LOGO

  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.

 

 

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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.

 

 

 

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

Performance

 

    Average Annual Total Returns            Cumulative Total Returns  
     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 IndexTM. Index Performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Sector IndexTM.

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

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

 

  (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

  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.

 

 

 

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

Performance

 

    Average Annual Total Returns            Cumulative Total Returns  
     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 IndexTM. Index performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Software IndexTM.

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

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

 

  (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

  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.

 

 

 

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

Performance

 

    Average Annual Total Returns            Cumulative Total Returns  
     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.

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

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

 

  (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

  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.

 

 

 

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

Performance

 

    Average Annual Total Returns            Cumulative Total Returns  
     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

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

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

 

  (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

  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.

 

 

 

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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%.

 

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

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

 

  (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

  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  

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About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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

    5       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

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

  $ 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) 

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 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) 

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

   $ (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

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

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

 

                                                                                                   

 

 
    Level 1     Level 2     Level 3     Total  

 

 

Investments

       

Assets

       

Common Stocks

  $ 4,480,291,977     $     $     $ 4,480,291,977  

Money Market Funds

    67,783,568                   67,783,568