LOGO

  SEPTEMBER 30, 2021

 

 

 

   

  

2021 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

·  iShares Russell Top 200 ETF | IWL | NYSE Arca

·  iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

·  iShares Russell Top 200 Value ETF | IWX | NYSE Arca

·  iShares Russell 1000 ETF | IWB | NYSE Arca

·  iShares Russell 1000 Growth ETF | IWF | NYSE Arca

·  iShares Russell 1000 Value ETF | IWD | NYSE Arca

·  iShares Russell 2000 ETF | IWM | NYSE Arca

·  iShares Russell 2000 Growth ETF | IWO | NYSE Arca

·  iShares Russell 2000 Value ETF | IWN | 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

    13  

Shareholder Expenses

    13  

Schedules of Investments

    14  

Financial Statements

 

Statements of Assets and Liabilities

    108  

Statements of Operations

    111  

Statements of Changes in Net Assets

    114  

Financial Highlights

    119  

Notes to Financial Statements

    128  

Board Review and Approval of Investment Advisory Contract

    141  

Supplemental Information

    157  

General Information

    158  

Glossary of Terms Used in this Report

    159  


Fund Summary as of September 30, 2021     iShares® Russell Top 200 ETF

 

Investment Objective

The iShares Russell Top 200 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    9.53      28.45      17.99      17.04       28.45      128.72      382.20

Fund Market

    9.43        28.58        18.01        17.03         28.58        128.83        382.04  

Index

    9.61        28.63        18.17        17.23               28.63        130.42        390.14  

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 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,095.30          $       0.79               $       1,000.00          $       1,024.30          $       0.76          0.15

 

  (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 13 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    31.3

Health Care

    13.6  

Communication Services

    12.9  

Consumer Discretionary

    12.0  

Financials

    11.3  

Industrials

    6.3  

Consumer Staples

    6.2  

Energy

    2.2  

Utilities

    1.6  

Real Estate

    1.5  

Materials

    1.1  

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

Apple Inc.

    7.4

Microsoft Corp.

    7.1  

Amazon.com Inc.

    4.7  

Facebook Inc., Class A

    2.7  

Alphabet Inc., Class A

    2.7  

Alphabet Inc., Class C

    2.5  

Tesla Inc.

    2.1  

Berkshire Hathaway Inc., Class B

    1.7  

NVIDIA Corp.

    1.6  

JPMorgan Chase & Co.

    1.6  

 

  (a)

Excludes money market funds.

 

 

 

4  

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Fund Summary as of September 30, 2021     iShares® Russell Top 200 Growth ETF

 

Investment Objective

The iShares Russell Top 200 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 Russell Top 200® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns               Cumulative Total Returns  
      6 Months      1 Year      5 Years      10 Years                1 Year      5 Years      10 Years  

Fund NAV

     13.84      26.52      23.64      20.11           26.52      188.89      524.96

Fund Market

     13.80        26.60        23.64        20.11             26.60        188.98        524.81  

Index

     13.96        26.77        23.86        20.35                   26.77        191.56        537.60  

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 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,138.40          $       1.07               $       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 13 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    46.8

Consumer Discretionary

    18.9  

Communication Services

    14.6  

Health Care

    7.2  

Consumer Staples

    4.3  

Industrials

    3.9  

Financials

    1.9  

Real Estate

    1.6  

Other (each representing less than 1%)

    0.8  

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

Apple Inc.

    12.9

Microsoft Corp.

    12.3  

Amazon.com Inc.

    8.3  

Facebook Inc., Class A

    4.7  

Alphabet Inc., Class A

    4.0  

Alphabet Inc., Class C

    3.7  

Tesla Inc.

    3.6  

NVIDIA Corp.

    2.9  

Visa Inc., Class A

    2.2  

Home Depot Inc. (The)

    2.0  

 

  (a)

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of September 30, 2021     iShares® Russell Top 200 Value ETF

 

Investment Objective

The iShares Russell Top 200 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 Russell Top 200® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns               Cumulative Total Returns  
      6 Months      1 Year      5 Years      10 Years                1 Year      5 Years      10 Years  

Fund NAV

     4.17      30.99      10.86      13.07           30.99      67.41      241.68

Fund Market

     4.02        31.05        10.86        13.08             31.05        67.46        241.75  

Index

     4.27        31.27        11.07        13.32                   31.27        69.03        249.13  

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 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,041.70          $       1.02               $       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 13 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    23.9

Health Care

    22.2  

Communication Services

    10.6  

Information Technology

    10.4  

Industrials

    9.5  

Consumer Staples

    8.7  

Energy

    5.1  

Utilities

    3.7  

Consumer Discretionary

    2.9  

Materials

    1.7  

Real Estate

    1.3  

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

Berkshire Hathaway Inc., Class B

    3.9

JPMorgan Chase & Co.

    3.8  

Johnson & Johnson

    3.3  

UnitedHealth Group Inc.

    2.7  

Procter & Gamble Co. (The)

    2.7  

Bank of America Corp.

    2.4  

Walt Disney Co. (The)

    2.3  

Comcast Corp., Class A

    2.0  

Exxon Mobil Corp.

    1.9  

Pfizer Inc.

    1.9  

 

  (a)

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of September 30, 2021     iShares® Russell 1000 ETF

 

Investment Objective

The iShares Russell 1000 ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Russell 1000® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns             Cumulative Total Returns  
      6 Months     1 Year     5 Years     10 Years              1 Year     5 Years     10 Years  

Fund NAV

     8.67     30.77     16.96     16.61         30.77     118.84     364.81

Fund Market

     8.60       30.80       16.96       16.60           30.80       118.83       364.56  

Index

     8.76       30.96       17.11       16.76                 30.96       120.31       370.94  

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 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,086.70          $       0.78               $       1,000.00          $       1,024.30          $       0.76          0.15

 

  (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 13 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    28.0

Health Care

    13.1  

Consumer Discretionary

    12.3  

Financials

    11.6  

Communication Services

    10.6  

Industrials

    8.7  

Consumer Staples

    5.4  

Real Estate

    3.1  

Energy

    2.6  

Utilities

    2.4  

Materials

    2.2  

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

Apple Inc.

