UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: March 31, 2022

Date of reporting period: September 30, 2021

Item 1 – Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares S&P 100 ETF | OEF | NYSE Arca

·  iShares S&P 500 Growth ETF | IVW | NYSE Arca

·  iShares S&P 500 Value ETF | IVE | NYSE Arca

·  iShares S&P Mid-Cap 400 Growth ETF | IJK | NYSE Arca

·  iShares S&P Mid-Cap 400 Value ETF | IJJ | NYSE Arca

·  iShares S&P Small-Cap 600 Growth ETF | IJT | NASDAQ

·  iShares S&P Small-Cap 600 Value ETF | IJS | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Trust

Rob Kapito

President, BlackRock, Inc.

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	11
Shareholder Expenses	11
Schedules of Investments	12
Financial Statements
Statements of Assets and Liabilities	59
Statements of Operations	61
Statements of Changes in Net Assets	63
Financial Highlights	67
Notes to Financial Statements	74
Board Review and Approval of Investment Advisory Contract	85
Supplemental Information	97
General Information	98
Glossary of Terms Used in this Report	99

Fund Summary as of September 30, 2021 iShares^® S&P 100 ETF

Investment Objective

The iShares S&P 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities, as represented by the S&P 100^® (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		10.40	%		28.38	%		17.66	%	16.69%		28.38	%		125.46	%	367.93%
Fund Market		10.42			28.44			17.66		16.68		28.44			125.51		367.89
Index		10.52			28.62			17.89		16.92		28.62			127.68		377.58

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 11 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/21)	(09/30/21)	the Period	(a)	(04/01/21)	(09/30/21)	the Period	(a)	Ratio
$       1,000.00	$      1,104.00	$         1.05		$      1,000.00	$      1,024.10	$         1.01		0.20	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	32.1%
Communication Services	15.5
Consumer Discretionary	13.9
Health Care	11.9
Financials	9.9
Consumer Staples	6.5
Industrials	5.0
Energy	2.2
Utilities	1.4
Other (each representing less than 1%)	1.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	9.1%
Microsoft Corp.	8.7
Amazon.com Inc.	5.9
Facebook Inc., Class A	3.3
Alphabet Inc., Class A	3.3
Alphabet Inc., Class C	3.1
Tesla Inc.	2.6
NVIDIA Corp.	2.1
Berkshire Hathaway Inc., Class B	2.1
JPMorgan Chase & Co.	2.0

4 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^® S&P 500 Growth ETF

Investment Objective

The iShares S&P 500 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 500 Growth 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		13.90	%		28.62	%		20.93	%	18.74%		28.62	%		158.61	%	457.04%
Fund Market		13.82			28.77			20.93		18.73		28.77			158.61		456.79
Index		14.02			28.86			21.15		18.96		28.86			160.95		467.43

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 11 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/21)	(09/30/21)	the Period	(a)	(04/01/21)	(09/30/21)	the Period	(a)	Ratio
$       1,000.00	$      1,139.00	$         0.97		$      1,000.00	$      1,024.20	$         0.91		0.18	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	41.7%
Consumer Discretionary	16.4
Communication Services	15.5
Health Care	11.9
Industrials	5.2
Consumer Staples	3.1
Financials	2.9
Materials	1.7
Real Estate	1.1
Other (each representing less than 1%)	0.5

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	11.3%
Microsoft Corp.	10.8
Amazon.com Inc.	7.3
Facebook Inc., Class A	4.1
Alphabet Inc., Class A	4.1
Alphabet Inc., Class C	3.8
Tesla Inc.	3.2
NVIDIA Corp.	2.6
PayPal Holdings Inc.	1.6
Adobe Inc.	1.4

F U N D   S U M M A R Y 5

Fund Summary as of September 30, 2021 iShares^® S&P 500 Value ETF

Investment Objective

The iShares S&P 500 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 500 Value 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	%		31.76	%		11.52	%	13.57%		31.76	%		72.48	%	257.00%
Fund Market		3.92			31.98			11.52		13.57		31.98			72.52		256.95
Index		4.10			32.02			11.70		13.77		32.02			73.86		263.15

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 11 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/21)	(09/30/21)	the Period	(a)	(04/01/21)	(09/30/21)	the Period	(a)	Ratio
$       1,000.00	$      1,040.20	$         0.92		$      1,000.00	$      1,024.20	$        0.91		0.18	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	21.3%
Health Care	14.9
Industrials	11.3
Information Technology	11.2
Consumer Staples	8.9
Consumer Discretionary	7.6
Communication Services	6.4
Energy	5.9
Utilities	4.8
Real Estate	4.3
Materials	3.4

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Berkshire Hathaway Inc., Class B	3.0%
JPMorgan Chase & Co.	2.9
Bank of America Corp.	1.9
Walt Disney Co. (The)	1.8
Johnson & Johnson	1.5
Exxon Mobil Corp.	1.5
Pfizer Inc.	1.4
Cisco Systems Inc.	1.4
Verizon Communications Inc.	1.3
Intel Corp.	1.3

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^® S&P Mid-Cap 400 Growth ETF

Investment Objective

The iShares S&P Mid-Cap 400 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P MidCap 400 Growth 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		1.31	%		33.01	%		13.71	%	14.54%		33.01	%		90.09	%	288.77%
Fund Market		1.30			33.21			13.72		14.55		33.21			90.21		289.01
Index		1.41			33.26			13.96		14.78		33.26			92.20		296.81

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 11 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/21)	(09/30/21)	the Period	(a)	(04/01/21)	(09/30/21)	the Period	(a)	Ratio
$       1,000.00	$      1,013.10	$         0.86		$        1,000.00	$      1,024.20	$         0.86		0.17	%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	20.4%
Industrials	20.1
Consumer Discretionary	17.6
Health Care	16.4
Financials	7.5
Real Estate	5.7
Materials	4.8
Consumer Staples	2.7
Communication Services	2.4
Energy	1.8
Utilities	0.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
FactSet Research Systems Inc.	1.4%
Repligen Corp.	1.4
Cognex Corp.	1.3
SolarEdge Technologies Inc.	1.3
Masimo Corp.	1.3
Williams-Sonoma Inc.	1.2
Graco Inc.	1.1
Trex Co. Inc.	1.1
Darling Ingredients Inc.	1.1
Axon Enterprise Inc.	1.1

F U N D   S U M M A R Y 7

Fund Summary as of September 30, 2021 iShares^® S&P Mid-Cap 400 Value ETF

Investment Objective

The iShares S&P Mid-Cap 400 Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P MidCap 400 Value 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		2.07	%		55.40	%		11.20	%	14.11%		55.40	%		70.04	%	274.38%
Fund Market		1.96			55.36			11.20		14.11		55.36			70.02		274.37
Index		2.18			55.72			11.45		14.36		55.72			71.98		282.45

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 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning	Ending	Expenses		Beginning	Ending	Expenses		Annualized
	Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
	(04/01/21)	(09/30/21)	the Period	(a)	(04/01/21)	(09/30/21)	the Period	(a)	Ratio
	$       1,000.00	$      1,020.70	$         0.91		$       1,000.00	$      1,024.20	$         0.91		0.18	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	21.3%
Industrials	16.6
Real Estate	13.3
Consumer Discretionary	13.2
Information Technology	8.9
Materials	6.9
Health Care	5.8
Utilities	5.5
Consumer Staples	4.1
Energy	3.3
Communication Services	1.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Jones Lang LaSalle Inc.	1.0%
Steel Dynamics Inc.	0.9
East West Bancorp. Inc.	0.9
Signature Bank/New York NY	0.9
Lear Corp.	0.8
AECOM	0.7
Reliance Steel & Aluminum Co.	0.7
First Horizon Corp.	0.7
UGI Corp.	0.7
Owens Corning	0.7

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^® S&P Small-Cap 600 Growth ETF

Investment Objective

The iShares S&P Small-Cap 600 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P SmallCap 600 Growth 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		2.12	%		48.68	%		14.68	%	16.08%		48.68	%		98.39	%	344.33%
Fund Market		1.80			48.48			14.67		16.08		48.48			98.24		344.36
Index		2.21			48.99			14.96		16.29		48.99			100.78		352.19

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 11 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/21)	(09/30/21)	the Period	(a)	(04/01/21)	(09/30/21)	the Period	(a)	Ratio
$       1,000.00	$      1,021.20	$         0.91		$       1,000.00	$      1,024.20	$         0.91		0.18	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	19.9%
Health Care	18.4
Industrials	16.8
Consumer Discretionary	14.0
Financials	11.2
Real Estate	5.6
Consumer Staples	4.8
Materials	4.3
Energy	2.7
Communication Services	1.2
Utilities	1.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Chart Industries Inc.	1.4%
Omnicell Inc.	1.3
Stamps.com Inc.	1.3
Power Integrations Inc.	1.2
NeoGenomics Inc.	1.2
Exponent Inc.	1.2
SPS Commerce Inc.	1.2
Innovative Industrial Properties Inc.	1.2
Balchem Corp.	1.0
ExlService Holdings Inc.	0.9

F U N D   S U M M A R Y 9

Fund Summary as of September 30, 2021 iShares^® S&P Small-Cap 600 Value ETF

Investment Objective

The iShares S&P Small-Cap 600 Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P SmallCap 600 Value 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		0.83	%		66.23	%		11.73	%	14.77%		66.23	%		74.10	%	296.68%
Fund Market		0.66			66.24			11.75		14.79		66.24			74.27		297.13
Index		0.95			66.65			11.91		14.96		66.65			75.56		303.23

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 11 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/21)	(09/30/21)	the Period	(a)	(04/01/21)	(09/30/21)	the Period	(a)	Ratio
$       1,000.00	$      1,008.30	$         0.91		$       1,000.00	$      1,024.20	$         0.91		0.18	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	24.6%
Industrials	16.7
Consumer Discretionary	13.2
Real Estate	10.1
Information Technology	7.4
Energy	6.9
Health Care	6.9
Materials	5.9
Consumer Staples	3.9
Communication Services	2.2
Utilities	2.2

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Macy’s Inc.	1.3%
PDC Energy Inc.	0.8
Signet Jewelers Ltd.	0.8
Pacific Premier Bancorp. Inc.	0.7
BankUnited Inc.	0.7
Asbury Automotive Group Inc.	0.7
First Hawaiian Inc.	0.7
Resideo Technologies Inc.	0.6
Ameris Bancorp.	0.6
Investors Bancorp. Inc.	0.6

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

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

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 11

Schedule of Investments (unaudited)  September 30, 2021 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Boeing Co. (The)(a)		181,615	$	39,944,403
General Dynamics Corp.		76,701		15,035,697
Lockheed Martin Corp.		81,234		28,033,853
Raytheon Technologies Corp.		497,025		42,724,269
				125,738,222
Air Freight & Logistics — 0.8%
FedEx Corp.		80,952		17,751,964
United Parcel Service Inc., Class B		240,058		43,714,562
				61,466,526
Automobiles — 3.1%
Ford Motor Co.(a)		1,292,577		18,302,891
General Motors Co.(a)		479,369		25,267,540
Tesla Inc.(a)		267,463		207,412,207
				250,982,638
Banks — 5.0%
Bank of America Corp.		2,440,868		103,614,847
Citigroup Inc.		668,067		46,884,942
JPMorgan Chase & Co.		984,953		161,226,957
U.S. Bancorp.		444,598		26,426,905
Wells Fargo & Co.		1,353,552		62,818,348
				400,971,999
Beverages — 1.7%
Coca-Cola Co. (The)		1,280,556		67,190,773
PepsiCo Inc.		455,572		68,522,585
				135,713,358
Biotechnology — 1.8%
AbbVie Inc.		582,495		62,833,736
Amgen Inc.		187,175		39,802,764
Biogen Inc.(a)		48,983		13,861,699
Gilead Sciences Inc.		413,484		28,881,857
				145,380,056
Capital Markets — 1.8%
Bank of New York Mellon Corp. (The)		262,520		13,609,037
BlackRock Inc.(b)		47,157		39,548,690
Goldman Sachs Group Inc. (The)		111,114		42,004,425
Morgan Stanley		481,128		46,818,566
				141,980,718
Chemicals — 0.9%
Dow Inc.		245,821		14,149,457
DuPont de Nemours Inc.		172,912		11,756,287
Linde PLC		170,219		49,938,850
				75,844,594
Communications Equipment — 0.9%
Cisco Systems Inc.		1,389,083		75,607,788
Consumer Finance — 0.7%
American Express Co.		212,107		35,534,286
Capital One Financial Corp.		146,963		23,803,597
				59,337,883
Diversified Financial Services — 2.1%
Berkshire Hathaway Inc., Class B(a)		611,005		166,767,705
Diversified Telecommunication Services — 1.7%
AT&T Inc.		2,353,481		63,567,522
Verizon Communications Inc.		1,364,662		73,705,394
				137,272,916

Security	Shares		Value
Electric Utilities — 1.4%
Duke Energy Corp.		253,589	$	24,747,750
Exelon Corp.		322,158		15,573,118
NextEra Energy Inc.		646,633		50,773,623
Southern Co. (The)		348,972		21,625,795
				112,720,286
Electrical Equipment — 0.2%
Emerson Electric Co.		197,127		18,569,363
Entertainment — 2.4%
Netflix Inc.(a)		145,888		89,041,282
Walt Disney Co. (The)(a)		598,960		101,326,063
				190,367,345
Equity Real Estate Investment Trusts (REITs) — 0.7%
American Tower Corp.		150,023		39,817,604
Simon Property Group Inc.		108,316		14,077,831
				53,895,435
Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		145,714		65,476,586
Walgreens Boots Alliance Inc.		236,628		11,133,347
Walmart Inc.		471,057		65,655,925
				142,265,858
Food Products — 0.4%
Kraft Heinz Co. (The)		222,436		8,190,094
Mondelez International Inc., Class A		460,734		26,805,504
				34,995,598
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		584,354		69,029,738
Danaher Corp.		209,430		63,758,869
Medtronic PLC		442,976		55,527,042
				188,315,649
Health Care Providers & Services — 2.0%
CVS Health Corp.		434,957		36,910,451
UnitedHealth Group Inc.		310,804		121,443,555
				158,354,006
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings Inc.(a)		13,534		32,127,957
McDonald’s Corp.		246,159		59,351,396
Starbucks Corp.		388,654		42,872,423
				134,351,776
Household Products — 1.6%
Colgate-Palmolive Co.		278,267		21,031,420
Procter & Gamble Co. (The)		800,126		111,857,615
				132,889,035
Industrial Conglomerates — 1.5%
3M Co.		190,603		33,435,578
General Electric Co.		361,432		37,238,339
Honeywell International Inc.		227,569		48,308,347
				118,982,264
Insurance — 0.4%
American International Group Inc.		282,378		15,499,728
MetLife Inc.		239,402		14,778,286
				30,278,014
Interactive Media & Services — 9.7%
Alphabet Inc., Class A(a)		99,243		265,328,145
Alphabet Inc., Class C, NVS(a)		92,870		247,527,340
Facebook Inc., Class A(a)		785,750		266,675,693
				779,531,178

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail — 5.8%
Amazon.com Inc.(a)		143,562	$	471,606,912
IT Services — 5.4%
Accenture PLC, Class A		209,024		66,870,958
International Business Machines Corp.		295,444		41,046,035
Mastercard Inc., Class A		287,150		99,836,312
PayPal Holdings Inc.(a)		387,313		100,782,716
Visa Inc., Class A		556,279		123,911,147
				432,447,168
Life Sciences Tools & Services — 0.9%
Thermo Fisher Scientific Inc.		129,678		74,088,932
Machinery — 0.4%
Caterpillar Inc.		180,457		34,642,330
Media — 1.4%
Charter Communications Inc., Class A(a)		41,808		30,417,829
Comcast Corp., Class A		1,509,752		84,440,429
				114,858,258
Multiline Retail — 0.5%
Target Corp.		163,071		37,305,753
Oil, Gas & Consumable Fuels — 2.2%
Chevron Corp.		637,454		64,669,708
ConocoPhillips		441,354		29,910,560
Exxon Mobil Corp.		1,395,463		82,081,134
				176,661,402
Pharmaceuticals — 4.8%
Bristol-Myers Squibb Co.		732,451		43,339,125
Eli Lilly & Co.		261,705		60,466,940
Johnson & Johnson		867,716		140,136,134
Merck & Co. Inc.		834,390		62,671,033
Pfizer Inc.		1,848,072		79,485,577
				386,098,809
Road & Rail — 0.5%
Union Pacific Corp.		214,952		42,132,741
Semiconductors & Semiconductor Equipment — 5.1%
Broadcom Inc.		135,230		65,577,084
Intel Corp.		1,337,265		71,249,479
NVIDIA Corp.		821,411		170,163,503
QUALCOMM Inc.		371,810		47,956,054
Texas Instruments Inc.		304,308		58,491,040
				413,437,160

Security	Shares		Value
Software — 11.5%
Adobe Inc.(a)		157,031	$	90,405,887
Microsoft Corp.		2,477,052		698,330,500
Oracle Corp.		542,975		47,309,412
salesforce.com Inc.(a)		320,235		86,854,137
				922,899,936
Specialty Retail — 2.0%
Home Depot Inc. (The)		350,470		115,045,282
Lowe’s Companies Inc.		233,004		47,267,192
				162,312,474
Technology Hardware, Storage & Peripherals — 9.1%
Apple Inc.		5,176,226		732,435,979
Textiles, Apparel & Luxury Goods — 0.8%
Nike Inc., Class B		421,282		61,182,785
Tobacco — 0.9%
Altria Group Inc.		607,843		27,669,013
Philip Morris International Inc.		513,725		48,695,993
				76,365,006
Wireless Telecommunication Services — 0.3%
T-Mobile U.S. Inc.(a)		193,336		24,700,607
Total Common Stocks — 99.8% (Cost: $5,870,201,983)				8,035,756,462
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		15,323,000		15,323,000
Total Short-Term Investments — 0.2% (Cost: $15,323,000)				15,323,000
Total Investments in Securities — 100.0% (Cost: $5,885,524,983)				8,051,079,462
Other Assets, Less Liabilities — 0.0%				3,260,840
Net Assets — 100.0%			$	8,054,340,302

^(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 13

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P 100 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)	$	8,872,450	$	—		$	(8,882,327	)(b)	$	9,877	$	—	$	—		—	$	8,638	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,763,000		10,560,000	(b)		—			—		—		15,323,000		15,323,000		521			—
BlackRock Inc.		33,490,149		4,009,014			(1,531,776	)		692,912		2,888,391		39,548,690		47,157		371,845			—
									$	702,789	$	2,888,391	$	54,871,690			$	381,004		$	—

^(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
S&P 500 E-Mini Index		86		12/17/21	$	18,480	$	(732,399	)

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)	$	732,399

^(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	$	2,395,041
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(803,058	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	14,885,912

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.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P 100 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	$	8,035,756,462		$	—	$	—	$	8,035,756,462
Money Market Funds		15,323,000			—		—		15,323,000
	$	8,051,079,462		$	—	$	—	$	8,051,079,462
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(732,399	)	$	—	$	—	$	(732,399	)

^(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 15

Schedule of Investments (unaudited)  September 30, 2021 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
L3Harris Technologies Inc.		204,356	$	45,007,365
Lockheed Martin Corp.		202,548		69,899,315
TransDigm Group Inc.(a)		56,049		35,006,524
				149,913,204
Air Freight & Logistics — 0.7%
Expeditors International of Washington Inc.		197,441		23,521,146
FedEx Corp.		280,106		61,424,445
United Parcel Service Inc., Class B		907,676		165,287,800
				250,233,391
Auto Components — 0.1%
Aptiv PLC(a)		323,388		48,175,110
Automobiles — 3.2%
Tesla Inc.(a)		1,445,792		1,121,182,780
Banks — 0.3%
First Republic Bank/CA		167,958		32,395,739
SVB Financial Group(a)		104,462		67,574,379
				99,970,118
Beverages — 1.0%
Brown-Forman Corp., Class B, NVS		160,555		10,758,791
Coca-Cola Co. (The)		2,426,161		127,300,668
Monster Beverage Corp.(a)		668,682		59,399,022
PepsiCo Inc.		1,034,206		155,554,924
				353,013,405
Biotechnology — 2.1%
AbbVie Inc.		2,329,931		251,329,657
Amgen Inc.		506,623		107,733,381
Biogen Inc.(a)		141,345		39,999,222
Incyte Corp.(a)		208,397		14,333,546
Moderna Inc.(a)(b)		362,590		139,546,387
Regeneron Pharmaceuticals Inc.(a)(b)		187,211		113,296,353
Vertex Pharmaceuticals Inc.(a)		461,411		83,695,341
				749,933,887
Building Products — 0.3%
Allegion PLC		68,277		9,024,854
Carrier Global Corp.		990,828		51,285,257
Fortune Brands Home & Security Inc.		139,562		12,479,634
Masco Corp.		191,143		10,617,994
Trane Technologies PLC		195,010		33,668,476
				117,076,215
Capital Markets — 1.9%
BlackRock Inc.(c)		178,255		149,495,338
Cboe Global Markets Inc.		96,852		11,996,089
Intercontinental Exchange Inc.		541,903		62,221,302
MarketAxess Holdings Inc.		67,216		28,277,099
Moody’s Corp.		207,780		73,784,756
MSCI Inc.		146,917		89,375,488
Nasdaq Inc.		136,385		26,325,033
S&P Global Inc.		430,028		182,714,597
T Rowe Price Group Inc.		242,273		47,655,099
				671,844,801
Chemicals — 1.2%
Air Products & Chemicals Inc.		181,104		46,382,546
Albemarle Corp.		209,466		45,866,770
Dow Inc.		651,856		37,520,831
Ecolab Inc.		202,901		42,329,207
FMC Corp.		229,146		20,980,608

Security	Shares		Value
Chemicals (continued)
Linde PLC		533,256	$	156,446,645
Sherwin-Williams Co. (The)		297,825		83,310,587
				432,837,194
Commercial Services & Supplies — 0.4%
Cintas Corp.		103,065		39,232,723
Copart Inc.(a)		379,909		52,700,976
Rollins Inc.		406,872		14,374,788
Waste Management Inc.		269,307		40,223,694
				146,532,181
Communications Equipment — 0.2%
Arista Networks Inc.(a)		100,252		34,450,597
F5 Networks Inc.(a)		48,636		9,667,864
Motorola Solutions Inc.		135,970		31,588,551
				75,707,012
Construction & Engineering — 0.1%
Quanta Services Inc.		142,322		16,199,090
Construction Materials — 0.1%
Vulcan Materials Co.		98,900		16,729,924
Containers & Packaging — 0.2%
Avery Dennison Corp.		61,666		12,777,812
Ball Corp.		371,336		33,409,100
Sealed Air Corp.		176,260		9,657,285
				55,844,197
Distributors — 0.1%
Pool Corp.		71,036		30,858,749
Electric Utilities — 0.4%
NextEra Energy Inc.		1,505,139		118,183,514
NRG Energy Inc.		254,003		10,370,943
				128,554,457
Electrical Equipment — 0.4%
AMETEK Inc.		201,870		25,033,899
Emerson Electric Co.		426,663		40,191,655
Generac Holdings Inc.(a)(b)		111,941		45,746,928
Rockwell Automation Inc.		115,087		33,840,181
				144,812,663
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		660,815		48,391,483
CDW Corp./DE		107,961		19,651,061
Corning Inc.		644,588		23,521,016
IPG Photonics Corp.(a)		27,194		4,307,530
Keysight Technologies Inc.(a)		188,896		31,033,724
TE Connectivity Ltd.		221,919		30,451,725
Teledyne Technologies Inc.(a)		40,700		17,483,906
Trimble Inc.(a)		449,209		36,947,440
Zebra Technologies Corp., Class A(a)(b)		69,146		35,639,231
				247,427,116
Entertainment — 1.8%
Activision Blizzard Inc.		817,779		63,287,917
Electronic Arts Inc.		273,796		38,947,481
Netflix Inc.(a)		788,622		481,327,551
Take-Two Interactive Software Inc.(a)		207,971		32,042,092
				615,605,041
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.		412,927		109,594,955
Crown Castle International Corp.		462,692		80,193,778
Duke Realty Corp.		275,712		13,198,333

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Equinix Inc.		92,759	$	73,291,669
Extra Space Storage Inc.		114,268		19,195,881
Public Storage		116,811		34,704,548
SBA Communications Corp.		127,595		42,179,079
				372,358,243
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		418,056		187,853,463
Food Products — 0.1%
Hershey Co. (The)		104,924		17,758,387
Lamb Weston Holdings Inc.		92,021		5,647,329
McCormick & Co. Inc./MD, NVS		194,006		15,720,306
				39,126,022
Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		1,863,388		220,122,024
ABIOMED Inc.(a)		81,001		26,367,446
Align Technology Inc.(a)		130,923		87,120,092
Cooper Companies Inc. (The)		35,500		14,672,505
Danaher Corp.		769,799		234,357,608
Dexcom Inc.(a)(b)		172,634		94,406,629
Edwards Lifesciences Corp.(a)		631,765		71,522,116
Hologic Inc.(a)		324,925		23,982,714
IDEXX Laboratories Inc.(a)		151,800		94,404,420
Intuitive Surgical Inc.(a)		148,210		147,342,972
ResMed Inc.		259,018		68,264,194
STERIS PLC		101,450		20,724,206
Stryker Corp.		293,870		77,499,396
Teleflex Inc.		38,877		14,639,134
West Pharmaceutical Services Inc.		131,761		55,937,815
				1,251,363,271
Health Care Providers & Services — 1.2%
DaVita Inc.(a)		120,678		14,030,024
Humana Inc.		119,218		46,393,685
UnitedHealth Group Inc.		873,650		341,370,001
				401,793,710
Health Care Technology — 0.0%
Cerner Corp.		226,132		15,946,829
Hotels, Restaurants & Leisure — 1.6%
Booking Holdings Inc.(a)		27,838		66,083,793
Caesars Entertainment Inc.(a)(b)		222,036		24,930,202
Chipotle Mexican Grill Inc.(a)		50,047		90,961,423
Domino’s Pizza Inc.		66,244		31,595,738
Expedia Group Inc.(a)		94,434		15,477,733
Hilton Worldwide Holdings Inc.(a)		182,359		24,091,448
McDonald’s Corp.		533,009		128,513,800
Penn National Gaming Inc.(a)		167,837		12,161,469
Starbucks Corp.		1,218,126		134,371,479
Yum! Brands Inc.		225,471		27,577,358
				555,764,443
Household Durables — 0.2%
DR Horton Inc.		347,504		29,179,911
Garmin Ltd.		153,370		23,842,900
PulteGroup Inc.		232,438		10,673,553
				63,696,364
Household Products — 1.2%
Church & Dwight Co. Inc.		295,261		24,379,700
Clorox Co. (The)		146,054		24,188,003
Colgate-Palmolive Co.		782,624		59,150,722

Security	Shares		Value
Household Products (continued)
Kimberly-Clark Corp.		230,718	$	30,556,292
Procter & Gamble Co. (The)		2,076,086		290,236,823
				428,511,540
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		447,459		10,215,489
Industrial Conglomerates — 0.1%
Roper Technologies Inc.		101,408		45,241,151
Insurance — 0.7%
Aon PLC, Class A		208,325		59,533,035
Arthur J Gallagher & Co.		160,023		23,787,419
Brown & Brown Inc.		416,872		23,115,553
Marsh & McLennan Companies Inc.		442,935		67,073,647
Progressive Corp. (The)		665,565		60,160,420
				233,670,074
Interactive Media & Services — 12.4%
Alphabet Inc., Class A(a)		536,461		1,434,239,213
Alphabet Inc., Class C, NVS(a)		502,018		1,338,033,595
Facebook Inc., Class A(a)		4,247,472		1,441,549,522
Match Group Inc.(a)(b)		351,306		55,151,529
Twitter Inc.(a)		1,421,864		85,866,367
				4,354,840,226
Internet & Direct Marketing Retail — 7.6%
Amazon.com Inc.(a)		776,039		2,549,319,157
eBay Inc.		1,155,706		80,518,037
Etsy Inc.(a)		225,845		46,966,726
				2,676,803,920
IT Services — 5.2%
Accenture PLC, Class A		632,542		202,362,837
Akamai Technologies Inc.(a)(b)		184,463		19,292,985
Automatic Data Processing Inc.		361,764		72,323,859
Broadridge Financial Solutions Inc.		102,328		17,051,938
Cognizant Technology Solutions Corp., Class A		476,210		35,339,544
Fiserv Inc.(a)		722,147		78,352,949
FleetCor Technologies Inc.(a)		63,368		16,556,157
Gartner Inc.(a)		79,509		24,161,195
Jack Henry & Associates Inc.		61,733		10,127,916
Mastercard Inc., Class A		1,055,524		366,984,584
Paychex Inc.		299,970		33,731,627
PayPal Holdings Inc.(a)		2,093,665		544,792,570
VeriSign Inc.(a)		72,713		14,906,892
Visa Inc., Class A		1,804,232		401,892,678
				1,837,877,731
Life Sciences Tools & Services — 2.2%
Agilent Technologies Inc.		389,287		61,324,381
Bio-Rad Laboratories Inc., Class A(a)		38,350		28,607,183
Bio-Techne Corp.		68,935		33,403,833
Charles River Laboratories International Inc.(a)		89,799		37,057,353
Illumina Inc.(a)		130,689		53,008,765
IQVIA Holdings Inc.(a)		218,545		52,350,269
Mettler-Toledo International Inc.(a)		41,180		56,719,685
PerkinElmer Inc.		199,713		34,608,266
Thermo Fisher Scientific Inc.		700,991		400,497,188
Waters Corp.(a)(b)		59,619		21,301,869
				778,878,792
Machinery — 1.1%
Caterpillar Inc.		459,135		88,140,146
Cummins Inc.		110,170		24,739,775

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Deere & Co.		378,829	$	126,934,233
IDEX Corp.		60,032		12,423,622
Illinois Tool Works Inc.		224,443		46,376,657
Otis Worldwide Corp.		395,959		32,579,507
Parker-Hannifin Corp.		119,564		33,432,486
Xylem Inc./NY		147,269		18,214,230
				382,840,656
Media — 1.0%
Charter Communications Inc., Class A(a)		225,835		164,308,513
Comcast Corp., Class A		3,589,470		200,759,057
				365,067,570
Metals & Mining — 0.3%
Freeport-McMoRan Inc.		1,616,628		52,588,909
Newmont Corp.		783,623		42,550,729
				95,139,638
Multiline Retail — 0.6%
Dollar General Corp.		421,471		89,410,858
Target Corp.		581,620		133,057,207
				222,468,065
Oil, Gas & Consumable Fuels — 0.1%
Hess Corp.		257,276		20,095,828
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		231,477		69,426,897
Pharmaceuticals — 2.7%
Bristol-Myers Squibb Co.		2,061,770		121,994,931
Catalent Inc.(a)		305,179		40,610,169
Eli Lilly & Co.		862,581		199,299,340
Johnson & Johnson		1,876,218		303,009,207
Merck & Co. Inc.		2,163,006		162,463,381
Organon & Co.		218,063		7,150,286
Zoetis Inc.		617,330		119,848,446
				954,375,760
Professional Services — 0.5%
Equifax Inc.		108,193		27,418,270
IHS Markit Ltd.		462,286		53,911,793
Jacobs Engineering Group Inc.		145,558		19,290,802
Verisk Analytics Inc.		287,910		57,659,736
				158,280,601
Road & Rail — 0.9%
CSX Corp.		2,091,786		62,209,715
JB Hunt Transport Services Inc.		90,068		15,061,171
Kansas City Southern		81,813		22,141,870
Norfolk Southern Corp.		198,299		47,443,036
Old Dominion Freight Line Inc.		167,367		47,863,615
Union Pacific Corp.		558,518		109,475,113
				304,194,520
Semiconductors & Semiconductor Equipment — 7.5%
Advanced Micro Devices Inc.(a)		2,160,820		222,348,378
Analog Devices Inc.		412,316		69,054,684
Applied Materials Inc.		1,628,183		209,595,998
Broadcom Inc.		497,094		241,055,793
Enphase Energy Inc.(a)		240,217		36,025,343
KLA Corp.		272,519		91,160,331
Lam Research Corp.		253,653		144,366,605
Microchip Technology Inc.		350,191		53,750,817
Monolithic Power Systems Inc.		77,041		37,340,232
NVIDIA Corp.		4,440,251		919,842,397

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
NXP Semiconductors NV		25,928	$	5,078,517
Qorvo Inc.(a)		198,994		33,269,807
QUALCOMM Inc.		2,009,868		259,232,775
Skyworks Solutions Inc.		151,826		25,017,888
Teradyne Inc.		294,255		32,123,818
Texas Instruments Inc.		871,209		167,455,082
Xilinx Inc.		439,489		66,358,444
				2,613,076,909
Software — 16.8%
Adobe Inc.(a)		848,835		488,691,286
ANSYS Inc.(a)		155,479		52,932,826
Autodesk Inc.(a)		392,583		111,952,894
Cadence Design Systems Inc.(a)		493,102		74,675,367
Ceridian HCM Holding Inc.(a)		143,075		16,113,106
Citrix Systems Inc.		141,561		15,199,405
Fortinet Inc.(a)		241,632		70,566,209
Intuit Inc.		486,903		262,689,038
Microsoft Corp.		13,390,028		3,774,916,694
Oracle Corp.		1,616,630		140,856,972
Paycom Software Inc.(a)		86,034		42,651,355
PTC Inc.(a)(b)		188,173		22,541,244
salesforce.com Inc.(a)		1,731,057		469,497,280
ServiceNow Inc.(a)		353,309		219,853,591
Synopsys Inc.(a)		271,917		81,414,669
Tyler Technologies Inc.(a)		72,570		33,284,230
				5,877,836,166
Specialty Retail — 2.3%
AutoZone Inc.(a)		21,377		36,297,932
Bath & Body Works Inc.		264,164		16,650,257
Best Buy Co. Inc.		202,295		21,384,604
Home Depot Inc. (The)		1,364,044		447,761,083
Lowe’s Companies Inc.		894,279		181,413,438
O’Reilly Automotive Inc.(a)		83,276		50,886,633
Tractor Supply Co.		203,998		41,332,035
Ulta Beauty Inc.(a)		49,074		17,711,788
				813,437,770
Technology Hardware, Storage & Peripherals — 11.3%
Apple Inc.		27,980,727		3,959,272,870
Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		1,457,199		211,629,011
Trading Companies & Distributors — 0.3%
Fastenal Co.		768,864		39,681,071
United Rentals Inc.(a)		128,845		45,215,576
WW Grainger Inc.		47,442		18,647,552
				103,544,199
Water Utilities — 0.1%
American Water Works Co. Inc.		162,849		27,527,995
Wireless Telecommunication Services — 0.3%
T-Mobile U.S. Inc.(a)		722,134		92,259,840
Total Common Stocks — 99.9% (Cost: $19,533,491,272)				34,996,866,098
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		137,170,306		137,238,891

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) (continued) September 30, 2021 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		42,330,000	$	42,330,000
				179,568,891
Total Short-Term Investments — 0.5% (Cost: $179,545,240)				179,568,891
Total Investments in Securities — 100.4% (Cost: $19,713,036,512)				35,176,434,989
Other Assets, Less Liabilities — (0.4)%				(132,550,948	)
Net Assets — 100.0%			$	35,043,884,041

^(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 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	$	52,646,251	$	84,603,846	(a)	$	—		$	28,280	$	(39,486	)	$	137,238,891		137,170,306	$	98,814	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		37,060,000		5,270,000	(a)		—			—		—			42,330,000		42,330,000		1,500			—
BlackRock Inc.		135,626,849		5,438,380			(6,718,183	)		2,638,966		12,509,326			149,495,338		178,255		1,467,261			—
									$	2,667,246	$	12,469,840		$	329,064,229			$	1,567,575		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		189		12/17/21	$	40,614	$	(1,637,590	)

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)	$	1,637,590

^(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).

