iShares Trust


		MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares Biotechnology ETF | IBB | NASDAQ

· iShares Expanded Tech Sector ETF | IGM | NYSE Arca

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

· iShares North American Natural Resources ETF | IGE | Cboe BZX

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

· iShares Semiconductor ETF | SOXX | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. 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. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, 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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of March 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	5.92%	15.65%

U.S. small cap equities (Russell 2000^® Index)	(5.55)	(5.79)

International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16

Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)

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
Market Overview		4
Fund Summary		5
About Fund Performance		17
Shareholder Expenses		17
Schedules of Investments		18
Financial Statements
Statements of Assets and Liabilities		41
Statements of Operations		43
Statements of Changes in Net Assets		45
Financial Highlights		48
Notes to Financial Statements		54
Report of Independent Registered Public Accounting Firm		66
Important Tax Information (Unaudited)		67
Statement Regarding Liquidity Risk Management Program		68
Supplemental Information		69
Trustee and Officer Information		71
General Information		74
Glossary of Terms Used in this Report		75

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.


4		2 0 2 2 I S H A R E S 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 March 31, 2022		iShares^® Biotechnology ETF

Investment Objective

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

Performance


	Average Annual Total Returns							Cumulative Total Returns

	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(13.22	)%		6.14	%	12.45%		(13.22	)%		34.68	%		223.41	%
Fund Market		(13.28	)		6.15		12.46		(13.28	)		34.80			223.58
Index^(a)		(12.88	)		6.51		12.80		(12.88	)		37.06			233.37
Nasdaq Biotechnology Index		(11.16	)		6.93		13.02		(11.16	)		39.76			239.94
ICE Biotechnology Index^(b)		N/A			N/A		N/A		N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

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

^(b)

The inception date of the ICE Biotechnology Index was April 13, 2021. The cumulative total return for this index for the period April 13, 2021 through March 31, 2022 was -10.97%.

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 17 for more information.

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 806.50	$ 1.98			$ 1,000.00	$ 1,022.70	$ 2.22		0.44	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). 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” for more information.


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Biotechnology ETF

Portfolio Management Commentary

Biotechnology stocks declined significantly during the reporting period as investor appetite for stocks with high valuations and little to no earnings also worked against the industry. Despite ongoing innovation, new drug development, and the rapid development and deployment of a COVID-19 vaccine, costs associated with obtaining drug approvals remained high, constraining profits. In response to higher drug prices, some governments proposed price controls even as the policies that govern healthcare in the U.S. continued to change. Pricing and payment structures were under pressure from payers, including healthcare providers and insurers. Furthermore, the dollar volume of industry mergers and acquisitions decreased significantly year over year.

Biotechnology companies grappled with drug efficacy trials and public perception regarding the efficacy of a new Alzheimer’s drug, along with regulatory uncertainty and auditing requirements. The Delta and Omicron variants of COVID-19 drove closures that limited companies’ ability to test new drugs, which in turn constrained product development. Concern over delisting weighed on Chinese biotechnology firms that withheld their financial disclosures from U.S. regulators. A company in the biotechnology industry failed to get its COVID-19 vaccine approved in the U.S. and struggled with distribution in markets where it was approved amid production problems.

Life sciences tools and services stocks also detracted as a surge in Omicron COVID-19 cases limited both customers’ capacity for using medical devices and companies’ capacity for producing them. Stocks of genomic analysis companies lost ground as investor sentiment weakened, despite promising market penetration.

Healthcare equipment and supplies stocks also detracted from the Index’s return. Higher research, development, and administrative expenses weighed on profits in the industry despite higher revenues, as trials enrolled their final patients to move new cancer treatment products to market.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Biotechnology		75.9%
Life Sciences Tools & Services		20.8
Pharmaceuticals		2.1
Other (each representing less than 1%)		1.2

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Amgen Inc.		8.3%
Gilead Sciences Inc.		6.9
Regeneron Pharmaceuticals Inc.		6.7
Vertex Pharmaceuticals Inc.		6.2
Moderna Inc.		5.6
Illumina Inc.		4.2
IQVIA Holdings Inc.		3.9
BioNTech SE		3.1
Biogen Inc.		2.9
Mettler-Toledo International Inc.		2.9

^(a)

Excludes money market funds.


6		2 0 2 2 I S H A R E S 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 March 31, 2022		iShares^® Expanded Tech Sector ETF

Investment Objective

The iShares Expanded Tech Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the technology sector and select North American equities from communication services and consumer discretionary sectors, as represented by the S&P North American Expanded Technology Sector 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

	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		7.76	%		23.44	%	19.34%		7.76	%		186.65	%		486.10	%
Fund Market		7.88			23.48		19.36		7.88			187.10			486.86
Index		8.20			23.98		19.88		8.20			192.93			512.88

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 962.10	$ 1.96			$ 1,000.00	$ 1,022.90	$ 2.02		0.40	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Expanded Tech Sector ETF

Portfolio Management Commentary

North American technology stocks advanced sharply during the reporting period, driven primarily by large companies benefiting from increased uptake of technology. U.S. companies drove the Index’s return, representing approximately 99% of the Index on average for the reporting period. Increased time at home drove strong demand for computing products for both work and leisure. Strong global demand for microchips for an increasing array of products and ongoing migration to the cloud due to the pandemic bolstered profits from cloud computing services.

The U.S. technology hardware and equipment industry was the largest contributor to the Index’s return. Retail sales of computing devices rose, leading to record earnings despite ongoing supply chain challenges. Increased demand for subscription services, including music and streaming video, drove rising revenues. New product releases, especially improved cell phones, and strong sales of wearable technologies such as earbuds boosted revenue growth.

The semiconductors and semiconductor equipment industry also contributed to the Index’s return. Sharply higher spending on cloud computing and artificial intelligence drove brisk sales of microchips. Continued strength in demand for home-based video games drove strong sales for chips used in graphics cards. Investors were optimistic that demand would increase for chips used for technologies related to virtual worlds, the “metaverse,” which was expected to experience rapid growth. Stocks in the industry were also bolstered by investor optimism regarding federal subsidies to support domestic manufacturing of microchips to reduce dependence on imports.

The systems software industry was also a contributor. Growth in video game console sales and investor optimism about new products and services, along with industry consolidation, bolstered returns. Strength in sales of hardware, including personal computers and tablets, contributed to rising revenues.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Semiconductors		16.9%
Interactive Media & Services		13.5
Systems Software		12.5
Application Software		10.9
Data Processing & Outsourced Services		10.2
Technology Hardware, Storage & Peripherals		9.8
Internet & Direct Marketing Retail		9.4
IT Consulting & Other Services		3.5
Communications Equipment		2.9
Semiconductor Equipment		2.8
Internet Services & Infrastructure		2.4
Movies & Entertainment		1.3
Electronic Equipment & Instruments		1.1
Interactive Home Entertainment		1.0
Other (each representing less than 1%)		1.8

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Amazon.com Inc.		8.7%
Apple Inc.		8.6
Microsoft Corp.		8.5
NVIDIA Corp.		5.3
Alphabet Inc., Class A		4.3
Meta Platforms Inc, Class A		4.0
Alphabet Inc., Class C		4.0
Visa Inc., Class A		2.9
Mastercard Inc., Class A		2.4
Broadcom Inc.		2.0

^(a)

Excludes money market funds.


8		2 0 2 2 I S H A R E S 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 March 31, 2022		iShares^® Expanded Tech-Software Sector ETF

Investment Objective

The iShares Expanded Tech-Software Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the software industry and select North American equities from interactive home entertainment and interactive media and services industries, as represented by the S&P North American Expanded Technology Software 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

	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		0.86	%		22.38	%	18.33%		0.86	%		174.50	%		438.17	%
Fund Market		1.03			22.44		18.35		1.03			175.14			439.22
Index		1.28			22.78		18.76		1.28			179.07			458.26

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 862.60	$ 1.86			$ 1,000.00	$ 1,022.90	$ 2.02		0.40	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Expanded Tech-Software Sector ETF

Portfolio Management Commentary

North American technology and software stocks gained modestly for the reporting period. The COVID-19 pandemic accelerated ongoing trends of firms migrating to the cloud, bolstering demand for cloud and computing services and lifting sales of personal and commercial productivity software. These gains were somewhat offset by investor concern that changes to corporate policies designed to increase user privacy would make targeted advertising more difficult, ultimately reducing revenues.

U.S. stocks, which represented approximately 99% of the Index on average for the reporting period, were the main drivers of performance. The information technology sector was the top contributor to the Index’s performance, led by software and services companies. Revenues and earnings reached record levels as the ongoing impact of the pandemic accelerated online migration. Demand for cloud services grew robustly, along with sales of personal and commercial productivity software. Growth in online video gaming and investor optimism about new products and services, as well as industry consolidation, bolstered returns. Strength in sales of hardware, including personal computers and tablets, contributed to rising revenues. Volatility in the labor market increased traffic on web-based career platforms, leading to sharply higher advertising revenues. Strong demand for cybersecurity software due to increased telecommuting and cloud computing also bolstered revenues. Rapid growth of small business creation drove strong demand for financial services software.