    5.4

Microsoft Corp.

    5.2  

Amazon.com Inc.

    3.5  

Facebook Inc., Class A

    2.0  

Alphabet Inc., Class A

    2.0  

Alphabet Inc., Class C

    1.8  

Tesla Inc.

    1.5  

Berkshire Hathaway Inc., Class B

    1.2  

NVIDIA Corp.

    1.2  

JPMorgan Chase & Co.

    1.2  

 

  (a)

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of September 30, 2021     iShares® Russell 1000 Growth ETF

 

Investment Objective

The iShares Russell 1000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 1000® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    13.12      27.09      22.60      19.45       27.09      177.00      491.24

Fund Market

    13.07        27.09        22.59        19.44         27.09        176.88        490.70  

Index

    13.23        27.32        22.84        19.68               27.32        179.66        502.63  

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 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,131.20          $       0.96               $       1,000.00          $       1,024.20          $       0.91          0.18

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    44.4

Consumer Discretionary

    18.4  

Communication Services

    12.8  

Health Care

    9.2  

Industrials

    5.9  

Consumer Staples

    3.8  

Financials

    2.5  

Real Estate

    1.7  

Materials

    1.0  

Other (each representing less than 1%)

    0.3  

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

Apple Inc.

    10.4

Microsoft Corp.

    10.0  

Amazon.com Inc.

    6.7  

Facebook Inc., Class A

    3.8  

Alphabet Inc., Class A

    3.3  

Alphabet Inc., Class C

    3.0  

Tesla Inc.

    2.9  

NVIDIA Corp.

    2.3  

Visa Inc., Class A

    1.8  

Home Depot Inc. (The)

    1.6  

 

  (a)

Excludes money market funds.

 

 

 

8  

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Fund Summary as of September 30, 2021     iShares® Russell 1000 Value ETF

 

Investment Objective

The iShares Russell 1000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 1000® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    4.30      34.77      10.76      13.31       34.77      66.69      248.78

Fund Market

    4.18        34.80        10.76        13.30         34.80        66.68        248.50  

Index

    4.39        35.01        10.94        13.51               35.01        68.03        255.22  

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,043.00          $       0.92               $      1,000.00          $       1,024.20          $       0.91          0.18

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    21.4

Health Care

    17.4  

Industrials

    11.6  

Information Technology

    10.2  

Communication Services

    8.3  

Consumer Staples

    7.2  

Consumer Discretionary

    5.6  

Energy

    5.1  

Utilities

    4.9  

Real Estate

    4.7  

Materials

    3.6  

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

Berkshire Hathaway Inc., Class B

    2.6

JPMorgan Chase & Co.

    2.5  

Johnson & Johnson

    2.2  

UnitedHealth Group Inc.

    1.7  

Procter & Gamble Co. (The)

    1.7  

Bank of America Corp.

    1.6  

Walt Disney Co. (The)

    1.5  

Comcast Corp., Class A

    1.3  

Exxon Mobil Corp.

    1.3  

Pfizer Inc.

    1.2  

 

  (a)

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of September 30, 2021     iShares® Russell 2000 ETF

 

Investment Objective

The iShares Russell 2000 ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Russell 2000® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (0.34 )%       47.47      13.39      14.62       47.47      87.45      291.52

Fund Market

    (0.54      47.43        13.42        14.63         47.43        87.68        291.80  

Index

    (0.25      47.68        13.45        14.63               47.68        87.94        291.75  

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $          996.60          $       0.95               $       1,000.00          $       1,024.10          $       0.96          0.19

 

  (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 13 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Health Care

    20.2

Financials

    15.4  

Industrials

    14.5  

Information Technology

    14.1  

Consumer Discretionary

    11.5  

Real Estate

    6.9  

Energy

    4.5  

Materials

    3.8  

Communication Services

    3.5  

Consumer Staples

    3.2  

Utilities

    2.4  

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

AMC Entertainment Holdings Inc., Class A

    0.7

Intellia Therapeutics Inc.

    0.3  

Crocs Inc.

    0.3  

Lattice Semiconductor Corp.

    0.3  

Ovintiv Inc.

    0.3  

Tetra Tech Inc.

    0.3  

Zurn Water Solutions Corp.

    0.3  

Biohaven Pharmaceutical Holding Co. Ltd.

    0.3  

Asana Inc., Class A

    0.3  

Scientific Games Corp./DE, Class A

    0.3  

 

  (a)

Excludes money market funds.

 

 

 

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Fund Summary as of September 30, 2021     iShares® Russell 2000 Growth ETF

 

Investment Objective

The iShares Russell 2000 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 Russell 2000® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (2.02 )%       33.11      15.31      15.80       33.11      103.86      333.75

Fund Market

    (2.24      32.97        15.32        15.80         32.97        103.96        333.75  

Index

    (1.96      33.27        15.34        15.74               33.27        104.10        331.38  

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 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 (a) 

           

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $          979.80          $       1.14               $       1,000.00          $       1,023.90          $       1.17          0.23

 

  (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 13 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Health Care

    28.9

Information Technology

    22.6  

Consumer Discretionary

    14.8  

Industrials

    14.1  

Financials

    5.1  

Consumer Staples

    3.7  

Materials

    2.9  

Real Estate

    2.8  

Communication Services

    2.7  

Energy

    2.1  

Utilities

    0.3  

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

Intellia Therapeutics Inc.

    0.6

Crocs Inc.

    0.6  

Lattice Semiconductor Corp.

    0.6  

Tetra Tech Inc.

    0.5  

Scientific Games Corp./DE, Class A

    0.5  

Asana Inc., Class A

    0.5  

Shockwave Medical Inc.

    0.5  

WillScot Mobile Mini Holdings Corp.

    0.5  

EastGroup Properties Inc.

    0.5  

Varonis Systems Inc.

