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
Regency Centers Corp.		198,949		13,395,236
SBA Communications Corp.		49,607		16,398,586
Simon Property Group Inc.		425,210		55,264,544
UDR Inc.		361,713		19,163,555
Ventas Inc.		508,102		28,052,311
Vornado Realty Trust		205,030		8,613,310
Welltower Inc.		546,426		45,025,502
Weyerhaeuser Co.		970,196		34,509,872


			908,953,541

Food & Staples Retailing — 2.3%
Costco Wholesale Corp.		268,847		120,806,400
Kroger Co. (The)		879,401		35,554,182
Sysco Corp.		661,976		51,965,116
Walgreens Boots Alliance Inc.		928,985		43,708,744


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food & Staples Retailing (continued)
Walmart Inc.		1,849,189	$	257,739,963


				509,774,405

Food Products — 1.7%
Archer-Daniels-Midland Co.		723,798		43,435,118
Campbell Soup Co.		262,120		10,959,237
Conagra Brands Inc.		619,416		20,979,620
General Mills Inc.		786,766		47,064,342
Hershey Co. (The)		111,182		18,817,554
Hormel Foods Corp.		361,796		14,833,636
JM Smucker Co. (The)		140,283		16,838,168
Kellogg Co.		332,673		21,264,458
Kraft Heinz Co. (The)		869,473		32,013,996
Lamb Weston Holdings Inc.		115,749		7,103,516
McCormick & Co. Inc./MD, NVS		180,121		14,595,205
Mondelez International Inc., Class A		1,808,725		105,231,621
Tyson Foods Inc., Class A		380,528		30,038,880


				383,175,351

Gas Utilities — 0.1%
Atmos Energy Corp.		170,943		15,077,173


Health Care Equipment & Supplies — 4.0%
Abbott Laboratories		940,524		111,104,100
Baxter International Inc.		646,403		51,990,193
Becton Dickinson and Co.		371,609		91,348,924
Boston Scientific Corp.^(a)		1,842,411		79,942,213
Cooper Companies Inc. (The)		37,441		15,474,740
Danaher Corp.		263,082		80,092,684
DENTSPLY SIRONA Inc.		282,800		16,416,540
Edwards Lifesciences Corp.^(a)		346,822		39,263,719
Hologic Inc.^(a)		90,094		6,649,838
Intuitive Surgical Inc.^(a)		46,150		45,880,023
Medtronic PLC		1,738,966		217,979,388
STERIS PLC		55,829		11,404,748
Stryker Corp.		221,472		58,406,596
Teleflex Inc.		32,510		12,241,641
Zimmer Biomet Holdings Inc.		270,239		39,552,180


				877,747,527

Health Care Providers & Services — 4.1%
AmerisourceBergen Corp.		194,687		23,255,362
Anthem Inc.		315,494		117,616,163
Cardinal Health Inc.		375,169		18,555,859
Centene Corp.^(a)(c)		754,433		47,008,720
Cigna Corp.		440,088		88,088,014
CVS Health Corp.		1,707,475		144,896,329
HCA Healthcare Inc.		318,977		77,422,097
Henry Schein Inc.^(a)		178,915		13,626,166
Humana Inc.		80,075		31,161,186
Laboratory Corp. of America Holdings^(a)		125,070		35,199,701
McKesson Corp.		200,137		39,903,315
Quest Diagnostics Inc.		157,550		22,893,591
UnitedHealth Group Inc.		585,644		228,834,537
Universal Health Services Inc., Class B		98,739		13,662,515


				902,123,555

Health Care Technology — 0.1%
Cerner Corp.		219,250		15,461,510


Hotels, Restaurants & Leisure — 2.6%
Booking Holdings Inc.^(a)		32,942		78,200,025
Caesars Entertainment Inc.^(a)(c)		116,652		13,097,687
Carnival Corp.^(a)		1,033,281		25,842,358


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Darden Restaurants Inc.		168,519	$	25,525,573
Expedia Group Inc.^(a)		120,509		19,751,425
Hilton Worldwide Holdings Inc.^(a)		227,178		30,012,486
Las Vegas Sands Corp.^(a)		447,356		16,373,230
Marriott International Inc./MD, Class A^(a)(c)		353,958		52,417,640
McDonald’s Corp.		579,793		139,793,890
MGM Resorts International		520,468		22,458,194
Norwegian Cruise Line Holdings Ltd.^(a)(c)		477,103		12,743,421
Penn National Gaming Inc.^(a)(c)		81,607		5,913,243
Royal Caribbean Cruises Ltd.^(a)		289,079		25,713,577
Starbucks Corp.		640,807		70,687,420
Wynn Resorts Ltd.^(a)		136,201		11,543,035
Yum! Brands Inc.		217,467		26,598,389


				576,671,593

Household Durables — 0.6%
DR Horton Inc.		168,902		14,182,701
Garmin Ltd.		86,994		13,524,087
Leggett & Platt Inc.		170,750		7,656,430
Lennar Corp., Class A		356,069		33,356,544
Mohawk Industries Inc.^(a)		72,757		12,907,092
Newell Brands Inc.		487,523		10,793,759
NVR Inc.^(a)		4,368		20,940,541
PulteGroup Inc.		164,690		7,562,565
Whirlpool Corp.		80,953		16,503,079


				137,426,798

Household Products — 1.5%
Church & Dwight Co. Inc.		103,284		8,528,160
Clorox Co. (The)		52,613		8,713,239
Colgate-Palmolive Co.		522,677		39,503,928
Kimberly-Clark Corp.		270,223		35,788,334
Procter & Gamble Co. (The)		1,633,323		228,338,555


				320,872,216

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		532,841		12,164,759


Industrial Conglomerates — 2.3%
3M Co.		748,730		131,342,217
General Electric Co.		1,420,333		146,336,909
Honeywell International Inc.		893,345		189,639,276
Roper Technologies Inc.		62,754		27,996,442


				495,314,844

Insurance — 3.4%
Aflac Inc.		798,484		41,624,971
Allstate Corp. (The)		382,602		48,709,061
American International Group Inc.		1,105,762		60,695,276
Aon PLC, Class A		140,220		40,070,669
Arthur J Gallagher & Co.		153,353		22,795,923
Assurant Inc.		76,526		12,071,977
Chubb Ltd.		567,708		98,485,984
Cincinnati Financial Corp.		193,468		22,097,915
Everest Re Group Ltd.		51,632		12,948,273
Globe Life Inc.		119,761		10,662,322
Hartford Financial Services Group Inc. (The)		448,601		31,514,220
Lincoln National Corp.		228,658		15,720,238
Loews Corp.		264,493		14,264,108
Marsh & McLennan Companies Inc.		334,335		50,628,349
MetLife Inc.		942,481		58,179,352
Principal Financial Group Inc.		323,430		20,828,892
Progressive Corp. (The)		272,578		24,638,325
Prudential Financial Inc.		500,505		52,653,126


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Travelers Companies Inc. (The)		322,833	$	49,073,844
W R Berkley Corp.		181,473		13,280,194
Willis Towers Watson PLC		166,969		38,813,614


				739,756,633

Interactive Media & Services — 0.1%
Match Group Inc.^(a)		104,432		16,394,780


IT Services — 4.5%
Accenture PLC, Class A		361,046		115,505,836
Akamai Technologies Inc.^(a)		75,829		7,930,955
Automatic Data Processing Inc.		284,667		56,910,627
Broadridge Financial Solutions Inc.		74,841		12,471,504
Cognizant Technology Solutions Corp., Class A		333,978		24,784,507
DXC Technology Co.^(a)		322,052		10,824,168
Fidelity National Information Services Inc.		799,267		97,254,809
Fiserv Inc.^(a)		246,580		26,753,930
FleetCor Technologies Inc.^(a)		60,449		15,793,510
Gartner Inc.^(a)		51,160		15,546,501
Global Payments Inc.		379,866		59,859,284
International Business Machines Corp.		1,159,810		161,132,403
Jack Henry & Associates Inc.		49,906		8,187,578
Mastercard Inc., Class A		360,725		125,416,868
Paychex Inc.		194,770		21,901,887
VeriSign Inc.^(a)		73,254		15,017,803
Visa Inc., Class A		873,504		194,573,016
Western Union Co. (The)		520,373		10,521,942


				980,387,128

Leisure Products — 0.1%
Hasbro Inc.		168,415		15,025,986


Life Sciences Tools & Services — 0.4%
Agilent Technologies Inc.		109,345		17,225,118
Illumina Inc.^(a)		94,904		38,494,011
IQVIA Holdings Inc.^(a)		89,190		21,364,573
Waters Corp.^(a)(c)		35,924		12,835,645


				89,919,347

Machinery — 2.1%
Caterpillar Inc.		375,464		72,077,824
Cummins Inc.		106,511		23,918,110
Deere & Co.		92,151		30,877,036
Dover Corp.		186,241		28,960,475
Fortive Corp.		465,344		32,839,326
IDEX Corp.		53,952		11,165,366
Illinois Tool Works Inc.		207,693		42,915,605
Ingersoll Rand Inc.^(a)		523,066		26,367,757
Otis Worldwide Corp.		265,734		21,864,594
PACCAR Inc.		449,229		35,453,153
Parker-Hannifin Corp.		80,164		22,415,458
Pentair PLC		214,617		15,587,633
Snap-on Inc.		69,834		14,591,814
Stanley Black & Decker Inc.		210,447		36,893,464
Westinghouse Air Brake Technologies Corp.		245,988		21,206,625
Xylem Inc./NY		125,743		15,551,894


				452,686,134

Media — 1.5%
Comcast Corp., Class A		3,318,971		185,630,048
Discovery Inc., Class A^(a)(c)		218,111		5,535,657
Discovery Inc., Class C, NVS^(a)(c)		395,236		9,592,378
DISH Network Corp., Class A^(a)(c)		319,589		13,889,338
Fox Corp., Class A, NVS		415,131		16,650,904


Security	Shares		Value

Media (continued)
Fox Corp., Class B		187,855	$	6,973,178
Interpublic Group of Companies Inc. (The)		509,331		18,677,168
News Corp., Class A, NVS		505,174		11,886,744
News Corp., Class B		157,841		3,666,646
Omnicom Group Inc.		277,207		20,086,419
ViacomCBS Inc., Class B, NVS		783,901		30,971,929


				323,560,409

Metals & Mining — 0.4%
Freeport-McMoRan Inc.		720,148		23,426,414
Newmont Corp.		465,312		25,266,442
Nucor Corp.		379,917		37,418,025


				86,110,881

Multi-Utilities — 1.6%
Ameren Corp.		331,984		26,890,704
CenterPoint Energy Inc.		771,508		18,979,097
CMS Energy Corp.		374,656		22,378,203
Consolidated Edison Inc.		458,824		33,306,034
Dominion Energy Inc.		1,046,152		76,390,019
DTE Energy Co.		250,295		27,960,455
NiSource Inc.		507,757		12,302,952
Public Service Enterprise Group Inc.		654,198		39,840,658
Sempra Energy		413,198		52,269,547
WEC Energy Group Inc.		407,942		35,980,484


				346,298,153

Multiline Retail — 0.4%
Dollar Tree Inc.^(a)		299,469		28,665,172
Target Corp.		217,649		49,791,562


				78,456,734

Oil, Gas & Consumable Fuels — 5.4%
APA Corp.		483,620		10,363,977
Cabot Oil & Gas Corp.		515,144		11,209,533
Chevron Corp.		2,502,410		253,869,495
ConocoPhillips		1,732,727		117,426,909
Devon Energy Corp.		819,283		29,092,739
Diamondback Energy Inc.		221,460		20,965,618
EOG Resources Inc.		755,499		60,643,905
Exxon Mobil Corp.		5,478,074		322,220,313
Hess Corp.		168,277		13,144,116
Kinder Morgan Inc.		2,522,210		42,196,573
Marathon Oil Corp.		1,018,528		13,923,278
Marathon Petroleum Corp.		825,811		51,043,378
Occidental Petroleum Corp.		1,146,049		33,900,129
ONEOK Inc.		576,664		33,440,745
Phillips 66		566,763		39,690,413
Pioneer Natural Resources Co.		293,570		48,882,341
Valero Energy Corp.		530,298		37,423,130
Williams Companies Inc. (The)		1,572,104		40,780,378


				1,180,216,970

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		132,031		39,600,058


Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		1,380,164		81,664,304
Eli Lilly & Co.		400,671		92,575,035
Johnson & Johnson		2,043,802		330,074,023
Merck & Co. Inc.		1,703,264		127,932,159
Organon & Co.		170,013		5,574,726
Pfizer Inc.		7,254,842		312,030,754
Viatris Inc.		1,572,991		21,314,028


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Pharmaceuticals (continued)
Zoetis Inc.		165,583	$	32,146,284


				1,003,311,313

Professional Services — 0.4%
Equifax Inc.		78,713		19,947,448
IHS Markit Ltd.		179,751		20,962,562
Jacobs Engineering Group Inc.		65,286		8,652,354
Leidos Holdings Inc.		184,208		17,707,915
Nielsen Holdings PLC		459,307		8,814,101
Robert Half International Inc.		144,765		14,524,272


				90,608,652

Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A^(a)		434,428		42,295,910


Road & Rail — 0.9%
CSX Corp.		1,398,393		41,588,208
JB Hunt Transport Services Inc.		44,368		7,419,217
Kansas City Southern		57,673		15,608,620
Norfolk Southern Corp.		175,535		41,996,749
Union Pacific Corp.		438,796		86,008,404


				192,621,198

Semiconductors & Semiconductor Equipment — 3.4%
Analog Devices Inc.		396,737		66,445,513
Broadcom Inc.		169,870		82,375,059
Intel Corp.		5,249,604		279,698,901
Microchip Technology Inc.		99,228		15,230,506
Micron Technology Inc.		1,456,681		103,395,217
NXP Semiconductors NV		325,237		63,704,171
Skyworks Solutions Inc.		101,973		16,803,111
Texas Instruments Inc.		561,458		107,917,842


				735,570,320

Software — 0.5%
Ceridian HCM Holding Inc.^(a)		71,938		8,101,657
Citrix Systems Inc.		57,680		6,193,102
NortonLifeLock Inc.		752,142		19,029,193
Oracle Corp.		959,181		83,573,440


				116,897,392

Specialty Retail — 2.1%
Advance Auto Parts Inc.		84,674		17,687,552
AutoZone Inc.^(a)		12,275		20,842,827
Bath & Body Works Inc.		150,733		9,500,701
Best Buy Co. Inc.		146,676		15,505,120
CarMax Inc.^(a)		210,833		26,978,191
Gap Inc. (The)		282,303		6,408,278
Home Depot Inc. (The)		385,232		126,456,256
Lowe’s Companies Inc.		265,260		53,810,644
O’Reilly Automotive Inc.^(a)		28,577		17,462,262
Ross Stores Inc.		462,097		50,299,258
TJX Companies Inc. (The)		1,561,153		103,004,875
Ulta Beauty Inc.^(a)		34,489		12,447,770


				460,403,734

Technology Hardware, Storage & Peripherals — 0.6%
Hewlett Packard Enterprise Co.		1,689,814		24,079,849
HP Inc.		1,554,387		42,528,028


Security	Shares		Value


Technology Hardware, Storage & Peripherals (continued)
NetApp Inc.		289,063	$	25,946,295
Seagate Technology Holdings PLC		272,467		22,483,977
Western Digital Corp.^(a)		396,547		22,381,113


				137,419,262

Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands Inc.		449,340		7,710,674
Nike Inc., Class B		595,359		86,463,988
PVH Corp.^(a)(c)		91,729		9,428,824
Ralph Lauren Corp.		62,592		6,950,216
Tapestry Inc.		358,025		13,254,085
Under Armour Inc., Class A^(a)		243,782		4,919,521
Under Armour Inc., Class C, NVS^(a)		271,186		4,751,179
VF Corp.		420,749		28,185,975


				161,664,462

Tobacco — 1.4%
Altria Group Inc.		2,386,161		108,618,049
Philip Morris International Inc.		2,016,696		191,162,614


				299,780,663

Trading Companies & Distributors — 0.1%
Fastenal Co.		185,732		9,585,629
WW Grainger Inc.		21,708		8,532,546


				18,118,175

Water Utilities — 0.1%
American Water Works Co. Inc.		117,232		19,816,897


Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.^(a)		235,279		30,059,245


Total Common Stocks — 99.7% (Cost: $18,668,266,913)				21,864,260,303


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(b)(d)(e)		65,641,647		65,674,468
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(d)		34,030,000		34,030,000


			99,704,468


Total Short-Term Investments — 0.5% (Cost: $99,684,165)				99,704,468


Total Investments in Securities — 100.2% (Cost: $18,767,951,078)				21,963,964,771

Other Assets, Less Liabilities — (0.2)%				(42,808,129	)


Net Assets — 100.0%			$	21,921,156,642

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P 500 Value ETF

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	$	44,476,163	$	21,206,451	^(a)	$	—		$	(6,793	)	$	(1,353	)	$	65,674,468		65,641,647	$	59,252	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		31,200,000		2,830,000	^(a)		—			—			—			34,030,000		34,030,000		1,524			—
BlackRock Inc.		41,729,424		4,577,607			(4,401,971	)		2,141,496			2,523,395			46,569,951		55,529		460,408			—


									$	2,134,703		$	2,522,042		$	146,274,419			$	521,184		$	—

^(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		254		12/17/21	$	54,581	$	(1,913,400	)

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)	$	1,913,400

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	7,772,890


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,403,167	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	54,507,618

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P 500 Value ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	21,864,260,303		$	—	$	—	$	21,864,260,303
Money Market Funds		99,704,468			—		—		99,704,468


	$	21,963,964,771		$	—	$	—	$	21,963,964,771

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,913,400	)	$	—	$	—	$	(1,913,400	)

^(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		27

Schedule of Investments (unaudited)

September 30, 2021

iShares^® S&P Mid-Cap 400 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Axon Enterprise Inc.^(a)		484,470	$	84,791,939
Curtiss-Wright Corp.		111,693		14,093,423
Mercury Systems Inc.^(a)		415,127		19,685,322


				118,570,684

Air Freight & Logistics — 0.4%
GXO Logistics Inc.^(a)(b)		378,906		29,721,387


Auto Components — 1.1%
Fox Factory Holding Corp.^(a)(b)		310,644		44,900,484
Gentex Corp.		1,022,568		33,724,293
Visteon Corp.^(a)(b)		100,083		9,446,834


				88,071,611

Banks — 1.8%
Commerce Bancshares Inc.		377,126		26,278,140
First Financial Bankshares Inc.		606,117		27,851,076
Glacier Bancorp. Inc.		400,018		22,140,996
PacWest Bancorp.		242,152		10,974,328
Signature Bank/New York NY		156,553		42,626,251
Umpqua Holdings Corp.		698,399		14,142,580


				144,013,371

Beverages — 0.4%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		69,235		35,292,541


Biotechnology — 3.2%
Arrowhead Pharmaceuticals Inc.^(a)(b)		769,363		48,031,332
Emergent BioSolutions Inc.^(a)		353,280		17,688,730
Exelixis Inc.^(a)		2,324,746		49,145,131
Halozyme Therapeutics Inc.^(a)(b)		1,050,080		42,717,254
Neurocrine Biosciences Inc.^(a)		698,738		67,015,962
United Therapeutics Corp.^(a)		139,368		25,724,545


				250,322,954

Building Products — 3.1%
Builders FirstSource Inc.^(a)(b)		749,010		38,753,777
Carlisle Companies Inc.		223,075		44,345,079
Lennox International Inc.		148,857		43,789,264
Simpson Manufacturing Co. Inc.		320,366		34,269,551
Trex Co. Inc.^(a)(b)		850,902		86,732,441


				247,890,112

Capital Markets — 2.9%
Evercore Inc., Class A		184,675		24,685,507
FactSet Research Systems Inc.		278,908		110,107,300
Federated Hermes Inc.		295,113		9,591,173
Interactive Brokers Group Inc., Class A		644,410		40,172,520
SEI Investments Co.		404,191		23,968,526
Stifel Financial Corp.		325,317		22,108,543


				230,633,569

Chemicals — 2.2%
Ashland Global Holdings Inc.		150,024		13,370,139
Chemours Co. (The)		549,382		15,965,041
Ingevity Corp.^(a)(b)		143,507		10,242,094
NewMarket Corp.		20,509		6,947,834
RPM International Inc.		593,705		46,101,193
Scotts Miracle-Gro Co. (The)		300,549		43,988,352
Sensient Technologies Corp.		149,297		13,597,971
Valvoline Inc.		801,682		24,996,445


				175,209,069

Commercial Services & Supplies — 2.5%
Brink’s Co. (The)		140,981		8,924,097


Security	Shares		Value

Commercial Services & Supplies (continued)
Clean Harbors Inc.^(a)		144,127	$	14,970,472
IAA Inc.^(a)		994,923		54,292,948
MSA Safety Inc.		269,404		39,252,163
Stericycle Inc.^(a)(b)		264,795		17,998,116
Tetra Tech Inc.		399,121		59,604,730


				195,042,526

Communications Equipment — 0.9%
Ciena Corp.^(a)		424,367		21,791,245
Lumentum Holdings Inc.^(a)(b)		560,005		46,782,818