On the downside, the communication services sector detracted from the Index’s return. In the media and entertainment industry, ongoing challenges with global supply chains and tightness in the labor market led to reductions in online advertising spending, weighing heavily on profits. In the entertainment industry, an industry scandal led to delays of game launches, and sales of some video game titles and consoles slowed, weighing on revenues.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Software		92.6%
Entertainment		5.6
Interactive Media & Services		1.8

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Microsoft Corp.		8.6%
salesforce.com Inc.		8.4
Adobe Inc.		8.2
Intuit Inc.		6.1
Oracle Corp.		5.9
ServiceNow Inc.		5.0
Activision Blizzard Inc.		2.8
Palo Alto Networks Inc.		2.8
Synopsys Inc.		2.3
Crowdstrike Holdings Inc., Class A		2.1

^(a)

Excludes money market funds.


10		2 0 2 2 I S H A R E S 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 March 31, 2022		iShares^® North American Natural Resources ETF

Investment Objective

The iShares North American Natural Resources ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the natural resources sector, as represented by the S&P North American Natural Resources Sector 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

	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		50.84	%		7.00	%	2.96%		50.84	%		40.23	%		33.91	%
Fund Market		50.89			7.01		2.97		50.89			40.32			34.06
Index		51.58			7.56		3.48		51.58			43.93			40.76

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,395.70	$ 2.39			$ 1,000.00	$ 1,022.90	$ 2.02		0.40	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of March 31, 2022 (continued)		iShares^® North American Natural Resources ETF

Portfolio Management Commentary

North American natural resources stocks advanced sharply during the reporting period as oil prices soared on renewed demand and fears of supply constraints following Russia’s invasion of Ukraine. Oil prices rallied as vaccinations against COVID-19 rolled out and global economies recovered. Prices continued to climb throughout 2021 as coronavirus-related restrictions eased, travel increased, and oil stockpiles dropped. OPEC and other oil-producing countries gradually increased oil supply throughout 2021, but demand outstripped supply. U.S. oil producers were slow to renew production in 2021 when economic activity and demand rebounded.

Oil prices hit their highest level in 14 years by March 2022 after the U.S. and its European allies began considering banning oil imports from Russia following the invasion of Ukraine. Russia is the world’s top exporter of oil and oil products.

Oil, gas, and consumable fuels stocks in the U.S. contributed the most to the Index’s return, as stocks in the energy sector hit their highest level in years following the rally in oil prices. In a marked turnaround from 2020, leading energy companies posted stronger earnings and, flush with excess cash, rewarded shareholders by buying back their own stock and raising dividends. The higher oil prices and free cash flow led some companies to expand plans to invest in new oil production over future years although most continued to maintain current output plans.

Canadian companies in the oil, gas, and consumable fuels industry also contributed to the Index. Their stocks also soared following stronger earnings. Some companies also set new environmental targets, including fewer greenhouse gas emissions and a reduction in freshwater usage in oil extraction operations.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Oil, Gas & Consumable Fuels		68.7%
Metals & Mining		15.2
Containers & Packaging		7.0
Energy Equipment & Services		6.1
Construction Materials		2.4
Paper & Forest Products		0.6

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Exxon Mobil Corp.		9.5%
Chevron Corp.		9.4
ConocoPhillips		4.4
Enbridge Inc.		3.9
Freeport-McMoRan Inc.		3.1
Canadian Natural Resources Ltd.		3.0
EOG Resources Inc.		2.9
Newmont Corp.		2.7
Schlumberger NV		2.4
Pioneer Natural Resources Co.		2.4

^(a)

Excludes money market funds.


12		2 0 2 2 I S H A R E S 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 March 31, 2022		iShares^® North American Tech-Multimedia Networking ETF

Investment Objective

The iShares North American Tech-Multimedia Networking ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the multimedia and networking technology sectors, as represented by the S&P North American Technology Multimedia Networking 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

	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		10.53	%		10.78	%	9.86%		10.53	%		66.87	%		156.06	%
Fund Market		10.35			10.79		9.86		10.35			66.94			155.99
Index		11.00			11.14		10.25		11.00			69.56			165.27

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,074.20	$ 2.07			$ 1,000.00	$ 1,022.90	$ 2.02		0.40	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of March 31, 2022 (continued)		iShares^® North American Tech-Multimedia Networking ETF

Portfolio Management Commentary

North American technology and multimedia networking stocks rose sharply as businesses continued to move their operations online, a trend accelerated by the pandemic. Increased demand for cloud computing capacity, especially by large technology corporations, benefited companies that provide networking infrastructure. Improving supply chain conditions and the global growth of 5G networks fueled investor optimism for continued investment in communications infrastructure by telecommunications carriers and cable operators. The passage of a large infrastructure bill that included funding to increase access to broadband services in underserved markets in the U.S. also boosted networking stocks.

The Index is composed almost entirely of U.S. communications equipment companies, whose robust advance drove the Index’s return. The move to the cloud increased demand for hardware to equip newly constructed data centers, propelling industry gains. Revenues rose despite supply chain issues as constrained supply supported higher prices for hardware and equipment. In addition, growth in applications for artificial intelligence, which require significant numbers of routers and switches to connect processors, increased sales. Development of the metaverse, computer-generated virtual spaces, added to investor optimism for increased capital spending on and sales of equipment to support virtual reality applications.

Robust sales of networking equipment to support expansion and upgrades of broadband service, including new 5G and fiberoptic networks in emerging markets, also contributed to strong performance. Communications equipment stocks further benefited from industry merger and acquisition activity, which raised expectations for revenue growth.

Strong sales of modestly priced smartphones, especially in the U.S., Brazil, and India markets, bolstered revenue. Amid rising concerns about personal safety and security, demand also increased for video security and radio devices for both professional and commercial use, driving communications equipment company profits higher.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Communications Equipment		100.0%

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Arista Networks Inc.		9.2%
Juniper Networks Inc.		8.9
Motorola Solutions Inc.		8.7
F5 Inc.		8.5
Cisco Systems Inc.		8.1
Ubiquiti Inc.		4.5
Infinera Corp.		4.5
Ciena Corp.		4.4
Lumentum Holdings Inc.		4.4
NetScout Systems Inc.		4.4

^(a)

Excludes money market funds.


14		2 0 2 2 I S H A R E S 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 March 31, 2022		iShares^® Semiconductor ETF

Investment Objective

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

Performance


	Average Annual Total Returns							Cumulative Total Returns

	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		12.23	%		29.54	%	24.55%		12.23	%		264.82	%		798.45	%
Fund Market		12.45			29.59		24.57		12.45			265.47			800.04
Index^(a)		12.74			30.18		25.18		12.74			273.88			844.65
PHLX Semiconductor Sector Index		11.05			29.79		24.99		11.05			268.27			830.48
ICE Semiconductor Index^(b)		N/A			N/A		N/A		N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

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

^(b)

The inception date of the ICE Semiconductor Index was April 13, 2021. The cumulative total return for this index for the period April 13, 2021 through March 31, 2022 was 8.77%.

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,063.60	$ 2.06			$ 1,000.00	$ 1,022.90	$ 2.02		0.40	%

^(a)


F U N D S U M M A R Y		15


Fund Summary as of March 31, 2022 (continued)		iShares^® Semiconductor ETF

Portfolio Management Commentary

Semiconductor stocks advanced sharply for the reporting period as manufacturers ramped up production to all-time highs despite global supply chain challenges. Business demand for microchips grew amid increased spending on data centers as companies continued the migration to cloud computing. Even as pandemic restrictions eased, consumer demand for home entertainment devices remained high, which led to record sales by semiconductor companies. The rising number of digital services and consumer goods that rely on microchips, such as personal computers, video cards, and automobiles, exacerbated a global chip shortage and supported higher prices.

A sharp increase in corporate spending on technology infrastructure for cloud computing and artificial intelligence applications led to robust sales of chips used in data centers. The largest technology companies, in particular, drove demand for chips used for networking and connectivity. Continued strength in consumer demand for video games, especially multiplayer online games that require specialized graphics processing units, propelled higher chip sales and revenues.

The ongoing rollout of 5G technology and the increasing availability of 5G-enabled phones raised demand for the chips used in telecommunications devices and handsets. Robust growth in the manufacturing of electric cars, especially in China, bolstered demand for chips used in vehicle navigation systems. Investor optimism rose that demand would increase for chips used for technologies for both entertainment and commercial applications of computer-generated virtual worlds, the “metaverse,” which require powerful graphics chips.

Semiconductor stocks were also bolstered by the announcement of proposed legislation that included provisions for U.S. government subsidies to support domestic manufacturing of microchips and reduce dependence on imports, especially from China. In addition, consolidation in the semiconductors industry boosted revenue as increasing product breadth allowed companies to attract new customers.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Semiconductors		79.5%
Semiconductor Equipment		20.5

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

NVIDIA Corp.		8.9%
Broadcom Inc.		8.5
Advanced Micro Devices Inc.		7.1
Intel Corp.		6.2
QUALCOMM Inc.		5.3
Texas Instruments Inc.		4.3
Microchip Technology Inc.		4.3
KLA Corp.		4.2
Marvell Technology Inc.		4.2
Analog Devices Inc.		4.1

^(a)

Excludes money market funds.