    0.4  

 

  (a)

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of September 30, 2021     iShares® Russell 2000 Value ETF

 

Investment Objective

The iShares Russell 2000 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 Russell 2000® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    1.33      63.54      10.88      13.08       63.54      67.63      241.76

Fund Market

    1.19        63.69        10.91        13.09         63.69        67.84        242.17  

Index

    1.44        63.92        11.03        13.22               63.92        68.73        246.07  

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending

Account Value

(09/30/21)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,013.30          $       1.16               $       1,000.00          $       1,023.90          $       1.17          0.23

 

  (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 13 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    26.2

Industrials

    14.8  

Health Care

    11.2  

Real Estate

    11.1  

Consumer Discretionary

    8.0  

Energy

    7.0  

Information Technology

    5.4  

Materials

    4.6  

Utilities

    4.6  

Communication Services

    4.3  

Consumer Staples

    2.8  

TEN LARGEST HOLDINGS

 

   
Security    

Percent of

Total Investments

 

(a) 

AMC Entertainment Holdings Inc., Class A

    1.4

Ovintiv Inc.

    0.6  

Macy’s Inc.

    0.5  

STAG Industrial Inc.

    0.5  

Tenet Healthcare Corp.

    0.4  

Chesapeake Energy Corp.

    0.4  

Avis Budget Group Inc.

    0.4  

EMCOR Group Inc.

    0.4  

Range Resources Corp.

    0.4  

Valley National Bancorp.

    0.4  

 

  (a)

Excludes money market funds.

 

 

 

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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.

 

 

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

  13


Schedule of Investments (unaudited)

September 30, 2021

  

iShares® Russell Top 200 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 1.6%            

Boeing Co. (The)(a)

    15,914     $ 3,500,125  

General Dynamics Corp.

    7,388       1,448,270  

L3Harris Technologies Inc.

    5,974       1,315,714  

Lockheed Martin Corp.

    7,357       2,538,901  

Northrop Grumman Corp.

    4,484       1,614,912  

Raytheon Technologies Corp.

    45,020       3,869,919  
   

 

 

 
          14,287,841  
Air Freight & Logistics — 0.6%            

FedEx Corp.

    7,287       1,597,966  

United Parcel Service Inc., Class B

    21,503       3,915,697  
   

 

 

 
      5,513,663  
Automobiles — 2.5%            

Ford Motor Co.(a)

    116,312       1,646,978  

General Motors Co.(a)

    40,871       2,154,310  

Tesla Inc.(a)

    23,689       18,370,346  
   

 

 

 
      22,171,634  
Banks — 4.6%            

Bank of America Corp.

    220,023       9,339,976  

Citigroup Inc.

    60,146       4,221,046  

JPMorgan Chase & Co.

    88,213       14,439,586  

PNC Financial Services Group Inc. (The)

    12,607       2,466,434  

Truist Financial Corp.

    39,900       2,340,135  

U.S. Bancorp

    39,875       2,370,170  

Wells Fargo & Co.

    122,907       5,704,114  
   

 

 

 
      40,881,461  
Beverages — 1.7%            

Coca-Cola Co. (The)

    115,358       6,052,834  

Constellation Brands Inc., Class A

    4,723       995,089  

Keurig Dr Pepper Inc.

    20,737       708,376  

Monster Beverage Corp.(a)

    10,952       972,866  

PepsiCo Inc.

    41,051       6,174,481  
   

 

 

 
      14,903,646  
Biotechnology — 2.2%            

AbbVie Inc.

    52,493       5,662,420  

Amgen Inc.

    16,852       3,583,578  

Biogen Inc.(a)

    4,398       1,244,590  

Gilead Sciences Inc.

    37,298       2,605,265  

Moderna Inc.(a)

    10,051       3,868,228  

Regeneron Pharmaceuticals Inc.(a)

    2,981       1,804,041  

Vertex Pharmaceuticals Inc.(a)

    7,705       1,397,610  
   

 

 

 
      20,165,732  
Building Products — 0.2%            

Johnson Controls International PLC

    21,276       1,448,470  
   

 

 

 
Capital Markets — 3.0%            

Bank of New York Mellon Corp. (The)

    23,432       1,214,715  

BlackRock Inc.(b)

    4,255       3,568,498  

Blackstone Inc., NVS

    20,227       2,353,209  

Charles Schwab Corp. (The)

    44,569       3,246,406  

CME Group Inc.

    10,660       2,061,431  

Goldman Sachs Group Inc. (The)

    9,803       3,705,828  

Intercontinental Exchange Inc.

    16,530       1,897,975  

Moody’s Corp.

    4,820       1,711,630  

Morgan Stanley

    40,408       3,932,102  

S&P Global Inc.

    7,159       3,041,788  
   

 

 

 
      26,733,582  
Security   Shares     Value  
Chemicals — 0.8%            

Air Products & Chemicals Inc.

    6,569     $ 1,682,387  

Dow Inc.

    22,162       1,275,645  

DuPont de Nemours Inc.

    15,577       1,059,080  

Ecolab Inc.

    7,427       1,549,421  

Sherwin-Williams Co. (The)

    7,246       2,026,923  
   

 

 

 
      7,593,456  
Commercial Services & Supplies — 0.2%  

Waste Management Inc.

    12,537       1,872,526  
   

 

 

 
Communications Equipment — 0.8%            

Cisco Systems Inc.

    125,561       6,834,285  
   

 

 

 
Consumer Finance — 0.6%            

American Express Co.

    19,110       3,201,498  

Capital One Financial Corp.

    13,198       2,137,680  
   

 

 

 
      5,339,178  
Diversified Financial Services — 1.7%            

Berkshire Hathaway Inc., Class B(a)

    55,162       15,055,916  
   

 

 

 
Diversified Telecommunication Services — 1.4%  

AT&T Inc.

    212,235       5,732,468  

Verizon Communications Inc.

    123,124       6,649,927  
   

 

 

 
      12,382,395  
Electric Utilities — 1.3%            

American Electric Power Co. Inc.

    14,883       1,208,202  

Duke Energy Corp.

    22,858       2,230,712  

Exelon Corp.

    29,009       1,402,295  

NextEra Energy Inc.