				68,574,063

Construction & Engineering — 0.2%
Valmont Industries Inc.		64,218		15,098,936


Construction Materials — 0.3%
Eagle Materials Inc.		191,940		25,174,850


Consumer Finance — 0.8%
LendingTree Inc.^(a)		85,171		11,909,461
PROG Holdings Inc.		227,924		9,575,087
SLM Corp.		2,255,843		39,702,837


				61,187,385

Containers & Packaging — 0.6%
AptarGroup Inc.		296,740		35,415,919
Silgan Holdings Inc.		274,903		10,545,279


				45,961,198

Diversified Consumer Services — 0.7%
Grand Canyon Education Inc.^(a)(b)		124,368		10,939,409
Service Corp. International		741,858		44,704,363


				55,643,772

Diversified Telecommunication Services — 0.3%
Iridium Communications Inc.^(a)(b)		594,889		23,706,327


Electric Utilities — 0.2%
PNM Resources Inc.		246,990		12,221,065


Electrical Equipment — 1.8%
EnerSys		153,691		11,440,758
Hubbell Inc.		240,731		43,492,870
Regal Beloit Corp.		150,411		22,612,790
Sunrun Inc.^(a)(b)		1,520,388		66,897,072


				144,443,490

Electronic Equipment, Instruments & Components — 2.9%
Cognex Corp.		1,303,778		104,589,071
Coherent Inc.^(a)		61,548		15,392,539
II-VI Inc.^(a)(b)		773,854		45,935,974
Littelfuse Inc.		181,629		49,633,757
National Instruments Corp.		443,771		17,409,136


				232,960,477

Energy Equipment & Services — 0.2%
ChampionX Corp.^(a)		612,745		13,700,978


Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A		193,191		10,868,926


Equity Real Estate Investment Trusts (REITs) — 5.7%
American Campus Communities Inc.		401,014		19,429,128
Camden Property Trust		348,871		51,448,006
CoreSite Realty Corp.		208,551		28,892,656
CyrusOne Inc.		914,653		70,803,289
EastGroup Properties Inc.		172,749		28,785,166
First Industrial Realty Trust Inc.		486,796		25,352,336


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Healthcare Realty Trust Inc.		430,754	$	12,827,854
Lamar Advertising Co., Class A		319,975		36,301,164
Life Storage Inc.		300,426		34,470,879
Medical Properties Trust Inc.		1,713,395		34,387,838
National Storage Affiliates Trust		367,746		19,413,311
PotlatchDeltic Corp.		187,975		9,695,751
PS Business Parks Inc.		68,240		10,695,938
Rayonier Inc.		419,027		14,950,883
Rexford Industrial Realty Inc.		599,303		34,010,445
STORE Capital Corp.		668,746		21,419,934


			452,884,578

Food & Staples Retailing — 0.4%
Casey’s General Stores Inc.		103,995		19,597,858
Grocery Outlet Holding Corp.^(a)		403,345		8,700,151


			28,298,009

Food Products — 1.7%
Darling Ingredients Inc.^(a)		1,196,667		86,040,357
Flowers Foods Inc.		573,813		13,559,201
Hain Celestial Group Inc. (The)^(a)(b)		384,108		16,432,140
Lancaster Colony Corp.		84,934		14,337,709
Tootsie Roll Industries Inc.^(b)		52,939		1,610,934


			131,980,341

Health Care Equipment & Supplies — 5.5%
Globus Medical Inc., Class A^(a)		577,776		44,269,197
Haemonetics Corp.^(a)		206,812		14,598,859
Hill-Rom Holdings Inc.		203,796		30,569,400
ICU Medical Inc.^(a)		75,153		17,539,207
Integra LifeSciences Holdings Corp.^(a)(b)		269,465		18,452,963
Masimo Corp.^(a)		373,703		101,165,139
Neogen Corp.^(a)		476,665		20,701,561
Penumbra Inc.^(a)		253,587		67,580,936
Quidel Corp.^(a)(b)		279,470		39,447,191
STAAR Surgical Co.^(a)		349,773		44,956,324
Tandem Diabetes Care Inc.^(a)(b)		288,185		34,403,525


			433,684,302

Health Care Providers & Services — 4.1%
Acadia Healthcare Co. Inc.^(a)(b)		252,136		16,081,234
Amedisys Inc.^(a)		240,672		35,884,195
Chemed Corp.		116,107		54,003,688
Encompass Health Corp.		410,833		30,828,908
HealthEquity Inc.^(a)		615,192		39,839,834
LHC Group Inc.^(a)(b)		233,594		36,653,235
Molina Healthcare Inc.^(a)		232,813		63,164,495
Option Care Health Inc.^(a)		552,439		13,402,170
Progyny Inc.^(a)(b)		253,933		14,220,248
R1 RCM Inc.^(a)(b)		989,440		21,777,574


			325,855,581

Hotels, Restaurants & Leisure — 4.3%
Boyd Gaming Corp.^(a)		327,459		20,715,056
Choice Hotels International Inc.		128,350		16,219,590
Churchill Downs Inc.		255,787		61,409,343
Jack in the Box Inc.		159,900		15,563,067
Papa John’s International Inc.		240,101		30,490,426
Scientific Games Corp./DE, Class A^(a)(b)		387,849		32,218,617
Six Flags Entertainment Corp.^(a)		216,847		9,215,998
Texas Roadhouse Inc.		515,219		47,054,951
Travel + Leisure Co.		248,322		13,540,999
Wendy’s Co. (The)		1,315,018		28,509,590
Wingstop Inc.		219,380		35,962,963


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Wyndham Hotels & Resorts Inc.		372,617	$	28,762,306


			339,662,906

Household Durables — 2.2%
Helen of Troy Ltd.^(a)(b)		177,783		39,944,284
Tempur Sealy International Inc.		1,449,793		67,284,893
Toll Brothers Inc.		378,183		20,909,738
TopBuild Corp.^(a)		243,001		49,769,035


			177,907,950

Household Products — 0.1%
Energizer Holdings Inc.		218,129		8,517,937


Insurance — 1.8%
Brighthouse Financial Inc.^(a)		614,327		27,786,010
Kinsale Capital Group Inc.		158,144		25,571,885
Primerica Inc.		291,201		44,737,210
RenaissanceRe Holdings Ltd.		198,467		27,666,300
RLI Corp.		173,568		17,403,663


			143,165,068

Interactive Media & Services — 0.2%
TripAdvisor Inc.^(a)		269,224		9,113,232
Yelp Inc.^(a)(b)		260,207		9,690,109


			18,803,341

IT Services — 1.8%
Concentrix Corp.^(a)		151,641		26,840,457
Genpact Ltd.		777,352		36,931,993
LiveRamp Holdings Inc.^(a)		267,695		12,643,235
Maximus Inc.		281,678		23,435,610
Sabre Corp.^(a)		858,598		10,165,800
WEX Inc.^(a)(b)		191,969		33,813,420


			143,830,515

Leisure Products — 2.2%
Brunswick Corp./DE		314,204		29,934,215
Callaway Golf Co.^(a)		504,324		13,934,472
Mattel Inc.^(a)(b)		2,574,768		47,787,694
Polaris Inc.		197,504		23,633,329
YETI Holdings Inc.^(a)(b)		645,157		55,283,503


			170,573,213

Life Sciences Tools & Services — 2.7%
Medpace Holdings Inc.^(a)(b)		211,384		40,010,763
Repligen Corp.^(a)(b)		377,236		109,017,432
Syneos Health Inc.^(a)		764,068		66,840,669


			215,868,864

Machinery — 5.9%
AGCO Corp.		191,911		23,514,855
Donaldson Co. Inc.		464,145		26,646,564
Graco Inc.		1,252,204		87,616,714
ITT Inc.		286,393		24,583,975
Lincoln Electric Holdings Inc.		438,359		56,456,256
Middleby Corp. (The)^(a)		250,346		42,686,496
Nordson Corp.		251,410		59,873,292
Terex Corp.		197,864		8,330,074
Timken Co. (The)		511,764		33,479,601
Toro Co. (The)		790,515		77,004,066
Woodward Inc.		243,776		27,595,443


			467,787,336

Media — 1.8%
Cable One Inc.		36,555		66,278,967
New York Times Co. (The), Class A		1,233,485		60,773,806


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Media (continued)
TEGNA Inc.		652,483	$	12,866,965


			139,919,738

Metals & Mining — 1.4%
Cleveland-Cliffs Inc.^(a)		3,357,401		66,510,114
Compass Minerals International Inc.		120,771		7,777,652
Royal Gold Inc.		281,271		26,858,568
Worthington Industries Inc.		143,460		7,560,342


			108,706,676

Multiline Retail — 0.3%
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		448,604		27,041,849


Oil, Gas & Consumable Fuels — 1.6%
Antero Midstream Corp.		2,399,895		25,006,906
Cimarex Energy Co.		363,893		31,731,470
CNX Resources Corp.^(a)(b)		1,610,814		20,328,473
EQT Corp.^(a)		848,512		17,360,555
Equitrans Midstream Corp.		1,349,891		13,687,895
Targa Resources Corp.		388,736		19,129,698


			127,244,997

Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		387,137		23,758,598


Personal Products — 0.1%
Nu Skin Enterprises Inc., Class A		205,760		8,327,107


Pharmaceuticals — 0.9%
Jazz Pharmaceuticals PLC^(a)(b)		451,371		58,773,018
Nektar Therapeutics^(a)(b)		516,271		9,272,227


			68,045,245

Professional Services — 1.8%
ASGN Inc.^(a)		390,307		44,159,334
CACI International Inc., Class A^(a)(b)		74,856		19,619,758
FTI Consulting Inc.^(a)(b)		252,783		34,049,870
Insperity Inc.		265,369		29,386,963
Science Applications International Corp.		166,900		14,279,964


			141,495,889

Road & Rail — 2.2%
Knight-Swift Transportation Holdings Inc.		1,225,298		62,673,993
Landstar System Inc.		177,742		28,051,242
Saia Inc.^(a)		194,327		46,255,656
Werner Enterprises Inc.		211,939		9,382,540
XPO Logistics Inc.^(a)		377,919		30,074,794


			176,438,225

Semiconductors & Semiconductor Equipment — 6.8%
Amkor Technology Inc.		224,979		5,613,226
Brooks Automation Inc.		548,178		56,106,018
Cirrus Logic Inc.^(a)		183,887		15,143,095
CMC Materials Inc.		215,606		26,569,127
First Solar Inc.^(a)(b)		729,531		69,641,029
Lattice Semiconductor Corp.^(a)		1,006,275		65,055,679
MKS Instruments Inc.		409,136		61,742,714
Semtech Corp.^(a)		478,596		37,316,130
Silicon Laboratories Inc.^(a)		177,111		24,823,878
SolarEdge Technologies Inc.^(a)(b)		385,658		102,284,215
Synaptics Inc.^(a)(b)		124,871		22,443,065
Universal Display Corp.		319,848		54,681,214


			541,419,390

Software — 7.9%
ACI Worldwide Inc.^(a)		471,420		14,486,737


Security	Shares		Value


Software (continued)
Aspen Technology Inc.^(a)(b)		345,737	$	42,456,503
Blackbaud Inc.^(a)		140,950		9,915,832
CDK Global Inc.		451,692		19,219,495
Cerence Inc.^(a)(b)		280,416		26,950,782
CommVault Systems Inc.^(a)(b)		166,977		12,575,038
Digital Turbine Inc.^(a)(b)		646,388		44,439,175
Envestnet Inc.^(a)		178,943		14,358,386
Fair Isaac Corp.^(a)(b)		209,626		83,416,474
J2 Global Inc.^(a)(b)		224,065		30,611,760
Manhattan Associates Inc.^(a)		467,777		71,583,914
Mimecast Ltd.^(a)(b)		451,778		28,733,081
Paylocity Holding Corp.^(a)(b)		290,057		81,331,983
Qualys Inc.^(a)(b)		247,490		27,543,162
SailPoint Technologies Holdings Inc.^(a)(b)		686,660		29,443,981
Teradata Corp.^(a)		297,836		17,080,895
Wolfspeed Inc.		851,967		68,779,296


			622,926,494

Specialty Retail — 4.8%
Five Below Inc.^(a)		413,127		73,044,985
GameStop Corp., Class A^(a)(b)		215,703		37,849,405
Lithia Motors Inc.		223,198		70,762,694
RH^(a)(b)		125,682		83,818,583
Victoria’s Secret & Co.^(a)		311,892		17,235,152
Williams-Sonoma Inc.		554,242		98,283,734


			380,994,553

Textiles, Apparel & Luxury Goods — 1.9%
Columbia Sportswear Co.		109,322		10,477,420
Crocs Inc.^(a)		460,296		66,043,270
Deckers Outdoor Corp.^(a)		204,103		73,517,901


			150,038,591

Thrifts & Mortgage Finance — 0.2%
Essent Group Ltd.		413,464		18,196,551


Trading Companies & Distributors — 0.7%
MSC Industrial Direct Co. Inc., Class A		173,490		13,912,163
Watsco Inc.		150,807		39,906,548


			53,818,711

Water Utilities — 0.5%
Essential Utilities Inc.		824,828		38,008,074


Total Common Stocks — 99.9% (Cost: $6,180,349,596)				7,909,509,920


Short-Term Investments

Money Market Funds — 5.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		423,315,987		423,527,645
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		6,685,000		6,685,000


			430,212,645


Total Short-Term Investments — 5.4% (Cost: $430,020,049)				430,212,645


Total Investments in Securities — 105.3% (Cost: $6,610,369,645)				8,339,722,565

Other Assets, Less Liabilities — (5.3)%				(417,488,329	)


Net Assets — 100.0%			$	7,922,234,236


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Growth ETF

^(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	$	374,280,636	$	49,278,863	^(a)	$	—	$	(4,348	)	$	(27,506	)	$	423,527,645		423,315,987	$	306,771	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,285,000		1,400,000	^(a)		—		—			—			6,685,000		6,685,000		347			—


								$	(4,348	)	$	(27,506	)	$	430,212,645			$	307,118		$	—

^(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 400 E-Mini Index		35		12/17/21	$	9,216	$	(54,083	)

OTC Total Return Swaps




Reference Entity	Payment Frequency		Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)		Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long		Monthly	HSBC Bank PLC^(b)		02/10/23	$	7,802	$	222	$	8,024		0.0	%^(c)
		Monthly	JPMorgan Chase Bank NA^(d)		02/08/23		8,267		40		8,307		0.0	^(c)


								$	262	$	16,331

^(a)

The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)

Rounds to less than 0.1%.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)
Range:	20 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Growth ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.


	Shares		Value		% of Basket Value

Reference Entity — Long

Software
Envestnet Inc.^(a)		100	$	8,024	100.0%


Net Value of Reference Entity — HSBC Bank PLC			$	8,024

^(a)	Non-income producing security.

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of September 30, 2021 expiration 2/8/2023.


	Shares		Value		% of Basket Value

Reference Entity — Long

Hotels, Restaurants & Leisure
Scientific Games Corp./DE^(a)		100	$	8,307	100.0%


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	8,307

^(a)	Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps




	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation


Total Return Swaps		$—		$—		$262		$—

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	262


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	54,083

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(622,936	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(27,152	)
Swaps		262


	$	(26,890	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	9,192,003
Total return swaps:
Average notional value	$	5,356

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Growth ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Futures contracts	$	—	$	54,083
Swaps - OTC^(a)		262		—


Total derivative assets and liabilities in the Statement of Assets and Liabilities		262		54,083
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(54,083	)


Total derivative assets and liabilities subject to an MNA		262		—

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Derivative

Assets

Subject to

an MNA by

Derivatives
Available

Non-Cash
Collateral

Cash
Collateral

Net Amount

of Derivative

Counterparty

for Offset

^(a)

Received

Assets

^(b)



HSBC Bank PLC	$	222	$	—	$	—	$	—	$	222
JPMorgan Chase Bank NA		40		—		—		—		40


	$	262	$	—	$	—	$	—	$	262

^(a)	The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)	Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	7,909,509,920		$	—	$	—	$	7,909,509,920
Money Market Funds		430,212,645			—		—		430,212,645


	$	8,339,722,565		$	—	$	—	$	8,339,722,565


Derivative financial instruments^(a)
Assets
Swaps	$	—		$	262	$	—	$	262
Liabilities
Futures Contracts		(54,083	)		—		—		(54,083	)


	$	(54,083	)	$	262	$	—	$	(53,821	)

^(a)

Derivative financial instruments are swaps and futures contracts. Swaps and 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		33

Schedule of Investments (unaudited)

September 30, 2021

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.7%
Curtiss-Wright Corp.		177,937	$	22,452,091
Hexcel Corp.^(a)		577,629		34,305,386


				56,757,477

Air Freight & Logistics — 0.3%
GXO Logistics Inc.^(a)		326,801		25,634,270


Airlines — 0.4%
JetBlue Airways Corp.^(a)(b)		2,192,007		33,515,787


Auto Components — 2.1%
Adient PLC^(a)		649,059		26,903,496
Dana Inc.		1,000,469		22,250,431
Gentex Corp.		691,374		22,801,514
Goodyear Tire & Rubber Co. (The)^(a)		1,941,759		34,369,134
Lear Corp.		411,432		64,380,879
Visteon Corp.^(a)(b)		100,631		9,498,560


				180,204,014

Automobiles — 1.0%
Harley-Davidson Inc.		1,062,255		38,889,155
Thor Industries Inc.		381,426		46,823,856


				85,713,011

Banks — 11.6%
Associated Banc-Corp.		1,060,350		22,712,697
BancorpSouth Bank		666,363		19,844,290
Bank of Hawaii Corp.		278,848		22,912,940
Bank OZK		841,309		36,159,461
Cathay General Bancorp.		541,605		22,417,031
CIT Group Inc.		684,456		35,557,489
Commerce Bancshares Inc.		380,762		26,531,496
Cullen/Frost Bankers Inc.		390,247		46,291,099
East West Bancorp. Inc.		977,384		75,786,355
First Financial Bankshares Inc.		320,292		14,717,417
First Horizon Corp.		3,783,583		61,634,567
FNB Corp.		2,211,521		25,697,874
Fulton Financial Corp.		1,127,869		17,233,838
Glacier Bancorp. Inc.		373,217		20,657,561
Hancock Whitney Corp.		598,308		28,192,273
Home BancShares Inc./AR		1,041,795		24,513,436
International Bancshares Corp.		369,495		15,385,772
PacWest Bancorp.		583,483		26,443,450
Pinnacle Financial Partners Inc.		524,302		49,326,332
Prosperity Bancshares Inc.		640,187		45,536,501
Signature Bank/New York NY		271,520		73,929,466
Sterling Bancorp./DE		1,331,204		33,226,852
Synovus Financial Corp.		1,008,954		44,282,991
Texas Capital Bancshares Inc.^(a)		348,564		20,920,811
UMB Financial Corp.		296,428		28,667,552
Umpqua Holdings Corp.		867,820		17,573,355
United Bankshares Inc./WV		890,073		32,380,856
Valley National Bancorp.		2,808,992		37,387,684
Webster Financial Corp.		625,530		34,066,364
Wintrust Financial Corp.		393,302		31,609,682


				991,597,492

Biotechnology — 0.4%
United Therapeutics Corp.^(a)(b)		179,368		33,107,746


Building Products — 1.8%
Builders FirstSource Inc.^(a)(b)		729,744		37,756,955
Carlisle Companies Inc.		150,986		30,014,507


Security	Shares		Value

Building Products (continued)
Lennox International Inc.		96,849	$	28,490,070
Owens Corning		710,453		60,743,731


				157,005,263

Capital Markets — 2.6%
Affiliated Managers Group Inc.		283,957		42,903,063
Evercore Inc., Class A		101,262		13,535,692
Federated Hermes Inc.		399,814		12,993,955
Janus Henderson Group PLC		1,176,034		48,605,485
Jefferies Financial Group Inc.		1,361,050		50,535,786
SEI Investments Co.		364,059		21,588,699
Stifel Financial Corp.		419,870		28,534,365


				218,697,045

Chemicals — 2.7%
Ashland Global Holdings Inc.		249,021		22,192,752
Avient Corp.		629,535		29,178,947
Cabot Corp.		393,371		19,715,755
Chemours Co. (The)		629,738		18,300,186
Ingevity Corp.^(a)(b)		140,317		10,014,424
Minerals Technologies Inc.^(b)		233,142		16,282,637
NewMarket Corp.		31,150		10,552,686
Olin Corp.		995,010		48,009,232
RPM International Inc.		339,720		26,379,258
Sensient Technologies Corp.		152,294		13,870,938
Valvoline Inc.		501,994		15,652,173


				230,148,988

Commercial Services & Supplies — 1.1%
Brink’s Co. (The)		212,666		13,461,758
Clean Harbors Inc.^(a)		210,325		21,846,458
Herman Miller Inc.		519,872		19,578,379
KAR Auction Services Inc.^(a)		828,236		13,574,788
Stericycle Inc.^(a)(b)		385,992		26,235,876


				94,697,259

Communications Equipment — 0.9%
Ciena Corp.^(a)		671,692		34,491,384
NetScout Systems Inc.^(a)		513,177		13,830,120
Viasat Inc.^(a)(b)		505,136		27,817,840


