		2,353,481		63,567,522
Verizon Communications Inc.		1,364,662		73,705,394


				137,272,916


Security	Shares		Value

Electric Utilities — 1.4%
Duke Energy Corp.		253,589	$	24,747,750
Exelon Corp.		322,158		15,573,118
NextEra Energy Inc.		646,633		50,773,623
Southern Co. (The)		348,972		21,625,795


				112,720,286

Electrical Equipment — 0.2%
Emerson Electric Co.		197,127		18,569,363


Entertainment — 2.4%
Netflix Inc.^(a)		145,888		89,041,282
Walt Disney Co. (The)^(a)		598,960		101,326,063


				190,367,345

Equity Real Estate Investment Trusts (REITs) — 0.7%
American Tower Corp.		150,023		39,817,604
Simon Property Group Inc.		108,316		14,077,831


				53,895,435

Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		145,714		65,476,586
Walgreens Boots Alliance Inc.		236,628		11,133,347
Walmart Inc.		471,057		65,655,925


				142,265,858

Food Products — 0.4%
Kraft Heinz Co. (The)		222,436		8,190,094
Mondelez International Inc., Class A		460,734		26,805,504


				34,995,598

Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		584,354		69,029,738
Danaher Corp.		209,430		63,758,869
Medtronic PLC		442,976		55,527,042


				188,315,649

Health Care Providers & Services — 2.0%
CVS Health Corp.		434,957		36,910,451
UnitedHealth Group Inc.		310,804		121,443,555


				158,354,006

Hotels, Restaurants & Leisure — 1.7%
Booking Holdings Inc.^(a)		13,534		32,127,957
McDonald’s Corp.		246,159		59,351,396
Starbucks Corp.		388,654		42,872,423


				134,351,776

Household Products — 1.6%
Colgate-Palmolive Co.		278,267		21,031,420
Procter & Gamble Co. (The)		800,126		111,857,615


				132,889,035

Industrial Conglomerates — 1.5%
3M Co.		190,603		33,435,578
General Electric Co.		361,432		37,238,339
Honeywell International Inc.		227,569		48,308,347


				118,982,264

Insurance — 0.4%
American International Group Inc.		282,378		15,499,728
MetLife Inc.		239,402		14,778,286


				30,278,014

Interactive Media & Services — 9.7%
Alphabet Inc., Class A^(a)		99,243		265,328,145
Alphabet Inc., Class C, NVS^(a)		92,870		247,527,340
Facebook Inc., Class A^(a)		785,750		266,675,693


				779,531,178


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^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Internet & Direct Marketing Retail — 5.8%
Amazon.com Inc.^(a)		143,562	$	471,606,912


IT Services — 5.4%
Accenture PLC, Class A		209,024		66,870,958
International Business Machines Corp.		295,444		41,046,035
Mastercard Inc., Class A		287,150		99,836,312
PayPal Holdings Inc.^(a)		387,313		100,782,716
Visa Inc., Class A		556,279		123,911,147


				432,447,168

Life Sciences Tools & Services — 0.9%
Thermo Fisher Scientific Inc.		129,678		74,088,932


Machinery — 0.4%
Caterpillar Inc.		180,457		34,642,330


Media — 1.4%
Charter Communications Inc., Class A^(a)		41,808		30,417,829
Comcast Corp., Class A		1,509,752		84,440,429


				114,858,258

Multiline Retail — 0.5%
Target Corp.		163,071		37,305,753


Oil, Gas & Consumable Fuels — 2.2%
Chevron Corp.		637,454		64,669,708
ConocoPhillips		441,354		29,910,560
Exxon Mobil Corp.		1,395,463		82,081,134


				176,661,402

Pharmaceuticals — 4.8%
Bristol-Myers Squibb Co.		732,451		43,339,125
Eli Lilly & Co.		261,705		60,466,940
Johnson & Johnson		867,716		140,136,134
Merck & Co. Inc.		834,390		62,671,033
Pfizer Inc.		1,848,072		79,485,577


				386,098,809

Road & Rail — 0.5%
Union Pacific Corp.		214,952		42,132,741


Semiconductors & Semiconductor Equipment — 5.1%
Broadcom Inc.		135,230		65,577,084
Intel Corp.		1,337,265		71,249,479
NVIDIA Corp.		821,411		170,163,503
QUALCOMM Inc.		371,810		47,956,054
Texas Instruments Inc.		304,308		58,491,040