    58,264       4,574,889  

Southern Co. (The)

    31,445       1,948,647  
   

 

 

 
      11,364,745  
Electrical Equipment — 0.4%            

Eaton Corp. PLC

    11,835       1,767,084  

Emerson Electric Co.

    17,733       1,670,448  
   

 

 

 
      3,437,532  
Energy Equipment & Services — 0.1%            

Schlumberger NV

    41,581       1,232,461  
   

 

 

 
Entertainment — 2.2%            

Activision Blizzard Inc.

    22,956       1,776,565  

Electronic Arts Inc.

    8,356       1,188,641  

Netflix Inc.(a)

    12,832       7,831,883  

Walt Disney Co. (The)(a)

    53,947       9,126,214  
   

 

 

 
          19,923,303  
Equity Real Estate Investment Trusts (REITs) — 1.5%  

American Tower Corp.

    13,409       3,558,883  

Crown Castle International Corp.

    12,804       2,219,189  

Digital Realty Trust Inc.

    8,326       1,202,691  

Equinix Inc.

    2,655       2,097,795  

Prologis Inc.

    21,914       2,748,673  

Public Storage

    4,477       1,330,117  
   

 

 

 
      13,157,348  
Food & Staples Retailing — 1.6%            

Costco Wholesale Corp.

    13,135       5,902,212  

Sysco Corp.

    14,485       1,137,073  

Walgreens Boots Alliance Inc.

    21,311       1,002,683  

Walmart Inc.

    42,622       5,940,654  
   

 

 

 
      13,982,622  
Food Products — 0.5%            

General Mills Inc.

    18,037       1,078,973  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Russell Top 200 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Food Products (continued)            

Kraft Heinz Co. (The)

    19,501     $ 718,027  

Mondelez International Inc., Class A

    41,428       2,410,281  
   

 

 

 
      4,207,281  
Health Care Equipment & Supplies — 3.5%  

Abbott Laboratories

    51,607       6,096,335  

Align Technology Inc.(a)

    2,344       1,559,768  

Baxter International Inc.

    14,939       1,201,544  

Becton Dickinson and Co.

    8,505       2,090,699  

Boston Scientific Corp.(a)

    42,175       1,829,973  

Danaher Corp.

    18,838       5,735,041  

Edwards Lifesciences Corp.(a)

    18,363       2,078,875  

Intuitive Surgical Inc.(a)

    3,509       3,488,472  

Medtronic PLC

    39,891       5,000,337  

Stryker Corp.

    10,361       2,732,403  
   

 

 

 
          31,813,447  
Health Care Providers & Services — 2.6%  

Anthem Inc.

    7,281       2,714,357  

Centene Corp.(a)(c)

    17,151       1,068,679  

Cigna Corp.

    9,867       1,974,979  

CVS Health Corp.

    39,135       3,320,996  

HCA Healthcare Inc.

    7,440       1,805,837  

Humana Inc.

    3,833       1,491,612  

UnitedHealth Group Inc.

    27,952       10,921,964  
   

 

 

 
      23,298,424  
Hotels, Restaurants & Leisure — 1.5%            

Booking Holdings Inc.(a)

    1,219       2,893,748  

Las Vegas Sands Corp.(a)

    9,829       359,741  

Marriott International Inc./MD, Class A(a)

    8,115       1,201,750  

McDonald’s Corp.

    22,190       5,350,231  

Starbucks Corp.

    35,010       3,861,953  
   

 

 

 
      13,667,423  
Household Products — 1.5%            

Colgate-Palmolive Co.

    24,817       1,875,669  

Kimberly-Clark Corp.

    10,015       1,326,387  

Procter & Gamble Co. (The)

    72,342       10,113,411  
   

 

 

 
      13,315,467  
Industrial Conglomerates — 1.4%            

3M Co.

    17,196       3,016,522  

General Electric Co.

    32,369       3,334,978  

Honeywell International Inc.

    20,646       4,382,733  

Roper Technologies Inc.

    3,112       1,388,357  
   

 

 

 
      12,122,590  
Insurance — 1.4%            

Allstate Corp. (The)

    8,733       1,111,798  

American International Group Inc.

    25,512       1,400,354  

Aon PLC, Class A

    6,653       1,901,228  

Chubb Ltd.

    13,014       2,257,669  

Marsh & McLennan Companies Inc.

    15,092       2,285,381  

MetLife Inc.

    21,616       1,334,356  

Progressive Corp. (The)

    17,363       1,569,441  

Travelers Companies Inc. (The)

    7,465       1,134,755  
   

 

 

 
      12,994,982  
Interactive Media & Services — 7.8%            

Alphabet Inc., Class A(a)

    8,937       23,893,248  

Alphabet Inc., Class C, NVS(a)

    8,338       22,223,355  

Facebook Inc., Class A(a)

    71,111       24,134,362  
   

 

 

 
      70,250,965  
Security   Shares     Value  
Internet & Direct Marketing Retail — 4.9%        

Amazon.com Inc.(a)

    12,896     $ 42,363,876  

eBay Inc.

    19,370       1,349,508  
   

 

 

 
      43,713,384  
IT Services — 6.1%            

Accenture PLC, Class A

    18,895       6,044,888  

Automatic Data Processing Inc.

    12,642       2,527,389  

Cognizant Technology Solutions Corp., Class A

    15,653       1,161,609  

Fidelity National Information Services Inc.

    18,418       2,241,102  

Fiserv Inc.(a)

    17,717       1,922,295  

Global Payments Inc.

    8,717       1,373,625  

International Business Machines Corp.

    26,568       3,691,092  

Mastercard Inc., Class A

    25,998       9,038,985  

PayPal Holdings Inc.(a)

    34,913       9,084,712  

Snowflake Inc., Class A(a)

    5,818       1,759,538  

Square Inc., Class A(a)

    11,798       2,829,632  

Twilio Inc., Class A(a)

    4,949       1,578,978  

Visa Inc., Class A

    50,294       11,202,988  
   

 

 

 
      54,456,833  
Life Sciences Tools & Services — 0.9%        

Illumina Inc.(a)

    4,335       1,758,319  

Thermo Fisher Scientific Inc.