				76,139,344

Construction & Engineering — 2.2%
AECOM^(a)(b)		992,429		62,671,891
Dycom Industries Inc.^(a)		213,718		15,225,270
EMCOR Group Inc.		370,312		42,726,599
Fluor Corp.^(a)		981,570		15,675,673
MasTec Inc.^(a)		395,313		34,107,606
Valmont Industries Inc.		86,767		20,400,657


				190,807,696

Construction Materials — 0.2%
Eagle Materials Inc.		110,463		14,488,327


Consumer Finance — 0.7%
FirstCash Inc.		279,087		24,420,112
Navient Corp.		1,157,738		22,842,171
PROG Holdings Inc.		249,810		10,494,518


				57,756,801

Containers & Packaging — 1.0%
AptarGroup Inc.		177,210		21,150,014
Greif Inc., Class A, NVS		184,672		11,929,811
Silgan Holdings Inc.		326,584		12,527,762
Sonoco Products Co.		678,910		40,449,458


				86,057,045


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Consumer Services — 1.1%
Graham Holdings Co., Class B		28,025	$	16,511,209
Grand Canyon Education Inc.^(a)(b)		197,535		17,375,178
H&R Block Inc.		1,229,371		30,734,275
Service Corp. International		462,226		27,853,739


				92,474,401

Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.^(a)(b)		357,231		14,235,655


Electric Utilities — 1.8%
ALLETE Inc.		360,760		21,472,435
Hawaiian Electric Industries Inc.		755,158		30,833,101
IDACORP Inc.		348,764		36,055,223
OGE Energy Corp.		1,379,221		45,459,124
PNM Resources Inc.		363,289		17,975,540


				151,795,423

Electrical Equipment — 1.6%
Acuity Brands Inc.		245,984		42,646,246
EnerSys^(b)		150,803		11,225,775
Hubbell Inc.		149,846		27,072,677
nVent Electric PLC		1,160,805		37,528,826
Regal Beloit Corp.		141,052		21,205,758


				139,679,282

Electronic Equipment, Instruments & Components — 3.4%
Arrow Electronics Inc.^(a)		494,696		55,549,414
Avnet Inc.		685,474		25,341,974
Belden Inc.		311,230		18,132,260
Coherent Inc.^(a)		111,868		27,977,068
Jabil Inc.		1,004,611		58,639,144
National Instruments Corp.		503,851		19,766,075
SYNNEX Corp.		287,026		29,879,406
Vishay Intertechnology Inc.		920,478		18,492,403
Vontier Corp.		1,166,334		39,188,822


				292,966,566

Energy Equipment & Services — 0.6%
ChampionX Corp.^(a)(b)		825,755		18,463,882
NOV Inc.^(a)		2,691,523		35,285,866


				53,749,748

Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A^(b)		132,516		7,455,350


Equity Real Estate Investment Trusts (REITs) — 12.3%
American Campus Communities Inc.		584,560		28,321,932
Apartment Income REIT Corp.		1,081,212		52,773,958
Brixmor Property Group Inc.		2,046,112		45,239,536
Camden Property Trust		367,166		54,145,970
CoreSite Realty Corp.		110,466		15,303,960
Corporate Office Properties Trust		773,865		20,878,878
Cousins Properties Inc.		1,026,733		38,286,874
Douglas Emmett Inc.		1,211,656		38,300,446
EastGroup Properties Inc.		116,907		19,480,213
EPR Properties		516,656		25,512,473
First Industrial Realty Trust Inc.		435,889		22,701,099
Healthcare Realty Trust Inc.		605,749		18,039,205
Highwoods Properties Inc.		719,919		31,575,647
Hudson Pacific Properties Inc.		1,053,865		27,685,034
JBG SMITH Properties		799,858		23,683,795
Kilroy Realty Corp.		722,077		47,808,718
Lamar Advertising Co., Class A		298,850		33,904,532
Life Storage Inc.		258,964		29,713,529
Macerich Co. (The)		1,470,818		24,577,369


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Medical Properties Trust Inc.		2,503,231	$	50,239,846
National Retail Properties Inc.		1,209,552		52,240,551
National Storage Affiliates Trust		221,135		11,673,717
Omega Healthcare Investors Inc.		1,645,570		49,301,277
Park Hotels & Resorts Inc.^(a)		1,633,339		31,262,108
Pebblebrook Hotel Trust^(b)		905,087		20,283,000
Physicians Realty Trust		1,499,277		26,417,261
PotlatchDeltic Corp.		287,235		14,815,581
PS Business Parks Inc.		75,536		11,839,513
Rayonier Inc.		584,146		20,842,329
Rexford Industrial Realty Inc.		389,040		22,078,020
Sabra Health Care REIT Inc.		1,521,237		22,392,609
SL Green Realty Corp.		463,705		32,848,862
Spirit Realty Capital Inc.		820,539		37,777,616
STORE Capital Corp.		1,061,217		33,990,781
Urban Edge Properties		765,044		14,007,956


			1,049,944,195

Food & Staples Retailing — 1.8%
BJ’s Wholesale Club Holdings Inc.^(a)(b)		944,573		51,875,949
Casey’s General Stores Inc.		158,497		29,868,760
Grocery Outlet Holding Corp.^(a)		229,502		4,950,358
Performance Food Group Co.^(a)(b)		1,058,749		49,189,479
Sprouts Farmers Market Inc.^(a)(b)		792,326		18,358,193


			154,242,739

Food Products — 1.9%
Flowers Foods Inc.		842,203		19,901,257
Hain Celestial Group Inc. (The)^(a)(b)		220,633		9,438,680
Ingredion Inc.		461,633		41,089,953
Lancaster Colony Corp.		57,679		9,736,792
Pilgrim’s Pride Corp.^(a)(b)		335,733		9,763,116
Post Holdings Inc.^(a)(b)		403,740		44,475,998
Sanderson Farms Inc.		146,491		27,569,606
Tootsie Roll Industries Inc.		72,499		2,206,145


			164,181,547

Gas Utilities — 2.2%
National Fuel Gas Co.		628,137		32,989,755
New Jersey Resources Corp.		664,324		23,125,118
ONE Gas Inc.		369,531		23,417,180
Southwest Gas Holdings Inc.		407,087		27,225,979
Spire Inc.		356,046		21,782,894
UGI Corp.		1,440,450		61,391,979


			189,932,905

Health Care Equipment & Supplies — 2.5%
Envista Holdings Corp.^(a)(b)		1,110,687		46,437,823
Haemonetics Corp.^(a)		157,988		11,152,373
Hill-Rom Holdings Inc.		263,596		39,539,400
ICU Medical Inc.^(a)(b)		67,798		15,822,697
Integra LifeSciences Holdings Corp.^(a)(b)		252,383		17,283,188
LivaNova PLC^(a)		366,530		29,025,511
Neogen Corp.^(a)(b)		297,800		12,933,454
NuVasive Inc.^(a)(b)		356,901		21,360,525
Tandem Diabetes Care Inc.^(a)(b)		165,349		19,739,364


			213,294,335

Health Care Providers & Services — 2.2%
Acadia Healthcare Co. Inc.^(a)		383,817		24,479,848
Encompass Health Corp.		301,608		22,632,664
Molina Healthcare Inc.^(a)		185,064		50,209,714
Option Care Health Inc.^(a)		439,950		10,673,187
Patterson Companies Inc.		598,133		18,027,729


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Progyny Inc.^(a)(b)		237,093	$	13,277,208
Tenet Healthcare Corp.^(a)(b)		737,419		48,994,118


				188,294,468

Hotels, Restaurants & Leisure — 2.1%
Boyd Gaming Corp.^(a)		261,694		16,554,763
Choice Hotels International Inc.		106,271		13,429,466
Cracker Barrel Old Country Store Inc.		163,447		22,856,429
Marriott Vacations Worldwide Corp.		294,163		46,280,665
Scientific Games Corp./DE, Class A^(a)(b)		253,326		21,043,791
Six Flags Entertainment Corp.^(a)		332,886		14,147,655
Travel + Leisure Co.		362,644		19,774,977
Wyndham Hotels & Resorts Inc.		296,365		22,876,414


				176,964,160

Household Durables — 1.0%
KB Home		622,493		24,227,428
Taylor Morrison Home Corp.^(a)		863,104		22,250,821
Toll Brothers Inc.		447,400		24,736,746
TRI Pointe Homes Inc.^(a)		789,649		16,598,422


				87,813,417

Household Products — 0.1%
Energizer Holdings Inc.		232,460		9,077,563


Insurance — 5.1%
Alleghany Corp.^(a)		95,527		59,648,014
American Financial Group Inc./OH		455,276		57,287,379
CNO Financial Group Inc.		885,524		20,845,235
First American Financial Corp.		756,970		50,754,839
Hanover Insurance Group Inc. (The)		245,963		31,881,724
Kemper Corp.		412,022		27,518,949
Mercury General Corp.		184,242		10,256,752
Old Republic International Corp.		1,958,767		45,306,281
Reinsurance Group of America Inc.		468,425		52,116,966
RenaissanceRe Holdings Ltd.		139,785		19,486,029
RLI Corp.		113,510		11,381,648
Selective Insurance Group Inc.		415,246		31,363,530
Unum Group		589,606		14,775,526


				432,622,872

Interactive Media & Services — 0.3%
TripAdvisor Inc.^(a)		430,694		14,578,992
Yelp Inc.^(a)		236,378		8,802,717


				23,381,709

IT Services — 1.7%
Alliance Data Systems Corp.		343,374		34,643,003
Concentrix Corp.^(a)		153,385		27,149,145
Genpact Ltd.		464,862		22,085,594
LiveRamp Holdings Inc.^(a)		222,283		10,498,426
Maximus Inc.		162,328		13,505,689
Sabre Corp.^(a)		1,426,874		16,894,188
WEX Inc.^(a)(b)		129,615		22,830,386


				147,606,431

Leisure Products — 0.7%
Brunswick Corp./DE		240,247		22,888,332
Callaway Golf Co.^(a)		341,256		9,428,903
Polaris Inc.		207,949		24,883,177


				57,200,412

Machinery — 4.3%
AGCO Corp.		247,174		30,286,230
Colfax Corp.^(a)(b)		894,350		41,050,665
Crane Co.		343,569		32,573,777


Security	Shares		Value

Machinery (continued)
Donaldson Co. Inc.		432,571	$	24,833,901
Flowserve Corp.		898,009		31,133,972
ITT Inc.		327,579		28,119,381
Kennametal Inc.		579,722		19,843,884
Middleby Corp. (The)^(a)(b)		149,451		25,482,890
Nordson Corp.		137,793		32,815,403
Oshkosh Corp.		472,858		48,406,474
Terex Corp.		298,124		12,551,021
Trinity Industries Inc.		579,143		15,735,315
Woodward Inc.		210,324		23,808,677


				366,641,590

Marine — 0.2%
Kirby Corp.^(a)		416,680		19,983,973


Media — 0.4%
John Wiley & Sons Inc., Class A		302,047		15,769,874
TEGNA Inc.		916,639		18,076,121


				33,845,995

Metals & Mining — 2.8%
Commercial Metals Co.		830,714		25,303,548
Compass Minerals International Inc.		122,928		7,916,563
Reliance Steel & Aluminum Co.		437,328		62,284,254
Royal Gold Inc.		191,037		18,242,123
Steel Dynamics Inc.		1,335,817		78,118,578
United States Steel Corp.^(b)		1,864,603		40,965,328
Worthington Industries Inc.		97,624		5,144,785


				237,975,179

Multi-Utilities — 1.1%
Black Hills Corp.		437,756		27,473,567
MDU Resources Group Inc.		1,397,623		41,467,474
NorthWestern Corp.		357,395		20,478,734


				89,419,775

Multiline Retail — 0.8%
Kohl’s Corp.		1,076,275		50,681,790
Nordstrom Inc.^(a)(b)		766,249		20,267,286


				70,949,076

Oil, Gas & Consumable Fuels — 2.6%
Cimarex Energy Co.		368,655		32,146,716
DTE Midstream LLC^(a)		667,287		30,855,351
EQT Corp.^(a)		1,291,660		26,427,364
Equitrans Midstream Corp.		1,553,123		15,748,667
HollyFrontier Corp.		1,029,829		34,118,235
Murphy Oil Corp.		1,000,056		24,971,398
Targa Resources Corp.		1,212,720		59,677,951


				223,945,682

Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		297,316		18,246,283


Personal Products — 0.3%
Coty Inc., Class A^(a)		2,310,620		18,161,473
Nu Skin Enterprises Inc., Class A		155,987		6,312,794


				24,474,267

Pharmaceuticals — 0.7%
Nektar Therapeutics^(a)(b)		789,626		14,181,683
Perrigo Co. PLC		923,204		43,695,245


				57,876,928

Professional Services — 1.5%
CACI International Inc., Class A^(a)(b)		92,478		24,238,484
KBR Inc.		972,035		38,298,179


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
ManpowerGroup Inc.		374,420	$	40,542,197
Science Applications International Corp.		245,137		20,973,922


				124,052,782

Real Estate Management & Development — 1.0%
Jones Lang LaSalle Inc.^(a)		349,282		86,653,371


Road & Rail — 1.4%
Avis Budget Group Inc.^(a)(b)		325,471		37,920,626
Landstar System Inc.		98,330		15,518,440
Ryder System Inc.		370,777		30,666,966
Werner Enterprises Inc.		232,369		10,286,976
XPO Logistics Inc.^(a)		326,750		26,002,765


				120,395,773

Semiconductors & Semiconductor Equipment — 0.8%
Amkor Technology Inc.		487,168		12,154,842
Cirrus Logic Inc.^(a)		227,665		18,748,213
Silicon Laboratories Inc.^(a)		115,585		16,200,393
Synaptics Inc.^(a)(b)		126,101		22,664,133


				69,767,581

Software — 1.8%
ACI Worldwide Inc.^(a)		375,821		11,548,979
Aspen Technology Inc.^(a)		146,045		17,934,326
Blackbaud Inc.^(a)		159,282		11,205,489
CDK Global Inc.		422,465		17,975,886
CommVault Systems Inc.^(a)(b)		162,611		12,246,234
Envestnet Inc.^(a)		74,081		5,944,260
J2 Global Inc.^(a)		123,802		16,913,829
NCR Corp.^(a)(b)		905,204		35,085,707
Teradata Corp.^(a)		474,686		27,223,242


				156,077,952

Specialty Retail — 2.8%
American Eagle Outfitters Inc.		1,053,962		27,192,220
AutoNation Inc.^(a)(b)		300,930		36,641,237
Dick’s Sporting Goods Inc.		451,459		54,071,244
Foot Locker Inc.		621,965		28,398,922
GameStop Corp., Class A^(a)(b)		226,762		39,789,928
Murphy USA Inc.		163,801		27,397,355
Urban Outfitters Inc.^(a)(b)		457,621		13,586,767
Victoria’s Secret & Co.^(a)		229,583		12,686,757


				239,764,430

Technology Hardware, Storage & Peripherals — 0.2%
Xerox Holdings Corp.		953,085		19,223,725


Textiles, Apparel & Luxury Goods — 1.6%
Capri Holdings Ltd.^(a)		1,047,087		50,689,482
Carter’s Inc.		304,044		29,565,239


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Columbia Sportswear Co.		140,878	$	13,501,747
Skechers U.S.A. Inc., Class A^(a)		929,253		39,140,136


				132,896,604

Thrifts & Mortgage Finance — 1.3%
Essent Group Ltd.		387,565		17,056,736
MGIC Investment Corp.		2,342,567		35,044,802
New York Community Bancorp. Inc.		3,203,571		41,229,959
Washington Federal Inc.		471,534		16,178,331


				109,509,828

Trading Companies & Distributors — 1.0%
GATX Corp.		245,050		21,946,678
MSC Industrial Direct Co. Inc., Class A		162,405		13,023,257
Univar Solutions Inc.^(a)		1,180,339		28,115,675
Watsco Inc.		86,311		22,839,617


				85,925,227

Water Utilities — 0.4%
Essential Utilities Inc.		771,969		35,572,332


Wireless Telecommunication Services — 0.2%
Telephone and Data Systems Inc.		686,970		13,395,915


Total Common Stocks — 99.8% (Cost: $7,219,129,824)				8,515,835,011


Short-Term Investments

Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		141,328,522		141,399,186
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		13,278,000		13,278,000


				154,677,186


Total Short-Term Investments — 1.8% (Cost: $154,608,885)				154,677,186


Total Investments in Securities — 101.6% (Cost: $7,373,738,709)				8,670,512,197

Other Assets, Less Liabilities — (1.6)%				(138,468,615	)


Net Assets — 100.0%			$	8,532,043,582

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Value ETF

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	$	160,458,457	$	—	$	(19,046,877	)^(a)	$	7,149	$	(19,543	)	$	141,399,186		141,328,522	$	122,003	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		23,098,000		—		(9,820,000	)^(a)		—		—			13,278,000		13,278,000		506			—


								$	7,149	$	(19,543	)	$	154,677,186			$	122,509		$	—

^(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 400 E-Mini Index		61		12/17/21	$	16,063	$	(268,979	)

OTC Total Return Swaps




Reference Entity	Payment Frequency		Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)		Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long		Monthly	HSBC Bank PLC^(b)		02/10/23	$	9,363	$	266	$	9,629		0.0	%^(c)
		Monthly	JPMorgan Chase Bank NA^(d)		02/08/23		9,930		39		9,968		0.0	^(c)

								$	305	$	19,597

^(a)

^(c)

Rounds to less than 0.1%.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)
Range:	20 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Value ETF


	Shares		Value		% of Basket Value

Reference Entity — Long

Software
Envestnet Inc.^(a)		120	$	9,629	100.0%


Net Value of Reference Entity — HSBC Bank PLC			$	9,629

^(a)	Non-income producing security.


	Shares		Value		% of Basket Value

Reference Entity — Long

Hotels, Restaurants & Leisure
Scientific Games Corp./DE^(a)		120	$	9,968	100.0%


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	9,968

^(a)	Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps




	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation


Total Return Swaps		$—		$—		$305		$—

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	305


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	268,979

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	388,012


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(436,386	)
Swaps		305


	$	(436,081	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	16,873,170

Total return swaps:
Average notional value	$	6,431

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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		39

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Mid-Cap 400 Value ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Futures contracts	$	—	$	268,979

Swaps - OTC^(a)		305		—


Total derivative assets and liabilities in the Statement of Assets and Liabilities		305		268,979
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(268,979	)


Total derivative assets and liabilities subject to an MNA		305		—

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Derivative

Assets

Subject to

an MNA by

Derivatives
Available

Non-Cash
Collateral

Cash
Collateral

Net Amount

of Derivative

Counterparty

for Offset

^(a)

Received

Assets

^(b)



HSBC Bank PLC	$	266	$	—	$	—	$	—	$	266
JPMorgan Chase Bank NA		39		—		—		—		39

	$	305	$	—	$	—	$	—	$	305

^(a)	The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)	Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	8,515,835,011		$	—	$	—	$	8,515,835,011
Money Market Funds		154,677,186			—		—		154,677,186


	$	8,670,512,197		$	—	$	—	$	8,670,512,197


Derivative financial instruments^(a)
Assets
Swaps	$	—		$	305	$	—	$	305
Liabilities
Futures Contracts		(268,979	)		—		—		(268,979	)


	$	(268,979	)	$	305	$	—	$	(268,674	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2021

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.0%
Aerojet Rocketdyne Holdings Inc.		437,937	$	19,072,156
Aerovironment Inc.^(a)(b)		299,513		25,853,962
Moog Inc., Class A		145,368		11,081,403
Park Aerospace Corp.		98,730		1,350,627
Triumph Group Inc.^(a)		286,489		5,337,290


				62,695,438

Air Freight & Logistics — 0.6%
Echo Global Logistics Inc.^(a)		177,451		8,466,187
Forward Air Corp.		352,630		29,275,343


				37,741,530

Airlines — 0.3%
Allegiant Travel Co.^(a)		86,231		16,856,436


Auto Components — 2.0%
Dorman Products Inc.^(a)(b)		372,999		35,311,815
Gentherm Inc.^(a)(b)		284,361		23,013,336
LCI Industries		329,195		44,319,523
Patrick Industries Inc.		292,242		24,343,759


				126,988,433

Automobiles — 0.3%
Winnebago Industries Inc.		223,892		16,220,975


Banks — 3.4%
BancFirst Corp.		122,669		7,374,860
Bancorp. Inc. (The)^(a)(b)		343,509		8,742,304
Berkshire Hills Bancorp. Inc.		199,795		5,390,469
City Holding Co.		88,593		6,902,281
Community Bank System Inc.		319,471		21,858,206
CVB Financial Corp.		673,709		13,723,452
Great Western Bancorp. Inc.		233,975		7,660,341
Hilltop Holdings Inc.		285,778		9,336,367
Independent Bank Corp.		148,481		11,306,828
Lakeland Financial Corp.		131,392		9,360,366
National Bank Holdings Corp., Class A		248,087		10,042,562
Park National Corp.		103,681		12,643,898
ServisFirst Bancshares Inc.		635,437		49,436,999
Triumph Bancorp. Inc.^(a)(b)		306,969		30,736,806
Westamerica Bancorp.		154,684		8,702,522


