iShares Trust


		SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Focused Value Factor ETF | FOVL | NYSE Arca

· iShares U.S. Aerospace & Defense ETF | ITA | Cboe BZX

· iShares U.S. Broker-Dealers & Securities Exchanges ETF | IAI | NYSE Arca

· iShares U.S. Healthcare Providers ETF | IHF | NYSE Arca

· iShares U.S. Home Construction ETF | ITB | Cboe BZX

· iShares U.S. Infrastructure ETF | IFRA | Cboe BZX

· iShares U.S. Insurance ETF | IAK | NYSE Arca

· iShares U.S. Medical Devices ETF | IHI | NYSE Arca

· iShares U.S. Oil & Gas Exploration & Production ETF | IEO | Cboe BZX

· iShares U.S. Oil Equipment & Services ETF | IEZ | NYSE Arca

· iShares U.S. Pharmaceuticals ETF | IHE | NYSE Arca

· iShares U.S. Real Estate ETF | IYR | NYSE Arca

· iShares U.S. Regional Banks ETF | IAT | NYSE Arca

· iShares U.S. Telecommunications ETF | IYZ | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Trust

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	9.18%	30.00%

U.S. small cap equities (Russell 2000^® Index)	(0.25)	47.68

International equities (MSCI Europe, Australasia, Far East Index)	4.70	25.73

Emerging market equities (MSCI Emerging Markets Index)	(3.45)	18.20

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	2.92	(6.22)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.88	(0.90)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.24	2.71

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	3.65	11.27

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


		Page


The Markets in Review		2

Fund Summary		4

About Fund Performance		18

Shareholder Expenses		18

Schedules of Investments		19

Financial Statements

Statements of Assets and Liabilities		57

Statements of Operations		61

Statements of Changes in Net Assets		65

Financial Highlights		72

Notes to Financial Statements		86

Board Review and Approval of Investment Advisory Contract		98

Supplemental Information		106

General Information		107

Glossary of Terms Used in this Report		108


Fund Summary as of September 30, 2021		iShares^® Focused Value Factor ETF

Investment Objective

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

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		4.59	%		76.87	%		7.56	%		76.87	%		20.30	%
Fund Market		4.61			76.81			7.59			76.81			20.41
Index		4.75			77.57			7.88			77.57			21.17

The inception date of the Fund was 3/19/19. The first day of secondary market trading was 3/21/19.

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 18 for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,045.90	$ 1.28			$ 1,000.00	$ 1,023.80	$ 1.27		0.25	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 18 for more information.

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Insurance			34.6%
Banks			21.2
Diversified Financials			17.5
Technology Hardware & Equipment			9.0
Retailing			8.1
Food & Staples Retailing			2.6
Health Care Equipment & Services			2.5
Utilities			2.3
Automobiles & Components			2.2

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Penske Automotive Group Inc.			3.3%
Dick’s Sporting Goods Inc.			3.0
Zions Bancorp. NA			2.9
New York Community Bancorp. Inc.			2.9
Hartford Financial Services Group Inc. (The)			2.8
MGIC Investment Corp.			2.7
First American Financial Corp.			2.7
Raymond James Financial Inc.			2.7
Janus Henderson Group PLC			2.7
Kroger Co. (The)			2.6

^(a)

Excludes money market funds.


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Fund Summary as of September 30, 2021		iShares^® U.S. Aerospace & Defense ETF

Investment Objective

The iShares U.S. Aerospace & Defense ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the aerospace and defense sector, as represented by the Dow Jones U.S. Select Aerospace & Defense 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

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		0.45	%		32.77	%		11.35	%		15.83	%		32.77	%		71.20	%		334.84	%
Fund Market		0.47			32.75			11.35			15.83			32.75			71.22			334.60
Index		0.65			33.32			11.85			16.32			33.32			75.04			353.63

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,004.50	$ 1.96			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Aerospace & Defense			97.3%
Industrial Machinery			2.0
Leisure Products			0.7

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Raytheon Technologies Corp.			20.6%
Boeing Co. (The)			19.3
Lockheed Martin Corp.			5.9
TransDigm Group Inc.			4.7
Northrop Grumman Corp.			4.4
Textron Inc.			4.3
General Dynamics Corp.			4.3
L3Harris Technologies Inc.			4.2
Howmet Aerospace Inc.			4.0
Axon Enterprise Inc.			3.8

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		iShares^® U.S. Broker-Dealers & Securities Exchanges ETF