				413,437,160


Security	Shares		Value

Software — 11.5%
Adobe Inc.^(a)		157,031	$	90,405,887
Microsoft Corp.		2,477,052		698,330,500
Oracle Corp.		542,975		47,309,412
salesforce.com Inc.^(a)		320,235		86,854,137


				922,899,936

Specialty Retail — 2.0%
Home Depot Inc. (The)		350,470		115,045,282
Lowe’s Companies Inc.		233,004		47,267,192


				162,312,474

Technology Hardware, Storage & Peripherals — 9.1%
Apple Inc.		5,176,226		732,435,979


Textiles, Apparel & Luxury Goods — 0.8%
Nike Inc., Class B		421,282		61,182,785


Tobacco — 0.9%
Altria Group Inc.		607,843		27,669,013
Philip Morris International Inc.		513,725		48,695,993


				76,365,006

Wireless Telecommunication Services — 0.3%
T-Mobile U.S. Inc.^(a)		193,336		24,700,607


Total Common Stocks — 99.8% (Cost: $5,870,201,983)				8,035,756,462


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		15,323,000		15,323,000


Total Short-Term Investments — 0.2% (Cost: $15,323,000)				15,323,000


Total Investments in Securities — 100.0% (Cost: $5,885,524,983)				8,051,079,462

Other Assets, Less Liabilities — 0.0%				3,260,840


Net Assets — 100.0%			$	8,054,340,302

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P 100 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^(a)	$	8,872,450	$	—		$	(8,882,327	)^(b)	$	9,877	$	—	$	—		—	$	8,638	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,763,000		10,560,000	^(b)		—			—		—		15,323,000		15,323,000		521			—
BlackRock Inc.		33,490,149		4,009,014			(1,531,776	)		692,912		2,888,391		39,548,690		47,157		371,845			—


									$	702,789	$	2,888,391	$	54,871,690			$	381,004		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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
S&P 500 E-Mini Index		86		12/17/21	$	18,480	$	(732,399	)

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)	$	732,399

^(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	$	2,395,041


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(803,058	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	14,885,912

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

Fair Value Hierarchy as of Period End

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


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^® S&P 100 ETF

Fair Value Hierarchy as of Period End (continued)

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




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	8,035,756,462		$	—	$	—	$	8,035,756,462
Money Market Funds		15,323,000			—		—		15,323,000


	$	8,051,079,462		$	—	$	—	$	8,051,079,462

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(732,399	)	$	—	$	—	$	(732,399	)

^(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^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.4%
L3Harris Technologies Inc.		204,356	$	45,007,365
Lockheed Martin Corp.		202,548		69,899,315
TransDigm Group Inc.^(a)		56,049		35,006,524


				149,913,204

Air Freight & Logistics — 0.7%
Expeditors International of Washington Inc.		197,441		23,521,146
FedEx Corp.		280,106		61,424,445
United Parcel Service Inc., Class B		907,676		165,287,800


				250,233,391

Auto Components — 0.1%
Aptiv PLC^(a)		323,388		48,175,110


Automobiles — 3.2%
Tesla Inc.^(a)		1,445,792		1,121,182,780


Banks — 0.3%
First Republic Bank/CA		167,958		32,395,739
SVB Financial Group^(a)		104,462		67,574,379


				99,970,118

Beverages — 1.0%
Brown-Forman Corp., Class B, NVS		160,555		10,758,791
Coca-Cola Co. (The)		2,426,161		127,300,668
Monster Beverage Corp.^(a)		668,682		59,399,022
PepsiCo Inc.		1,034,206		155,554,924


				353,013,405

Biotechnology — 2.1%
AbbVie Inc.		2,329,931		251,329,657
Amgen Inc.		506,623		107,733,381
Biogen Inc.^(a)		141,345		39,999,222
Incyte Corp.^(a)		208,397		14,333,546
Moderna Inc.^(a)(b)		362,590		139,546,387
Regeneron Pharmaceuticals Inc.^(a)(b)		187,211		113,296,353
Vertex Pharmaceuticals Inc.^(a)		461,411		83,695,341


				749,933,887

Building Products — 0.3%
Allegion PLC		68,277		9,024,854
Carrier Global Corp.		990,828		51,285,257
Fortune Brands Home & Security Inc.		139,562		12,479,634
Masco Corp.		191,143		10,617,994
Trane Technologies PLC		195,010		33,668,476