				213,218,261

Beverages — 1.2%
Celsius Holdings Inc.^(a)(b)		494,740		44,571,126
Coca-Cola Consolidated Inc.		26,077		10,279,032
MGP Ingredients Inc.		86,686		5,643,259
National Beverage Corp.		304,802		15,999,057


				76,492,474

Biotechnology — 2.8%
Anika Therapeutics Inc.^(a)(b)		74,177		3,156,973
Coherus Biosciences Inc.^(a)(b)		829,434		13,329,005
Cytokinetics Inc.^(a)(b)		1,086,382		38,827,293
Eagle Pharmaceuticals Inc./DE^(a)(b)		53,900		3,006,542
Enanta Pharmaceuticals Inc.^(a)		99,216		5,636,461
Ligand Pharmaceuticals Inc.^(a)(b)		112,423		15,662,772
Organogenesis Holdings Inc., Class A^(a)		518,396		7,381,959
REGENXBIO Inc.^(a)(b)		489,847		20,534,386
Spectrum Pharmaceuticals Inc.^(a)(b)		1,191,834		2,598,198
uniQure NV^(a)(b)		183,131		5,862,023
Vanda Pharmaceuticals Inc.^(a)(b)		370,165		6,344,628
Vericel Corp.^(a)(b)		606,717		29,607,790


Security	Shares		Value

Biotechnology (continued)
Xencor Inc.^(a)(b)		758,320	$	24,766,731


				176,714,761

Building Products — 1.9%
AAON Inc.		539,024		35,219,828
American Woodmark Corp.^(a)(b)		116,345		7,605,473
Gibraltar Industries Inc.^(a)		424,557		29,570,395
Insteel Industries Inc.		103,208		3,927,064
PGT Innovations Inc.^(a)(b)		778,588		14,871,031
UFP Industries Inc.		410,341		27,894,981


				119,088,772

Capital Markets — 1.7%
B. Riley Financial Inc.		142,127		8,391,178
Blucora Inc.^(a)		277,555		4,327,082
BrightSphere Investment Group Inc.^(b)		778,001		20,329,166
Donnelley Financial Solutions Inc.^(a)		168,316		5,827,100
Greenhill & Co. Inc.		109,637		1,602,893
Piper Sandler Cos		115,793		16,032,699
StoneX Group Inc.^(a)		220,103		14,504,788
Virtus Investment Partners Inc.		92,553		28,721,047
WisdomTree Investments Inc.		595,940		3,378,980


				103,114,933

Chemicals — 3.6%
American Vanguard Corp.		161,953		2,437,393
Balchem Corp.		421,676		61,172,537
Ferro Corp.^(a)(b)		378,219		7,692,974
FutureFuel Corp.		146,360		1,043,547
GCP Applied Technologies Inc.^(a)		364,479		7,989,380
Hawkins Inc.		135,665		4,731,995
HB Fuller Co.		348,003		22,467,074
Innospec Inc.		121,975		10,272,734
Livent Corp.^(a)(b)		2,104,281		48,629,934
Quaker Chemical Corp.		174,661		41,520,413
Stepan Co.		150,590		17,007,635


				224,965,616

Commercial Services & Supplies — 0.7%
Brady Corp., Class A, NVS		247,275		12,536,843
U.S. Ecology Inc.^(a)		160,575		5,194,601
UniFirst Corp./MA		102,981		21,895,820
Viad Corp.^(a)		110,290		5,008,269


				44,635,533

Communications Equipment — 1.2%
CalAmp Corp.^(a)(b)		189,028		1,880,829
Digi International Inc.^(a)(b)		259,817		5,461,353
Extreme Networks Inc.^(a)		733,954		7,229,447
Harmonic Inc.^(a)(b)		637,395		5,577,206
Plantronics Inc.^(a)		359,449		9,241,434
Viavi Solutions Inc.^(a)(b)		2,978,310		46,878,599


				76,268,868

Construction & Engineering — 1.0%
Arcosa Inc.		341,508		17,133,456
Comfort Systems USA Inc.		472,583		33,704,620
MYR Group Inc.^(a)		123,423		12,280,588


				63,118,664

Consumer Finance — 1.1%
Green Dot Corp., Class A^(a)		702,224		35,342,934
PRA Group Inc.^(a)		595,854		25,109,288
World Acceptance Corp.^(a)(b)		37,464		7,102,425


				67,554,647


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Containers & Packaging — 0.1%
Myers Industries Inc.		182,537	$	3,572,249


Diversified Consumer Services — 0.2%
American Public Education Inc.^(a)		135,606		3,472,869
Perdoceo Education Corp.^(a)(b)		402,914		4,254,772
Regis Corp.^(a)(b)		115,008		400,228
WW International Inc.^(a)(b)		270,607		4,938,578


				13,066,447

Diversified Telecommunication Services — 0.4%
Cogent Communications Holdings Inc.		347,455		24,613,712


Electrical Equipment — 0.8%
AZZ Inc.		183,452		9,759,646
Vicor Corp.^(a)(b)		277,803		37,270,051


				47,029,697

Electronic Equipment, Instruments & Components — 3.6%
Advanced Energy Industries Inc.		499,853		43,862,101
Arlo Technologies Inc.^(a)(b)		1,086,977		6,967,523
Badger Meter Inc.		379,992		38,432,391
CTS Corp.		224,560		6,941,150
Fabrinet^(a)		297,586		30,505,541
FARO Technologies Inc.^(a)		137,744		9,064,933
Itron Inc.^(a)(b)		307,350		23,244,880
Methode Electronics Inc.		204,608		8,603,766
OSI Systems Inc.^(a)		114,980		10,900,104
Plexus Corp.^(a)(b)		210,396		18,811,506
Rogers Corp.^(a)(b)		129,698		24,186,083


				221,519,978

Energy Equipment & Services — 0.3%
Core Laboratories NV^(b)		242,158		6,719,884
DMC Global Inc.^(a)(b)		243,912		9,002,792


				15,722,676

Equity Real Estate Investment Trusts (REITs) — 5.1%
Agree Realty Corp.		448,467		29,701,969
CareTrust REIT Inc.		627,175		12,744,196
Centerspace		104,604		9,885,078
Community Healthcare Trust Inc.		302,384		13,664,733
Easterly Government Properties Inc.		471,651		9,744,310
Essential Properties Realty Trust Inc.		1,540,426		43,008,694
Four Corners Property Trust Inc.		557,577		14,976,518
Getty Realty Corp.		230,127		6,745,022
Independence Realty Trust Inc.		664,378		13,520,092
Industrial Logistics Properties Trust		384,031		9,758,228
Innovative Industrial Properties Inc.		311,691		72,053,609
Lexington Realty Trust		1,296,624		16,531,956
LTC Properties Inc.		199,016		6,306,817
NexPoint Residential Trust Inc.		168,585		10,432,040
Safehold Inc.^(b)		174,209		12,523,885
Saul Centers Inc.		68,724		3,027,979
Tanger Factory Outlet Centers Inc.		465,670		7,590,421
Uniti Group Inc.		1,942,054		24,023,208
Universal Health Realty Income Trust		77,355		4,275,411


				320,514,166

Food & Staples Retailing — 0.5%
PriceSmart Inc.		137,783		10,685,071
United Natural Foods Inc.^(a)(b)		390,235		18,895,179


				29,580,250

Food Products — 1.1%
B&G Foods Inc.^(b)		842,866		25,193,265


Security	Shares		Value

Food Products (continued)
Calavo Growers Inc.		91,402	$	3,495,212
Cal-Maine Foods Inc.		288,702		10,439,464
J&J Snack Foods Corp.		83,546		12,767,500
Simply Good Foods Co. (The)^(a)		495,596		17,093,106


				68,988,547

Gas Utilities — 0.2%
Chesapeake Utilities Corp.		116,003		13,926,160


Health Care Equipment & Supplies — 4.6%
AngioDynamics Inc.^(a)		174,549		4,527,801
Avanos Medical Inc.^(a)		628,798		19,618,498
BioLife Solutions Inc.^(a)(b)		377,302		15,967,421
Cardiovascular Systems Inc.^(a)(b)		266,809		8,759,339
CONMED Corp.		212,425		27,791,563
CryoLife Inc.^(a)		273,653		6,099,725
Cutera Inc.^(a)(b)		93,870		4,374,342
Glaukos Corp.^(a)(b)		389,365		18,755,712
Heska Corp.^(a)(b)		138,601		35,833,903
Inogen Inc.^(a)		111,671		4,811,903
Integer Holdings Corp.^(a)		172,478		15,409,185
LeMaitre Vascular Inc.		248,508		13,193,290
Meridian Bioscience Inc.^(a)(b)		566,484		10,899,152
Merit Medical Systems Inc.^(a)(b)		659,701		47,366,532
Mesa Laboratories Inc.		67,579		20,433,186
OraSure Technologies Inc.^(a)		596,403		6,745,318
Orthofix Medical Inc.^(a)		91,643		3,493,431
Surmodics Inc.^(a)		116,005		6,449,878
Tactile Systems Technology Inc.^(a)(b)		257,665		11,453,209
Zynex Inc.^(a)(b)		262,872		2,994,112


				284,977,500

Health Care Providers & Services — 5.7%
Addus HomeCare Corp.^(a)		206,471		16,466,062
AMN Healthcare Services Inc.^(a)		387,859		44,506,820
Apollo Medical Holdings Inc.^(a)(b)		308,384		28,078,363
Community Health Systems Inc.^(a)		1,610,974		18,848,396
CorVel Corp.^(a)(b)		78,952		14,702,442
Covetrus Inc.^(a)		809,201		14,678,906
Ensign Group Inc. (The)		682,335		51,100,068
Fulgent Genetics Inc.^(a)(b)		249,330		22,427,234
Hanger Inc.^(a)(b)		292,952		6,433,226
Joint Corp. (The)^(a)(b)		187,844		18,412,469
MEDNAX Inc.^(a)		439,816		12,503,969
ModivCare Inc.^(a)(b)		160,182		29,092,255
Owens & Minor Inc.		508,982		15,926,047
Pennant Group Inc. (The)^(a)(b)		352,070		9,889,646
RadNet Inc.^(a)		283,086		8,297,251
Select Medical Holdings Corp.		704,918		25,496,884
Tivity Health Inc.^(a)(b)		381,007		8,786,021
U.S. Physical Therapy Inc.		92,760		10,259,256


				355,905,315

Health Care Technology — 2.1%
Allscripts Healthcare Solutions Inc.^(a)(b)		1,624,307		21,716,985
Computer Programs & Systems Inc.		89,959		3,189,946
HealthStream Inc.^(a)		124,763		3,565,727
NextGen Healthcare Inc.^(a)		350,391		4,940,513
Omnicell Inc.^(a)(b)		566,309		84,057,245
Simulations Plus Inc.^(b)		202,007		7,979,276
Tabula Rasa HealthCare Inc.^(a)(b)		299,193		7,841,848


				133,291,540


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure — 1.5%
Brinker International Inc.^(a)		320,298	$	15,710,617
Cheesecake Factory Inc. (The)^(a)		221,925		10,430,475
Dine Brands Global Inc.^(a)		224,428		18,225,798
El Pollo Loco Holdings Inc.^(a)(b)		132,940		2,246,686
Monarch Casino & Resort Inc.^(a)(b)		86,757		5,811,851
Ruth’s Hospitality Group Inc.^(a)		152,711		3,162,645
Shake Shack Inc., Class A^(a)		509,800		39,998,908


				95,586,980

Household Durables — 3.8%
Cavco Industries Inc.^(a)		64,757		15,330,572
Century Communities Inc.		387,011		23,781,826
Installed Building Products Inc.		305,496		32,733,896
iRobot Corp.^(a)(b)		364,944		28,648,104
La-Z-Boy Inc.		301,441		9,715,444
LGI Homes Inc.^(a)(b)		282,184		40,044,732
MDC Holdings Inc.		433,821		20,268,117
Meritage Homes Corp.^(a)		490,394		47,568,218
Tupperware Brands Corp.^(a)(b)		651,911		13,768,360
Universal Electronics Inc.^(a)		71,247		3,508,915


				235,368,184

Household Products — 0.9%
Central Garden & Pet Co.^(a)(b)		77,468		3,718,464
Central Garden & Pet Co., Class A, NVS^(a)		319,134		13,722,762
WD-40 Co.		178,552		41,331,217


				58,772,443

Industrial Conglomerates — 0.2%
Raven Industries Inc.^(a)		197,120		11,356,083


Insurance — 1.8%
Ambac Financial Group Inc.^(a)		201,195		2,881,112
AMERISAFE Inc.		93,535		5,252,926
eHealth Inc.^(a)(b)		307,939		12,471,530
HCI Group Inc.		85,268		9,445,136
James River Group Holdings Ltd.		190,755		7,197,186
Palomar Holdings Inc.^(a)(b)		313,499		25,340,124
Selectquote Inc.^(a)(b)		1,087,105		14,056,268
Trupanion Inc.^(a)(b)		445,387		34,593,208


				111,237,490

Interactive Media & Services — 0.2%
QuinStreet Inc.^(a)		644,556		11,318,403


Internet & Direct Marketing Retail — 2.0%
Liquidity Services Inc.^(a)		229,220		4,953,444
PetMed Express Inc.		265,884		7,144,303
Shutterstock Inc.		305,184		34,583,451
Stamps.com Inc.^(a)		238,630		78,697,788


				125,378,986

IT Services — 2.9%
CSG Systems International Inc.		213,915		10,310,703
EVERTEC Inc.		777,787		35,560,422
ExlService Holdings Inc.^(a)		432,150		53,206,308
Perficient Inc.^(a)(b)		428,963		49,631,019
TTEC Holdings Inc.		238,085		22,268,090
Unisys Corp.^(a)(b)		384,677		9,670,780


				180,647,322

Leisure Products — 0.7%
Sturm Ruger & Co. Inc.		142,561		10,518,150
Vista Outdoor Inc.^(a)(b)		746,622		30,096,333


				40,614,483


Security	Shares		Value

Life Sciences Tools & Services — 1.2%
NeoGenomics Inc.^(a)(b)		1,599,827	$	77,175,655


Machinery — 6.9%
Alamo Group Inc.		129,362		18,049,880
Albany International Corp., Class A		211,550		16,261,848
Astec Industries Inc.		180,841		9,731,054
Chart Industries Inc.^(a)(b)		464,532		88,776,711
CIRCOR International Inc.^(a)		97,214		3,209,034
Enerpac Tool Group Corp.		320,929		6,652,858
ESCO Technologies Inc.		200,901		15,469,377
Federal Signal Corp.		795,565		30,724,720
Franklin Electric Co. Inc.		508,063		40,568,831
Hillenbrand Inc.		626,829		26,734,257
John Bean Technologies Corp.		252,404		35,475,382
Lindsay Corp.		84,671		12,852,211
Lydall Inc.^(a)		105,287		6,537,270
Mueller Industries Inc.		298,711		12,277,022
Proto Labs Inc.^(a)(b)		360,956		24,039,670
SPX Corp.^(a)		343,433		18,356,494
SPX FLOW Inc.		206,709		15,110,428
Tennant Co.		111,488		8,244,538
Titan International Inc.^(a)		306,219		2,192,528
Watts Water Technologies Inc., Class A		233,370		39,227,163


				430,491,276

Marine — 0.7%
Matson Inc.		566,116		45,691,222


Media — 0.4%
TechTarget Inc.^(a)(b)		329,699		27,173,792


Metals & Mining — 0.6%
Arconic Corp.^(a)(b)		796,358		25,117,131
Century Aluminum Co.^(a)		397,392		5,344,923
Materion Corp.		100,634		6,907,518


				37,369,572

Mortgage Real Estate Investment — 0.3%
Invesco Mortgage Capital Inc.		1,410,026		4,441,582
Redwood Trust Inc.		546,572		7,045,313
Two Harbors Investment Corp.		1,189,377		7,540,650


				19,027,545

Multiline Retail — 0.3%
Big Lots Inc.		452,607		19,625,040


Oil, Gas & Consumable Fuels — 2.4%
Bonanza Creek Energy Inc.		400,278		19,173,316
Dorian LPG Ltd.		210,698		2,614,762
Matador Resources Co.^(b)		617,834		23,502,405
Range Resources Corp.^(a)		1,928,099		43,632,881
Renewable Energy Group Inc.^(a)(b)		653,711		32,816,292
Southwestern Energy Co.^(a)(b)		5,042,333		27,934,525


				149,674,181

Personal Products — 0.9%
elf Beauty Inc.^(a)(b)		323,965		9,411,183
Inter Parfums Inc.		101,911		7,619,886
Medifast Inc.		152,661		29,408,615
USANA Health Sciences Inc.^(a)		97,707		9,008,585


				55,448,269

Pharmaceuticals — 1.9%
Amphastar Pharmaceuticals Inc.^(a)(b)		314,275		5,974,368
ANI Pharmaceuticals Inc.^(a)		46,822		1,536,698


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Pharmaceuticals (continued)
Cara Therapeutics Inc.^(a)(b)		368,348	$	5,690,977
Collegium Pharmaceutical Inc.^(a)(b)		462,988		9,139,383
Corcept Therapeutics Inc.^(a)		1,357,058		26,706,901
Endo International PLC^(a)		1,828,462		5,924,217
Innoviva Inc.^(a)(b)		809,613		13,528,633
Pacira BioSciences Inc.^(a)		578,674		32,405,744
Supernus Pharmaceuticals Inc.^(a)(b)		694,424		18,520,288


				119,427,209

Professional Services — 2.0%
Exponent Inc.		678,131		76,730,523
Forrester Research Inc.^(a)		145,258		7,155,409
Korn Ferry		288,059		20,843,949
ManTech International Corp./VA, Class A		244,432		18,557,277


				123,287,158

Real Estate Management & Development — 0.4%
Marcus & Millichap Inc.^(a)		145,922		5,927,352
RE/MAX Holdings Inc., Class A		101,753		3,170,623
St Joe Co. (The)		430,853		18,138,911


				27,236,886

Road & Rail — 0.3%
Heartland Express Inc.		300,271		4,810,341
Marten Transport Ltd.		779,169		12,225,162


				17,035,503

Semiconductors & Semiconductor Equipment — 6.4%
Axcelis Technologies Inc.^(a)		282,563		13,288,938
CEVA Inc.^(a)		298,883		12,753,338
Cohu Inc.^(a)		634,985		20,281,421
Diodes Inc.^(a)		585,702		53,058,744
DSP Group Inc.^(a)		153,948		3,373,001
FormFactor Inc.^(a)		1,011,738		37,768,180
Ichor Holdings Ltd.^(a)(b)		185,272		7,612,826
Kulicke & Soffa Industries Inc.		394,856		23,012,208
MaxLinear Inc.^(a)		914,940		45,060,795
Onto Innovation Inc.^(a)(b)		641,774		46,368,171
PDF Solutions Inc.^(a)		235,625		5,428,800
Photronics Inc.^(a)		392,788		5,353,700
Power Integrations Inc.		785,365		77,743,281
Rambus Inc.^(a)(b)		597,611		13,266,964
Ultra Clean Holdings Inc.^(a)		582,323		24,806,960
Veeco Instruments Inc.^(a)(b)		361,829		8,036,222


				397,213,549

Software — 5.4%
8x8 Inc.^(a)(b)		1,459,371		34,134,688
Agilysys Inc.^(a)(b)		251,301		13,158,120
Alarm.com Holdings Inc.^(a)(b)		598,049		46,761,451
Bottomline Technologies DE Inc.^(a)(b)		308,355		12,112,184
Ebix Inc.^(b)		310,878		8,371,945
LivePerson Inc.^(a)(b)		845,157		49,822,005
OneSpan Inc.^(a)(b)		446,824		8,391,355
Progress Software Corp.		371,624		18,280,185
SPS Commerce Inc.^(a)(b)		467,591		75,427,104
Vonage Holdings Corp.^(a)		3,280,722		52,885,239
Xperi Holding Corp.		862,435		16,248,275


				335,592,551

Specialty Retail — 2.4%
America’s Car-Mart Inc./TX^(a)		52,856		6,172,524
Boot Barn Holdings Inc.^(a)(b)		231,512		20,574,471
Buckle Inc. (The)		155,672		6,163,054
Haverty Furniture Companies Inc.		90,079		3,036,563


Security	Shares		Value


Specialty Retail (continued)
Hibbett Inc.		196,665	$	13,912,082
Lumber Liquidators Holdings Inc.^(a)(b)		377,587		7,053,325
MarineMax Inc.^(a)(b)		284,124		13,785,697
Rent-A-Center Inc./TX		787,838		44,284,374
Sleep Number Corp.^(a)(b)		307,415		28,737,154
Zumiez Inc.^(a)(b)		157,581		6,265,421


				149,984,665

Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.^(a)(b)		764,751		21,084,185
Diebold Nixdorf Inc.^(a)(b)		447,509		4,524,316


				25,608,501

Textiles, Apparel & Luxury Goods — 0.7%
Fossil Group Inc.^(a)(b)		331,511		3,928,405
Kontoor Brands Inc.		280,258		13,998,887
Steven Madden Ltd.		392,528		15,763,925
Wolverine World Wide Inc.		404,379		12,066,669


				45,757,886

Thrifts & Mortgage Finance — 2.9%
Axos Financial Inc.^(a)(b)		695,022		35,821,434
Flagstar Bancorp. Inc.		387,519		19,678,215
Meta Financial Group Inc.		228,291		11,980,712
Mr Cooper Group Inc.^(a)		1,122,195		46,200,768
NMI Holdings Inc., Class A^(a)(b)		1,119,832		25,319,401
Walker & Dunlop Inc.		381,364		43,284,814


				182,285,344

Tobacco — 0.2%
Vector Group Ltd.		848,792		10,822,098


Trading Companies & Distributors — 0.4%
Applied Industrial Technologies Inc.		308,243		27,781,942


Water Utilities — 0.9%
American States Water Co.		259,144		22,161,995
California Water Service Group		396,071		23,340,464
Middlesex Water Co.		101,422		10,424,153


				55,926,612

Wireless Telecommunication Services — 0.2%
Shenandoah Telecommunications Co.		424,367		13,401,510


Total Common Stocks — 99.7% (Cost: $4,919,579,944)				6,221,701,918


Short-Term Investments

Money Market Funds — 6.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		375,483,599		375,671,341
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		12,810,000		12,810,000


				388,481,341


Total Short-Term Investments — 6.2% (Cost: $388,281,361)				388,481,341


Total Investments in Securities — 105.9% (Cost: $5,307,861,305)				6,610,183,259

Other Assets, Less Liabilities — (5.9)%				(369,553,803	)


Net Assets — 100.0%			$	6,240,629,456

^(a)	Non-income producing security.