Investment Objective

The iShares U.S. Broker-Dealers & Securities Exchanges ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the investment services sector, as represented by the Dow Jones U.S. Select Investment Services 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

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		14.00	%		70.67	%		22.22	%		20.01	%		70.67	%		172.67	%		519.81	%
Fund Market		14.04			70.42			22.24			20.02			70.42			172.94			520.28
Index		14.23			71.40			22.65			20.42			71.40			177.57			541.05

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,140.00	$ 2.09			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Investment Banking & Brokerage			77.3%
Financial Exchanges & Data			22.5
Asset Management & Custody Banks			0.2

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Morgan Stanley			21.8%
Goldman Sachs Group Inc. (The)			19.8
LPL Financial Holdings Inc.			5.0
Charles Schwab Corp. (The)			4.7
Raymond James Financial Inc.			4.7
CME Group Inc.			4.6
Cboe Global Markets Inc.			4.6
Nasdaq Inc.			4.5
Intercontinental Exchange Inc.			4.5
MarketAxess Holdings Inc.			4.3

^(a)

Excludes money market funds.


6		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® U.S. Healthcare Providers ETF

Investment Objective

The iShares U.S. Healthcare Providers ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the healthcare providers sector, as represented by the Dow Jones U.S. Select Health Care Providers 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

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		2.00	%		27.28	%		16.96	%		18.31	%		27.28	%		118.85	%		437.12	%
Fund Market		1.92			27.51			16.99			18.32			27.51			119.11			437.77
Index		2.16			27.73			17.42			18.75			27.73			123.25			457.39

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,020.00	$ 1.97			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Managed Health Care			45.8%
Health Care Services			34.4
Health Care Facilities			11.2
Health Care Technology			7.7
Life Sciences Tools & Services			0.9

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


UnitedHealth Group Inc.			22.1%
CVS Health Corp.			13.0
Anthem Inc.			10.3
Centene Corp.			4.7
HCA Healthcare Inc.			4.5
Humana Inc.			4.4
Cigna Corp.			4.4
Laboratory Corp. of America Holdings			3.9
Teladoc Health Inc.			2.9
Quest Diagnostics Inc.			2.6

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		iShares^® U.S. Home Construction ETF

Investment Objective

The iShares U.S. Home Construction ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the home construction sector, as represented by the Dow Jones U.S. Select Home Construction 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

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(2.25	)%		17.41	%		19.75	%		22.68	%		17.41	%		146.29	%		671.97	%
Fund Market		(2.26	)		17.40			19.76			22.69			17.40			146.36			673.06
Index		(2.05	)		17.88			20.26			23.21			17.88			151.57			706.53

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 977.50	$ 1.93			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Homebuilding			64.4%
Building Products			13.5
Home Improvement Retail			11.6
Specialty Chemicals			4.5
Home Furnishings			2.5
Trading Companies & Distributors			1.8
Other (each representing less than 1%)			1.7

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


DR Horton Inc.			13.9%
Lennar Corp., Class A			13.1
NVR Inc.			8.2
PulteGroup Inc.			6.1
Lowe’s Companies Inc.			4.8
Home Depot Inc. (The)			4.8
Sherwin-Williams Co. (The)			4.5
TopBuild Corp.			3.4
Toll Brothers Inc.			3.3
Masco Corp.			2.1

^(a)

Excludes money market funds.


8		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® U.S. Infrastructure ETF

Investment Objective

The iShares U.S. Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of equities of U.S. companies that have infrastructure exposure and that could benefit from a potential increase in domestic infrastructure activities, as represented by the NYSE^® FactSet U.S. Infrastructure Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(0.54	)%		42.80	%		11.34	%		42.80	%		45.59	%
Fund Market		(0.71	)		42.59			11.36			42.59			45.67
Index		(0.35	)		43.49			11.79			43.49			47.56

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 994.60	$ 2.00			$ 1,000.00	$ 1,023.10	$ 2.03		0.40	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Electric Utilities			18.5%
Construction & Engineering			12.1
Multi-Utilities			10.9
Building Products			7.1
Steel			7.1
Gas Utilities			6.4
Oil & Gas Storage & Transportation			5.9
Water Utilities			5.1
Commodity Chemicals			3.8
Construction Materials			3.0
Railroads			3.0
Construction Machinery & Heavy Trucks			3.0
Aluminum			1.9
Trading Companies & Distributors			1.8
Specialty Chemicals			1.8
Environmental & Facilities Services			1.2
Industrial Machinery			1.2
Other (each representing less than 1%)			6.2

