iShares Trust

Officers (continued)

Name (Age)

Position(s)

Principal Occupation(s)

During the Past 5 Years

James Mauro (51)

Executive Vice President (since 2021).

Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


		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


	$	4,548,075,545	$	—	$	—	$	4,548,075,545


Derivative financial instruments^(a)
Assets
Futures Contracts	$	47,852	$	—	$	—	$	47,852

^(a)

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

See notes to financial statements.


28		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

March 31, 2022

iShares^® Expanded Tech-Software Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Application Software — 60.4%
8x8 Inc.^(a)		288,110	$	3,627,305
ACI Worldwide Inc.^(a)		286,013		9,006,549
Adobe Inc.^(a)		974,759		444,119,696
Alarm.com Holdings Inc.^(a)		112,102		7,450,299
Altair Engineering Inc., Class A^(a)(b)		123,606		7,960,226
Alteryx Inc., Class A^(a)(b)		145,236		10,388,731
Anaplan Inc.^(a)		358,461		23,317,888
ANSYS Inc.^(a)(b)		211,889		67,306,541
Appfolio Inc., Class A^(a)(b)		46,813		5,299,700
Asana Inc., Class A^(a)(b)		201,890		8,069,543
Aspen Technology Inc.^(a)(b)		162,030		26,794,901
Autodesk Inc.^(a)		534,171		114,499,554
Avalara Inc.^(a)(b)		211,270		21,023,478
Avaya Holdings Corp.^(a)(b)		206,306		2,613,897
Bentley Systems Inc., Class B		447,517		19,771,301
Bill.com Holdings Inc.^(a)(b)		223,784		50,751,973
Black Knight Inc.^(a)		377,440		21,887,746
Blackbaud Inc.^(a)(b)		108,516		6,496,853
Blackline Inc.^(a)(b)		129,862		9,508,496
Bottomline Technologies DE Inc.^(a)(b)		94,221		5,340,446
Box Inc., Class A^(a)(b)		361,093		10,493,363
BTRS Holdings Inc.^(a)(b)		186,544		1,395,349
C3.ai Inc., Class A^(a)(b)		174,619		3,963,851
Cadence Design Systems Inc.^(a)		673,009		110,683,060
CDK Global Inc.		283,758		13,813,339
Cerence Inc.^(a)		95,958		3,464,084
Ceridian HCM Holding Inc.^(a)(b)		332,147		22,705,569
Citrix Systems Inc.		303,032		30,575,929
Confluent Inc., Class A^(a)(b)		149,122		6,114,002
Consensus Cloud Solutions Inc.^(a)(b)		38,680		2,325,828
Coupa Software Inc.^(a)		181,299		18,425,417
CS Disco Inc.^(a)(b)		32,436		1,101,851
Datadog Inc., Class A^(a)(b)		624,570		94,603,618
Descartes Systems Group Inc. (The)^(a)(b)		205,557		15,059,106
Digital Turbine Inc.^(a)		214,666		9,404,518
Docebo Inc.^(a)(b)		32,742		1,696,690
DocuSign Inc.^(a)		480,418		51,462,376
Domo Inc., Class B^(a)		71,797		3,630,774
Dropbox Inc., Class A^(a)(b)		686,176		15,953,592
Duck Creek Technologies Inc.^(a)		183,726		4,064,019
Dynatrace Inc.^(a)		479,125		22,566,788
E2open Parent Holdings Inc.^(a)(b)		431,849		3,804,590
Elastic NV^(a)(b)		177,297		15,770,568
Envestnet Inc.^(a)		109,005		8,114,332
Everbridge Inc.^(a)		96,667		4,218,548
Fair Isaac Corp.^(a)(b)		63,920		29,816,123
Five9 Inc.^(a)(b)		165,422		18,262,589
Guidewire Software Inc.^(a)(b)		202,493		19,159,888
HubSpot Inc.^(a)(b)		109,007		51,771,785
InterDigital Inc.		74,759		4,769,624
Intuit Inc.		687,645		330,647,222
Jamf Holding Corp.^(a)(b)		132,975		4,628,860
Lightspeed Commerce Inc.^(a)(b)		324,305		9,881,573
LivePerson Inc.^(a)		165,167		4,033,378
Manhattan Associates Inc.^(a)		153,499		21,291,846
Marathon Digital Holdings Inc.^(a)(b)		248,873		6,956,000
Matterport Inc, Class A^(a)(b)		449,961		3,653,683
MicroStrategy Inc., Class A^(a)(b)		22,589		10,985,483


Security	Shares		Value

Application Software (continued)
Mimecast Ltd.^(a)		151,365	$	12,042,599
Momentive Global Inc.^(a)		317,733		5,166,339
nCino Inc.^(a)(b)		138,531		5,677,000
NCR Corp.^(a)		320,569		12,883,668
New Relic Inc.^(a)(b)		145,133		9,706,495
Nutanix Inc., Class A^(a)		522,777		14,020,879
Open Text Corp.		658,271		27,910,690
PagerDuty Inc.^(a)(b)		185,808		6,352,776
Palantir Technologies Inc., Class A^(a)(b)		3,889,164		53,398,222
Paycom Software Inc.^(a)		116,921		40,499,096
Paylocity Holding Corp.^(a)		96,438		19,844,047
Pegasystems Inc.		99,183		7,999,109
PROS Holdings Inc.^(a)		97,865		3,259,883
PTC Inc.^(a)		255,794		27,554,130
Q2 Holdings Inc.^(a)		138,247		8,522,928
Qualtrics International Inc., Class A^(a)		232,817		6,646,925
RingCentral Inc., Class A^(a)		199,563		23,390,779
Riot Blockchain Inc.^(a)(b)		241,753		5,117,911
salesforce.com Inc.^(a)		2,138,150		453,972,008
Smartsheet Inc., Class A^(a)		308,101		16,877,773
Splunk Inc.^(a)		385,864		57,343,249
Sprout Social Inc., Class A^(a)(b)		110,908		8,885,949
SPS Commerce Inc.^(a)		87,467		11,475,670
SS&C Technologies Holdings Inc.		537,203		40,300,969
Sumo Logic Inc.^(a)		220,295		2,570,843
Synopsys Inc.^(a)		372,516		124,148,407
Trade Desk Inc. (The), Class A^(a)(b)		1,058,961		73,333,049
Tyler Technologies Inc.^(a)		99,505		44,268,780
Unity Software Inc.^(a)		397,542		39,440,142
Verint Systems Inc.^(a)		159,865		8,265,021
Vonage Holdings Corp.^(a)		613,920		12,456,437
Workday Inc., Class A^(a)		468,492		112,185,094
Workiva Inc.^(a)(b)		109,646		12,938,228
Yext Inc.^(a)(b)		285,035		1,963,891
Zendesk Inc.^(a)(b)		295,223		35,512,375
Zoom Video Communications Inc., Class A^(a)		529,304		62,050,308


				3,264,486,007

Interactive Home Entertainment — 5.6%
Activision Blizzard Inc.		1,891,849		151,556,023
Electronic Arts Inc.		683,066		86,414,680
Take-Two Interactive Software Inc.^(a)(b)		280,273		43,089,171
Zynga Inc., Class A^(a)		2,579,705		23,836,474


				304,896,348

Interactive Media & Services — 1.8%
Snap Inc., Class A, NVS^(a)		2,627,001		94,545,766