				117,076,215

Capital Markets — 1.9%
BlackRock Inc.^(c)		178,255		149,495,338
Cboe Global Markets Inc.		96,852		11,996,089
Intercontinental Exchange Inc.		541,903		62,221,302
MarketAxess Holdings Inc.		67,216		28,277,099
Moody’s Corp.		207,780		73,784,756
MSCI Inc.		146,917		89,375,488
Nasdaq Inc.		136,385		26,325,033
S&P Global Inc.		430,028		182,714,597
T Rowe Price Group Inc.		242,273		47,655,099


				671,844,801

Chemicals — 1.2%
Air Products & Chemicals Inc.		181,104		46,382,546
Albemarle Corp.		209,466		45,866,770
Dow Inc.		651,856		37,520,831
Ecolab Inc.		202,901		42,329,207
FMC Corp.		229,146		20,980,608


Security	Shares		Value

Chemicals (continued)
Linde PLC		533,256	$	156,446,645
Sherwin-Williams Co. (The)		297,825		83,310,587


				432,837,194

Commercial Services & Supplies — 0.4%
Cintas Corp.		103,065		39,232,723
Copart Inc.^(a)		379,909		52,700,976
Rollins Inc.		406,872		14,374,788
Waste Management Inc.		269,307		40,223,694


				146,532,181

Communications Equipment — 0.2%
Arista Networks Inc.^(a)		100,252		34,450,597
F5 Networks Inc.^(a)		48,636		9,667,864
Motorola Solutions Inc.		135,970		31,588,551


				75,707,012

Construction & Engineering — 0.1%
Quanta Services Inc.		142,322		16,199,090


Construction Materials — 0.1%
Vulcan Materials Co.		98,900		16,729,924


Containers & Packaging — 0.2%
Avery Dennison Corp.		61,666		12,777,812
Ball Corp.		371,336		33,409,100
Sealed Air Corp.		176,260		9,657,285


				55,844,197

Distributors — 0.1%
Pool Corp.		71,036		30,858,749


Electric Utilities — 0.4%
NextEra Energy Inc.		1,505,139		118,183,514
NRG Energy Inc.		254,003		10,370,943


				128,554,457

Electrical Equipment — 0.4%
AMETEK Inc.		201,870		25,033,899
Emerson Electric Co.		426,663		40,191,655
Generac Holdings Inc.^(a)(b)		111,941		45,746,928
Rockwell Automation Inc.		115,087		33,840,181


				144,812,663

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		660,815		48,391,483
CDW Corp./DE		107,961		19,651,061
Corning Inc.		644,588		23,521,016
IPG Photonics Corp.^(a)		27,194		4,307,530
Keysight Technologies Inc.^(a)		188,896		31,033,724
TE Connectivity Ltd.		221,919		30,451,725
Teledyne Technologies Inc.^(a)		40,700		17,483,906
Trimble Inc.^(a)		449,209		36,947,440
Zebra Technologies Corp., Class A^(a)(b)		69,146		35,639,231


				247,427,116

Entertainment — 1.8%
Activision Blizzard Inc.		817,779		63,287,917
Electronic Arts Inc.		273,796		38,947,481
Netflix Inc.^(a)		788,622		481,327,551
Take-Two Interactive Software Inc.^(a)		207,971		32,042,092


				615,605,041

Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.		412,927		109,594,955
Crown Castle International Corp.		462,692		80,193,778
Duke Realty Corp.		275,712		13,198,333


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^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Equinix Inc.		92,759	$	73,291,669
Extra Space Storage Inc.		114,268		19,195,881
Public Storage		116,811		34,704,548
SBA Communications Corp.		127,595		42,179,079


				372,358,243

Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		418,056		187,853,463


Food Products — 0.1%
Hershey Co. (The)		104,924		17,758,387
Lamb Weston Holdings Inc.		92,021		5,647,329
McCormick & Co. Inc./MD, NVS		194,006		15,720,306


				39,126,022

Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		1,863,388		220,122,024
ABIOMED Inc.^(a)		81,001		26,367,446
Align Technology Inc.^(a)		130,923		87,120,092
Cooper Companies Inc. (The)		35,500		14,672,505
Danaher Corp.		769,799		234,357,608
Dexcom Inc.^(a)(b)		172,634		94,406,629
Edwards Lifesciences Corp.^(a)		631,765		71,522,116
Hologic Inc.^(a)		324,925		23,982,714
IDEXX Laboratories Inc.^(a)		151,800		94,404,420
Intuitive Surgical Inc.^(a)		148,210		147,342,972
ResMed Inc.		259,018		68,264,194
STERIS PLC		101,450		20,724,206
Stryker Corp.		293,870		77,499,396
Teleflex Inc.		38,877		14,639,134
West Pharmaceutical Services Inc.		131,761		55,937,815