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^® S&P 500 Growth ETF     

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	$	5,931,158
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,010,292	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	40,952,433

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	$	34,996,866,098		$	—	$	—	$	34,996,866,098
Money Market Funds		179,568,891			—		—		179,568,891
	$	35,176,434,989		$	—	$	—	$	35,176,434,989
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,637,590	)	$	—	$	—	$	(1,637,590	)

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

See 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) September 30, 2021 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.7%
Boeing Co. (The)(a)		712,943	$	156,804,683
General Dynamics Corp.		300,231		58,854,283
Howmet Aerospace Inc.		499,981		15,599,407
Huntington Ingalls Industries Inc.		51,244		9,893,167
L3Harris Technologies Inc.		111,450		24,545,748
Lockheed Martin Corp.		172,207		59,428,636
Northrop Grumman Corp.		194,752		70,139,933
Raytheon Technologies Corp.		1,951,135		167,719,565
Textron Inc.		289,355		20,199,872
TransDigm Group Inc.(a)		27,251		17,020,157
				600,205,451
Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.		171,266		14,900,142
Expeditors International of Washington Inc.		76,580		9,122,975
FedEx Corp.		114,262		25,056,514
United Parcel Service Inc., Class B		282,718		51,482,948
				100,562,579
Airlines — 0.5%
Alaska Air Group Inc.(a)		159,221		9,330,351
American Airlines Group Inc.(a)		842,505		17,288,203
Delta Air Lines Inc.(a)		828,032		35,282,443
Southwest Airlines Co.(a)		765,568		39,373,162
United Airlines Holdings Inc.(a)		417,275		19,849,772
				121,123,931
Auto Components — 0.1%
Aptiv PLC(a)		114,986		17,129,464
BorgWarner Inc.		309,499		13,373,452
				30,502,916
Automobiles — 0.8%
Ford Motor Co.(a)		5,077,395		71,895,913
General Motors Co.(a)		1,878,476		99,014,470
				170,910,383
Banks — 9.2%
Bank of America Corp.		9,581,942		406,753,438
Citigroup Inc.		2,622,587		184,053,156
Citizens Financial Group Inc.		551,190		25,894,906
Comerica Inc.		174,279		14,029,459
Fifth Third Bancorp		893,183		37,906,687
First Republic Bank/CA		107,231		20,682,715
Huntington Bancshares Inc./OH		1,909,638		29,523,003
JPMorgan Chase & Co.		3,866,554		632,916,224
KeyCorp.		1,233,674		26,672,032
M&T Bank Corp.		167,274		24,980,699
People’s United Financial Inc.		547,423		9,563,480
PNC Financial Services Group Inc. (The)		549,918		107,585,957
Regions Financial Corp.		1,241,099		26,447,820
Truist Financial Corp.		1,727,224		101,301,688
U.S. Bancorp.		1,745,797		103,770,174
Wells Fargo & Co.		5,313,537		246,601,252
Zions Bancorp. NA		208,108		12,879,804
				2,011,562,494
Beverages — 1.8%
Brown-Forman Corp., Class B, NVS		117,822		7,895,252
Coca-Cola Co. (The)		3,267,547		171,448,191
Constellation Brands Inc., Class A		218,530		46,042,086
Molson Coors Beverage Co., Class B		247,404		11,474,598

Security	Shares		Value
Beverages (continued)
PepsiCo Inc.		1,037,274	$	156,016,382
				392,876,509
Biotechnology — 1.6%
AbbVie Inc.		594,528		64,131,735
Amgen Inc.		367,392		78,125,909
Biogen Inc.(a)		90,388		25,578,900
Gilead Sciences Inc.		1,622,380		113,323,243
Incyte Corp.(a)		92,210		6,342,204
Moderna Inc.(a)		190,844		73,448,222
				360,950,213
Building Products — 0.7%
A O Smith Corp.		171,360		10,464,955
Allegion PLC		67,303		8,896,110
Carrier Global Corp.		406,476		21,039,198
Fortune Brands Home & Security Inc.		77,154		6,899,111
Johnson Controls International PLC		921,597		62,742,324
Masco Corp.		180,118		10,005,555
Trane Technologies PLC		165,774		28,620,881
				148,668,134
Capital Markets — 4.3%
Ameriprise Financial Inc.		147,169		38,870,276
Bank of New York Mellon Corp. (The)		1,027,565		53,268,970
BlackRock Inc.(b)		55,529		46,569,951
Cboe Global Markets Inc.		66,730		8,265,178
Charles Schwab Corp. (The)		1,942,529		141,493,812
CME Group Inc.		464,705		89,864,653
Franklin Resources Inc.		366,440		10,890,597
Goldman Sachs Group Inc. (The)		436,197		164,895,552
Intercontinental Exchange Inc.		335,200		38,487,664
Invesco Ltd.		444,302		10,712,121
Moody’s Corp.		59,034		20,963,564
Morgan Stanley		1,888,724		183,791,732
Nasdaq Inc.		53,312		10,290,282
Northern Trust Corp.		269,648		29,070,751
Raymond James Financial Inc.		241,428		22,278,976
State Street Corp.		473,109		40,081,795
T Rowe Price Group Inc.		117,229		23,058,944
				932,854,818
Chemicals — 2.2%
Air Products & Chemicals Inc.		154,671		39,612,790
Celanese Corp.		144,593		21,781,489
CF Industries Holdings Inc.		275,861		15,398,561
Corteva Inc.		952,426		40,078,086
Dow Inc.		492,181		28,329,938
DuPont de Nemours Inc.		676,808		46,016,176
Eastman Chemical Co.		174,881		17,617,512
Ecolab Inc.		173,919		36,282,982
International Flavors & Fragrances Inc.		322,283		43,095,683
Linde PLC		280,650		82,337,097
LyondellBasell Industries NV, Class A		341,465		32,046,490
Mosaic Co. (The)		445,469		15,912,153
PPG Industries Inc.		307,133		43,923,090
Sherwin-Williams Co. (The)		96,960		27,122,621
				489,554,668
Commercial Services & Supplies — 0.4%
Cintas Corp.		38,177		14,532,457
Republic Services Inc.		272,117		32,670,367
Waste Management Inc.		305,783		45,671,749
				92,874,573

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) (continued) September 30, 2021 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment — 1.6%
Cisco Systems Inc.		5,453,030	$	296,808,423
F5 Networks Inc.(a)		43,933		8,733,002
Juniper Networks Inc.		418,784		11,524,936
Motorola Solutions Inc.		120,686		28,037,771
				345,104,132
Construction & Engineering — 0.0%
Quanta Services Inc.		75,165		8,555,280
Construction Materials — 0.2%
Martin Marietta Materials Inc.		80,593		27,537,016
Vulcan Materials Co.		99,325		16,801,817
				44,338,833
Consumer Finance — 1.4%
American Express Co.		832,650		139,493,854
Capital One Financial Corp.		577,247		93,496,697
Discover Financial Services		387,509		47,605,481
Synchrony Financial		736,766		36,013,122
				316,609,154
Containers & Packaging — 0.5%
Amcor PLC		2,007,911		23,271,689
Avery Dennison Corp.		62,533		12,957,463
Ball Corp.		152,136		13,687,676
International Paper Co.		504,770		28,226,738
Packaging Corp. of America		122,505		16,837,087
Sealed Air Corp.		64,566		3,537,571
Westrock Co.		348,962		17,388,777
				115,907,001
Distributors — 0.2%
Genuine Parts Co.		185,763		22,520,048
LKQ Corp.(a)		351,828		17,703,985
				40,224,033
Diversified Financial Services — 3.0%
Berkshire Hathaway Inc., Class B(a)		2,398,586		654,670,063
Diversified Telecommunication Services — 2.5%
AT&T Inc.		9,238,889		249,542,392
Lumen Technologies Inc.		1,287,118		15,947,392
Verizon Communications Inc.		5,357,159		289,340,158
				554,829,942
Electric Utilities — 2.9%
Alliant Energy Corp.		322,735		18,066,705
American Electric Power Co. Inc.		647,311		52,548,707
Duke Energy Corp.		995,492		97,150,064
Edison International		491,325		27,253,798
Entergy Corp.		260,024		25,822,983
Evergy Inc.		296,696		18,454,491
Eversource Energy		444,653		36,354,829
Exelon Corp.		1,265,285		61,163,877
FirstEnergy Corp.		701,833		24,999,292
NextEra Energy Inc.		1,446,913		113,611,609
NRG Energy Inc.		129,427		5,284,504
Pinnacle West Capital Corp.		145,532		10,530,696
PPL Corp.		994,099		27,715,480
Southern Co. (The)		1,370,074		84,903,486
Xcel Energy Inc.		696,716		43,544,750
				647,405,271
Electrical Equipment — 0.7%
AMETEK Inc.		153,415		19,024,994
Eaton Corp. PLC		515,772		77,009,917

Security	Shares		Value
Electrical Equipment (continued)
Emerson Electric Co.		464,120	$	43,720,104
Rockwell Automation Inc.		66,009		19,409,287
			159,164,302
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		293,942		21,525,373
CDW Corp./DE		100,190		18,236,584
Corning Inc.		528,416		19,281,900
IPG Photonics Corp.(a)		25,247		3,999,125
Keysight Technologies Inc.(a)		102,504		16,840,382
TE Connectivity Ltd.		262,254		35,986,494
Teledyne Technologies Inc.(a)		30,630		13,158,035
Zebra Technologies Corp., Class A(a)(c)		18,608		9,590,935
			138,618,828
Energy Equipment & Services — 0.5%
Baker Hughes Co.		1,068,657		26,427,887
Halliburton Co.		1,152,269		24,912,056
Schlumberger NV		1,809,517		53,634,084
			104,974,027
Entertainment — 2.1%
Activision Blizzard Inc.		412,289		31,907,046
Electronic Arts Inc.		169,899		24,168,133
Live Nation Entertainment Inc.(a)		171,458		15,624,968
Walt Disney Co. (The)(a)		2,351,297		397,768,913
			469,469,060
Equity Real Estate Investment Trusts (REITs) — 4.1%
Alexandria Real Estate Equities Inc.		178,919		34,186,053
American Tower Corp.		288,583		76,592,814
AvalonBay Communities Inc.		180,661		40,041,704
Boston Properties Inc.		184,884		20,032,181
Crown Castle International Corp.		223,695		38,770,817
Digital Realty Trust Inc.		365,660		52,819,587
Duke Realty Corp.		288,681		13,819,159
Equinix Inc.		48,773		38,537,010
Equity Residential		440,317		35,630,452
Essex Property Trust Inc.		84,154		26,907,400
Extra Space Storage Inc.		90,433		15,191,840
Federal Realty Investment Trust		91,044		10,742,282
Healthpeak Properties Inc.		695,513		23,285,775
Host Hotels & Resorts Inc.(a)		923,242		15,076,542
Iron Mountain Inc.		372,222		16,173,046
Kimco Realty Corp.		798,345		16,565,659
Mid-America Apartment Communities Inc.		149,822		27,979,259
Prologis Inc.		956,559		119,981,195
Public Storage		112,435		33,404,439
Realty Income Corp.		505,603		32,793,411
Regency Centers Corp.		198,949		13,395,236
SBA Communications Corp.		49,607		16,398,586
Simon Property Group Inc.		425,210		55,264,544
UDR Inc.		361,713		19,163,555
Ventas Inc.		508,102		28,052,311
Vornado Realty Trust		205,030		8,613,310
Welltower Inc.		546,426		45,025,502
Weyerhaeuser Co.		970,196		34,509,872
			908,953,541
Food & Staples Retailing — 2.3%
Costco Wholesale Corp.		268,847		120,806,400
Kroger Co. (The)		879,401		35,554,182
Sysco Corp.		661,976		51,965,116
Walgreens Boots Alliance Inc.		928,985		43,708,744

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^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing (continued)
Walmart Inc.		1,849,189	$	257,739,963
				509,774,405
Food Products — 1.7%
Archer-Daniels-Midland Co.		723,798		43,435,118
Campbell Soup Co.		262,120		10,959,237
Conagra Brands Inc.		619,416		20,979,620
General Mills Inc.		786,766		47,064,342
Hershey Co. (The)		111,182		18,817,554
Hormel Foods Corp.		361,796		14,833,636
JM Smucker Co. (The)		140,283		16,838,168
Kellogg Co.		332,673		21,264,458
Kraft Heinz Co. (The)		869,473		32,013,996
Lamb Weston Holdings Inc.		115,749		7,103,516
McCormick & Co. Inc./MD, NVS		180,121		14,595,205
Mondelez International Inc., Class A		1,808,725		105,231,621
Tyson Foods Inc., Class A		380,528		30,038,880
				383,175,351
Gas Utilities — 0.1%
Atmos Energy Corp.		170,943		15,077,173
Health Care Equipment & Supplies — 4.0%
Abbott Laboratories		940,524		111,104,100
Baxter International Inc.		646,403		51,990,193
Becton Dickinson and Co.		371,609		91,348,924
Boston Scientific Corp.(a)		1,842,411		79,942,213
Cooper Companies Inc. (The)		37,441		15,474,740
Danaher Corp.		263,082		80,092,684
DENTSPLY SIRONA Inc.		282,800		16,416,540
Edwards Lifesciences Corp.(a)		346,822		39,263,719
Hologic Inc.(a)		90,094		6,649,838
Intuitive Surgical Inc.(a)		46,150		45,880,023
Medtronic PLC		1,738,966		217,979,388
STERIS PLC		55,829		11,404,748
Stryker Corp.		221,472		58,406,596
Teleflex Inc.		32,510		12,241,641
Zimmer Biomet Holdings Inc.		270,239		39,552,180
				877,747,527
Health Care Providers & Services — 4.1%
AmerisourceBergen Corp.		194,687		23,255,362
Anthem Inc.		315,494		117,616,163
Cardinal Health Inc.		375,169		18,555,859
Centene Corp.(a)(c)		754,433		47,008,720
Cigna Corp.		440,088		88,088,014
CVS Health Corp.		1,707,475		144,896,329
HCA Healthcare Inc.		318,977		77,422,097
Henry Schein Inc.(a)		178,915		13,626,166
Humana Inc.		80,075		31,161,186
Laboratory Corp. of America Holdings(a)		125,070		35,199,701
McKesson Corp.		200,137		39,903,315
Quest Diagnostics Inc.		157,550		22,893,591
UnitedHealth Group Inc.		585,644		228,834,537
Universal Health Services Inc., Class B		98,739		13,662,515
				902,123,555
Health Care Technology — 0.1%
Cerner Corp.		219,250		15,461,510
Hotels, Restaurants & Leisure — 2.6%
Booking Holdings Inc.(a)		32,942		78,200,025
Caesars Entertainment Inc.(a)(c)		116,652		13,097,687
Carnival Corp.(a)		1,033,281		25,842,358

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Darden Restaurants Inc.		168,519	$	25,525,573
Expedia Group Inc.(a)		120,509		19,751,425
Hilton Worldwide Holdings Inc.(a)		227,178		30,012,486
Las Vegas Sands Corp.(a)		447,356		16,373,230
Marriott International Inc./MD, Class A(a)(c)		353,958		52,417,640
McDonald’s Corp.		579,793		139,793,890
MGM Resorts International		520,468		22,458,194
Norwegian Cruise Line Holdings Ltd.(a)(c)		477,103		12,743,421
Penn National Gaming Inc.(a)(c)		81,607		5,913,243
Royal Caribbean Cruises Ltd.(a)		289,079		25,713,577
Starbucks Corp.		640,807		70,687,420
Wynn Resorts Ltd.(a)		136,201		11,543,035
Yum! Brands Inc.		217,467		26,598,389
				576,671,593
Household Durables — 0.6%
DR Horton Inc.		168,902		14,182,701
Garmin Ltd.		86,994		13,524,087
Leggett & Platt Inc.		170,750		7,656,430
Lennar Corp., Class A		356,069		33,356,544
Mohawk Industries Inc.(a)		72,757		12,907,092
Newell Brands Inc.		487,523		10,793,759
NVR Inc.(a)		4,368		20,940,541
PulteGroup Inc.		164,690		7,562,565
Whirlpool Corp.		80,953		16,503,079
				137,426,798
Household Products — 1.5%
Church & Dwight Co. Inc.		103,284		8,528,160
Clorox Co. (The)		52,613		8,713,239
Colgate-Palmolive Co.		522,677		39,503,928
Kimberly-Clark Corp.		270,223		35,788,334
Procter & Gamble Co. (The)		1,633,323		228,338,555
				320,872,216
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		532,841		12,164,759
Industrial Conglomerates — 2.3%
3M Co.		748,730		131,342,217
General Electric Co.		1,420,333		146,336,909
Honeywell International Inc.		893,345		189,639,276
Roper Technologies Inc.		62,754		27,996,442
				495,314,844
Insurance — 3.4%
Aflac Inc.		798,484		41,624,971
Allstate Corp. (The)		382,602		48,709,061
American International Group Inc.		1,105,762		60,695,276
Aon PLC, Class A		140,220		40,070,669
Arthur J Gallagher & Co.		153,353		22,795,923
Assurant Inc.		76,526		12,071,977
Chubb Ltd.		567,708		98,485,984
Cincinnati Financial Corp.		193,468		22,097,915
Everest Re Group Ltd.		51,632		12,948,273
Globe Life Inc.		119,761		10,662,322
Hartford Financial Services Group Inc. (The)		448,601		31,514,220
Lincoln National Corp.		228,658		15,720,238
Loews Corp.		264,493		14,264,108
Marsh & McLennan Companies Inc.		334,335		50,628,349
MetLife Inc.		942,481		58,179,352
Principal Financial Group Inc.		323,430		20,828,892
Progressive Corp. (The)		272,578		24,638,325
Prudential Financial Inc.		500,505		52,653,126

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) (continued) September 30, 2021 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Travelers Companies Inc. (The)		322,833	$	49,073,844
W R Berkley Corp.		181,473		13,280,194
Willis Towers Watson PLC		166,969		38,813,614
				739,756,633
Interactive Media & Services — 0.1%
Match Group Inc.(a)		104,432		16,394,780
IT Services — 4.5%
Accenture PLC, Class A		361,046		115,505,836
Akamai Technologies Inc.(a)		75,829		7,930,955
Automatic Data Processing Inc.		284,667		56,910,627
Broadridge Financial Solutions Inc.		74,841		12,471,504
Cognizant Technology Solutions Corp., Class A		333,978		24,784,507
DXC Technology Co.(a)		322,052		10,824,168
Fidelity National Information Services Inc.		799,267		97,254,809
Fiserv Inc.(a)		246,580		26,753,930
FleetCor Technologies Inc.(a)		60,449		15,793,510
Gartner Inc.(a)		51,160		15,546,501
Global Payments Inc.		379,866		59,859,284
International Business Machines Corp.		1,159,810		161,132,403
Jack Henry & Associates Inc.		49,906		8,187,578
Mastercard Inc., Class A		360,725		125,416,868
Paychex Inc.		194,770		21,901,887
VeriSign Inc.(a)		73,254		15,017,803
Visa Inc., Class A		873,504		194,573,016
Western Union Co. (The)		520,373		10,521,942
				980,387,128
Leisure Products — 0.1%
Hasbro Inc.		168,415		15,025,986
Life Sciences Tools & Services — 0.4%
Agilent Technologies Inc.		109,345		17,225,118
Illumina Inc.(a)		94,904		38,494,011
IQVIA Holdings Inc.(a)		89,190		21,364,573
Waters Corp.(a)(c)		35,924		12,835,645
				89,919,347
Machinery — 2.1%
Caterpillar Inc.		375,464		72,077,824
Cummins Inc.		106,511		23,918,110
Deere & Co.		92,151		30,877,036
Dover Corp.		186,241		28,960,475
Fortive Corp.		465,344		32,839,326
IDEX Corp.		53,952		11,165,366
Illinois Tool Works Inc.		207,693		42,915,605
Ingersoll Rand Inc.(a)		523,066		26,367,757
Otis Worldwide Corp.		265,734		21,864,594
PACCAR Inc.		449,229		35,453,153
Parker-Hannifin Corp.		80,164		22,415,458
Pentair PLC		214,617		15,587,633
Snap-on Inc.		69,834		14,591,814
Stanley Black & Decker Inc.		210,447		36,893,464
Westinghouse Air Brake Technologies Corp.		245,988		21,206,625
Xylem Inc./NY		125,743		15,551,894
				452,686,134
Media — 1.5%
Comcast Corp., Class A		3,318,971		185,630,048
Discovery Inc., Class A(a)(c)		218,111		5,535,657
Discovery Inc., Class C, NVS(a)(c)		395,236		9,592,378
DISH Network Corp., Class A(a)(c)		319,589		13,889,338
Fox Corp., Class A, NVS		415,131		16,650,904

Security	Shares		Value
Media (continued)
Fox Corp., Class B		187,855	$	6,973,178
Interpublic Group of Companies Inc. (The)		509,331		18,677,168
News Corp., Class A, NVS		505,174		11,886,744
News Corp., Class B		157,841		3,666,646
Omnicom Group Inc.		277,207		20,086,419
ViacomCBS Inc., Class B, NVS		783,901		30,971,929
				323,560,409
Metals & Mining — 0.4%
Freeport-McMoRan Inc.		720,148		23,426,414
Newmont Corp.		465,312		25,266,442
Nucor Corp.		379,917		37,418,025
				86,110,881
Multi-Utilities — 1.6%
Ameren Corp.		331,984		26,890,704
CenterPoint Energy Inc.		771,508		18,979,097
CMS Energy Corp.		374,656		22,378,203
Consolidated Edison Inc.		458,824		33,306,034
Dominion Energy Inc.		1,046,152		76,390,019
DTE Energy Co.		250,295		27,960,455
NiSource Inc.		507,757		12,302,952
Public Service Enterprise Group Inc.		654,198		39,840,658
Sempra Energy		413,198		52,269,547
WEC Energy Group Inc.		407,942		35,980,484
				346,298,153
Multiline Retail — 0.4%
Dollar Tree Inc.(a)		299,469		28,665,172
Target Corp.		217,649		49,791,562
				78,456,734
Oil, Gas & Consumable Fuels — 5.4%
APA Corp.		483,620		10,363,977
Cabot Oil & Gas Corp.		515,144		11,209,533
Chevron Corp.		2,502,410		253,869,495
ConocoPhillips		1,732,727		117,426,909
Devon Energy Corp.		819,283		29,092,739
Diamondback Energy Inc.		221,460		20,965,618
EOG Resources Inc.		755,499		60,643,905
Exxon Mobil Corp.		5,478,074		322,220,313
Hess Corp.		168,277		13,144,116
Kinder Morgan Inc.		2,522,210		42,196,573
Marathon Oil Corp.		1,018,528		13,923,278
Marathon Petroleum Corp.		825,811		51,043,378
Occidental Petroleum Corp.		1,146,049		33,900,129
ONEOK Inc.		576,664		33,440,745
Phillips 66		566,763		39,690,413
Pioneer Natural Resources Co.		293,570		48,882,341
Valero Energy Corp.		530,298		37,423,130
Williams Companies Inc. (The)		1,572,104		40,780,378
				1,180,216,970
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		132,031		39,600,058
Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		1,380,164		81,664,304
Eli Lilly & Co.		400,671		92,575,035
Johnson & Johnson		2,043,802		330,074,023
Merck & Co. Inc.		1,703,264		127,932,159
Organon & Co.		170,013		5,574,726
Pfizer Inc.		7,254,842		312,030,754
Viatris Inc.		1,572,991		21,314,028

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^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Zoetis Inc.		165,583	$	32,146,284
				1,003,311,313
Professional Services — 0.4%
Equifax Inc.		78,713		19,947,448
IHS Markit Ltd.		179,751		20,962,562
Jacobs Engineering Group Inc.		65,286		8,652,354
Leidos Holdings Inc.		184,208		17,707,915
Nielsen Holdings PLC		459,307		8,814,101
Robert Half International Inc.		144,765		14,524,272
				90,608,652
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		434,428		42,295,910
Road & Rail — 0.9%
CSX Corp.		1,398,393		41,588,208
JB Hunt Transport Services Inc.		44,368		7,419,217
Kansas City Southern		57,673		15,608,620
Norfolk Southern Corp.		175,535		41,996,749
Union Pacific Corp.		438,796		86,008,404
				192,621,198
Semiconductors & Semiconductor Equipment — 3.4%
Analog Devices Inc.		396,737		66,445,513
Broadcom Inc.		169,870		82,375,059
Intel Corp.		5,249,604		279,698,901
Microchip Technology Inc.		99,228		15,230,506
Micron Technology Inc.		1,456,681		103,395,217
NXP Semiconductors NV		325,237		63,704,171
Skyworks Solutions Inc.		101,973		16,803,111
Texas Instruments Inc.		561,458		107,917,842
				735,570,320
Software — 0.5%
Ceridian HCM Holding Inc.(a)		71,938		8,101,657
Citrix Systems Inc.		57,680		6,193,102
NortonLifeLock Inc.		752,142		19,029,193
Oracle Corp.		959,181		83,573,440
				116,897,392
Specialty Retail — 2.1%
Advance Auto Parts Inc.		84,674		17,687,552
AutoZone Inc.(a)		12,275		20,842,827
Bath & Body Works Inc.		150,733		9,500,701
Best Buy Co. Inc.		146,676		15,505,120
CarMax Inc.(a)		210,833		26,978,191
Gap Inc. (The)		282,303		6,408,278
Home Depot Inc. (The)		385,232		126,456,256
Lowe’s Companies Inc.		265,260		53,810,644
O’Reilly Automotive Inc.(a)		28,577		17,462,262
Ross Stores Inc.		462,097		50,299,258
TJX Companies Inc. (The)		1,561,153		103,004,875
Ulta Beauty Inc.(a)		34,489		12,447,770
				460,403,734
Technology Hardware, Storage & Peripherals — 0.6%
Hewlett Packard Enterprise Co.		1,689,814		24,079,849
HP Inc.		1,554,387		42,528,028

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
NetApp Inc.		289,063	$	25,946,295
Seagate Technology Holdings PLC		272,467		22,483,977
Western Digital Corp.(a)		396,547		22,381,113
				137,419,262
Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands Inc.		449,340		7,710,674
Nike Inc., Class B		595,359		86,463,988
PVH Corp.(a)(c)		91,729		9,428,824
Ralph Lauren Corp.		62,592		6,950,216
Tapestry Inc.		358,025		13,254,085
Under Armour Inc., Class A(a)		243,782		4,919,521
Under Armour Inc., Class C, NVS(a)		271,186		4,751,179
VF Corp.		420,749		28,185,975
				161,664,462
Tobacco — 1.4%
Altria Group Inc.		2,386,161		108,618,049
Philip Morris International Inc.		2,016,696		191,162,614
				299,780,663
Trading Companies & Distributors — 0.1%
Fastenal Co.		185,732		9,585,629
WW Grainger Inc.		21,708		8,532,546
				18,118,175
Water Utilities — 0.1%
American Water Works Co. Inc.		117,232		19,816,897
Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.(a)		235,279		30,059,245
Total Common Stocks — 99.7% (Cost: $18,668,266,913)				21,864,260,303
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(b)(d)(e)		65,641,647		65,674,468
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)		34,030,000		34,030,000
			99,704,468
Total Short-Term Investments — 0.5% (Cost: $99,684,165)				99,704,468
Total Investments in Securities — 100.2% (Cost: $18,767,951,078)				21,963,964,771
Other Assets, Less Liabilities — (0.2)%				(42,808,129	)
Net Assets — 100.0%			$	21,921,156,642

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

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

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

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) (continued) September 30, 2021 iShares^® S&P 500 Value 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	$	44,476,163	$	21,206,451	(a)	$	—		$	(6,793	)	$	(1,353	)	$	65,674,468		65,641,647	$	59,252	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		31,200,000		2,830,000	(a)		—			—			—			34,030,000		34,030,000		1,524			—
BlackRock Inc.		41,729,424		4,577,607			(4,401,971	)		2,141,496			2,523,395			46,569,951		55,529		460,408			—
									$	2,134,703		$	2,522,042		$	146,274,419			$	521,184		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		254		12/17/21	$	54,581	$	(1,913,400	)

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)	$	1,913,400

^(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	$	7,772,890
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,403,167	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	54,507,618

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.

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^® S&P 500 Value 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	$	21,864,260,303		$	—	$	—	$	21,864,260,303
Money Market Funds		99,704,468			—		—		99,704,468
	$	21,963,964,771		$	—	$	—	$	21,963,964,771
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,913,400	)	$	—	$	—	$	(1,913,400	)

^(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 27

Schedule of Investments (unaudited) September 30, 2021 iShares^® S&P Mid-Cap 400 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Axon Enterprise Inc.(a)		484,470	$	84,791,939
Curtiss-Wright Corp.		111,693		14,093,423
Mercury Systems Inc.(a)		415,127		19,685,322
				118,570,684
Air Freight & Logistics — 0.4%
GXO Logistics Inc.(a)(b)		378,906		29,721,387
Auto Components — 1.1%
Fox Factory Holding Corp.(a)(b)		310,644		44,900,484
Gentex Corp.		1,022,568		33,724,293
Visteon Corp.(a)(b)		100,083		9,446,834
				88,071,611
Banks — 1.8%
Commerce Bancshares Inc.		377,126		26,278,140
First Financial Bankshares Inc.		606,117		27,851,076
Glacier Bancorp. Inc.		400,018		22,140,996
PacWest Bancorp.		242,152		10,974,328
Signature Bank/New York NY		156,553		42,626,251
Umpqua Holdings Corp.		698,399		14,142,580
				144,013,371
Beverages — 0.4%
Boston Beer Co. Inc. (The), Class A, NVS(a)		69,235		35,292,541
Biotechnology — 3.2%
Arrowhead Pharmaceuticals Inc.(a)(b)		769,363		48,031,332
Emergent BioSolutions Inc.(a)		353,280		17,688,730
Exelixis Inc.(a)		2,324,746		49,145,131
Halozyme Therapeutics Inc.(a)(b)		1,050,080		42,717,254
Neurocrine Biosciences Inc.(a)		698,738		67,015,962
United Therapeutics Corp.(a)		139,368		25,724,545
				250,322,954
Building Products — 3.1%
Builders FirstSource Inc.(a)(b)		749,010		38,753,777
Carlisle Companies Inc.		223,075		44,345,079
Lennox International Inc.		148,857		43,789,264
Simpson Manufacturing Co. Inc.		320,366		34,269,551
Trex Co. Inc.(a)(b)		850,902		86,732,441
				247,890,112
Capital Markets — 2.9%
Evercore Inc., Class A		184,675		24,685,507
FactSet Research Systems Inc.		278,908		110,107,300
Federated Hermes Inc.		295,113		9,591,173
Interactive Brokers Group Inc., Class A		644,410		40,172,520
SEI Investments Co.		404,191		23,968,526
Stifel Financial Corp.		325,317		22,108,543
				230,633,569
Chemicals — 2.2%
Ashland Global Holdings Inc.		150,024		13,370,139
Chemours Co. (The)		549,382		15,965,041
Ingevity Corp.(a)(b)		143,507		10,242,094
NewMarket Corp.		20,509		6,947,834
RPM International Inc.		593,705		46,101,193
Scotts Miracle-Gro Co. (The)		300,549		43,988,352
Sensient Technologies Corp.		149,297		13,597,971
Valvoline Inc.		801,682		24,996,445
				175,209,069
Commercial Services & Supplies — 2.5%
Brink’s Co. (The)		140,981		8,924,097

Security	Shares		Value
Commercial Services & Supplies (continued)
Clean Harbors Inc.(a)		144,127	$	14,970,472
IAA Inc.(a)		994,923		54,292,948
MSA Safety Inc.		269,404		39,252,163
Stericycle Inc.(a)(b)		264,795		17,998,116
Tetra Tech Inc.		399,121		59,604,730
				195,042,526
Communications Equipment — 0.9%
Ciena Corp.(a)		424,367		21,791,245
Lumentum Holdings Inc.(a)(b)		560,005		46,782,818
				68,574,063
Construction & Engineering — 0.2%
Valmont Industries Inc.		64,218		15,098,936
Construction Materials — 0.3%
Eagle Materials Inc.		191,940		25,174,850
Consumer Finance — 0.8%
LendingTree Inc.(a)		85,171		11,909,461
PROG Holdings Inc.		227,924		9,575,087
SLM Corp.		2,255,843		39,702,837
				61,187,385
Containers & Packaging — 0.6%
AptarGroup Inc.		296,740		35,415,919
Silgan Holdings Inc.		274,903		10,545,279
				45,961,198
Diversified Consumer Services — 0.7%
Grand Canyon Education Inc.(a)(b)		124,368		10,939,409
Service Corp. International		741,858		44,704,363
				55,643,772
Diversified Telecommunication Services — 0.3%
Iridium Communications Inc.(a)(b)		594,889		23,706,327
Electric Utilities — 0.2%
PNM Resources Inc.		246,990		12,221,065
Electrical Equipment — 1.8%
EnerSys		153,691		11,440,758
Hubbell Inc.		240,731		43,492,870
Regal Beloit Corp.		150,411		22,612,790
Sunrun Inc.(a)(b)		1,520,388		66,897,072
				144,443,490
Electronic Equipment, Instruments & Components — 2.9%
Cognex Corp.		1,303,778		104,589,071
Coherent Inc.(a)		61,548		15,392,539
II-VI Inc.(a)(b)		773,854		45,935,974
Littelfuse Inc.		181,629		49,633,757
National Instruments Corp.		443,771		17,409,136
				232,960,477
Energy Equipment & Services — 0.2%
ChampionX Corp.(a)		612,745		13,700,978
Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A		193,191		10,868,926
Equity Real Estate Investment Trusts (REITs) — 5.7%
American Campus Communities Inc.		401,014		19,429,128
Camden Property Trust		348,871		51,448,006
CoreSite Realty Corp.		208,551		28,892,656
CyrusOne Inc.		914,653		70,803,289
EastGroup Properties Inc.		172,749		28,785,166
First Industrial Realty Trust Inc.		486,796		25,352,336

28 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^® S&P Mid-Cap 400 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Healthcare Realty Trust Inc.		430,754	$	12,827,854
Lamar Advertising Co., Class A		319,975		36,301,164
Life Storage Inc.		300,426		34,470,879
Medical Properties Trust Inc.		1,713,395		34,387,838
National Storage Affiliates Trust		367,746		19,413,311
PotlatchDeltic Corp.		187,975		9,695,751
PS Business Parks Inc.		68,240		10,695,938
Rayonier Inc.		419,027		14,950,883
Rexford Industrial Realty Inc.		599,303		34,010,445
STORE Capital Corp.		668,746		21,419,934
			452,884,578
Food & Staples Retailing — 0.4%
Casey’s General Stores Inc.		103,995		19,597,858
Grocery Outlet Holding Corp.(a)		403,345		8,700,151
			28,298,009
Food Products — 1.7%
Darling Ingredients Inc.(a)		1,196,667		86,040,357
Flowers Foods Inc.		573,813		13,559,201
Hain Celestial Group Inc. (The)(a)(b)		384,108		16,432,140
Lancaster Colony Corp.		84,934		14,337,709
Tootsie Roll Industries Inc.(b)		52,939		1,610,934
			131,980,341
Health Care Equipment & Supplies — 5.5%
Globus Medical Inc., Class A(a)		577,776		44,269,197
Haemonetics Corp.(a)		206,812		14,598,859
Hill-Rom Holdings Inc.		203,796		30,569,400
ICU Medical Inc.(a)		75,153		17,539,207
Integra LifeSciences Holdings Corp.(a)(b)		269,465		18,452,963
Masimo Corp.(a)		373,703		101,165,139
Neogen Corp.(a)		476,665		20,701,561
Penumbra Inc.(a)		253,587		67,580,936
Quidel Corp.(a)(b)		279,470		39,447,191
STAAR Surgical Co.(a)		349,773		44,956,324
Tandem Diabetes Care Inc.(a)(b)		288,185		34,403,525
			433,684,302
Health Care Providers & Services — 4.1%
Acadia Healthcare Co. Inc.(a)(b)		252,136		16,081,234
Amedisys Inc.(a)		240,672		35,884,195
Chemed Corp.		116,107		54,003,688
Encompass Health Corp.		410,833		30,828,908
HealthEquity Inc.(a)		615,192		39,839,834
LHC Group Inc.(a)(b)		233,594		36,653,235
Molina Healthcare Inc.(a)		232,813		63,164,495
Option Care Health Inc.(a)		552,439		13,402,170
Progyny Inc.(a)(b)		253,933		14,220,248
R1 RCM Inc.(a)(b)		989,440		21,777,574
			325,855,581
Hotels, Restaurants & Leisure — 4.3%
Boyd Gaming Corp.(a)		327,459		20,715,056
Choice Hotels International Inc.		128,350		16,219,590
Churchill Downs Inc.		255,787		61,409,343
Jack in the Box Inc.		159,900		15,563,067
Papa John’s International Inc.		240,101		30,490,426
Scientific Games Corp./DE, Class A(a)(b)		387,849		32,218,617
Six Flags Entertainment Corp.(a)		216,847		9,215,998
Texas Roadhouse Inc.		515,219		47,054,951
Travel + Leisure Co.		248,322		13,540,999
Wendy’s Co. (The)		1,315,018		28,509,590
Wingstop Inc.		219,380		35,962,963