16		2 0 2 2 I S H A R E S 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 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses 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		17

Schedule of Investments

March 31, 2022

iShares^® Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 75.9%
4D Molecular Therapeutics Inc.^(a)(b)		232,410	$	3,514,039
89bio Inc.^(a)(b)		106,544		401,671
Abcam PLC, SP ADR^(a)(b)		1,459,736		26,698,571
AC Immune SA^(a)(b)		249,684		998,736
ACADIA Pharmaceuticals Inc.^(a)(b)		1,279,760		30,995,787
Achilles Therapeutics PLC, ADR^(a)(b)		248,830		731,560
Acumen Pharmaceuticals Inc.^(a)(b)		194,168		759,197
Adaptimmune Therapeutics PLC, ADR^(a)(b)		876,318		1,805,215
ADC Therapeutics SA^(a)(b)		304,229		4,469,124
Adicet Bio Inc.^(a)		183,982		3,674,121
ADMA Biologics Inc.^(a)(b)		1,513,942		2,770,514
Adverum Biotechnologies Inc.^(a)(b)		727,269		952,722
Aeglea BioTherapeutics Inc.^(a)		315,056		724,629
Aerovate Therapeutics Inc.^(a)(b)		128,537		2,356,083
Affimed NV^(a)		876,966		3,832,341
Agios Pharmaceuticals Inc.^(a)(b)		432,479		12,589,464
Akebia Therapeutics Inc.^(a)(b)		1,354,895		972,679
Akero Therapeutics Inc.^(a)(b)		167,385		2,375,193
Akouos Inc.^(a)(b)		171,905		816,549
Alaunos Therapeutics Inc.^(a)(b)		1,534,462		1,001,083
Alector Inc.^(a)(b)		476,628		6,791,949
Alexion Pharmaceuticals Inc.^(b)(c)		4,112		1,892
Aligos Therapeutics Inc.^(a)(b)		205,801		442,472
Alkermes PLC^(a)(b)		1,282,351		33,738,655
Allakos Inc.^(a)		271,137		1,545,481
Allogene Therapeutics Inc.^(a)(b)		587,354		5,350,795
Allovir Inc.^(a)(b)		235,820		1,591,785
Alnylam Pharmaceuticals Inc.^(a)(b)		952,627		155,554,463
Alpine Immune Sciences Inc.^(a)(b)		106,937		959,225
Altimmune Inc.^(a)(b)		294,822		1,795,466
ALX Oncology Holdings Inc.^(a)(b)		163,417		2,761,747
Amgen Inc.		2,956,072		714,837,331
Amicus Therapeutics Inc.^(a)(b)		2,171,703		20,566,027
AnaptysBio Inc.^(a)(b)		192,301		4,757,527
Anavex Life Sciences Corp.^(a)(b)		588,390		7,243,081
Annexon Inc.^(a)(b)		244,140		666,502
Annovis Bio Inc.^(a)(b)		43,513		580,899
Apellis Pharmaceuticals Inc.^(a)(b)		633,597		32,193,064
Applied Molecular Transport Inc.^(a)(b)		196,120		1,474,822
Applied Therapeutics Inc.^(a)(b)		116,965		246,796
Arbutus Biopharma Corp.^(a)		932,891		2,780,015
Arcturus Therapeutics Holdings Inc.^(a)(b)		179,975		4,852,126
Arcus Biosciences Inc.^(a)(b)		352,644		11,129,445
Arcutis Biotherapeutics Inc.^(a)(b)		224,852		4,330,650
Argenx SE, ADR^(a)(b)		324,552		102,334,491
Arrowhead Pharmaceuticals Inc.^(a)(b)		775,472		35,663,957
Ascendis Pharma A/S, ADR^(a)(b)		352,764		41,400,383
Atara Biotherapeutics Inc.^(a)(b)		680,252		6,319,541
Athenex Inc.^(a)(b)		714,833		592,954
Aurinia Pharmaceuticals Inc.^(a)(b)		897,814		11,114,937
Autolus Therapeutics PLC , ADR^(a)(b)		321,583		1,341,001
Avidity Biosciences Inc.^(a)(b)		335,076		6,188,854
Avrobio Inc.^(a)		307,760		406,243
Beam Therapeutics Inc.^(a)(b)		413,238		23,678,537
BeiGene Ltd., ADR^(a)(b)		591,865		111,625,739
BELLUS Health Inc.^(a)(b)		746,361		5,134,964
Bicycle Therapeutics PLC, ADR^(a)(b)		178,088		7,814,501
BioAtla Inc.^(a)		227,225		1,136,125


Security	Shares		Value

Biotechnology (continued)
BioCryst Pharmaceuticals Inc.^(a)(b)		1,441,320	$	23,435,863
Biogen Inc.^(a)		1,172,028		246,829,097
Biohaven Pharmaceutical Holding Co. Ltd.^(a)(b)		486,291		57,659,524
BioMarin Pharmaceutical Inc.^(a)(b)		1,452,839		112,013,887
Biomea Fusion Inc.^(a)(b)		150,393		670,753
BioNTech SE, ADR^(a)(b)		1,535,009		261,811,135
Black Diamond Therapeutics Inc.^(a)(b)		188,879		523,195
Bluebird Bio Inc.^(a)(b)		535,999		2,599,595
Blueprint Medicines Corp.^(a)(b)		459,598		29,359,120
Bolt Biotherapeutics Inc.^(a)		162,266		444,609
Bridgebio Pharma Inc.^(a)(b)		819,166		8,314,535
Brooklyn ImmunoTherapeutics Inc.^(a)(b)		185,144		379,545
Burning Rock Biotech Ltd., ADR^(a)(b)		545,624		5,068,847
C4 Therapeutics Inc.^(a)		306,868		7,444,618
Cabaletta Bio Inc.^(a)(b)		177,909		361,155
Candel Therapeutics Inc.^(a)(b)		78,259		398,338
CareDx Inc.^(a)(b)		416,183		15,394,609
Caribou Biosciences Inc.^(a)(b)		373,686		3,430,437
Cellectis SA, ADR^(a)(b)		287,289		1,304,292
CEL-SCI Corp.^(a)(b)		326,074		1,281,471
Centessa Pharmaceuticals PLC, ADR^(a)(b)		267,842		2,402,543
Century Therapeutics Inc.^(a)(b)		161,558		2,034,015
ChemoCentryx Inc.^(a)(b)		454,331		11,390,078
Chimerix Inc.^(a)(b)		614,901		2,816,247
Chinook Therapeutics Inc.^(a)		295,511		4,834,560
Clovis Oncology Inc.^(a)(b)		1,115,996		2,254,312
Codiak Biosciences Inc.^(a)(b)		106,652		668,708
Cogent Biosciences Inc.^(a)(b)		256,910		1,924,256
Coherus Biosciences Inc.^(a)(b)		573,188		7,399,857
Compass Pathways PLC, ADR^(a)(b)		265,306		3,419,794
Connect Biopharma Holdings Ltd.^(a)		366,584		1,107,084
Cortexyme Inc.^(a)(b)		140,392		869,026
Crinetics Pharmaceuticals Inc.^(a)		298,043		6,542,044
CRISPR Therapeutics AG^(a)(b)		565,552		35,499,699
Cullinan Oncology Inc.^(a)(b)		181,104		1,896,159
CureVac NV^(a)(b)		435,930		8,548,587
Curis Inc.^(a)(b)		680,486		1,619,557
Cybin Inc.^(a)(b)		861,796		704,087
Cyteir Therapeutics Inc.^(a)(b)		109,006		410,953
Cytokinetics Inc.^(a)(b)		633,663		23,325,135
CytomX Therapeutics Inc.^(a)		493,614		1,317,949
Day One Biopharmaceuticals Inc.^(a)(b)		174,218		1,728,243
DBV Technologies SA, ADR^(a)(b)		686,795		1,092,004
Decibel Therapeutics Inc.^(a)		75,167		228,508
Deciphera Pharmaceuticals Inc.^(a)(b)		321,505		2,980,351
Denali Therapeutics Inc.^(a)(b)		774,997		24,931,653
Design Therapeutics Inc.^(a)		227,213		3,669,490
Dyne Therapeutics Inc.^(a)(b)		210,260		2,026,906
Editas Medicine Inc.^(a)(b)		546,395		10,392,433
Eiger BioPharmaceuticals Inc.^(a)(b)		255,967		2,124,526
Emergent BioSolutions Inc.^(a)(b)		338,756		13,909,321
Enanta Pharmaceuticals Inc.^(a)		154,193		10,975,458
Epizyme Inc.^(a)		1,150,443		1,323,009
Erasca Inc.^(a)(b)		511,891		4,402,263
Evelo Biosciences Inc.^(a)(b)		209,587		710,500
Exelixis Inc.^(a)(b)		2,504,724		56,782,093
Fate Therapeutics Inc.^(a)(b)		712,797		27,635,140
FibroGen Inc.^(a)(b)		675,245		8,116,445
Forma Therapeutics Holdings Inc.^(a)(b)		330,904		3,077,407
Frequency Therapeutics Inc.^(a)(b)		260,971		553,259