				1,251,363,271

Health Care Providers & Services — 1.2%
DaVita Inc.^(a)		120,678		14,030,024
Humana Inc.		119,218		46,393,685
UnitedHealth Group Inc.		873,650		341,370,001


				401,793,710

Health Care Technology — 0.0%
Cerner Corp.		226,132		15,946,829


Hotels, Restaurants & Leisure — 1.6%
Booking Holdings Inc.^(a)		27,838		66,083,793
Caesars Entertainment Inc.^(a)(b)		222,036		24,930,202
Chipotle Mexican Grill Inc.^(a)		50,047		90,961,423
Domino’s Pizza Inc.		66,244		31,595,738
Expedia Group Inc.^(a)		94,434		15,477,733
Hilton Worldwide Holdings Inc.^(a)		182,359		24,091,448
McDonald’s Corp.		533,009		128,513,800
Penn National Gaming Inc.^(a)		167,837		12,161,469
Starbucks Corp.		1,218,126		134,371,479
Yum! Brands Inc.		225,471		27,577,358


				555,764,443

Household Durables — 0.2%
DR Horton Inc.		347,504		29,179,911
Garmin Ltd.		153,370		23,842,900
PulteGroup Inc.		232,438		10,673,553


				63,696,364

Household Products — 1.2%
Church & Dwight Co. Inc.		295,261		24,379,700
Clorox Co. (The)		146,054		24,188,003
Colgate-Palmolive Co.		782,624		59,150,722


Security	Shares		Value

Household Products (continued)
Kimberly-Clark Corp.		230,718	$	30,556,292
Procter & Gamble Co. (The)		2,076,086		290,236,823


				428,511,540

Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		447,459		10,215,489


Industrial Conglomerates — 0.1%
Roper Technologies Inc.		101,408		45,241,151


Insurance — 0.7%
Aon PLC, Class A		208,325		59,533,035
Arthur J Gallagher & Co.		160,023		23,787,419
Brown & Brown Inc.		416,872		23,115,553
Marsh & McLennan Companies Inc.		442,935		67,073,647
Progressive Corp. (The)		665,565		60,160,420


				233,670,074

Interactive Media & Services — 12.4%
Alphabet Inc., Class A^(a)		536,461		1,434,239,213
Alphabet Inc., Class C, NVS^(a)		502,018		1,338,033,595
Facebook Inc., Class A^(a)		4,247,472		1,441,549,522
Match Group Inc.^(a)(b)		351,306		55,151,529
Twitter Inc.^(a)		1,421,864		85,866,367


				4,354,840,226

Internet & Direct Marketing Retail — 7.6%
Amazon.com Inc.^(a)		776,039		2,549,319,157
eBay Inc.		1,155,706		80,518,037
Etsy Inc.^(a)		225,845		46,966,726


				2,676,803,920

IT Services — 5.2%
Accenture PLC, Class A		632,542		202,362,837
Akamai Technologies Inc.^(a)(b)		184,463		19,292,985
Automatic Data Processing Inc.		361,764		72,323,859
Broadridge Financial Solutions Inc.		102,328		17,051,938
Cognizant Technology Solutions Corp., Class A		476,210		35,339,544
Fiserv Inc.^(a)		722,147		78,352,949
FleetCor Technologies Inc.^(a)		63,368		16,556,157
Gartner Inc.^(a)		79,509		24,161,195
Jack Henry & Associates Inc.		61,733		10,127,916
Mastercard Inc., Class A		1,055,524		366,984,584
Paychex Inc.		299,970		33,731,627
PayPal Holdings Inc.^(a)		2,093,665		544,792,570
VeriSign Inc.^(a)		72,713		14,906,892
Visa Inc., Class A		1,804,232		401,892,678


				1,837,877,731

Life Sciences Tools & Services — 2.2%
Agilent Technologies Inc.		389,287		61,324,381
Bio-Rad Laboratories Inc., Class A^(a)		38,350		28,607,183
Bio-Techne Corp.		68,935		33,403,833
Charles River Laboratories International Inc.^(a)		89,799		37,057,353
Illumina Inc.^(a)		130,689		53,008,765
IQVIA Holdings Inc.^(a)		218,545		52,350,269
Mettler-Toledo International Inc.^(a)		41,180		56,719,685
PerkinElmer Inc.		199,713		34,608,266
Thermo Fisher Scientific Inc.		700,991		400,497,188
Waters Corp.^(a)(b)		59,619		21,301,869