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Hotels & Resorts Inc.		372,617	$	28,762,306
			339,662,906
Household Durables — 2.2%
Helen of Troy Ltd.(a)(b)		177,783		39,944,284
Tempur Sealy International Inc.		1,449,793		67,284,893
Toll Brothers Inc.		378,183		20,909,738
TopBuild Corp.(a)		243,001		49,769,035
			177,907,950
Household Products — 0.1%
Energizer Holdings Inc.		218,129		8,517,937
Insurance — 1.8%
Brighthouse Financial Inc.(a)		614,327		27,786,010
Kinsale Capital Group Inc.		158,144		25,571,885
Primerica Inc.		291,201		44,737,210
RenaissanceRe Holdings Ltd.		198,467		27,666,300
RLI Corp.		173,568		17,403,663
			143,165,068
Interactive Media & Services — 0.2%
TripAdvisor Inc.(a)		269,224		9,113,232
Yelp Inc.(a)(b)		260,207		9,690,109
			18,803,341
IT Services — 1.8%
Concentrix Corp.(a)		151,641		26,840,457
Genpact Ltd.		777,352		36,931,993
LiveRamp Holdings Inc.(a)		267,695		12,643,235
Maximus Inc.		281,678		23,435,610
Sabre Corp.(a)		858,598		10,165,800
WEX Inc.(a)(b)		191,969		33,813,420
			143,830,515
Leisure Products — 2.2%
Brunswick Corp./DE		314,204		29,934,215
Callaway Golf Co.(a)		504,324		13,934,472
Mattel Inc.(a)(b)		2,574,768		47,787,694
Polaris Inc.		197,504		23,633,329
YETI Holdings Inc.(a)(b)		645,157		55,283,503
			170,573,213
Life Sciences Tools & Services — 2.7%
Medpace Holdings Inc.(a)(b)		211,384		40,010,763
Repligen Corp.(a)(b)		377,236		109,017,432
Syneos Health Inc.(a)		764,068		66,840,669
			215,868,864
Machinery — 5.9%
AGCO Corp.		191,911		23,514,855
Donaldson Co. Inc.		464,145		26,646,564
Graco Inc.		1,252,204		87,616,714
ITT Inc.		286,393		24,583,975
Lincoln Electric Holdings Inc.		438,359		56,456,256
Middleby Corp. (The)(a)		250,346		42,686,496
Nordson Corp.		251,410		59,873,292
Terex Corp.		197,864		8,330,074
Timken Co. (The)		511,764		33,479,601
Toro Co. (The)		790,515		77,004,066
Woodward Inc.		243,776		27,595,443
			467,787,336
Media — 1.8%
Cable One Inc.		36,555		66,278,967
New York Times Co. (The), Class A		1,233,485		60,773,806

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Mid-Cap 400 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
TEGNA Inc.		652,483	$	12,866,965
			139,919,738
Metals & Mining — 1.4%
Cleveland-Cliffs Inc.(a)		3,357,401		66,510,114
Compass Minerals International Inc.		120,771		7,777,652
Royal Gold Inc.		281,271		26,858,568
Worthington Industries Inc.		143,460		7,560,342
			108,706,676
Multiline Retail — 0.3%
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		448,604		27,041,849
Oil, Gas & Consumable Fuels — 1.6%
Antero Midstream Corp.		2,399,895		25,006,906
Cimarex Energy Co.		363,893		31,731,470
CNX Resources Corp.(a)(b)		1,610,814		20,328,473
EQT Corp.(a)		848,512		17,360,555
Equitrans Midstream Corp.		1,349,891		13,687,895
Targa Resources Corp.		388,736		19,129,698
			127,244,997
Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		387,137		23,758,598
Personal Products — 0.1%
Nu Skin Enterprises Inc., Class A		205,760		8,327,107
Pharmaceuticals — 0.9%
Jazz Pharmaceuticals PLC(a)(b)		451,371		58,773,018
Nektar Therapeutics(a)(b)		516,271		9,272,227
			68,045,245
Professional Services — 1.8%
ASGN Inc.(a)		390,307		44,159,334
CACI International Inc., Class A(a)(b)		74,856		19,619,758
FTI Consulting Inc.(a)(b)		252,783		34,049,870
Insperity Inc.		265,369		29,386,963
Science Applications International Corp.		166,900		14,279,964
			141,495,889
Road & Rail — 2.2%
Knight-Swift Transportation Holdings Inc.		1,225,298		62,673,993
Landstar System Inc.		177,742		28,051,242
Saia Inc.(a)		194,327		46,255,656
Werner Enterprises Inc.		211,939		9,382,540
XPO Logistics Inc.(a)		377,919		30,074,794
			176,438,225
Semiconductors & Semiconductor Equipment — 6.8%
Amkor Technology Inc.		224,979		5,613,226
Brooks Automation Inc.		548,178		56,106,018
Cirrus Logic Inc.(a)		183,887		15,143,095
CMC Materials Inc.		215,606		26,569,127
First Solar Inc.(a)(b)		729,531		69,641,029
Lattice Semiconductor Corp.(a)		1,006,275		65,055,679
MKS Instruments Inc.		409,136		61,742,714
Semtech Corp.(a)		478,596		37,316,130
Silicon Laboratories Inc.(a)		177,111		24,823,878
SolarEdge Technologies Inc.(a)(b)		385,658		102,284,215
Synaptics Inc.(a)(b)		124,871		22,443,065
Universal Display Corp.		319,848		54,681,214
			541,419,390
Software — 7.9%
ACI Worldwide Inc.(a)		471,420		14,486,737

Security	Shares		Value
Software (continued)
Aspen Technology Inc.(a)(b)		345,737	$	42,456,503
Blackbaud Inc.(a)		140,950		9,915,832
CDK Global Inc.		451,692		19,219,495
Cerence Inc.(a)(b)		280,416		26,950,782
CommVault Systems Inc.(a)(b)		166,977		12,575,038
Digital Turbine Inc.(a)(b)		646,388		44,439,175
Envestnet Inc.(a)		178,943		14,358,386
Fair Isaac Corp.(a)(b)		209,626		83,416,474
J2 Global Inc.(a)(b)		224,065		30,611,760
Manhattan Associates Inc.(a)		467,777		71,583,914
Mimecast Ltd.(a)(b)		451,778		28,733,081
Paylocity Holding Corp.(a)(b)		290,057		81,331,983
Qualys Inc.(a)(b)		247,490		27,543,162
SailPoint Technologies Holdings Inc.(a)(b)		686,660		29,443,981
Teradata Corp.(a)		297,836		17,080,895
Wolfspeed Inc.		851,967		68,779,296
			622,926,494
Specialty Retail — 4.8%
Five Below Inc.(a)		413,127		73,044,985
GameStop Corp., Class A(a)(b)		215,703		37,849,405
Lithia Motors Inc.		223,198		70,762,694
RH(a)(b)		125,682		83,818,583
Victoria’s Secret & Co.(a)		311,892		17,235,152
Williams-Sonoma Inc.		554,242		98,283,734
			380,994,553
Textiles, Apparel & Luxury Goods — 1.9%
Columbia Sportswear Co.		109,322		10,477,420
Crocs Inc.(a)		460,296		66,043,270
Deckers Outdoor Corp.(a)		204,103		73,517,901
			150,038,591
Thrifts & Mortgage Finance — 0.2%
Essent Group Ltd.		413,464		18,196,551
Trading Companies & Distributors — 0.7%
MSC Industrial Direct Co. Inc., Class A		173,490		13,912,163
Watsco Inc.		150,807		39,906,548
			53,818,711
Water Utilities — 0.5%
Essential Utilities Inc.		824,828		38,008,074
Total Common Stocks — 99.9% (Cost: $6,180,349,596)				7,909,509,920
Short-Term Investments
Money Market Funds — 5.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		423,315,987		423,527,645
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		6,685,000		6,685,000
			430,212,645
Total Short-Term Investments — 5.4% (Cost: $430,020,049)				430,212,645
Total Investments in Securities — 105.3% (Cost: $6,610,369,645)				8,339,722,565
Other Assets, Less Liabilities — (5.3)%				(417,488,329	)
Net Assets — 100.0%			$	7,922,234,236

30 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^® S&P Mid-Cap 400 Growth ETF     

^(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 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	$	374,280,636	$	49,278,863	(a)	$	—	$	(4,348	)	$	(27,506	)	$	423,527,645		423,315,987	$	306,771	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,285,000		1,400,000	(a)		—		—			—			6,685,000		6,685,000		347			—
								$	(4,348	)	$	(27,506	)	$	430,212,645			$	307,118		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 400 E-Mini Index		35		12/17/21	$	9,216	$	(54,083	)

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)		Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long		Monthly	HSBC Bank PLC(b)		02/10/23	$	7,802	$	222	$	8,024		0.0	%(c)
		Monthly	JPMorgan Chase Bank NA(d)		02/08/23		8,267		40		8,307		0.0	(c)
								$	262	$	16,331

^(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c) Rounds to less than 0.1%.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)
Range:	20 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Mid-Cap 400 Growth ETF     

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Software
Envestnet Inc.(a)		100	$	8,024	100.0%
Net Value of Reference Entity — HSBC Bank PLC			$	8,024

^(a) Non-income producing security.

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of September 30, 2021 expiration 2/8/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Hotels, Restaurants & Leisure
Scientific Games Corp./DE(a)		100	$	8,307	100.0%
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	8,307

^(a) Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized     Depreciation
Total Return Swaps		$—		$—		$262		$—

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
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	262
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	54,083

^(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	$	(622,936	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(27,152	)
Swaps		262
	$	(26,890	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,192,003
Total return swaps:
Average notional value	$	5,356

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

32 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^® S&P Mid-Cap 400 Growth ETF     

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	54,083
Swaps - OTC(a)		262		—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		262		54,083
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(54,083	)
Total derivative assets and liabilities subject to an MNA		262		—

^(a) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Derivative  Assets  Subject to  an MNA by

Derivatives Available

Non-Cash  Collateral

Cash  Collateral

Net Amount of Derivative

Counterparty

Counterparty

for Offset

(a)

Received

Received

Assets

(b)

HSBC Bank PLC	$	222	$	—	$	—	$	—	$	222
JPMorgan Chase Bank NA		40		—		—		—		40
	$	262	$	—	$	—	$	—	$	262

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

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	$	7,909,509,920		$	—	$	—	$	7,909,509,920
Money Market Funds		430,212,645			—		—		430,212,645
	$	8,339,722,565		$	—	$	—	$	8,339,722,565
Derivative financial instruments(a)
Assets
Swaps	$	—		$	262	$	—	$	262
Liabilities
Futures Contracts		(54,083	)		—		—		(54,083	)
	$	(54,083	)	$	262	$	—	$	(53,821	)

^(a) Derivative financial instruments are swaps and futures contracts. Swaps and 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 33

Schedule of Investments (unaudited) September 30, 2021 iShares^® S&P Mid-Cap 400 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.7%
Curtiss-Wright Corp.		177,937	$	22,452,091
Hexcel Corp.(a)		577,629		34,305,386
				56,757,477
Air Freight & Logistics — 0.3%
GXO Logistics Inc.(a)		326,801		25,634,270
Airlines — 0.4%
JetBlue Airways Corp.(a)(b)		2,192,007		33,515,787
Auto Components — 2.1%
Adient PLC(a)		649,059		26,903,496
Dana Inc.		1,000,469		22,250,431
Gentex Corp.		691,374		22,801,514
Goodyear Tire & Rubber Co. (The)(a)		1,941,759		34,369,134
Lear Corp.		411,432		64,380,879
Visteon Corp.(a)(b)		100,631		9,498,560
				180,204,014
Automobiles — 1.0%
Harley-Davidson Inc.		1,062,255		38,889,155
Thor Industries Inc.		381,426		46,823,856
				85,713,011
Banks — 11.6%
Associated Banc-Corp.		1,060,350		22,712,697
BancorpSouth Bank		666,363		19,844,290
Bank of Hawaii Corp.		278,848		22,912,940
Bank OZK		841,309		36,159,461
Cathay General Bancorp.		541,605		22,417,031
CIT Group Inc.		684,456		35,557,489
Commerce Bancshares Inc.		380,762		26,531,496
Cullen/Frost Bankers Inc.		390,247		46,291,099
East West Bancorp. Inc.		977,384		75,786,355
First Financial Bankshares Inc.		320,292		14,717,417
First Horizon Corp.		3,783,583		61,634,567
FNB Corp.		2,211,521		25,697,874
Fulton Financial Corp.		1,127,869		17,233,838
Glacier Bancorp. Inc.		373,217		20,657,561
Hancock Whitney Corp.		598,308		28,192,273
Home BancShares Inc./AR		1,041,795		24,513,436
International Bancshares Corp.		369,495		15,385,772
PacWest Bancorp.		583,483		26,443,450
Pinnacle Financial Partners Inc.		524,302		49,326,332
Prosperity Bancshares Inc.		640,187		45,536,501
Signature Bank/New York NY		271,520		73,929,466
Sterling Bancorp./DE		1,331,204		33,226,852
Synovus Financial Corp.		1,008,954		44,282,991
Texas Capital Bancshares Inc.(a)		348,564		20,920,811
UMB Financial Corp.		296,428		28,667,552
Umpqua Holdings Corp.		867,820		17,573,355
United Bankshares Inc./WV		890,073		32,380,856
Valley National Bancorp.		2,808,992		37,387,684
Webster Financial Corp.		625,530		34,066,364
Wintrust Financial Corp.		393,302		31,609,682
				991,597,492
Biotechnology — 0.4%
United Therapeutics Corp.(a)(b)		179,368		33,107,746
Building Products — 1.8%
Builders FirstSource Inc.(a)(b)		729,744		37,756,955
Carlisle Companies Inc.		150,986		30,014,507

Security	Shares		Value
Building Products (continued)
Lennox International Inc.		96,849	$	28,490,070
Owens Corning		710,453		60,743,731
				157,005,263
Capital Markets — 2.6%
Affiliated Managers Group Inc.		283,957		42,903,063
Evercore Inc., Class A		101,262		13,535,692
Federated Hermes Inc.		399,814		12,993,955
Janus Henderson Group PLC		1,176,034		48,605,485
Jefferies Financial Group Inc.		1,361,050		50,535,786
SEI Investments Co.		364,059		21,588,699
Stifel Financial Corp.		419,870		28,534,365
				218,697,045
Chemicals — 2.7%
Ashland Global Holdings Inc.		249,021		22,192,752
Avient Corp.		629,535		29,178,947
Cabot Corp.		393,371		19,715,755
Chemours Co. (The)		629,738		18,300,186
Ingevity Corp.(a)(b)		140,317		10,014,424
Minerals Technologies Inc.(b)		233,142		16,282,637
NewMarket Corp.		31,150		10,552,686
Olin Corp.		995,010		48,009,232
RPM International Inc.		339,720		26,379,258
Sensient Technologies Corp.		152,294		13,870,938
Valvoline Inc.		501,994		15,652,173
				230,148,988
Commercial Services & Supplies — 1.1%
Brink’s Co. (The)		212,666		13,461,758
Clean Harbors Inc.(a)		210,325		21,846,458
Herman Miller Inc.		519,872		19,578,379
KAR Auction Services Inc.(a)		828,236		13,574,788
Stericycle Inc.(a)(b)		385,992		26,235,876
				94,697,259
Communications Equipment — 0.9%
Ciena Corp.(a)		671,692		34,491,384
NetScout Systems Inc.(a)		513,177		13,830,120
Viasat Inc.(a)(b)		505,136		27,817,840
				76,139,344
Construction & Engineering — 2.2%
AECOM(a)(b)		992,429		62,671,891
Dycom Industries Inc.(a)		213,718		15,225,270
EMCOR Group Inc.		370,312		42,726,599
Fluor Corp.(a)		981,570		15,675,673
MasTec Inc.(a)		395,313		34,107,606
Valmont Industries Inc.		86,767		20,400,657
				190,807,696
Construction Materials — 0.2%
Eagle Materials Inc.		110,463		14,488,327
Consumer Finance — 0.7%
FirstCash Inc.		279,087		24,420,112
Navient Corp.		1,157,738		22,842,171
PROG Holdings Inc.		249,810		10,494,518
				57,756,801
Containers & Packaging — 1.0%
AptarGroup Inc.		177,210		21,150,014
Greif Inc., Class A, NVS		184,672		11,929,811
Silgan Holdings Inc.		326,584		12,527,762
Sonoco Products Co.		678,910		40,449,458
				86,057,045

34 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^® S&P Mid-Cap 400 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services — 1.1%
Graham Holdings Co., Class B		28,025	$	16,511,209
Grand Canyon Education Inc.(a)(b)		197,535		17,375,178
H&R Block Inc.		1,229,371		30,734,275
Service Corp. International		462,226		27,853,739
				92,474,401
Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.(a)(b)		357,231		14,235,655
Electric Utilities — 1.8%
ALLETE Inc.		360,760		21,472,435
Hawaiian Electric Industries Inc.		755,158		30,833,101
IDACORP Inc.		348,764		36,055,223
OGE Energy Corp.		1,379,221		45,459,124
PNM Resources Inc.		363,289		17,975,540
				151,795,423
Electrical Equipment — 1.6%
Acuity Brands Inc.		245,984		42,646,246
EnerSys(b)		150,803		11,225,775
Hubbell Inc.		149,846		27,072,677
nVent Electric PLC		1,160,805		37,528,826
Regal Beloit Corp.		141,052		21,205,758
				139,679,282
Electronic Equipment, Instruments & Components — 3.4%
Arrow Electronics Inc.(a)		494,696		55,549,414
Avnet Inc.		685,474		25,341,974
Belden Inc.		311,230		18,132,260
Coherent Inc.(a)		111,868		27,977,068
Jabil Inc.		1,004,611		58,639,144
National Instruments Corp.		503,851		19,766,075
SYNNEX Corp.		287,026		29,879,406
Vishay Intertechnology Inc.		920,478		18,492,403
Vontier Corp.		1,166,334		39,188,822
				292,966,566
Energy Equipment & Services — 0.6%
ChampionX Corp.(a)(b)		825,755		18,463,882
NOV Inc.(a)		2,691,523		35,285,866
				53,749,748
Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A(b)		132,516		7,455,350
Equity Real Estate Investment Trusts (REITs) — 12.3%
American Campus Communities Inc.		584,560		28,321,932
Apartment Income REIT Corp.		1,081,212		52,773,958
Brixmor Property Group Inc.		2,046,112		45,239,536
Camden Property Trust		367,166		54,145,970
CoreSite Realty Corp.		110,466		15,303,960
Corporate Office Properties Trust		773,865		20,878,878
Cousins Properties Inc.		1,026,733		38,286,874
Douglas Emmett Inc.		1,211,656		38,300,446
EastGroup Properties Inc.		116,907		19,480,213
EPR Properties		516,656		25,512,473
First Industrial Realty Trust Inc.		435,889		22,701,099
Healthcare Realty Trust Inc.		605,749		18,039,205
Highwoods Properties Inc.		719,919		31,575,647
Hudson Pacific Properties Inc.		1,053,865		27,685,034
JBG SMITH Properties		799,858		23,683,795
Kilroy Realty Corp.		722,077		47,808,718
Lamar Advertising Co., Class A		298,850		33,904,532
Life Storage Inc.		258,964		29,713,529
Macerich Co. (The)		1,470,818		24,577,369

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Medical Properties Trust Inc.		2,503,231	$	50,239,846
National Retail Properties Inc.		1,209,552		52,240,551
National Storage Affiliates Trust		221,135		11,673,717
Omega Healthcare Investors Inc.		1,645,570		49,301,277
Park Hotels & Resorts Inc.(a)		1,633,339		31,262,108
Pebblebrook Hotel Trust(b)		905,087		20,283,000
Physicians Realty Trust		1,499,277		26,417,261
PotlatchDeltic Corp.		287,235		14,815,581
PS Business Parks Inc.		75,536		11,839,513
Rayonier Inc.		584,146		20,842,329
Rexford Industrial Realty Inc.		389,040		22,078,020
Sabra Health Care REIT Inc.		1,521,237		22,392,609
SL Green Realty Corp.		463,705		32,848,862
Spirit Realty Capital Inc.		820,539		37,777,616
STORE Capital Corp.		1,061,217		33,990,781
Urban Edge Properties		765,044		14,007,956
			1,049,944,195
Food & Staples Retailing — 1.8%
BJ’s Wholesale Club Holdings Inc.(a)(b)		944,573		51,875,949
Casey’s General Stores Inc.		158,497		29,868,760
Grocery Outlet Holding Corp.(a)		229,502		4,950,358
Performance Food Group Co.(a)(b)		1,058,749		49,189,479
Sprouts Farmers Market Inc.(a)(b)		792,326		18,358,193
			154,242,739
Food Products — 1.9%
Flowers Foods Inc.		842,203		19,901,257
Hain Celestial Group Inc. (The)(a)(b)		220,633		9,438,680
Ingredion Inc.		461,633		41,089,953
Lancaster Colony Corp.		57,679		9,736,792
Pilgrim’s Pride Corp.(a)(b)		335,733		9,763,116
Post Holdings Inc.(a)(b)		403,740		44,475,998
Sanderson Farms Inc.		146,491		27,569,606
Tootsie Roll Industries Inc.		72,499		2,206,145
			164,181,547
Gas Utilities — 2.2%
National Fuel Gas Co.		628,137		32,989,755
New Jersey Resources Corp.		664,324		23,125,118
ONE Gas Inc.		369,531		23,417,180
Southwest Gas Holdings Inc.		407,087		27,225,979
Spire Inc.		356,046		21,782,894
UGI Corp.		1,440,450		61,391,979
			189,932,905
Health Care Equipment & Supplies — 2.5%
Envista Holdings Corp.(a)(b)		1,110,687		46,437,823
Haemonetics Corp.(a)		157,988		11,152,373
Hill-Rom Holdings Inc.		263,596		39,539,400
ICU Medical Inc.(a)(b)		67,798		15,822,697
Integra LifeSciences Holdings Corp.(a)(b)		252,383		17,283,188
LivaNova PLC(a)		366,530		29,025,511
Neogen Corp.(a)(b)		297,800		12,933,454
NuVasive Inc.(a)(b)		356,901		21,360,525
Tandem Diabetes Care Inc.(a)(b)		165,349		19,739,364
			213,294,335
Health Care Providers & Services — 2.2%
Acadia Healthcare Co. Inc.(a)		383,817		24,479,848
Encompass Health Corp.		301,608		22,632,664
Molina Healthcare Inc.(a)		185,064		50,209,714
Option Care Health Inc.(a)		439,950		10,673,187
Patterson Companies Inc.		598,133		18,027,729

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Mid-Cap 400 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Progyny Inc.(a)(b)		237,093	$	13,277,208
Tenet Healthcare Corp.(a)(b)		737,419		48,994,118
				188,294,468
Hotels, Restaurants & Leisure — 2.1%
Boyd Gaming Corp.(a)		261,694		16,554,763
Choice Hotels International Inc.		106,271		13,429,466
Cracker Barrel Old Country Store Inc.		163,447		22,856,429
Marriott Vacations Worldwide Corp.		294,163		46,280,665
Scientific Games Corp./DE, Class A(a)(b)		253,326		21,043,791
Six Flags Entertainment Corp.(a)		332,886		14,147,655
Travel + Leisure Co.		362,644		19,774,977
Wyndham Hotels & Resorts Inc.		296,365		22,876,414
				176,964,160
Household Durables — 1.0%
KB Home		622,493		24,227,428
Taylor Morrison Home Corp.(a)		863,104		22,250,821
Toll Brothers Inc.		447,400		24,736,746
TRI Pointe Homes Inc.(a)		789,649		16,598,422
				87,813,417
Household Products — 0.1%
Energizer Holdings Inc.		232,460		9,077,563
Insurance — 5.1%
Alleghany Corp.(a)		95,527		59,648,014
American Financial Group Inc./OH		455,276		57,287,379
CNO Financial Group Inc.		885,524		20,845,235
First American Financial Corp.		756,970		50,754,839
Hanover Insurance Group Inc. (The)		245,963		31,881,724
Kemper Corp.		412,022		27,518,949
Mercury General Corp.		184,242		10,256,752
Old Republic International Corp.		1,958,767		45,306,281
Reinsurance Group of America Inc.		468,425		52,116,966
RenaissanceRe Holdings Ltd.		139,785		19,486,029
RLI Corp.		113,510		11,381,648
Selective Insurance Group Inc.		415,246		31,363,530
Unum Group		589,606		14,775,526
				432,622,872
Interactive Media & Services — 0.3%
TripAdvisor Inc.(a)		430,694		14,578,992
Yelp Inc.(a)		236,378		8,802,717
				23,381,709
IT Services — 1.7%
Alliance Data Systems Corp.		343,374		34,643,003
Concentrix Corp.(a)		153,385		27,149,145
Genpact Ltd.		464,862		22,085,594
LiveRamp Holdings Inc.(a)		222,283		10,498,426
Maximus Inc.		162,328		13,505,689
Sabre Corp.(a)		1,426,874		16,894,188
WEX Inc.(a)(b)		129,615		22,830,386
				147,606,431
Leisure Products — 0.7%
Brunswick Corp./DE		240,247		22,888,332
Callaway Golf Co.(a)		341,256		9,428,903
Polaris Inc.		207,949		24,883,177
				57,200,412
Machinery — 4.3%
AGCO Corp.		247,174		30,286,230
Colfax Corp.(a)(b)		894,350		41,050,665
Crane Co.		343,569		32,573,777

Security	Shares		Value
Machinery (continued)
Donaldson Co. Inc.		432,571	$	24,833,901
Flowserve Corp.		898,009		31,133,972
ITT Inc.		327,579		28,119,381
Kennametal Inc.		579,722		19,843,884
Middleby Corp. (The)(a)(b)		149,451		25,482,890
Nordson Corp.		137,793		32,815,403
Oshkosh Corp.		472,858		48,406,474
Terex Corp.		298,124		12,551,021
Trinity Industries Inc.		579,143		15,735,315
Woodward Inc.		210,324		23,808,677
				366,641,590
Marine — 0.2%
Kirby Corp.(a)		416,680		19,983,973
Media — 0.4%
John Wiley & Sons Inc., Class A		302,047		15,769,874
TEGNA Inc.		916,639		18,076,121
				33,845,995
Metals & Mining — 2.8%
Commercial Metals Co.		830,714		25,303,548
Compass Minerals International Inc.		122,928		7,916,563
Reliance Steel & Aluminum Co.		437,328		62,284,254
Royal Gold Inc.		191,037		18,242,123
Steel Dynamics Inc.		1,335,817		78,118,578
United States Steel Corp.(b)		1,864,603		40,965,328
Worthington Industries Inc.		97,624		5,144,785
				237,975,179
Multi-Utilities — 1.1%
Black Hills Corp.		437,756		27,473,567
MDU Resources Group Inc.		1,397,623		41,467,474
NorthWestern Corp.		357,395		20,478,734
				89,419,775
Multiline Retail — 0.8%
Kohl’s Corp.		1,076,275		50,681,790
Nordstrom Inc.(a)(b)		766,249		20,267,286
				70,949,076
Oil, Gas & Consumable Fuels — 2.6%
Cimarex Energy Co.		368,655		32,146,716
DTE Midstream LLC(a)		667,287		30,855,351
EQT Corp.(a)		1,291,660		26,427,364
Equitrans Midstream Corp.		1,553,123		15,748,667
HollyFrontier Corp.		1,029,829		34,118,235
Murphy Oil Corp.		1,000,056		24,971,398
Targa Resources Corp.		1,212,720		59,677,951
				223,945,682
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		297,316		18,246,283
Personal Products — 0.3%
Coty Inc., Class A(a)		2,310,620		18,161,473
Nu Skin Enterprises Inc., Class A		155,987		6,312,794
				24,474,267
Pharmaceuticals — 0.7%
Nektar Therapeutics(a)(b)		789,626		14,181,683
Perrigo Co. PLC		923,204		43,695,245
				57,876,928
Professional Services — 1.5%
CACI International Inc., Class A(a)(b)		92,478		24,238,484
KBR Inc.		972,035		38,298,179

36 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^® S&P Mid-Cap 400 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
ManpowerGroup Inc.		374,420	$	40,542,197
Science Applications International Corp.		245,137		20,973,922
				124,052,782
Real Estate Management & Development — 1.0%
Jones Lang LaSalle Inc.(a)		349,282		86,653,371
Road & Rail — 1.4%
Avis Budget Group Inc.(a)(b)		325,471		37,920,626
Landstar System Inc.		98,330		15,518,440
Ryder System Inc.		370,777		30,666,966
Werner Enterprises Inc.		232,369		10,286,976
XPO Logistics Inc.(a)		326,750		26,002,765
				120,395,773
Semiconductors & Semiconductor Equipment — 0.8%
Amkor Technology Inc.		487,168		12,154,842
Cirrus Logic Inc.(a)		227,665		18,748,213
Silicon Laboratories Inc.(a)		115,585		16,200,393
Synaptics Inc.(a)(b)		126,101		22,664,133
				69,767,581
Software — 1.8%
ACI Worldwide Inc.(a)		375,821		11,548,979
Aspen Technology Inc.(a)		146,045		17,934,326
Blackbaud Inc.(a)		159,282		11,205,489
CDK Global Inc.		422,465		17,975,886
CommVault Systems Inc.(a)(b)		162,611		12,246,234
Envestnet Inc.(a)		74,081		5,944,260
J2 Global Inc.(a)		123,802		16,913,829
NCR Corp.(a)(b)		905,204		35,085,707
Teradata Corp.(a)		474,686		27,223,242
				156,077,952
Specialty Retail — 2.8%
American Eagle Outfitters Inc.		1,053,962		27,192,220
AutoNation Inc.(a)(b)		300,930		36,641,237
Dick’s Sporting Goods Inc.		451,459		54,071,244
Foot Locker Inc.		621,965		28,398,922
GameStop Corp., Class A(a)(b)		226,762		39,789,928
Murphy USA Inc.		163,801		27,397,355
Urban Outfitters Inc.(a)(b)		457,621		13,586,767
Victoria’s Secret & Co.(a)		229,583		12,686,757
				239,764,430
Technology Hardware, Storage & Peripherals — 0.2%
Xerox Holdings Corp.		953,085		19,223,725
Textiles, Apparel & Luxury Goods — 1.6%
Capri Holdings Ltd.(a)		1,047,087		50,689,482
Carter’s Inc.		304,044		29,565,239

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Columbia Sportswear Co.		140,878	$	13,501,747
Skechers U.S.A. Inc., Class A(a)		929,253		39,140,136
				132,896,604
Thrifts & Mortgage Finance — 1.3%
Essent Group Ltd.		387,565		17,056,736
MGIC Investment Corp.		2,342,567		35,044,802
New York Community Bancorp. Inc.		3,203,571		41,229,959
Washington Federal Inc.		471,534		16,178,331
				109,509,828
Trading Companies & Distributors — 1.0%
GATX Corp.		245,050		21,946,678
MSC Industrial Direct Co. Inc., Class A		162,405		13,023,257
Univar Solutions Inc.(a)		1,180,339		28,115,675
Watsco Inc.		86,311		22,839,617
				85,925,227
Water Utilities — 0.4%
Essential Utilities Inc.		771,969		35,572,332
Wireless Telecommunication Services — 0.2%
Telephone and Data Systems Inc.		686,970		13,395,915
Total Common Stocks — 99.8% (Cost: $7,219,129,824)				8,515,835,011
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		141,328,522		141,399,186
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		13,278,000		13,278,000
				154,677,186
Total Short-Term Investments — 1.8% (Cost: $154,608,885)				154,677,186
Total Investments in Securities — 101.6% (Cost: $7,373,738,709)				8,670,512,197
Other Assets, Less Liabilities — (1.6)%				(138,468,615	)
Net Assets — 100.0%			$	8,532,043,582

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Mid-Cap 400 Value 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	$	160,458,457	$	—	$	(19,046,877	)(a)	$	7,149	$	(19,543	)	$	141,399,186		141,328,522	$	122,003	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		23,098,000		—		(9,820,000	)(a)		—		—			13,278,000		13,278,000		506			—
								$	7,149	$	(19,543	)	$	154,677,186			$	122,509		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 400 E-Mini Index		61		12/17/21	$	16,063	$	(268,979	)

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)		Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long		Monthly	HSBC Bank PLC(b)		02/10/23	$	9,363	$	266	$	9,629		0.0	%(c)
		Monthly	JPMorgan Chase Bank NA(d)		02/08/23		9,930		39		9,968		0.0	(c)
								$	305	$	19,597

^(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c) Rounds to less than 0.1%.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)
Range:	20 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

38 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^® S&P Mid-Cap 400 Value ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.

	Shares		Value		% of   Basket   Value
Reference Entity — Long
Software
Envestnet Inc.(a)		120	$	9,629	100.0%
Net Value of Reference Entity — HSBC Bank PLC			$	9,629

^(a) Non-income producing security.

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of September 30, 2021 expiration 2/8/2023.