Systems Software — 32.2%
Appian Corp.^(a)(b)		96,705		5,881,598
BlackBerry Ltd.^(a)(b)		1,255,823		9,368,440
CommVault Systems Inc.^(a)		108,586		7,204,681
Crowdstrike Holdings Inc., Class A^(a)		505,379		114,761,463
Dolby Laboratories Inc., Class A		159,808		12,500,182
Fortinet Inc.^(a)		329,537		112,615,974
Mandiant Inc.^(a)		583,517		13,018,264
Microsoft Corp.		1,498,826		462,103,044
N-able Inc.^(a)(b)		165,311		1,504,330
NortonLifeLock Inc.		1,412,982		37,472,283
Oracle Corp.		3,829,669		316,828,516
Palo Alto Networks Inc.^(a)(b)		239,538		149,114,800
Ping Identity Holding Corp.^(a)(b)		146,979		4,031,634


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

Schedule of Investments (continued)

March 31, 2022

iShares^® Expanded Tech-Software Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Systems Software (continued)
Progress Software Corp.		107,288	$	5,052,192
Qualys Inc.^(a)(b)		81,084		11,547,172
Rapid7 Inc.^(a)(b)		139,104		15,473,929
SailPoint Technologies Holdings Inc.^(a)(b)		226,861		11,610,746
SentinelOne Inc., Class A^(a)		318,271		12,329,819
ServiceNow Inc.^(a)		485,576		270,412,419
Telos Corp.^(a)(b)		128,273		1,278,882
Tenable Holdings Inc.^(a)(b)		224,816		12,992,117
Teradata Corp.^(a)		263,490		12,987,422
UiPath Inc., Class A^(a)(b)		645,075		13,927,169
Varonis Systems Inc.^(a)(b)		261,066		12,411,078
VMware Inc., Class A		489,962		55,791,973
Xperi Holding Corp.		253,836		4,396,439
Zscaler Inc.^(a)(b)		193,828		46,766,820
Zuora Inc., Class A^(a)(b)		286,055		4,285,104


				1,737,668,490


Total Common Stocks — 100.0% (Cost: $6,906,620,583)				5,401,596,611


Short-Term Investments

Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(c)(d)(e)		224,884,139		224,839,162


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(c)(d)		3,730,000	$	3,730,000


				228,569,162


Total Short -Term Investments — 4.2% (Cost: $228,529,237)				228,569,162


Total Investments in Securities — 104.2% (Cost: $7,135,149,820)				5,630,165,773

Other Assets, Less Liabilities — (4.2)%				(226,775,289	)


Net Assets — 100.0%			$	5,403,390,484

^(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	$	224,544,053		$507,647	^(a)	$	—		$	(105,340	)	$	(107,198	)	$	224,839,162		224,884,139	$	738,504	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,920,000		—			(1,190,000	)^(a)		—			—			3,730,000		3,730,000		1,407			—


									$	(105,340	)	$	(107,198	)	$	228,569,162			$	739,911		$	—

^(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 Technology Select Sector Index		9		06/17/22	$	1,442	$	116,349
Russell 2000 E-Mini Index		3		06/17/22		310		8,901


							$	125,250


30		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-Software 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)	$	125,250

^(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	$	1,199,308


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	139,170

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,745,837

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	$	5,401,596,611	$	—	$	—	$	5,401,596,611
Money Market Funds		228,569,162		—		—		228,569,162


	$	5,630,165,773	$	—	$	—	$	5,630,165,773


Derivative financial instruments^(a)
Assets
Futures Contracts	$	125,250	$	—	$	—	$	125,250

^(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		31

Schedule of Investments

March 31, 2022

iShares^® North American Natural Resources ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Construction Materials — 2.4%
Eagle Materials Inc.		15,513	$	1,991,249
Martin Marietta Materials Inc.		24,531		9,441,737
Summit Materials Inc., Class A^(a)		46,504		1,444,414
Vulcan Materials Co.		52,179		9,585,282


				22,462,682

Containers & Packaging — 7.0%
Amcor PLC		595,354		6,745,361
AptarGroup Inc.		25,849		3,037,258
Avery Dennison Corp.		32,575		5,667,073
Ball Corp.		127,352		11,461,680
Berry Global Group Inc.^(a)		53,140		3,079,994
Crown Holdings Inc.		49,610		6,205,715
Graphic Packaging Holding Co.		110,966		2,223,759
Greif Inc., Class A, NVS		10,473		681,373
International Paper Co.		152,300		7,028,645
O-I Glass Inc.^(a)		61,420		809,516
Packaging Corp. of America		37,368		5,833,518
Pactiv Evergreen Inc.		16,330		164,280
Ranpak Holdings Corp.^(a)		15,796		322,712
Sealed Air Corp.		58,326		3,905,509
Silgan Holdings Inc.		32,914		1,521,614
Sonoco Products Co.		38,620		2,416,067
Westrock Co.		103,578		4,871,273


				65,975,347

Energy Equipment & Services — 6.1%
Baker Hughes Co.		356,099		12,965,565
ChampionX Corp.^(a)		79,359		1,942,708
Halliburton Co.		353,306		13,379,698
Helmerich & Payne Inc.		41,421		1,771,990
Liberty Oilfield Services Inc., Class A^(a)		41,511		615,193
NOV Inc.		154,224		3,024,333
Schlumberger NV		551,796		22,794,693
TechnipFMC PLC^(a)		167,195		1,295,761


				57,789,941

Metals & Mining — 15.2%
Agnico Eagle Mines Ltd.		178,810		10,950,324
Alamos Gold Inc., Class A		153,518		1,292,622
Alcoa Corp.		72,407		6,518,802
Arconic Corp.^(a)		42,016		1,076,450
B2Gold Corp.		414,854		1,904,180
Barrick Gold Corp.		699,615		17,161,556
Coeur Mining Inc.^(a)		101,407		451,261
Compass Minerals International Inc.		13,444		844,149
Equinox Gold Corp.^(a)(b)		109,689		907,128
First Majestic Silver Corp.^(b)		89,296		1,175,135
Franco-Nevada Corp.		75,229		12,000,530
Freeport-McMoRan Inc.		577,224		28,711,122
Hecla Mining Co.		210,986		1,386,178
Kinross Gold Corp.^(b)		514,320		3,024,202
Lithium Americas Corp.^(a)(b)		41,490		1,596,950
MP Materials Corp.^(a)		29,467		1,689,638
Newmont Corp.		313,542		24,910,912
NovaGold Resources Inc.^(a)		95,902		741,322
Pan American Silver Corp.		82,656		2,256,509
Royal Gold Inc.		25,776		3,641,633
SSR Mining Inc.^(b)		83,174		1,809,035
Teck Resources Ltd., Class B		184,259		7,442,221
Turquoise Hill Resources Ltd.^(a)(b)		38,905		1,168,706


Security	Shares		Value

Metals & Mining (continued)
Wheaton Precious Metals Corp.^(b)		177,280	$	8,434,982
Yamana Gold Inc.		376,974		2,103,515