18		2 0 2 2 I S H A R E S 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 (continued)

March 31, 2022

iShares^® Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
G1 Therapeutics Inc.^(a)(b)		269,308	$	2,046,741
Galapagos NV, ADR^(a)(b)		413,486		25,644,402
Gamida Cell Ltd.^(a)(b)		320,342		1,329,419
Generation Bio Co.^(a)(b)		374,507		2,748,881
Genetron Holdings Ltd., ADR^(a)(b)		526,331		1,152,665
Genmab A/S, ADR^(a)(b)		4,189,403		151,572,601
Geron Corp.^(a)(b)		2,393,260		3,254,834
Gilead Sciences Inc.		10,027,605		596,141,117
Global Blood Therapeutics Inc.^(a)(b)		505,907		17,524,618
Gossamer Bio Inc.^(a)(b)		424,987		3,688,887
Gracell Biotechnologies Inc.^(a)(b)		363,505		846,967
Graphite Bio Inc.^(a)(b)		199,030		1,015,053
Grifols SA, ADR		1,666,923		19,469,661
Gritstone bio Inc.^(a)		462,427		1,905,199
Halozyme Therapeutics Inc.^(a)(b)		1,089,127		43,434,385
Harpoon Therapeutics Inc.^(a)(b)		149,325		742,145
Homology Medicines Inc.^(a)(b)		309,717		941,540
Humacyte Inc.^(a)(b)		404,583		2,856,356
Icosavax Inc.^(a)(b)		161,845		1,139,389
Ideaya Biosciences Inc.^(a)		235,725		2,637,763
IGM Biosciences Inc.^(a)(b)		116,287		3,108,351
I-Mab, ADR^(a)		507,558		8,242,742
Imago Biosciences Inc.^(a)(b)		151,878		2,926,689
Immuneering Corp., Class A^(a)(b)		150,450		973,411
Immunic Inc.^(a)(b)		151,000		1,706,300
ImmunityBio Inc.^(a)(b)		644,136		3,613,603
ImmunoGen Inc.^(a)(b)		1,711,376		8,146,150
Immunovant Inc.^(a)		318,730		1,756,202
Immutep Ltd., SP ADR^(a)(b)		544,700		1,492,478
Impel Neuropharma Inc.^(a)(b)		50,123		319,284
Incyte Corp.^(a)(b)		1,754,658		139,354,938
Infinity Pharmaceuticals Inc.^(a)(b)		686,299		782,381
Inhibrx Inc.^(a)(b)		209,493		4,667,504
Innate Pharma SA, SP ADR^(a)(b)		504,408		1,694,811
Inovio Pharmaceuticals Inc.^(a)(b)		1,656,074		5,945,306
Insmed Inc.^(a)(b)		931,304		21,885,644
Instil Bio Inc.^(a)(b)		484,768		5,211,256
Intellia Therapeutics Inc.^(a)		537,315		39,046,681
Intercept Pharmaceuticals Inc.^(a)(b)		186,243		3,030,174
Ionis Pharmaceuticals Inc.^(a)(b)		1,115,422		41,315,231
Iovance Biotherapeutics Inc.^(a)(b)		1,092,338		18,187,428
Ironwood Pharmaceuticals Inc.^(a)(b)		1,245,017		15,662,314
iTeos Therapeutics Inc.^(a)		202,704		6,523,015
IVERIC bio Inc.^(a)(b)		830,046		13,969,674
Janux Therapeutics Inc.^(a)(b)		175,521		2,516,971
Jounce Therapeutics Inc.^(a)		252,821		1,716,655
KalVista Pharmaceuticals Inc.^(a)(b)		168,215		2,479,489
Kamada Ltd.^(a)(b)		181,799		1,003,530
Karuna Therapeutics Inc.^(a)		172,102		21,820,813
Karyopharm Therapeutics Inc.^(a)(b)		530,991		3,913,404
Keros Therapeutics Inc.^(a)(b)		112,388		6,111,659
Kezar Life Sciences Inc.^(a)(b)		379,790		6,312,110
Kiniksa Pharmaceuticals Ltd., Class A^(a)		261,549		2,599,797
Kinnate Biopharma Inc.^(a)		133,041		1,498,042
Kodiak Sciences Inc.^(a)		365,823		2,824,154
Kronos Bio Inc.^(a)(b)		286,692		2,072,783
Krystal Biotech Inc.^(a)		152,484		10,146,285
Kura Oncology Inc.^(a)		500,437		8,047,027
Kymera Therapeutics Inc.^(a)		320,101		13,546,674
Larimar Therapeutics Inc.^(a)(b)		135,310		548,005


Security	Shares		Value

Biotechnology (continued)
Leap Therapeutics Inc.^(a)(b)		559,746	$	979,555
Legend Biotech Corp., ADR^(a)(b)		958,893		34,846,172
Ligand Pharmaceuticals Inc.^(a)(b)		127,279		14,317,615
Lineage Cell Therapeutics Inc.^(a)(b)		1,323,742		2,038,563
Lyell Immunopharma Inc.^(a)(b)		479,311		2,420,521
MacroGenics Inc.^(a)		451,775		3,980,138
Madrigal Pharmaceuticals Inc.^(a)(b)		99,442		9,757,249
Magenta Therapeutics Inc.^(a)(b)		317,886		921,869
MannKind Corp.^(a)(b)		1,887,606		6,946,390
Matinas BioPharma Holdings Inc.^(a)(b)		1,636,650		1,316,521
MeiraGTx Holdings PLC^(a)		275,972		3,822,212
Mereo Biopharma Group PLC, ADR^(a)(b)		698,767		782,619
Mersana Therapeutics Inc.^(a)(b)		480,354		1,916,612
Merus NV^(a)(b)		251,511		6,649,951
Mesoblast Ltd., SP ADR^(a)(b)		829,622		3,501,005
Mirati Therapeutics Inc.^(a)(b)		382,590		31,456,550
Mirum Pharmaceuticals Inc.^(a)		132,107		2,908,996
Moderna Inc.^(a)(b)		2,783,543		479,493,117
Molecular Templates Inc.^(a)		327,974		1,131,510
Monte Rosa Therapeutics Inc.^(a)(b)		238,540		3,344,331
Morphic Holding Inc.^(a)(b)		191,805		7,700,971
Mustang Bio Inc.^(a)(b)		590,224		596,126
Myovant Sciences Ltd.^(a)(b)		328,313		4,373,129
Myriad Genetics Inc.^(a)(b)		611,139		15,400,703
Natera Inc.^(a)(b)		684,584		27,848,877
Neoleukin Therapeutics Inc.^(a)		270,573		508,677
Neurocrine Biosciences Inc.^(a)		744,948		69,838,875
NextCure Inc.^(a)		129,270		628,252
Nkarta Inc.^(a)(b)		152,375		1,734,027
Novavax Inc.^(a)(b)		602,093		44,344,149
Nurix Therapeutics Inc.^(a)		291,321		4,081,407
Nuvalent Inc., Class A^(a)(b)		280,229		3,892,381
ObsEva SA^(a)(b)		390,316		589,377
Olema Pharmaceuticals Inc.^(a)(b)		269,126		1,146,477
Omega Therapeutics Inc.^(a)(b)		136,755		853,351
Oncocyte Corp.^(a)(b)		670,162		998,541
Oncorus Inc.^(a)(b)		125,936		224,166
OPKO Health Inc.^(a)(b)		3,312,428		11,394,752
Orchard Therapeutics PLC, ADR^(a)(b)		749,990		533,993
ORIC Pharmaceuticals Inc.^(a)(b)		247,582		1,322,088
Ovid therapeutics Inc.^(a)(b)		390,225		1,225,306
Oyster Point Pharma Inc.^(a)(b)		95,295		1,109,234
Passage Bio Inc.^(a)(b)		231,638		718,078
PMV Pharmaceuticals Inc.^(a)(b)		214,069		4,456,917
Poseida Therapeutics Inc.^(a)(b)		217,803		975,757
Praxis Precision Medicines Inc.^(a)(b)		294,532		3,007,172
Precigen Inc.^(a)(b)		782,330		1,650,716
Precision BioSciences Inc.^(a)(b)		392,971		1,210,351
Prelude Therapeutics Inc.^(a)(b)		270,392		1,865,705
Prometheus Biosciences Inc.^(a)(b)		205,150		7,746,464
ProQR Therapeutics NV^(a)(b)		476,810		431,608
Protagonist Therapeutics Inc.^(a)		353,337		8,367,020
Prothena Corp. PLC^(a)(b)		371,769		13,595,592
PTC Therapeutics Inc.^(a)(b)		554,544		20,690,037
Puma Biotechnology Inc.^(a)		281,935		811,973
Radius Health Inc.^(a)(b)		369,495		3,262,641
Rallybio Corp.^(a)(b)		109,338		763,179
RAPT Therapeutics Inc.^(a)(b)		194,645		4,280,244
Recursion Pharmaceuticals Inc., Class A^(a)(b)		690,354		4,942,935
Regeneron Pharmaceuticals Inc.^(a)(b)		830,394		579,963,777