				778,878,792

Machinery — 1.1%
Caterpillar Inc.		459,135		88,140,146
Cummins Inc.		110,170		24,739,775


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^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Deere & Co.		378,829	$	126,934,233
IDEX Corp.		60,032		12,423,622
Illinois Tool Works Inc.		224,443		46,376,657
Otis Worldwide Corp.		395,959		32,579,507
Parker-Hannifin Corp.		119,564		33,432,486
Xylem Inc./NY		147,269		18,214,230


				382,840,656

Media — 1.0%
Charter Communications Inc., Class A^(a)		225,835		164,308,513
Comcast Corp., Class A		3,589,470		200,759,057


				365,067,570

Metals & Mining — 0.3%
Freeport-McMoRan Inc.		1,616,628		52,588,909
Newmont Corp.		783,623		42,550,729


				95,139,638

Multiline Retail — 0.6%
Dollar General Corp.		421,471		89,410,858
Target Corp.		581,620		133,057,207


				222,468,065

Oil, Gas & Consumable Fuels — 0.1%
Hess Corp.		257,276		20,095,828


Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		231,477		69,426,897


Pharmaceuticals — 2.7%
Bristol-Myers Squibb Co.		2,061,770		121,994,931
Catalent Inc.^(a)		305,179		40,610,169
Eli Lilly & Co.		862,581		199,299,340
Johnson & Johnson		1,876,218		303,009,207
Merck & Co. Inc.		2,163,006		162,463,381
Organon & Co.		218,063		7,150,286
Zoetis Inc.		617,330		119,848,446


				954,375,760

Professional Services — 0.5%
Equifax Inc.		108,193		27,418,270
IHS Markit Ltd.		462,286		53,911,793
Jacobs Engineering Group Inc.		145,558		19,290,802
Verisk Analytics Inc.		287,910		57,659,736


				158,280,601

Road & Rail — 0.9%
CSX Corp.		2,091,786		62,209,715
JB Hunt Transport Services Inc.		90,068		15,061,171
Kansas City Southern		81,813		22,141,870
Norfolk Southern Corp.		198,299		47,443,036
Old Dominion Freight Line Inc.		167,367		47,863,615
Union Pacific Corp.		558,518		109,475,113


				304,194,520

Semiconductors & Semiconductor Equipment — 7.5%
Advanced Micro Devices Inc.^(a)		2,160,820		222,348,378
Analog Devices Inc.		412,316		69,054,684
Applied Materials Inc.		1,628,183		209,595,998
Broadcom Inc.		497,094		241,055,793
Enphase Energy Inc.^(a)		240,217		36,025,343
KLA Corp.		272,519		91,160,331
Lam Research Corp.		253,653		144,366,605
Microchip Technology Inc.		350,191		53,750,817
Monolithic Power Systems Inc.		77,041		37,340,232
NVIDIA Corp.		4,440,251		919,842,397


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
NXP Semiconductors NV		25,928	$	5,078,517
Qorvo Inc.^(a)		198,994		33,269,807
QUALCOMM Inc.		2,009,868		259,232,775
Skyworks Solutions Inc.		151,826		25,017,888
Teradyne Inc.		294,255		32,123,818
Texas Instruments Inc.		871,209		167,455,082
Xilinx Inc.		439,489		66,358,444


				2,613,076,909

Software — 16.8%
Adobe Inc.^(a)		848,835		488,691,286
ANSYS Inc.^(a)		155,479		52,932,826
Autodesk Inc.^(a)		392,583		111,952,894
Cadence Design Systems Inc.^(a)		493,102		74,675,367
Ceridian HCM Holding Inc.^(a)		143,075		16,113,106
Citrix Systems Inc.		141,561		15,199,405
Fortinet Inc.^(a)		241,632		70,566,209
Intuit Inc.		486,903		262,689,038
Microsoft Corp.		13,390,028		3,774,916,694
Oracle Corp.		1,616,630		140,856,972
Paycom Software Inc.^(a)		86,034		42,651,355
PTC Inc.^(a)(b)		188,173		22,541,244
salesforce.com Inc.^(a)		1,731,057		469,497,280
ServiceNow Inc.^(a)		353,309		219,853,591
Synopsys Inc.^(a)		271,917		81,414,669
Tyler Technologies Inc.^(a)		72,570		33,284,230