				143,199,062

Oil, Gas & Consumable Fuels — 68.5%
Antero Midstream Corp.		128,089		1,392,327
Antero Resources Corp.^(a)		112,205		3,425,619
APA Corp.		142,912		5,906,553
California Resources Corp.		31,531		1,410,382
Cameco Corp.^(b)		156,767		4,561,920
Canadian Natural Resources Ltd.		458,988		28,448,076
Cenovus Energy Inc.		495,728		8,268,743
Cheniere Energy Inc.		92,730		12,857,014
Chesapeake Energy Corp.		40,937		3,561,519
Chevron Corp.		542,117		88,272,911
Civitas Resources Inc.		28,276		1,688,360
CNX Resources Corp.^(a)(b)		79,467		1,646,556
ConocoPhillips		417,892		41,789,200
Continental Resources Inc./OK		22,930		1,406,297
Coterra Energy Inc.		319,892		8,627,487
Crescent Point Energy Corp.		215,078		1,559,315
CVR Energy Inc.		11,624		296,877
Denbury Inc.^(a)		19,654		1,544,215
Devon Energy Corp.		247,558		14,638,105
Diamondback Energy Inc.		66,965		9,179,562
DTE Midstream LLC^(a)		37,997		2,061,717
Enbridge Inc.		796,671		36,718,566
Enerplus Corp.		96,547		1,226,147
EOG Resources Inc.		230,050		27,428,861
EQT Corp.		118,421		4,074,867
Equitrans Midstream Corp.		160,421		1,353,953
Exxon Mobil Corp.		1,084,874		89,599,744
Hess Corp.		108,383		11,601,316
HF Sinclair Corp.		58,773		2,342,104
Kinder Morgan Inc.		766,736		14,498,978
Magnolia Oil & Gas Corp., Class A		57,725		1,365,196
Marathon Oil Corp.		306,145		7,687,301
Marathon Petroleum Corp.		227,656		19,464,588
Matador Resources Co.		43,320		2,295,094
Murphy Oil Corp.		57,023		2,303,159
New Fortress Energy Inc.		16,326		695,651
Occidental Petroleum Corp.		348,871		19,794,941
ONEOK Inc.		175,339		12,384,194
Ovintiv Inc.		102,716		5,553,854
PDC Energy Inc.		38,247		2,779,792
Pembina Pipeline Corp.		216,283		8,132,241
Phillips 66		183,953		15,891,700
Pioneer Natural Resources Co.		89,269		22,319,928
Range Resources Corp.^(a)		98,113		2,980,673
Renewable Energy Group Inc.^(a)		19,787		1,200,082
SM Energy Co.		47,693		1,857,642
Southwestern Energy Co.^(a)		438,766		3,145,952
Suncor Energy Inc.		566,931		18,476,281
Targa Resources Corp.		90,056		6,796,526
TC Energy Corp.		385,648		21,758,260
Texas Pacific Land Corp.		2,432		3,288,332
Valero Energy Corp.		160,708		16,318,290
Whiting Petroleum Corp.		15,440		1,258,514
Williams Companies Inc. (The)		477,736		15,961,160


32		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^® North American Natural Resources ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Oil, Gas & Consumable Fuels (continued)
World Fuel Services Corp.		24,923	$	673,918


				645,770,560

Paper & Forest Products — 0.6%
Louisiana-Pacific Corp.		34,557		2,146,681
West Fraser Timber Co. Ltd.		37,856		3,120,470


				5,267,151


Total Common Stocks — 99.8% (Cost: $833,145,632)				940,464,743


Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(c)(d)(e)		7,686,746		7,685,209
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(c)(d)		1,640,000		1,640,000


				9,325,209


Total Short-Term Investments — 1.0% (Cost: $9,323,985)				9,325,209


Total Investments in Securities — 100.8% (Cost: $842,469,617)				949,789,952

Other Assets, Less Liabilities — (0.8)%				(7,648,234	)


Net Assets — 100.0%			$	942,141,718

^(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	$	3,673,173	$	4,027,438	^(a)	$	—	$	(15,219	)	$	(183	)	$	7,685,209		7,686,746	$	23,307	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		648,000		992,000	^(a)		—		—			—			1,640,000		1,640,000		393			—


								$	(15,219	)	$	(183	)	$	9,325,209			$	23,700		$	—

^(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 Energy Select Sector Index

06/17/22

1,196

19,998


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (continued)

March 31, 2022

iShares^® North American Natural Resources ETF

Futures Contracts (continued)




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


E-mini Materials Select Sector Index		3		06/17/22	$	279	$	(2,827	)


							$	17,171

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)	$	19,998


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	2,827

^(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	$	548,844


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	57,336

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	955,730

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


34		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^® North American Natural Resources ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	940,464,743		$	—	$	—	$	940,464,743
Money Market Funds		9,325,209			—		—		9,325,209


	$	949,789,952		$	—	$	—	$	949,789,952


Derivative financial instruments^(a)
Assets
Futures Contracts	$	19,998		$	—	$	—	$	19,998

Liabilities
Futures Contracts		(2,827	)		—		—		(2,827	)


	$	17,171		$	—	$	—	$	17,171

^(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		35

Schedule of Investments

March 31, 2022

iShares^® North American Tech-Multimedia Networking ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Communications Equipment — 99.9%
ADTRAN Inc.		201,819	$	3,723,561
Arista Networks Inc.^(a)		107,317		14,914,917
Calix Inc.^(a)		146,689		6,294,425
Cambium Networks Corp.^(a)(b)		46,052		1,088,669
Ciena Corp.^(a)(b)		119,719		7,258,563
Cisco Systems Inc.		237,174		13,224,822
Clearfield Inc.^(a)		46,925		3,060,449
CommScope Holding Co. Inc.^(a)		840,588		6,623,833
Extreme Networks Inc.^(a)		531,126		6,485,048
F5 Inc.^(a)		66,012		13,793,207
Harmonic Inc.^(a)(b)		423,212		3,931,639
Infinera Corp.^(a)(b)		838,766		7,272,101
Juniper Networks Inc.		390,249		14,501,653
Lumentum Holdings Inc.^(a)(b)		73,499		7,173,502
Motorola Solutions Inc.		58,368		14,136,730
NETGEAR Inc.^(a)(b)		120,293		2,968,831
NetScout Systems Inc.^(a)		222,819		7,148,034
Plantronics Inc.^(a)		175,844		6,928,254
Ribbon Communications Inc.^(a)		494,846		1,529,074
Ubiquiti Inc.^(b)		25,293		7,364,310
Viasat Inc.^(a)(b)		134,041		6,541,201
Viavi Solutions Inc.^(a)(b)		429,881		6,912,487


				162,875,310


Total Common Stocks — 99.9% (Cost: $161,143,727)				162,875,310


Security	Shares		Value


Short-Term Investments

Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(c)(d)(e)		4,451,918	$	4,451,027
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(c)(d)		110,000		110,000


				4,561,027


Total Short -Term Investments — 2.8% (Cost: $4,560,371)				4,561,027


Total Investments in Securities — 102.7% (Cost: $165,704,098)				167,436,337

Other Assets, Less Liabilities — (2.7)%				(4,463,955	)


Net Assets — 100.0%			$	162,972,382

^(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	$	12,333,755	$	—		$	(7,878,389	)^(a)	$	(3,589	)	$	(750	)	$	4,451,027		4,451,918	$	12,516	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		10,000	^(a)		—			—			—			110,000		110,000		33			—


									$	(3,589	)	$	(750	)	$	4,561,027			$	12,549		$	—

^(a)

Represents net amount purchased (sold).

^(b)


36		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^® North American Tech-Multimedia Networking ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

Russell 2000 E-Mini Index

06/17/22

103

2,967

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)	$	2,967

^(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	$	(15,819	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,967

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	65,100

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	$	162,875,310	$	—	$	—	$	162,875,310
Money Market Funds		4,561,027		—		—		4,561,027


	$	167,436,337	$	—	$	—	$	167,436,337

Derivative financial instruments^(a)
Assets
Futures Contracts	$	2,967	$	—	$	—	$	2,967

^(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		37

Schedule of Investments

March 31, 2022

iShares^® Semiconductor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Semiconductor Equipment — 20.5%
Applied Materials Inc.		2,654,533	$	349,867,450
ASML Holding NV^(a)		493,456		329,594,066
Entegris Inc.^(b)		1,305,843		171,404,952
KLA Corp.		1,022,205		374,188,362
Lam Research Corp.		634,612		341,173,758
MKS Instruments Inc.		535,255		80,288,250
Teradyne Inc.		1,569,497		185,561,630