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 (continued)

March 31, 2022

iShares^® Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
REGENXBIO Inc.^(a)(b)		288,647	$	9,580,194
Relay Therapeutics Inc.^(a)(b)		587,606		17,587,048
Repare Therapeutics Inc.^(a)(b)		229,338		3,265,773
Replimune Group Inc.^(a)(b)		236,205		4,010,761
REVOLUTION Medicines Inc.^(a)(b)		404,071		10,307,851
Rhythm Pharmaceuticals Inc.^(a)(b)		345,939		3,985,217
Rigel Pharmaceuticals Inc.^(a)		1,370,634		4,098,196
Rocket Pharmaceuticals Inc.^(a)(b)		474,677		7,528,377
Rubius Therapeutics Inc.^(a)(b)		357,357		1,969,037
Sage Therapeutics Inc.^(a)(b)		406,026		13,439,461
Sana Biotechnology Inc.^(a)(b)		615,118		5,080,875
Sangamo Therapeutics Inc.^(a)(b)		965,518		5,609,660
Sarepta Therapeutics Inc.^(a)		663,535		51,835,354
Scholar Rock Holding Corp.^(a)(b)		223,102		2,875,785
Seagen Inc.^(a)(b)		1,444,130		208,026,926
Selecta Biosciences Inc.^(a)		588,981		724,447
Sensei Biotherapeutics Inc.^(a)(b)		132,072		305,086
Seres Therapeutics Inc.^(a)(b)		559,035		3,980,329
Sesen Bio Inc.^(a)(b)		1,571,660		947,239
Shattuck Labs Inc.^(a)(b)		253,472		1,079,791
Silverback Therapeutics Inc.^(a)(b)		145,367		510,238
Solid Biosciences Inc.^(a)(b)		659,931		791,917
Spectrum Pharmaceuticals Inc.^(a)(b)		1,273,178		1,642,400
Spero Therapeutics Inc.^(a)(b)		197,423		1,717,580
SpringWorks Therapeutics Inc.^(a)(b)		253,292		14,295,800
SQZ Biotechnologies Co.^(a)(b)		149,604		719,595
Stoke Therapeutics Inc.^(a)		137,371		2,891,660
Summit Therapeutics Inc.^(a)(b)		197,576		484,061
Surface Oncology Inc.^(a)(b)		295,520		868,829
Sutro Biopharma Inc.^(a)(b)		285,272		2,344,936
Syndax Pharmaceuticals Inc.^(a)		340,001		5,909,217
Syros Pharmaceuticals Inc.^(a)(b)		298,263		354,933
Talaris Therapeutics Inc.^(a)		163,300		1,606,872
Taysha Gene Therapies Inc.^(a)(b)		165,734		1,080,586
TCR2 Therapeutics Inc.^(a)		227,152		626,940
Tenaya Therapeutics Inc.^(a)(b)		226,210		2,664,754
Travere Therapeutics Inc.^(a)(b)		472,078		12,165,450
Turning Point Therapeutics Inc.^(a)(b)		344,467		9,248,939
Twist Bioscience Corp.^(a)(b)		401,463		19,824,243
Ultragenyx Pharmaceutical Inc.^(a)(b)		514,868		37,389,714
uniQure NV^(a)(b)		332,467		6,007,679
United Therapeutics Corp.^(a)		353,978		63,507,193
UroGen Pharma Ltd.^(a)(b)		147,170		1,281,851
Vanda Pharmaceuticals Inc.^(a)		430,090		4,864,318
Vaxcyte Inc.^(a)(b)		279,746		6,755,866
Veracyte Inc.^(a)(b)		528,759		14,577,886
Verastem Inc.^(a)(b)		1,393,404		1,964,700
Vertex Pharmaceuticals Inc.^(a)		2,025,844		528,684,509
Verve Therapeutics Inc.^(a)(b)		199,174		4,545,151
Vir Biotechnology Inc.^(a)(b)		569,823		14,655,848
Viracta Therapeutics Inc.^(a)(b)		223,484		1,063,784
Vor BioPharma Inc.^(a)(b)		196,730		1,188,249
Werewolf Therapeutics Inc.^(a)(b)		103,063		453,477
Xencor Inc.^(a)(b)		461,003		12,299,560
Xenon Pharmaceuticals Inc.^(a)		394,495		12,059,712
Y-mAbs Therapeutics Inc.^(a)(b)		281,366		3,342,628
Zai Lab Ltd., ADR^(a)		608,105		26,744,458
Zentalis Pharmaceuticals Inc.^(a)(b)		325,536		15,020,231
Zymeworks Inc.^(a)		451,806		2,959,329


				6,533,532,613


Security	Shares		Value

Health Care Equipment & Supplies — 0.8%
Meridian Bioscience Inc.^(a)(b)		343,331	$	8,912,873
Novocure Ltd.^(a)(b)		715,264		59,259,622


				68,172,495

Health Care Providers & Services — 0.4%
Castle Biosciences Inc.^(a)(b)		182,941		8,206,733
Fulgent Genetics Inc.^(a)(b)		165,834		10,349,700
Invitae Corp.^(a)(b)		1,783,764		14,216,599


				32,773,032

Life Sciences Tools & Services — 20.8%
10X Genomics Inc., Class A^(a)(b)		672,199		51,134,178
AbCellera Biologics Inc.^(a)(b)		1,492,767		14,554,478
Absci Corp.^(a)(b)		467,737		3,943,023
Adaptive Biotechnologies Corp.^(a)(b)		1,118,009		15,517,965
Akoya Biosciences Inc.^(a)(b)		127,094		1,396,763
Alpha Teknova Inc.^(a)(b)		54,603		754,067
Berkeley Lights Inc.^(a)(b)		413,279		2,938,414
Bio-Techne Corp.		310,454		134,439,000
Bruker Corp.^(b)		825,961		53,109,292
Charles River Laboratories International Inc.^(a)		399,547		113,459,362
Codex DNA Inc.^(a)(b)		68,334		366,954
Codexis Inc.^(a)(b)		503,692		10,386,129
Compugen Ltd.^(a)(b)		624,048		2,009,435
Cytek Biosciences Inc.^(a)(b)		603,947		6,510,549
Fluidigm Corp.^(a)(b)		577,520		2,073,297
Harvard Bioscience Inc.^(a)(b)		287,075		1,782,736
Illumina Inc.^(a)		1,024,828		358,074,903
IQVIA Holdings Inc.^(a)		1,454,497		336,294,251
Maravai LifeSciences Holdings Inc., Class A^(a)(b)		875,328		30,872,818
MaxCyte Inc.^(a)(b)		621,378		4,343,432
Medpace Holdings Inc.^(a)(b)		233,044		38,123,668
Mettler-Toledo International Inc.^(a)		179,743		246,821,290
NanoString Technologies Inc.^(a)(b)		330,213		11,474,902
Nautilus Biotechnology Inc.^(a)(b)		448,725		1,947,466
Olink Holding AB, ADR^(a)(b)		758,966		13,403,340
Pacific Biosciences of California Inc.^(a)(b)		1,689,784		15,377,034
Personalis Inc.^(a)(b)		292,215		2,393,241
Quanterix Corp.^(a)		265,794		7,758,527
Repligen Corp.^(a)		411,137		77,330,758
Seer Inc., Class A^(a)		264,519		4,031,270
Singular Genomics Systems Inc.^(a)(b)		245,478		1,548,966
Stevanato Group SpA^(a)(b)		263,364		5,298,884
Syneos Health Inc.^(a)		831,260		67,290,497
Waters Corp.^(a)		481,743		149,528,210


				1,786,289,099

Pharmaceuticals — 2.1%
Aclaris Therapeutics Inc.^(a)(b)		373,128		6,432,727
Ampio Pharmaceuticals Inc.^(a)(b)		1,668,488		784,189
Arvinas Inc.^(a)(b)		353,961		23,821,575
ATAI Life Sciences NV^(a)(b)		949,884		4,834,910
Atea Pharmaceuticals Inc.^(a)		580,325		4,189,946
Athira Pharma Inc.^(a)(b)		278,981		3,766,243
Axsome Therapeutics Inc.^(a)(b)		235,295		9,738,860
Cara Therapeutics Inc.^(a)(b)		353,310		4,292,716
Clearside Biomedical Inc.^(a)(b)		374,413		857,406
Cymabay Therapeutics Inc.^(a)(b)		649,911		2,021,223
Edgewise Therapeutics Inc.^(a)(b)		191,857		1,861,013
Fulcrum Therapeutics Inc.^(a)		238,321		5,636,292
Ikena Oncology Inc.^(a)(b)		184,979		1,128,372
Intra-Cellular Therapies Inc.^(a)(b)		672,816		41,169,611


20		2 0 2 2 I S H A R E S 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 (continued)