	Shares		Value		% of   Basket   Value
Reference Entity — Long
Hotels, Restaurants & Leisure
Scientific Games Corp./DE(a)		120	$	9,968	100.0%
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	9,968

^(a) Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized   Depreciation
Total Return Swaps		$—		$—		$305		$—

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
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	305
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	268,979

^(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	$	388,012
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(436,386	)
Swaps		305
	$	(436,081	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	16,873,170
Total return swaps:
Average notional value	$	6,431

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 39

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Mid-Cap 400 Value ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	268,979
Swaps - OTC(a)		305		—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		305		268,979
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(268,979	)
Total derivative assets and liabilities subject to an MNA		305		—

^(a) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Derivative   Assets   Subject to   an MNA by

Derivatives Available

Non-Cash  Collateral

Cash  Collateral

Net Amount of Derivative

Counterparty

Counterparty

for Offset

(a)

Received

Received

Assets

(b)

HSBC Bank PLC	$	266	$	—	$	—	$	—	$	266
JPMorgan Chase Bank NA		39		—		—		—		39
	$	305	$	—	$	—	$	—	$	305

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

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	$	8,515,835,011		$	—	$	—	$	8,515,835,011
Money Market Funds		154,677,186			—		—		154,677,186
	$	8,670,512,197		$	—	$	—	$	8,670,512,197
Derivative financial instruments(a)
Assets
Swaps	$	—		$	305	$	—	$	305
Liabilities
Futures Contracts		(268,979	)		—		—		(268,979	)
	$	(268,979	)	$	305	$	—	$	(268,674	)

^(a) Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

40 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^® S&P Small-Cap 600 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Aerojet Rocketdyne Holdings Inc.		437,937	$	19,072,156
Aerovironment Inc.(a)(b)		299,513		25,853,962
Moog Inc., Class A		145,368		11,081,403
Park Aerospace Corp.		98,730		1,350,627
Triumph Group Inc.(a)		286,489		5,337,290
				62,695,438
Air Freight & Logistics — 0.6%
Echo Global Logistics Inc.(a)		177,451		8,466,187
Forward Air Corp.		352,630		29,275,343
				37,741,530
Airlines — 0.3%
Allegiant Travel Co.(a)		86,231		16,856,436
Auto Components — 2.0%
Dorman Products Inc.(a)(b)		372,999		35,311,815
Gentherm Inc.(a)(b)		284,361		23,013,336
LCI Industries		329,195		44,319,523
Patrick Industries Inc.		292,242		24,343,759
				126,988,433
Automobiles — 0.3%
Winnebago Industries Inc.		223,892		16,220,975
Banks — 3.4%
BancFirst Corp.		122,669		7,374,860
Bancorp. Inc. (The)(a)(b)		343,509		8,742,304
Berkshire Hills Bancorp. Inc.		199,795		5,390,469
City Holding Co.		88,593		6,902,281
Community Bank System Inc.		319,471		21,858,206
CVB Financial Corp.		673,709		13,723,452
Great Western Bancorp. Inc.		233,975		7,660,341
Hilltop Holdings Inc.		285,778		9,336,367
Independent Bank Corp.		148,481		11,306,828
Lakeland Financial Corp.		131,392		9,360,366
National Bank Holdings Corp., Class A		248,087		10,042,562
Park National Corp.		103,681		12,643,898
ServisFirst Bancshares Inc.		635,437		49,436,999
Triumph Bancorp. Inc.(a)(b)		306,969		30,736,806
Westamerica Bancorp.		154,684		8,702,522
				213,218,261
Beverages — 1.2%
Celsius Holdings Inc.(a)(b)		494,740		44,571,126
Coca-Cola Consolidated Inc.		26,077		10,279,032
MGP Ingredients Inc.		86,686		5,643,259
National Beverage Corp.		304,802		15,999,057
				76,492,474
Biotechnology — 2.8%
Anika Therapeutics Inc.(a)(b)		74,177		3,156,973
Coherus Biosciences Inc.(a)(b)		829,434		13,329,005
Cytokinetics Inc.(a)(b)		1,086,382		38,827,293
Eagle Pharmaceuticals Inc./DE(a)(b)		53,900		3,006,542
Enanta Pharmaceuticals Inc.(a)		99,216		5,636,461
Ligand Pharmaceuticals Inc.(a)(b)		112,423		15,662,772
Organogenesis Holdings Inc., Class A(a)		518,396		7,381,959
REGENXBIO Inc.(a)(b)		489,847		20,534,386
Spectrum Pharmaceuticals Inc.(a)(b)		1,191,834		2,598,198
uniQure NV(a)(b)		183,131		5,862,023
Vanda Pharmaceuticals Inc.(a)(b)		370,165		6,344,628
Vericel Corp.(a)(b)		606,717		29,607,790

Security	Shares		Value
Biotechnology (continued)
Xencor Inc.(a)(b)		758,320	$	24,766,731
				176,714,761
Building Products — 1.9%
AAON Inc.		539,024		35,219,828
American Woodmark Corp.(a)(b)		116,345		7,605,473
Gibraltar Industries Inc.(a)		424,557		29,570,395
Insteel Industries Inc.		103,208		3,927,064
PGT Innovations Inc.(a)(b)		778,588		14,871,031
UFP Industries Inc.		410,341		27,894,981
				119,088,772
Capital Markets — 1.7%
B. Riley Financial Inc.		142,127		8,391,178
Blucora Inc.(a)		277,555		4,327,082
BrightSphere Investment Group Inc.(b)		778,001		20,329,166
Donnelley Financial Solutions Inc.(a)		168,316		5,827,100
Greenhill & Co. Inc.		109,637		1,602,893
Piper Sandler Cos		115,793		16,032,699
StoneX Group Inc.(a)		220,103		14,504,788
Virtus Investment Partners Inc.		92,553		28,721,047
WisdomTree Investments Inc.		595,940		3,378,980
				103,114,933
Chemicals — 3.6%
American Vanguard Corp.		161,953		2,437,393
Balchem Corp.		421,676		61,172,537
Ferro Corp.(a)(b)		378,219		7,692,974
FutureFuel Corp.		146,360		1,043,547
GCP Applied Technologies Inc.(a)		364,479		7,989,380
Hawkins Inc.		135,665		4,731,995
HB Fuller Co.		348,003		22,467,074
Innospec Inc.		121,975		10,272,734
Livent Corp.(a)(b)		2,104,281		48,629,934
Quaker Chemical Corp.		174,661		41,520,413
Stepan Co.		150,590		17,007,635
				224,965,616
Commercial Services & Supplies — 0.7%
Brady Corp., Class A, NVS		247,275		12,536,843
U.S. Ecology Inc.(a)		160,575		5,194,601
UniFirst Corp./MA		102,981		21,895,820
Viad Corp.(a)		110,290		5,008,269
				44,635,533
Communications Equipment — 1.2%
CalAmp Corp.(a)(b)		189,028		1,880,829
Digi International Inc.(a)(b)		259,817		5,461,353
Extreme Networks Inc.(a)		733,954		7,229,447
Harmonic Inc.(a)(b)		637,395		5,577,206
Plantronics Inc.(a)		359,449		9,241,434
Viavi Solutions Inc.(a)(b)		2,978,310		46,878,599
				76,268,868
Construction & Engineering — 1.0%
Arcosa Inc.		341,508		17,133,456
Comfort Systems USA Inc.		472,583		33,704,620
MYR Group Inc.(a)		123,423		12,280,588
				63,118,664
Consumer Finance — 1.1%
Green Dot Corp., Class A(a)		702,224		35,342,934
PRA Group Inc.(a)		595,854		25,109,288
World Acceptance Corp.(a)(b)		37,464		7,102,425
				67,554,647

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Small-Cap 600 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging — 0.1%
Myers Industries Inc.		182,537	$	3,572,249
Diversified Consumer Services — 0.2%
American Public Education Inc.(a)		135,606		3,472,869
Perdoceo Education Corp.(a)(b)		402,914		4,254,772
Regis Corp.(a)(b)		115,008		400,228
WW International Inc.(a)(b)		270,607		4,938,578
				13,066,447
Diversified Telecommunication Services — 0.4%
Cogent Communications Holdings Inc.		347,455		24,613,712
Electrical Equipment — 0.8%
AZZ Inc.		183,452		9,759,646
Vicor Corp.(a)(b)		277,803		37,270,051
				47,029,697
Electronic Equipment, Instruments & Components — 3.6%
Advanced Energy Industries Inc.		499,853		43,862,101
Arlo Technologies Inc.(a)(b)		1,086,977		6,967,523
Badger Meter Inc.		379,992		38,432,391
CTS Corp.		224,560		6,941,150
Fabrinet(a)		297,586		30,505,541
FARO Technologies Inc.(a)		137,744		9,064,933
Itron Inc.(a)(b)		307,350		23,244,880
Methode Electronics Inc.		204,608		8,603,766
OSI Systems Inc.(a)		114,980		10,900,104
Plexus Corp.(a)(b)		210,396		18,811,506
Rogers Corp.(a)(b)		129,698		24,186,083
				221,519,978
Energy Equipment & Services — 0.3%
Core Laboratories NV(b)		242,158		6,719,884
DMC Global Inc.(a)(b)		243,912		9,002,792
				15,722,676
Equity Real Estate Investment Trusts (REITs) — 5.1%
Agree Realty Corp.		448,467		29,701,969
CareTrust REIT Inc.		627,175		12,744,196
Centerspace		104,604		9,885,078
Community Healthcare Trust Inc.		302,384		13,664,733
Easterly Government Properties Inc.		471,651		9,744,310
Essential Properties Realty Trust Inc.		1,540,426		43,008,694
Four Corners Property Trust Inc.		557,577		14,976,518
Getty Realty Corp.		230,127		6,745,022
Independence Realty Trust Inc.		664,378		13,520,092
Industrial Logistics Properties Trust		384,031		9,758,228
Innovative Industrial Properties Inc.		311,691		72,053,609
Lexington Realty Trust		1,296,624		16,531,956
LTC Properties Inc.		199,016		6,306,817
NexPoint Residential Trust Inc.		168,585		10,432,040
Safehold Inc.(b)		174,209		12,523,885
Saul Centers Inc.		68,724		3,027,979
Tanger Factory Outlet Centers Inc.		465,670		7,590,421
Uniti Group Inc.		1,942,054		24,023,208
Universal Health Realty Income Trust		77,355		4,275,411
				320,514,166
Food & Staples Retailing — 0.5%
PriceSmart Inc.		137,783		10,685,071
United Natural Foods Inc.(a)(b)		390,235		18,895,179
				29,580,250
Food Products — 1.1%
B&G Foods Inc.(b)		842,866		25,193,265

Security	Shares		Value
Food Products (continued)
Calavo Growers Inc.		91,402	$	3,495,212
Cal-Maine Foods Inc.		288,702		10,439,464
J&J Snack Foods Corp.		83,546		12,767,500
Simply Good Foods Co. (The)(a)		495,596		17,093,106
				68,988,547
Gas Utilities — 0.2%
Chesapeake Utilities Corp.		116,003		13,926,160
Health Care Equipment & Supplies — 4.6%
AngioDynamics Inc.(a)		174,549		4,527,801
Avanos Medical Inc.(a)		628,798		19,618,498
BioLife Solutions Inc.(a)(b)		377,302		15,967,421
Cardiovascular Systems Inc.(a)(b)		266,809		8,759,339
CONMED Corp.		212,425		27,791,563
CryoLife Inc.(a)		273,653		6,099,725
Cutera Inc.(a)(b)		93,870		4,374,342
Glaukos Corp.(a)(b)		389,365		18,755,712
Heska Corp.(a)(b)		138,601		35,833,903
Inogen Inc.(a)		111,671		4,811,903
Integer Holdings Corp.(a)		172,478		15,409,185
LeMaitre Vascular Inc.		248,508		13,193,290
Meridian Bioscience Inc.(a)(b)		566,484		10,899,152
Merit Medical Systems Inc.(a)(b)		659,701		47,366,532
Mesa Laboratories Inc.		67,579		20,433,186
OraSure Technologies Inc.(a)		596,403		6,745,318
Orthofix Medical Inc.(a)		91,643		3,493,431
Surmodics Inc.(a)		116,005		6,449,878
Tactile Systems Technology Inc.(a)(b)		257,665		11,453,209
Zynex Inc.(a)(b)		262,872		2,994,112
				284,977,500
Health Care Providers & Services — 5.7%
Addus HomeCare Corp.(a)		206,471		16,466,062
AMN Healthcare Services Inc.(a)		387,859		44,506,820
Apollo Medical Holdings Inc.(a)(b)		308,384		28,078,363
Community Health Systems Inc.(a)		1,610,974		18,848,396
CorVel Corp.(a)(b)		78,952		14,702,442
Covetrus Inc.(a)		809,201		14,678,906
Ensign Group Inc. (The)		682,335		51,100,068
Fulgent Genetics Inc.(a)(b)		249,330		22,427,234
Hanger Inc.(a)(b)		292,952		6,433,226
Joint Corp. (The)(a)(b)		187,844		18,412,469
MEDNAX Inc.(a)		439,816		12,503,969
ModivCare Inc.(a)(b)		160,182		29,092,255
Owens & Minor Inc.		508,982		15,926,047
Pennant Group Inc. (The)(a)(b)		352,070		9,889,646
RadNet Inc.(a)		283,086		8,297,251
Select Medical Holdings Corp.		704,918		25,496,884
Tivity Health Inc.(a)(b)		381,007		8,786,021
U.S. Physical Therapy Inc.		92,760		10,259,256
				355,905,315
Health Care Technology — 2.1%
Allscripts Healthcare Solutions Inc.(a)(b)		1,624,307		21,716,985
Computer Programs & Systems Inc.		89,959		3,189,946
HealthStream Inc.(a)		124,763		3,565,727
NextGen Healthcare Inc.(a)		350,391		4,940,513
Omnicell Inc.(a)(b)		566,309		84,057,245
Simulations Plus Inc.(b)		202,007		7,979,276
Tabula Rasa HealthCare Inc.(a)(b)		299,193		7,841,848
				133,291,540

42 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^® S&P Small-Cap 600 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure — 1.5%
Brinker International Inc.(a)		320,298	$	15,710,617
Cheesecake Factory Inc. (The)(a)		221,925		10,430,475
Dine Brands Global Inc.(a)		224,428		18,225,798
El Pollo Loco Holdings Inc.(a)(b)		132,940		2,246,686
Monarch Casino & Resort Inc.(a)(b)		86,757		5,811,851
Ruth’s Hospitality Group Inc.(a)		152,711		3,162,645
Shake Shack Inc., Class A(a)		509,800		39,998,908
				95,586,980
Household Durables — 3.8%
Cavco Industries Inc.(a)		64,757		15,330,572
Century Communities Inc.		387,011		23,781,826
Installed Building Products Inc.		305,496		32,733,896
iRobot Corp.(a)(b)		364,944		28,648,104
La-Z-Boy Inc.		301,441		9,715,444
LGI Homes Inc.(a)(b)		282,184		40,044,732
MDC Holdings Inc.		433,821		20,268,117
Meritage Homes Corp.(a)		490,394		47,568,218
Tupperware Brands Corp.(a)(b)		651,911		13,768,360
Universal Electronics Inc.(a)		71,247		3,508,915
				235,368,184
Household Products — 0.9%
Central Garden & Pet Co.(a)(b)		77,468		3,718,464
Central Garden & Pet Co., Class A, NVS(a)		319,134		13,722,762
WD-40 Co.		178,552		41,331,217
				58,772,443
Industrial Conglomerates — 0.2%
Raven Industries Inc.(a)		197,120		11,356,083
Insurance — 1.8%
Ambac Financial Group Inc.(a)		201,195		2,881,112
AMERISAFE Inc.		93,535		5,252,926
eHealth Inc.(a)(b)		307,939		12,471,530
HCI Group Inc.		85,268		9,445,136
James River Group Holdings Ltd.		190,755		7,197,186
Palomar Holdings Inc.(a)(b)		313,499		25,340,124
Selectquote Inc.(a)(b)		1,087,105		14,056,268
Trupanion Inc.(a)(b)		445,387		34,593,208
				111,237,490
Interactive Media & Services — 0.2%
QuinStreet Inc.(a)		644,556		11,318,403
Internet & Direct Marketing Retail — 2.0%
Liquidity Services Inc.(a)		229,220		4,953,444
PetMed Express Inc.		265,884		7,144,303
Shutterstock Inc.		305,184		34,583,451
Stamps.com Inc.(a)		238,630		78,697,788
				125,378,986
IT Services — 2.9%
CSG Systems International Inc.		213,915		10,310,703
EVERTEC Inc.		777,787		35,560,422
ExlService Holdings Inc.(a)		432,150		53,206,308
Perficient Inc.(a)(b)		428,963		49,631,019
TTEC Holdings Inc.		238,085		22,268,090
Unisys Corp.(a)(b)		384,677		9,670,780
				180,647,322
Leisure Products — 0.7%
Sturm Ruger & Co. Inc.		142,561		10,518,150
Vista Outdoor Inc.(a)(b)		746,622		30,096,333
				40,614,483

Security	Shares		Value
Life Sciences Tools & Services — 1.2%
NeoGenomics Inc.(a)(b)		1,599,827	$	77,175,655
Machinery — 6.9%
Alamo Group Inc.		129,362		18,049,880
Albany International Corp., Class A		211,550		16,261,848
Astec Industries Inc.		180,841		9,731,054
Chart Industries Inc.(a)(b)		464,532		88,776,711
CIRCOR International Inc.(a)		97,214		3,209,034
Enerpac Tool Group Corp.		320,929		6,652,858
ESCO Technologies Inc.		200,901		15,469,377
Federal Signal Corp.		795,565		30,724,720
Franklin Electric Co. Inc.		508,063		40,568,831
Hillenbrand Inc.		626,829		26,734,257
John Bean Technologies Corp.		252,404		35,475,382
Lindsay Corp.		84,671		12,852,211
Lydall Inc.(a)		105,287		6,537,270
Mueller Industries Inc.		298,711		12,277,022
Proto Labs Inc.(a)(b)		360,956		24,039,670
SPX Corp.(a)		343,433		18,356,494
SPX FLOW Inc.		206,709		15,110,428
Tennant Co.		111,488		8,244,538
Titan International Inc.(a)		306,219		2,192,528
Watts Water Technologies Inc., Class A		233,370		39,227,163
				430,491,276
Marine — 0.7%
Matson Inc.		566,116		45,691,222
Media — 0.4%
TechTarget Inc.(a)(b)		329,699		27,173,792
Metals & Mining — 0.6%
Arconic Corp.(a)(b)		796,358		25,117,131
Century Aluminum Co.(a)		397,392		5,344,923
Materion Corp.		100,634		6,907,518
				37,369,572
Mortgage Real Estate Investment — 0.3%
Invesco Mortgage Capital Inc.		1,410,026		4,441,582
Redwood Trust Inc.		546,572		7,045,313
Two Harbors Investment Corp.		1,189,377		7,540,650
				19,027,545
Multiline Retail — 0.3%
Big Lots Inc.		452,607		19,625,040
Oil, Gas & Consumable Fuels — 2.4%
Bonanza Creek Energy Inc.		400,278		19,173,316
Dorian LPG Ltd.		210,698		2,614,762
Matador Resources Co.(b)		617,834		23,502,405
Range Resources Corp.(a)		1,928,099		43,632,881
Renewable Energy Group Inc.(a)(b)		653,711		32,816,292
Southwestern Energy Co.(a)(b)		5,042,333		27,934,525
				149,674,181
Personal Products — 0.9%
elf Beauty Inc.(a)(b)		323,965		9,411,183
Inter Parfums Inc.		101,911		7,619,886
Medifast Inc.		152,661		29,408,615
USANA Health Sciences Inc.(a)		97,707		9,008,585
				55,448,269
Pharmaceuticals — 1.9%
Amphastar Pharmaceuticals Inc.(a)(b)		314,275		5,974,368
ANI Pharmaceuticals Inc.(a)		46,822		1,536,698

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Small-Cap 600 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Cara Therapeutics Inc.(a)(b)		368,348	$	5,690,977
Collegium Pharmaceutical Inc.(a)(b)		462,988		9,139,383
Corcept Therapeutics Inc.(a)		1,357,058		26,706,901
Endo International PLC(a)		1,828,462		5,924,217
Innoviva Inc.(a)(b)		809,613		13,528,633
Pacira BioSciences Inc.(a)		578,674		32,405,744
Supernus Pharmaceuticals Inc.(a)(b)		694,424		18,520,288
				119,427,209
Professional Services — 2.0%
Exponent Inc.		678,131		76,730,523
Forrester Research Inc.(a)		145,258		7,155,409
Korn Ferry		288,059		20,843,949
ManTech International Corp./VA, Class A		244,432		18,557,277
				123,287,158
Real Estate Management & Development — 0.4%
Marcus & Millichap Inc.(a)		145,922		5,927,352
RE/MAX Holdings Inc., Class A		101,753		3,170,623
St Joe Co. (The)		430,853		18,138,911
				27,236,886
Road & Rail — 0.3%
Heartland Express Inc.		300,271		4,810,341
Marten Transport Ltd.		779,169		12,225,162
				17,035,503
Semiconductors & Semiconductor Equipment — 6.4%
Axcelis Technologies Inc.(a)		282,563		13,288,938
CEVA Inc.(a)		298,883		12,753,338
Cohu Inc.(a)		634,985		20,281,421
Diodes Inc.(a)		585,702		53,058,744
DSP Group Inc.(a)		153,948		3,373,001
FormFactor Inc.(a)		1,011,738		37,768,180
Ichor Holdings Ltd.(a)(b)		185,272		7,612,826
Kulicke & Soffa Industries Inc.		394,856		23,012,208
MaxLinear Inc.(a)		914,940		45,060,795
Onto Innovation Inc.(a)(b)		641,774		46,368,171
PDF Solutions Inc.(a)		235,625		5,428,800
Photronics Inc.(a)		392,788		5,353,700
Power Integrations Inc.		785,365		77,743,281
Rambus Inc.(a)(b)		597,611		13,266,964
Ultra Clean Holdings Inc.(a)		582,323		24,806,960
Veeco Instruments Inc.(a)(b)		361,829		8,036,222
				397,213,549
Software — 5.4%
8x8 Inc.(a)(b)		1,459,371		34,134,688
Agilysys Inc.(a)(b)		251,301		13,158,120
Alarm.com Holdings Inc.(a)(b)		598,049		46,761,451
Bottomline Technologies DE Inc.(a)(b)		308,355		12,112,184
Ebix Inc.(b)		310,878		8,371,945
LivePerson Inc.(a)(b)		845,157		49,822,005
OneSpan Inc.(a)(b)		446,824		8,391,355
Progress Software Corp.		371,624		18,280,185
SPS Commerce Inc.(a)(b)		467,591		75,427,104
Vonage Holdings Corp.(a)		3,280,722		52,885,239
Xperi Holding Corp.		862,435		16,248,275
				335,592,551
Specialty Retail — 2.4%
America’s Car-Mart Inc./TX(a)		52,856		6,172,524
Boot Barn Holdings Inc.(a)(b)		231,512		20,574,471
Buckle Inc. (The)		155,672		6,163,054
Haverty Furniture Companies Inc.		90,079		3,036,563

Security	Shares		Value
Specialty Retail (continued)
Hibbett Inc.		196,665	$	13,912,082
Lumber Liquidators Holdings Inc.(a)(b)		377,587		7,053,325
MarineMax Inc.(a)(b)		284,124		13,785,697
Rent-A-Center Inc./TX		787,838		44,284,374
Sleep Number Corp.(a)(b)		307,415		28,737,154
Zumiez Inc.(a)(b)		157,581		6,265,421
				149,984,665
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)(b)		764,751		21,084,185
Diebold Nixdorf Inc.(a)(b)		447,509		4,524,316
				25,608,501
Textiles, Apparel & Luxury Goods — 0.7%
Fossil Group Inc.(a)(b)		331,511		3,928,405
Kontoor Brands Inc.		280,258		13,998,887
Steven Madden Ltd.		392,528		15,763,925
Wolverine World Wide Inc.		404,379		12,066,669
				45,757,886
Thrifts & Mortgage Finance — 2.9%
Axos Financial Inc.(a)(b)		695,022		35,821,434
Flagstar Bancorp. Inc.		387,519		19,678,215
Meta Financial Group Inc.		228,291		11,980,712
Mr Cooper Group Inc.(a)		1,122,195		46,200,768
NMI Holdings Inc., Class A(a)(b)		1,119,832		25,319,401
Walker & Dunlop Inc.		381,364		43,284,814
				182,285,344
Tobacco — 0.2%
Vector Group Ltd.		848,792		10,822,098
Trading Companies & Distributors — 0.4%
Applied Industrial Technologies Inc.		308,243		27,781,942
Water Utilities — 0.9%
American States Water Co.		259,144		22,161,995
California Water Service Group		396,071		23,340,464
Middlesex Water Co.		101,422		10,424,153
				55,926,612
Wireless Telecommunication Services — 0.2%
Shenandoah Telecommunications Co.		424,367		13,401,510
Total Common Stocks — 99.7% (Cost: $4,919,579,944)				6,221,701,918
Short-Term Investments
Money Market Funds — 6.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		375,483,599		375,671,341
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		12,810,000		12,810,000
				388,481,341
Total Short-Term Investments — 6.2% (Cost: $388,281,361)				388,481,341
Total Investments in Securities — 105.9% (Cost: $5,307,861,305)				6,610,183,259
Other Assets, Less Liabilities — (5.9)%				(369,553,803	)
Net Assets — 100.0%			$	6,240,629,456

^(a) Non-income producing security.

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

44 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^® S&P Small-Cap 600 Growth ETF     

^(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 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	$	390,568,484	$	—	$	(14,853,057	)(a)	$	(15,020	)	$	(29,066	)	$	375,671,341		375,483,599	$	513,584	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,930,000		—		(38,120,000	)(a)		—			—			12,810,000		12,810,000		997			—
								$	(15,020	)	$	(29,066	)	$	388,481,341			$	514,581		$	—

^(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
Russell 2000 E-Mini Index		113		12/17/21	$	12,435	$	(147,514	)

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long		Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	1,837,343	$	231,057	(c)	$	1,981,503		0.0	%(d)
		Monthly	HSBC Bank PLC(e)		02/10/23		2,604,635		7,467	(f)		2,623,365		0.0	(d)
		Monthly	JPMorgan Chase Bank NA(g)		02/08/23		760,785		29,988	(h)		790,724		0.0	(d)
								$	268,512		$	5,395,592

^(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c) Amount includes $86,897 of net dividends and financing fees.

^(d) Rounds to less than 0.1%.

^(f) Amount includes $(11,263) of net dividends, payable for referenced securities purchased and financing fees.

^(h) Amount includes $49 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(e)	(g)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Small-Cap 600 Growth ETF     

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of September 30, 2021 expiration 2/27/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Banks
Bancorp. Inc. (The)(a)		33,106	$	842,548	42.5%
Berkshire Hills Bancorp. Inc.		4,400		118,712	6.0
City Holding Co.		1,971		153,561	7.7
Community Bank System Inc.		3,174		217,165	11.0
Great Western Bancorp. Inc.		1,877		61,453	3.1
Independent Bank Corp.		4,077		310,464	15.7
National Bank Holdings Corp.		1,333		53,960	2.7
Westamerica Bancorp.		3,403		191,453	9.7
				1,949,316
Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		1,584		32,187	1.6
Total Reference Entity — Long				1,981,503
Net Value of Reference Entity — Goldman Sachs Bank USA			$	1,981,503

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Banks
Community Bank System Inc.		1,860	$	127,261	4.8%
CVB Financial Corp.		3,151		64,186	2.4
Lakeland Financial Corp.		5,212		371,303	14.2
				562,750
Capital Markets
Virtus Investment Partners Inc.		1,089		337,938	12.9
Consumer Finance
Green Dot Corp., Class A		7,453		375,109	14.3

	Shares		Value		% of  Basket  Value
Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		7,392	$	150,205		5.7
Insurance
James River Group Holdings Ltd.		3,660		138,092		5.3
Thrifts & Mortgage Finance
Flagstar Bancorp. Inc.		20,860		1,059,271		40.4
Total Reference Entity — Long				2,623,365
Net Value of Reference Entity — HSBC Bank PLC			$	2,623,365

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of September 30, 2021 expiration 2/8/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Banks
Bancorp. Inc. (The)(a)		5,206	$	132,493		16.8	%
Community Bank System Inc.		3,097		211,897		26.8
Great Western Bancorp. Inc.		3,290		107,715		13.6
Independent Bank Corp.		1,208		91,989		11.6
National Bank Holdings Corp.		3,390		137,227		17.4
Westamerica Bancorp.		31		1,744		0.2
				683,065
Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		1,685		34,239		4.3
Thrifts & Mortgage Finance
Meta Financial Group Inc.		1,399		73,420		9.3
Total Reference Entity — Long				790,724
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	790,724

^(a) Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$268,512		$—

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
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	268,512

46 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^® S&P Small-Cap 600 Growth ETF     

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	147,514

^(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	$	1,388,959
Swaps		(7,850,383	)
	$	(6,461,424	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(766,269	)
Swaps		5,439,927
	$	4,673,658

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	27,134,607
Total return swaps:
Average notional value	$	21,353,808

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	147,514
Swaps - OTC(a)		268,512		—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		268,512		147,514
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(147,514	)
Total derivative assets and liabilities subject to an MNA		268,512		—

^(a) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty Derivative
Assets Subject to an MNA by Counterparty Derivatives
Available for Offset  
  ^(a)  Non-Cash
Collateral Received Cash
Collateral Received Net Amount
of Derivative Assets  
  ^(b) 

Goldman Sachs Bank USA	$	231,057	$	—	$	—	$	—	$	231,057
HSBC Bank PLC		7,467		—		—		—		7,467
JPMorgan Chase Bank NA		29,988		—		—		—		29,988
	$	268,512	$	—	$	—	$	—	$	268,512

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Small-Cap 600 Growth ETF     

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,221,701,918		$	—	$	—	$	6,221,701,918
Money Market Funds		388,481,341			—		—		388,481,341
	$	6,610,183,259		$	—	$	—	$	6,610,183,259
Derivative financial instruments(a)
Assets
Swaps	$	—		$	268,512	$	—	$	268,512
Liabilities
Futures Contracts		(147,514	)		—		—		(147,514	)
	$	(147,514	)	$	268,512	$	—	$	120,998

^(a) Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

48 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^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
AAR Corp.(a)		529,942	$	17,186,019
Aerojet Rocketdyne Holdings Inc.		647,102		28,181,292
Kaman Corp.		438,549		15,643,043
Moog Inc., Class A		286,482		21,838,523
National Presto Industries Inc.		80,792		6,631,407
Park Aerospace Corp.		180,360		2,467,325
Triumph Group Inc.(a)		669,586		12,474,387
				104,421,996
Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings Inc.(a)(b)		426,570		34,842,237
Echo Global Logistics Inc.(a)		208,062		9,926,638
Hub Group Inc., Class A(a)		532,661		36,620,444
				81,389,319
Airlines — 0.9%
Allegiant Travel Co.(a)		133,649		26,125,707
Hawaiian Holdings Inc.(a)		810,346		17,552,094
SkyWest Inc.(a)		796,038		39,276,515
				82,954,316
Auto Components — 0.6%
American Axle & Manufacturing Holdings Inc.(a)		1,796,284		15,825,262
Cooper-Standard Holdings Inc.(a)(b)		270,341		5,923,171
Gentherm Inc.(a)		178,495		14,445,600
Motorcar Parts of America Inc.(a)(b)		303,227		5,912,927
Standard Motor Products Inc.		308,180		13,470,548
				55,577,508
Automobiles — 0.2%
Winnebago Industries Inc.		262,071		18,987,044
Banks — 15.7%
Allegiance Bancshares Inc.		293,889		11,211,865
Ameris Bancorp.		1,039,670		53,938,080
Banc of California Inc.		710,564		13,138,328
BancFirst Corp.		154,637		9,296,776
Bancorp. Inc. (The)(a)(b)		387,999		9,874,575
BankUnited Inc.		1,450,590		60,663,674
Banner Corp.		539,972		29,811,854
Berkshire Hills Bancorp. Inc.		514,264		13,874,843
Brookline Bancorp. Inc.		1,209,899		18,463,059
Cadence BanCorp.		1,950,008		42,822,176
Central Pacific Financial Corp.		417,563		10,723,018
City Holding Co.		129,996		10,127,988
Columbia Banking System Inc.		1,121,562		42,608,140
Community Bank System Inc.		444,792		30,432,669
Customers Bancorp. Inc.(a)		465,655		20,032,478
CVB Financial Corp.		1,177,836		23,992,519
Dime Community Bancshares Inc.		529,341		17,288,277
Eagle Bancorp. Inc.		499,725		28,734,188
FB Financial Corp.		560,771		24,045,860
First BanCorp./Puerto Rico		3,243,976		42,658,284
First Bancorp./Southern Pines NC		441,937		19,007,710
First Commonwealth Financial Corp.		1,490,353		20,313,511
First Financial Bancorp.		1,495,614		35,012,324
First Hawaiian Inc.		2,046,711		60,070,968
First Midwest Bancorp. Inc.		1,786,476		33,960,909
Great Western Bancorp. Inc.		564,703		18,488,376
Hanmi Financial Corp.		478,812		9,604,969
Heritage Financial Corp./WA		562,346		14,339,823
Hilltop Holdings Inc.		640,923		20,938,954

Security	Shares		Value
Banks (continued)
Hope Bancorp Inc.		1,920,628	$	27,733,868
Independent Bank Corp.		329,865		25,119,220
Independent Bank Group Inc.		586,559		41,669,151
Investors Bancorp. Inc.		3,559,255		53,780,343
Lakeland Financial Corp.		222,603		15,858,238
National Bank Holdings Corp., Class A		175,477		7,103,309
NBT Bancorp. Inc.		677,247		24,462,162
OFG Bancorp.		813,702		20,521,564
Old National Bancorp./IN		2,589,842		43,897,822
Pacific Premier Bancorp. Inc.		1,479,173		61,296,929
Park National Corp.		103,096		12,572,557
Preferred Bank/Los Angeles CA		212,035		14,138,494
Renasant Corp.		880,659		31,747,757
S&T Bancorp. Inc.		614,320		18,104,010
Seacoast Banking Corp. of Florida		866,344		29,291,091
Simmons First National Corp., Class A		1,692,243		50,022,703
Southside Bancshares Inc.		497,493		19,049,007
Tompkins Financial Corp.		187,943		15,206,468
Trustmark Corp.		852,767		27,476,153
United Community Banks Inc./GA		1,353,807		44,431,946
Veritex Holdings Inc.		773,952		30,462,751
Westamerica Bancorp.		226,352		12,734,564
				1,372,156,302
Beverages — 0.3%
Coca-Cola Consolidated Inc.		41,689		16,432,970
MGP Ingredients Inc.		93,823		6,107,877
				22,540,847
Biotechnology — 1.2%
Anika Therapeutics Inc.(a)		137,466		5,850,553
Eagle Pharmaceuticals Inc./DE(a)		116,488		6,497,700
Enanta Pharmaceuticals Inc.(a)		166,407		9,453,582
Ligand Pharmaceuticals Inc.(a)(b)		127,382		17,746,860
Myriad Genetics Inc.(a)(b)		1,233,337		39,824,452
Organogenesis Holdings Inc., Class A(a)(b)		371,336		5,287,825
Progenics Pharmaceuticals Inc.(a)(b)(c)		181,178		2
Spectrum Pharmaceuticals Inc.(a)(b)		1,165,143		2,540,012
uniQure NV(a)(b)		345,048		11,044,986
Vanda Pharmaceuticals Inc.(a)(b)		426,654		7,312,849
				105,558,821
Building Products — 1.7%
American Woodmark Corp.(a)		125,035		8,173,538
Apogee Enterprises Inc.		406,616		15,353,820
Griffon Corp.		750,546		18,463,432
Insteel Industries Inc.		180,950		6,885,148
Quanex Building Products Corp.		531,523		11,379,907
Resideo Technologies Inc.(a)		2,277,334		56,455,110
UFP Industries Inc.		478,984		32,561,332
				149,272,287
Capital Markets — 0.5%
B. Riley Financial Inc.		81,621		4,818,904
Blucora Inc.(a)		427,018		6,657,211
Donnelley Financial Solutions Inc.(a)(b)		264,102		9,143,211
Greenhill & Co. Inc.		93,094		1,361,034
Piper Sandler Cos		86,535		11,981,636
WisdomTree Investments Inc.		1,000,885		5,675,018
				39,637,014
Chemicals — 2.3%
AdvanSix Inc.(a)		446,167		17,735,138
American Vanguard Corp.		228,404		3,437,480

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Ferro Corp.(a)		847,523	$	17,238,618
FutureFuel Corp.		244,286		1,741,759
GCP Applied Technologies Inc.(a)(b)		410,629		9,000,988
Hawkins Inc.		134,015		4,674,443
HB Fuller Co.		406,982		26,274,758
Innospec Inc.		241,043		20,300,641
Koppers Holdings Inc.(a)(b)		338,063		10,567,849
Kraton Corp.(a)		507,147		23,146,189
Rayonier Advanced Materials Inc.(a)		1,016,801		7,626,008
Stepan Co.		156,306		17,653,200
Tredegar Corp.		404,132		4,922,328
Trinseo SA		613,640		33,124,287
				197,443,686
Commercial Services & Supplies — 3.2%
ABM Industries Inc.		1,060,499		47,733,060
Brady Corp., Class A, NVS		467,353		23,694,797
CoreCivic Inc.(a)		1,895,628		16,871,089
Deluxe Corp.		675,093		24,229,088
Harsco Corp.(a)		1,249,393		21,177,211
Healthcare Services Group Inc.		1,179,663		29,479,779
HNI Corp.		693,707		25,472,921
Interface Inc.(b)		929,461		14,081,334
Matthews International Corp., Class A		498,283		17,285,437
Pitney Bowes Inc.		2,584,218		18,632,212
U.S. Ecology Inc.(a)		303,770		9,826,960
UniFirst Corp./MA		115,534		24,564,839
Viad Corp.(a)		192,132		8,724,714
				281,773,441
Communications Equipment — 0.9%
ADTRAN Inc.		773,399		14,508,965
Applied Optoelectronics Inc.(a)(b)		395,441		2,839,267
CalAmp Corp.(a)(b)		342,802		3,410,880
Comtech Telecommunications Corp.		413,015		10,577,314
Digi International Inc.(a)(b)		226,069		4,751,971
Extreme Networks Inc.(a)		1,117,066		11,003,100
Harmonic Inc.(a)(b)		828,819		7,252,166
NETGEAR Inc.(a)(b)		481,152		15,353,560
Plantronics Inc.(a)		236,221		6,073,242
				75,770,465
Construction & Engineering — 0.7%
Arcosa Inc.		350,993		17,609,319
Granite Construction Inc.		723,942		28,631,906
Matrix Service Co.(a)		419,170		4,384,518
MYR Group Inc.(a)(b)		117,556		11,696,822
				62,322,565
Consumer Finance — 0.6%
Encore Capital Group Inc.(a)(b)		477,902		23,546,232
Enova International Inc.(a)(b)		581,568		20,093,174
EZCORP Inc., Class A, NVS(a)(b)		849,276		6,429,019
World Acceptance Corp.(a)(b)		20,645		3,913,879
				53,982,304
Containers & Packaging — 0.5%
Myers Industries Inc.		346,348		6,778,030
O-I Glass Inc.(a)		2,485,496		35,468,028
				42,246,058
Diversified Consumer Services — 0.9%
Adtalem Global Education Inc.(a)(b)		781,053		29,531,614
American Public Education Inc.(a)(b)		132,945		3,404,722
Perdoceo Education Corp.(a)		619,449		6,541,381