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Growth ETF

^(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	$	390,568,484	$	—	$	(14,853,057	)^(a)	$	(15,020	)	$	(29,066	)	$	375,671,341		375,483,599	$	513,584	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,930,000		—		(38,120,000	)^(a)		—			—			12,810,000		12,810,000		997			—


								$	(15,020	)	$	(29,066	)	$	388,481,341			$	514,581		$	—

^(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
Russell 2000 E-Mini Index		113		12/17/21	$	12,435	$	(147,514	)

OTC Total Return Swaps




Reference Entity	Payment Frequency		Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long		Monthly	Goldman Sachs Bank USA^(b)		02/27/23	$	1,837,343	$	231,057	^(c)	$	1,981,503		0.0	%^(d)
		Monthly	HSBC Bank PLC^(e)		02/10/23		2,604,635		7,467	^(f)		2,623,365		0.0	^(d)
		Monthly	JPMorgan Chase Bank NA^(g)		02/08/23		760,785		29,988	^(h)		790,724		0.0	^(d)


								$	268,512		$	5,395,592

^(a)

^(c)

Amount includes $86,897 of net dividends and financing fees.

^(d)

Rounds to less than 0.1%.

^(f)

Amount includes $(11,263) of net dividends, payable for referenced securities purchased and financing fees.

^(h)

Amount includes $49 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(e)	(g)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Growth ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of September 30, 2021 expiration 2/27/2023.



	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Bancorp. Inc. (The)^(a)		33,106	$	842,548	42.5%
Berkshire Hills Bancorp. Inc.		4,400		118,712	6.0
City Holding Co.		1,971		153,561	7.7
Community Bank System Inc.		3,174		217,165	11.0
Great Western Bancorp. Inc.		1,877		61,453	3.1
Independent Bank Corp.		4,077		310,464	15.7
National Bank Holdings Corp.		1,333		53,960	2.7
Westamerica Bancorp.		3,403		191,453	9.7


				1,949,316


Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		1,584		32,187	1.6


Total Reference Entity — Long				1,981,503


Net Value of Reference Entity — Goldman Sachs Bank USA			$	1,981,503



	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Community Bank System Inc.		1,860	$	127,261	4.8%
CVB Financial Corp.		3,151		64,186	2.4
Lakeland Financial Corp.		5,212		371,303	14.2


				562,750


Capital Markets
Virtus Investment Partners Inc.		1,089		337,938	12.9


Consumer Finance
Green Dot Corp., Class A		7,453		375,109	14.3



	Shares		Value		% of Basket Value

Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		7,392	$	150,205		5.7


Insurance
James River Group Holdings Ltd.		3,660		138,092		5.3


Thrifts & Mortgage Finance
Flagstar Bancorp. Inc.		20,860		1,059,271		40.4


Total Reference Entity — Long				2,623,365


Net Value of Reference Entity — HSBC Bank PLC			$	2,623,365



	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Bancorp. Inc. (The)^(a)		5,206	$	132,493		16.8	%
Community Bank System Inc.		3,097		211,897		26.8
Great Western Bancorp. Inc.		3,290		107,715		13.6
Independent Bank Corp.		1,208		91,989		11.6
National Bank Holdings Corp.		3,390		137,227		17.4
Westamerica Bancorp.		31		1,744		0.2


				683,065


Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		1,685		34,239		4.3


Thrifts & Mortgage Finance
Meta Financial Group Inc.		1,399		73,420		9.3


Total Reference Entity — Long				790,724


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	790,724

^(a)	Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps



	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation

Total Return Swaps		$—		$—		$268,512		$—

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	268,512


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	147,514

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	1,388,959
Swaps		(7,850,383	)


	$	(6,461,424	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(766,269	)
Swaps		5,439,927


	$	4,673,658

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	27,134,607
Total return swaps:
Average notional value	$	21,353,808

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Futures contracts	$	—	$	147,514
Swaps - OTC^(a)		268,512		—


Total derivative assets and liabilities in the Statement of Assets and Liabilities		268,512		147,514
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(147,514	)


Total derivative assets and liabilities subject to an MNA		268,512		—

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty

Derivative

Assets

Subject to

an MNA by

Counterparty

Derivatives

Available

for Offset

^(a)

Non-Cash

Collateral

Received

Cash

Collateral

Received

Net Amount

of Derivative

Assets

^(b)



Goldman Sachs Bank USA	$	231,057	$	—	$	—	$	—	$	231,057
HSBC Bank PLC		7,467		—		—		—		7,467
JPMorgan Chase Bank NA		29,988		—		—		—		29,988


	$	268,512	$	—	$	—	$	—	$	268,512

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Growth ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	6,221,701,918		$	—	$	—	$	6,221,701,918
Money Market Funds		388,481,341			—		—		388,481,341


	$	6,610,183,259		$	—	$	—	$	6,610,183,259

Derivative financial instruments^(a)
Assets
Swaps	$	—		$	268,512	$	—	$	268,512
Liabilities
Futures Contracts		(147,514	)		—		—		(147,514	)


	$	(147,514	)	$	268,512	$	—	$	120,998

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2021

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.2%
AAR Corp.^(a)		529,942	$	17,186,019
Aerojet Rocketdyne Holdings Inc.		647,102		28,181,292
Kaman Corp.		438,549		15,643,043
Moog Inc., Class A		286,482		21,838,523
National Presto Industries Inc.		80,792		6,631,407
Park Aerospace Corp.		180,360		2,467,325
Triumph Group Inc.^(a)		669,586		12,474,387


				104,421,996

Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings Inc.^(a)(b)		426,570		34,842,237
Echo Global Logistics Inc.^(a)		208,062		9,926,638
Hub Group Inc., Class A^(a)		532,661		36,620,444


				81,389,319

Airlines — 0.9%
Allegiant Travel Co.^(a)		133,649		26,125,707
Hawaiian Holdings Inc.^(a)		810,346		17,552,094
SkyWest Inc.^(a)		796,038		39,276,515


				82,954,316

Auto Components — 0.6%
American Axle & Manufacturing Holdings Inc.^(a)		1,796,284		15,825,262
Cooper-Standard Holdings Inc.^(a)(b)		270,341		5,923,171
Gentherm Inc.^(a)		178,495		14,445,600
Motorcar Parts of America Inc.^(a)(b)		303,227		5,912,927
Standard Motor Products Inc.		308,180		13,470,548


				55,577,508

Automobiles — 0.2%
Winnebago Industries Inc.		262,071		18,987,044


Banks — 15.7%
Allegiance Bancshares Inc.		293,889		11,211,865
Ameris Bancorp.		1,039,670		53,938,080
Banc of California Inc.		710,564		13,138,328
BancFirst Corp.		154,637		9,296,776
Bancorp. Inc. (The)^(a)(b)		387,999		9,874,575
BankUnited Inc.		1,450,590		60,663,674
Banner Corp.		539,972		29,811,854
Berkshire Hills Bancorp. Inc.		514,264		13,874,843
Brookline Bancorp. Inc.		1,209,899		18,463,059
Cadence BanCorp.		1,950,008		42,822,176
Central Pacific Financial Corp.		417,563		10,723,018
City Holding Co.		129,996		10,127,988
Columbia Banking System Inc.		1,121,562		42,608,140
Community Bank System Inc.		444,792		30,432,669
Customers Bancorp. Inc.^(a)		465,655		20,032,478
CVB Financial Corp.		1,177,836		23,992,519
Dime Community Bancshares Inc.		529,341		17,288,277
Eagle Bancorp. Inc.		499,725		28,734,188
FB Financial Corp.		560,771		24,045,860
First BanCorp./Puerto Rico		3,243,976		42,658,284
First Bancorp./Southern Pines NC		441,937		19,007,710
First Commonwealth Financial Corp.		1,490,353		20,313,511
First Financial Bancorp.		1,495,614		35,012,324
First Hawaiian Inc.		2,046,711		60,070,968
First Midwest Bancorp. Inc.		1,786,476		33,960,909
Great Western Bancorp. Inc.		564,703		18,488,376
Hanmi Financial Corp.		478,812		9,604,969
Heritage Financial Corp./WA		562,346		14,339,823
Hilltop Holdings Inc.		640,923		20,938,954


Security	Shares		Value

Banks (continued)
Hope Bancorp Inc.		1,920,628	$	27,733,868
Independent Bank Corp.		329,865		25,119,220
Independent Bank Group Inc.		586,559		41,669,151
Investors Bancorp. Inc.		3,559,255		53,780,343
Lakeland Financial Corp.		222,603		15,858,238
National Bank Holdings Corp., Class A		175,477		7,103,309
NBT Bancorp. Inc.		677,247		24,462,162
OFG Bancorp.		813,702		20,521,564
Old National Bancorp./IN		2,589,842		43,897,822
Pacific Premier Bancorp. Inc.		1,479,173		61,296,929
Park National Corp.		103,096		12,572,557
Preferred Bank/Los Angeles CA		212,035		14,138,494
Renasant Corp.		880,659		31,747,757
S&T Bancorp. Inc.		614,320		18,104,010
Seacoast Banking Corp. of Florida		866,344		29,291,091
Simmons First National Corp., Class A		1,692,243		50,022,703
Southside Bancshares Inc.		497,493		19,049,007
Tompkins Financial Corp.		187,943		15,206,468
Trustmark Corp.		852,767		27,476,153
United Community Banks Inc./GA		1,353,807		44,431,946
Veritex Holdings Inc.		773,952		30,462,751
Westamerica Bancorp.		226,352		12,734,564


				1,372,156,302

Beverages — 0.3%
Coca-Cola Consolidated Inc.		41,689		16,432,970
MGP Ingredients Inc.		93,823		6,107,877


				22,540,847

Biotechnology — 1.2%
Anika Therapeutics Inc.^(a)		137,466		5,850,553
Eagle Pharmaceuticals Inc./DE^(a)		116,488		6,497,700
Enanta Pharmaceuticals Inc.^(a)		166,407		9,453,582
Ligand Pharmaceuticals Inc.^(a)(b)		127,382		17,746,860
Myriad Genetics Inc.^(a)(b)		1,233,337		39,824,452
Organogenesis Holdings Inc., Class A^(a)(b)		371,336		5,287,825
Progenics Pharmaceuticals Inc.^(a)(b)(c)		181,178		2
Spectrum Pharmaceuticals Inc.^(a)(b)		1,165,143		2,540,012
uniQure NV^(a)(b)		345,048		11,044,986
Vanda Pharmaceuticals Inc.^(a)(b)		426,654		7,312,849


				105,558,821

Building Products — 1.7%
American Woodmark Corp.^(a)		125,035		8,173,538
Apogee Enterprises Inc.		406,616		15,353,820
Griffon Corp.		750,546		18,463,432
Insteel Industries Inc.		180,950		6,885,148
Quanex Building Products Corp.		531,523		11,379,907
Resideo Technologies Inc.^(a)		2,277,334		56,455,110
UFP Industries Inc.		478,984		32,561,332


				149,272,287

Capital Markets — 0.5%
B. Riley Financial Inc.		81,621		4,818,904
Blucora Inc.^(a)		427,018		6,657,211
Donnelley Financial Solutions Inc.^(a)(b)		264,102		9,143,211
Greenhill & Co. Inc.		93,094		1,361,034
Piper Sandler Cos		86,535		11,981,636
WisdomTree Investments Inc.		1,000,885		5,675,018


				39,637,014

Chemicals — 2.3%
AdvanSix Inc.^(a)		446,167		17,735,138
American Vanguard Corp.		228,404		3,437,480


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Ferro Corp.^(a)		847,523	$	17,238,618
FutureFuel Corp.		244,286		1,741,759
GCP Applied Technologies Inc.^(a)(b)		410,629		9,000,988
Hawkins Inc.		134,015		4,674,443
HB Fuller Co.		406,982		26,274,758
Innospec Inc.		241,043		20,300,641
Koppers Holdings Inc.^(a)(b)		338,063		10,567,849
Kraton Corp.^(a)		507,147		23,146,189
Rayonier Advanced Materials Inc.^(a)		1,016,801		7,626,008
Stepan Co.		156,306		17,653,200
Tredegar Corp.		404,132		4,922,328
Trinseo SA		613,640		33,124,287


				197,443,686

Commercial Services & Supplies — 3.2%
ABM Industries Inc.		1,060,499		47,733,060
Brady Corp., Class A, NVS		467,353		23,694,797
CoreCivic Inc.^(a)		1,895,628		16,871,089
Deluxe Corp.		675,093		24,229,088
Harsco Corp.^(a)		1,249,393		21,177,211
Healthcare Services Group Inc.		1,179,663		29,479,779
HNI Corp.		693,707		25,472,921
Interface Inc.^(b)		929,461		14,081,334
Matthews International Corp., Class A		498,283		17,285,437
Pitney Bowes Inc.		2,584,218		18,632,212
U.S. Ecology Inc.^(a)		303,770		9,826,960
UniFirst Corp./MA		115,534		24,564,839
Viad Corp.^(a)		192,132		8,724,714


				281,773,441

Communications Equipment — 0.9%
ADTRAN Inc.		773,399		14,508,965
Applied Optoelectronics Inc.^(a)(b)		395,441		2,839,267
CalAmp Corp.^(a)(b)		342,802		3,410,880
Comtech Telecommunications Corp.		413,015		10,577,314
Digi International Inc.^(a)(b)		226,069		4,751,971
Extreme Networks Inc.^(a)		1,117,066		11,003,100
Harmonic Inc.^(a)(b)		828,819		7,252,166
NETGEAR Inc.^(a)(b)		481,152		15,353,560
Plantronics Inc.^(a)		236,221		6,073,242


				75,770,465

Construction & Engineering — 0.7%
Arcosa Inc.		350,993		17,609,319
Granite Construction Inc.		723,942		28,631,906
Matrix Service Co.^(a)		419,170		4,384,518
MYR Group Inc.^(a)(b)		117,556		11,696,822


				62,322,565

Consumer Finance — 0.6%
Encore Capital Group Inc.^(a)(b)		477,902		23,546,232
Enova International Inc.^(a)(b)		581,568		20,093,174
EZCORP Inc., Class A, NVS^(a)(b)		849,276		6,429,019
World Acceptance Corp.^(a)(b)		20,645		3,913,879


				53,982,304

Containers & Packaging — 0.5%
Myers Industries Inc.		346,348		6,778,030
O-I Glass Inc.^(a)		2,485,496		35,468,028


				42,246,058

Diversified Consumer Services — 0.9%
Adtalem Global Education Inc.^(a)(b)		781,053		29,531,614
American Public Education Inc.^(a)(b)		132,945		3,404,722
Perdoceo Education Corp.^(a)		619,449		6,541,381


Security	Shares		Value

Diversified Consumer Services (continued)
Regis Corp.^(a)(b)		244,919	$	852,318
Strategic Education Inc.		357,596		25,210,518
WW International Inc.^(a)		516,552		9,427,074


				74,967,627

Diversified Telecommunication Services — 0.4%
ATN International Inc.		172,147		8,065,087
Cogent Communications Holdings Inc.		247,502		17,533,042
Consolidated Communications Holdings Inc.^(a)(b)		1,149,649		10,565,274


				36,163,403

Electrical Equipment — 0.5%
AZZ Inc.		174,266		9,270,951
Encore Wire Corp.		326,295		30,942,555
Powell Industries Inc.		143,274		3,520,242


				43,733,748

Electronic Equipment, Instruments & Components — 3.8%
Benchmark Electronics Inc.		566,848		15,140,510
CTS Corp.		240,803		7,443,221
Daktronics Inc.^(a)		588,723		3,196,766
ePlus Inc.^(a)		213,154		21,871,732
Fabrinet^(a)		221,267		22,682,080
FARO Technologies Inc.^(a)		122,123		8,036,915
Insight Enterprises Inc.^(a)(b)		550,616		49,599,489
Itron Inc.^(a)(b)		343,024		25,942,905
Knowles Corp.^(a)(b)		1,453,203		27,233,024
Methode Electronics Inc.		354,999		14,927,708
OSI Systems Inc.^(a)(b)		124,463		11,799,092
PC Connection Inc.		172,329		7,587,646
Plexus Corp.^(a)(b)		193,406		17,292,431
Rogers Corp.^(a)(b)		139,026		25,925,569
Sanmina Corp.^(a)(b)		1,028,543		39,640,047
ScanSource Inc.^(a)		403,604		14,041,383
TTM Technologies Inc.^(a)(b)		1,701,014		21,381,746


				333,742,264

Energy Equipment & Services — 2.3%
Archrock Inc.		2,111,882		17,423,027
Bristow Group Inc.^(a)(b)		365,283		11,626,958
Core Laboratories NV^(b)		439,260		12,189,465
Dril-Quip Inc.^(a)(b)		564,757		14,220,581
Helix Energy Solutions Group Inc.^(a)(b)		2,256,075		8,753,571
Helmerich & Payne Inc.		1,704,549		46,721,688
Nabors Industries Ltd.^(a)		123,551		11,920,201
Oceaneering International Inc.^(a)		1,573,932		20,964,774
Oil States International Inc.^(a)(b)		971,624		6,208,677
Patterson-UTI Energy Inc.		2,988,509		26,896,581
ProPetro Holding Corp.^(a)(b)		1,322,691		11,441,277
RPC Inc.^(a)(b)		1,135,242		5,517,276
U.S. Silica Holdings Inc.^(a)		1,189,897		9,507,277


				203,391,353

Entertainment — 0.4%
Cinemark Holdings Inc.^(a)		1,682,474		32,320,326
Marcus Corp. (The)^(a)		348,654		6,084,012


				38,404,338

Equity Real Estate Investment Trusts (REITs) — 9.5%
Acadia Realty Trust		1,397,354		28,519,995
Agree Realty Corp.		544,576		36,067,268
Alexander & Baldwin Inc.		1,145,596		26,852,770
American Assets Trust Inc.		831,550		31,116,601
Armada Hoffler Properties Inc.		960,339		12,839,732
Brandywine Realty Trust		2,700,628		36,242,428


50		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 Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
CareTrust REIT Inc.		743,095	$	15,099,690
Centerspace		96,307		9,101,012
Chatham Lodging Trust^(a)		765,569		9,378,220
DiamondRock Hospitality Co.^(a)		3,328,853		31,457,661
Diversified Healthcare Trust		3,775,963		12,800,515
Easterly Government Properties Inc.		762,130		15,745,606
Four Corners Property Trust Inc.		533,758		14,336,740
Franklin Street Properties Corp., Class C		1,540,908		7,149,813
GEO Group Inc. (The)		1,911,830		14,281,370
Getty Realty Corp.		324,173		9,501,511
Global Net Lease Inc.		1,584,156		25,378,179
Hersha Hospitality Trust, Class A^(a)		525,340		4,901,422
Independence Realty Trust Inc.		841,121		17,116,812
Industrial Logistics Properties Trust		572,448		14,545,904
iStar Inc.^(b)		1,124,898		28,212,442
Kite Realty Group Trust		1,335,821		27,197,316
Lexington Realty Trust		2,808,298		35,805,800
LTC Properties Inc.		383,004		12,137,397
Mack-Cali Realty Corp.^(a)		1,262,908		21,620,985
NexPoint Residential Trust Inc.		155,206		9,604,147
Office Properties Income Trust		762,511		19,314,404
Retail Opportunity Investments Corp.		1,911,153		33,292,285
Retail Properties of America Inc., Class A		3,393,615		43,709,761
RPT Realty		1,279,373		16,324,799
Saul Centers Inc.		123,124		5,424,843
Service Properties Trust		2,607,775		29,233,158
SITE Centers Corp.		2,834,084		43,758,257
Summit Hotel Properties Inc.^(a)		1,677,863		16,157,821
Tanger Factory Outlet Centers Inc.		1,065,789		17,372,361
Uniti Group Inc.		1,329,990		16,451,976
Universal Health Realty Income Trust		108,771		6,011,773
Urstadt Biddle Properties Inc., Class A		479,534		9,077,579
Washington REIT		1,337,179		33,095,180
Whitestone REIT		694,239		6,789,657
Xenia Hotels & Resorts Inc.^(a)		1,805,030		32,021,232