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


EnLink Midstream LLC			0.9%
ONEOK Inc.			0.9
Equitrans Midstream Corp.			0.9
PG&E Corp.			0.8
Williams Companies Inc. (The)			0.8
Antero Midstream Corp.			0.8
Kinder Morgan Inc.			0.8
Otter Tail Corp.			0.8
DTE Midstream LLC			0.8
National Fuel Gas Co.			0.8

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		iShares^® U.S. Insurance ETF

Investment Objective

The iShares U.S. Insurance ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the insurance sector, as represented by the Dow Jones U.S. Select Insurance 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

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		6.55	%		43.74	%		10.46	%		14.25	%		43.74	%		64.41	%		278.98	%
Fund Market		6.37			43.49			10.45			14.25			43.49			64.36			278.93
Index		6.73			44.28			10.89			14.74			44.28			67.64			295.38

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,065.50	$ 2.02			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Property & Casualty Insurance			49.5%
Life & Health Insurance			27.6
Multi-line Insurance			13.8
Insurance Brokers			6.7
Reinsurance			1.3
Other Diversified Financial Services			1.1

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Chubb Ltd.			11.1%
Progressive Corp. (The)			7.7
American International Group Inc.			6.8
MetLife Inc.			6.6
Prudential Financial Inc.			5.9
Travelers Companies Inc. (The)			5.5
Arthur J Gallagher & Co.			4.6
Allstate Corp. (The)			4.4
Aflac Inc.			4.4
Hartford Financial Services Group Inc. (The)			3.7

^(a)

Excludes money market funds.


10		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® U.S. Medical Devices ETF

Investment Objective

The iShares U.S. Medical Devices ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the medical devices sector, as represented by the Dow Jones U.S. Select Medical Equipment 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

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		14.26	%		25.87	%		21.40	%		21.51	%		25.87	%		163.64	%		601.50	%
Fund Market		14.17			26.06			21.39			21.51			26.06			163.55			601.92
Index		14.48			26.35			21.91			22.02			26.35			169.28			631.47

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,142.60	$ 2.09			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Health Care Equipment			83.2%
Life Sciences Tools & Services			16.4
Health Care Supplies			0.4

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Thermo Fisher Scientific Inc.			13.2%
Abbott Laboratories			12.3
Danaher Corp.			11.4
Medtronic PLC			8.3
Stryker Corp.			4.5
Becton Dickinson and Co.			4.5
Edwards Lifesciences Corp.			4.4
Intuitive Surgical Inc.			4.4
Boston Scientific Corp.			4.1
IDEXX Laboratories Inc.			3.5

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		iShares^® U.S. Oil & Gas Exploration & Production ETF

Investment Objective

The iShares U.S. Oil & Gas Exploration & Production ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the oil and gas exploration and production sector, as represented by the Dow Jones U.S. Select Oil Exploration & Production 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

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		21.12	%		125.50	%		0.96	%		2.93	%		125.50	%		4.89	%		33.49	%
Fund Market		21.02			125.36			0.97			2.93			125.36			4.93			33.43
Index		21.39			126.52			1.37			3.35			126.52			7.05			38.96

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,211.20	$ 2.16			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Oil & Gas Exploration & Production			74.1%
Oil & Gas Refining & Marketing			19.2
Oil & Gas Storage & Transportation			6.7

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


ConocoPhillips			18.1%
EOG Resources Inc.			9.4
Marathon Petroleum Corp.			7.9
Pioneer Natural Resources Co.			7.5
Devon Energy Corp.			4.9
Hess Corp.			4.4
Valero Energy Corp.			4.3
Cheniere Energy Inc.			4.2
Phillips 66			4.1
Diamondback Energy Inc.			3.6

^(a)

Excludes money market funds.