Security	Shares		Value
Diversified Consumer Services (continued)
Regis Corp.(a)(b)		244,919	$	852,318
Strategic Education Inc.		357,596		25,210,518
WW International Inc.(a)		516,552		9,427,074
				74,967,627
Diversified Telecommunication Services — 0.4%
ATN International Inc.		172,147		8,065,087
Cogent Communications Holdings Inc.		247,502		17,533,042
Consolidated Communications Holdings Inc.(a)(b)		1,149,649		10,565,274
				36,163,403
Electrical Equipment — 0.5%
AZZ Inc.		174,266		9,270,951
Encore Wire Corp.		326,295		30,942,555
Powell Industries Inc.		143,274		3,520,242
				43,733,748
Electronic Equipment, Instruments & Components — 3.8%
Benchmark Electronics Inc.		566,848		15,140,510
CTS Corp.		240,803		7,443,221
Daktronics Inc.(a)		588,723		3,196,766
ePlus Inc.(a)		213,154		21,871,732
Fabrinet(a)		221,267		22,682,080
FARO Technologies Inc.(a)		122,123		8,036,915
Insight Enterprises Inc.(a)(b)		550,616		49,599,489
Itron Inc.(a)(b)		343,024		25,942,905
Knowles Corp.(a)(b)		1,453,203		27,233,024
Methode Electronics Inc.		354,999		14,927,708
OSI Systems Inc.(a)(b)		124,463		11,799,092
PC Connection Inc.		172,329		7,587,646
Plexus Corp.(a)(b)		193,406		17,292,431
Rogers Corp.(a)(b)		139,026		25,925,569
Sanmina Corp.(a)(b)		1,028,543		39,640,047
ScanSource Inc.(a)		403,604		14,041,383
TTM Technologies Inc.(a)(b)		1,701,014		21,381,746
				333,742,264
Energy Equipment & Services — 2.3%
Archrock Inc.		2,111,882		17,423,027
Bristow Group Inc.(a)(b)		365,283		11,626,958
Core Laboratories NV(b)		439,260		12,189,465
Dril-Quip Inc.(a)(b)		564,757		14,220,581
Helix Energy Solutions Group Inc.(a)(b)		2,256,075		8,753,571
Helmerich & Payne Inc.		1,704,549		46,721,688
Nabors Industries Ltd.(a)		123,551		11,920,201
Oceaneering International Inc.(a)		1,573,932		20,964,774
Oil States International Inc.(a)(b)		971,624		6,208,677
Patterson-UTI Energy Inc.		2,988,509		26,896,581
ProPetro Holding Corp.(a)(b)		1,322,691		11,441,277
RPC Inc.(a)(b)		1,135,242		5,517,276
U.S. Silica Holdings Inc.(a)		1,189,897		9,507,277
				203,391,353
Entertainment — 0.4%
Cinemark Holdings Inc.(a)		1,682,474		32,320,326
Marcus Corp. (The)(a)		348,654		6,084,012
				38,404,338
Equity Real Estate Investment Trusts (REITs) — 9.5%
Acadia Realty Trust		1,397,354		28,519,995
Agree Realty Corp.		544,576		36,067,268
Alexander & Baldwin Inc.		1,145,596		26,852,770
American Assets Trust Inc.		831,550		31,116,601
Armada Hoffler Properties Inc.		960,339		12,839,732
Brandywine Realty Trust		2,700,628		36,242,428

50 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^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
CareTrust REIT Inc.		743,095	$	15,099,690
Centerspace		96,307		9,101,012
Chatham Lodging Trust(a)		765,569		9,378,220
DiamondRock Hospitality Co.(a)		3,328,853		31,457,661
Diversified Healthcare Trust		3,775,963		12,800,515
Easterly Government Properties Inc.		762,130		15,745,606
Four Corners Property Trust Inc.		533,758		14,336,740
Franklin Street Properties Corp., Class C		1,540,908		7,149,813
GEO Group Inc. (The)		1,911,830		14,281,370
Getty Realty Corp.		324,173		9,501,511
Global Net Lease Inc.		1,584,156		25,378,179
Hersha Hospitality Trust, Class A(a)		525,340		4,901,422
Independence Realty Trust Inc.		841,121		17,116,812
Industrial Logistics Properties Trust		572,448		14,545,904
iStar Inc.(b)		1,124,898		28,212,442
Kite Realty Group Trust		1,335,821		27,197,316
Lexington Realty Trust		2,808,298		35,805,800
LTC Properties Inc.		383,004		12,137,397
Mack-Cali Realty Corp.(a)		1,262,908		21,620,985
NexPoint Residential Trust Inc.		155,206		9,604,147
Office Properties Income Trust		762,511		19,314,404
Retail Opportunity Investments Corp.		1,911,153		33,292,285
Retail Properties of America Inc., Class A		3,393,615		43,709,761
RPT Realty		1,279,373		16,324,799
Saul Centers Inc.		123,124		5,424,843
Service Properties Trust		2,607,775		29,233,158
SITE Centers Corp.		2,834,084		43,758,257
Summit Hotel Properties Inc.(a)		1,677,863		16,157,821
Tanger Factory Outlet Centers Inc.		1,065,789		17,372,361
Uniti Group Inc.		1,329,990		16,451,976
Universal Health Realty Income Trust		108,771		6,011,773
Urstadt Biddle Properties Inc., Class A		479,534		9,077,579
Washington REIT		1,337,179		33,095,180
Whitestone REIT		694,239		6,789,657
Xenia Hotels & Resorts Inc.(a)		1,805,030		32,021,232
				835,046,422
Food & Staples Retailing — 0.9%
Andersons Inc. (The)		493,189		15,205,017
Chefs’ Warehouse Inc. (The)(a)(b)		519,774		16,929,039
PriceSmart Inc.		210,966		16,360,413
SpartanNash Co.		574,096		12,572,703
United Natural Foods Inc.(a)(b)		417,019		20,192,060
				81,259,232
Food Products — 1.5%
Calavo Growers Inc.		166,163		6,354,073
Cal-Maine Foods Inc.		243,785		8,815,266
Fresh Del Monte Produce Inc.		529,784		17,069,640
J&J Snack Foods Corp.		133,754		20,440,286
John B Sanfilippo & Son Inc.		140,114		11,450,116
Seneca Foods Corp., Class A(a)		102,728		4,953,544
Simply Good Foods Co. (The)(a)(b)		732,310		25,257,372
TreeHouse Foods Inc.(a)		880,903		35,130,412
				129,470,709
Gas Utilities — 0.9%
Chesapeake Utilities Corp.		134,606		16,159,450
Northwest Natural Holding Co.		484,281		22,272,083
South Jersey Industries Inc.		1,776,823		37,775,257
				76,206,790

Security	Shares		Value
Health Care Equipment & Supplies — 2.1%
AngioDynamics Inc.(a)		394,453	$	10,232,111
Cardiovascular Systems Inc.(a)(b)		311,785		10,235,902
CONMED Corp.		202,691		26,518,063
CryoLife Inc.(a)		290,524		6,475,780
Cutera Inc.(a)		145,804		6,794,466
Glaukos Corp.(a)(b)		266,945		12,858,741
Inogen Inc.(a)		188,229		8,110,788
Integer Holdings Corp.(a)(b)		312,833		27,948,500
Invacare Corp.(a)		557,657		2,654,447
Lantheus Holdings Inc.(a)(b)		1,068,176		27,430,760
Natus Medical Inc.(a)		537,265		13,474,606
OraSure Technologies Inc.(a)(b)		413,980		4,682,114
Orthofix Medical Inc.(a)(b)		201,226		7,670,735
Surmodics Inc.(a)		80,281		4,463,624
Varex Imaging Corp.(a)(b)		625,861		17,649,280
				187,199,917
Health Care Providers & Services — 2.5%
AMN Healthcare Services Inc.(a)		276,407		31,717,703
Apollo Medical Holdings Inc.(a)(b)		219,633		19,997,585
CorVel Corp.(a)(b)		53,127		9,893,310
Covetrus Inc.(a)		645,746		11,713,832
Cross Country Healthcare Inc.(a)		559,048		11,874,180
Hanger Inc.(a)(b)		228,594		5,019,924
Magellan Health Inc.(a)		368,097		34,803,571
MEDNAX Inc.(a)(b)		831,349		23,635,252
Owens & Minor Inc.(b)		573,195		17,935,272
RadNet Inc.(a)(b)		358,607		10,510,771
Select Medical Holdings Corp.		823,183		29,774,529
Tivity Health Inc.(a)(b)		239,531		5,523,585
U.S. Physical Therapy Inc.		91,490		10,118,794
				222,518,308
Health Care Technology — 0.2%
Computer Programs & Systems Inc.		123,801		4,389,983
HealthStream Inc.(a)		246,758		7,052,344
NextGen Healthcare Inc.(a)		475,997		6,711,558
				18,153,885
Hotels, Restaurants & Leisure — 1.7%
BJ’s Restaurants Inc.(a)		369,835		15,444,310
Bloomin’ Brands Inc.(a)		1,283,210		32,080,250
Brinker International Inc.(a)		331,714		16,270,572
Cheesecake Factory Inc. (The)(a)		497,770		23,395,190
Chuy’s Holdings Inc.(a)(b)		317,001		9,995,041
Dave & Buster’s Entertainment Inc.(a)		608,273		23,315,104
El Pollo Loco Holdings Inc.(a)(b)		149,512		2,526,753
Fiesta Restaurant Group Inc.(a)(b)		284,128		3,114,043
Monarch Casino & Resort Inc.(a)(b)		101,708		6,813,419
Red Robin Gourmet Burgers Inc.(a)(b)		250,477		5,776,000
Ruth’s Hospitality Group Inc.(a)		320,419		6,635,877
				145,366,559
Household Durables — 1.0%
Cavco Industries Inc.(a)(b)		56,820		13,451,567
Ethan Allen Interiors Inc.		350,403		8,304,551
La-Z-Boy Inc.		353,461		11,392,048
M/I Homes Inc.(a)		463,224		26,774,347
MDC Holdings Inc.		368,441		17,213,564
Universal Electronics Inc.(a)		126,864		6,248,052
				83,384,129
Household Products — 0.2%
Central Garden & Pet Co.(a)(b)		62,046		2,978,208

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Central Garden & Pet Co., Class A, NVS(a)		246,927	$	10,617,861
				13,596,069
Industrial Conglomerates — 0.2%
Raven Industries Inc.(a)		331,430		19,093,682
Insurance — 3.3%
Ambac Financial Group Inc.(a)(b)		479,848		6,871,423
American Equity Investment Life Holding Co.		1,301,945		38,498,514
AMERISAFE Inc.		194,344		10,914,359
Assured Guaranty Ltd.		1,061,803		49,702,998
Employers Holdings Inc.		440,531		17,396,569
Genworth Financial Inc., Class A(a)		7,929,337		29,735,014
Horace Mann Educators Corp.		649,252		25,833,737
James River Group Holdings Ltd.		349,068		13,170,336
ProAssurance Corp.		845,678		20,110,223
Safety Insurance Group Inc.		222,498		17,632,967
Selectquote Inc.(a)(b)		653,488		8,449,600
SiriusPoint Ltd.(a)(b)		1,377,498		12,755,631
Stewart Information Services Corp.		418,366		26,465,833
United Fire Group Inc.		339,413		7,840,440
Universal Insurance Holdings Inc.		448,774		5,852,013
				291,229,657
Internet & Direct Marketing Retail — 0.0%
Liquidity Services Inc.(a)(b)		145,146		3,136,605
IT Services — 0.3%
CSG Systems International Inc.		261,056		12,582,899
Unisys Corp.(a)		593,824		14,928,736
				27,511,635
Leisure Products — 0.1%
Sturm Ruger & Co. Inc.		105,438		7,779,216
Machinery — 4.2%
Albany International Corp., Class A		255,408		19,633,213
Astec Industries Inc.		141,207		7,598,349
Barnes Group Inc.		735,357		30,686,448
CIRCOR International Inc.(a)(b)		206,979		6,832,377
Enerpac Tool Group Corp.		562,707		11,664,916
EnPro Industries Inc.		325,439		28,352,246
ESCO Technologies Inc.		170,353		13,117,181
Greenbrier Companies Inc. (The)		510,985		21,967,245
Hillenbrand Inc.		395,476		16,867,051
John Bean Technologies Corp.		195,835		27,524,609
Lindsay Corp.		69,581		10,561,700
Lydall Inc.(a)		149,668		9,292,886
Meritor Inc.(a)(b)		1,107,488		23,600,569
Mueller Industries Inc.		541,225		22,244,347
SPX Corp.(a)		299,997		16,034,840
SPX FLOW Inc.		407,972		29,822,753
Standex International Corp.		192,621		19,052,143
Tennant Co.		159,713		11,810,776
Titan International Inc.(a)		436,200		3,123,192
Wabash National Corp.		797,469		12,065,706
Watts Water Technologies Inc., Class A		152,374		25,612,546
				367,465,093
Media — 1.2%
AMC Networks Inc., Class A(a)(b)		460,695		21,463,780
EW Scripps Co. (The), Class A		909,950		16,433,697
Gannett Co. Inc.(a)		2,246,911		15,009,366
Meredith Corp.(a)		641,146		35,711,832

Security	Shares		Value
Media (continued)
Scholastic Corp.		483,408	$	17,233,495
				105,852,170
Metals & Mining — 2.0%
Allegheny Technologies Inc.(a)(b)		2,011,035		33,443,512
Arconic Corp.(a)(b)		759,923		23,967,971
Carpenter Technology Corp.		758,447		24,831,555
Century Aluminum Co.(a)(b)		314,601		4,231,383
Haynes International Inc.		200,440		7,466,390
Kaiser Aluminum Corp.		250,529		27,297,640
Materion Corp.		200,684		13,774,950
Olympic Steel Inc.		148,000		3,605,280
SunCoke Energy Inc.		1,323,694		8,312,798
TimkenSteel Corp.(a)(b)		655,386		8,572,449
Warrior Met Coal Inc.		810,621		18,863,151
				174,367,079
Mortgage Real Estate Investment — 2.4%
Apollo Commercial Real Estate Finance Inc.		2,070,635		30,707,517
ARMOUR Residential REIT Inc.		1,322,927		14,261,153
Capstead Mortgage Corp.		1,525,705		10,206,967
Ellington Financial Inc.		758,082		13,865,320
Granite Point Mortgage Trust Inc.		872,325		11,488,520
Invesco Mortgage Capital Inc.		2,868,815		9,036,767
KKR Real Estate Finance Trust Inc.		643,627		13,580,530
New York Mortgage Trust Inc.		5,992,963		25,530,022
PennyMac Mortgage Investment Trust		1,546,928		30,459,012
Ready Capital Corp.		908,411		13,108,371
Redwood Trust Inc.		1,127,828		14,537,703
Two Harbors Investment Corp.		3,518,621		22,308,057
				209,089,939
Multi-Utilities — 0.6%
Avista Corp.		1,089,155		42,607,743
Unitil Corp.		252,720		10,811,362
				53,419,105
Multiline Retail — 1.3%
Macy’s Inc.		4,873,817		110,148,264
Oil, Gas & Consumable Fuels — 4.6%
Callon Petroleum Co.(a)(b)		620,979		30,477,649
CONSOL Energy Inc.(a)(b)		505,853		13,162,295
Dorian LPG Ltd.		187,392		2,325,535
Green Plains Inc.(a)(b)		699,270		22,831,165
Laredo Petroleum Inc.(a)(b)		212,721		17,245,291
Matador Resources Co.(b)		990,492		37,678,316
Par Pacific Holdings Inc.(a)		725,487		11,404,656
PBF Energy Inc., Class A(a)		1,497,275		19,419,657
PDC Energy Inc.(b)		1,558,002		73,833,715
Penn Virginia Corp.(a)(b)		244,774		6,528,123
Range Resources Corp.(a)		1,765,095		39,944,100
REX American Resources Corp.(a)		83,946		6,704,767
SM Energy Co.		1,914,952		50,516,434
Southwestern Energy Co.(a)(b)		4,592,621		25,443,120
Talos Energy Inc.(a)		652,828		8,989,441
World Fuel Services Corp.		1,003,590		33,740,696
				400,244,960
Paper & Forest Products — 1.1%
Clearwater Paper Corp.(a)(b)		266,091		10,199,268
Domtar Corp.(a)		787,001		42,923,035
Glatfelter Corp.		705,403		9,946,182
Mercer International Inc.		634,274		7,351,236

52 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^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products (continued)
Neenah Inc.		268,858	$	12,531,471
Schweitzer-Mauduit International Inc.		497,835		17,254,961
				100,206,153
Personal Products — 0.7%
Edgewell Personal Care Co.		859,112		31,185,765
elf Beauty Inc.(a)		364,964		10,602,204
Inter Parfums Inc.		158,305		11,836,465
USANA Health Sciences Inc.(a)		66,528		6,133,882
				59,758,316
Pharmaceuticals — 0.8%
Amphastar Pharmaceuticals Inc.(a)(b)		206,422		3,924,082
ANI Pharmaceuticals Inc.(a)		98,409		3,229,784
Cara Therapeutics Inc.(a)(b)		217,113		3,354,396
Endo International PLC(a)(b)		1,400,139		4,536,450
Phibro Animal Health Corp., Class A		319,768		6,887,803
Prestige Consumer Healthcare Inc.(a)		790,902		44,377,511
				66,310,026
Professional Services — 1.1%
Heidrick & Struggles International Inc.		307,279		13,713,862
Kelly Services Inc., Class A, NVS		574,544		10,847,391
Korn Ferry		527,563		38,174,458
ManTech International Corp./VA, Class A		138,746		10,533,596
Resources Connection Inc.		489,440		7,723,363
TrueBlue Inc.(a)(b)		565,184		15,305,183
				96,297,853
Real Estate Management & Development — 0.5%
Marcus & Millichap Inc.(a)		210,025		8,531,215
RE/MAX Holdings Inc., Class A		175,466		5,467,521
Realogy Holdings Corp.(a)(b)		1,842,519		32,317,783
				46,316,519
Road & Rail — 0.4%
ArcBest Corp.		403,960		33,031,809
Heartland Express Inc.		381,430		6,110,509
				39,142,318
Semiconductors & Semiconductor Equipment — 1.2%
Axcelis Technologies Inc.(a)		187,383		8,812,622
DSP Group Inc.(a)		170,110		3,727,110
Ichor Holdings Ltd.(a)		224,884		9,240,484
Kulicke & Soffa Industries Inc.		499,556		29,114,124
PDF Solutions Inc.(a)		181,110		4,172,774
Photronics Inc.(a)		504,052		6,870,229
Rambus Inc.(a)		997,181		22,137,418
SMART Global Holdings Inc.(a)(b)		363,463		16,174,104
Veeco Instruments Inc.(a)(b)		356,521		7,918,331
				108,167,196
Software — 0.8%
Bottomline Technologies DE Inc.(a)		248,535		9,762,455
InterDigital Inc.		485,319		32,914,335
Progress Software Corp.		242,620		11,934,478
Xperi Holding Corp.		618,179		11,646,492
				66,257,760
Specialty Retail — 5.9%
Aaron’s Co. Inc. (The)		520,702		14,340,133
Abercrombie & Fitch Co., Class A(a)		972,342		36,589,229
America’s Car-Mart Inc./TX(a)(b)		36,022		4,206,649
Asbury Automotive Group Inc.(a)(b)		305,473		60,098,758
Barnes & Noble Education Inc.(a)		573,604		5,730,304
Bed Bath & Beyond Inc.(a)		1,651,486		28,529,421

Security	Shares		Value
Specialty Retail (continued)
Boot Barn Holdings Inc.(a)(b)		187,897	$	16,698,406
Buckle Inc. (The)		276,040		10,928,424
Caleres Inc.		606,148		13,468,609
Cato Corp. (The), Class A		312,073		5,161,687
Chico’s FAS Inc.(a)		1,942,405		8,721,398
Children’s Place Inc. (The)(a)		219,759		16,539,062
Conn’s Inc.(a)(b)		304,309		6,947,375
Designer Brands Inc. , Class A(a)		954,646		13,298,219
Genesco Inc.(a)(b)		224,089		12,936,658
Group 1 Automotive Inc.		285,471		53,634,292
Guess? Inc.		613,223		12,883,815
Haverty Furniture Companies Inc.		134,353		4,529,040
Monro Inc.		529,591		30,456,778
ODP Corp. (The)(a)		750,117		30,124,699
Sally Beauty Holdings Inc.(a)(b)		1,786,111		30,095,970
Shoe Carnival Inc.		280,809		9,103,828
Signet Jewelers Ltd.		831,739		65,674,111
Sonic Automotive Inc., Class A(b)		332,425		17,465,610
Zumiez Inc.(a)(b)		150,370		5,978,711
				514,141,186
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)(b)		1,049,009		28,921,178
Diebold Nixdorf Inc.(a)(b)		615,891		6,226,658
				35,147,836
Textiles, Apparel & Luxury Goods — 1.6%
Fossil Group Inc.(a)(b)		352,389		4,175,810
G-III Apparel Group Ltd.(a)(b)		686,946		19,440,572
Kontoor Brands Inc.		415,796		20,769,010
Movado Group Inc.		266,293		8,385,567
Oxford Industries Inc.		250,612		22,597,684
Steven Madden Ltd.		742,668		29,825,547
Unifi Inc.(a)		221,137		4,849,534
Vera Bradley Inc.(a)		406,522		3,825,372
Wolverine World Wide Inc.		805,236		24,028,242
				137,897,338
Thrifts & Mortgage Finance — 2.0%
Capitol Federal Financial Inc.		2,038,508		23,422,457
Flagstar Bancorp. Inc.		310,103		15,747,030
HomeStreet Inc.		324,554		13,355,397
Meta Financial Group Inc.		217,474		11,413,036
Northfield Bancorp. Inc.		708,865		12,164,123
Northwest Bancshares Inc.		1,987,221		26,390,295
Provident Financial Services Inc.		1,176,584		27,614,427
TrustCo Bank Corp. NY		302,702		9,677,383
WSFS Financial Corp.		742,868		38,116,557
				177,900,705
Tobacco — 0.4%
Universal Corp./VA		391,038		18,898,867
Vector Group Ltd.		1,031,672		13,153,818
				32,052,685
Trading Companies & Distributors — 1.4%
Applied Industrial Technologies Inc.		239,105		21,550,534
Boise Cascade Co.		621,577		33,552,726
DXP Enterprises Inc./TX(a)		276,977		8,190,210
GMS Inc.(a)(b)		680,798		29,818,952
NOW Inc.(a)		1,747,366		13,367,350
Veritiv Corp.(a)(b)		223,617		20,027,139
				126,506,911

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities — 0.7%
American States Water Co.		268,236	$	22,939,543
California Water Service Group		335,902		19,794,705
Middlesex Water Co.		150,349		15,452,870
				58,187,118
Wireless Telecommunication Services — 0.1%
Shenandoah Telecommunications Co.		279,513		8,827,021
Total Common Stocks — 99.5% (Cost: $7,655,234,899)				8,711,093,072
Short-Term Investments
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		176,388,855		176,477,049
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		31,820,000		31,820,000
				208,297,049
Total Short-Term Investments — 2.4% (Cost: $208,184,049)				208,297,049
Total Investments in Securities — 101.9% (Cost: $7,863,418,948)				8,919,390,121
Other Assets, Less Liabilities — (1.9)%				(165,223,536	)
Net Assets — 100.0%			$	8,754,166,585

^(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 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	$	231,807,052	$	—	$	(55,304,772	)(a)		$	(10,035	)	$	(15,196	)	$	176,477,049		176,388,855	$	263,717	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		186,460,000		—		(154,640,000	)(a)			—			—			31,820,000		31,820,000		5,744			—
									$	(10,035	)	$	(15,196	)	$	208,297,049			$	269,461		$	—

^(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
Russell 2000 E-Mini Index		154		12/17/21	$	16,946	$	(258,388	)

54 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^® S&P Small-Cap 600 Value ETF     

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long		Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	9,473,442	$	267,105	(c)	$	9,736,841		0.1	%
		Monthly	HSBC Bank PLC(d)		02/10/23		6,786,854		48,913	(e)		6,875,630		0.1
		Monthly	JPMorgan Chase Bank NA(f)		02/08/23		8,409,024		62,361	(g)		8,294,034		0.1
								$	378,379		$	24,906,505

^(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c) Amount includes $3,706 of net dividends and financing fees.

(e) Amount includes $(39,863) of net dividends, payable for referenced securities purchased and financing fees.

^(g) Amount includes $177,351 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Small-Cap 600 Value ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of September 30, 2021 expiration 2/27/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Banks
Berkshire Hills Bancorp. Inc.		5,700	$	153,786		1.6	%
Central Pacific Financial Corp.		18,812		483,092		5.0
Great Western Bancorp. Inc.		3,953		129,421		1.3
Pacific Premier Bancorp. Inc.		6,098		252,701		2.6
S&T Bancorp. Inc.		3,902		114,992		1.2
Trustmark Corp.		124,665		4,016,706		41.2
Westamerica Bancorp.		2,290		128,835		1.3
				5,279,533
Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		3,987		81,016		0.8
Insurance
Assured Guaranty Ltd.		91,249		4,271,366		43.9
Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		3,282		104,926		1.1
Total Reference Entity — Long				9,736,841
Net Value of Reference Entity — Goldman Sachs Bank USA			$	9,736,841

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Banks
Central Pacific Financial Corp.		2,089	$	53,646		0.8	%
City Holding Co.		768		59,835		0.9
Columbia Banking System Inc.		100,666		3,824,301		55.6
Community Bank System Inc.		1,335		91,341		1.3
Eagle Bancorp. Inc.		244		14,030		0.2
First BanCorp./Puerto Rico		26,700		351,105		5.1
First Bancorp./Southern Pines NC		2,114		90,923		1.3
First Commonwealth Financial Corp.		6,601		89,972		1.3
Great Western Bancorp. Inc.		5,893		192,937		2.8
Hanmi Financial Corp.		4,966		99,618		1.5
Heritage Financial Corp./WA		6,063		154,607		2.3
Independent Bank Corp.		635		48,355		0.7
Lakeland Financial Corp.		5,786		412,195		6.0
OFG Bancorp.		922		23,253		0.3
S&T Bancorp. Inc.		2,347		69,166		1.0
Southside Bancshares Inc.		12,818		490,801		7.1
				6,066,085

	Shares		Value		% of   Basket   Value
Multiline Retail
Macy’s Inc.		19,814	$	447,796		6.5
Thrifts & Mortgage Finance
HomeStreet Inc.		4,349		178,961		2.6
Meta Financial Group Inc.		3,483		182,788		2.7
				361,749
Total Reference Entity — Long			6,875,630
Net Value of Reference Entity — HSBC Bank PLC			$	6,875,630

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of September 30, 2021 expiration 2/8/2023.

	Shares		Value		% of   Basket   Value
Reference Entity — Long
Banks
Bancorp. Inc. (The)(a)		39,761	$	1,011,917		12.2	%
Brookline Bancorp. Inc.		10,737		163,847		2.0
Central Pacific Financial Corp.		1,266		32,511		0.4
First BanCorp./Puerto Rico		12,260		161,219		1.9
First Commonwealth Financial Corp.		2,348		32,003		0.4
First Midwest Bancorp. Inc.		232		4,410		0.1
Preferred Bank/Los Angeles CA		2,300		153,364		1.8
				1,559,271
Equity Real Estate Investment Trusts (REITs)
GEO Group Inc. (The)		6,893		51,491		0.6
Insurance
Employers Holdings Inc.		1,611		63,618		0.7
Stewart Information Services Corp.		1,269		80,277		1.0
				143,895
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		139,178		4,544,162		54.8
Thrifts & Mortgage Finance
Flagstar Bancorp. Inc.		20,344		1,033,068		12.5
Meta Financial Group Inc.		482		25,295		0.3
Provident Financial Services Inc.		39,917		936,852		11.3
				1,995,215
Total Reference Entity — Long				8,294,034
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	8,294,034

^(a) Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$378,379		$—

56 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^® S&P Small-Cap 600 Value 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
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	378,379
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	258,387

^(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	$	922,295
Swaps		(23,563,941	)
	$	(22,641,646	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(951,817	)
Swaps		10,485,548
	$	9,533,731

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	30,593,803
Average notional value of contracts — short	$	703,792
Total return swaps:
Average notional value	$	150,332,210

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	258,387
Swaps - OTC(a)		378,379		—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		378,379		258,387
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(258,387	)
Total derivative assets and liabilities subject to an MNA		378,379		—

^(a) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® S&P Small-Cap 600 Value ETF     

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty Derivative
Assets Subject to an MNA by Counterparty Derivatives
Available for Offset  
  ^(a)  Non-Cash
Collateral Received Cash
Collateral Received Net Amount
of Derivative Assets  
  ^(b) 

Goldman Sachs Bank USA	$	267,105	$	—	$	—	$	—	$	267,105
HSBC Bank PLC		48,913		—		—		—		48,913
JPMorgan Chase Bank NA		62,361		—		—		—		62,361
	$	378,379	$	—	$	—	$	—	$	378,379

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

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	$	8,711,093,070		$	—	$	2	$	8,711,093,072
Money Market Funds		208,297,049			—		—		208,297,049
	$	8,919,390,119		$	—	$	2	$	8,919,390,121
Derivative financial instruments(a)
Assets
Swaps	$	—		$	378,379	$	—	$	378,379
Liabilities
Futures Contracts		(258,387	)		—		—		(258,387	)
	$	(258,387	)	$	378,379	$	—	$	119,992

^(a) Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

58 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

Statements of Assets and Liabilities (unaudited)

September 30, 2021

	iShares S&P 100 ETF		iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF		iShares S&P Mid-Cap 400 Growth ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	7,996,207,772	$	34,847,370,760	$	21,817,690,352	$	7,909,509,920
Affiliated(c)		54,871,690		329,064,229		146,274,419		430,212,645
Cash		8,748		141,594		425,004		4,899
Cash pledged:
Futures contracts		1,086,640		2,415,340		2,888,360		450,470
Receivables:
Investments sold		—		—		—		9,858,304
Securities lending income — Affiliated		435		18,748		7,448		45,481
Capital shares sold		—		—		65,172		—
Dividends		3,749,681		8,067,871		23,336,813		3,212,619
Unrealized appreciation on:
OTC swaps		—		—		—		262
Total assets		8,055,924,966		35,187,078,542		21,990,687,568		8,353,294,600
LIABILITIES
Collateral on securities loaned, at value		—		137,232,754		65,590,023		423,445,746
Payables:
Investments purchased		—		—		—		6,381,981
Variation margin on futures contracts		221,691		491,359		607,861		114,230
Capital shares redeemed		—		13,929		—		—
Investment advisory fees		1,362,973		5,456,459		3,333,042		1,118,407
Total liabilities		1,584,664		143,194,501		69,530,926		431,060,364
NET ASSETS	$	8,054,340,302	$	35,043,884,041	$	21,921,156,642	$	7,922,234,236
NET ASSETS CONSIST OF:
Paid-in capital	$	6,077,638,306	$	19,883,242,191	$	19,453,431,949	$	6,042,189,931
Accumulated earnings		1,976,701,996		15,160,641,850		2,467,724,693		1,880,044,305
NET ASSETS	$	8,054,340,302	$	35,043,884,041	$	21,921,156,642	$	7,922,234,236
Shares outstanding		40,800,000		474,000,000		150,750,000		100,100,000
Net asset value	$	197.41	$	73.93	$	145.41	$	79.14
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a)  Securities loaned, at value	$	—	$	134,951,026	$	62,635,423	$	349,819,672
(b)  Investments, at cost — Unaffiliated	$	5,845,334,670	$	19,428,657,062	$	18,642,570,326	$	6,180,349,596
(c)  Investments, at cost — Affiliated	$	40,190,313	$	284,379,450	$	125,380,752	$	430,020,049

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares S&P Mid-Cap 400 Value ETF		iShares S&P Small-Cap 600 Growth ETF		iShares S&P Small-Cap 600 Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	8,515,835,011	$	6,221,701,918	$	8,711,093,072
Affiliated(c)		154,677,186		388,481,341		208,297,049
Cash		2,607		—		2,194
Cash pledged:
Futures contracts		1,485,510		629,000		1,221,000
Receivables:
Securities lending income — Affiliated		23,551		98,731		22,089
Capital shares sold		—		3,891,024		558,679
Dividends		14,946,455		4,276,543		11,190,767
Unrealized appreciation on:
OTC swaps		305		268,512		378,379
Total assets		8,686,970,625		6,619,347,069		8,932,763,229
LIABILITIES
Bank overdraft		—		4,742		—
Collateral on securities loaned, at value		141,439,035		375,448,509		176,387,571
Payables:
Investments purchased		11,818,774		2,219,062		754,082
Variation margin on futures contracts		390,301		112,140		177,274
Investment advisory fees		1,278,933		933,160		1,277,717
Total liabilities		154,927,043		378,717,613		178,596,644
NET ASSETS	$	8,532,043,582	$	6,240,629,456	$	8,754,166,585
NET ASSETS CONSIST OF:
Paid-in capital	$	7,672,069,485	$	4,832,018,801	$	8,101,704,348
Accumulated earnings		859,974,097		1,408,610,655		652,462,237
NET ASSETS	$	8,532,043,582	$	6,240,629,456	$	8,754,166,585
Shares outstanding		82,800,000		47,950,000		87,000,000
Net asset value	$	103.04	$	130.15	$	100.62
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a)  Securities loaned, at value	$	136,206,801	$	353,833,949	$	167,319,140
(b)  Investments, at cost — Unaffiliated	$	7,219,129,824	$	4,919,579,944	$	7,655,234,899
(c)  Investments, at cost — Affiliated	$	154,608,885	$	388,281,361	$	208,184,049

See notes to financial statements.

60 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

Statements of Operations (unaudited)

Six Months Ended September 30, 2021

	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Mid-Cap 400 Growth ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	53,530,499		$	124,914,956		$	240,366,146		$	25,638,618
Dividends — Affiliated		372,366			1,468,761			461,932			347
Securities lending income — Affiliated — net		8,638			98,814			59,252			306,771
Foreign taxes withheld		—			(4,201	)		(58,085	)		—
Total investment income		53,911,503			126,478,330			240,829,245			25,945,736
EXPENSES
Investment advisory fees		7,736,366			31,093,243			20,293,436			6,834,728
Total expenses		7,736,366			31,093,243			20,293,436			6,834,728
Net investment income		46,175,137			95,385,087			220,535,809			19,111,008
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(3,470,934	)		34,409,138			(26,816,627	)		22,068,194
Investments — Affiliated		32			4,823			(27,866	)		(4,348	)
In-kind redemptions — Unaffiliated		113,875,044			816,352,502			534,187,254			407,804,362
In-kind redemptions — Affiliated		702,757			2,662,423			2,162,569			—
Futures contracts		2,395,041			5,931,158			7,772,890			(622,936	)
Net realized gain		113,501,940			859,360,044			517,278,220			429,245,272
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		553,211,318			3,321,237,972			113,486,778			(344,929,534	)
Investments — Affiliated		2,888,391			12,469,840			2,522,042			(27,506	)
Futures contracts		(803,058	)		(2,010,292	)		(2,403,167	)		(27,152	)
Swaps		—			—			—			262
Net change in unrealized appreciation (depreciation)		555,296,651			3,331,697,520			113,605,653			(344,983,930	)
Net realized and unrealized gain		668,798,591			4,191,057,564			630,883,873			84,261,342
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	714,973,728		$	4,286,442,651		$	851,419,682		$	103,372,350

See notes to financial statements.

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

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares S&P Mid-Cap 400 Value ETF			iShares S&P Small-Cap 600 Growth ETF			iShares S&P Small-Cap 600 Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	88,960,467		$	31,140,286		$	67,930,142
Dividends — Affiliated		506			997			5,744
Securities lending income — Affiliated — net		122,003			513,584			263,717
Foreign taxes withheld		—			(702	)		(107,478	)
Total investment income		89,082,976			31,654,165			68,092,125
EXPENSES
Investment advisory fees		7,859,724			5,665,362			8,206,431
Total expenses		7,859,724			5,665,362			8,206,431
Net investment income		81,223,252			25,988,803			59,885,694
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(27,343,511	)		81,817,950			71,715,989
Investments — Affiliated		7,149			(15,020	)		(10,035	)
In-kind redemptions — Unaffiliated		135,686,264			226,807,032			302,335,078
Futures contracts		388,012			1,388,959			922,295
Swaps		—			(7,850,383	)		(23,563,941	)
Net realized gain		108,737,914			302,148,538			351,399,386
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(26,911,894	)		(202,013,262	)		(400,179,153	)
Investments — Affiliated		(19,543	)		(29,066	)		(15,196	)
Futures contracts		(436,386	)		(766,269	)		(951,817	)
Swaps		305			5,439,927			10,485,548
Net change in unrealized appreciation (depreciation)		(27,367,518	)		(197,368,670	)		(390,660,618	)
Net realized and unrealized gain (loss)		81,370,396			104,779,868			(39,261,232	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	162,593,648		$	130,768,671		$	20,624,462

See notes to financial statements.