March 31, 2022

iShares^® Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Pharmaceuticals (continued)
KemPharm Inc.^(a)(b)		242,987	$	1,222,225
Landos Biopharma Inc.^(a)(b)		269,343		397,281
Marinus Pharmaceuticals Inc.^(a)(b)		256,061		2,394,170
Nektar Therapeutics^(a)(b)		1,446,079		7,794,366
NGM Biopharmaceuticals Inc.^(a)(b)		194,105		2,960,101
NRX Pharmaceuticals Inc.^(a)(b)		205,872		504,386
Nuvation Bio Inc.^(a)(b)		1,033,876		5,438,188
Phathom Pharmaceuticals Inc.^(a)(b)		101,436		1,380,544
Pliant Therapeutics Inc.^(a)		214,766		1,505,510
Provention Bio Inc.^(a)(b)		432,049		3,162,599
Rain Therapeutics Inc.^(a)		101,330		513,743
Rani Therapeutics Holdings Inc.^(a)(b)		82,867		1,118,704
Reata Pharmaceuticals Inc., Class A^(a)(b)		238,481		7,812,638
Redhill Biopharma Ltd., ADR^(a)(b)		332,530		837,976
Relmada Therapeutics Inc.^(a)(b)		192,511		5,195,872
Revance Therapeutics Inc.^(a)(b)		536,309		10,458,025
Roivant Sciences Ltd.^(a)(b)		2,647,908		13,080,666
Terns Pharmaceuticals Inc.^(a)(b)		104,930		311,642
Theravance Biopharma Inc.^(a)(b)		422,727		4,041,270
Tricida Inc.^(a)(b)		189,965		1,561,512
Verrica Pharmaceuticals Inc.^(a)(b)		122,626		994,497
WaVe Life Sciences Ltd.^(a)(b)		401,748		803,496


				184,024,494


Total Common Stocks — 100.0% (Cost: $11,536,688,808)				8,604,791,733


Security	Shares		Value


Short-Term Investments

Money Market Funds — 9.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(d)(e)(f)		790,545,082	$	790,386,973
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(d)(e)		15,470,000		15,470,000


				805,856,973


Total Short-Term Investments — 9.3% (Cost: $805,768,700)				805,856,973


Total Investments in Securities — 109.3% (Cost: $12,342,457,508)				9,410,648,706

Other Assets, Less Liabilities — (9.3)%				(803,770,750	)


Net Assets — 100.0%			$	8,606,877,956

^(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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 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 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,133,003,134	$	—	$	(342,025,883	)^(a)	$	2,018	$	(592,296	)	$	790,386,973		790,545,082	$	3,405,195	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		24,820,000		—		(9,350,000	)^(a)		—		—			15,470,000		15,470,000		2,492			—


								$	2,018	$	(592,296	)	$	805,856,973			$	3,407,687		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration
Date

Notional

Amount
(000)

Value/

Unrealized
Appreciation

(Depreciation)

Long Contracts

E-Mini Health Care Sector Index

06/17/22

691

6,335


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 (continued)

March 31, 2022

iShares^® Biotechnology ETF

Futures Contracts (continued)




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Russell 2000 E-Mini Index		4		06/17/22	$	413	$	(190	)


							$	6,145

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	6,335


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	190

^(a)

Net cumulative unrealized 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 March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	491,035


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	56,215

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	5,181,306

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.


22		2 0 2 2 I S H A R E S 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 (continued)

March 31, 2022

iShares^® Biotechnology 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	$	8,604,789,841		$	—	$	1,892	$	8,604,791,733
Money Market Funds		805,856,973			—		—		805,856,973


	$	9,410,646,814		$	—	$	1,892	$	9,410,648,706

Derivative financial instruments^(a)
Assets
Futures Contracts	$	6,335		$	—	$	—	$	6,335
Liabilities
Futures Contracts		(190	)		—		—		(190	)


	$	6,145		$	—	$	—	$	6,145

^(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		23

Schedule of Investments

March 31, 2022

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Communications Equipment — 2.9%
ADTRAN Inc.		16,340	$	301,473
Arista Networks Inc.^(a)		78,392		10,894,920
Calix Inc.^(a)		19,161		822,199
Cambium Networks Corp.^(a)		3,747		88,579
Ciena Corp.^(a)		54,127		3,281,720
Cisco Systems Inc.		1,473,949		82,187,396
Clearfield Inc.^(a)		3,845		250,771
CommScope Holding Co. Inc.^(a)		70,394		554,705
Extreme Networks Inc.^(a)		46,463		567,313
F5 Inc.^(a)		21,227		4,435,382
Harmonic Inc.^(a)		36,023		334,654
Infinera Corp.^(a)		72,547		628,982
Juniper Networks Inc.		113,643		4,222,974
Lumentum Holdings Inc.^(a)(b)		25,232		2,462,643
Motorola Solutions Inc.		59,026		14,296,097
NETGEAR Inc.^(a)		8,949		220,861
NetScout Systems Inc.^(a)		25,859		829,557
Plantronics Inc.^(a)		14,552		573,349
Ribbon Communications Inc.^(a)		42,437		131,130
Ubiquiti Inc.		2,112		614,930
Viasat Inc.^(a)(b)		25,999		1,268,751
Viavi Solutions Inc.^(a)		80,925		1,301,274


				130,269,660

Electronic Equipment, Instruments & Components — 2.8%
Advanced Energy Industries Inc.		13,164		1,133,157
Aeva Technologies Inc.^(a)		30,567		132,355
Amphenol Corp., Class A		209,312		15,771,659
Arrow Electronics Inc.^(a)		23,790		2,822,208
Avnet Inc.		34,676		1,407,499
Badger Meter Inc.		10,392		1,036,186
Belden Inc.		15,759		873,049
Benchmark Electronics Inc.		12,553		314,327
CDW Corp./DE		47,431		8,484,932
Celestica Inc.^(a)(b)		37,368		445,053
Cognex Corp.		61,786		4,766,790
Coherent Inc.^(a)		8,656		2,366,204
Corning Inc.		261,088		9,636,758
ePlus Inc.^(a)		9,395		526,684
Fabrinet^(a)		12,929		1,359,226
II-VI Inc.^(a)(b)		37,161		2,693,801
Insight Enterprises Inc.^(a)(b)		12,330		1,323,256
IPG Photonics Corp.^(a)		12,482		1,370,024
Itron Inc.^(a)		16,283		857,788
Jabil Inc.		50,143		3,095,327
Keysight Technologies Inc.^(a)		63,970		10,105,341
Knowles Corp.^(a)		31,852		685,774
Littelfuse Inc.		8,608		2,146,921
Methode Electronics Inc.		13,548		585,951
MicroVision Inc.^(a)(b)		53,599		250,307
National Instruments Corp.		46,093		1,870,915
Novanta Inc.^(a)(b)		12,442		1,770,372
OSI Systems Inc.^(a)		5,722		487,057
PAR Technology Corp.^(a)(b)		9,240		372,742
Plexus Corp.^(a)		9,820		803,374
Rogers Corp.^(a)		6,545		1,778,276
Sanmina Corp.^(a)		22,165		895,909
TD SYNNEX Corp.		14,487		1,495,203
TE Connectivity Ltd.		113,783		14,903,297


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Teledyne Technologies Inc.^(a)		16,306	$	7,706,705
Trimble Inc.^(a)		87,721		6,328,193
TTM Technologies Inc.^(a)		37,083		549,570
Velodyne Lidar Inc.^(a)		33,037		84,575
Vishay Intertechnology Inc.		46,920		919,632
Vontier Corp.^(b)		59,142		1,501,615
Zebra Technologies Corp., Class A^(a)		18,550		7,674,135


				123,332,147

Entertainment — 2.3%
Activision Blizzard Inc.		272,264		21,811,069
Electronic Arts Inc.		98,281		12,433,529
Netflix Inc.^(a)		155,153		58,118,762
Playtika Holding Corp.^(a)		36,701		709,430
Skillz Inc.^(a)(b)		85,432		256,296
Take-Two Interactive Software Inc.^(a)		40,336		6,201,257
Zynga Inc., Class A^(a)		371,370		3,431,459


				102,961,802

Interactive Media & Services — 13.5%
Alphabet Inc., Class A^(a)		68,737		191,181,655
Alphabet Inc., Class C, NVS^(a)		63,483		177,307,384
Bumble Inc., Class A^(a)		25,597		741,801
Cargurus Inc.^(a)		30,559		1,297,535
Eventbrite Inc., Class A^(a)		25,411		375,321
fuboTV Inc.^(a)(b)		53,754		353,164
IAC/InterActiveCorp.^(a)(b)		29,278		2,935,998
Match Group Inc.^(a)		98,930		10,757,648
Meta Platforms Inc, Class A^(a)		807,051		179,455,860
Pinterest Inc., Class A^(a)		199,026		4,898,030
Snap Inc., Class A, NVS^(a)		378,196		13,611,274
TripAdvisor Inc.^(a)		34,614		938,732
Twitter Inc.^(a)		279,444		10,811,688
Vimeo Inc.^(a)		56,073		666,147
Yelp Inc.^(a)		23,760		810,454
Ziff Davis Inc.^(a)		16,852		1,630,937
ZoomInfo Technologies Inc.^(a)		105,687		6,313,741


