LOGO

  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.

 

 

 

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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           Account Value             Paid During       Account Value              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   

 

 

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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 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

    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   

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           Account Value             Paid During       Account Value              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)

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

  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 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

    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   

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           Account Value             Paid During       Account Value              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)

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)

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   

 

 

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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 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

    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   

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           Account Value             Paid During       Account Value              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)

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

  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 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

    2.07      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.

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             Account Value             Paid During       Account Value              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)

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)

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   

 

 

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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 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

    2.12      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   

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.

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           Account Value             Paid During       Account Value              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)

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

  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 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

    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   

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.

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           Account Value             Paid During       Account Value              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)

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)

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

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

  $ 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)

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

     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)

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).

 

 

 

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

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

   $ 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