				1,832,078,468

Semiconductors — 79.3%
Advanced Micro Devices Inc.^(c)		5,776,527		631,605,462
Analog Devices Inc.		2,222,461		367,106,108
ASE Technology Holding Co. Ltd., ADR		6,610,643		46,869,459
Broadcom Inc.		1,212,851		763,708,018
Intel Corp.		11,155,041		552,843,832
Lattice Semiconductor Corp.^(c)		1,320,996		80,514,706
Marvell Technology Inc.		5,213,498		373,859,942
Microchip Technology Inc.		5,065,238		380,601,983
Micron Technology Inc.		4,008,984		312,259,764
Monolithic Power Systems Inc.		420,573		204,263,895
NVIDIA Corp.		2,921,783		797,237,709
NXP Semiconductors NV		1,873,755		346,794,575
ON Semiconductor Corp.^(c)		4,134,299		258,848,460
Qorvo Inc.^(c)		1,046,015		129,810,461
QUALCOMM Inc.		3,093,758		472,788,097
Skyworks Solutions Inc.		1,585,102		211,262,395
STMicroelectronics NV., ADR^(b)		2,730,427		118,009,055
Synaptics Inc.^(b)(c)		376,822		75,175,989
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3,073,485		320,441,546
Texas Instruments Inc.		2,095,645		384,508,945
United Microelectronics Corp., ADR^(b)		7,486,499		68,276,871


Security	Shares		Value


Semiconductors (continued)
Universal Display Corp.		429,982	$	71,785,495
Wolfspeed Inc.^(b)(c)		1,189,958		135,488,618


				7,104,061,385


Total Common Stocks — 99.8% (Cost: $9,091,545,714)				8,936,139,853


Short-Term Investments

Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(d)(e)(f)		186,661,038		186,623,706
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(d)(e)		15,210,000		15,210,000


				201,833,706


Total Short -Term Investments — 2.3% (Cost: $201,812,434)				201,833,706


Total Investments in Securities — 102.1% (Cost: $9,293,358,148)				9,137,973,559

Other Assets, Less Liabilities — (2.1)%				(185,124,802	)


Net Assets — 100.0%			$	8,952,848,757

^(a)

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(b)

All or a portion of this security is on loan.

^(c)

Non-income producing security.

^(d)

Affiliate of the Fund.

^(e)

Annualized 7-day yield as of period end.

^(f)

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

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,454,684	$	153,312,942	^(a)	$	—	$	(136,626	)	$	(7,294	)	$	186,623,706		186,661,038	$	583,403	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		9,855,000		5,355,000	^(a)		—		—			—			15,210,000		15,210,000		2,900			—


								$	(136,626	)	$	(7,294	)	$	201,833,706			$	586,303		$	—

^(a)

Represents net amount purchased (sold).

^(b)


38		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^® Semiconductor ETF

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 Technology Select Sector Index		76		06/17/22	$	12,181	$	751,245
Russell 2000 E-Mini Index		38		06/17/22		3,926		72,649


							$	823,894

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)	$	823,894

^(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	$	871,200


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	898,798

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	13,280,625

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


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (continued)

March 31, 2022

iShares^® Semiconductor ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	8,936,139,853	$	—	$	—	$	8,936,139,853
Money Market Funds		201,833,706		—		—		201,833,706


	$	9,137,973,559	$	—	$	—	$	9,137,973,559

Derivative financial instruments^(a)
Assets
Futures Contracts	$	823,894	$	—	$	—	$	823,894

^(a)

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

See notes to financial statements.


40		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

Statements of Assets and Liabilities

March 31, 2022


	iShares Biotechnology ETF			iShares Expanded Tech Sector ETF		iShares Expanded Tech-Software Sector ETF			iShares North American Natural Resources ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	8,604,791,733		$	4,480,291,977	$	5,401,596,611		$	940,464,743
Affiliated^(c)		805,856,973			67,783,568		228,569,162			9,325,209
Cash		55,351			1,605		9,669			—
Cash pledged:
Futures contracts		718,000			43,000		110,000			118,000
Receivables:
Investments sold		1,847,256			—		—			—
Securities lending income — Affiliated		415,938			14,534		50,813			2,994
Capital shares sold		—			8,155		74,945			38,966
Dividends		1,517			581,620		3,915			839,088


Total assets		9,413,686,768			4,548,724,459		5,630,415,115			950,789,000


LIABILITIES
Bank overdraft		—			—		—			382,921
Collateral on securities loaned, at value		790,612,472			66,405,433		225,082,253			7,668,979
Payables:
Investments purchased		12,833,990			—		42,646			237,816
Variation margin on futures contracts		131,456			9,690		22,635			19,020
Capital shares redeemed		111,199			—		161,049			38,678
Investment advisory fees		3,119,695			1,330,238		1,716,048			299,868


Total liabilities		806,808,812			67,745,361		227,024,631			8,647,282


NET ASSETS	$	8,606,877,956		$	4,480,979,098	$	5,403,390,484		$	942,141,718


NET ASSETS CONSIST OF:
Paid-in capital	$	13,758,550,203		$	3,182,207,234	$	7,097,978,300		$	1,337,510,644
Accumulated earnings (loss)		(5,151,672,247	)		1,298,771,864		(1,694,587,816	)		(395,368,926	)


NET ASSETS	$	8,606,877,956		$	4,480,979,098	$	5,403,390,484		$	942,141,718


Shares outstanding		66,100,000			11,550,000		15,700,000			23,300,000


Net asset value	$	130.21		$	387.96	$	344.16		$	40.44


Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited


Par value		None			None		None			None


^(a)Securities loaned, at value	$	754,141,339		$	63,325,121	$	217,811,484		$	7,591,621
^(b)Investments, at cost — Unaffiliated	$	11,536,688,808		$	3,159,644,495	$	6,906,620,583		$	833,145,632
^(c)Investments, at cost — Affiliated	$	805,768,700		$	67,760,591	$	228,529,237		$	9,323,985

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		41

Statements of Assets and Liabilities (continued)

March 31, 2022


	iShares North American Tech-Multimedia Networking ETF			iShares Semiconductor ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	162,875,310		$	8,936,139,853
Affiliated^(c)		4,561,027			201,833,706
Cash		9,165			9,492
Cash pledged:
Futures contracts		7,000			998,000
Receivables:
Securities lending income — Affiliated		759			177,736
Capital shares sold		—			134,626
Dividends		51,837			3,648,014


Total assets		167,505,098			9,142,941,427


LIABILITIES
Collateral on securities loaned, at value		4,454,251			186,684,097
Payables:
Variation margin on futures contracts		1,109			205,360
Capital shares redeemed		18,599			227,089
Investment advisory fees		58,757			2,976,124


Total liabilities		4,532,716			190,092,670


NET ASSETS	$	162,972,382		$	8,952,848,757


NET ASSETS CONSIST OF:
Paid-in capital	$	232,636,771		$	9,375,284,910
Accumulated loss		(69,664,389	)		(422,436,153	)


NET ASSETS	$	162,972,382		$	8,952,848,757


Shares outstanding		2,200,000			18,950,000


Net asset value	$	74.08		$	472.45


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Securities loaned, at value	$	4,304,334		$	177,824,746
^(b)Investments, at cost — Unaffiliated	$	161,143,727		$	9,091,545,714
^(c)Investments, at cost — Affiliated	$	4,560,371		$	201,812,434

See notes to financial statements.