				604,087,369

Internet & Direct Marketing Retail — 9.4%
Amazon.com Inc.^(a)		119,337		389,032,653
Chewy Inc., Class A^(a)(b)		31,200		1,272,336
ContextLogic Inc., Class A^(a)(b)		112,220		252,495
DoorDash Inc., Class A^(a)		56,625		6,635,884
eBay Inc.		218,772		12,526,885
Etsy Inc.^(a)		44,307		5,506,474
Overstock.com Inc.^(a)(b)		15,416		678,381
Porch Group Inc.^(a)		25,447		176,729
Qurate Retail Inc., Series A		125,463		597,204
RealReal Inc. (The)^(a)		27,233		197,712
Revolve Group Inc.^(a)(b)		13,805		741,190
Shutterstock Inc.		8,228		765,862
Stitch Fix Inc., Class A^(a)		27,871		280,661
Wayfair Inc., Class A^(a)(b)		27,252		3,018,977


				421,683,443

IT Services — 16.2%
Accenture PLC, Class A		220,867		74,482,978
Affirm Holdings Inc.^(a)(b)		56,691		2,623,660
Akamai Technologies Inc.^(a)(b)		56,783		6,779,322
Alliance Data Systems Corp.		17,547		985,264
Automatic Data Processing Inc.		146,796		33,401,962
BigCommerce Holdings Inc., Series 1^(a)		22,013		482,305


24		2 0 2 2 I S H A R E S 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 (continued)

March 31, 2022

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Block Inc.^(a)		175,119	$	23,746,136
Broadridge Financial Solutions Inc.		40,810		6,354,525
CGI Inc.^(a)(b)		75,808		6,051,753
Cloudflare Inc., Class A^(a)(b)		97,046		11,616,406
Cognizant Technology Solutions Corp., Class A		183,563		16,460,094
Concentrix Corp.		14,994		2,497,401
Conduent Inc.^(a)		59,812		308,630
CSG Systems International Inc.		11,277		716,879
Cyxtera Technologies Inc.^(a)		11,121		135,899
DXC Technology Co.^(a)		85,087		2,776,389
EPAM Systems Inc.^(a)		19,822		5,879,403
Euronet Worldwide Inc.^(a)		18,471		2,404,001
EVERTEC Inc.		20,910		855,846
ExlService Holdings Inc.^(a)		11,637		1,667,233
Fastly Inc., Class A^(a)		38,577		670,468
Fidelity National Information Services Inc.		212,807		21,370,079
Fiserv Inc.^(a)		207,660		21,056,724
FleetCor Technologies Inc.^(a)		28,378		7,067,825
Gartner Inc.^(a)		28,739		8,548,703
Genpact Ltd.		59,592		2,592,848
Global Payments Inc.		99,521		13,618,454
GoDaddy Inc., Class A^(a)		58,325		4,881,803
Grid Dynamics Holdings Inc.^(a)		15,299		215,410
International Business Machines Corp.		313,410		40,749,568
Jack Henry & Associates Inc.		25,451		5,015,120
Kyndryl Holdings Inc.^(a)		63,917		838,591
LiveRamp Holdings Inc.^(a)		23,796		889,732
Marqeta Inc., Class A^(a)		82,047		905,799
Mastercard Inc., Class A		301,625		107,794,743
Maximus Inc.		21,641		1,621,993
MongoDB Inc.^(a)		23,328		10,348,068
Okta Inc.^(a)		51,907		7,835,881
Paychex Inc.		112,208		15,313,026
Payoneer Global Inc.^(a)		64,764		288,847
PayPal Holdings Inc.^(a)		407,156		47,087,591
Perficient Inc.^(a)		11,646		1,282,108
Rackspace Technology Inc.^(a)		21,033		234,728
Repay Holdings Corp.^(a)(b)		25,399		375,143
Sabre Corp.^(a)		113,210		1,293,990
Shift4 Payments Inc., Class A^(a)(b)		18,000		1,114,740
Shopify Inc., Class A^(a)(b)		39,836		26,927,543
Snowflake Inc., Class A^(a)		82,418		18,884,436
SolarWinds Corp.		15,311		203,789
Squarespace Inc., Class A^(a)		9,420		241,340
Switch Inc., Class A		46,195		1,423,730
TELUS International CDA Inc.^(a)(b)		23,362		577,275
TTEC Holdings Inc.		6,235		514,512
Twilio Inc., Class A^(a)		58,869		9,702,200
Unisys Corp.^(a)		22,722		491,022
VeriSign Inc.^(a)		33,772		7,512,919
Verra Mobility Corp.^(a)		45,095		734,147
Visa Inc., Class A		579,605		128,539,001
Western Union Co. (The)		137,631		2,579,205
WEX Inc.^(a)		15,663		2,795,062


				724,364,249

Life Sciences Tools & Services — 0.0%
Azenta Inc.		26,178		2,169,633


Semiconductors & Semiconductor Equipment — 19.7%
ACM Research Inc., Class A^(a)		12,387		256,287


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Advanced Micro Devices Inc.^(a)		571,323	$	62,468,457
Allegro MicroSystems Inc.^(a)		20,094		570,670
Ambarella Inc.^(a)		12,931		1,356,721
Amkor Technology Inc.		35,035		760,960
Analog Devices Inc.		183,608		30,328,369
Applied Materials Inc.		310,354		40,904,657
Axcelis Technologies Inc.^(a)		11,741		886,798
Broadcom Inc.		144,289		90,855,898
Cirrus Logic Inc.^(a)		20,020		1,697,496
CMC Materials Inc.		9,986		1,851,404
Cohu Inc.^(a)		17,802		526,939
Diodes Inc.^(a)		15,733		1,368,614
Enphase Energy Inc.^(a)		46,810		9,445,322
Entegris Inc.		47,360		6,216,474
First Solar Inc.^(a)		34,560		2,894,054
FormFactor Inc.^(a)		27,513		1,156,371
Ichor Holdings Ltd.^(a)		9,516		338,960
Impinj Inc.^(a)		6,975		443,192
Intel Corp.		1,423,055		70,526,606
KLA Corp.		52,672		19,281,112
Kulicke & Soffa Industries Inc.		21,772		1,219,667
Lam Research Corp.		48,753		26,210,100
Lattice Semiconductor Corp.^(a)		47,856		2,916,823
MACOM Technology Solutions Holdings Inc., Class H^(a)		17,046		1,020,544
Marvell Technology Inc.		294,855		21,144,052
MaxLinear Inc.^(a)		24,734		1,443,229
Microchip Technology Inc.		194,302		14,599,852
Micron Technology Inc.		391,333		30,480,927
MKS Instruments Inc.		19,381		2,907,150
Monolithic Power Systems Inc.		15,143		7,354,652
NVIDIA Corp.		873,687		238,394,235
NXP Semiconductors NV		92,936		17,200,595
ON Semiconductor Corp.^(a)		150,568		9,427,063
Onto Innovation Inc.^(a)(b)		17,223		1,496,506
Power Integrations Inc.		20,955		1,942,109
Qorvo Inc.^(a)		37,897		4,703,018
QUALCOMM Inc.		393,849		60,188,004
Rambus Inc.^(a)		38,238		1,219,410
Semtech Corp.^(a)		22,518		1,561,398
Silicon Laboratories Inc.^(a)(b)		13,457		2,021,241
SiTime Corp.^(a)		5,239		1,298,329
Skyworks Solutions Inc.		57,317		7,639,210
SolarEdge Technologies Inc.^(a)		18,353		5,916,457
SunPower Corp.^(a)		29,432		632,199
Synaptics Inc.^(a)		13,813		2,755,694
Teradyne Inc.		56,967		6,735,208
Texas Instruments Inc.		322,756		59,219,271
Ultra Clean Holdings Inc.^(a)		15,836		671,288
Universal Display Corp.		15,153		2,529,793
Wolfspeed Inc.^(a)		43,175		4,915,906


				883,899,291

Software — 23.4%
8x8 Inc.^(a)		41,344		520,521
ACI Worldwide Inc.^(a)		41,228		1,298,270
Adobe Inc.^(a)		164,854		75,110,780
Alarm.com Holdings Inc.^(a)		16,341		1,086,023
Altair Engineering Inc., Class A^(a)		17,751		1,143,164
Alteryx Inc., Class A^(a)		20,859		1,492,044
Anaplan Inc.^(a)		51,601		3,356,645
ANSYS Inc.^(a)		30,493		9,686,101


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 (continued)