    11,673       6,669,135  
   

 

 

 
      8,427,454  
Machinery — 0.9%            

Caterpillar Inc.

    16,289       3,127,000  

Deere & Co.

    8,384       2,809,227  

Illinois Tool Works Inc.

    9,348       1,931,577  
   

 

 

 
      7,867,804  
Media — 1.2%            

Charter Communications Inc., Class A(a)

    3,818       2,777,824  

Comcast Corp., Class A

    135,506       7,578,851  
   

 

 

 
      10,356,675  
Metals & Mining — 0.3%            

Freeport-McMoRan Inc.

    43,484       1,414,534  

Newmont Corp.

    23,827       1,293,806  

Southern Copper Corp.

    2,504       140,575  
   

 

 

 
      2,848,915  
Multi-Utilities — 0.3%            

Dominion Energy Inc.

    23,943       1,748,318  

Sempra Energy

    9,523       1,204,659  
   

 

 

 
      2,952,977  
Multiline Retail — 0.5%            

Dollar General Corp.

    7,033       1,491,981  

Target Corp.

    14,781       3,381,449  
   

 

 

 
      4,873,430  
Oil, Gas & Consumable Fuels — 2.0%        

Chevron Corp.

    57,481       5,831,448  

ConocoPhillips

    40,107       2,718,051  

EOG Resources Inc.

    17,331       1,391,159  

Exxon Mobil Corp.

    125,827       7,401,144  

Kinder Morgan Inc.

    57,834       967,563  
   

 

 

 
          18,309,365  
Personal Products — 0.2%            

Estee Lauder Companies Inc. (The), Class A

    6,805       2,041,024  
   

 

 

 
Pharmaceuticals — 4.2%            

Bristol-Myers Squibb Co.

    66,371       3,927,172  

Eli Lilly & Co.

    25,185       5,818,994  

Johnson & Johnson

    78,286       12,643,189  

 

 

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) (continued)

September 30, 2021

  

iShares® Russell Top 200 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Pharmaceuticals (continued)            

Merck & Co. Inc.

    75,272     $ 5,653,680  

Pfizer Inc.

    165,869       7,134,026  

Zoetis Inc.

    14,118       2,740,869  
   

 

 

 
          37,917,930  
Road & Rail — 1.1%            

CSX Corp.

    67,272       2,000,669  

Norfolk Southern Corp.

    7,272       1,739,826  

Uber Technologies Inc.(a)

    47,967       2,148,922  

Union Pacific Corp.

    19,343       3,791,421  
   

 

 

 
      9,680,838  
Semiconductors & Semiconductor Equipment — 6.0%  

Advanced Micro Devices Inc.(a)

    35,958       3,700,078  

Analog Devices Inc.

    15,941       2,669,799  

Applied Materials Inc.

    27,199       3,501,327  

Broadcom Inc.

    11,861       5,751,755  

Intel Corp.

    120,095       6,398,662  

KLA Corp.

    4,559       1,525,031  

Lam Research Corp.

    4,222       2,402,951  

Micron Technology Inc.

    33,317       2,364,841  

NVIDIA Corp.

    71,084       14,725,761  

NXP Semiconductors NV

    7,817       1,531,116  

QUALCOMM Inc.

    33,516       4,322,894  

Texas Instruments Inc.

    27,443       5,274,819  
   

 

 

 
      54,169,034  
Software — 10.9%            

Adobe Inc.(a)

    14,186       8,167,164  

Atlassian Corp. PLC, Class A(a)

    4,019       1,573,117  

Autodesk Inc.(a)

    6,541       1,865,297  

Intuit Inc.

    7,583       4,091,104  

Microsoft Corp.

    223,925       63,128,936  

Oracle Corp.

    50,036       4,359,637  

salesforce.com Inc.(a)

    27,458       7,447,159  

ServiceNow Inc.(a)

    5,856       3,644,013  

VMware Inc., Class A(a)(c)

    2,406       357,772  

Workday Inc., Class A(a)

    5,598       1,398,884  

Zoom Video Communications Inc., Class A(a)

    6,353       1,661,310  
   

 

 

 
      97,694,393  
Specialty Retail — 2.0%            

Home Depot Inc. (The)

    31,596       10,371,703  

Lowe’s Companies Inc.

    21,003       4,260,669  

Ross Stores Inc.

    10,404       1,132,475  
Security   Shares     Value  

 

 
Specialty Retail (continued)            

TJX Companies Inc. (The)

    35,827     $ 2,363,865  
   

 

 

 
      18,128,712  
Technology Hardware, Storage & Peripherals — 7.5%  

Apple Inc.

    466,495       66,009,043  

Dell Technologies Inc., Class C(a)

    8,010       833,360  
   

 

 

 
      66,842,403  
Textiles, Apparel & Luxury Goods — 0.6%            

Nike Inc., Class B

    36,811       5,346,062  
   

 

 

 
Tobacco — 0.8%            

Altria Group Inc.

    55,011       2,504,101  

Philip Morris International Inc.

    46,265       4,385,459  
   

 

 

 
      6,889,560  
Wireless Telecommunication Services — 0.2%  

T-Mobile U.S. Inc.(a)

    17,511       2,237,205  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $693,777,002)

 

    894,706,373  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 0.2%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(b)(d)(e)

    685,775       686,118  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)

    1,195,000       1,195,000  
   

 

 

 
      1,881,118  
   

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $1,881,118)

 

    1,881,118  
   

 

 

 

Total Investments in Securities — 100.0%
(Cost: $695,658,120)

 

    896,587,491  

Other Assets, Less Liabilities — (0.0)%

 

    (251,484
   

 

 

 

Net Assets — 100.0%

 

  $  896,336,007  
   

 

 

 

 

(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.

 

 

16  

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


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Russell Top 200 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

  $ 379,310     $ 308,557 (a)    $     $ (1,749   $     $ 686,118       685,775     $  2,811 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,115,000       80,000 (a)                        1,195,000       1,195,000       60        

BlackRock Inc.