42		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

Statements of Operations

Year Ended March 31, 2022


	iShares Biotechnology ETF			iShares Expanded Tech Sector ETF			iShares Expanded Tech-Software Sector ETF			iShares North American Natural Resources ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	61,933,703		$	20,317,081		$	13,212,817		$	17,318,982
Dividends — Affiliated		59,123			9,902			23,639			1,509
Securities lending income — Affiliated — net		3,348,564			157,211			716,272			22,191
Foreign taxes withheld		(610,163	)		(37,392	)		(80,205	)		(646,762	)


Total investment income		64,731,227			20,446,802			13,872,523			16,695,920


EXPENSES
Investment advisory fees		44,204,613			14,682,392			21,906,998			2,023,331
Professional fees		217			217			217			217


Total expenses		44,204,830			14,682,609			21,907,215			2,023,548


Net investment income (loss)		20,526,397			5,764,193			(8,034,692	)		14,672,372


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(792,662,943	)		3,939,330			(79,058,164	)		(19,042,590	)
Investments — Affiliated		2,018			(71,288	)		(105,340	)		(15,219	)
In-kind redemptions — Unaffiliated		1,414,179,983			348,521,599			1,323,410,904			13,464,642
Futures contracts		491,035			(397,686	)		1,199,308			548,844
Foreign currency transactions		—			—			—			3,138


Net realized gain (loss)		622,010,093			351,991,955			1,245,446,708			(5,041,185	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,958,210,197	)		(25,170,930	)		(1,376,865,169	)		222,115,917
Investments — Affiliated		(592,296	)		(13,361	)		(107,198	)		(183	)
Futures contracts		56,215			49,681			139,170			57,336
Foreign currency translations		—			—			—			1,910
Short sales — Unaffiliated		102			—			—			—


Net change in unrealized appreciation (depreciation)		(1,958,746,176	)		(25,134,610	)		(1,376,833,197	)		222,174,980


Net realized and unrealized gain (loss)		(1,336,736,083	)		326,857,345			(131,386,489	)		217,133,795


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,316,209,686	)	$	332,621,538		$	(139,421,181	)	$	231,806,167

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		43

Statements of Operations (continued)

Year Ended March 31, 2022


	iShares North American Tech-Multimedia Networking ETF				iShares Semiconductor ETF


INVESTMENT INCOME
Dividends — Unaffiliated		$	743,758		$	92,914,581
Dividends — Affiliated			279			11,015
Securities lending income — Affiliated — net			12,270			575,288
Foreign taxes withheld			—			(2,543,337	)


Total investment income			756,307			90,957,547


EXPENSES
Investment advisory fees			490,208			31,481,764
Commitment fees			—			20,455
Professional fees			217			217


Total expenses			490,425			31,502,436


Net investment income			265,882			59,455,111


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			(462,382	)		(184,675,826	)
Investments — Affiliated			(3,589	)		(136,626	)
In-kind redemptions — Unaffiliated			12,700,689			1,741,103,798
Futures contracts			(15,819	)		871,200


Net realized gain			12,218,899			1,557,162,546

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			(2,029,391	)		(983,179,909	)
Investments — Affiliated			(750	)		(7,294	)
Futures contracts			2,967			898,798


Net change in unrealized appreciation (depreciation)			(2,027,174	)		(982,288,405	)


Net realized and unrealized gain			10,191,725			574,874,141


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	10,457,607		$	634,329,252

See notes to financial statements.


44		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

Statements of Changes in Net Assets


	iShares Biotechnology ETF						iShares Expanded Tech Sector ETF


	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	20,526,397		$	22,963,639		$	5,764,193		$	7,522,231
Net realized gain		622,010,093			1,573,276,301			351,991,955			155,422,525
Net change in unrealized appreciation (depreciation)		(1,958,746,176	)		1,144,045,717			(25,134,610	)		1,121,446,883


Net increase (decrease) in net assets resulting from operations		(1,316,209,686	)		2,740,285,657			332,621,538			1,284,391,639


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(20,365,764	)		(26,026,125	)		(6,535,033	)		(8,184,628	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		94,871,036			790,357,567			945,279,952			225,617,802


NET ASSETS
Total increase (decrease) in net assets		(1,241,704,414	)		3,504,617,099			1,271,366,457			1,501,824,813
Beginning of year		9,848,582,370			6,343,965,271			3,209,612,641			1,707,787,828


End of year	$	8,606,877,956		$	9,848,582,370		$	4,480,979,098		$	3,209,612,641

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		45

Statements of Changes in Net Assets (continued)


	iShares Expanded Tech-Software Sector ETF						iShares North American Natural Resources ETF


	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(8,034,692	)	$	(4,994,506	)	$	14,672,372		$	11,307,892
Net realized gain (loss)		1,245,446,708			1,924,332,673			(5,041,185	)		(57,251,765	)
Net change in unrealized appreciation (depreciation)		(1,376,833,197	)		248,277,573			222,174,980			227,665,109


Net increase (decrease) in net assets resulting from operations		(139,421,181	)		2,167,615,740			231,806,167			181,721,236


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(1,076,738	)		(15,154,197	)		(12,822,042	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		492,759,205			(147,637,588	)		328,467,837			(66,573,691	)


NET ASSETS
Total increase in net assets		353,338,024			2,018,901,414			545,119,807			102,325,503
Beginning of year		5,050,052,460			3,031,151,046			397,021,911			294,696,408


End of year	$	5,403,390,484		$	5,050,052,460		$	942,141,718		$	397,021,911

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

See notes to financial statements.


46		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

Statements of Changes in Net Assets (continued)


	iShares North American Tech-Multimedia Networking ETF						iShares Semiconductor ETF


	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	265,882		$	295,055		$	59,455,111		$	40,983,638
Net realized gain (loss)		12,218,899			(288,243	)		1,557,162,546			1,417,069,739
Net change in unrealized appreciation (depreciation)		(2,027,174	)		23,978,068			(982,288,405	)		1,183,337,044


Net increase in net assets resulting from operations		10,457,607			23,984,880			634,329,252			2,641,390,421


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(284,071	)		(307,049	)		(61,257,081	)		(40,572,378	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		52,044,106			33,741,764			2,060,808,454			1,576,185,144


NET ASSETS
Total increase in net assets		62,217,642			57,419,595			2,633,880,625			4,177,003,187
Beginning of year		100,754,740			43,335,145			6,318,968,132			2,141,964,945


End of year	$	162,972,382		$	100,754,740		$	8,952,848,757		$	6,318,968,132

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		47

Financial Highlights

(For a share outstanding throughout each period)


	iShares Biotechnology ETF


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		03/31/22			03/31/21			03/31/20			03/31/19			03/31/18	^(a)


Net asset value, beginning of year	$	150.36		$	107.98		$	111.78		$	106.73		$	97.75


Net investment income^(b)		0.31			0.34			0.26			0.16			0.15
Net realized and unrealized gain (loss)^(c)		(20.15	)		42.43			(3.80	)		5.08			9.05


Net increase (decrease) from investment operations		(19.84	)		42.77			(3.54	)		5.24			9.20


Distributions^(d)
From net investment income		(0.31	)		(0.39	)		(0.26	)		(0.19	)		(0.22	)


Total distributions		(0.31	)		(0.39	)		(0.26	)		(0.19	)		(0.22	)


Net asset value, end of year	$	130.21		$	150.36		$	107.98		$	111.78		$	106.73


Total Return^(e)
Based on net asset value		(13.22	)%		39.63	%		(3.17	)%		4.92	%		9.41	%


Ratios to Average Net Assets^(f)
Total expenses		0.44	%		0.45	%		0.46	%		0.47	%		0.47	%


Net investment income		0.21	%		0.24	%		0.24	%		0.15	%		0.14	%


Supplemental Data
Net assets, end of year (000)	$	8,606,878		$	9,848,582		$	6,343,965		$	8,026,142		$	9,040,121


Portfolio turnover rate^(g)		46	%		34	%		29	%		18	%		26	%

^(a)	Per share amounts reflect a three-for-one stock split effective after the close of trading on November 30, 2017.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


48		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Expanded Tech Sector ETF


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		03/31/22			03/31/21			03/31/20			03/31/19			03/31/18


Net asset value, beginning of year	$	360.63		$	212.15		$	206.22		$	179.48		$	138.39


Net investment income^(a)		0.64			0.86			1.26			1.09			0.88
Net realized and unrealized gain^(b)		27.37			148.55			6.00			26.69			41.18