				5,877,836,166

Specialty Retail — 2.3%
AutoZone Inc.^(a)		21,377		36,297,932
Bath & Body Works Inc.		264,164		16,650,257
Best Buy Co. Inc.		202,295		21,384,604
Home Depot Inc. (The)		1,364,044		447,761,083
Lowe’s Companies Inc.		894,279		181,413,438
O’Reilly Automotive Inc.^(a)		83,276		50,886,633
Tractor Supply Co.		203,998		41,332,035
Ulta Beauty Inc.^(a)		49,074		17,711,788


				813,437,770

Technology Hardware, Storage & Peripherals — 11.3%
Apple Inc.		27,980,727		3,959,272,870


Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		1,457,199		211,629,011


Trading Companies & Distributors — 0.3%
Fastenal Co.		768,864		39,681,071
United Rentals Inc.^(a)		128,845		45,215,576
WW Grainger Inc.		47,442		18,647,552


				103,544,199

Water Utilities — 0.1%
American Water Works Co. Inc.		162,849		27,527,995


Wireless Telecommunication Services — 0.3%
T-Mobile U.S. Inc.^(a)		722,134		92,259,840


Total Common Stocks — 99.9% (Cost: $19,533,491,272)				34,996,866,098


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		137,170,306		137,238,891


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^® S&P 500 Growth 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)		42,330,000	$	42,330,000


				179,568,891


Total Short-Term Investments — 0.5% (Cost: $179,545,240)				179,568,891


Total Investments in Securities — 100.4% (Cost: $19,713,036,512)				35,176,434,989

Other Assets, Less Liabilities — (0.4)%				(132,550,948	)


Net Assets — 100.0%			$	35,043,884,041

^(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	$	52,646,251	$	84,603,846	^(a)	$	—		$	28,280	$	(39,486	)	$	137,238,891		137,170,306	$	98,814	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		37,060,000		5,270,000	^(a)		—			—		—			42,330,000		42,330,000		1,500			—
BlackRock Inc.		135,626,849		5,438,380			(6,718,183	)		2,638,966		12,509,326			149,495,338		178,255		1,467,261			—


									$	2,667,246	$	12,469,840		$	329,064,229			$	1,567,575		$	—

^(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
S&P 500 E-Mini Index		189		12/17/21	$	40,614	$	(1,637,590	)

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)	$	1,637,590

^(a)


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^® S&P 500 Growth 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	$	5,931,158


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,010,292	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	40,952,433

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	$	34,996,866,098		$	—	$	—	$	34,996,866,098
Money Market Funds		179,568,891			—		—		179,568,891


	$	35,176,434,989		$	—	$	—	$	35,176,434,989

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,637,590	)	$	—	$	—	$	(1,637,590	)

^(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^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.7%
Boeing Co. (The)^(a)		712,943	$	156,804,683
General Dynamics Corp.		300,231		58,854,283
Howmet Aerospace Inc.		499,981		15,599,407
Huntington Ingalls Industries Inc.		51,244		9,893,167
L3Harris Technologies Inc.		111,450		24,545,748
Lockheed Martin Corp.		172,207		59,428,636
Northrop Grumman Corp.		194,752		70,139,933
Raytheon Technologies Corp.		1,951,135		167,719,565
Textron Inc.		289,355		20,199,872
TransDigm Group Inc.^(a)		27,251		17,020,157


				600,205,451

Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.		171,266		14,900,142
Expeditors International of Washington Inc.		76,580		9,122,975
FedEx Corp.		114,262		25,056,514
United Parcel Service Inc., Class B		282,718		51,482,948


				100,562,579

Airlines — 0.5%
Alaska Air Group Inc.^(a)		159,221		9,330,351
American Airlines Group Inc.^(a)		842,505		17,288,203
Delta Air Lines Inc.^(a)		828,032		35,282,443
Southwest Airlines Co.^(a)		765,568		39,373,162
United Airlines Holdings Inc.^(a)		417,275		19,849,772


				121,123,931

Auto Components — 0.1%
Aptiv PLC^(a)		114,986		17,129,464
BorgWarner Inc.		309,499		13,373,452


				30,502,916

Automobiles — 0.8%
Ford Motor Co.^(a)		5,077,395		71,895,913
General Motors Co.^(a)		1,878,476		99,014,470