    3,510,438       430,128       (758,583     283,167       103,348       3,568,498       4,255       38,388        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 281,418     $ 103,348     $ 5,449,616       $ 41,259     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a)

Represents net amount purchased (sold).

 
  (b)

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description  

Number of

Contracts

   

Expiration

Date

   

Notional

Amount

(000)

   

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

Long Contracts

       

S&P 500 E-Mini Index

    7       12/17/21     $ 1,504     $ (54,740
       

 

 

 

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)

   $ 54,740  
  

 

 

 

 

  (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

   $ 238,434  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (68,409
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 1,536,081      

 

 

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

 

 

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® Russell Top 200 ETF

    

 

Fair Value Hierarchy as of Period End

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

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

 

                                                                                       

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 894,706,373        $        $        $ 894,706,373  

Money Market Funds

     1,881,118                            1,881,118  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 896,587,491        $        $        $ 896,587,491  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (54,740      $        $        $ (54,740
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

18  

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Schedule of Investments (unaudited) 

September 30, 2021

  

iShares® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 0.5%  

Lockheed Martin Corp.

    50,903     $ 17,566,625  

Northrop Grumman Corp.

    3,099       1,116,105  
   

 

 

 
      18,682,730  
Air Freight & Logistics — 0.9%  

FedEx Corp.

    25,145       5,514,047  

United Parcel Service Inc., Class B

    170,557       31,058,430  
   

 

 

 
      36,572,477  
Automobiles — 3.6%  

Tesla Inc.(a)

    187,811       145,643,674  
   

 

 

 
Beverages — 2.0%            

Coca-Cola Co. (The)

    646,150       33,903,490  

Monster Beverage Corp.(a)

    81,224       7,215,128  

PepsiCo Inc.

    269,870       40,591,147  
   

 

 

 
      81,709,765  
Biotechnology — 2.6%            

AbbVie Inc.

    415,949       44,868,419  

Amgen Inc.

    110,288       23,452,743  

Moderna Inc.(a)

    79,735       30,686,812  

Regeneron Pharmaceuticals Inc.(a)

    2,533       1,532,921  

Vertex Pharmaceuticals Inc.(a)

    24,439       4,432,990  
   

 

 

 
          104,973,885  
Capital Markets — 1.2%            

Blackstone Inc., NVS

    160,184       18,635,807  

Goldman Sachs Group Inc. (The)

    4,280       1,617,968  

Moody’s Corp.

    36,260       12,876,289  

S&P Global Inc.

    40,073       17,026,617  
   

 

 

 
      50,156,681  
Chemicals — 0.7%            

Dow Inc.

    12,693       730,609  

Ecolab Inc.

    51,488       10,741,427  

Sherwin-Williams Co. (The)

    57,325       16,035,522  
   

 

 

 
      27,507,558  
Commercial Services & Supplies — 0.0%  

Waste Management Inc.

    15,830       2,364,369  
   

 

 

 
Consumer Finance — 0.4%            

American Express Co.

    96,707       16,201,324  
   

 

 

 
Entertainment — 1.6%            

Netflix Inc.(a)

    101,737       62,094,161  

Walt Disney Co. (The)(a)

    21,841       3,694,842  
   

 

 

 
      65,789,003  
Equity Real Estate Investment Trusts (REITs) — 1.6%  

American Tower Corp.

    106,353       28,227,150  

Crown Castle International Corp.

    101,336       17,563,555  

Equinix Inc.

    14,919       11,787,949  

Public Storage

    27,147       8,065,374  
   

 

 

 
      65,644,028  
Food & Staples Retailing — 1.3%            

Costco Wholesale Corp.

    97,302       43,722,654  

Sysco Corp.

    114,868       9,017,138  
   

 

 

 
      52,739,792  
Health Care Equipment & Supplies — 2.3%  

Abbott Laboratories

    204,527       24,160,774  

Align Technology Inc.(a)

    18,560       12,350,381  

Danaher Corp.

    7,783       2,369,457  
Security   Shares     Value  
Health Care Equipment & Supplies (continued)  

Edwards Lifesciences Corp.(a)

    145,252     $ 16,443,979  

Intuitive Surgical Inc.(a)

    27,816       27,653,276  

Stryker Corp.

    35,110       9,259,209  
   

 

 

 
      92,237,076  
Health Care Providers & Services — 0.5%  

HCA Healthcare Inc.

    59,425       14,423,636  

UnitedHealth Group Inc.

    15,315       5,984,183  
   

 

 

 
      20,407,819  
Hotels, Restaurants & Leisure — 1.8%  

Booking Holdings Inc.(a)

    9,646       22,898,350  

Las Vegas Sands Corp.(a)

    77,923       2,851,982  

Marriott International Inc./MD, Class A(a)

    64,101       9,492,717  

McDonald’s Corp.

    31,357       7,560,486  

Starbucks Corp.

    277,662       30,628,895  
   

 

 

 
      73,432,430  
Household Products — 0.3%            

Colgate-Palmolive Co.

    104,337       7,885,790  

Kimberly-Clark Corp.

    39,975       5,294,289  
   

 

 

 
      13,180,079  
Industrial Conglomerates — 0.3%  

3M Co.

    19,910       3,492,612  

Honeywell International Inc.

    35,393       7,513,226  
   

 

 

 
      11,005,838  
Insurance — 0.3%            

Aon PLC, Class A

    31,067       8,878,016  

Marsh & McLennan Companies Inc.

    14,127       2,139,252  
   

 

 

 
      11,017,268  
Interactive Media & Services — 12.4%  

Alphabet Inc., Class A(a)

    61,006       163,100,761  

Alphabet Inc., Class C, NVS(a)

    56,915       151,696,119  

Facebook Inc., Class A(a)

    563,779       191,340,955  
   

 

 

 
          506,137,835  
Internet & Direct Marketing Retail — 8.5%  

Amazon.com Inc.(a)

    102,245       335,878,915  

eBay Inc.