Net increase from investment operations		28.01			149.41			7.26			27.78			42.06


Distributions^(c)
From net investment income		(0.68	)		(0.93	)		(1.33	)		(1.04	)		(0.97	)


Total distributions		(0.68	)		(0.93	)		(1.33	)		(1.04	)		(0.97	)


Net asset value, end of year	$	387.96		$	360.63		$	212.15		$	206.22		$	179.48


Total Return^(d)
Based on net asset value		7.76	%		70.51	%		3.51	%		15.52	%		30.48	%


Ratios to Average Net Assets^(e)
Total expenses		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%


Net investment income		0.16	%		0.28	%		0.56	%		0.56	%		0.55	%


Supplemental Data
Net assets, end of year (000)	$	4,480,979		$	3,209,613		$	1,707,788		$	1,587,932		$	1,462,726


Portfolio turnover rate^(f)		8	%		9	%		10	%		8	%		6	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		49

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Expanded Tech-Software Sector ETF


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		03/31/22			03/31/21			03/31/20			03/31/19			03/31/18


Net asset value, beginning of year	$	341.22		$	209.77		$	210.77		$	169.69		$	126.45


Net investment income (loss)^(a)		(0.56	)		(0.31	)		1.28	^(b)		0.24			0.12
Net realized and unrealized gain (loss)^(c)		3.50			131.83			(1.06	)		41.10			43.23


Net increase from investment operations		2.94			131.52			0.22			41.34			43.35


Distributions^(d)
From net investment income		—			(0.07	)		(1.22	)		(0.26	)		(0.11	)


Total distributions		—			(0.07	)		(1.22	)		(0.26	)		(0.11	)


Net asset value, end of year	$	344.16		$	341.22		$	209.77		$	210.77		$	169.69


Total Return^(e)
Based on net asset value		0.86	%		62.70	%		0.13	%		24.39	%		34.30	%


Ratios to Average Net Assets^(f)
Total expenses		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%


Net investment income (loss)		(0.15	)%		(0.10	)%		0.57	%^(b)		0.13	%		0.08	%


Supplemental Data
Net assets, end of year (000)	$	5,403,390		$	5,050,052		$	3,031,151		$	2,729,463		$	1,357,537


Portfolio turnover rate^(g)		15	%		22	%		18	%		18	%		12	%

^(a)	Based on average shares outstanding.

^(b)	Includes a one-time special distribution from NortonLifeLock Inc. Excluding such special distribution, the net investment income would have been $(0.07) per share and (0.03)% of average net assets.

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

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

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

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


50		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares North American Natural Resources ETF


	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18


Net asset value, beginning of year		$	27.57			$	16.65			$	31.40			$	33.08			$	34.26


Net investment income^(a)			0.93				0.70				0.78				0.65				0.75
Net realized and unrealized gain (loss)^(b)			12.85				11.04				(13.82	)			(1.59	)			(1.16	)


Net increase (decrease) from investment operations			13.78				11.74				(13.04	)			(0.94	)			(0.41	)


Distributions^(c)
From net investment income			(0.91	)			(0.82	)			(1.71	)			(0.74	)			(0.77	)


Total distributions			(0.91	)			(0.82	)			(1.71	)			(0.74	)			(0.77	)


Net asset value, end of year		$	40.44			$	27.57			$	16.65			$	31.40			$	33.08


Total Return^(d)
Based on net asset value			50.84	%			71.57	%			(43.54	)%			(2.87	)%			(1.19	)%


Ratios to Average Net Assets^(e)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%


Net investment income			2.92	%			3.14	%			2.72	%			1.94	%			2.25	%


Supplemental Data
Net assets, end of year (000)		$	942,142			$	397,022			$	294,696			$	761,370			$	929,571


Portfolio turnover rate^(f)			15	%			14	%			16	%			12	%			7	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		51

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares North American Tech-Multimedia Networking ETF


	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18


Net asset value, beginning of year		$	67.17			$	43.34			$	56.49			$	51.48			$	45.54


Net investment income^(a)			0.16				0.29				0.26				0.23				0.30
Net realized and unrealized gain (loss)^(b)			6.91				23.83				(13.10	)			5.04				5.95


Net increase (decrease) from investment operations			7.07				24.12				(12.84	)			5.27				6.25


Distributions^(c)
From net investment income			(0.16	)			(0.29	)			(0.31	)			(0.26	)			(0.31	)


Total distributions			(0.16	)			(0.29	)			(0.31	)			(0.26	)			(0.31	)


Net asset value, end of year		$	74.08			$	67.17			$	43.34			$	56.49			$	51.48


Total Return^(d)
Based on net asset value			10.53	%			55.89	%			(22.80	)%			10.27	%			13.77	%


Ratios to Average Net Assets^(e)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%


Net investment income			0.22	%			0.52	%			0.47	%			0.44	%			0.63	%


Supplemental Data
Net assets, end of year (000)		$	162,972			$	100,755			$	43,335			$	132,758			$	64,349


Portfolio turnover rate^(f)			37	%			38	%			33	%			29	%			23	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


52		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Semiconductor ETF


	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18


Net asset value, beginning of year		$	424.09			$	204.97			$	189.61			$	180.13			$	136.85


Net investment income^(a)			3.56				3.35				3.13				2.66				1.51
Net realized and unrealized gain^(b)			48.37				218.90				15.50				9.12				43.32


Net increase from investment operations			51.93				222.25				18.63				11.78				44.83


Distributions^(c)
From net investment income			(3.57	)			(3.13	)			(3.27	)			(2.30	)			(1.55	)


Total distributions			(3.57	)			(3.13	)			(3.27	)			(2.30	)			(1.55	)


Net asset value, end of year		$	472.45			$	424.09			$	204.97			$	189.61			$	180.13


Total Return^(d)
Based on net asset value			12.23	%			108.93	%			9.80	%			6.61	%			32.91	%


Ratios to Average Net Assets^(e)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%


Net investment income			0.76	%			1.02	%			1.42	%			1.50	%			0.93	%


Supplemental Data
Net assets, end of year (000)		$	8,952,849			$	6,318,968			$	2,141,965			$	1,061,836			$	1,630,190


Portfolio turnover rate^(f)			32	%			23	%			14	%			26	%			20	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		53

Notes to Financial Statements

1.	ORGANIZATION

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

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



iShares ETF	Diversification Classification

Biotechnology^(a)		Non-diversified
Expanded Tech Sector		Non-diversified
Expanded Tech-Software Sector		Non-diversified
North American Natural Resources		Diversified
North American Tech-Multimedia Networking		Non-diversified
Semiconductor^(b)		Non-diversified

^(a)

Formerly the iShares Nasdaq Biotechnology ETF.

^(b)

Formerly the iShares PHLX Semiconductor ETF.