				170,910,383

Banks — 9.2%
Bank of America Corp.		9,581,942		406,753,438
Citigroup Inc.		2,622,587		184,053,156
Citizens Financial Group Inc.		551,190		25,894,906
Comerica Inc.		174,279		14,029,459
Fifth Third Bancorp		893,183		37,906,687
First Republic Bank/CA		107,231		20,682,715
Huntington Bancshares Inc./OH		1,909,638		29,523,003
JPMorgan Chase & Co.		3,866,554		632,916,224
KeyCorp.		1,233,674		26,672,032
M&T Bank Corp.		167,274		24,980,699
People’s United Financial Inc.		547,423		9,563,480
PNC Financial Services Group Inc. (The)		549,918		107,585,957
Regions Financial Corp.		1,241,099		26,447,820
Truist Financial Corp.		1,727,224		101,301,688
U.S. Bancorp.		1,745,797		103,770,174
Wells Fargo & Co.		5,313,537		246,601,252
Zions Bancorp. NA		208,108		12,879,804


				2,011,562,494

Beverages — 1.8%
Brown-Forman Corp., Class B, NVS		117,822		7,895,252
Coca-Cola Co. (The)		3,267,547		171,448,191
Constellation Brands Inc., Class A		218,530		46,042,086
Molson Coors Beverage Co., Class B		247,404		11,474,598


Security	Shares		Value

Beverages (continued)
PepsiCo Inc.		1,037,274	$	156,016,382


				392,876,509

Biotechnology — 1.6%
AbbVie Inc.		594,528		64,131,735
Amgen Inc.		367,392		78,125,909
Biogen Inc.^(a)		90,388		25,578,900
Gilead Sciences Inc.		1,622,380		113,323,243
Incyte Corp.^(a)		92,210		6,342,204
Moderna Inc.^(a)		190,844		73,448,222


				360,950,213

Building Products — 0.7%
A O Smith Corp.		171,360		10,464,955
Allegion PLC		67,303		8,896,110
Carrier Global Corp.		406,476		21,039,198
Fortune Brands Home & Security Inc.		77,154		6,899,111
Johnson Controls International PLC		921,597		62,742,324
Masco Corp.		180,118		10,005,555
Trane Technologies PLC		165,774		28,620,881


				148,668,134

Capital Markets — 4.3%
Ameriprise Financial Inc.		147,169		38,870,276
Bank of New York Mellon Corp. (The)		1,027,565		53,268,970
BlackRock Inc.^(b)		55,529		46,569,951
Cboe Global Markets Inc.		66,730		8,265,178
Charles Schwab Corp. (The)		1,942,529		141,493,812
CME Group Inc.		464,705		89,864,653
Franklin Resources Inc.		366,440		10,890,597
Goldman Sachs Group Inc. (The)		436,197		164,895,552
Intercontinental Exchange Inc.		335,200		38,487,664
Invesco Ltd.		444,302		10,712,121
Moody’s Corp.		59,034		20,963,564
Morgan Stanley		1,888,724		183,791,732
Nasdaq Inc.		53,312		10,290,282
Northern Trust Corp.		269,648		29,070,751
Raymond James Financial Inc.		241,428		22,278,976
State Street Corp.		473,109		40,081,795
T Rowe Price Group Inc.		117,229		23,058,944


				932,854,818

Chemicals — 2.2%
Air Products & Chemicals Inc.		154,671		39,612,790
Celanese Corp.		144,593		21,781,489
CF Industries Holdings Inc.		275,861		15,398,561
Corteva Inc.		952,426		40,078,086
Dow Inc.		492,181		28,329,938
DuPont de Nemours Inc.		676,808		46,016,176
Eastman Chemical Co.		174,881		17,617,512
Ecolab Inc.		173,919		36,282,982
International Flavors & Fragrances Inc.		322,283		43,095,683
Linde PLC		280,650		82,337,097
LyondellBasell Industries NV, Class A		341,465		32,046,490
Mosaic Co. (The)		445,469		15,912,153
PPG Industries Inc.		307,133		43,923,090
Sherwin-Williams Co. (The)		96,960		27,122,621


				489,554,668

Commercial Services & Supplies — 0.4%
Cintas Corp.		38,177		14,532,457
Republic Services Inc.		272,117		32,670,367
Waste Management Inc.		305,783		45,671,749


				92,874,573


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^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment — 1.6%
Cisco Systems Inc.		5,453,030	$	296,808,423
F5 Networks Inc.^(a)		43,933		8,733,002
Juniper Networks Inc.		418,784		11,524,936
Motorola Solutions Inc.		120,686		28,037,771


				345,104,132

Construction & Engineering — 0.0%
Quanta Services Inc.		75,165		8,555,280


Construction Materials — 0.2%
Martin Marietta Materials Inc.		80,593		27,537,016
Vulcan Materials Co.		99,325		16,801,817