12		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® U.S. Oil Equipment & Services ETF

Investment Objective

The iShares U.S. Oil Equipment & Services ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the oil equipment and services sector, as represented by the Dow Jones U.S. Select Oil Equipment & Services 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

	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years

Fund NAV		2.38	%		91.72	%		(17.30	)%		(9.35)%		91.72	%		(61.33	)%		(62.54	)%
Fund Market		2.38			91.98			(17.30	)		(9.35)		91.98			(61.32	)		(62.54	)
Index		2.54			92.90			(17.04	)		(9.08)		92.90			(60.70	)		(61.39	)

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,023.80	$ 1.98			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Oil & Gas Equipment & Services			87.3%
Oil & Gas Drilling			12.7

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Schlumberger NV			22.9%
Baker Hughes Co.			21.4
TechnipFMC PLC			4.9
Halliburton Co.			4.6
NOV Inc.			4.3
Helmerich & Payne Inc.			4.2
ChampionX Corp.			4.2
Transocean Ltd.			4.1
Cactus Inc., Class A			3.9
Patterson-UTI Energy Inc.			3.1

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		iShares^® U.S. Pharmaceuticals ETF

Investment Objective

The iShares U.S. Pharmaceuticals ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the pharmaceuticals sector, as represented by the Dow Jones U.S. Select Pharmaceuticals Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		4.02	%		13.73	%		5.56	%		12.27	%		13.73	%		31.08	%		218.05	%
Fund Market		3.95			13.68			5.60			12.28			13.68			31.32			218.35
Index		4.22			14.12			5.85			12.62			14.12			32.90			228.19

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,040.20	$ 1.99			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Pharmaceuticals			97.1%
Biotechnology			2.9

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Johnson & Johnson			22.4%
Pfizer Inc.			19.1
Merck & Co. Inc.			4.7
Elanco Animal Health Inc.			4.5
Catalent Inc.			4.5
Royalty Pharma PLC, Class A			4.4
Viatris Inc.			4.4
Zoetis Inc.			4.4
Bristol-Myers Squibb Co.			4.3
Eli Lilly & Co.			4.3

^(a)

Excludes money market funds.


14		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® U.S. Real Estate ETF

Investment Objective

The iShares U.S. Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the real estate sector, as represented by the Dow Jones U.S. Real Estate Capped Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		12.42	%		30.80	%		8.29	%		11.16	%		30.80	%		48.94	%		188.08	%
Fund Market		12.23			30.81			8.29			11.15			30.81			48.91			187.80
Index		12.64			30.86			8.66			11.65			30.86			51.49			200.95

Index performance through January 24, 2021 reflects the performance of the Dow Jones U.S. Real Estate IndexTM. Index performance beginning on January 25, 2021 reflects the performance of the Dow Jones U.S. Real Estate Capped IndexTM.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,124.20	$ 2.08			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Specialized REITs			37.7%
Residential REITs			15.3
Industrial REITs			10.7
Retail REITs			8.6
Health Care REITs			8.2
Office REITs			6.5
Real Estate Services			4.2
Mortgage REITs			2.7
Diversified REITs			2.5
Research & Consulting Services			2.5
Other (each representing less than 1%)			1.1

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


American Tower Corp.			8.6%
Prologis Inc.			6.6
Crown Castle International Corp.			5.3
Equinix Inc.			4.3
Public Storage			3.3
Simon Property Group Inc.			3.1
Digital Realty Trust Inc.			2.9
SBA Communications Corp.			2.6
Welltower Inc.			2.5
CoStar Group Inc.			2.5

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		iShares^® U.S. Regional Banks ETF

Investment Objective

The iShares U.S. Regional Banks ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the regional banks sector, as represented by the Dow Jones U.S. Select Regional Banks 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

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		7.97	%		88.98	%		14.18	%		15.27	%		88.98	%		94.04	%		314.11	%
Fund Market		7.91			89.04			14.18			15.27			89.04			94.10			314.23
Index		8.13			89.86			14.65			15.77			89.86			98.09			332.64

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,079.70	$ 2.03			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Regional Banks			86.2%
Diversified Banks			12.7
Thrifts & Mortgage Finance			1.1

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


PNC Financial Services Group Inc. (The)			13.2%
U.S. Bancorp.			12.7
Truist Financial Corp.			12.4
First Republic Bank/CA			5.4
Fifth Third Bancorp.			4.7
SVB Financial Group			4.7
Huntington Bancshares Inc./OH			3.7
KeyCorp			3.4
Regions Financial Corp.			3.3
Citizens Financial Group Inc.			3.3

^(a)

Excludes money market funds.