				835,046,422

Food & Staples Retailing — 0.9%
Andersons Inc. (The)		493,189		15,205,017
Chefs’ Warehouse Inc. (The)^(a)(b)		519,774		16,929,039
PriceSmart Inc.		210,966		16,360,413
SpartanNash Co.		574,096		12,572,703
United Natural Foods Inc.^(a)(b)		417,019		20,192,060


				81,259,232

Food Products — 1.5%
Calavo Growers Inc.		166,163		6,354,073
Cal-Maine Foods Inc.		243,785		8,815,266
Fresh Del Monte Produce Inc.		529,784		17,069,640
J&J Snack Foods Corp.		133,754		20,440,286
John B Sanfilippo & Son Inc.		140,114		11,450,116
Seneca Foods Corp., Class A^(a)		102,728		4,953,544
Simply Good Foods Co. (The)^(a)(b)		732,310		25,257,372
TreeHouse Foods Inc.^(a)		880,903		35,130,412


				129,470,709

Gas Utilities — 0.9%
Chesapeake Utilities Corp.		134,606		16,159,450
Northwest Natural Holding Co.		484,281		22,272,083
South Jersey Industries Inc.		1,776,823		37,775,257


				76,206,790


Security	Shares		Value

Health Care Equipment & Supplies — 2.1%
AngioDynamics Inc.^(a)		394,453	$	10,232,111
Cardiovascular Systems Inc.^(a)(b)		311,785		10,235,902
CONMED Corp.		202,691		26,518,063
CryoLife Inc.^(a)		290,524		6,475,780
Cutera Inc.^(a)		145,804		6,794,466
Glaukos Corp.^(a)(b)		266,945		12,858,741
Inogen Inc.^(a)		188,229		8,110,788
Integer Holdings Corp.^(a)(b)		312,833		27,948,500
Invacare Corp.^(a)		557,657		2,654,447
Lantheus Holdings Inc.^(a)(b)		1,068,176		27,430,760
Natus Medical Inc.^(a)		537,265		13,474,606
OraSure Technologies Inc.^(a)(b)		413,980		4,682,114
Orthofix Medical Inc.^(a)(b)		201,226		7,670,735
Surmodics Inc.^(a)		80,281		4,463,624
Varex Imaging Corp.^(a)(b)		625,861		17,649,280


				187,199,917

Health Care Providers & Services — 2.5%
AMN Healthcare Services Inc.^(a)		276,407		31,717,703
Apollo Medical Holdings Inc.^(a)(b)		219,633		19,997,585
CorVel Corp.^(a)(b)		53,127		9,893,310
Covetrus Inc.^(a)		645,746		11,713,832
Cross Country Healthcare Inc.^(a)		559,048		11,874,180
Hanger Inc.^(a)(b)		228,594		5,019,924
Magellan Health Inc.^(a)		368,097		34,803,571
MEDNAX Inc.^(a)(b)		831,349		23,635,252
Owens & Minor Inc.^(b)		573,195		17,935,272
RadNet Inc.^(a)(b)		358,607		10,510,771
Select Medical Holdings Corp.		823,183		29,774,529
Tivity Health Inc.^(a)(b)		239,531		5,523,585
U.S. Physical Therapy Inc.		91,490		10,118,794


				222,518,308

Health Care Technology — 0.2%
Computer Programs & Systems Inc.		123,801		4,389,983
HealthStream Inc.^(a)		246,758		7,052,344
NextGen Healthcare Inc.^(a)		475,997		6,711,558


				18,153,885

Hotels, Restaurants & Leisure — 1.7%
BJ’s Restaurants Inc.^(a)		369,835		15,444,310
Bloomin’ Brands Inc.^(a)		1,283,210		32,080,250
Brinker International Inc.^(a)		331,714		16,270,572
Cheesecake Factory Inc. (The)^(a)		497,770		23,395,190
Chuy’s Holdings Inc.^(a)(b)		317,001		9,995,041
Dave & Buster’s Entertainment Inc.^(a)		608,273		23,315,104
El Pollo Loco Holdings Inc.^(a)(b)		149,512		2,526,753
Fiesta Restaurant Group Inc.^(a)(b)		284,128		3,114,043
Monarch Casino & Resort Inc.^(a)(b)		101,708		6,813,419
Red Robin Gourmet Burgers Inc.^(a)(b)		250,477		5,776,000
Ruth’s Hospitality Group Inc.^(a)		320,419		6,635,877


				145,366,559

Household Durables — 1.0%
Cavco Industries Inc.^(a)(b)		56,820		13,451,567
Ethan Allen Interiors Inc.		350,403		8,304,551
La-Z-Boy Inc.		353,461		11,392,048
M/I Homes Inc.^(a)		463,224		26,774,347
MDC Holdings Inc.		368,441		17,213,564
Universal Electronics Inc.^(a)		126,864		6,248,052


				83,384,129

Household Products — 0.2%
Central Garden & Pet Co.^(a)(b)		62,046		2,978,208


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products (continued)
Central Garden & Pet Co., Class A, NVS^(a)		246,927	$	10,617,861


				13,596,069

Industrial Conglomerates — 0.2%
Raven Industries Inc.^(a)		331,430		19,093,682


Insurance — 3.3%
Ambac Financial Group Inc.^(a)(b)		479,848		6,871,423
American Equity Investment Life Holding Co.		1,301,945		38,498,514
AMERISAFE Inc.		194,344		10,914,359
Assured Guaranty Ltd.		1,061,803		49,702,998
Employers Holdings Inc.		440,531		17,396,569
Genworth Financial Inc., Class A^(a)		7,929,337		29,735,014
Horace Mann Educators Corp.		649,252		25,833,737
James River Group Holdings Ltd.		349,068		13,170,336
ProAssurance Corp.		845,678		20,110,223
Safety Insurance Group Inc.		222,498		17,632,967
Selectquote Inc.^(a)(b)		653,488		8,449,600
SiriusPoint Ltd.^(a)(b)		1,377,498		12,755,631
Stewart Information Services Corp.		418,366		26,465,833
United Fire Group Inc.		339,413		7,840,440
Universal Insurance Holdings Inc.		448,774		5,852,013


				291,229,657

Internet & Direct Marketing Retail — 0.0%
Liquidity Services Inc.^(a)(b)		145,146		3,136,605


IT Services — 0.3%
CSG Systems International Inc.		261,056		12,582,899
Unisys Corp.(a)		593,824		14,928,736


				27,511,635

Leisure Products — 0.1%
Sturm Ruger & Co. Inc.		105,438		7,779,216


Machinery — 4.2%
Albany International Corp., Class A		255,408		19,633,213
Astec Industries Inc.		141,207		7,598,349
Barnes Group Inc.		735,357		30,686,448
CIRCOR International Inc.^(a)(b)		206,979		6,832,377
Enerpac Tool Group Corp.		562,707		11,664,916
EnPro Industries Inc.		325,439		28,352,246
ESCO Technologies Inc.		170,353		13,117,181
Greenbrier Companies Inc. (The)		510,985		21,967,245
Hillenbrand Inc.		395,476		16,867,051
John Bean Technologies Corp.		195,835		27,524,609
Lindsay Corp.		69,581		10,561,700
Lydall Inc.^(a)		149,668		9,292,886
Meritor Inc.^(a)(b)		1,107,488		23,600,569
Mueller Industries Inc.		541,225		22,244,347
SPX Corp.^(a)		299,997		16,034,840
SPX FLOW Inc.		407,972		29,822,753
Standex International Corp.		192,621		19,052,143
Tennant Co.		159,713		11,810,776
Titan International Inc.(a)		436,200		3,123,192
Wabash National Corp.		797,469		12,065,706
Watts Water Technologies Inc., Class A		152,374		25,612,546


				367,465,093

Media — 1.2%
AMC Networks Inc., Class A^(a)(b)		460,695		21,463,780
EW Scripps Co. (The), Class A		909,950		16,433,697
Gannett Co. Inc.^(a)		2,246,911		15,009,366
Meredith Corp.^(a)		641,146		35,711,832


Security	Shares		Value

Media (continued)
Scholastic Corp.		483,408	$	17,233,495


				105,852,170

Metals & Mining — 2.0%
Allegheny Technologies Inc.^(a)(b)		2,011,035		33,443,512
Arconic Corp.^(a)(b)		759,923		23,967,971
Carpenter Technology Corp.		758,447		24,831,555
Century Aluminum Co.^(a)(b)		314,601		4,231,383
Haynes International Inc.		200,440		7,466,390
Kaiser Aluminum Corp.		250,529		27,297,640
Materion Corp.		200,684		13,774,950
Olympic Steel Inc.		148,000		3,605,280
SunCoke Energy Inc.		1,323,694		8,312,798
TimkenSteel Corp.^(a)(b)		655,386		8,572,449
Warrior Met Coal Inc.		810,621		18,863,151


				174,367,079

Mortgage Real Estate Investment — 2.4%
Apollo Commercial Real Estate Finance Inc.		2,070,635		30,707,517
ARMOUR Residential REIT Inc.		1,322,927		14,261,153
Capstead Mortgage Corp.		1,525,705		10,206,967
Ellington Financial Inc.		758,082		13,865,320
Granite Point Mortgage Trust Inc.		872,325		11,488,520
Invesco Mortgage Capital Inc.		2,868,815		9,036,767
KKR Real Estate Finance Trust Inc.		643,627		13,580,530
New York Mortgage Trust Inc.		5,992,963		25,530,022
PennyMac Mortgage Investment Trust		1,546,928		30,459,012
Ready Capital Corp.		908,411		13,108,371
Redwood Trust Inc.		1,127,828		14,537,703
Two Harbors Investment Corp.		3,518,621		22,308,057


				209,089,939

Multi-Utilities — 0.6%
Avista Corp.		1,089,155		42,607,743
Unitil Corp.		252,720		10,811,362


				53,419,105

Multiline Retail — 1.3%
Macy’s Inc.		4,873,817		110,148,264


Oil, Gas & Consumable Fuels — 4.6%
Callon Petroleum Co.^(a)(b)		620,979		30,477,649
CONSOL Energy Inc.^(a)(b)		505,853		13,162,295
Dorian LPG Ltd.		187,392		2,325,535
Green Plains Inc.^(a)(b)		699,270		22,831,165
Laredo Petroleum Inc.^(a)(b)		212,721		17,245,291
Matador Resources Co.^(b)		990,492		37,678,316
Par Pacific Holdings Inc.^(a)		725,487		11,404,656
PBF Energy Inc., Class A^(a)		1,497,275		19,419,657
PDC Energy Inc.^(b)		1,558,002		73,833,715
Penn Virginia Corp.^(a)(b)		244,774		6,528,123
Range Resources Corp.^(a)		1,765,095		39,944,100
REX American Resources Corp.^(a)		83,946		6,704,767
SM Energy Co.		1,914,952		50,516,434
Southwestern Energy Co.^(a)(b)		4,592,621		25,443,120
Talos Energy Inc.^(a)		652,828		8,989,441
World Fuel Services Corp.		1,003,590		33,740,696


				400,244,960

Paper & Forest Products — 1.1%
Clearwater Paper Corp.^(a)(b)		266,091		10,199,268
Domtar Corp.^(a)		787,001		42,923,035
Glatfelter Corp.		705,403		9,946,182
Mercer International Inc.		634,274		7,351,236


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Paper & Forest Products (continued)
Neenah Inc.		268,858	$	12,531,471
Schweitzer-Mauduit International Inc.		497,835		17,254,961


				100,206,153

Personal Products — 0.7%
Edgewell Personal Care Co.		859,112		31,185,765
elf Beauty Inc.^(a)		364,964		10,602,204
Inter Parfums Inc.		158,305		11,836,465
USANA Health Sciences Inc.^(a)		66,528		6,133,882


				59,758,316

Pharmaceuticals — 0.8%
Amphastar Pharmaceuticals Inc.^(a)(b)		206,422		3,924,082
ANI Pharmaceuticals Inc.^(a)		98,409		3,229,784
Cara Therapeutics Inc.^(a)(b)		217,113		3,354,396
Endo International PLC^(a)(b)		1,400,139		4,536,450
Phibro Animal Health Corp., Class A		319,768		6,887,803
Prestige Consumer Healthcare Inc.^(a)		790,902		44,377,511


				66,310,026

Professional Services — 1.1%
Heidrick & Struggles International Inc.		307,279		13,713,862
Kelly Services Inc., Class A, NVS		574,544		10,847,391
Korn Ferry		527,563		38,174,458
ManTech International Corp./VA, Class A		138,746		10,533,596
Resources Connection Inc.		489,440		7,723,363
TrueBlue Inc.^(a)(b)		565,184		15,305,183


				96,297,853

Real Estate Management & Development — 0.5%
Marcus & Millichap Inc.^(a)		210,025		8,531,215
RE/MAX Holdings Inc., Class A		175,466		5,467,521
Realogy Holdings Corp.^(a)(b)		1,842,519		32,317,783


				46,316,519

Road & Rail — 0.4%
ArcBest Corp.		403,960		33,031,809
Heartland Express Inc.		381,430		6,110,509


				39,142,318

Semiconductors & Semiconductor Equipment — 1.2%
Axcelis Technologies Inc.^(a)		187,383		8,812,622
DSP Group Inc.^(a)		170,110		3,727,110
Ichor Holdings Ltd.^(a)		224,884		9,240,484
Kulicke & Soffa Industries Inc.		499,556		29,114,124
PDF Solutions Inc.^(a)		181,110		4,172,774
Photronics Inc.^(a)		504,052		6,870,229
Rambus Inc.^(a)		997,181		22,137,418
SMART Global Holdings Inc.^(a)(b)		363,463		16,174,104
Veeco Instruments Inc.^(a)(b)		356,521		7,918,331


				108,167,196

Software — 0.8%
Bottomline Technologies DE Inc.^(a)		248,535		9,762,455
InterDigital Inc.		485,319		32,914,335
Progress Software Corp.		242,620		11,934,478
Xperi Holding Corp.		618,179		11,646,492


				66,257,760

Specialty Retail — 5.9%
Aaron’s Co. Inc. (The)		520,702		14,340,133
Abercrombie & Fitch Co., Class A^(a)		972,342		36,589,229
America’s Car-Mart Inc./TX^(a)(b)		36,022		4,206,649
Asbury Automotive Group Inc.^(a)(b)		305,473		60,098,758
Barnes & Noble Education Inc.^(a)		573,604		5,730,304
Bed Bath & Beyond Inc.^(a)		1,651,486		28,529,421


Security	Shares		Value

Specialty Retail (continued)
Boot Barn Holdings Inc.^(a)(b)		187,897	$	16,698,406
Buckle Inc. (The)		276,040		10,928,424
Caleres Inc.		606,148		13,468,609
Cato Corp. (The), Class A		312,073		5,161,687
Chico’s FAS Inc.^(a)		1,942,405		8,721,398
Children’s Place Inc. (The)^(a)		219,759		16,539,062
Conn’s Inc.^(a)(b)		304,309		6,947,375
Designer Brands Inc. , Class A^(a)		954,646		13,298,219
Genesco Inc.^(a)(b)		224,089		12,936,658
Group 1 Automotive Inc.		285,471		53,634,292
Guess? Inc.		613,223		12,883,815
Haverty Furniture Companies Inc.		134,353		4,529,040
Monro Inc.		529,591		30,456,778
ODP Corp. (The)^(a)		750,117		30,124,699
Sally Beauty Holdings Inc.^(a)(b)		1,786,111		30,095,970
Shoe Carnival Inc.		280,809		9,103,828
Signet Jewelers Ltd.		831,739		65,674,111
Sonic Automotive Inc., Class A^(b)		332,425		17,465,610
Zumiez Inc.^(a)(b)		150,370		5,978,711


				514,141,186

Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.^(a)(b)		1,049,009		28,921,178
Diebold Nixdorf Inc.^(a)(b)		615,891		6,226,658


				35,147,836

Textiles, Apparel & Luxury Goods — 1.6%
Fossil Group Inc.^(a)(b)		352,389		4,175,810
G-III Apparel Group Ltd.^(a)(b)		686,946		19,440,572
Kontoor Brands Inc.		415,796		20,769,010
Movado Group Inc.		266,293		8,385,567
Oxford Industries Inc.		250,612		22,597,684
Steven Madden Ltd.		742,668		29,825,547
Unifi Inc.^(a)		221,137		4,849,534
Vera Bradley Inc.^(a)		406,522		3,825,372
Wolverine World Wide Inc.		805,236		24,028,242


				137,897,338

Thrifts & Mortgage Finance — 2.0%
Capitol Federal Financial Inc.		2,038,508		23,422,457
Flagstar Bancorp. Inc.		310,103		15,747,030
HomeStreet Inc.		324,554		13,355,397
Meta Financial Group Inc.		217,474		11,413,036
Northfield Bancorp. Inc.		708,865		12,164,123
Northwest Bancshares Inc.		1,987,221		26,390,295
Provident Financial Services Inc.		1,176,584		27,614,427
TrustCo Bank Corp. NY		302,702		9,677,383
WSFS Financial Corp.		742,868		38,116,557


				177,900,705

Tobacco — 0.4%
Universal Corp./VA		391,038		18,898,867
Vector Group Ltd.		1,031,672		13,153,818


				32,052,685

Trading Companies & Distributors — 1.4%
Applied Industrial Technologies Inc.		239,105		21,550,534
Boise Cascade Co.		621,577		33,552,726
DXP Enterprises Inc./TX^(a)		276,977		8,190,210
GMS Inc.^(a)(b)		680,798		29,818,952
NOW Inc.^(a)		1,747,366		13,367,350
Veritiv Corp.^(a)(b)		223,617		20,027,139


				126,506,911


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Water Utilities — 0.7%
American States Water Co.		268,236	$	22,939,543
California Water Service Group		335,902		19,794,705
Middlesex Water Co.		150,349		15,452,870


				58,187,118

Wireless Telecommunication Services — 0.1%
Shenandoah Telecommunications Co.		279,513		8,827,021


Total Common Stocks — 99.5% (Cost: $7,655,234,899)				8,711,093,072


Short-Term Investments

Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		176,388,855		176,477,049
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		31,820,000		31,820,000


				208,297,049


Total Short-Term Investments — 2.4% (Cost: $208,184,049)				208,297,049


Total Investments in Securities — 101.9% (Cost: $7,863,418,948)				8,919,390,121

Other Assets, Less Liabilities — (1.9)%				(165,223,536	)


Net Assets — 100.0%			$	8,754,166,585

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

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	$	231,807,052	$	—	$	(55,304,772	)^(a)		$	(10,035	)	$	(15,196	)	$	176,477,049		176,388,855	$	263,717	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		186,460,000		—		(154,640,000	)^(a)			—			—			31,820,000		31,820,000		5,744			—


									$	(10,035	)	$	(15,196	)	$	208,297,049			$	269,461		$	—

^(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
Russell 2000 E-Mini Index		154		12/17/21	$	16,946	$	(258,388	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Value ETF

OTC Total Return Swaps




Reference Entity	Payment Frequency		Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long		Monthly	Goldman Sachs Bank USA^(b)		02/27/23	$	9,473,442	$	267,105	^(c)	$	9,736,841		0.1	%
		Monthly	HSBC Bank PLC^(d)		02/10/23		6,786,854		48,913	^(e)		6,875,630		0.1
		Monthly	JPMorgan Chase Bank NA^(f)		02/08/23		8,409,024		62,361	^(g)		8,294,034		0.1


								$	378,379		$	24,906,505

^(a)

^(c)

Amount includes $3,706 of net dividends and financing fees.