62 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

Statements of Changes in Net Assets

	iShares S&P 100 ETF							iShares S&P 500 Growth ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	46,175,137		$	102,548,169		$	95,385,087		$	244,246,469
Net realized gain			113,501,940			645,223,336			859,360,044			3,713,818,298
Net change in unrealized appreciation (depreciation)			555,296,651			2,018,679,164			3,331,697,520			8,908,216,077
Net increase in net assets resulting from operations			714,973,728			2,766,450,669			4,286,442,651			12,866,280,844
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(45,111,011	)		(103,205,046	)		(93,289,269	)		(253,051,096	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			407,244,540			(538,698,237	)		(324,025,061	)		(3,745,853,314	)
NET ASSETS
Total increase in net assets			1,077,107,257			2,124,547,386			3,869,128,321			8,867,376,434
Beginning of period			6,977,233,045			4,852,685,659			31,174,755,720			22,307,379,286
End of period		$	8,054,340,302		$	6,977,233,045		$	35,043,884,041		$	31,174,755,720

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares S&P 500 Value ETF							iShares S&P Mid-Cap 400 Growth ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21				Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	220,535,809		$	405,480,363			$	19,111,008		$	48,813,181
Net realized gain			517,278,220			452,162,076				429,245,272			1,076,417,829
Net change in unrealized appreciation (depreciation)			113,605,653			5,972,801,007				(344,983,930	)		2,635,641,826
Net increase in net assets resulting from operations			851,419,682			6,830,443,446				103,372,350			3,760,872,836
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(209,805,006	)		(417,220,319	)			(20,204,630	)		(51,474,580	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(144,909,458	)		823,399,732				(168,218,840	)		(962,209,384	)
NET ASSETS
Total increase (decrease) in net assets			496,705,218			7,236,622,859				(85,051,120	)		2,747,188,872
Beginning of period			21,424,451,424			14,187,828,565				8,007,285,356			5,260,096,484
End of period		$	21,921,156,642		$	21,424,451,424			$	7,922,234,236		$	8,007,285,356

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

See notes to financial statements.

64 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

Statements of Changes in Net Assets (continued)

	iShares S&P Mid-Cap 400 Value ETF							iShares S&P Small-Cap 600 Growth ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21				Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	81,223,252		$	91,545,034			$	25,988,803		$	34,443,349
Net realized gain			108,737,914			121,682,846				302,148,538			593,097,435
Net change in unrealized appreciation (depreciation)			(27,367,518	)		3,075,986,192				(197,368,670	)		2,175,538,611
Net increase in net assets resulting from operations			162,593,648			3,289,214,072				130,768,671			2,803,079,395
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(75,253,444	)		(96,536,611	)			(23,734,539	)		(35,874,295	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			335,083,424			1,105,910,735				(58,028,113	)		(90,735,720	)
NET ASSETS
Total increase in net assets			422,423,628			4,298,588,196				49,006,019			2,676,469,380
Beginning of period			8,109,619,954			3,811,031,758				6,191,623,437			3,515,154,057
End of period		$	8,532,043,582		$	8,109,619,954			$	6,240,629,456		$	6,191,623,437

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares S&P Small-Cap 600 Value ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	59,885,694		$	88,390,804
Net realized gain			351,399,386			203,503,233
Net change in unrealized appreciation (depreciation)			(390,660,618	)		3,777,628,346
Net increase in net assets resulting from operations			20,624,462			4,069,522,383
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(66,797,200	)		(72,032,423	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(5,801,764	)		687,734,335
NET ASSETS
Total increase (decrease) in net assets			(51,974,502	)		4,685,224,295
Beginning of period			8,806,141,087			4,120,916,792
End of period		$	8,754,166,585		$	8,806,141,087

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

See notes to financial statements.

66 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

Financial Highlights 

(For a share outstanding throughout each period)

		iShares S&P 100 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period		$	179.83		$	118.50		$	125.31		$	115.89		$	104.70		$	91.38
Net investment income(a)			1.18			2.37			2.48			2.35			2.17			2.02
Net realized and unrealized gain (loss)(b)			17.53			61.39			(6.58	)		9.45			11.20			13.38
Net increase (decrease) from investment operations			18.71			63.76			(4.10	)		11.80			13.37			15.40
Distributions(c)
From net investment income			(1.13	)		(2.43	)		(2.71	)		(2.38	)		(2.18	)		(2.08	)
Total distributions			(1.13	)		(2.43	)		(2.71	)		(2.38	)		(2.18	)		(2.08	)
Net asset value, end of period		$	197.41		$	179.83		$	118.50		$	125.31		$	115.89		$	104.70
Total Return(d)
Based on net asset value			10.40	%(e)		54.11	%		(3.42	)%		10.25	%		12.85	%		17.03	%
Ratios to Average Net Assets
Total expenses			0.20	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income			1.19	%(f)		1.52	%		1.86	%		1.94	%		1.92	%		2.08	%
Supplemental Data
Net assets, end of period (000)		$	8,054,340		$	6,977,233		$	4,852,686		$	4,824,336		$	5,024,007		$	4,612,077
Portfolio turnover rate(g)			1	%(e)		8	%		4	%		7	%		4	%		4	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 67

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares S&P 500 Growth ETF
	Six Months Ended 09/30/21				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			(unaudited	)		03/31/21	(a)		03/31/20	(a)		03/31/19	(a)		03/31/18	(a)		03/31/17	(a)
Net asset value, beginning of period		$	65.08		$	41.25		$	43.10		$	38.76		$	32.90		$	28.99
Net investment income(b)			0.20			0.47			0.60			0.52			0.50			0.46
Net realized and unrealized gain (loss)(c)			8.85			23.85			(1.68	)		4.33			5.87			3.91
Net increase (decrease) from investment operations			9.05			24.32			(1.08	)		4.85			6.37			4.37
Distributions(d)
From net investment income			(0.20	)		(0.49	)		(0.77	)		(0.51	)		(0.51	)		(0.46	)
Total distributions			(0.20	)		(0.49	)		(0.77	)		(0.51	)		(0.51	)		(0.46	)
Net asset value, end of period		$	73.93		$	65.08		$	41.25		$	43.10		$	38.76		$	32.90
Total Return(e)
Based on net asset value			13.90	%(f)		59.13	%		(2.65	)%		12.59	%		19.45	%		15.21	%
Ratios to Average Net Assets
Total expenses			0.18	%(g)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income			0.55	%(g)		0.82	%		1.30	%		1.27	%		1.36	%		1.50	%
Supplemental Data
Net assets, end of period (000)		$	35,043,884		$	31,174,756		$	22,307,379		$	22,550,900		$	20,022,095		$	16,525,973
Portfolio turnover rate(h)			2	%(f)		13	%		27	%		27	%		21	%		24	%

^(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

68 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Value ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period		$	141.09		$	96.29		$	112.76		$	109.32		$	104.03		$	89.91
Net investment income(a)			1.45			2.83			2.86			2.69			2.53			2.31
Net realized and unrealized gain (loss)(b)			4.25			44.86			(16.41	)		3.53			5.26			14.11
Net increase (decrease) from investment operations			5.70			47.69			(13.55	)		6.22			7.79			16.42
Distributions(c)
From net investment income			(1.38	)		(2.89	)		(2.92	)		(2.78	)		(2.50	)		(2.30	)
Total distributions			(1.38	)		(2.89	)		(2.92	)		(2.78	)		(2.50	)		(2.30	)
Net asset value, end of period		$	145.41		$	141.09		$	96.29		$	112.76		$	109.32		$	104.03
Total Return(d)
Based on net asset value			4.02	%(e)		50.10	%		(12.34	)%		5.79	%		7.53	%		18.44	%
Ratios to Average Net Assets
Total expenses			0.18	%(f)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income			1.96	%(f)		2.39	%		2.40	%		2.43	%		2.33	%		2.37	%
Supplemental Data
Net assets, end of period (000)		$	21,921,157		$	21,424,451		$	14,187,829		$	15,234,432		$	14,638,372		$	13,643,474
Portfolio turnover rate(g)			2	%(e)		26	%		32	%		31	%		23	%		21	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 69

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares S&P Mid-Cap 400 Growth ETF
		Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period			$	78.31		$	44.65		$	54.76		$	54.55		$	47.74		$	40.64
Net investment income(b)				0.19			0.44			0.57			0.55			0.48			0.46
Net realized and unrealized gain (loss)(c)				0.84			33.69			(10.05	)		0.24			6.85			7.17
Net increase (decrease) from investment operations				1.03			34.13			(9.48	)		0.79			7.33			7.63
Distributions(d)
From net investment income				(0.20	)		(0.47	)		(0.63	)		(0.56	)		(0.52	)		(0.53	)
From net realized gain				—			—			—			(0.02	)		—			—
Total distributions				(0.20	)		(0.47	)		(0.63	)		(0.58	)		(0.52	)		(0.53	)
Net asset value, end of period			$	79.14		$	78.31		$	44.65		$	54.76		$	54.55		$	47.74
Total Return(e)
Based on net asset value				1.31	%(f)		76.68	%		(17.49	)%		1.45	%		15.41	%		18.85	%
Ratios to Average Net Assets
Total expenses				0.17	%(g)		0.20	%		0.24	%		0.24	%		0.24	%		0.25	%
Net investment income				0.46	%(g)		0.70	%		1.01	%		1.01	%		0.94	%		1.05	%
Supplemental Data
Net assets, end of period (000)			$	7,922,234		$	8,007,285		$	5,260,096		$	7,490,758		$	8,008,220		$	6,254,058
Portfolio turnover rate(h)				11	%(f)		50	%		51	%		50	%		40	%		54	%

^(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

70 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares S&P Mid-Cap 400 Value ETF
		Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period			$	101.82		$	54.92		$	78.47		$	77.19		$	74.24		$	62.01
Net investment income(b)				0.99			1.36			1.51			1.31			1.32			1.10
Net realized and unrealized gain (loss)(c)				1.14			46.95			(23.42	)		1.31			2.98			12.33
Net increase (decrease) from investment operations				2.13			48.31			(21.91	)		2.62			4.30			13.43
Distributions(d)
From net investment income				(0.91	)		(1.41	)		(1.64	)		(1.34	)		(1.35	)		(1.20	)
Total distributions				(0.91	)		(1.41	)		(1.64	)		(1.34	)		(1.35	)		(1.20	)
Net asset value, end of period			$	103.04		$	101.82		$	54.92		$	78.47		$	77.19		$	74.24
Total Return(e)
Based on net asset value				2.07	%(f)		88.83	%		(28.36	)%		3.35	%		5.88	%		21.81	%
Ratios to Average Net Assets
Total expenses				0.18	%(g)		0.21	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income				1.86	%(g)		1.78	%		1.90	%		1.65	%		1.73	%		1.61	%
Supplemental Data
Net assets, end of period (000)			$	8,532,044		$	8,109,620		$	3,811,032		$	6,355,685		$	5,603,679		$	6,243,030
Portfolio turnover rate(h)				8	%(f)		43	%		46	%		44	%		37	%		38	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares S&P Small-Cap 600 Growth ETF
		Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period			$	127.93		$	69.20		$	89.29		$	86.92		$	76.62		$	62.14
Net investment income(b)				0.54			0.72			0.81			0.72			0.73			0.65
Net realized and unrealized gain (loss)(c)				2.18			58.76			(20.00	)		2.40			10.34			14.51
Net increase (decrease) from investment operations				2.72			59.48			(19.19	)		3.12			11.07			15.16
Distributions(d)
From net investment income				(0.50	)		(0.75	)		(0.90	)		(0.75	)		(0.77	)		(0.68	)
Total distributions				(0.50	)		(0.75	)		(0.90	)		(0.75	)		(0.77	)		(0.68	)
Net asset value, end of period			$	130.15		$	127.93		$	69.20		$	89.29		$	86.92		$	76.62
Total Return(e)
Based on net asset value				2.12	%(f)		86.30	%		(21.68	)%		3.59	%		14.51	%		24.49	%
Ratios to Average Net Assets
Total expenses				0.18	%(g)		0.21	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income				0.83	%(g)		0.73	%		0.89	%		0.77	%		0.90	%		0.94	%
Supplemental Data
Net assets, end of period (000)			$	6,240,629		$	6,191,623		$	3,515,154		$	5,580,221		$	5,128,053		$	4,374,747
Portfolio turnover rate(h)				9	%(f)		52	%		64	%		45	%		47	%		52	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares S&P Small-Cap 600 Value ETF
		Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period			$	100.53		$	50.14		$	73.81		$	75.49		$	69.36		$	56.68
Net investment income(b)				0.68			1.12			1.10			1.20			1.03			0.96
Net realized and unrealized gain (loss)(c)				0.16			50.16			(23.45	)		(1.71	)		6.14			12.68
Net increase (decrease) from investment operations				0.84			51.28			(22.35	)		(0.51	)		7.17			13.64
Distributions(d)
From net investment income				(0.75	)		(0.89	)		(1.32	)		(1.17	)		(1.04	)		(0.96	)
Total distributions				(0.75	)		(0.89	)		(1.32	)		(1.17	)		(1.04	)		(0.96	)
Net asset value, end of period			$	100.62		$	100.53		$	50.14		$	73.81		$	75.49		$	69.36
Total Return(e)
Based on net asset value				0.83	%(f)		103.08	%(g)		(30.75	)%		(0.71	)%		10.38	%		24.19	%
Ratios to Average Net Assets
Total expenses				0.18	%(h)		0.21	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income				1.31	%(h)		1.56	%		1.48	%		1.54	%		1.41	%		1.50	%
Supplemental Data
Net assets, end of period (000)			$	8,754,167		$	8,806,141		$	4,120,917		$	6,155,204		$	5,163,592		$	4,869,213
Portfolio turnover rate(i)				10	%(f)		52	%		53	%		38	%		39	%		48	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 73

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
S&P 100(a)		Diversified
S&P 500 Growth(a)		Diversified
S&P 500 Value		Diversified
S&P Mid-Cap 400 Growth		Diversified
S&P Mid-Cap 400 Value		Diversified
S&P Small-Cap 600 Growth		Diversified
S&P Small-Cap 600 Value		Diversified

^(a) The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 75

Notes to Financial Statements (unaudited) (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
S&P 500 Growth
BNP Paribas SA	$	5,376,128	$	5,357,039		$	—	$	(19,089	)(b)
Citigroup Global Markets, Inc.		51,734,305		51,734,305			—		—
Goldman Sachs & Co. LLC		72,561,082		72,561,082			—		—
J.P. Morgan Securities LLC		3,859,191		3,859,191			—		—
Jefferies LLC		11,979		11,979			—		—
SG Americas Securities LLC		1,000,440		1,000,440			—		—
UBS Securities LLC		407,901		407,901			—		—
	$	134,951,026	$	134,931,937		$	—	$	(19,089	)
S&P 500 Value
Barclays Bank PLC	$	27,737,257	$	27,737,257		$	—	$	—
BNP Paribas SA		7,516,536		7,516,536			—		—
Citigroup Global Markets, Inc.		87,155		87,155			—		—
Credit Suisse Securities (USA) LLC		3,604		3,604			—		—
Goldman Sachs & Co. LLC		5,821,147		5,821,147			—		—
J.P. Morgan Securities LLC		11,805,512		11,805,512			—		—
Morgan Stanley		1,024,970		1,024,970			—		—
SG Americas Securities LLC		285,840		285,840			—		—
UBS AG		8,353,402		8,353,402			—		—
	$	62,635,423	$	62,635,423		$	—	$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
S&P Mid-Cap 400 Growth
Barclays Bank PLC	$	9,039,034	$	9,039,034		$	—	$	—
BMO Capital Markets Corp.		14,274		14,274			—		—
BNP Paribas SA		27,229,722		27,229,722			—		—
BofA Securities, Inc.		30,107,097		30,107,097			—		—
Citigroup Global Markets, Inc.		28,800,926		28,800,926			—		—
Credit Suisse Securities (USA) LLC		1,610,700		1,610,700			—		—
Deutsche Bank Securities, Inc.		1,412,680		1,412,680			—		—
Goldman Sachs & Co. LLC		23,376,387		23,376,387			—		—
HSBC Bank PLC		243,923		243,923			—		—
J.P. Morgan Securities LLC		55,707,818		55,707,818			—		—
Morgan Stanley		109,210,341		109,210,341			—		—
National Financial Services LLC		3,912,368		3,912,368			—		—
SG Americas Securities LLC		24,274		24,274			—		—
State Street Bank & Trust Co.		5,315,301		5,315,301			—		—
UBS AG		48,033,722		47,512,784			—		(520,938	)(b)
UBS Securities LLC		27,948		27,948			—		—
Virtu Americas LLC		445,570		445,570			—		—
Wells Fargo Bank N.A.		146,827		146,827			—		—
Wells Fargo Securities LLC		5,160,760		5,160,760			—		—
	$	349,819,672	$	349,298,734		$	—	$	(520,938	)
S&P Mid-Cap 400 Value
Barclays Bank PLC	$	20,840,929	$	20,840,929		$	—	$	—
Barclays Capital, Inc.		579,734		579,734			—		—
BMO Capital Markets Corp.		85,323		85,323			—		—
BNP Paribas SA		6,878,054		6,878,054			—		—
BofA Securities, Inc.		19,222,556		19,222,556			—		—
Citigroup Global Markets, Inc.		4,539,946		4,539,946			—		—
Credit Suisse Securities (USA) LLC		622,936		622,936			—		—
Goldman Sachs & Co. LLC		18,562,841		18,562,841			—		—
HSBC Bank PLC		2,085,470		2,085,470			—		—
J.P. Morgan Securities LLC		21,054,232		21,054,232			—		—
Jefferies LLC		68,861		68,861			—		—
Morgan Stanley		12,793,815		12,793,815			—		—
National Financial Services LLC		3,002,906		3,002,906			—		—
Scotia Capital (USA), Inc.		2,905,100		2,905,100			—		—
UBS AG		9,175,151		9,175,151			—		—
UBS Securities LLC		661,510		661,510			—		—
Wells Fargo Bank N.A.		13,127,437		13,127,437			—		—
	$	136,206,801	$	136,206,801		$	—	$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
S&P Small-Cap 600 Growth
Barclays Bank PLC	$	822,633	$	822,633		$	—	$	—
Barclays Capital, Inc.		2,530,652		2,530,652			—		—
BNP Paribas SA		18,492,301		18,492,301			—		—
BofA Securities, Inc.		16,843,154		16,843,154			—		—
Citigroup Global Markets, Inc.		13,713,502		13,713,502			—		—
Credit Suisse Securities (USA) LLC		10,080,890		10,080,890			—		—
Deutsche Bank Securities, Inc.		438,260		438,260			—		—
Goldman Sachs & Co. LLC		62,731,115		62,731,115			—		—
HSBC Bank PLC		3,181,802		3,181,802			—		—
J.P. Morgan Securities LLC		39,701,284		39,701,284			—		—
Jefferies LLC		329,531		329,531			—		—
Morgan Stanley		135,823,342		135,823,342			—		—
National Financial Services LLC		12,781,320		12,781,320			—		—
Natixis S.A.		78,628		76,910			—		(1,718	)(b)
Nomura Securities International, Inc.		44,042		44,042			—		—
RBC Capital Markets LLC		24,654		24,654			—		—
Scotia Capital (USA), Inc.		1,319,900		1,319,900			—		—
SG Americas Securities LLC		15,708		15,708			—		—
State Street Bank & Trust Co.		711,946		711,946			—		—
Toronto Dominion Bank		9,944,094		9,944,094			—		—
UBS AG		6,132,896		6,132,896			—		—
UBS Securities LLC		8,308,115		8,308,115			—		—
Virtu Americas LLC		192,165		192,165			—		—
Wells Fargo Bank N.A.		3,613,293		3,613,293			—		—
Wells Fargo Securities LLC		5,978,722		5,978,722			—		—
	$	353,833,949	$	353,832,231		$	—	$	(1,718	)
S&P Small-Cap 600 Value
Barclays Bank PLC	$	2,528,732	$	2,528,732		$	—	$	—
Barclays Capital, Inc.		3,500,571		3,500,571			—		—
BNP Paribas SA		9,358,643		9,358,643			—		—
BofA Securities, Inc.		5,627,269		5,627,269			—		—
Citigroup Global Markets, Inc.		4,664,536		4,664,536			—		—
Credit Suisse Securities (USA) LLC		5,428,592		5,428,592			—		—
Deutsche Bank Securities, Inc.		785,099		785,099			—		—
Goldman Sachs & Co. LLC		41,015,162		41,015,162			—		—
J.P. Morgan Securities LLC		31,588,506		31,588,506			—		—
Jefferies LLC		116,375		116,375			—		—
Morgan Stanley		30,071,444		30,071,444			—		—
National Financial Services LLC		12,325,864		12,325,864			—		—
Scotia Capital (USA), Inc.		145,680		145,680			—		—
SG Americas Securities LLC		74,585		74,585			—		—
State Street Bank & Trust Co.		1,931,838		1,931,838			—		—
Toronto Dominion Bank		809,768		809,768			—		—
UBS AG		1,848,761		1,848,761			—		—
UBS Securities LLC		4,561,534		4,561,534			—		—
Virtu Americas LLC		226,405		226,405			—		—
Wells Fargo Bank N.A.		1,081,079		1,081,079			—		—
Wells Fargo Securities LLC		9,628,697		9,628,697			—		—
	$	167,319,140	$	167,319,140		$	—	$	—

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

^(b) The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

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Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Total return swaps are entered into by the iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value, iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day.

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Notes to Financial Statements (unaudited) (continued)

Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
S&P 100	0.20%
S&P 500 Growth	0.18
S&P 500 Value	0.18
S&P Mid-Cap 400 Value	0.18
S&P Small-Cap 600 Growth	0.18
S&P Small-Cap 600 Value	0.18

For its investment advisory services to the iShares S&P Mid-Cap 400 Growth ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Average Daily Net Assets	Investment Advisory Fee
First $121 billion	0.1800%
Over $121 billion, up to and including $181 billion	0.1710
Over $181 billion, up to and including $231 billion	0.1624
Over $231 billion, up to and including $281 billion	0.1543
Over $281 billion	0.1465

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

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

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

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

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Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
S&P 100	$	3,702
S&P 500 Growth		42,349
S&P 500 Value		25,386
S&P Mid-Cap 400 Growth		131,325
S&P Mid-Cap 400 Value		52,098
S&P Small-Cap 600 Growth		218,876
S&P Small-Cap 600 Value		113,022

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

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

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized    Gain (Loss)
S&P 100	$	13,390,225	$	5,757,789	$	(436,815	)
S&P 500 Growth		264,918,199		65,763,150		451,347
S&P 500 Value		132,684,056		79,673,851		(11,974,167	)
S&P Mid-Cap 400 Growth		144,968,664		145,682,443		17,705,704
S&P Mid-Cap 400 Value		170,037,492		226,844,943		(19,219,131	)
S&P Small-Cap 600 Growth		43,784,559		108,546,509		41,214,341
S&P Small-Cap 600 Value		210,459,647		146,775,077		46,532,777

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

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

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
S&P 100	$	70,343,380	$	77,145,225
S&P 500 Growth		546,536,576		546,126,415
S&P 500 Value		498,199,485		485,090,926
S&P Mid-Cap 400 Growth		916,591,229		923,432,330
S&P Mid-Cap 400 Value		701,709,433		692,741,602
S&P Small-Cap 600 Growth		604,203,847		567,580,904
S&P Small-Cap 600 Value		1,030,725,773		852,456,455

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind    Sales
S&P 100	$	684,615,447	$	278,623,253
S&P 500 Growth		1,070,111,587		1,392,965,493
S&P 500 Value		1,683,076,315		1,826,260,867
S&P Mid-Cap 400 Growth		732,605,663		897,347,484
S&P Mid-Cap 400 Value		792,714,369		461,121,582
S&P Small-Cap 600 Growth		416,189,205		463,373,463
S&P Small-Cap 600 Value		956,513,102		993,225,177

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 81

Notes to Financial Statements (unaudited) (continued)

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
S&P 100	$	275,370,205
S&P 500 Growth		1,141,109,830
S&P 500 Value		1,158,584,208
S&P Mid-Cap 400 Growth		248,986,573
S&P Mid-Cap 400 Value		516,161,831
S&P Small-Cap 600 Growth		161,202,613
S&P Small-Cap 600 Value		648,307,766

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized    Appreciation    (Depreciation)
S&P 100	$	5,913,259,638	$	2,401,144,963	$	(264,057,538	)	$	2,137,087,425
S&P 500 Growth		19,734,128,879		15,537,672,422		(97,003,902	)		15,440,668,520
S&P 500 Value		18,863,261,726		3,709,141,782		(610,352,137	)		3,098,789,645
S&P Mid-Cap 400 Growth		6,638,816,448		1,954,500,367		(253,648,071	)		1,700,852,296
S&P Mid-Cap 400 Value		7,408,647,910		1,502,009,701		(240,414,088	)		1,261,595,613
S&P Small-Cap 600 Growth		5,349,458,696		1,510,241,844		(249,396,283	)		1,260,845,561
S&P Small-Cap 600 Value		7,972,641,729		1,533,261,869		(586,393,485	)		946,868,384

9. PRINCIPAL RISKS

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

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience

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Notes to Financial Statements (unaudited) (continued)

significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
S&P 100
Shares sold		3,450,000		$	686,792,327			12,000,000		$	1,674,265,940
Shares redeemed		(1,450,000	)		(279,547,787	)		(14,150,000	)		(2,212,964,177	)
Net increase (decrease)		2,000,000		$	407,244,540			(2,150,000	)	$	(538,698,237	)
S&P 500 Growth
Shares sold		14,400,000		$	1,071,429,526			81,550,000	(a)	$	4,864,386,522
Shares redeemed		(19,450,000	)		(1,395,454,587	)		(143,300,000	)(a)		(8,610,239,836	)
Net decrease		(5,050,000	)	$	(324,025,061	)		(61,750,000	)	$	(3,745,853,314	)
S&P 500 Value
Shares sold		11,350,000		$	1,688,471,003			31,450,000		$	3,850,001,198
Shares redeemed		(12,450,000	)		(1,833,380,461	)		(26,950,000	)		(3,026,601,466	)
Net increase (decrease)		(1,100,000	)	$	(144,909,458	)		4,500,000		$	823,399,732

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 83

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
S&P Mid-Cap 400 Growth
Shares sold		9,150,000		$	738,086,973			23,000,000	(a)	$	1,448,881,015
Shares redeemed		(11,300,000	)		(906,305,813	)		(38,550,000	)(a)		(2,411,090,399	)
Net decrease		(2,150,000	)	$	(168,218,840	)		(15,550,000	)	$	(962,209,384	)
S&P Mid-Cap 400 Value
Shares sold		7,600,000		$	802,756,494			21,800,000	(b)	$	1,910,982,904
Shares redeemed		(4,450,000	)		(467,673,070	)		(11,550,000	)(b)		(805,072,169	)
Net increase		3,150,000		$	335,083,424			10,250,000		$	1,105,910,735
S&P Small-Cap 600 Growth
Shares sold		3,300,000		$	435,351,273			12,950,000	(b)	$	1,406,028,923
Shares redeemed		(3,750,000	)		(493,379,386	)		(15,350,000	)(b)		(1,496,764,643	)
Net decrease		(450,000	)	$	(58,028,113	)		(2,400,000	)	$	(90,735,720	)
S&P Small-Cap 600 Value
Shares sold		11,400,000		$	1,213,479,930			22,950,000	(b)	$	1,915,906,938
Shares redeemed		(12,000,000	)		(1,219,281,694	)		(17,550,000	)(b)		(1,228,172,603	)
Net increase (decrease)		(600,000	)	$	(5,801,764	)		5,400,000		$	687,734,335

^(a) Share transactions reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b) Share transactions reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

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

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

11. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares S&P 500 Value ETF received proceeds of $2,091,170 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

12. SUBSEQUENT EVENTS

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

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Board Review and Approval of Investment Advisory Contract

iShares S&P 100 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares S&P 500 Growth ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

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providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares S&P 500 Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to

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evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares S&P Mid-Cap 400 Growth ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and

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the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized

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by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did

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not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares S&P Small-Cap 600 Growth ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

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Board Review and Approval of Investment Advisory Contract  (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 95

Board Review and Approval of Investment Advisory Contract  (continued)

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per   Share
S&P 100(a)	$	1.129737	$	—	$	0.002264	$	1.132001		100	%		—	%		0	%(b)		100%
S&P 500 Growth(a)		0.195444		—		0.001768		0.197212		99			—			1			100
S&P 500 Value(a)		1.366116		—		0.018084		1.384200		99			—			1			100
S&P Mid-Cap 400 Growth(a)		0.189814		—		0.010508		0.200322		95			—			5			100
S&P Mid-Cap 400 Value(a)		0.867064		—		0.040722		0.907786		96			—			4			100
S&P Small-Cap 600 Growth(a)		0.470031		—		0.029610		0.499641		94			—			6			100
S&P Small-Cap 600 Value(a)		0.710987		—		0.043917		0.754904		94			—			6			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b) Rounds to less than 1%.

S U P P L E M E N T A L   I N F O R M A T I O N 97

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
Counterparty Abbreviations
HSBC	HSBC Bank PLC

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 99

Want to know more?

iShares.com  |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-301-0921

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Preferred and Income Securities ETF | PFF | NASDAQ

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

Rob Kapito

President, BlackRock, Inc.

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		5
Shareholder Expenses		5
Schedule of Investments		6
Financial Statements
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		18
Board Review and Approval of Investment Advisory Contract		24
Supplemental Information		26
General Information		27
Glossary of Terms Used in this Report		28

Fund Summary as of September 30, 2021 iShares^® Preferred and Income Securities ETF

Investment Objective

The iShares Preferred and Income Securities ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities, as represented by the ICE Exchange-Listed Preferred & Hybrid Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.00	%		12.20	%		5.25	%		6.79	%		12.20	%		29.18	%		92.83	%
Fund Market		3.48			11.44			5.18			6.80			11.44			28.74			93.15
Index		4.20			12.76			6.00			7.48			12.76			33.81			105.73

Index performance through January 31, 2019 reflects the performance of the S&P U.S. Preferred Stock Index^TM. Index performance beginning on February 1, 2019 through October 31, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index, which terminated on October 31, 2019. Index performance beginning on November 1, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index.

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 5 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	$        1,040.00	$       2.30			$      1,000.00	$      1,022.80	$      2.28		0.45	%

^(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 5 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Financials	54.3%
Utilities	14.5
Real Estate	7.6
Health Care	5.2
Communication Services	4.6
Information Technology	3.4
Consumer Discretionary	3.0
Industrials	2.9
Energy	2.0
Materials	1.3
Consumer Staples	1.2

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Broadcom Inc., Series A, 8.00%	2.6%
Wells Fargo & Co., Series L, 7.50	1.9
Bank of America Corp., Series L, 7.25	1.5
Danaher Corp., Series A, 4.75	1.4
ArcelorMittal SA, 5.50	1.2
Danaher Corp., Series B, 5.00	1.2
Avantor Inc., Series A, 6.25	1.1
NextEra Energy Inc., 5.28	1.1
Citigroup Capital XIII, 6.50	1.0
JPMorgan Chase & Co., Series EE, 6.00	0.9

4 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

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 the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

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 5

Schedule of Investments (unaudited) September 30, 2021 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Auto Components — 0.8%
Aptiv PLC, Series A, 5.50%(a)		959,845	$	161,733,883
Automobiles — 0.7%
Ford Motor Co.
6.00%		2,670,895		70,992,389
6.20%		2,503,934		66,754,881
				137,747,270
Banks — 25.1%
Associated Banc-Corp.
Series E, 5.88%		337,290		9,201,271
Series F, 5.63%		339,854		9,029,921
Atlantic Union Bankshares Corp., Series A, 6.88%		579,497		16,191,146
BancorpSouth Bank, Series A, 5.50%		554,831		14,497,734
Bank of America Corp.
Series 02, 3.00% (3 mo. LIBOR US + 0.650%)(b)(c)		780,553		18,686,439
Series 4, 4.00% (3 mo. LIBOR US + 0.750%)(c)		550,403		14,205,901
Series 5, 4.00% (3 mo. LIBOR US + 0.500%)(c)		1,109,603		28,172,820
Series E, 4.00% (3 mo. LIBOR US + 0.350%)(c)		852,735		21,625,360
Series GG, 6.00%		3,628,414		97,894,610
Series HH, 5.88%		2,299,069		62,074,863
Series K, 6.45% (3 mo. LIBOR US + 1.327%)(c)		2,811,059		74,605,506
Series KK, 5.38%		3,756,015		101,149,484
Series L, 7.25%		205,413		296,291,819
Series LL, 5.00%		3,521,046		94,187,980
Series NN, 4.38%		2,959,350		77,978,872
Series PP, 4.13%		2,443,939		62,833,672
Bank of Hawaii Corp., Series A, 4.38%		603,010		15,394,845
CIT Group Inc., Series B, 5.63%		671,825		17,635,406
Citigroup Inc.
Series J, 7.13% (3 mo. LIBOR US + 4.040%)(c)		3,154,732		88,111,665
Series K, 6.88% (3 mo. LIBOR US + 4.130%)(c)		4,991,359		139,758,052
Citizens Financial Group Inc.
Series D, 6.35% (3 mo. LIBOR US + 3.642%)(c)		996,235		27,565,822
Series E, 5.00%		1,494,313		39,494,693
Connectone Bancorp Inc., Preference Shares		384,302		10,126,358
Cullen/Frost Bankers Inc., Series B, 4.45%(b)		519,215		13,873,425
Dime Community Bancshares Inc., 5.50%		445,012		11,436,808
Fifth Third Bancorp.
Series A, 6.00%		671,825		17,984,755
Series I, 6.63% (3 mo. LIBOR US + 3.710%)(c)		1,494,314		42,289,086
Series K, 4.95%		839,727		21,942,066
First Citizens BancShares Inc./NC, Series A, 5.38%		1,158,492		31,603,662
First Horizon Corp.
6.50%		506,640		13,876,870
Series D, 6.10% (3 mo. LIBOR US + 3.859%)(c)		337,290		9,025,880
Series F, 4.70%		503,602		13,149,048
First Midwest Bancorp. Inc./IL
Series A, 7.00%		349,232		9,645,788
Series C, 7.00%		385,966		10,637,223
First Republic Bank/CA
Series H, 5.13%		668,340		17,403,574
Series I, 5.50%		1,007,550		26,518,716
Series J, 4.70%		1,311,693		35,087,788
Series K, 4.13%		1,660,339		41,491,872
Series L, 4.25%		2,482,251		62,304,500
Series M, 4.00%(b)		2,490,548		60,570,127
FNB Corp./PA, 7.25% (3 mo. LIBOR US + 4.600%)(c)		376,306		10,649,460
Fulton Financial Corp., Series A, 5.13%		671,825		17,964,600

Security	Shares		Value
Banks (continued)
GMAC Capital Trust I, Series 2, 5.91% (3 mo. LIBOR US + 5.785%)(c)		782,516	$	19,750,704
Hancock Whitney Corp., 6.25%		576,111		16,528,625
Heartland Financial USA Inc., Series E, 7.00% (5 year CMT + 6.675%)(c)		388,145		11,120,354
Huntington Bancshares Inc./OH
Series C, 5.70%(b)		582,818		15,444,677
Series C, 5.88%		338,895		8,540,154
Series H, 4.50%		1,660,339		42,421,661
JPMorgan Chase & Co.
Series DD, 5.75%		5,663,546		154,671,441
Series EE, 6.00%		6,176,606		171,215,518
Series GG, 4.75%		2,988,706		78,094,888
Series JJ, 4.55%		5,008,347		130,717,857
Series LL, 4.63%		6,176,886		163,069,790
Series MM, 4.20%(b)		6,677,409		168,604,577
KeyCorp
Series E, 6.13% (3 mo. LIBOR US + 3.892%)(c)		1,660,340		50,474,336
Series F, 5.65%		1,411,301		37,399,476
Series G, 5.63%		1,494,314		40,361,421
People’s United Financial Inc., Series A, 5.63% (3 mo. LIBOR US + 4.020%)(c)		839,727		23,848,247
Pinnacle Financial Partners Inc., Series B, 6.75%		755,776		21,267,537
PNC Financial Services Group Inc. (The), Series P, 6.13% (3 mo. LIBOR US + 4.067%)(c)		5,008,120		130,110,958
Popular Capital Trust I, 6.70%		604,716		15,329,551
Popular Capital Trust II, 6.13%		420,641		11,466,674
Regions Financial Corp.
Series B, 6.38% (3 mo. LIBOR US + 3.536%)(c)		1,660,339		47,253,248
Series C, 5.70% (3 mo. LIBOR US + 3.148%)(c)		1,660,339		47,186,834
Series E, 4.45%		1,328,287		34,548,745
Signature Bank/New York NY, Series A, 5.00%		2,424,111		63,269,297
Silvergate Capital Corp., Series A, 5.38%		664,183		16,465,097
Sterling Bancorp./DE, Series A, 6.50%		455,935		11,840,632
SVB Financial Group, Series A, 5.25%		1,175,452		31,925,276
Synovus Financial Corp.
Series D, 6.30% (3 mo. LIBOR US + 3.352%)(c)		671,825		17,836,954
Series E, 5.88% (5 year CMT + 4.127%)(c)		1,175,452		32,054,576
Texas Capital Bancshares Inc., Series B, 5.75%		1,007,550		26,569,093
Truist Financial Corp.
Series I, 4.00% (3 mo. LIBOR US + 0.530%)(c)		582,495		14,964,297
Series O, 5.25%(b)		1,909,458		53,388,446
Series R, 4.75%		3,071,719		81,554,139
U.S. Bancorp.
Series A, 3.50% (3 mo. LIBOR US + 1.020%)(c)		47,774		45,982,475
Series B, 3.50% (3 mo. LIBOR US + 0.600%)(c)		3,320,660		81,821,062
Series F, 6.50% (3 mo. LIBOR US + 4.468%)(c)		3,672,242		93,385,114
Series K, 5.50%		1,909,458		51,383,515
Series L, 3.75%		1,660,339		40,860,943
Series M, 4.00%		2,490,548		62,711,999
United Community Banks Inc./GA, Series I, 6.88%		298,643		8,275,398
Valley National Bancorp
Series A, 6.25% (3 mo. LIBOR US + 3.850%)(c)		390,715		11,537,814
Series B, 5.50% (3 mo. LIBOR US + 3.578%)(c)		337,290		8,607,641
Webster Financial Corp., Series F, 5.25%		506,639		13,030,755
Wells Fargo & Co.
Series AA, 4.70%		2,952,675		77,596,299
Series CC, 4.38%		2,649,842		67,570,971
Series DD, 4.25%		3,154,557		78,990,107
Series L, 7.50%		250,338		371,000,916