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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


54		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

Notes to Financial Statements (continued)

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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

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

•

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

•

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

•

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

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

4.	SECURITIES AND OTHER INVESTMENTS

Short Positions: From time to time, in order to track the performance of its benchmark index, a fund may sell non-index securities that will be received through corporate actions occurring on the opening of market trading on the following business day. A fund may also experience temporary short positions due to the timing of portfolio securities trades and in-kind redemption transactions. Such short positions are valued consistent with how securities are valued as described under Investment Valuation and Fair Value Measurements. The obligation to deliver the securities is recorded as a liability in the Statements of Assets and Liabilities and is equal to the current fair value


N O T E S T O F I N A N C I A L S T A T E M E N T S		55

Notes to Financial Statements (continued)

of the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealized appreciation (depreciation) in the Statements of Operations. Upon receipt of the securities related to the corporate actions or purchase of the securities related to the short position, a realized gain (loss) is recorded. Dividends or interest on securities sold short, if any, are reflected as an expense in the Statements of Operations. Details of the short positions, if any, are included in the schedules of Investments.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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


56		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

Notes to Financial Statements (continued)

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




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


Biotechnology
Barclays Bank PLC	$	27,234,514	$	27,234,514		$	—	$	—
Barclays Capital, Inc.		9,151,508		9,151,508			—		—
BMO Capital Markets Corp.		23,923		23,923			—		—
BNP Paribas SA		117,362,359		117,362,359			—		—
BofA Securities, Inc.		56,139,572		56,139,572			—		—
Citadel Clearing LLC		3,460,735		3,460,735			—		—
Citigroup Global Markets, Inc.		82,805,923		82,805,923			—		—
Credit Suisse Securities (USA) LLC		2,358,995		2,358,995			—		—
Deutsche Bank Securities, Inc.		78,469		78,469			—		—
Goldman Sachs & Co. LLC		36,327,361		36,327,361			—		—
HSBC Bank PLC		4,477,988		4,477,988			—		—
J.P. Morgan Securities LLC		191,958,652		191,958,652			—		—
Jefferies LLC		23,940,400		23,940,400			—		—
Mizuho Securities USA LLC		125,451		125,451			—		—
Morgan Stanley		116,021,971		116,021,971			—		—
National Financial Services LLC		10,554,969		10,554,969			—		—
Natixis SA		781,688		781,688			—		—
Nomura Securities International, Inc.		35,374		35,374			—		—
Pershing LLC		814,783		814,783			—		—
RBC Capital Markets LLC		23,130		23,130			—		—
Scotia Capital (USA), Inc.		1,542,460		1,542,460			—		—
SG Americas Securities LLC		548,847		548,847			—		—
State Street Bank & Trust Co.		5,895,826		5,895,826			—		—
Toronto-Dominion Bank		16,133,155		16,133,155			—		—
UBS AG		29,423,615		29,423,615			—		—
UBS Securities LLC		8,880,126		8,880,126			—		—
Virtu Americas LLC		258,401		258,401			—		—
Wells Fargo Bank N.A.		2,476,417		2,476,417			—		—
Wells Fargo Securities LLC		5,304,727		5,304,727			—		—


	$	754,141,339	$	754,141,339		$	—	$	—


Expanded Tech Sector
Barclays Bank PLC	$	6,841,957	$	6,841,957		$	—	$	—
BNP Paribas SA		11,654,983		11,654,983			—		—
BofA Securities, Inc.		329,670		329,670			—		—
Citigroup Global Markets, Inc.		2,205,224		2,205,224			—		—
Credit Suisse Securities (USA) LLC		15,483		15,483			—		—
Goldman Sachs & Co. LLC		603,283		603,283			—		—
J.P. Morgan Securities LLC		22,229,583		22,229,583			—		—
Morgan Stanley		3,475,237		3,475,237			—		—
National Financial Services LLC		403,504		403,504			—		—
Scotia Capital (USA), Inc.		463,995		463,995			—		—
SG Americas Securities LLC		164,223		164,223			—		—
Toronto-Dominion Bank		1,123,159		1,123,159			—		—
UBS AG		194,636		194,636			—		—
UBS Securities LLC		13,281,472		13,281,472			—		—
Wells Fargo Securities LLC		338,712		338,712			—		—


	$	63,325,121	$	63,325,121		$	—	$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		57

Notes to Financial Statements (continued)




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


Expanded Tech-Software Sector
Barclays Bank PLC	$	10,150,335	$	10,150,335		$	—	$	—
Barclays Capital, Inc.		4,080,320		4,080,320			—		—
BNP Paribas SA		73,222,596		73,222,596			—		—
BofA Securities, Inc.		16,678,996		16,678,996			—		—
Citadel Clearing LLC		336,982		336,982			—		—
Citigroup Global Markets, Inc.		14,268,656		14,268,656			—		—
Credit Suisse Securities (USA) LLC		595,200		595,200			—		—
Goldman Sachs & Co. LLC		30,681,148		30,681,148			—		—
ING Financial Markets LLC		179,865		179,865			—		—
J.P. Morgan Securities LLC		48,021,071		48,021,071			—		—
Jefferies LLC		921,082		921,082			—		—
Morgan Stanley		8,058,688		8,058,688			—		—
Nomura Securities International, Inc.		32,385		32,385			—		—
Scotia Capital (USA), Inc.		513		513			—		—
SG Americas Securities LLC		197,690		197,690			—		—
State Street Bank & Trust Co.		1,656,199		1,656,199			—		—
Toronto-Dominion Bank		118,857		118,857			—		—
UBS AG		1,584,242		1,584,242			—		—
UBS Securities LLC		708,480		708,480			—		—
Virtu Americas LLC		222,375		222,375			—		—
Wells Fargo Bank N.A.		6,039,240		6,039,240			—		—
Wells Fargo Securities LLC		56,564		56,564			—		—


	$	217,811,484	$	217,811,484		$	—	$	—

North American Natural Resources
Barclays Capital, Inc.	$	12,405	$	12,405		$	—	$	—
BNP Paribas SA		1,015,079		1,015,079			—		—
Citigroup Global Markets, Inc.		2,054,460		2,026,263			—		(28,197	)^(b)
Credit Suisse Securities (USA) LLC		723,502		710,757			—		(12,745	)^(b)
Morgan Stanley		360,584		360,584			—		—
SG Americas Securities LLC		81,839		81,839			—		—
Toronto-Dominion Bank		1,595,005		1,595,005			—		—
UBS AG		68,432		68,432			—		—
UBS Securities LLC		1,476,987		1,476,987			—		—
Wells Fargo Securities LLC		203,328		203,328			—		—


	$	7,591,621	$	7,550,679		$	—	$	(40,942	)

North American Tech-Multimedia Networking
Barclays Bank PLC	$	220,218	$	220,218		$	—	$	—
Barclays Capital, Inc.		1,602,988		1,602,988			—		—
BNP Paribas SA		222,125		222,125			—		—
Credit Suisse Securities (USA) LLC		139,449		139,449			—		—
Goldman Sachs & Co. LLC		212,760		209,548			—		(3,212	)^(b)
J.P. Morgan Securities LLC		1,310,613		1,310,613			—		—
National Financial Services LLC		212,741		212,741			—		—
Scotia Capital (USA), Inc.		246,800		246,800			—		—
UBS Securities LLC		136,640		136,640			—		—


	$	4,304,334	$	4,301,122		$	—	$	(3,212	)

Semiconductor
BofA Securities, Inc.	$	4,424,030	$	4,424,030		$	—	$	—
Goldman Sachs & Co. LLC		7,720,080		7,720,080			—		—
J.P. Morgan Securities LLC		107,843,488		107,843,488			—		—
Morgan Stanley		54,771,709		54,771,709			—		—
National Financial Services LLC		1,835,400		1,835,400			—		—
RBC Capital Markets LLC		985,416		985,416			—		—
Wells Fargo Securities LLC		244,623		244,623			—		—


	$	177,824,746	$	177,824,746		$	—	$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.


58		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

Notes to Financial Statements (continued)

^(b)

The market value of the loaned securities is determined as of March 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares Biotechnology ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets		Investment Advisory Fee

First $121 billion		0.4800%
Over $121 billion, up to and including $181 billion		0.4560
Over $181 billion, up to and including $231 billion		0.4332
Over $231 billion, up to and including $281 billion		0.4116
Over $281 billion		0.3910

For its investment advisory services to each of the iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources, iShares North American Tech-Multimedia Networking and iShares Semiconductor ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets		Investment Advisory Fee

First $10 billion		0.4800%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Prior to July 14, 2021, for its investment advisory services to each of the iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources, iShares North American Tech-Multimedia Networking and iShares PHLX Semiconductor ETFs, BFA was entitled to an annual investment advisory fee,


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

Notes to Financial Statements (continued)

accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets		Investment Advisory Fee

First $10 billion		0.480%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

Biotechnology	$	1,213,164
Expanded Tech Sector		66,198
Expanded Tech-Software Sector		287,873
North American Natural Resources		9,251
North American Tech-Multimedia Networking		5,253
Semiconductor		191,761

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.