(e)

Amount includes $(39,863) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $177,351 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Value ETF


	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Berkshire Hills Bancorp. Inc.		5,700	$	153,786		1.6	%
Central Pacific Financial Corp.		18,812		483,092		5.0
Great Western Bancorp. Inc.		3,953		129,421		1.3
Pacific Premier Bancorp. Inc.		6,098		252,701		2.6
S&T Bancorp. Inc.		3,902		114,992		1.2
Trustmark Corp.		124,665		4,016,706		41.2
Westamerica Bancorp.		2,290		128,835		1.3


				5,279,533


Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		3,987		81,016		0.8


Insurance
Assured Guaranty Ltd.		91,249		4,271,366		43.9


Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		3,282		104,926		1.1


Total Reference Entity — Long				9,736,841


Net Value of Reference Entity — Goldman Sachs Bank USA			$	9,736,841


	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Central Pacific Financial Corp.		2,089	$	53,646		0.8	%
City Holding Co.		768		59,835		0.9
Columbia Banking System Inc.		100,666		3,824,301		55.6
Community Bank System Inc.		1,335		91,341		1.3
Eagle Bancorp. Inc.		244		14,030		0.2
First BanCorp./Puerto Rico		26,700		351,105		5.1
First Bancorp./Southern Pines NC		2,114		90,923		1.3
First Commonwealth Financial Corp.		6,601		89,972		1.3
Great Western Bancorp. Inc.		5,893		192,937		2.8
Hanmi Financial Corp.		4,966		99,618		1.5
Heritage Financial Corp./WA		6,063		154,607		2.3
Independent Bank Corp.		635		48,355		0.7
Lakeland Financial Corp.		5,786		412,195		6.0
OFG Bancorp.		922		23,253		0.3
S&T Bancorp. Inc.		2,347		69,166		1.0
Southside Bancshares Inc.		12,818		490,801		7.1


				6,066,085


	Shares		Value		% of Basket Value

Multiline Retail
Macy’s Inc.		19,814	$	447,796		6.5


Thrifts & Mortgage Finance
HomeStreet Inc.		4,349		178,961		2.6
Meta Financial Group Inc.		3,483		182,788		2.7


				361,749


Total Reference Entity — Long			6,875,630


Net Value of Reference Entity — HSBC Bank PLC			$	6,875,630


	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Bancorp. Inc. (The)^(a)		39,761	$	1,011,917		12.2	%
Brookline Bancorp. Inc.		10,737		163,847		2.0
Central Pacific Financial Corp.		1,266		32,511		0.4
First BanCorp./Puerto Rico		12,260		161,219		1.9
First Commonwealth Financial Corp.		2,348		32,003		0.4
First Midwest Bancorp. Inc.		232		4,410		0.1
Preferred Bank/Los Angeles CA		2,300		153,364		1.8


				1,559,271


Equity Real Estate Investment Trusts (REITs)
GEO Group Inc. (The)		6,893		51,491		0.6


Insurance
Employers Holdings Inc.		1,611		63,618		0.7
Stewart Information Services Corp.		1,269		80,277		1.0


				143,895


Oil, Gas & Consumable Fuels
Green Plains Inc.^(a)		139,178		4,544,162		54.8


Thrifts & Mortgage Finance
Flagstar Bancorp. Inc.		20,344		1,033,068		12.5
Meta Financial Group Inc.		482		25,295		0.3
Provident Financial Services Inc.		39,917		936,852		11.3


				1,995,215


Total Reference Entity — Long				8,294,034


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	8,294,034

^(a)	Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps



	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation

Total Return Swaps		$—		$—		$378,379		$—


56		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 Small-Cap 600 Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	378,379


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	258,387

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	922,295
Swaps		(23,563,941	)


	$	(22,641,646	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(951,817	)
Swaps		10,485,548


	$	9,533,731

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	30,593,803
Average notional value of contracts — short	$	703,792
Total return swaps:
Average notional value	$	150,332,210

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Futures contracts	$	—	$	258,387
Swaps - OTC^(a)		378,379		—


Total derivative assets and liabilities in the Statement of Assets and Liabilities		378,379		258,387
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(258,387	)


Total derivative assets and liabilities subject to an MNA		378,379		—

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® S&P Small-Cap 600 Value ETF

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty

Derivative

Assets

Subject to

an MNA by

Counterparty

Derivatives

Available

for Offset

^(a)

Non-Cash

Collateral

Received

Cash

Collateral

Received

Net Amount

of Derivative

Assets

^(b)



Goldman Sachs Bank USA	$	267,105	$	—	$	—	$	—	$	267,105
HSBC Bank PLC		48,913		—		—		—		48,913
JPMorgan Chase Bank NA		62,361		—		—		—		62,361


	$	378,379	$	—	$	—	$	—	$	378,379

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	8,711,093,070		$	—	$	2	$	8,711,093,072
Money Market Funds		208,297,049			—		—		208,297,049


	$	8,919,390,119		$	—	$	2	$	8,919,390,121


Derivative financial instruments^(a)
Assets
Swaps	$	—		$	378,379	$	—	$	378,379
Liabilities
Futures Contracts		(258,387	)		—		—		(258,387	)


	$	(258,387	)	$	378,379	$	—	$	119,992

^(a)

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

See notes to financial statements.


58		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

September 30, 2021


	iShares S&P 100 ETF		iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF		iShares S&P Mid-Cap 400 Growth ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	7,996,207,772	$	34,847,370,760	$	21,817,690,352	$	7,909,509,920
Affiliated^(c)		54,871,690		329,064,229		146,274,419		430,212,645
Cash		8,748		141,594		425,004		4,899
Cash pledged:
Futures contracts		1,086,640		2,415,340		2,888,360		450,470
Receivables:
Investments sold		—		—		—		9,858,304
Securities lending income — Affiliated		435		18,748		7,448		45,481
Capital shares sold		—		—		65,172		—
Dividends		3,749,681		8,067,871		23,336,813		3,212,619
Unrealized appreciation on:
OTC swaps		—		—		—		262


Total assets		8,055,924,966		35,187,078,542		21,990,687,568		8,353,294,600


LIABILITIES
Collateral on securities loaned, at value		—		137,232,754		65,590,023		423,445,746
Payables:
Investments purchased		—		—		—		6,381,981
Variation margin on futures contracts		221,691		491,359		607,861		114,230
Capital shares redeemed		—		13,929		—		—
Investment advisory fees		1,362,973		5,456,459		3,333,042		1,118,407


Total liabilities		1,584,664		143,194,501		69,530,926		431,060,364


NET ASSETS	$	8,054,340,302	$	35,043,884,041	$	21,921,156,642	$	7,922,234,236


NET ASSETS CONSIST OF:
Paid-in capital	$	6,077,638,306	$	19,883,242,191	$	19,453,431,949	$	6,042,189,931
Accumulated earnings		1,976,701,996		15,160,641,850		2,467,724,693		1,880,044,305


NET ASSETS	$	8,054,340,302	$	35,043,884,041	$	21,921,156,642	$	7,922,234,236


Shares outstanding		40,800,000		474,000,000		150,750,000		100,100,000


Net asset value	$	197.41	$	73.93	$	145.41	$	79.14


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a) Securities loaned, at value	$	—	$	134,951,026	$	62,635,423	$	349,819,672
^(b) Investments, at cost — Unaffiliated	$	5,845,334,670	$	19,428,657,062	$	18,642,570,326	$	6,180,349,596
^(c) Investments, at cost — Affiliated	$	40,190,313	$	284,379,450	$	125,380,752	$	430,020,049

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021


	iShares S&P Mid-Cap 400 Value ETF		iShares S&P Small-Cap 600 Growth ETF		iShares S&P Small-Cap 600 Value ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	8,515,835,011	$	6,221,701,918	$	8,711,093,072
Affiliated^(c)		154,677,186		388,481,341		208,297,049
Cash		2,607		—		2,194
Cash pledged:
Futures contracts		1,485,510		629,000		1,221,000
Receivables:
Securities lending income — Affiliated		23,551		98,731		22,089
Capital shares sold		—		3,891,024		558,679
Dividends		14,946,455		4,276,543		11,190,767
Unrealized appreciation on:
OTC swaps		305		268,512		378,379


Total assets		8,686,970,625		6,619,347,069		8,932,763,229


LIABILITIES
Bank overdraft		—		4,742		—
Collateral on securities loaned, at value		141,439,035		375,448,509		176,387,571
Payables:
Investments purchased		11,818,774		2,219,062		754,082
Variation margin on futures contracts		390,301		112,140		177,274
Investment advisory fees		1,278,933		933,160		1,277,717


Total liabilities		154,927,043		378,717,613		178,596,644


NET ASSETS	$	8,532,043,582	$	6,240,629,456	$	8,754,166,585


NET ASSETS CONSIST OF:
Paid-in capital	$	7,672,069,485	$	4,832,018,801	$	8,101,704,348
Accumulated earnings		859,974,097		1,408,610,655		652,462,237


NET ASSETS	$	8,532,043,582	$	6,240,629,456	$	8,754,166,585


Shares outstanding		82,800,000		47,950,000		87,000,000


Net asset value	$	103.04	$	130.15	$	100.62


Shares authorized		Unlimited		Unlimited		Unlimited


Par value		None		None		None


^(a) Securities loaned, at value	$	136,206,801	$	353,833,949	$	167,319,140
^(b) Investments, at cost — Unaffiliated	$	7,219,129,824	$	4,919,579,944	$	7,655,234,899
^(c) Investments, at cost — Affiliated	$	154,608,885	$	388,281,361	$	208,184,049

See notes to financial statements.


60		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended September 30, 2021


	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Mid-Cap 400 Growth ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	53,530,499		$	124,914,956		$	240,366,146		$	25,638,618
Dividends — Affiliated		372,366			1,468,761			461,932			347
Securities lending income — Affiliated — net		8,638			98,814			59,252			306,771
Foreign taxes withheld		—			(4,201	)		(58,085	)		—


Total investment income		53,911,503			126,478,330			240,829,245			25,945,736


EXPENSES
Investment advisory fees		7,736,366			31,093,243			20,293,436			6,834,728


Total expenses		7,736,366			31,093,243			20,293,436			6,834,728


Net investment income		46,175,137			95,385,087			220,535,809			19,111,008


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(3,470,934	)		34,409,138			(26,816,627	)		22,068,194
Investments — Affiliated		32			4,823			(27,866	)		(4,348	)
In-kind redemptions — Unaffiliated		113,875,044			816,352,502			534,187,254			407,804,362
In-kind redemptions — Affiliated		702,757			2,662,423			2,162,569			—
Futures contracts		2,395,041			5,931,158			7,772,890			(622,936	)


Net realized gain		113,501,940			859,360,044			517,278,220			429,245,272


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		553,211,318			3,321,237,972			113,486,778			(344,929,534	)
Investments — Affiliated		2,888,391			12,469,840			2,522,042			(27,506	)
Futures contracts		(803,058	)		(2,010,292	)		(2,403,167	)		(27,152	)
Swaps		—			—			—			262


Net change in unrealized appreciation (depreciation)		555,296,651			3,331,697,520			113,605,653			(344,983,930	)


Net realized and unrealized gain		668,798,591			4,191,057,564			630,883,873			84,261,342


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	714,973,728		$	4,286,442,651		$	851,419,682		$	103,372,350

See notes to financial statements.


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

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021


	iShares S&P Mid-Cap 400 Value ETF			iShares S&P Small-Cap 600 Growth ETF			iShares S&P Small-Cap 600 Value ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	88,960,467		$	31,140,286		$	67,930,142
Dividends — Affiliated		506			997			5,744
Securities lending income — Affiliated — net		122,003			513,584			263,717
Foreign taxes withheld		—			(702	)		(107,478	)


Total investment income		89,082,976			31,654,165			68,092,125


EXPENSES
Investment advisory fees		7,859,724			5,665,362			8,206,431


Total expenses		7,859,724			5,665,362			8,206,431


Net investment income		81,223,252			25,988,803			59,885,694


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(27,343,511	)		81,817,950			71,715,989
Investments — Affiliated		7,149			(15,020	)		(10,035	)
In-kind redemptions — Unaffiliated		135,686,264			226,807,032			302,335,078
Futures contracts		388,012			1,388,959			922,295
Swaps		—			(7,850,383	)		(23,563,941	)


Net realized gain		108,737,914			302,148,538			351,399,386


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(26,911,894	)		(202,013,262	)		(400,179,153	)
Investments — Affiliated		(19,543	)		(29,066	)		(15,196	)
Futures contracts		(436,386	)		(766,269	)		(951,817	)
Swaps		305			5,439,927			10,485,548


Net change in unrealized appreciation (depreciation)		(27,367,518	)		(197,368,670	)		(390,660,618	)


Net realized and unrealized gain (loss)		81,370,396			104,779,868			(39,261,232	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	162,593,648		$	130,768,671		$	20,624,462

See notes to financial statements.


62		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares S&P 100 ETF							iShares S&P 500 Growth ETF


		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	46,175,137		$	102,548,169		$	95,385,087		$	244,246,469
Net realized gain			113,501,940			645,223,336			859,360,044			3,713,818,298
Net change in unrealized appreciation (depreciation)			555,296,651			2,018,679,164			3,331,697,520			8,908,216,077


Net increase in net assets resulting from operations			714,973,728			2,766,450,669			4,286,442,651			12,866,280,844


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(45,111,011	)		(103,205,046	)		(93,289,269	)		(253,051,096	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			407,244,540			(538,698,237	)		(324,025,061	)		(3,745,853,314	)


NET ASSETS
Total increase in net assets			1,077,107,257			2,124,547,386			3,869,128,321			8,867,376,434
Beginning of period			6,977,233,045			4,852,685,659			31,174,755,720			22,307,379,286


End of period		$	8,054,340,302		$	6,977,233,045		$	35,043,884,041		$	31,174,755,720

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares S&P 500 Value ETF							iShares S&P Mid-Cap 400 Growth ETF


		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21				Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	220,535,809		$	405,480,363			$	19,111,008		$	48,813,181
Net realized gain			517,278,220			452,162,076				429,245,272			1,076,417,829
Net change in unrealized appreciation (depreciation)			113,605,653			5,972,801,007				(344,983,930	)		2,635,641,826


Net increase in net assets resulting from operations			851,419,682			6,830,443,446				103,372,350			3,760,872,836


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(209,805,006	)		(417,220,319	)			(20,204,630	)		(51,474,580	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(144,909,458	)		823,399,732				(168,218,840	)		(962,209,384	)


NET ASSETS
Total increase (decrease) in net assets			496,705,218			7,236,622,859				(85,051,120	)		2,747,188,872
Beginning of period			21,424,451,424			14,187,828,565				8,007,285,356			5,260,096,484


End of period		$	21,921,156,642		$	21,424,451,424			$	7,922,234,236		$	8,007,285,356

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

See notes to financial statements.


64		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares S&P Mid-Cap 400 Value ETF							iShares S&P Small-Cap 600 Growth ETF


		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21				Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	81,223,252		$	91,545,034			$	25,988,803		$	34,443,349
Net realized gain			108,737,914			121,682,846				302,148,538			593,097,435
Net change in unrealized appreciation (depreciation)			(27,367,518	)		3,075,986,192				(197,368,670	)		2,175,538,611


Net increase in net assets resulting from operations			162,593,648			3,289,214,072				130,768,671			2,803,079,395


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(75,253,444	)		(96,536,611	)			(23,734,539	)		(35,874,295	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			335,083,424			1,105,910,735				(58,028,113	)		(90,735,720	)


NET ASSETS
Total increase in net assets			422,423,628			4,298,588,196				49,006,019			2,676,469,380
Beginning of period			8,109,619,954			3,811,031,758				6,191,623,437			3,515,154,057


End of period		$	8,532,043,582		$	8,109,619,954			$	6,240,629,456		$	6,191,623,437

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		65

Statements of Changes in Net Assets (continued)


	iShares S&P Small-Cap 600 Value ETF


	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	59,885,694		$	88,390,804
Net realized gain			351,399,386			203,503,233
Net change in unrealized appreciation (depreciation)			(390,660,618	)		3,777,628,346


Net increase in net assets resulting from operations			20,624,462			4,069,522,383


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(66,797,200	)		(72,032,423	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(5,801,764	)		687,734,335


NET ASSETS
Total increase (decrease) in net assets			(51,974,502	)		4,685,224,295
Beginning of period			8,806,141,087			4,120,916,792


End of period		$	8,754,166,585		$	8,806,141,087

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

See notes to financial statements.


66		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


		iShares S&P 100 ETF


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


Net asset value, beginning of period		$	179.83		$	118.50		$	125.31		$	115.89		$	104.70		$	91.38


Net investment income^(a)			1.18			2.37			2.48			2.35			2.17			2.02
Net realized and unrealized gain (loss)^(b)			17.53			61.39			(6.58	)		9.45			11.20			13.38


Net increase (decrease) from investment operations			18.71			63.76			(4.10	)		11.80			13.37			15.40


Distributions^(c)
From net investment income			(1.13	)		(2.43	)		(2.71	)		(2.38	)		(2.18	)		(2.08	)


Total distributions			(1.13	)		(2.43	)		(2.71	)		(2.38	)		(2.18	)		(2.08	)


Net asset value, end of period		$	197.41		$	179.83		$	118.50		$	125.31		$	115.89		$	104.70


Total Return^(d)
Based on net asset value			10.40	%^(e)		54.11	%		(3.42	)%		10.25	%		12.85	%		17.03	%


Ratios to Average Net Assets
Total expenses			0.20	%^(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%


Net investment income			1.19	%^(f)		1.52	%		1.86	%		1.94	%		1.92	%		2.08	%


Supplemental Data
Net assets, end of period (000)		$	8,054,340		$	6,977,233		$	4,852,686		$	4,824,336		$	5,024,007		$	4,612,077


Portfolio turnover rate^(g)			1	%^(e)		8	%		4	%		7	%		4	%		4	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		67

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares S&P 500 Growth ETF


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


Net asset value, beginning of period		$	65.08		$	41.25		$	43.10		$	38.76		$	32.90		$	28.99


Net investment income^(b)			0.20			0.47			0.60			0.52			0.50			0.46
Net realized and unrealized gain (loss)^(c)			8.85			23.85			(1.68	)		4.33			5.87			3.91


Net increase (decrease) from investment operations			9.05			24.32			(1.08	)		4.85			6.37			4.37


Distributions^(d)
From net investment income			(0.20	)		(0.49	)		(0.77	)		(0.51	)		(0.51	)		(0.46	)


Total distributions			(0.20	)		(0.49	)		(0.77	)		(0.51	)		(0.51	)		(0.46	)


Net asset value, end of period		$	73.93		$	65.08		$	41.25		$	43.10		$	38.76		$	32.90


Total Return^(e)
Based on net asset value			13.90	%^(f)		59.13	%		(2.65	)%		12.59	%		19.45	%		15.21	%


Ratios to Average Net Assets
Total expenses			0.18	%^(g)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%


Net investment income			0.55	%^(g)		0.82	%		1.30	%		1.27	%		1.36	%		1.50	%


Supplemental Data
Net assets, end of period (000)		$	35,043,884		$	31,174,756		$	22,307,379		$	22,550,900		$	20,022,095		$	16,525,973


Portfolio turnover rate^(h)			2	%^(f)		13	%		27	%		27	%		21	%		24	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


68		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P 500 Value ETF


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


Net asset value, beginning of period		$	141.09		$	96.29		$	112.76		$	109.32		$	104.03		$	89.91


Net investment income^(a)			1.45			2.83			2.86			2.69			2.53			2.31
Net realized and unrealized gain (loss)^(b)			4.25			44.86			(16.41	)		3.53			5.26			14.11


Net increase (decrease) from investment operations			5.70			47.69			(13.55	)		6.22			7.79			16.42


Distributions^(c)
From net investment income			(1.38	)		(2.89	)		(2.92	)		(2.78	)		(2.50	)		(2.30	)


Total distributions			(1.38	)		(2.89	)		(2.92	)		(2.78	)		(2.50	)		(2.30	)


Net asset value, end of period		$	145.41		$	141.09		$	96.29		$	112.76		$	109.32		$	104.03


Total Return^(d)
Based on net asset value			4.02	%^(e)		50.10	%		(12.34	)%		5.79	%		7.53	%		18.44	%


Ratios to Average Net Assets
Total expenses			0.18	%^(f)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%


Net investment income			1.96	%^(f)		2.39	%		2.40	%		2.43	%		2.33	%		2.37	%


Supplemental Data
Net assets, end of period (000)		$	21,921,157		$	21,424,451		$	14,187,829		$	15,234,432		$	14,638,372		$	13,643,474


Portfolio turnover rate^(g)			2	%^(e)		26	%		32	%		31	%		23	%		21	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		69

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Mid-Cap 400 Growth ETF

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


Net asset value, beginning of period			$	78.31		$	44.65		$	54.76		$	54.55		$	47.74		$	40.64


Net investment income^(b)				0.19			0.44			0.57			0.55			0.48			0.46
Net realized and unrealized gain (loss)^(c)				0.84			33.69			(10.05	)		0.24			6.85			7.17


Net increase (decrease) from investment operations				1.03			34.13			(9.48	)		0.79			7.33			7.63


Distributions^(d)
From net investment income				(0.20	)		(0.47	)		(0.63	)		(0.56	)		(0.52	)		(0.53	)
From net realized gain				—			—			—			(0.02	)		—			—


Total distributions				(0.20	)		(0.47	)		(0.63	)		(0.58	)		(0.52	)		(0.53	)


Net asset value, end of period			$	79.14		$	78.31		$	44.65		$	54.76		$	54.55		$	47.74


Total Return^(e)
Based on net asset value				1.31	%^(f)		76.68	%		(17.49	)%		1.45	%		15.41	%		18.85	%


Ratios to Average Net Assets
Total expenses				0.17	%^(g)		0.20	%		0.24	%		0.24	%		0.24	%		0.25	%


Net investment income				0.46	%^(g)		0.70	%		1.01	%		1.01	%		0.94	%		1.05	%


Supplemental Data
Net assets, end of period (000)			$	7,922,234		$	8,007,285		$	5,260,096		$	7,490,758		$	8,008,220		$	6,254,058


Portfolio turnover rate^(h)				11	%^(f)		50	%		51	%		50	%		40	%		54	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


70		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Mid-Cap 400 Value ETF

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


Net asset value, beginning of period			$	101.82		$	54.92		$	78.47		$	77.19		$	74.24		$	62.01


Net investment income^(b)				0.99			1.36			1.51			1.31			1.32			1.10
Net realized and unrealized gain (loss)^(c)				1.14			46.95			(23.42	)		1.31			2.98			12.33


Net increase (decrease) from investment operations				2.13			48.31			(21.91	)		2.62			4.30			13.43