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Series Q, 5.85% (3 mo. LIBOR US + 3.090%)(c)		4,353,274	$	119,062,044
Series R, 6.63% (3 mo. LIBOR US + 3.690%)(c)		2,119,900		60,077,966
Series Y, 5.63%		1,741,344		45,692,867
Series Z, 4.75%		5,078,864		133,015,448
WesBanco Inc., Series A, 6.75% (5 year CMT + 6.557%)(c)		506,640		14,560,834
Western Alliance Bancorp
6.25%		584,396		15,042,353
Series A, 4.25% (5 year CMT + 3.452%)(c)		1,002,470		26,034,146
Wintrust Financial Corp.
Series D, 6.50% (3 mo. LIBOR US + 4.060%)(c)		424,252		11,692,385
Series E, 6.88% (5 year CMT + 6.507%)(c)		965,653		27,636,989
Zions Bancorp N.A., Series G, 6.30% (3 mo. LIBOR US + 4.24%)(c)		467,348		13,595,153
				5,072,629,761
Capital Markets — 9.0%
Affiliated Managers Group Inc.
4.20%		689,451		16,960,495
4.75%		947,984		24,619,145
5.88%		1,001,753		26,867,016
Apollo Global Management Inc.
Series A, 6.38%		923,677		23,701,552
Series B, 6.38%		1,007,550		27,304,605
B Riley Financial Inc.
5.25%		1,056,153		26,615,056
5.50%		503,602		12,942,571
6.00%		772,336		19,980,332
B. Riley Financial Inc.
6.38%		442,377		11,501,802
6.50%		454,850		11,971,652
6.75%		373,087		9,685,339
6.88%		377,734		9,741,760
Brightsphere Investment Group Inc., 5.13%		417,471		10,737,354
Brookfield Finance I UK PLC, 4.50%		792,882		20,091,630
Brookfield Finance Inc., Series 50, 4.63%		1,335,403		34,279,795
Carlyle Finance LLC, 4.63%		1,669,316		42,767,876
Charles Schwab Corp. (The)
Series D, 5.95%		2,490,549		63,284,850
Series J, 4.45%		1,992,471		52,202,740
Cowen Inc., 7.75%		333,931		9,784,178
Gladstone Investment Corp.
4.88%		411,823		11,024,502
5.00%		429,539		11,172,309
Goldman Sachs Group Inc. (The)
Series A, 3.75% (3 mo. LIBOR US + 0.750%)(c)		2,490,549		62,263,725
Series C, 4.00% (3 mo. LIBOR US + 0.750%)(c)		671,824		16,990,429
Series D, 4.00% (3 mo. LIBOR US + 0.670%)(c)		4,507,154		114,030,996
Series J, 5.50% (3 mo. LIBOR US + 3.640%)(c)		3,338,749		90,546,873
Series K, 6.38% (3 mo. LIBOR US + 3.550%)(c)		2,324,523		65,319,096
KKR & Co. Inc., Series C, 6.00%(a)		1,919,772		151,681,186
KKR Group Finance Co. IX LLC, 4.63%		1,669,323		43,636,103
Logan Ridge Finance Corp., 5.75%(a)		154,861		4,038,775
Morgan Stanley
Series A, 4.00% (3 mo. LIBOR US + 0.700%)(c)		3,672,591		92,108,582
Series E, 7.13% (3 mo. LIBOR US + 4.320%)(c)		2,875,036		81,967,276
Series F, 6.88% (3 mo. LIBOR US + 3.940%)(c)		2,822,680		79,091,494
Series I, 6.38% (3 mo. LIBOR US + 3.708%)(c)		3,338,749		95,321,284
Series K, 5.85% (3 mo. LIBOR US + 3.491%)(c)		3,338,749		98,927,133
Series L, 4.88%		1,660,339		44,829,153
Newtek Business Services Corp., 5.50%		337,290		8,718,947

Security	Shares		Value
Capital Markets (continued)
Northern Trust Corp., Series E, 4.70%		1,343,354	$	36,875,067
Oaktree Capital Group LLC
Series A, 6.63%		604,434		16,162,565
Series B, 6.55%		789,271		21,191,926
Prospect Capital Corp., Series A, 5.35%		498,078		11,630,121
State Street Corp.
Series D, 5.90% (3 mo. LIBOR US + 3.108%)(c)		2,490,549		70,407,820
Series G, 5.35% (3 mo. LIBOR US + 3.709%)(c)		1,660,340		48,531,738
Stifel Financial Corp.
5.20%		751,366		20,437,155
Series B, 6.25%		528,901		14,401,974
Series C, 6.13%		739,760		20,861,232
Series D, 4.50%		996,235		25,214,708
				1,812,421,917
Chemicals — 0.1%
EI du Pont de Nemours & Co., Series B, 4.50%		141,397		16,400,638
Commercial Services & Supplies — 0.7%
Charah Solutions Inc., 8.50%		448,314		11,131,637
GFL Environmental Inc., 6.00%(a)		1,203,979		102,386,374
Pitney Bowes Inc., 6.70%		831,137		20,844,916
				134,362,927
Consumer Finance — 2.7%
Capital One Financial Corp.
Series G, 5.20%		1,992,471		50,250,119
Series H, 6.00%		1,660,340		41,989,998
Series I, 5.00%		5,008,120		132,564,936
Series J, 4.80%		4,173,394		109,468,125
Series K, 4.63%		422,241		10,898,040
Series L, 4.38%		2,241,509		57,718,857
Series N, 4.25%		1,411,300		35,183,709
Navient Corp., 6.00%		1,034,101		26,049,004
SLM Corp., Series B, 1.82% (3 mo. LIBOR US + 1.700%)(c)		335,725		20,707,518
Synchrony Financial, Series A, 5.63%		2,490,548		66,398,010
				551,228,316
Diversified Financial Services — 1.8%
Citigroup Capital XIII, 6.50% (3 mo. LIBOR US + 6.370%)(c)		7,498,485		208,082,959
Compass Diversified Holdings
Series A, 7.25%		337,290		8,718,947
Series B, 7.88% (3 mo. LIBOR US + 4.985%)(c)		337,290		9,258,610
Series C, 7.88%		391,263		10,485,848
Equitable Holdings Inc.
Series A, 5.25%		2,656,574		71,807,195
Series C, 4.30%		996,235		24,905,875
Voya Financial Inc., Series B, 5.35% (5 year CMT + 3.210%)(c)		1,007,550		29,783,178
				363,042,612
Diversified Telecommunication Services — 3.0%
AT&T Inc.
5.35%		4,415,276		115,724,384
5.63%		2,754,326		74,311,716
Series A, 5.00%		4,006,433		107,692,919
Series C, 4.75%		5,842,765		154,073,713
Qwest Corp.
6.50%		3,264,288		83,728,987
6.75%		2,204,045		58,385,152

S C H E D U L E   O F   I N V E S T M  E N T S 7

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
Telephone & Data Systems Inc., 5.88%		651,202	$	16,436,338
				610,353,209
Electric Utilities — 11.2%
Alabama Power Co., Series A, 5.00%		839,727		21,925,272
Algonquin Power & Utilities Corp.
6.88% (3 mo. LIBOR US + 3.677%)(c)		959,978		26,428,194
7.75%(a)		1,919,709		92,952,310
Series 19-A, 6.20% (3 mo. LIBOR US + 4.010%)(c)		1,168,531		32,344,938
American Electric Power Co. Inc.
6.13%(a)		1,343,778		64,057,897
6.13%(a)		1,418,924		70,548,901
Brookfield BRP Holdings, 4.63%		1,168,815		30,132,051
Brookfield Infrastructure Finance ULC, 5.00%		834,600		21,716,292
CMS Energy Corp.
5.63%		689,454		18,429,105
5.88%		2,103,322		56,810,727
5.88%		934,740		25,069,727
DTE Energy Co.
Series E, 5.25%		1,335,403		34,493,459
Series F, 6.00%		965,294		24,692,221
Series G, 4.38%		792,882		20,218,491
Duke Energy Corp.
5.13%		1,669,316		42,200,308
5.63%		1,669,316		44,704,282
Series A, 5.75%		3,320,660		91,982,282
Entergy Arkansas LLC, 4.88%		1,368,797		34,425,245
Entergy Louisiana LLC, 4.88%		930,851		23,503,988
Entergy Mississippi LLC, 4.90%		896,310		22,757,311
Georgia Power Co., Series 2017, 5.00%		930,851		24,090,424
Interstate Power & Light Co., Series D, 5.10%		671,825		17,339,803
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%		861,867		23,623,774
NextEra Energy Capital Holdings Inc.
Series K, 5.25%		1,902,976		48,050,144
Series N, 5.65%		2,295,302		64,084,832
NextEra Energy Inc.
4.87%(a)		2,503,934		146,755,572
5.28%(a)		4,173,250		212,668,820
6.22%(a)		3,338,633		170,637,533
Pacific Gas & Electric Co., Series A, 6.00%		356,621		10,199,361
PG&E Corp., 5.50%(a)		1,335,403		127,664,527
SCE Trust II, 5.10%		758,439		19,036,819
SCE Trust III, Series H, 5.75% (3 mo. LIBOR US + 2.990%)(c)		947,984		24,420,068
SCE Trust IV, Series J, 5.38% (3 mo. LIBOR US + 3.132%)(c)		1,085,190		26,912,712
SCE Trust V, Series K, 5.45% (3 mo. LIBOR US + 3.790%)(c)		1,034,101		26,162,755
SCE Trust VI, 5.00%		1,585,876		39,060,126
Sempra Energy, 5.75%		2,528,961		69,546,428
Southern Co. (The)
5.25%		2,670,895		66,799,084
5.25%		1,502,364		39,361,937
Series 2019, 6.75%(a)		2,879,527		146,884,672
Series 2020, 4.95%		3,338,633		88,306,843
Series C, 4.20%		2,503,934		64,100,710
				2,255,099,945
Electrical Equipment — 0.1%
Babcock & Wilcox Enterprises Inc., Series A, 7.75%		620,836		15,645,067

Security	Shares		Value
Electronic Equipment, Instruments & Components — 0.2%
II-VI Inc., Series A, 6.00%(a)		195,316	$	49,231,351
Energy Equipment & Services — 0.1%
Hoegh LNG Partners LP, Series A, 8.75%		595,069		12,954,652
Equity Real Estate Investment Trusts (REITs) — 7.6%
Agree Realty Corp., Series A, 4.25%		584,747		14,700,540
American Finance Trust Inc., Series A, 7.50%		666,107		17,751,751
American Homes 4 Rent
Series F, 5.88%		523,248		13,337,591
Series G, 5.88%		390,710		10,131,110
Series H, 6.25%		390,710		10,506,192
Arbor Realty Trust Inc., Series D, 6.38%(b)		779,925		19,888,087
Armada Hoffler Properties Inc., Series A, 6.75%		505,026		13,600,350
Braemar Hotels & Resorts Inc., Series B, 5.50%		259,826		5,830,495
Brookfield DTLA Fund Office Trust Investor Inc., Series A, 7.62%(b)		821,411		11,672,250
Cedar Realty Trust Inc., Series C, 6.50%		424,868		10,987,086
Chatham Lodging Trust, Series A, 6.63%		404,361		10,295,031
City Office REIT Inc., Series A, 6.63%		377,973		9,592,955
CorEnergy Infrastructure Trust Inc., Series A, 7.37%		423,171		10,278,824
DiamondRock Hospitality Co., 8.25%		365,302		9,892,378
Digital Realty Trust Inc.
Series J, 5.25%		671,825		17,386,831
Series K, 5.85%		697,353		19,177,207
Series L, 5.20%		1,145,588		31,159,994
DigitalBridge Group Inc.
Series H, 7.13%		954,689		24,373,210
Series I, 7.15%		1,145,588		29,510,347
Series J, 7.12%		1,046,082		27,365,505
Diversified Healthcare Trust
5.63%		1,168,726		28,177,984
6.25%		861,867		21,572,531
EPR Properties
Series C, 5.75%		457,977		11,948,620
Series E, 9.00%(b)		291,015		10,744,274
Series G, 5.75%		506,640		13,132,109
Equity Commonwealth, Series D, 6.50%(b)		414,938		12,900,422
Farmland Partners Inc., Series B, 6.00%(d)		492,112		12,425,828
Federal Realty Investment Trust, Series C, 5.00%(b)		506,640		12,904,121
Gladstone Commercial Corp., Series G, 6.00%		336,803		9,123,993
Gladstone Land Corp., Series B, 6.00%		502,594		12,966,925
Global Net Lease Inc.
Series A, 7.25%		573,875		15,494,625
Series B, 6.87%		373,917		10,432,284
Hersha Hospitality Trust
Series D, 6.50%		646,567		15,776,235
Series E, 6.50%		338,322		8,370,086
iStar Inc.
Series D, 8.00%		329,090		8,615,576
Series I, 7.50%		411,449		10,516,636
Kimco Realty Corp.
Series L, 5.13%		755,776		19,703,080
Series M, 5.25%		887,965		23,273,563
Lexington Realty Trust, Series C, 6.50%(b)		164,412		10,668,695
Monmouth Real Estate Investment Corp., Series C, 6.13%		1,825,251		46,032,830
National Retail Properties Inc., Series F, 5.20%		1,145,588		28,708,435
National Storage Affiliates Trust, Series A, 6.00%		733,732		19,231,116
Office Properties Income Trust, 6.37%		558,527		15,560,562

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Pebblebrook Hotel Trust
Series E, 6.37%(b)		365,301	$	8,990,058
Series F, 6.30%		498,078		12,362,296
Series G, 6.37%		763,692		19,512,331
Series H, 5.70%		830,209		20,755,225
Pennsylvania REIT
Series C, 7.20%(b)		582,495		7,974,356
Series D, 6.87%		422,241		5,362,461
PS Business Parks Inc.
Series W, 5.20%		637,148		16,068,873
Series X, 5.25%		763,692		20,207,290
Series Y, 5.20%		664,183		17,448,087
Series Z, 4.88%		1,079,248		29,787,245
Public Storage
Series E, 4.90%		1,162,261		29,161,128
Series F, 5.15%		929,718		23,847,267
Series G, 5.05%		996,235		25,463,767
Series H, 5.60%		946,392		26,413,801
Series I, 4.88%		1,050,138		28,794,784
Series J, 4.70%		859,240		23,302,589
Series K, 4.75%		763,692		20,902,250
Series L, 4.63%		1,886,378		51,460,392
Series M, 4.13%		772,336		20,157,970
Series N, 3.88%(b)		938,095		24,071,518
Series O, 3.90%(b)		572,008		14,883,648
Series P, 4.00%		2,015,726		51,481,642
Series Q, 3.95%		415,065		10,534,350
Ready Capital Corp.
5.75%(b)		677,248		17,283,369
6.20%		345,984		8,960,986
7.00%(a)		384,068		10,350,633
RLJ Lodging Trust, Series A, 1.95%		1,069,200		31,113,720
Saul Centers Inc., Series E, 6.00%		371,537		9,834,584
SITE Centers Corp., Series A, 6.37%		586,303		15,185,248
SL Green Realty Corp., Series I, 6.50%		772,336		20,042,119
Spirit Realty Capital Inc., Series A, 6.00%		582,495		15,162,345
Summit Hotel Properties Inc.
Series E, 6.25%		540,257		14,062,890
Series F, 5.88%(b)		332,052		8,677,050
Sunstone Hotel Investors Inc.
Series H, 6.13%		386,056		9,983,408
Series I, 5.70%		336,803		8,527,852
UMH Properties Inc.
Series C, 6.75%		829,917		21,561,244
Series D, 6.37%		646,229		17,047,521
Urstadt Biddle Properties Inc.
Series H, 6.25%		335,703		8,768,562
Series K, 5.88%		321,632		8,442,840
Vornado Realty Trust
Series K, 5.70%		996,235		24,925,800
Series L, 5.40%		996,235		25,663,014
Series M, 5.25%		1,060,983		27,670,437
Series N, 5.25%		996,235		26,798,721
				1,534,723,935
Food Products — 1.1%
CHS Inc.
8.00%		1,030,376		31,838,618
Series 1, 7.88%		1,781,457		50,896,226
Series 2, 7.10% (3 mo. LIBOR US + 4.298%)(c)		1,410,666		39,597,395
Series 3, 6.75% (3 mo. LIBOR US + 4.155%)(b)(c)		1,635,448		45,988,798

Security	Shares		Value
Food Products (continued)
Series 4, 7.50%		1,718,461	$	50,196,246
				218,517,283
Gas Utilities — 0.8%
Entergy New Orleans LLC, 5.50%		398,317		10,176,999
NiSource Inc., 7.75%(a)		719,898		74,473,448
South Jersey Industries Inc.
5.63%		667,935		17,793,789
8.75%(a)		559,342		27,088,933
Spire Inc., Series A, 5.90%		839,727		22,907,753
UGI Corp., 7.25%(a)		183,676		18,459,438
				170,900,360
Health Care Equipment & Supplies — 3.7%
Becton Dickinson and Co., Series B, 6.00%(a)(b)		2,504,015		135,166,730
Boston Scientific Corp., Series A, 5.50%(a)		839,930		97,767,852
Danaher Corp.
Series A, 4.75%(a)		137,714		279,285,369
Series B, 5.00%(a)		143,560		232,907,437
				745,127,388
Health Care Technology — 0.2%
CareCloud Inc., Series A, 11.00%		461,965		13,489,378
Change Healthcare Inc., 6.00%(a)		338,467		23,550,534
				37,039,912
Household Products — 0.1%
Energizer Holdings Inc., Series A, 7.50%(a)		180,840		15,304,489
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp. (The), 6.88%(a)		908,972		87,624,901
Brookfield Renewable Partners LP, Series 17, 5.25%		671,831		17,736,338
				105,361,239
Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%		537,782		12,621,744
Insurance — 9.9%
AEGON Funding Co. LLC, 5.10%		3,088,240		81,714,830
Allstate Corp. (The)
5.10% (3 mo. LIBOR US + 3.165%)(c)		1,669,316		44,353,726
Series G, 5.63%		1,909,458		51,097,096
Series H, 5.10%		3,839,553		105,126,961
Series I, 4.75%		1,000,677		27,488,597
American Equity Investment Life Holding Co.
Series A, 5.95% (5 year CMT + 4.322%)(c)		1,315,078		35,954,233
Series B, 6.63% (5 year CMT + 6.297%)(c)		986,236		28,344,423
American Financial Group Inc./OH
4.50%		689,454		18,815,200
5.13%		689,454		18,642,836
5.63%		517,132		14,603,808
5.88%		430,844		12,106,716
American International Group Inc., Series A, 5.85%		1,660,340		45,128,041
Arch Capital Group Ltd.
Series F, 5.45%		1,095,824		28,217,468
Series G, 4.55%		1,660,339		43,500,882
Argo Group International Holdings Ltd., 7.00% (5 year CMT + 6.712%)(c)		506,640		13,902,202
Argo Group U.S. Inc., 6.50%		480,049		12,529,279
Aspen Insurance Holdings Ltd.
5.63%		838,083		22,913,189
5.63%		822,022		21,586,298
5.95% (3 mo. LIBOR US + 4.060%)(c)		913,222		24,730,052
Assurant Inc., 5.25%		861,867		23,287,646

S C H E D U L E   O F   I N V E S T M  E N T S 9

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Athene Holding Ltd.
Series A, 6.35% (3 mo. LIBOR US + 4.253%)(c)		2,864,147	$	84,950,600
Series B, 5.63%		1,145,588		31,045,435
Series C, 6.38% (5 year CMT + 5.970%)(c)		1,992,471		56,526,402
Series D, 4.88%		1,909,458		49,894,138
Axis Capital Holdings Ltd., Series E, 5.50%		1,826,445		46,409,967
Brighthouse Financial Inc.
6.25%		1,251,971		33,427,626
Series A, 6.60%		1,411,300		38,161,552
Series B, 6.75%		1,336,584		38,052,546
Series C, 5.38%		1,909,458		50,753,394
CNO Financial Group Inc., 5.13%		517,140		13,781,781
Enstar Group Ltd.
Series D, 7.00% (3 mo. LIBOR US + 4.015%)(c)		1,328,287		38,905,526
Series E, 7.00%		373,197		10,098,711
Global Indemnity Group LLC, 7.88%		440,389		11,533,788
Globe Life Inc., 4.25%		1,085,190		27,639,789
Hartford Financial Services Group Inc. (The)
7.88% (3 mo. LIBOR US + 5.596%)(c)		2,003,149		51,981,717
Series G, 6.00%		1,145,588		31,492,214
Maiden Holdings Ltd.
6.63%		339,227		7,530,839
Series A, 8.25%		508,544		5,827,914
Series C, 7.13%		559,816		6,801,764
Series D, 6.70%		506,640		6,231,672
Maiden Holdings North America Ltd., 7.75%		509,305		12,462,693
MetLife Inc.
Series A, 4.00% (3 mo. LIBOR US + 1.000%)(c)		1,992,471		50,588,839
Series E, 5.63%		2,673,150		72,763,143
Series F, 4.75%		3,320,660		88,894,068
PartnerRe Ltd., Series J, 4.88%		673,205		18,035,162
Prudential Financial Inc.
4.13%		1,669,316		43,168,512
5.63%		1,886,324		50,836,432
Prudential PLC
6.50%(b)		1,034,102		27,341,657
6.75%(b)		861,867		22,606,771
Reinsurance Group of America Inc.
5.75% (3 mo. LIBOR US + 4.040%)(c)		1,335,403		37,805,259
6.20% (3 mo. LIBOR US + 4.370%)(c)		1,335,403		35,054,329
RenaissanceRe Holdings Ltd.
Series F, 5.75%		835,287		22,619,572
Series G, 4.20%		1,660,340		41,342,466
Selective Insurance Group Inc., Series B, 4.60%		671,825		17,487,605
SiriusPoint Ltd., Series B, 8.00%
(5 year CMT + 7.298%)(c)		664,193		18,843,155
Unum Group, 6.25%		1,033,210		27,937,998
W R Berkley Corp.
4.13%		1,001,745		26,646,417
4.25%(b)		861,867		23,373,833
WR Berkley Corp.
5.10%		1,001,745		26,616,365
5.70%		637,700		17,001,082
				1,996,516,216
Internet & Direct Marketing Retail — 0.9%
Qurate Retail Inc., 8.00%		1,037,702		112,227,471

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
QVC Inc.
6.25%		1,670,130	$	42,888,938
6.38%		775,670		20,283,771
				175,400,180
IT Services — 0.2%
Sabre Corp., 6.50%(a)		280,396		42,808,057
Leisure Products — 0.3%
Brunswick Corp./DE
6.38%		792,882		21,986,618
6.50%		637,700		18,174,450
6.63%		430,844		12,020,548
				52,181,616
Life Sciences Tools & Services — 1.1%
Avantor Inc., Series A, 6.25%(a)		1,727,792		217,546,291
Machinery — 0.5%
Babcock & Wilcox Enterprises Inc., 8.13%		538,549		14,088,442
Colfax Corp., 5.75%(a)		133,188		24,847,553
Stanley Black & Decker Inc., Series I, 5.25%(a)		625,986		65,878,767
				104,814,762
Marine — 0.2%
Atlas Corp.
Series D, 7.95%		433,135		11,174,883
Series H, 7.88%		757,809		19,392,333
Series I, 8.00% (3 mo. LIBOR US + 5.008%)(c)		507,207		14,069,922
				44,637,138
Media — 0.3%
Liberty Broadband Corp., Series A, 7.00%		603,887		16,818,253
ViacomCBS Inc., Series A, 5.75%(a)(b)		830,209		54,237,554
				71,055,807
Metals & Mining — 1.2%
ArcelorMittal SA, 5.50%(a)		3,338,750		239,855,800
Mortgage Real Estate Investment — 4.1%
ACRES Commercial Realty Corp.
8.62% (3 mo. LIBOR US + 5.927%)(b)(c)		403,115		10,255,246
Series D, 7.87%		387,389		9,928,780
AG Mortgage Investment Trust Inc., Series B, 8.00%		351,568		8,771,622
AGNC Investment Corp.
Series C, 7.00% (3 mo. LIBOR US + 5.111%)(c)		1,079,248		28,287,090
Series D, 6.88% (3 mo. LIBOR US + 4.332%)(c)		789,271		20,347,406
Series E, 6.50% (3 mo. LIBOR US + 4.993%)(c)		1,336,584		34,283,379
Series F, 6.13% (3 mo. LIBOR US + 4.697%)(c)		1,909,458		48,194,720
Annaly Capital Management Inc.
Series F, 6.95% (3 mo. LIBOR US + 4.993%)(c)		2,390,941		61,781,915
Series G, 6.50% (3 mo. LIBOR US + 4.172%)(c)		1,411,300		36,129,280
Series I, 6.75% (3 mo. LIBOR US + 4.989%)(c)		1,469,342		39,143,271
Arbor Realty Trust Inc., 6.25%		415,065		10,584,157
ARMOUR Residential REIT Inc., Series C, 7.00%		577,707		14,922,172
Capstead Mortgage Corp., Series E, 7.50%		858,672		21,509,734
Chimera Investment Corp.
Series A, 8.00%		489,553		12,326,944
Series B, 8.00% (3 mo. LIBOR US + 5.791%)(c)		1,079,248		27,639,541
Series C, 7.75% (3 mo. LIBOR US + 4.743%)(c)		873,222		22,476,734
Series D, 8.00% (3 mo. LIBOR US + 5.379%)(c)		671,825		17,138,256
Dynex Capital Inc., Series C, 6.90% (3 mo. LIBOR US + 5.461%)(c)		376,422		9,730,509
Ellington Financial Inc., 6.75% (3 mo. LIBOR US + 5.196%)(c)		378,881		9,816,807

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Great Ajax Corp., 7.25%(a)		386,914	$	10,164,231
Invesco Mortgage Capital Inc.
Series B, 7.75% (3 mo. LIBOR US + 5.180%)(c)		522,998		13,336,449
Series C, 7.50% (3 mo. LIBOR US + 5.289%)(c)		965,653		24,575,869
KKR Real Estate Finance Trust Inc., Series A, 6.50%		578,947		15,075,780
MFA Financial Inc.
Series B, 7.50%		671,825		16,970,299
Series C, 6.50% (3 mo. LIBOR US + 5.345%)(c)		923,677		22,703,981
New Residential Investment Corp.
Series A, 7.50% (3 mo. LIBOR US + 5.802%)(c)		524,015		13,388,583
Series B, 7.13% (3 mo. LIBOR US + 5.640%)(c)		948,693		23,897,577
Series C, 6.38% (3 mo. LIBOR US + 4.969%)(c)		1,336,584		31,262,700
Series D, 7.00% (5 year CMT + 6.223%)(c)		1,420,193		35,689,450
New York Mortgage Trust Inc.
Series D, 8.00% (3 mo. LIBOR US + 5.695%)(c)		509,574		12,943,180
Series E, 7.87% (3 mo. LIBOR US + 6.429%)(c)		616,623		15,631,393
Series F, 6.88% (SOFR + 6.130%)(c)		421,332		10,449,034
PennyMac Mortgage Investment Trust
Series A, 8.12% (3 mo. LIBOR US + 5.831%)(c)		370,492		9,810,628
Series B, 8.00% (3 mo. LIBOR US + 5.990%)(c)		654,839		17,588,975
Series C, 6.75%		835,364		21,184,831
Ready Capital Corp., 6.50%		385,256		9,708,451
TPG RE Finance Trust Inc., Series C, 6.25%		668,243		16,171,481
Two Harbors Investment Corp.
Series A, 8.12% (3 mo. LIBOR US + 5.660%)(c)		487,031		13,120,615
Series B, 7.63% (3 mo. LIBOR US + 5.352%)(c)		954,689		24,735,992
Series C, 7.25% (3 mo. LIBOR US + 5.011%)(c)		990,590		25,131,268
				826,808,330
Multiline Retail — 0.1%
Dillard’s Capital Trust I, 7.50%		660,267		18,507,284
Franchise Group Inc., Series A, 7.50%		383,414		10,333,007
				28,840,291
Multi-Utilities — 1.7%
Brookfield Infrastructure Partners LP
Series 13, 5.13%		671,825		17,165,129
Series 14, 5.00%		671,825		17,077,791
CMS Energy Corp., Series C, 4.20%		775,187		19,348,668
Dominion Energy Inc., Series A, 7.25%(a)		1,343,778		130,521,157
DTE Energy Co., 6.25%(a)		2,170,101		109,069,276
NiSource Inc., Series B, 6.50% (5 year CMT + 3.632%)(c)		1,660,339		45,559,702
				338,741,723
Oil, Gas & Consumable Fuels — 1.9%
Altera Infrastructure LP
Series A, 7.25%		506,640		3,207,031
Series B, 8.50%		419,651		2,689,963
Series E, 8.88% (3 mo. LIBOR US + 6.407%)(c)		407,334		2,582,498
DCP Midstream LP
Series B, 7.88% (3 mo. LIBOR US + 4.919%)(c)		544,290		13,525,607
Series C, 7.95% (3 mo. LIBOR US + 4.882%)(c)		373,735		9,306,002
El Paso Energy Capital Trust I, 4.75%		368,916		18,279,788
Enbridge Inc., Series B, 6.38% (3 mo. LIBOR US + 3.593%)(c)		2,003,149		53,123,511
Energy Transfer LP
Series C, 7.38% (3 mo. LIBOR US + 4.530%)(c)		1,494,319		37,492,464
Series D, 7.63% (3 mo. LIBOR US + 4.738%)(c)		1,477,719		37,016,861
Series E, 7.60% (3 mo. LIBOR US + 5.161%)(c)		2,670,976		67,735,951
NGL Energy Partners LP, Series B, 9.00% (3 mo. LIBOR US + 7.213%)(c)		1,062,342		14,809,047

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
NuStar Energy LP
Series A, 8.50% (3 mo. LIBOR US + 6.766%)(c)		760,650	$	18,430,549
Series B, 7.63% (3 mo. LIBOR US + 5.643%)(c)		1,292,898		27,499,940
Series C, 9.00% (3 mo. LIBOR US + 6.88%)(c)		582,495		14,486,651
NuStar Logistics LP, 6.86% (3 mo. LIBOR US + 6.734%)(c)		1,343,778		33,460,072
Teekay LNG Partners LP 9.00%		422,793		10,700,891
Series B, 8.50% (3 mo. LIBOR US + 6.241%)(c)		573,950		15,686,054
				380,032,880
Pharmaceuticals — 0.2%
Elanco Animal Health Inc., 5.00%(a)		918,139		45,787,592
Professional Services — 0.5%
Clarivate PLC, Series A, 5.25%(a)		1,199,847		104,014,737
Real Estate Management & Development — 0.6%
Brookfield Property Partners LP 6.25%		2,228,498		54,509,061
Series A, 5.75%		954,689		22,406,551
Series A-1, 6.50%		610,991		15,427,523
Series A2, 6.38%		830,209		20,954,475
				113,297,610
Semiconductors & Semiconductor Equipment — 2.5%
Broadcom Inc., Series A, 8.00%(a)		333,842		511,449,282
Software — 0.3%
Synchronoss Technologies Inc., 8.38%		419,160		10,399,360
Tennessee Valley Authority
Series A, 2.22% (30 Year CMT + 0.840%)(c)		774,768		20,910,988
Series D, 2.13% (30 Year CMT + 0.940%)(c)		915,030		25,382,932
				56,693,280
Specialty Retail — 0.1%
TravelCenters of America Inc.
8.00%		400,729		10,887,807
8.00%		337,290		8,843,744
8.25%		372,369		10,109,818
				29,841,369
Thrifts & Mortgage Finance — 0.7%
Federal Agricultural Mortgage Corp.
Series D, 5.70%		338,900		9,075,742
Series F, 5.25%		405,227		10,649,366
Series G, 4.88%		418,676		10,881,389
Merchants Bancorp./IN
Series B, 6.00% (3 mo. LIBOR US + 4.569%)(c)		422,241		10,931,820
Series C, 6.00%		658,722		17,489,069
New York Community Bancorp Inc., Series A, 6.38% (3 mo. LIBOR US + 3.821%)(c)		1,710,182		48,979,612
New York Community Capital Trust V, 6.00%(a)		242,098		12,903,823
Washington Federal Inc., Series A, 4.88%		1,007,550		26,377,659
				147,288,480
Trading Companies & Distributors — 0.9%
Air Lease Corp., Series A, 6.15% (3 mo. LIBOR US + 3.65%)(c)		839,727		22,739,807
Fortress Transportation and Infrastructure Investors LLC
Series A, 8.25% (3 mo. LIBOR US + 6.886%)(c)		351,096		9,426,928
Series B, 8.00% (3 mo. LIBOR US + 6.447%)(c)		414,752		10,990,928
Series C, 8.25% (5 year CMT + 7.378%)(c)		352,660		9,550,033

S C H E D U L E   O F   I N V E S T M  E N T S 11

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Textainer Group Holdings Ltd.
6.25%		501,064	$	12,772,121
7.00% (5 year CMT + 6.134%)(c)		503,602		13,451,209
Triton International Ltd.
6.88%		501,235		13,217,567
7.38%		581,170		15,447,499
8.00%		485,520		13,478,035
Series E, 5.75%		581,170		15,104,608
WESCO International Inc., Series A, 10.63% (5 year CMT + 10.325%)(c)		1,805,389		56,653,107
				192,831,842
Water Utilities — 0.2%
Essential Utilities Inc., 6.00%(a)		634,443		36,410,684
Wireless Telecommunication Services — 1.1%
Telephone & Data Systems Inc.
Series UU, 6.63%		1,410,666		37,509,609
Series VV, 6.00%		2,291,255		57,854,189
United States Cellular Corp.
5.50%		1,669,730		44,147,661
5.50%		1,669,730		44,498,304
6.25%		1,669,730		45,249,683
				229,259,446
Total Preferred Stocks — 99.1% (Cost: $19,014,700,168)				20,018,561,311
Short-Term Investments
Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(e)(f)(g)		95,443,156		95,490,878

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		403,730,000	$	403,730,000
				499,220,878
Total Short-Term Investments — 2.5% (Cost: $499,204,051)				499,220,878
Total Investments in Securities — 101.6% (Cost: $19,513,904,219)				20,517,782,189
Other Assets, Less Liabilities — (1.6)%				(315,284,186	)
Net Assets — 100.0%			$	20,202,498,003

^(a) Convertible security.

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

^(c) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(d) Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(e) Affiliate of the Fund.

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

^(g) 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 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	$	19,893,290	$	75,600,402	(a)	$	—		$	(1,617	)	$	(1,197	)	$	95,490,878		95,443,156	$	2,772,053	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		407,290,000		—			(3,560,000	)(a)		—			—			403,730,000		403,730,000		8,196			—
									$	(1,617	)	$	(1,197	)	$	499,220,878			$	2,780,249		$	—

^(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.

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.