March 31, 2022

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Appfolio Inc., Class A^(a)		6,784	$	768,017
Appian Corp.^(a)		14,170		861,819
Asana Inc., Class A^(a)		29,017		1,159,810
Aspen Technology Inc.^(a)		23,297		3,852,625
Autodesk Inc.^(a)		76,875		16,478,156
Avalara Inc.^(a)		30,374		3,022,517
Avaya Holdings Corp.^(a)		28,444		360,385
Bentley Systems Inc., Class B^(b)		64,341		2,842,585
Bill.com Holdings Inc.^(a)(b)		32,216		7,306,267
Black Knight Inc.^(a)		54,277		3,147,523
Blackbaud Inc.^(a)		15,622		935,289
BlackBerry Ltd.^(a)		180,768		1,348,529
Blackline Inc.^(a)(b)		18,655		1,365,919
Bottomline Technologies DE Inc.^(a)		13,316		754,751
Box Inc., Class A^(a)		51,910		1,508,505
BTRS Holdings Inc.^(a)		28,356		212,103
C3.ai Inc., Class A^(a)		25,790		585,433
Cadence Design Systems Inc.^(a)		96,853		15,928,444
CDK Global Inc.		40,815		1,986,874
Cerence Inc.^(a)		13,970		504,317
Ceridian HCM Holding Inc.^(a)		47,805		3,267,950
Citrix Systems Inc.		43,587		4,397,928
CommVault Systems Inc.^(a)		15,947		1,058,083
Confluent Inc., Class A^(a)		21,825		894,825
Consensus Cloud Solutions Inc.^(a)		5,398		324,582
Coupa Software Inc.^(a)		26,098		2,652,340
Crowdstrike Holdings Inc., Class A^(a)		72,760		16,522,341
CS Disco Inc.^(a)(b)		4,219		143,319
Datadog Inc., Class A^(a)		89,883		13,614,578
Descartes Systems Group Inc. (The)^(a)(b)		29,581		2,167,104
Digital Turbine Inc.^(a)		30,834		1,350,838
Docebo Inc.^(a)(b)		4,474		231,843
DocuSign Inc.^(a)		69,150		7,407,348
Dolby Laboratories Inc., Class A		22,970		1,796,713
Domo Inc., Class B^(a)		10,587		535,385
Dropbox Inc., Class A^(a)		98,641		2,293,403
Duck Creek Technologies Inc.^(a)		27,537		609,118
Dynatrace Inc.^(a)		68,905		3,245,426
E2open Parent Holdings Inc.^(a)		63,270		557,409
Elastic NV^(a)		25,463		2,264,934
Envestnet Inc.^(a)		13,228		984,692
Everbridge Inc.^(a)		13,917		607,338
Fair Isaac Corp.^(a)		9,188		4,285,835
Five9 Inc.^(a)		23,782		2,625,533
Fortinet Inc.^(a)		47,425		16,207,020
Guidewire Software Inc.^(a)		29,115		2,754,861
HubSpot Inc.^(a)		15,687		7,450,384
InterDigital Inc.		10,873		693,697
Intuit Inc.		98,959		47,583,446
Jamf Holding Corp.^(a)(b)		19,591		681,963
Lightspeed Commerce Inc.^(a)(b)		46,673		1,422,126
LivePerson Inc.^(a)		23,790		580,952
Mandiant Inc.^(a)		83,869		1,871,117
Manhattan Associates Inc.^(a)		22,074		3,061,885
Marathon Digital Holdings Inc.^(a)		35,862		1,002,343
Matterport Inc, Class A^(a)(b)		67,571		548,677
Microsoft Corp.		1,227,061		378,315,177
MicroStrategy Inc., Class A^(a)(b)		3,256		1,583,458
Mimecast Ltd.^(a)		21,757		1,730,987
Momentive Global Inc.^(a)		46,157		750,513


Security	Shares		Value

Software (continued)
N-able Inc.^(a)(b)		22,932	$	208,681
nCino Inc.^(a)(b)		20,034		820,993
NCR Corp.^(a)		46,130		1,853,965
New Relic Inc.^(a)		20,812		1,391,907
NortonLifeLock Inc.		203,347		5,392,762
Nutanix Inc., Class A^(a)		75,033		2,012,385
Open Text Corp.		94,713		4,015,831
Oracle Corp.		550,675		45,557,343
PagerDuty Inc.^(a)(b)		26,741		914,275
Palantir Technologies Inc., Class A^(a)(b)		559,696		7,684,626
Palo Alto Networks Inc.^(a)		34,479		21,463,522
Paycom Software Inc.^(a)		16,828		5,828,883
Paylocity Holding Corp.^(a)		13,866		2,853,207
Pegasystems Inc.		14,272		1,151,037
Ping Identity Holding Corp.^(a)		21,928		601,485
Progress Software Corp.		15,438		726,975
PROS Holdings Inc.^(a)		14,709		489,957
PTC Inc.^(a)		36,784		3,962,373
Q2 Holdings Inc.^(a)		19,857		1,224,184
Qualtrics International Inc., Class A^(a)		33,459		955,254
Qualys Inc.^(a)		11,669		1,661,782
Rapid7 Inc.^(a)		19,977		2,222,241
RingCentral Inc., Class A^(a)		28,696		3,363,458
Riot Blockchain Inc.^(a)		35,018		741,331
SailPoint Technologies Holdings Inc.^(a)(b)		32,593		1,668,110
salesforce.com Inc.^(a)		344,224		73,085,640
SentinelOne Inc., Class A^(a)		46,876		1,815,976
ServiceNow Inc.^(a)		69,895		38,923,827
Smartsheet Inc., Class A^(a)		44,296		2,426,535
Splunk Inc.^(a)		55,495		8,247,112
Sprout Social Inc., Class A^(a)		15,926		1,275,991
SPS Commerce Inc.^(a)		12,567		1,648,790
SS&C Technologies Holdings Inc.		77,310		5,799,796
Sumo Logic Inc.^(a)		33,862		395,170
Synopsys Inc.^(a)		53,621		17,870,271
Telos Corp.^(a)		17,808		177,546
Tenable Holdings Inc.^(a)		32,355		1,869,795
Teradata Corp.^(a)		37,918		1,868,978
Trade Desk Inc. (The), Class A^(a)		152,399		10,553,631
Tyler Technologies Inc.^(a)		14,320		6,370,825
UiPath Inc., Class A^(a)		92,833		2,004,264
Unity Software Inc.^(a)		57,256		5,680,368
Varonis Systems Inc.^(a)(b)		37,574		1,786,268
Verint Systems Inc.^(a)		23,177		1,198,251
VMware Inc., Class A		70,514		8,029,429
Vonage Holdings Corp.^(a)		88,235		1,790,288
Workday Inc., Class A^(a)		67,445		16,150,380
Workiva Inc.^(a)		15,779		1,861,922
Xperi Holding Corp.		37,832		655,250
Yext Inc.^(a)		38,378		264,424
Zendesk Inc.^(a)		42,494		5,111,603
Zoom Video Communications Inc., Class A^(a)		76,189		8,931,636
Zscaler Inc.^(a)(b)		27,904		6,732,677
Zuora Inc., Class A^(a)(b)		41,329		619,108


				1,050,613,205

Technology Hardware, Storage & Peripherals — 9.8%
3D Systems Corp.^(a)		44,721		745,946
Apple Inc.		2,211,281		386,111,775
Avid Technology Inc.^(a)		11,945		416,522
Corsair Gaming Inc.^(a)(b)		11,091		234,686


26		2 0 2 2 I S H A R E S 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 (continued)

March 31, 2022

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Technology Hardware, Storage & Peripherals (continued)
Dell Technologies Inc., Class C^(a)		101,343	$	5,086,405
Hewlett Packard Enterprise Co.		452,049		7,553,739
HP Inc.		378,485		13,739,005
NetApp Inc.		77,682		6,447,606
Pure Storage Inc., Class A^(a)		95,242		3,362,995
Seagate Technology Holdings PLC		70,385		6,327,612
Super Micro Computer Inc.^(a)		15,495		589,895
Western Digital Corp.^(a)		109,353		5,429,376
Xerox Holdings Corp.		42,916		865,616


				436,911,178


Total Common Stocks — 100.0% (Cost: $3,159,644,495)				4,480,291,977


Short-Term Investments

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(c)(d)(e)		66,317,831		66,304,568


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(c)(d)		1,479,000	$	1,479,000


				67,783,568


Total Short-Term Investments — 1.5% (Cost: $67,760,591)				67,783,568


Total Investments in Securities — 101.5% (Cost: $3,227,405,086)				4,548,075,545

Other Assets, Less Liabilities — (1.5)%				(67,096,447	)


Net Assets — 100.0%			$	4,480,979,098

^(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 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	43,347,251	$	23,041,966	^(a)	$	—		$	(71,288	)	$	(13,361	)	$	66,304,568		66,317,831	$	166,170	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,339,000		—			(860,000	)^(a)		—			—			1,479,000		1,479,000		943			—


									$	(71,288	)	$	(13,361	)	$	67,783,568			$	167,113		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
E-Mini S&P Communication Services Select Sector Index		2		06/17/22	$	180	$	9,069
E-Mini Technology Select Sector Index		3		06/17/22		481		38,783


							$	47,852


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 (continued)

March 31, 2022

iShares^® Expanded Tech Sector ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	47,852

^(a)

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(397,686	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	49,681

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	2,525,216

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	$	4,480,291,977	$	—	$	—	$	4,480,291,977
Money Market Funds		67,783,568		—		—		67,783,568