    153,257       10,677,415  
   

 

 

 
      346,556,330  
IT Services — 8.1%            

Accenture PLC, Class A

    120,557       38,568,595  

Automatic Data Processing Inc.

    92,021       18,396,838  

Fiserv Inc.(a)

    9,591       1,040,624  

Mastercard Inc., Class A

    206,118       71,663,106  

PayPal Holdings Inc.(a)

    276,801       72,026,388  

Snowflake Inc., Class A(a)

    43,413       13,129,394  

Square Inc., Class A(a)(b)

    93,394       22,399,617  

Twilio Inc., Class A(a)

    11,030       3,519,122  

Visa Inc., Class A

    398,743       88,820,003  
   

 

 

 
      329,563,687  
Life Sciences Tools & Services — 0.5%  

Illumina Inc.(a)

    34,273       13,901,472  

Thermo Fisher Scientific Inc.

    8,346       4,768,320  
   

 

 

 
      18,669,792  
Machinery — 1.4%            

Caterpillar Inc.

    111,186       21,344,376  

Deere & Co.

    66,365       22,236,921  

Illinois Tool Works Inc.

    66,659       13,773,749  
   

 

 

 
      57,355,046  

 

 

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® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Media — 0.5%            

Charter Communications Inc., Class A(a)(b)

    28,619     $ 20,822,040  
   

 

 

 
Metals & Mining — 0.1%            

Freeport-McMoRan Inc.

    101,055       3,287,319  

Southern Copper Corp.

    18,088       1,015,461  
   

 

 

 
      4,302,780  
Multiline Retail — 0.4%            

Dollar General Corp.

    23,743       5,036,840  

Target Corp.

    52,515       12,013,857  
   

 

 

 
      17,050,697  
Oil, Gas & Consumable Fuels — 0.0%  

EOG Resources Inc.

    16,368       1,313,859  
   

 

 

 
Personal Products — 0.4%            

Estee Lauder Companies Inc. (The), Class A

    53,800       16,136,234  
   

 

 

 
Pharmaceuticals — 1.4%            

Eli Lilly & Co.

    157,908       36,484,644  

Zoetis Inc.

    105,924       20,564,085  
   

 

 

 
      57,048,729  
Road & Rail — 0.8%            

Uber Technologies Inc.(a)

    324,430       14,534,464  

Union Pacific Corp.

    97,234       19,058,836  
   

 

 

 
      33,593,300  
Semiconductors & Semiconductor Equipment — 8.0%  

Advanced Micro Devices Inc.(a)

    285,156       29,342,552  

Analog Devices Inc.

    50,409       8,442,499  

Applied Materials Inc.

    215,692       27,766,031  

Broadcom Inc.

    93,980       45,573,722  

KLA Corp.

    36,136       12,087,853  

Lam Research Corp.

    33,513       19,073,924  

Micron Technology Inc.

    36,458       2,587,789  

NVIDIA Corp.

    563,568           116,748,747  

NXP Semiconductors NV

    19,186       3,757,962  

QUALCOMM Inc.

    265,951       34,302,360  

Texas Instruments Inc.

    134,871       25,923,555  
   

 

 

 
      325,606,994  
Software — 17.7%            

Adobe Inc.(a)

    112,468       64,750,077  

Atlassian Corp. PLC, Class A(a)

    32,128       12,575,542  

Autodesk Inc.(a)

    51,712       14,746,711  

Intuit Inc.

    60,153       32,453,145  

Microsoft Corp.

    1,775,319       500,497,933  

Oracle Corp.

    369,664       32,208,824  

salesforce.com Inc.(a)

    41,910       11,366,830  

ServiceNow Inc.(a)

    46,431       28,892,618  
Security   Shares     Value  

 

 
Software (continued)            

VMware Inc., Class A(a)

    7,023     $ 1,044,320  

Workday Inc., Class A(a)

    44,282       11,065,629  

Zoom Video Communications Inc.,
Class A(a)(b)

    50,111       13,104,027  
   

 

 

 
      722,705,656  
Specialty Retail — 3.5%  

Home Depot Inc. (The)

    250,498       82,228,474  

Lowe’s Companies Inc.

    166,483       33,772,741  

Ross Stores Inc.

    82,545       8,985,023  

TJX Companies Inc. (The)

    283,716       18,719,582  
   

 

 

 
      143,705,820  
Technology Hardware, Storage & Peripherals — 12.9%  

Apple Inc.

    3,698,456       523,331,524  

Dell Technologies Inc., Class C(a)

    30,632       3,186,953  
   

 

 

 
      526,518,477  
Textiles, Apparel & Luxury Goods — 1.0%  

Nike Inc., Class B

    291,702       42,363,881  
   

 

 

 
Tobacco — 0.3%            

Altria Group Inc.

    242,691       11,047,294  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $2,664,206,794)

 

    4,069,764,247  
   

 

 

 

Short-Term Investments

 

Money Market Funds — 1.3%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    46,365,705       46,388,888  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)

    5,236,000       5,236,000  
   

 

 

 
      51,624,888  
   

 

 

 

Total Short-Term Investments — 1.3%
(Cost: $51,624,888)

 

    51,624,888  
   

 

 

 

Total Investments in Securities — 101.1%
(Cost: $2,715,831,682)

 

    4,121,389,135  

Other Assets, Less Liabilities — (1.1)%

 

    (45,686,758
   

 

 

 

Net Assets — 100.0%

 

  $  4,075,702,377  
   

 

 

 

 

(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.

 

 

20  

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


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Russell Top 200 Growth 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

    $10,766,773     $ 35,619,800 (a)    $     $ 2,315     $     $ 46,388,888       46,365,705     $ 16,227 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    4,416,000       820,000 (a)                         5,236,000       5,236,000       205         
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 2,315     $     $ 51,624,888       $ 16,432     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a)

Represents net amount purchased (sold).