60		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

Notes to Financial Statements (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended March 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Biotechnology	$	319,705,381	$	712,555,558	$	(122,522,215	)
Expanded Tech Sector		69,816,953		58,738,134		(541,727	)
Expanded Tech-Software Sector		149,312,964		268,494,239		(32,410,816	)
North American Natural Resources		20,886,837		15,919,429		(7,234,256	)
North American Tech-Multimedia Networking		24,487,108		19,257,144		1,952,191
Semiconductor		317,408,738		614,759,646		(52,636,105	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Biotechnology	$	4,560,989,947	$	4,551,730,423
Expanded Tech Sector		276,897,695		276,536,062
Expanded Tech-Software Sector		828,277,558		826,003,354
North American Natural Resources		79,565,278		77,094,103
North American Tech-Multimedia Networking		44,136,004		44,099,434
Semiconductor		2,477,316,054		2,494,150,020

For the year ended March 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Biotechnology	$	10,651,520,820	$	10,574,068,598
Expanded Tech Sector		1,484,663,450		539,052,545
Expanded Tech-Software Sector		15,738,069,434		15,246,341,191
North American Natural Resources		400,219,429		73,564,663
North American Tech-Multimedia Networking		106,040,245		54,065,172
Semiconductor		10,442,744,315		8,370,987,465

8.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.


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

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to net operating loss, distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

Biotechnology	$	1,338,157,110	$	(1,338,157,110	)
Expanded Tech Sector		347,760,650		(347,760,650	)
Expanded Tech-Software Sector		1,313,274,464		(1,313,274,464	)
North American Natural Resources		9,264,337		(9,264,337	)
North American Tech-Multimedia Networking		12,631,744		(12,631,744	)
Semiconductor		1,736,308,515		(1,736,308,515	)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 03/31/22	Year Ended 03/31/21

Biotechnology
Ordinary income	$20,365,764	$26,026,125

Expanded Tech Sector
Ordinary income	$ 6,535,033	$ 8,184,628

Expanded Tech-Software Sector
Ordinary income	$ —	$ 1,076,738

North American Natural Resources
Ordinary income	$15,154,197	$12,822,042

North American Tech-Multimedia Networking
Ordinary income	$ 284,071	$ 307,049

Semiconductor
Ordinary income	$61,257,081	$40,572,378

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total

Biotechnology	$	(2,130,904,723	)	$	(3,020,767,524	)	$	—		$	(5,151,672,247	)
Expanded Tech Sector		(16,755,133	)		1,315,526,997			—			1,298,771,864
Expanded Tech-Software Sector		(164,666,778	)		(1,525,937,290	)		(3,983,748	)		(1,694,587,816	)
North American Natural Resources		(490,461,147	)		95,092,221			—			(395,368,926	)
North American Tech-Multimedia Networking		(69,077,425	)		(586,964	)		—			(69,664,389	)
Semiconductor		(252,258,852	)		(170,177,301	)		—			(422,436,153	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:



iShares ETF	Utilized

Expanded Tech Sector	$	5,370,370
North American Tech-Multimedia Networking		1,297,680


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Notes to Financial Statements (continued)

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Biotechnology	$	12,431,416,230	$	134,152,345	$	(3,154,919,869	)	$	(3,020,767,524	)
Expanded Tech Sector		3,232,548,548		1,396,415,856		(80,888,859	)		1,315,526,997
Expanded Tech-Software Sector		7,156,103,063		28,365,795		(1,554,303,085	)		(1,525,937,290	)
North American Natural Resources		854,699,362		156,095,463		(61,004,873	)		95,090,590
North American Tech-Multimedia Networking		168,023,301		10,699,495		(11,286,459	)		(586,964	)
Semiconductor		9,308,150,860		356,391,283		(526,568,584	)		(170,177,301	)

9.	LINE OF CREDIT

The iShares Semiconductor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares Semiconductor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended March 31, 2022, the Fund did not borrow under the Credit Agreement or Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling


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

Notes to Financial Statements (continued)

illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:




	Year Ended 03/31/22						Year Ended 03/31/21


iShares ETF	Shares			Amount			Shares			Amount


Biotechnology
Shares sold		69,600,000		$	10,694,874,817			92,850,000		$	12,973,745,658
Shares redeemed		(69,000,000	)		(10,600,003,781	)		(86,100,000	)		(12,183,388,091	)


Net increase		600,000		$	94,871,036			6,750,000		$	790,357,567


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Notes to Financial Statements (continued)




	Year Ended 03/31/22						Year Ended 03/31/21


iShares ETF	Shares			Amount			Shares			Amount


Expanded Tech Sector
Shares sold		4,000,000		$	1,487,473,141			1,700,000		$	492,883,102
Shares redeemed		(1,350,000	)		(542,193,189	)		(850,000	)		(267,265,300	)


Net increase		2,650,000		$	945,279,952			850,000		$	225,617,802


Expanded Tech-Software Sector
Shares sold		41,050,000		$	15,779,096,632			35,650,000		$	10,854,261,767
Shares redeemed		(40,150,000	)		(15,286,337,427	)		(35,300,000	)		(11,001,899,355	)


Net increase (decrease)		900,000		$	492,759,205			350,000		$	(147,637,588	)


North American Natural Resources
Shares sold		11,400,000		$	402,445,296			4,800,000		$	110,829,085
Shares redeemed		(2,500,000	)		(73,977,459	)		(8,100,000	)		(177,402,776	)


Net increase (decrease)		8,900,000		$	328,467,837			(3,300,000	)	$	(66,573,691	)


North American Tech-Multimedia Networking
Shares sold		1,450,000		$	106,155,183			900,000		$	55,817,552
Shares redeemed		(750,000	)		(54,111,077	)		(400,000	)		(22,075,788	)


Net increase		700,000		$	52,044,106			500,000		$	33,741,764


Semiconductor
Shares sold		22,350,000		$	10,465,399,629			21,350,000		$	7,051,302,523
Shares redeemed		(18,300,000	)		(8,404,591,175	)		(16,900,000	)		(5,475,117,379	)


Net increase		4,050,000		$	2,060,808,454			4,450,000		$	1,576,185,144

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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


Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Biotechnology ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF and iShares Semiconductor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Biotechnology ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF and iShares Semiconductor ETF (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.


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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:



iShares ETF	Qualified Dividend Income

Biotechnology	$	59,105,329
Expanded Tech Sector		20,818,306
Expanded Tech-Software Sector		17,161,068
North American Natural Resources		17,216,304
North American Tech-Multimedia Networking		732,351
Semiconductor		91,385,484

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:



iShares ETF	Dividends-Received Deduction

Biotechnology		100.00	%
Expanded Tech Sector		100.00	%
North American Natural Resources		82.82	%
North American Tech-Multimedia Networking		100.00	%
Semiconductor		100.00	%


I M P O R T A N T T A X I N F O R M A T I O N		67

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Biotechnology ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF and iShares Semiconductor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

March 31, 2022



iShares ETF	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Biotechnology	$	0.306489	$	—	$	—	$	0.306489		100	%		—	%		—	%		100	%
Semiconductor		3.571783		—		—		3.571783		100			—			—			100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Biotechnology ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.


S U P P L E M E N T A L I N F O R M A T I O N		69

Supplemental Information (unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:



iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration

Biotechnology		$888,011		$415,203		$472,808		661		$108,694		$11,233


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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a)(65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).

Salim Ramji^(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).


^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		71

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).

Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).


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Trustee and Officer Information (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		73

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

NVS		Non-Voting Shares


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		75

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-AR-313-0322