				44,338,833

Consumer Finance — 1.4%
American Express Co.		832,650		139,493,854
Capital One Financial Corp.		577,247		93,496,697
Discover Financial Services		387,509		47,605,481
Synchrony Financial		736,766		36,013,122


				316,609,154

Containers & Packaging — 0.5%
Amcor PLC		2,007,911		23,271,689
Avery Dennison Corp.		62,533		12,957,463
Ball Corp.		152,136		13,687,676
International Paper Co.		504,770		28,226,738
Packaging Corp. of America		122,505		16,837,087
Sealed Air Corp.		64,566		3,537,571
Westrock Co.		348,962		17,388,777


				115,907,001

Distributors — 0.2%
Genuine Parts Co.		185,763		22,520,048
LKQ Corp.^(a)		351,828		17,703,985


				40,224,033

Diversified Financial Services — 3.0%
Berkshire Hathaway Inc., Class B^(a)		2,398,586		654,670,063


Diversified Telecommunication Services — 2.5%
AT&T Inc.		9,238,889		249,542,392
Lumen Technologies Inc.		1,287,118		15,947,392
Verizon Communications Inc.		5,357,159		289,340,158


				554,829,942

Electric Utilities — 2.9%
Alliant Energy Corp.		322,735		18,066,705
American Electric Power Co. Inc.		647,311		52,548,707
Duke Energy Corp.		995,492		97,150,064
Edison International		491,325		27,253,798
Entergy Corp.		260,024		25,822,983
Evergy Inc.		296,696		18,454,491
Eversource Energy		444,653		36,354,829
Exelon Corp.		1,265,285		61,163,877
FirstEnergy Corp.		701,833		24,999,292
NextEra Energy Inc.		1,446,913		113,611,609
NRG Energy Inc.		129,427		5,284,504
Pinnacle West Capital Corp.		145,532		10,530,696
PPL Corp.		994,099		27,715,480
Southern Co. (The)		1,370,074		84,903,486
Xcel Energy Inc.		696,716		43,544,750


				647,405,271

Electrical Equipment — 0.7%
AMETEK Inc.		153,415		19,024,994
Eaton Corp. PLC		515,772		77,009,917


Security	Shares		Value

Electrical Equipment (continued)
Emerson Electric Co.		464,120	$	43,720,104
Rockwell Automation Inc.		66,009		19,409,287


			159,164,302

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		293,942		21,525,373
CDW Corp./DE		100,190		18,236,584
Corning Inc.		528,416		19,281,900
IPG Photonics Corp.^(a)		25,247		3,999,125
Keysight Technologies Inc.^(a)		102,504		16,840,382
TE Connectivity Ltd.		262,254		35,986,494
Teledyne Technologies Inc.^(a)		30,630		13,158,035
Zebra Technologies Corp., Class A^(a)(c)		18,608		9,590,935


			138,618,828

Energy Equipment & Services — 0.5%

Baker Hughes Co.		1,068,657		26,427,887
Halliburton Co.		1,152,269		24,912,056
Schlumberger NV		1,809,517		53,634,084


			104,974,027

Entertainment — 2.1%
Activision Blizzard Inc.		412,289		31,907,046
Electronic Arts Inc.		169,899		24,168,133
Live Nation Entertainment Inc.^(a)		171,458		15,624,968
Walt Disney Co. (The)^(a)		2,351,297		397,768,913


			469,469,060

Equity Real Estate Investment Trusts (REITs) — 4.1%
Alexandria Real Estate Equities Inc.		178,919		34,186,053
American Tower Corp.		288,583		76,592,814
AvalonBay Communities Inc.		180,661		40,041,704
Boston Properties Inc.		184,884		20,032,181
Crown Castle International Corp.		223,695		38,770,817
Digital Realty Trust Inc.		365,660		52,819,587
Duke Realty Corp.		288,681		13,819,159
Equinix Inc.		48,773		38,537,010
Equity Residential		440,317		35,630,452
Essex Property Trust Inc.		84,154		26,907,400
Extra Space Storage Inc.		90,433		15,191,840
Federal Realty Investment Trust		91,044		10,742,282
Healthpeak Properties Inc.		695,513		23,285,775
Host Hotels & Resorts Inc.^(a)		923,242		15,076,542
Iron Mountain Inc.		372,222		16,173,046
Kimco Realty Corp.		798,345		16,565,659
Mid-America Apartment Communities Inc.		149,822		27,979,259
Prologis Inc.		956,559		119,981,195
Public Storage		112,435		33,404,439
Realty Income Corp.		505,603		32,793,411