16		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® U.S. Telecommunications ETF

Investment Objective

The iShares U.S. Telecommunications ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the telecommunications sector, as represented by the Russell 1000 Telecommunications RIC 22.5/45 Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		1.60	%		22.69	%		2.86	%		7.53	%		22.69	%		15.16	%		106.68	%
Fund Market		1.85			22.76			2.88			7.52			22.76			15.26			106.58
Index^(a)		1.82			23.12			3.04			7.75			23.12			16.13			110.94
Dow Jones U.S. Select Telecommunications Index		2.22			23.61			3.12			7.79			23.61			16.59			111.77
Russell 1000 Telecommunications RIC 22.5/45 Capped Index^(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

^(a)

Index performance through September 19, 2021 reflects the performance of the Dow Jones U.S. Select Telecommunications Index. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Telecommunications RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Select Telecommunications Index as the underlying index of the fund.

^(b)

The inception date of the Russell 1000 Telecommunications RIC 22.5/45 Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through September 30, 2021 was -5.87%.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,016.00	$ 1.97			$ 1,000.00	$ 1,023.10	$ 1.98		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Communications Equipment			39.5%
Media			31.3
Diversified Telecommunication Services			22.3
Wireless Telecommunication Services			3.6
Entertainment			3.3

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Comcast Corp., Class A			16.1%
Cisco Systems Inc.			14.6
Verizon Communications Inc.			14.3
AT&T Inc.			4.7
Charter Communications Inc., Class A			3.6
T-Mobile U.S. Inc.			3.6
Viasat Inc.			3.5
Lumen Technologies Inc.			3.3
Motorola Solutions Inc.			3.3
Roku Inc.			3.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		17

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


18		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Focused Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Apparel Retail — 1.8%
Foot Locker Inc.		13,188	$	602,164


Asset Management & Custody Banks — 4.9%
Invesco Ltd.		30,406		733,089
Janus Henderson Group PLC		20,942		865,533


				1,598,622

Automobile Manufacturers — 2.2%
General Motors Co.^(a)		13,736		724,025


Automotive Retail — 3.3%
Penske Automotive Group Inc.		10,766		1,083,060


Consumer Finance — 5.1%
Ally Financial Inc.		16,308		832,524
Capital One Financial Corp.		5,254		850,990


				1,683,514

Food Retail — 2.6%
Kroger Co. (The)		21,215		857,722


Health Care Services — 2.5%
CVS Health Corp.		9,741		826,621


Independent Power Producers & Energy Traders — 2.3%
Vistra Corp.		43,814		749,219


Investment Banking & Brokerage — 7.4%
Raymond James Financial Inc.		9,385		866,048
Stifel Financial Corp.		12,531		851,606
Virtu Financial Inc., Class A		29,416		718,633


				2,436,287

Life & Health Insurance — 10.0%
Aflac Inc.		15,146		789,561
MetLife Inc.		13,580		838,294
Principal Financial Group Inc.		12,862		828,313
Prudential Financial Inc.		7,932		834,446


				3,290,614

Multi-line Insurance — 2.8%
Hartford Financial Services Group Inc. (The)		13,115		921,329


Property & Casualty Insurance — 19.1%
Allstate Corp. (The)		6,231		793,269
Arch Capital Group Ltd.^(a)		20,872		796,893
CNA Financial Corp.		17,867		749,699
Fidelity National Financial Inc.		18,701		847,903
First American Financial Corp.		13,036		874,064
Hanover Insurance Group Inc. (The)		5,992		776,683
Mercury General Corp.		12,514		696,654
Old Republic International Corp.		32,628		754,686


				6,289,851


Security	Shares		Value

Regional Banks — 15.5%
BOK Financial Corp.		9,385	$	840,427
First Horizon Corp.		47,034		766,184
KeyCorp.		39,359		850,941
People’s United Financial Inc.		47,419		828,410
Popular Inc.		10,830		841,166
Zions Bancorp. NA		15,376		951,621


				5,078,749

Reinsurance — 2.5%
Everest Re Group Ltd.		3,225		808,765


Specialty Stores — 3.0%
Dick’s Sporting Goods Inc.		8,112		971,574


Technology Distributors — 4.4%
Avnet Inc.		20,278		749,678
SYNNEX Corp.		6,675		694,867


				1,444,545

Technology Hardware, Storage & Peripherals — 4.5%
Hewlett Packard Enterprise Co.		55,744		794,352
Xerox Holdings Corp.		34,600		697,882


				1,492,234

Thrifts & Mortgage Finance — 5.6%
MGIC Investment Corp.		59,761		894,025
New York Community Bancorp. Inc.		73,753		949,201