 
  (b)

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description  

Number of

Contracts

   

Expiration

Date

   

Notional

Amount

(000)

    

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

Long Contracts

        

S&P 500 E-Mini Index

    25       12/17/21     $ 5,372      $ (223,366
        

 

 

 

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)

  $ 223,366   
 

 

 

 

 

  (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

  $ 689,487  
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ (271,240
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

 

Average notional value of contracts — long

  $ 5,093,129       

 

 

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

 

 

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® Russell Top 200 Growth ETF

    

 

Fair Value Hierarchy as of Period End

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

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

 

                                                                                               

 

 
    Level 1     Level 2      Level 3      Total  

 

 

Investments

         

Assets

         

Common Stocks

  $ 4,069,764,247     $      $      $ 4,069,764,247  

Money Market Funds

    51,624,888                     51,624,888  
 

 

 

   

 

 

    

 

 

    

 

 

 
  $ 4,121,389,135     $      $      $ 4,121,389,135  
 

 

 

   

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

         

Liabilities

         

Futures Contracts

  $ (223,366   $      $      $ (223,366
 

 

 

   

 

 

    

 

 

    

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

22  

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Schedule of Investments (unaudited)

September 30, 2021

  

iShares® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 3.1%

 

Boeing Co. (The)(a)

    49,182     $ 10,817,089  

General Dynamics Corp.

    22,824       4,474,189  

L3Harris Technologies Inc.

    18,367       4,045,148  

Lockheed Martin Corp.

    2,850       983,535  

Northrop Grumman Corp.

    12,639       4,551,936  

Raytheon Technologies Corp.

    139,165           11,962,623  
   

 

 

 
      36,834,520  
Air Freight & Logistics — 0.2%            

FedEx Corp.

    12,714       2,788,053  
   

 

 

 
Automobiles — 1.0%            

Ford Motor Co.(a)

    358,826       5,080,976  

General Motors Co.(a)

    126,246       6,654,427  
   

 

 

 
      11,735,403  
Banks — 10.7%            

Bank of America Corp.

    680,127       28,871,391  

Citigroup Inc.

    186,121       13,061,972  

JPMorgan Chase & Co.

    272,681       44,635,153  

PNC Financial Services Group Inc. (The)

    38,962       7,622,526  

Truist Financial Corp.

    123,338       7,233,774  

U.S. Bancorp

    123,261       7,326,634  

Wells Fargo & Co.

    379,926       17,632,365  
   

 

 

 
      126,383,815  
Beverages — 1.2%            

Coca-Cola Co. (The)

    104,838       5,500,850  

Constellation Brands Inc., Class A

    14,630       3,082,395  

Keurig Dr Pepper Inc.

    64,441       2,201,305  

Monster Beverage Corp.(a)

    2,442       216,923  

PepsiCo Inc.

    21,572       3,244,644  
   

 

 

 
      14,246,117  
Biotechnology — 1.8%            

Amgen Inc.

    9,278       1,972,967  

Biogen Inc.(a)

    13,663       3,866,492  

Gilead Sciences Inc.

    115,294       8,053,286  

Regeneron Pharmaceuticals Inc.(a)

    8,219       4,973,975  

Vertex Pharmaceuticals Inc.(a)

    14,316       2,596,779  
   

 

 

 
      21,463,499  
Building Products — 0.4%            

Johnson Controls International PLC

    65,689       4,472,107  
   

 

 

 
Capital Markets — 5.3%            

Bank of New York Mellon Corp. (The)

    72,449       3,755,756  

BlackRock Inc.(b)

    13,128       11,009,929  

Charles Schwab Corp. (The)

    138,131       10,061,462  

CME Group Inc.

    32,918       6,365,683  

Goldman Sachs Group Inc. (The)

    28,641       10,827,157  

Intercontinental Exchange Inc.

    51,058       5,862,480  

Moody’s Corp.

    768       272,724  

Morgan Stanley

    125,037       12,167,350  

S&P Global Inc.

    6,474       2,750,738  
   

 

 

 
      63,073,279  
Chemicals — 1.1%            

Air Products & Chemicals Inc.

    20,358       5,213,887  

Dow Inc.

    63,666       3,664,615  

DuPont de Nemours Inc.

    47,949       3,260,052  

Ecolab Inc.

    2,809       586,014  
   

 

 

 
      12,724,568  
Security   Shares     Value  
Commercial Services & Supplies — 0.4%  

Waste Management Inc.

    32,570     $ 4,864,655  
   

 

 

 
Communications Equipment — 1.8%            

Cisco Systems Inc.

    388,130       21,125,916  
   

 

 

 
Consumer Finance — 0.9%            

American Express Co.

    21,505       3,602,733  

Capital One Financial Corp.

    40,667       6,586,834  
   

 

 

 
          10,189,567  
Diversified Financial Services — 3.9%            

Berkshire Hathaway Inc., Class B(a)

    170,516       46,540,637  
   

 

 

 
Diversified Telecommunication Services — 3.2%  

AT&T Inc.

    656,052       17,719,964  

Verizon Communications Inc.

    380,596       20,555,990  
   

 

 

 
      38,275,954  
Electric Utilities — 3.0%            

American Electric Power Co. Inc.

    45,944       3,729,734  

Duke Energy Corp.

    70,659       6,895,612  

Exelon Corp.

    89,610       4,331,747  

NextEra Energy Inc.

    180,103       14,141,688  

Southern Co. (The)

    97,136       6,019,518  
   

 

 

 
      35,118,299  
Electrical Equipment — 0.9%            

Eaton Corp. PLC

    36,555       5,458,027  

Emerson Electric Co.

    54,935       5,174,877  
   

 

 

 
      10,632,904  
Energy Equipment & Services — 0.3%            

Schlumberger NV

    128,343       3,804,087  
   

 

 

 
Entertainment — 3.1%  

Activision Blizzard Inc.

    70,908       5,487,570  

Electronic Arts Inc.

    26,136       3,717,846  

Walt Disney Co. (The)(a)

    158,256       26,772,168  
   

 

 

 
      35,977,584  
Equity Real Estate Investment Trusts (REITs) — 1.3%  

Digital Realty Trust Inc.

    25,755       3,720,310  

Equinix Inc.

    2,398       1,894,732  

Prologis Inc.

    67,690