Distributions^(d)
From net investment income				(0.91	)		(1.41	)		(1.64	)		(1.34	)		(1.35	)		(1.20	)


Total distributions				(0.91	)		(1.41	)		(1.64	)		(1.34	)		(1.35	)		(1.20	)


Net asset value, end of period			$	103.04		$	101.82		$	54.92		$	78.47		$	77.19		$	74.24


Total Return^(e)
Based on net asset value				2.07	%^(f)		88.83	%		(28.36	)%		3.35	%		5.88	%		21.81	%


Ratios to Average Net Assets
Total expenses				0.18	%^(g)		0.21	%		0.25	%		0.25	%		0.25	%		0.25	%


Net investment income				1.86	%^(g)		1.78	%		1.90	%		1.65	%		1.73	%		1.61	%


Supplemental Data
Net assets, end of period (000)			$	8,532,044		$	8,109,620		$	3,811,032		$	6,355,685		$	5,603,679		$	6,243,030


Portfolio turnover rate^(h)				8	%^(f)		43	%		46	%		44	%		37	%		38	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		71

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Small-Cap 600 Growth ETF

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


Net asset value, beginning of period			$	127.93		$	69.20		$	89.29		$	86.92		$	76.62		$	62.14


Net investment income^(b)				0.54			0.72			0.81			0.72			0.73			0.65
Net realized and unrealized gain (loss)^(c)				2.18			58.76			(20.00	)		2.40			10.34			14.51


Net increase (decrease) from investment operations				2.72			59.48			(19.19	)		3.12			11.07			15.16


Distributions^(d)
From net investment income				(0.50	)		(0.75	)		(0.90	)		(0.75	)		(0.77	)		(0.68	)


Total distributions				(0.50	)		(0.75	)		(0.90	)		(0.75	)		(0.77	)		(0.68	)


Net asset value, end of period			$	130.15		$	127.93		$	69.20		$	89.29		$	86.92		$	76.62


Total Return^(e)
Based on net asset value				2.12	%^(f)		86.30	%		(21.68	)%		3.59	%		14.51	%		24.49	%


Ratios to Average Net Assets
Total expenses				0.18	%^(g)		0.21	%		0.25	%		0.25	%		0.25	%		0.25	%


Net investment income				0.83	%^(g)		0.73	%		0.89	%		0.77	%		0.90	%		0.94	%


Supplemental Data
Net assets, end of period (000)			$	6,240,629		$	6,191,623		$	3,515,154		$	5,580,221		$	5,128,053		$	4,374,747


Portfolio turnover rate^(h)				9	%^(f)		52	%		64	%		45	%		47	%		52	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


72		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Small-Cap 600 Value ETF

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


Net asset value, beginning of period			$	100.53		$	50.14		$	73.81		$	75.49		$	69.36		$	56.68


Net investment income^(b)				0.68			1.12			1.10			1.20			1.03			0.96
Net realized and unrealized gain (loss)^(c)				0.16			50.16			(23.45	)		(1.71	)		6.14			12.68


Net increase (decrease) from investment operations				0.84			51.28			(22.35	)		(0.51	)		7.17			13.64


Distributions^(d)
From net investment income				(0.75	)		(0.89	)		(1.32	)		(1.17	)		(1.04	)		(0.96	)


Total distributions				(0.75	)		(0.89	)		(1.32	)		(1.17	)		(1.04	)		(0.96	)


Net asset value, end of period			$	100.62		$	100.53		$	50.14		$	73.81		$	75.49		$	69.36


Total Return^(e)
Based on net asset value				0.83	%^(f)		103.08	%^(g)		(30.75	)%		(0.71	)%		10.38	%		24.19	%


Ratios to Average Net Assets
Total expenses				0.18	%^(h)		0.21	%		0.25	%		0.25	%		0.25	%		0.25	%


Net investment income				1.31	%^(h)		1.56	%		1.48	%		1.54	%		1.41	%		1.50	%


Supplemental Data
Net assets, end of period (000)			$	8,754,167		$	8,806,141		$	4,120,917		$	6,155,204		$	5,163,592		$	4,869,213


Portfolio turnover rate⁽ⁱ⁾				10	%^(f)		52	%		53	%		38	%		39	%		48	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		73

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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



iShares ETF	Diversification Classification

S&P 100^(a)		Diversified
S&P 500 Growth^(a)		Diversified
S&P 500 Value		Diversified
S&P Mid-Cap 400 Growth		Diversified
S&P Mid-Cap 400 Value		Diversified
S&P Small-Cap 600 Growth		Diversified
S&P Small-Cap 600 Value		Diversified

^(a)

The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2.	SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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


74		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

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

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

•

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

•

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

•

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

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

4.	SECURITIES AND OTHER INVESTMENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		75

Notes to Financial Statements (unaudited) (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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




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


S&P 500 Growth
BNP Paribas SA	$	5,376,128	$	5,357,039		$	—	$	(19,089	)^(b)
Citigroup Global Markets, Inc.		51,734,305		51,734,305			—		—
Goldman Sachs & Co. LLC		72,561,082		72,561,082			—		—
J.P. Morgan Securities LLC		3,859,191		3,859,191			—		—
Jefferies LLC		11,979		11,979			—		—
SG Americas Securities LLC		1,000,440		1,000,440			—		—
UBS Securities LLC		407,901		407,901			—		—


	$	134,951,026	$	134,931,937		$	—	$	(19,089	)


S&P 500 Value
Barclays Bank PLC	$	27,737,257	$	27,737,257		$	—	$	—
BNP Paribas SA		7,516,536		7,516,536			—		—
Citigroup Global Markets, Inc.		87,155		87,155			—		—
Credit Suisse Securities (USA) LLC		3,604		3,604			—		—
Goldman Sachs & Co. LLC		5,821,147		5,821,147			—		—
J.P. Morgan Securities LLC		11,805,512		11,805,512			—		—
Morgan Stanley		1,024,970		1,024,970			—		—
SG Americas Securities LLC		285,840		285,840			—		—
UBS AG		8,353,402		8,353,402			—		—


	$	62,635,423	$	62,635,423		$	—	$	—


76		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)




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


S&P Mid-Cap 400 Growth
Barclays Bank PLC	$	9,039,034	$	9,039,034		$	—	$	—
BMO Capital Markets Corp.		14,274		14,274			—		—
BNP Paribas SA		27,229,722		27,229,722			—		—
BofA Securities, Inc.		30,107,097		30,107,097			—		—
Citigroup Global Markets, Inc.		28,800,926		28,800,926			—		—
Credit Suisse Securities (USA) LLC		1,610,700		1,610,700			—		—
Deutsche Bank Securities, Inc.		1,412,680		1,412,680			—		—
Goldman Sachs & Co. LLC		23,376,387		23,376,387			—		—
HSBC Bank PLC		243,923		243,923			—		—
J.P. Morgan Securities LLC		55,707,818		55,707,818			—		—
Morgan Stanley		109,210,341		109,210,341			—		—
National Financial Services LLC		3,912,368		3,912,368			—		—
SG Americas Securities LLC		24,274		24,274			—		—
State Street Bank & Trust Co.		5,315,301		5,315,301			—		—
UBS AG		48,033,722		47,512,784			—		(520,938	)^(b)
UBS Securities LLC		27,948		27,948			—		—
Virtu Americas LLC		445,570		445,570			—		—
Wells Fargo Bank N.A.		146,827		146,827			—		—
Wells Fargo Securities LLC		5,160,760		5,160,760			—		—


	$	349,819,672	$	349,298,734		$	—	$	(520,938	)


S&P Mid-Cap 400 Value
Barclays Bank PLC	$	20,840,929	$	20,840,929		$	—	$	—
Barclays Capital, Inc.		579,734		579,734			—		—
BMO Capital Markets Corp.		85,323		85,323			—		—
BNP Paribas SA		6,878,054		6,878,054			—		—
BofA Securities, Inc.		19,222,556		19,222,556			—		—
Citigroup Global Markets, Inc.		4,539,946		4,539,946			—		—
Credit Suisse Securities (USA) LLC		622,936		622,936			—		—
Goldman Sachs & Co. LLC		18,562,841		18,562,841			—		—
HSBC Bank PLC		2,085,470		2,085,470			—		—
J.P. Morgan Securities LLC		21,054,232		21,054,232			—		—
Jefferies LLC		68,861		68,861			—		—
Morgan Stanley		12,793,815		12,793,815			—		—
National Financial Services LLC		3,002,906		3,002,906			—		—
Scotia Capital (USA), Inc.		2,905,100		2,905,100			—		—
UBS AG		9,175,151		9,175,151			—		—
UBS Securities LLC		661,510		661,510			—		—
Wells Fargo Bank N.A.		13,127,437		13,127,437			—		—


	$	136,206,801	$	136,206,801		$	—	$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		77

Notes to Financial Statements (unaudited) (continued)




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


S&P Small-Cap 600 Growth
Barclays Bank PLC	$	822,633	$	822,633		$	—	$	—
Barclays Capital, Inc.		2,530,652		2,530,652			—		—
BNP Paribas SA		18,492,301		18,492,301			—		—
BofA Securities, Inc.		16,843,154		16,843,154			—		—
Citigroup Global Markets, Inc.		13,713,502		13,713,502			—		—
Credit Suisse Securities (USA) LLC		10,080,890		10,080,890			—		—
Deutsche Bank Securities, Inc.		438,260		438,260			—		—
Goldman Sachs & Co. LLC		62,731,115		62,731,115			—		—
HSBC Bank PLC		3,181,802		3,181,802			—		—
J.P. Morgan Securities LLC		39,701,284		39,701,284			—		—
Jefferies LLC		329,531		329,531			—		—
Morgan Stanley		135,823,342		135,823,342			—		—
National Financial Services LLC		12,781,320		12,781,320			—		—
Natixis S.A.		78,628		76,910			—		(1,718	)^(b)
Nomura Securities International, Inc.		44,042		44,042			—		—
RBC Capital Markets LLC		24,654		24,654			—		—
Scotia Capital (USA), Inc.		1,319,900		1,319,900			—		—
SG Americas Securities LLC		15,708		15,708			—		—
State Street Bank & Trust Co.		711,946		711,946			—		—
Toronto Dominion Bank		9,944,094		9,944,094			—		—
UBS AG		6,132,896		6,132,896			—		—
UBS Securities LLC		8,308,115		8,308,115			—		—
Virtu Americas LLC		192,165		192,165			—		—
Wells Fargo Bank N.A.		3,613,293		3,613,293			—		—
Wells Fargo Securities LLC		5,978,722		5,978,722			—		—


	$	353,833,949	$	353,832,231		$	—	$	(1,718	)


S&P Small-Cap 600 Value
Barclays Bank PLC	$	2,528,732	$	2,528,732		$	—	$	—
Barclays Capital, Inc.		3,500,571		3,500,571			—		—
BNP Paribas SA		9,358,643		9,358,643			—		—
BofA Securities, Inc.		5,627,269		5,627,269			—		—
Citigroup Global Markets, Inc.		4,664,536		4,664,536			—		—
Credit Suisse Securities (USA) LLC		5,428,592		5,428,592			—		—
Deutsche Bank Securities, Inc.		785,099		785,099			—		—
Goldman Sachs & Co. LLC		41,015,162		41,015,162			—		—
J.P. Morgan Securities LLC		31,588,506		31,588,506			—		—
Jefferies LLC		116,375		116,375			—		—
Morgan Stanley		30,071,444		30,071,444			—		—
National Financial Services LLC		12,325,864		12,325,864			—		—
Scotia Capital (USA), Inc.		145,680		145,680			—		—
SG Americas Securities LLC		74,585		74,585			—		—
State Street Bank & Trust Co.		1,931,838		1,931,838			—		—
Toronto Dominion Bank		809,768		809,768			—		—
UBS AG		1,848,761		1,848,761			—		—
UBS Securities LLC		4,561,534		4,561,534			—		—
Virtu Americas LLC		226,405		226,405			—		—
Wells Fargo Bank N.A.		1,081,079		1,081,079			—		—
Wells Fargo Securities LLC		9,628,697		9,628,697			—		—


	$	167,319,140	$	167,319,140		$	—	$	—

^(a)

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

^(b)

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

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


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Notes to Financial Statements (unaudited) (continued)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Total return swaps are entered into by the iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value, iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day.


N O T E S T O F I N A N C I A L S T A T E M E N T S		79

Notes to Financial Statements (unaudited) (continued)

Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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



iShares ETF		Investment Advisory Fee

S&P 100		0.20%
S&P 500 Growth		0.18
S&P 500 Value		0.18
S&P Mid-Cap 400 Value		0.18
S&P Small-Cap 600 Growth		0.18
S&P Small-Cap 600 Value		0.18

For its investment advisory services to the iShares S&P Mid-Cap 400 Growth ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Average Daily Net Assets		Investment Advisory Fee

First $121 billion		0.1800%
Over $121 billion, up to and including $181 billion		0.1710
Over $181 billion, up to and including $231 billion		0.1624
Over $231 billion, up to and including $281 billion		0.1543
Over $281 billion		0.1465

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

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

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

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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


80		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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



iShares ETF	Fees Paid to BTC

S&P 100	$	3,702
S&P 500 Growth		42,349
S&P 500 Value		25,386
S&P Mid-Cap 400 Growth		131,325
S&P Mid-Cap 400 Value		52,098
S&P Small-Cap 600 Growth		218,876
S&P Small-Cap 600 Value		113,022

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

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

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



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

S&P 100	$	13,390,225	$	5,757,789	$	(436,815	)
S&P 500 Growth		264,918,199		65,763,150		451,347
S&P 500 Value		132,684,056		79,673,851		(11,974,167	)
S&P Mid-Cap 400 Growth		144,968,664		145,682,443		17,705,704
S&P Mid-Cap 400 Value		170,037,492		226,844,943		(19,219,131	)
S&P Small-Cap 600 Growth		43,784,559		108,546,509		41,214,341
S&P Small-Cap 600 Value		210,459,647		146,775,077		46,532,777

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

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

7.	PURCHASES AND SALES

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



iShares ETF	Purchases		Sales

S&P 100	$	70,343,380	$	77,145,225
S&P 500 Growth		546,536,576		546,126,415
S&P 500 Value		498,199,485		485,090,926
S&P Mid-Cap 400 Growth		916,591,229		923,432,330
S&P Mid-Cap 400 Value		701,709,433		692,741,602
S&P Small-Cap 600 Growth		604,203,847		567,580,904
S&P Small-Cap 600 Value		1,030,725,773		852,456,455

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



iShares ETF	In-kind Purchases		In-kind Sales

S&P 100	$	684,615,447	$	278,623,253
S&P 500 Growth		1,070,111,587		1,392,965,493
S&P 500 Value		1,683,076,315		1,826,260,867
S&P Mid-Cap 400 Growth		732,605,663		897,347,484
S&P Mid-Cap 400 Value		792,714,369		461,121,582
S&P Small-Cap 600 Growth		416,189,205		463,373,463
S&P Small-Cap 600 Value		956,513,102		993,225,177


N O T E S T O F I N A N C I A L S T A T E M E N T S		81

Notes to Financial Statements (unaudited) (continued)

8.	INCOME TAX INFORMATION

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

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

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



iShares ETF	Non-Expiring

S&P 100	$	275,370,205
S&P 500 Growth		1,141,109,830
S&P 500 Value		1,158,584,208
S&P Mid-Cap 400 Growth		248,986,573
S&P Mid-Cap 400 Value		516,161,831
S&P Small-Cap 600 Growth		161,202,613
S&P Small-Cap 600 Value		648,307,766

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



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

S&P 100	$	5,913,259,638	$	2,401,144,963	$	(264,057,538	)	$	2,137,087,425
S&P 500 Growth		19,734,128,879		15,537,672,422		(97,003,902	)		15,440,668,520
S&P 500 Value		18,863,261,726		3,709,141,782		(610,352,137	)		3,098,789,645
S&P Mid-Cap 400 Growth		6,638,816,448		1,954,500,367		(253,648,071	)		1,700,852,296
S&P Mid-Cap 400 Value		7,408,647,910		1,502,009,701		(240,414,088	)		1,261,595,613
S&P Small-Cap 600 Growth		5,349,458,696		1,510,241,844		(249,396,283	)		1,260,845,561
S&P Small-Cap 600 Value		7,972,641,729		1,533,261,869		(586,393,485	)		946,868,384

9.	PRINCIPAL RISKS

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

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

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

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

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


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Notes to Financial Statements (unaudited) (continued)

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

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

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

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

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

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




	Six Months Ended 09/30/21						Year Ended 03/31/21


iShares ETF	Shares			Amount			Shares			Amount


S&P 100
Shares sold		3,450,000		$	686,792,327			12,000,000		$	1,674,265,940
Shares redeemed		(1,450,000	)		(279,547,787	)		(14,150,000	)		(2,212,964,177	)


Net increase (decrease)		2,000,000		$	407,244,540			(2,150,000	)	$	(538,698,237	)


S&P 500 Growth
Shares sold		14,400,000		$	1,071,429,526			81,550,000	^(a)	$	4,864,386,522
Shares redeemed		(19,450,000	)		(1,395,454,587	)		(143,300,000	)^(a)		(8,610,239,836	)


Net decrease		(5,050,000	)	$	(324,025,061	)		(61,750,000	)	$	(3,745,853,314	)


S&P 500 Value
Shares sold		11,350,000		$	1,688,471,003			31,450,000		$	3,850,001,198
Shares redeemed		(12,450,000	)		(1,833,380,461	)		(26,950,000	)		(3,026,601,466	)


Net increase (decrease)		(1,100,000	)	$	(144,909,458	)		4,500,000		$	823,399,732


N O T E S T O F I N A N C I A L S T A T E M E N T S		83

Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 09/30/21						Year Ended 03/31/21


iShares ETF	Shares			Amount			Shares			Amount


S&P Mid-Cap 400 Growth
Shares sold		9,150,000		$	738,086,973			23,000,000	^(a)	$	1,448,881,015
Shares redeemed		(11,300,000	)		(906,305,813	)		(38,550,000	)^(a)		(2,411,090,399	)


Net decrease		(2,150,000	)	$	(168,218,840	)		(15,550,000	)	$	(962,209,384	)


S&P Mid-Cap 400 Value
Shares sold		7,600,000		$	802,756,494			21,800,000	^(b)	$	1,910,982,904
Shares redeemed		(4,450,000	)		(467,673,070	)		(11,550,000	)^(b)		(805,072,169	)


Net increase		3,150,000		$	335,083,424			10,250,000		$	1,105,910,735


S&P Small-Cap 600 Growth
Shares sold		3,300,000		$	435,351,273			12,950,000	^(b)	$	1,406,028,923
Shares redeemed		(3,750,000	)		(493,379,386	)		(15,350,000	)^(b)		(1,496,764,643	)


Net decrease		(450,000	)	$	(58,028,113	)		(2,400,000	)	$	(90,735,720	)


S&P Small-Cap 600 Value
Shares sold		11,400,000		$	1,213,479,930			22,950,000	^(b)	$	1,915,906,938
Shares redeemed		(12,000,000	)		(1,219,281,694	)		(17,550,000	)^(b)		(1,228,172,603	)


Net increase (decrease)		(600,000	)	$	(5,801,764	)		5,400,000		$	687,734,335

^(a)

Share transactions reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b)

Share transactions reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

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

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

11.

LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares S&P 500 Value ETF received proceeds of $2,091,170 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

12.

SUBSEQUENT EVENTS

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


84		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares S&P 100 ETF (the “Fund”)

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

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

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

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

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

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

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		85

Board Review and Approval of Investment Advisory Contract (continued)

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

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

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

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

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

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

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

iShares S&P 500 Growth ETF (the “Fund”)


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

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


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Board Review and Approval of Investment Advisory Contract (continued)

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

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

iShares S&P 500 Value ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

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

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


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Board Review and Approval of Investment Advisory Contract (continued)

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

iShares S&P Mid-Cap 400 Growth ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

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


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Board Review and Approval of Investment Advisory Contract (continued)

the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Value ETF (each the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

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

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


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Board Review and Approval of Investment Advisory Contract (continued)

not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

iShares S&P Small-Cap 600 Growth ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

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


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Board Review and Approval of Investment Advisory Contract (continued)


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

September 30, 2021



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

S&P 100^(a)	$	1.129737	$	—	$	0.002264	$	1.132001		100	%		—	%		0	%^(b)		100%
S&P 500 Growth^(a)		0.195444		—		0.001768		0.197212		99			—			1			100
S&P 500 Value^(a)		1.366116		—		0.018084		1.384200		99			—			1			100
S&P Mid-Cap 400 Growth^(a)		0.189814		—		0.010508		0.200322		95			—			5			100
S&P Mid-Cap 400 Value^(a)		0.867064		—		0.040722		0.907786		96			—			4			100
S&P Small-Cap 600 Growth^(a)		0.470031		—		0.029610		0.499641		94			—			6			100
S&P Small-Cap 600 Value^(a)		0.710987		—		0.043917		0.754904		94			—			6			100

^(a)

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

^(b)

Rounds to less than 1%.


S U P P L E M E N T A L I N F O R M A T I O N		97

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

Counterparty Abbreviations

HSBC		HSBC Bank PLC


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-301-0921