				1,843,226


Total Common Stocks — 99.5% (Cost: $31,600,953)				32,702,121


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		80,000		80,000


Total Short -Term Investments — 0.2% (Cost: $80,000)				80,000


Total Investments in Securities — 99.7% (Cost: $31,680,953)				32,782,121

Other Assets, Less Liabilities — 0.3%				96,656


Net Assets — 100.0%			$	32,878,777

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Focused Value Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	167,200	$	—		$	(167,318	)^(b)	$	118	$	—	$	—		—	$	230	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		30,00	0^(b)		—			—		—		80,000		80,000		2			—


									$	118	$	—	$	80,000			$	232		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

E-Mini Financial Select Sector Index

12/17/21

$ 115

248

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)	$	248

^(a)

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(4,453	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	248

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	76,088

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


20		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Focused Value Factor ETF

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	32,702,121	$	—	$	—	$	32,702,121
Money Market Funds		80,000		—		—		80,000


	$	32,782,121	$	—	$	—	$	32,782,121


Derivative financial instruments^(a)
Assets
Futures Contracts	$	248	$	—	$	—	$	248

^(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		21

Schedule of Investments (unaudited)

September 30, 2021

iShares^® U.S. Aerospace & Defense ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 97.2%
AAR Corp.^(a)		284,524	$	9,227,113
Aerojet Rocketdyne Holdings Inc.		637,537		27,764,736
Aerovironment Inc.^(a)(b)		197,055		17,009,788
Axon Enterprise Inc.^(a)		562,053		98,370,516
Boeing Co. (The)^(a)		2,279,797		501,418,552
BWX Technologies Inc.		814,524		43,870,263
Curtiss-Wright Corp.		349,882		44,148,111
General Dynamics Corp.		565,073		110,771,260
HEICO Corp.		357,698		47,169,635
HEICO Corp., Class A		631,240		74,757,753
Hexcel Corp.^(a)		717,582		42,617,195
Howmet Aerospace Inc.		3,303,561		103,071,103
Huntington Ingalls Industries Inc.		343,528		66,321,516
Kaman Corp.		237,839		8,483,717
Kratos Defense & Security Solutions Inc.^(a)(b)		1,061,166		23,674,613
L3Harris Technologies Inc.		500,327		110,192,019
Lockheed Martin Corp.		444,070		153,248,557
Maxar Technologies Inc.^(b)		620,654		17,576,921
Mercury Systems Inc.^(a)		480,825		22,800,722
Moog Inc., Class A		250,652		19,107,202
National Presto Industries Inc.		43,567		3,575,979
Northrop Grumman Corp.		320,479		115,420,512
PAE Inc.^(a)(b)		536,095		3,205,848
Parsons Corp.^(a)(b)		228,361		7,709,467
Raytheon Technologies Corp.		6,239,138		536,316,303
Spirit AeroSystems Holdings Inc., Class A^(b)		902,266		39,871,135
Textron Inc.^(b)		1,622,211		113,246,550
TransDigm Group Inc.^(a)		197,429		123,308,231
Triumph Group Inc.^(a)		552,391		10,291,044
Virgin Galactic Holdings Inc.^(a)(b)		1,519,131		38,434,014


				2,532,980,375


Security	Shares		Value


Industrial Machinery — 2.0%
RBC Bearings Inc.^(a)(b)		243,268	$	51,621,469


Leisure Products — 0.7%
Smith & Wesson Brands Inc.		410,233		8,516,437
Sturm Ruger & Co. Inc.		150,484		11,102,710


				19,619,147


Total Common Stocks — 99.9% (Cost: $2,501,209,278)				2,604,220,991


Short-Term Investments

Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		63,664,525		63,696,357
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		2,540,000		2,540,000


				66,236,357


Total Short -Term Investments — 2.6% (Cost: $66,214,965)				66,236,357


Total Investments in Securities — 102.5% (Cost: $2,567,424,243)				2,670,457,348

Other Assets, Less Liabilities — (2.5)%				(64,365,809	)


Net Assets — 100.0%			$	2,606,091,539

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	51,365,314	$	12,336,690	^(a)	$	—		$	27,878	$	(33,525	)	$	63,696,357		63,664,525	$	112,677	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,820,000		—			(1,280,000	)^(a)		—		—			2,540,000		2,540,000		125			—


									$	27,878	$	(33,525	)	$	66,236,357			$	112,802		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® U.S. Aerospace & Defense ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
XAI Industrial Index		17		12/17/21	$	1,671	$	(74,306	)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	74,306

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(8,566	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(176,951	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	2,814,920

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

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	2,604,220,991		$	—	$	—	$	2,604,220,991
Money Market Funds		66,236,357			—		—		66,236,357


	$	2,670,457,348		$	—	$	—	$	2,670,457,348


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(74,306	)	$	—	$	—	$	(74,306	)

^(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 (unaudited)

September 30, 2021

iShares^® U.S. Broker-Dealers & Securities Exchanges ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Asset Management & Custody Banks — 0.2%
Diamond Hill Investment Group Inc.		12,032	$	2,113,541


Financial Exchanges & Data — 22.5%
Cboe Global Markets Inc.		324,527		40,195,914
CME Group Inc.		209,560		40,524,713
Intercontinental Exchange Inc.		339,087		38,933,969
MarketAxess Holdings Inc.		89,857		37,801,941
Nasdaq Inc.		204,618		39,495,367


				196,951,904

Investment Banking & Brokerage — 77.2%
B. Riley Financial Inc.		59,857		3,533,957
BGC Partners Inc., Class A		1,272,875		6,631,679
Charles Schwab Corp. (The)		567,387		41,328,469
Cowen Inc., Class A		108,576		3,725,243
Evercore Inc., Class A		148,562		19,858,283
Goldman Sachs Group Inc. (The)		458,856		173,461,334
Houlihan Lokey Inc.		189,814		17,481,869
Interactive Brokers Group Inc., Class A		327,222		20,399,019
Jefferies Financial Group Inc.		740,362		27,489,641
Lazard Ltd., Class A		422,446		19,348,027
LPL Financial Holdings Inc.		277,509		43,502,311
Moelis & Co., Class A		228,549		14,140,327
Morgan Stanley		1,960,137		190,740,931
Piper Sandler Cos		53,545		7,413,841
PJT Partners Inc., Class A		91,565		7,243,707


Security	Shares		Value


Investment Banking & Brokerage (continued)
Raymond James Financial Inc.		444,000	$	40,972,320
Stifel Financial Corp.		392,558		26,678,242
StoneX Group Inc.^(a)		63,031		4,153,743
Virtu Financial Inc., Class A		334,215		8,164,872


				676,267,815


Total Common Stocks — 99.9% (Cost: $830,646,793)				875,333,260


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		1,130,000		1,130,000


Total Short -Term Investments — 0.1% (Cost: $1,130,000)				1,130,000


Total Investments in Securities — 100.0% (Cost: $831,776,793)				876,463,260

Other Assets, Less Liabilities — (0.0)%				(135,027	)


Net Assets — 100.0%			$	876,328,233

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	760,000	$	370,000	^(a)	$	—	$	—	$	—	$	1,130,000		1,130,000	$	39	$	—

^(a)

Represents net amount purchased (sold).

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 Financial Select Sector Index		5		12/17/21	$	577	$	(2,174	)
Russell 2000 E-Mini Index		3		12/17/21		330		(5,158	)


							$	(7,332	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® U.S. Broker-Dealers & Securities Exchanges 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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	7,332

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	69,918


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	3,113

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	781,037

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

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	875,333,260		$	—	$	—	$	875,333,260
Money Market Funds		1,130,000			—		—		1,130,000


	$	876,463,260		$	—	$	—	$	876,463,260

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(7,332	)	$	—	$	—	$	(7,332	)

^(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		25

Schedule of Investments (unaudited)

September 30, 2021

iShares^® U.S. Healthcare Providers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Health Care Facilities — 11.2%
Acadia Healthcare Co. Inc.^(a)(b)		149,272	$	9,520,568
Brookdale Senior Living Inc.^(a)		308,408		1,942,970
Community Health Systems Inc.^(a)		205,726		2,406,994
Encompass Health Corp.		165,286		12,403,062
Ensign Group Inc. (The)		87,010		6,516,179
Hanger Inc.^(a)		61,219		1,344,369
HCA Healthcare Inc.		212,558		51,592,078
National HealthCare Corp.		22,545		1,577,699
Pennant Group Inc. (The)^(a)		44,877		1,260,595
Select Medical Holdings Corp.		176,600		6,387,622
Surgery Partners Inc.^(a)(b)		49,196		2,082,959
Tenet Healthcare Corp.^(a)		177,828		11,814,892
U.S. Physical Therapy Inc.		21,392		2,365,955
Universal Health Services Inc., Class B		126,034		17,439,325


				128,655,267

Health Care Services — 34.4%
1Life Healthcare Inc.^(a)(b)		192,279		3,893,650
Accolade Inc.^(a)		95,473		4,026,096
Addus HomeCare Corp.^(a)		26,511		2,114,252
Agiliti Inc.^(a)		45,569		867,634
Amedisys Inc.^(a)		54,205		8,081,965
Apollo Medical Holdings Inc.^(a)		62,509		5,691,444
Castle Biosciences Inc.^(a)		38,825		2,581,863
Chemed Corp.		26,131		12,154,051
Cigna Corp.		253,474		50,735,356
CorVel Corp.^(a)		15,659		2,916,019
CVS Health Corp.		1,763,400		149,642,124
DaVita Inc.^(a)		111,413		12,952,875
Fulgent Genetics Inc.^(a)(b)		31,828		2,862,929
Guardant Health Inc.^(a)(b)		168,268		21,035,183
Hims & Hers Health Inc.^(a)		204,464		1,541,659
Laboratory Corp. of America Holdings^(a)		160,628		45,207,144
LHC Group Inc.^(a)(b)		52,607		8,254,564
MEDNAX Inc.^(a)		143,341		4,075,185
ModivCare Inc.^(a)(b)		20,442		3,712,676
Option Care Health Inc.^(a)(b)		230,678		5,596,248
Premier Inc., Class A		203,101		7,872,195
Privia Health Group Inc.^(a)		33,463		788,388
Quest Diagnostics Inc.		202,955		29,491,391
R1 RCM Inc.^(a)(b)		222,351		4,893,946
RadNet Inc.^(a)		73,461		2,153,142
Signify Health Inc., Class A^(a)(b)		39,181		700,164
Tivity Health Inc.^(a)(b)		73,587		1,696,916


				395,539,059

Health Care Technology — 7.7%
American Well Corp., Class A^(a)(b)		297,905		2,713,915
Certara Inc.^(a)		154,639		5,118,551
Change Healthcare Inc.^(a)		410,068		8,586,824
GoodRx Holdings Inc., Class A^(a)(b)		106,501		4,368,671


Security	Shares		Value


Health Care Technology (continued)
Health Catalyst Inc.^(a)(b)		84,464	$	4,224,045
HealthStream Inc.^(a)		42,044		1,201,618
Inovalon Holdings Inc., Class A^(a)(b)		129,991		5,237,337
Inspire Medical Systems Inc.^(a)		45,302		10,549,930
Multiplan Corp.^(a)(b)		420,867		2,369,481
Phreesia Inc.^(a)(b)		83,919		5,177,802
Schrodinger Inc.^(a)(b)		77,439		4,234,364
Tabula Rasa HealthCare Inc.^(a)(b)		38,343		1,004,970
Teladoc Health Inc.^(a)(b)		264,527		33,544,669


				88,332,177

Life Sciences Tools & Services — 0.9%
NeoGenomics Inc.^(a)		204,010		9,841,442


Managed Health Care — 45.8%
Anthem Inc.		319,088		118,956,006
Centene Corp.^(a)		860,480		53,616,509
Clover Health Investments Corp.^(a)(b)		332,431		2,456,665
HealthEquity Inc.^(a)(b)		138,518		8,970,426
Humana Inc.		130,789		50,896,539
Magellan Health Inc.^(a)(b)		38,643		3,653,696
Molina Healthcare Inc.^(a)		97,009		26,319,512
Progyny Inc.^(a)		114,339		6,402,984
Triple-S Management Corp.^(a)		39,634		1,401,854
UnitedHealth Group Inc.		650,969		254,359,627


				527,033,818


Total Common Stocks — 100.0% (Cost: $1,048,037,928)				1,149,401,763


Short-Term Investments

Money Market Funds — 4.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		55,705,924		55,733,777
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		820,000		820,000


				56,553,777


Total Short -Term Investments — 4.9% (Cost: $56,536,643)				56,553,777


Total Investments in Securities — 104.9% (Cost: $1,104,574,571)				1,205,955,540

Other Assets, Less Liabilities — (4.9)%				(55,937,885	)


Net Assets — 100.0%			$	1,150,017,655

^(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.


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® U.S. Healthcare Providers ETF

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	59,045,877	$	—	$	(3,309,484	)^(a)	$	(1,194	)	$	(1,422	)	$	55,733,777		55,705,924	$	84,110	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,150,000		—		(330,000	)^(a)		—			—			820,000		820,000		48			—


								$	(1,194	)	$	(1,422	)	$	56,553,777			$	84,158		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)