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Preferred and Income Securities 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
Preferred Stocks	$	20,005,660,889	$	12,900,422	$	—	$	20,018,561,311
Money Market Funds		499,220,878		—		—		499,220,878
	$	20,504,881,767	$	12,900,422	$	—	$	20,517,782,189

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 13

Statement of Assets and Liabilities (unaudited)

September 30, 2021

	iShares Preferred and Income Securities ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	20,018,561,311
Affiliated(c)		499,220,878
Cash		36,950,580
Receivables:
Investments sold		140,502,525
Securities lending income — Affiliated		520,492
Capital shares sold		692,336
Dividends		51,055,217
Total assets		20,747,503,339
LIABILITIES
Collateral on securities loaned, at value		95,412,879
Payables:
Investments purchased		441,122,943
Capital shares redeemed		917,340
Investment advisory fees		7,552,174
Total liabilities		545,005,336
NET ASSETS	$	20,202,498,003
NET ASSETS CONSIST OF:
Paid-in capital	$	20,955,120,778
Accumulated loss		(752,622,775	)
NET ASSETS	$	20,202,498,003
Shares outstanding		519,700,000
Net asset value	$	38.87
Shares authorized		Unlimited
Par value		None
(a)   Securities loaned, at value	$	92,249,387
(b)   Investments, at cost — Unaffiliated	$	19,014,700,168
(c)   Investments, at cost — Affiliated	$	499,204,051

See notes to financial statements.

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Statement of Operations (unaudited)

Six Months Ended September 30, 2021

	iShares Preferred and Income Securities ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	514,099,087
Dividends — Affiliated		8,196
Securities lending income — Affiliated — net		2,772,053
Foreign taxes withheld		(345,473	)
Total investment income		516,533,863
EXPENSES
Investment advisory fees		44,117,150
Total expenses		44,117,150
Net investment income		472,416,713
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(90,944,480	)
Investments — Affiliated		(1,617	)
In-kind redemptions — Unaffiliated		67,219,224
Net realized loss		(23,726,873	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		285,247,359
Investments — Affiliated		(1,197	)
Net change in unrealized appreciation (depreciation)		285,246,162
Net realized and unrealized gain		261,519,289
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	733,936,002

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 15

Statements of Changes in Net Assets

	iShares Preferred and Income Securities ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	472,416,713		$	845,600,544
Net realized loss		(23,726,873	)		(67,757,721	)
Net change in unrealized appreciation (depreciation)		285,246,162			3,092,236,957
Net increase in net assets resulting from operations		733,936,002			3,870,079,780
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(457,635,962	)		(841,924,673	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,561,857,691			1,519,553,910
NET ASSETS
Total increase in net assets		1,838,157,731			4,547,709,017
Beginning of period		18,364,340,272			13,816,631,255
End of period	$	20,202,498,003		$	18,364,340,272

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Preferred and Income Securities ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period		$	38.27		$	31.50		$	36.47		$	37.54		$	38.73		$	38.93
Net investment income(a)			0.94			1.81			1.93			2.10			2.14			2.17
Net realized and unrealized gain (loss)(b)			0.58			6.78			(4.93	)		(1.02	)		(1.22	)		(0.18	)
Net increase (decrease) from investment operations			1.52			8.59			(3.00	)		1.08			0.92			1.99
Distributions(c)
From net investment income			(0.92	)		(1.82	)		(1.97	)		(2.15	)		(2.11	)		(2.19	)
Total distributions			(0.92	)		(1.82	)		(1.97	)		(2.15	)		(2.11	)		(2.19	)
Net asset value, end of period		$	38.87		$	38.27		$	31.50		$	36.47		$	37.54		$	38.73
Total Return(d)
Based on net asset value			4.00	%(e)		27.88	%		(8.90	)%		3.01	%		2.41	%		5.26	%
Ratios to Average Net Assets
Total expenses			0.45	%(f)		0.46	%		0.46	%(g)		0.46	%(g)		0.47	%(g)		0.47	%
Net investment income			4.82	%(f)		4.97	%		5.25	%		5.73	%		5.55	%		5.59	%
Supplemental Data
Net assets, end of period (000)		$	20,202,498		$	18,364,340		$	13,816,631		$	14,370,721		$	16,622,879		$	17,272,398
Portfolio turnover rate(h)			15	%(e)		28	%		46	%		28	%		22	%		23	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

^(g) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested (“acquired fund fees and expenses”). This ratio does not include these acquired fund fees and expenses.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 17

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification     Classification
Preferred and Income Securities	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 19

Notes to Financial Statements (unaudited) (continued)

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Preferred and Income Securities
Barclays Bank PLC	$	1,888,037	$	1,888,037		$	—	$	—
Barclays Capital, Inc.		12,160		12,160			—		—
BNP Paribas SA		13,902,352		13,902,352			—		—
BofA Securities, Inc.		9,720,695		9,720,695			—		—
Citigroup Global Markets, Inc.		2,519,097		2,519,097			—		—
Deutsche Bank Securities, Inc.		1,461,874		1,461,874			—		—
Goldman Sachs & Co. LLC		25,566,421		25,566,421			—		—
J.P. Morgan Securities LLC		27,669,400		27,669,400			—		—
Morgan Stanley		2,444,396		2,444,396			—		—
National Financial Services LLC		18,984		18,984			—		—
Nomura Securities International, Inc.		153,216		153,216			—		—
Pershing LLC		5,311,720		5,311,720			—		—
UBS Securities LLC		10,200		10,200			—		—
Wells Fargo Bank N.A.		1,484,700		1,484,700			—		—
Wells Fargo Securities LLC		86,135		86,135			—		—
	$	92,249,387	$	92,249,387		$	—	$	—

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

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.4800	%
Over $46 billion, up to and including $81 billion		0.4560
Over $81 billion, up to and including $111 billion		0.4332
Over $111 billion, up to and including $141 billion		0.4116
Over $141 billion, up to and including $171 billion		0.3910
Over $171 billion		0.3714

Prior to July 14, 2021, for its investment advisory services to the iShares Preferred and Income Securities ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.4800	%
Over $46 billion, up to and including $81 billion		0.4560
Over $81 billion, up to and including $111 billion		0.4332
Over $111 billion, up to and including $141 billion		0.4116
Over $141 billion		0.3910

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

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Notes to Financial Statements (unaudited) (continued)

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

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

Pursuant to the current securities lending agreement, the Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended September 30, 2021, the Fund paid BTC $844,074 for securities lending agent services.

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

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

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

6. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Preferred and Income Securities	$	2,940,878,174	$	2,875,713,398

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Preferred and Income Securities	$	2,201,575,279	$	693,666,303

7. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of March 31, 2021, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $1,737,916,306.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 21

Notes to Financial Statements (unaudited) (continued)

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
Preferred and Income Securities	$	19,512,259,323	$	1,210,580,624	$	(205,057,758	)	$	1,005,522,866

8. PRINCIPAL RISKS

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

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

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Notes to Financial Statements (unaudited) (continued)

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Preferred and Income Securities
Shares sold		58,350,000		$	2,277,733,130			111,400,000		$	4,090,195,407
Shares redeemed		(18,450,000	)		(715,875,439	)		(70,200,000	)		(2,570,641,497	)
Net increase		39,900,000		$	1,561,857,691			41,200,000		$	1,519,553,910

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

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

10. SUBSEQUENT EVENTS

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 23

Board Review and Approval of Investment Advisory Contract

iShares Preferred and Income Securities ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 25

Supplemental Information (unaudited)

Section 19(a) Notices

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

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Preferred and Income Securities(a)	$	0.677730	$	—	$	0.242934	$	0.920664		74	%		—	%		26	%		100	%

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 27

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

28 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

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-309-0921

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core S&P 500 ETF | IVV | NYSE Arca

· iShares Core S&P Mid-Cap ETF | IJH | NYSE Arca

· iShares Core S&P Small-Cap ETF | IJR | NYSE Arca

· iShares Core S&P Total U.S. Stock Market ETF | ITOT | NYSE Arca

· iShares Core S&P U.S. Growth ETF | IUSG | NASDAQ

· iShares Core S&P U.S. Value ETF | IUSV | NASDAQ

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

Rob Kapito

President, BlackRock, Inc.

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		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		105
Statements of Operations		107
Statements of Changes in Net Assets		109
Financial Highlights		112
Notes to Financial Statements		118
Board Review and Approval of Investment Advisory Contract		130
Supplemental Information		134
General Information		135
Glossary of Terms Used in this Report		136

Fund Summary as of September 30, 2021 iShares^® Core S&P 500 ETF

Investment Objective

The iShares Core S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the S&P 500^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.16	%		29.96	%		16.86	%		16.58	%		29.96	%		117.91	%		363.59	%
Fund Market		9.02			30.06			16.86			16.57			30.06			117.93			363.39
Index		9.18			30.00			16.90			16.63			30.00			118.26			365.86

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 10 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	$       1,091.60	$       0.16			$      1,000.00	$      1,024.90	$       0.15		0.03	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	27.6%
Health Care	13.2
Consumer Discretionary	12.4
Financials	11.4
Communication Services	11.3
Industrials	8.0
Consumer Staples	5.8
Energy	2.7
Real Estate	2.6
Materials	2.5
Utilities	2.5

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	6.1%
Microsoft Corp.	5.8
Amazon.com Inc.	3.9
Facebook Inc., Class A	2.2
Alphabet Inc., Class A	2.2
Alphabet Inc., Class C	2.1
Tesla Inc.	1.7
NVIDIA Corp.	1.4
Berkshire Hathaway Inc., Class B	1.4
JPMorgan Chase & Co.	1.3

4 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^® Core S&P Mid-Cap ETF

Investment Objective

The iShares Core S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the S&P MidCap 400^® (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		1.77	%		43.59	%		12.90	%		14.63	%		43.59	%		83.46	%		291.84	%
Fund Market		1.71			43.66			12.90			14.63			43.66			83.44			291.70
Index		1.81			43.68			12.97			14.72			43.68			83.97			294.79

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 10 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	$       1,017.70	$       0.25			$      1,000.00	$      1,024.80	$       0.25		0.05	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Industrials	18.2%
Consumer Discretionary	15.2
Financials	14.9
Information Technology	14.3
Health Care	10.7
Real Estate	9.8
Materials	5.9
Consumer Staples	3.5
Utilities	3.2
Energy	2.6
Communication Services	1.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total    Investments(a)
Signature Bank/New York NY	0.7%
Molina Healthcare Inc.	0.7
FactSet Research Systems Inc.	0.6
Camden Property Trust	0.6
Repligen Corp.	0.6
Cognex Corp.	0.6
SolarEdge Technologies Inc.	0.6
Masimo Corp.	0.6
Williams-Sonoma Inc.	0.6
Nordson Corp.	0.6

F U N D   S U M M A R Y 5

Fund Summary as of September 30, 2021 iShares^® Core S&P Small-Cap ETF

Investment Objective

The iShares Core S&P Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the S&P SmallCap 600^® (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		1.50	%		57.51	%		13.54	%		15.66	%		57.51	%		88.68	%		328.38	%
Fund Market		1.29			57.35			13.54			15.66			57.35			88.71			328.54
Index		1.54			57.64			13.57			15.69			57.64			88.92			329.59

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 10 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	$       1,015.00	$       0.30			$      1,000.00	$      1,024.80	$       0.30		0.06	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	18.1%
Industrials	16.9
Consumer Discretionary	13.7
Information Technology	13.1
Health Care	12.3
Real Estate	8.0
Materials	5.2
Energy	4.9
Consumer Staples	4.4
Communication Services	1.7
Utilities	1.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Chart Industries Inc.	0.7%
Macy’s Inc.	0.7
Omnicell Inc.	0.6
Stamps.com Inc.	0.6
Power Integrations Inc.	0.6
NeoGenomics Inc.	0.6
Exponent Inc.	0.6
Range Resources Corp.	0.6
SPS Commerce Inc.	0.6
Innovative Industrial Properties Inc.	0.5

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^® Core S&P Total U.S. Stock Market ETF

Investment Objective

The iShares Core S&P Total U.S. Stock Market ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the S&P Total Market 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		8.16	%		32.08	%		16.80	%		16.55	%		32.08	%		117.41	%		362.51	%
Fund Market		8.05			32.08			16.80			16.55			32.08			117.41			362.57
Index		8.16			32.13			16.82			16.61			32.13			117.54			364.84

Index performance through December 20, 2015 reflects the performance of the S&P Composite 1500^®. Index performance beginning on December 21, 2015 reflects the performance of the S&P Total Market Index^TM.

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 10 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	$       1,081.60	$       0.16			$      1,000.00	$      1,024.90	$       0.15		0.03	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	26.9%
Health Care	13.5
Consumer Discretionary	12.3
Financials	11.9
Communication Services	10.2
Industrials	9.0
Consumer Staples	5.2
Real Estate	3.3
Energy	2.7
Materials	2.7
Utilities	2.3

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	5.0%
Microsoft Corp.	4.8
Amazon.com Inc.	3.2
Facebook Inc., Class A	1.8
Alphabet Inc., Class A	1.8
Alphabet Inc., Class C	1.7
Tesla Inc.	1.4
NVIDIA Corp.	1.2
Berkshire Hathaway Inc., Class B	1.1
JPMorgan Chase & Co.	1.1

F U N D   S U M M A R Y 7

Fund Summary as of September 30, 2021 iShares^® Core S&P U.S. Growth ETF

Investment Objective

The iShares Core S&P U.S. Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 900 Growth 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		13.24	%		29.07	%		20.74	%		18.55	%		29.07	%		156.59	%		448.38	%
Fund Market		13.17			29.04			20.74			18.55			29.04			156.62			448.17
Index		13.29			29.14			20.82			18.67			29.14			157.40			453.76

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Growth Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Growth Index^TM.

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 10 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	$       1,132.40	$       0.21			$      1,000.00	$      1,024.90	$       0.20		0.04	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	40.6%
Consumer Discretionary	16.5
Communication Services	14.8
Health Care	12.1
Industrials	6.0
Financials	3.1
Consumer Staples	3.1
Materials	1.9
Real Estate	1.3
Other (each representing less than 1%)	0.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	10.7%
Microsoft Corp.	10.2
Amazon.com Inc.	6.9
Facebook Inc., Class A	3.9
Alphabet Inc., Class A	3.9
Alphabet Inc., Class C	3.6
Tesla Inc.	3.0
NVIDIA Corp.	2.5
PayPal Holdings Inc.	1.5
Adobe Inc.	1.3

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^® Core S&P U.S. Value ETF         

Investment Objective

The iShares Core S&P U.S. Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 900 Value 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		3.97	%		33.42	%		11.62	%		13.74	%		33.42	%		73.23	%		262.30	%
Fund Market		3.87			33.36			11.60			13.74			33.36			73.09			262.41
Index		3.97			33.46			11.61			13.83			33.46			73.22			265.21

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Value Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Value Index^TM.

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 10 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	$       1,039.70	$       0.20			$      1,000.00	$      1,024.90	$       0.20		0.04	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	21.3%
Health Care	14.2
Industrials	11.7
Information Technology	11.1
Consumer Staples	8.6
Consumer Discretionary	8.0
Communication Services	6.0
Energy	5.7
Real Estate	5.0
Utilities	4.8
Materials	3.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Berkshire Hathaway Inc., Class B	2.8%
JPMorgan Chase & Co.	2.7
Bank of America Corp.	1.7
Walt Disney Co. (The)	1.7
Johnson & Johnson	1.4
Exxon Mobil Corp.	1.4
Pfizer Inc.	1.3
Cisco Systems Inc.	1.3
Verizon Communications Inc.	1.2
Intel Corp.	1.2

F U N D   S U M M A R Y 9

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

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

Schedule of Investments (unaudited) September 30, 2021 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Boeing Co. (The)(a)		4,313,770	$	948,770,574
General Dynamics Corp.		1,808,120		354,445,764
Howmet Aerospace Inc.		3,033,351		94,640,551
Huntington Ingalls Industries Inc.		307,581		59,381,588
L3Harris Technologies Inc.		1,565,827		344,857,738
Lockheed Martin Corp.		1,928,065		665,375,231
Northrop Grumman Corp.		1,176,409		423,683,701
Raytheon Technologies Corp.		11,805,460		1,014,797,342
Textron Inc.		1,754,177		122,459,096
TransDigm Group Inc.(a)		411,396		256,945,600
				4,285,357,185
Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		1,024,377		89,120,799
Expeditors International of Washington Inc.		1,322,560		157,556,573
FedEx Corp.		1,920,094		421,057,413
United Parcel Service Inc., Class B		5,702,005		1,038,335,111
				1,706,069,896
Airlines — 0.3%
Alaska Air Group Inc.(a)		961,185		56,325,441
American Airlines Group Inc.(a)		5,049,618		103,618,161
Delta Air Lines Inc.(a)		4,975,320		211,998,385
Southwest Airlines Co.(a)		4,648,742		239,084,801
United Airlines Holdings Inc.(a)		2,490,287		118,462,953
				729,489,741
Auto Components — 0.1%
Aptiv PLC(a)		2,106,726		313,838,972
BorgWarner Inc.		1,907,897		82,440,230
				396,279,202
Automobiles — 2.1%
Ford Motor Co.(a)		30,615,655		433,517,675
General Motors Co.(a)		11,350,208		598,269,463
Tesla Inc.(a)		6,352,914		4,926,557,749
				5,958,344,887
Banks — 4.4%
Bank of America Corp.		57,976,039		2,461,082,856
Citigroup Inc.		15,868,130		1,113,625,363
Citizens Financial Group Inc.		3,359,977		157,851,719
Comerica Inc.		1,028,273		82,775,976
Fifth Third Bancorp		5,427,652		230,349,551
First Republic Bank/CA		1,385,734		267,280,374
Huntington Bancshares Inc./OH		11,611,811		179,518,598
JPMorgan Chase & Co.		23,394,777		3,829,491,047
KeyCorp		7,515,119		162,476,873
M&T Bank Corp.		1,007,376		150,441,532
People’s United Financial Inc.		3,311,793		57,857,024
PNC Financial Services Group Inc. (The)		3,325,940		650,686,902
Regions Financial Corp.		7,432,446		158,385,424
SVB Financial Group(a)		461,036		298,234,968
Truist Financial Corp.		10,435,875		612,064,069
U.S. Bancorp		10,551,453		627,178,366
Wells Fargo & Co.		32,149,772		1,492,070,919
Zions Bancorp. NA		1,297,143		80,280,180
				12,611,651,741
Beverages — 1.4%
Brown-Forman Corp., Class B, NVS		1,430,624		95,866,114
Coca-Cola Co. (The)		30,415,908		1,595,922,693
Constellation Brands Inc., Class A		1,322,561		278,650,377

Security	Shares		Value
Beverages (continued)
Molson Coors Beverage Co., Class B		1,497,223	$	69,441,203
Monster Beverage Corp.(a)		2,950,693		262,110,059
PepsiCo Inc.		10,820,840		1,627,562,544
				3,929,552,990
Biotechnology — 1.9%
AbbVie Inc.		13,835,451		1,492,430,099
Amgen Inc.		4,445,828		945,405,324
Biogen Inc.(a)(b)		1,171,108		331,411,853
Gilead Sciences Inc.		9,816,210		685,662,269
Incyte Corp.(a)		1,453,626		99,980,396
Moderna Inc.(a)		2,749,304		1,058,097,137
Regeneron Pharmaceuticals Inc.(a)(b)		821,362		497,071,855
Vertex Pharmaceuticals Inc.(a)(b)		2,031,027		368,407,988
				5,478,466,921
Building Products — 0.5%
A O Smith Corp.		1,063,246		64,932,433
Allegion PLC		701,606		92,738,281
Carrier Global Corp.		6,762,980		350,051,845
Fortune Brands Home & Security Inc.		1,097,460		98,134,873
Johnson Controls International PLC		5,591,027		380,637,118
Masco Corp.		1,940,730		107,807,552
Trane Technologies PLC		1,851,174		319,605,191
				1,413,907,293
Capital Markets — 3.0%
Ameriprise Financial Inc.		893,866		236,087,888
Bank of New York Mellon Corp. (The)		6,240,206		323,492,279
BlackRock Inc.(c)		1,120,111		939,392,291
Cboe Global Markets Inc.		826,957		102,426,894
Charles Schwab Corp. (The)		11,753,412		856,118,530
CME Group Inc.		2,815,395		544,441,085
Franklin Resources Inc.		2,212,887		65,767,002
Goldman Sachs Group Inc. (The)		2,639,257		997,718,324
Intercontinental Exchange Inc.		4,403,207		505,576,228
Invesco Ltd.		2,682,865		64,683,875
MarketAxess Holdings Inc.		296,505		124,736,688
Moody’s Corp.		1,265,171		449,274,874
Morgan Stanley		11,427,787		1,112,037,953
MSCI Inc.		647,770		394,064,402
Nasdaq Inc.		919,758		177,531,689
Northern Trust Corp.		1,621,750		174,840,867
Raymond James Financial Inc.		1,438,650		132,758,622
S&P Global Inc.		1,890,259		803,152,147
State Street Corp.		2,862,608		242,520,150
T Rowe Price Group Inc.		1,773,340		348,815,978
				8,595,437,766
Chemicals — 1.7%
Air Products & Chemicals Inc.		1,736,007		444,608,753
Albemarle Corp.		913,484		200,025,592
Celanese Corp.		860,944		129,692,604
CF Industries Holdings Inc.		1,663,998		92,884,368
Corteva Inc.		5,748,036		241,877,355
Dow Inc.		5,833,463		335,774,130
DuPont de Nemours Inc.		4,110,165		279,450,118
Eastman Chemical Co.		1,045,100		105,283,374
Ecolab Inc.		1,952,899		407,413,789
FMC Corp.		1,020,699		93,455,201
International Flavors & Fragrances Inc.		1,960,040		262,096,549
Linde PLC		4,043,032		1,186,144,728
LyondellBasell Industries NV, Class A		2,076,632		194,891,913

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Mosaic Co. (The)		2,723,342	$	97,277,776
PPG Industries Inc.		1,856,545		265,504,501
Sherwin-Williams Co. (The)		1,893,578		529,690,574
				4,866,071,325
Commercial Services & Supplies — 0.4%
Cintas Corp.		687,664		261,766,178
Copart Inc.(a)		1,673,061		232,087,022
Republic Services Inc.		1,652,721		198,425,683
Rollins Inc.		1,727,341		61,026,958
Waste Management Inc.		3,033,089		453,022,173
				1,206,328,014
Communications Equipment — 0.8%
Arista Networks Inc.(a)(b)		436,541		150,012,949
Cisco Systems Inc.		32,993,797		1,795,852,371
F5 Networks Inc.(a)		481,018		95,616,758
Juniper Networks Inc.		2,589,288		71,257,206
Motorola Solutions Inc.		1,326,439		308,158,308
				2,420,897,592
Construction & Engineering — 0.0%
Quanta Services Inc.		1,075,291		122,389,622
Construction Materials — 0.1%
Martin Marietta Materials Inc.		490,147		167,473,427
Vulcan Materials Co.		1,042,628		176,370,952
				343,844,379
Consumer Finance — 0.7%
American Express Co.		5,037,912		844,001,397
Capital One Financial Corp.		3,487,329		564,842,678
Discover Financial Services		2,353,186		289,088,900
Synchrony Financial		4,476,827		218,827,304
				1,916,760,279
Containers & Packaging — 0.3%
Amcor PLC		12,001,193		139,093,827
Avery Dennison Corp.		655,029		135,728,559
Ball Corp.		2,548,279		229,268,661
International Paper Co.		3,027,771		169,312,954
Packaging Corp. of America		735,688		101,112,959
Sealed Air Corp.		1,160,287		63,572,125
Westrock Co.		2,085,953		103,943,038
				942,032,123
Distributors — 0.1%
Genuine Parts Co.		1,125,255		136,414,664
LKQ Corp.(a)(b)		2,124,443		106,901,972
Pool Corp.		314,457		136,603,265
				379,919,901
Diversified Financial Services — 1.4%
Berkshire Hathaway Inc., Class B(a)		14,512,599		3,961,068,771
Diversified Telecommunication Services — 1.2%
AT&T Inc.		55,900,204		1,509,864,510
Lumen Technologies Inc.		7,731,829		95,797,362
Verizon Communications Inc.		32,413,618		1,750,659,508
				3,356,321,380
Electric Utilities — 1.6%
Alliant Energy Corp.		1,959,353		109,684,581
American Electric Power Co. Inc.		3,916,610		317,950,400
Duke Energy Corp.		6,023,657		587,848,687
Edison International		2,972,849		164,903,934
Entergy Corp.		1,567,012		155,619,962

Security	Shares		Value
Electric Utilities (continued)
Evergy Inc.		1,783,418	$	110,928,599
Eversource Energy		2,675,941		218,784,936
Exelon Corp.		7,668,927		370,715,931
FirstEnergy Corp.		4,296,448		153,039,478
NextEra Energy Inc.		15,358,956		1,205,985,225
NRG Energy Inc.		1,905,340		77,795,032
Pinnacle West Capital Corp.		864,544		62,558,404
PPL Corp.		6,057,433		168,881,232
Southern Co. (The)		8,289,708		513,713,205
Xcel Energy Inc.		4,238,337		264,896,062
				4,483,305,668
Electrical Equipment — 0.6%
AMETEK Inc.		1,808,599		224,284,362
Eaton Corp. PLC		3,126,793		466,861,463
Emerson Electric Co.		4,666,902		439,622,168
Generac Holdings Inc.(a)(b)		494,212		201,969,618
Rockwell Automation Inc.		904,661		266,006,521
				1,598,744,132
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		4,684,562		343,050,475
CDW Corp./DE		1,080,493		196,671,336
Corning Inc.		6,011,257		219,350,768
IPG Photonics Corp.(a)(b)		276,871		43,856,366
Keysight Technologies Inc.(a)		1,440,575		236,672,067
TE Connectivity Ltd.		2,577,326		353,660,674
Teledyne Technologies Inc.(a)		364,903		156,755,031
Trimble Inc.(a)(b)		1,968,301		161,892,757
Zebra Technologies Corp., Class A(a)(b)		419,516		216,226,937
				1,928,136,411
Energy Equipment & Services — 0.2%
Baker Hughes Co.		6,510,342		161,000,758
Halliburton Co.		6,921,682		149,646,765
Schlumberger NV		10,937,327		324,182,372
				634,829,895
Entertainment — 1.9%
Activision Blizzard Inc.		6,073,504		470,028,474
Electronic Arts Inc.		2,222,488		316,148,918
Live Nation Entertainment Inc.(a)(b)		1,035,287		94,345,704
Netflix Inc.(a)		3,465,241		2,114,975,192
Take-Two Interactive Software Inc.(a)		912,143		140,533,872
Walt Disney Co. (The)(a)		14,226,610		2,406,715,614
				5,542,747,774
Equity Real Estate Investment Trusts (REITs) — 2.5%
Alexandria Real Estate Equities Inc.		1,093,108		208,860,146
American Tower Corp.		3,563,328		945,742,884
AvalonBay Communities Inc.		1,090,480		241,693,987
Boston Properties Inc.		1,102,724		119,480,145
Crown Castle International Corp.		3,380,887		585,975,335
Digital Realty Trust Inc.		2,205,767		318,623,043
Duke Realty Corp.		2,974,670		142,397,453
Equinix Inc.		702,627		555,166,672
Equity Residential		2,677,731		216,681,993
Essex Property Trust Inc.		512,825		163,970,665
Extra Space Storage Inc.		1,041,059		174,887,501
Federal Realty Investment Trust		534,731		63,092,911
Healthpeak Properties Inc.		4,263,387		142,738,197
Host Hotels & Resorts Inc.(a)		5,486,962		89,602,089
Iron Mountain Inc.		2,266,285		98,470,083
Kimco Realty Corp.		4,859,204		100,828,483

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Mid-America Apartment Communities Inc.		908,391	$	169,642,019
Prologis Inc.		5,803,384		727,918,455
Public Storage		1,190,417		353,672,891
Realty Income Corp.		3,059,807		198,459,082
Regency Centers Corp.		1,203,182		81,010,244
SBA Communications Corp.		860,787		284,550,359
Simon Property Group Inc.		2,577,096		334,945,167
UDR Inc.		2,192,614		116,164,690
Ventas Inc.		3,091,808		170,698,720
Vornado Realty Trust		1,207,150		50,712,372
Welltower Inc.		3,320,386		273,599,806
Weyerhaeuser Co.		5,856,316		208,309,160
				7,137,894,552
Food & Staples Retailing — 1.4%
Costco Wholesale Corp.		3,461,050		1,555,222,817
Kroger Co. (The)		5,343,232		216,026,870
Sysco Corp.		3,986,606		312,948,571
Walgreens Boots Alliance Inc.		5,623,294		264,575,983
Walmart Inc.		11,188,576		1,559,463,723
				3,908,237,964
Food Products — 0.9%
Archer-Daniels-Midland Co.		4,375,943		262,600,339
Campbell Soup Co.		1,621,274		67,785,466
Conagra Brands Inc.		3,728,283		126,276,945
General Mills Inc.		4,718,732		282,274,548
Hershey Co. (The)		1,142,729		193,406,883
Hormel Foods Corp.(b)		2,186,469		89,645,229
JM Smucker Co. (The)		842,350		101,107,271
Kellogg Co.		2,008,971		128,413,426
Kraft Heinz Co. (The)		5,287,470		194,684,645
Lamb Weston Holdings Inc.		1,123,437		68,945,329
McCormick & Co. Inc./MD, NVS		1,956,935		158,570,443
Mondelez International Inc., Class A		10,931,775		636,010,670
Tyson Foods Inc., Class A		2,308,252		182,213,413
				2,491,934,607
Gas Utilities — 0.0%
Atmos Energy Corp.		1,002,675		88,435,935
Health Care Equipment & Supplies — 3.8%
Abbott Laboratories		13,879,685		1,639,607,189
ABIOMED Inc.(a)		351,955		114,568,392
Align Technology Inc.(a)		577,524		384,301,795
Baxter International Inc.		3,928,365		315,958,397
Becton Dickinson and Co.		2,245,298		551,939,154
Boston Scientific Corp.(a)		11,147,517		483,690,763
Cooper Companies Inc. (The)(b)		382,807		158,217,961
Danaher Corp.		4,974,386		1,514,402,074
DENTSPLY SIRONA Inc.		1,723,996		100,077,968
Dexcom Inc.(a)(b)		757,446		414,216,920
Edwards Lifesciences Corp.(a)(b)		4,876,442		552,061,999
Hologic Inc.(a)		1,991,824		147,016,529
IDEXX Laboratories Inc.(a)		668,595		415,799,231
Intuitive Surgical Inc.(a)		930,871		925,425,405
Medtronic PLC		10,521,580		1,318,880,053
ResMed Inc.		1,143,017		301,242,130
STERIS PLC		783,885		160,132,028
Stryker Corp.		2,626,620		692,692,226
Teleflex Inc.		362,735		136,587,864
West Pharmaceutical Services Inc.		579,095		245,848,991

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings Inc.		1,629,570	$	238,503,865
				10,811,170,934
Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		1,176,439		140,525,639
Anthem Inc.		1,913,058		713,188,022
Cardinal Health Inc.		2,307,937		114,150,564
Centene Corp.(a)		4,581,314		285,461,675
Cigna Corp.		2,658,064		532,038,090
CVS Health Corp.		10,331,247		876,709,621
DaVita Inc.(a)		509,828		59,272,603
HCA Healthcare Inc.		1,925,687		467,402,749
Henry Schein Inc.(a)(b)		1,082,520		82,444,723
Humana Inc.		1,007,120		391,920,748
Laboratory Corp. of America Holdings(a)		756,600		212,937,504
McKesson Corp.		1,215,534		242,353,169
Quest Diagnostics Inc.		960,143		139,518,379
UnitedHealth Group Inc.		7,382,204		2,884,522,391
Universal Health Services Inc., Class B		596,167		82,491,628
				7,224,937,505
Health Care Technology — 0.1%
Cerner Corp.		2,322,601		163,789,823
Hotels, Restaurants & Leisure — 2.1%
Booking Holdings Inc.(a)		321,615		763,472,200
Caesars Entertainment Inc.(a)(b)		1,677,149		188,310,290
Carnival Corp.(a)		6,314,543		157,926,720
Chipotle Mexican Grill Inc.(a)(b)		220,660		401,053,963
Darden Restaurants Inc.		1,021,476		154,722,970
Domino’s Pizza Inc.		289,535		138,096,614
Expedia Group Inc.(a)		1,141,686		187,122,335
Hilton Worldwide Holdings Inc.(a)		2,183,966		288,523,748
Las Vegas Sands Corp.(a)		2,701,561		98,877,133
Marriott International Inc./MD, Class A(a)(b)		2,149,447		318,311,606
McDonald’s Corp.		5,846,890		1,409,743,648
MGM Resorts International		3,108,668		134,139,024
Norwegian Cruise Line Holdings Ltd.(a)(b)		2,831,802		75,637,431
Penn National Gaming Inc.(a)(b)		1,231,940		89,266,372
Royal Caribbean Cruises Ltd.(a)		1,761,323		156,669,681
Starbucks Corp.		9,231,308		1,018,305,586
Wynn Resorts Ltd.(a)		804,391		68,172,137
Yum! Brands Inc.		2,311,799		282,756,136
				5,931,107,594
Household Durables — 0.4%
DR Horton Inc.		2,544,563		213,666,955
Garmin Ltd.		1,193,131		185,484,145
Leggett & Platt Inc.		1,073,030		48,114,665
Lennar Corp., Class A		2,140,445		200,516,888
Mohawk Industries Inc.(a)		439,375		77,945,125
Newell Brands Inc.		2,931,784		64,909,698
NVR Inc.(a)(b)		26,335		126,252,097
PulteGroup Inc.		2,031,785		93,299,567
Whirlpool Corp.		497,830		101,487,624
				1,111,676,764
Household Products — 1.3%
Church & Dwight Co. Inc.		1,932,660		159,579,736
Clorox Co. (The)		966,508		160,063,390
Colgate-Palmolive Co.		6,610,040		499,586,823
Kimberly-Clark Corp.		2,640,216		349,670,207

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Procter & Gamble Co. (The)		19,004,749	$	2,656,863,910
				3,825,764,066
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		5,203,017		118,784,878
Industrial Conglomerates — 1.1%
3M Co.		4,528,638		794,413,678
General Electric Co.		8,603,792		886,448,690
Honeywell International Inc.		5,405,288		1,147,434,536
Roper Technologies Inc.		823,836		367,537,955
				3,195,834,859
Insurance — 1.9%
Aflac Inc.		4,849,157		252,786,554
Allstate Corp. (The)		2,323,363		295,787,344
American International Group Inc.		6,674,540		366,365,501
Aon PLC, Class A		1,769,597		505,697,735
Arthur J Gallagher & Co.		1,609,443		239,243,702
Assurant Inc.		457,936		72,239,404
Brown & Brown Inc.		1,836,694		101,844,682
Chubb Ltd.		3,431,105		595,228,095
Cincinnati Financial Corp.		1,180,371		134,821,976
Everest Re Group Ltd.		307,430		77,097,295
Globe Life Inc.		726,867		64,712,969
Hartford Financial Services Group Inc. (The)		2,728,204		191,656,331
Lincoln National Corp.		1,389,822		95,550,262
Loews Corp.		1,597,117		86,132,520
Marsh & McLennan Companies Inc.		3,962,461		600,035,469
MetLife Inc.		5,674,482		350,285,774
Principal Financial Group Inc.		1,951,144		125,653,674
Progressive Corp. (The)		4,579,806		413,968,664
Prudential Financial Inc.		3,039,600		319,765,920
Travelers Companies Inc. (The)		1,946,439		295,878,192
W R Berkley Corp.		1,082,785		79,238,206
Willis Towers Watson PLC		1,015,623		236,091,723
				5,500,081,992
Interactive Media & Services — 6.7%
Alphabet Inc., Class A(a)		2,357,274		6,302,219,184
Alphabet Inc., Class C, NVS(a)		2,205,810		5,879,167,451
Facebook Inc., Class A(a)		18,663,365		6,334,159,447
Match Group Inc.(a)(b)		2,175,316		341,502,859
Twitter Inc.(a)(b)		6,258,525		377,952,325
				19,235,001,266
Internet & Direct Marketing Retail — 4.1%
Amazon.com Inc.(a)		3,409,961		11,201,858,284
eBay Inc.		5,089,487		354,584,559
Etsy Inc.(a)(b)		988,221		205,510,439
				11,761,953,282
IT Services — 4.9%
Accenture PLC, Class A		4,964,784		1,588,333,697
Akamai Technologies Inc.(a)(b)		1,281,305		134,011,690
Automatic Data Processing Inc.		3,308,977		661,530,682
Broadridge Financial Solutions Inc.		902,973		150,471,421
Cognizant Technology Solutions Corp., Class A		4,096,609		304,009,354
DXC Technology Co.(a)		2,026,344		68,105,422
Fidelity National Information Services Inc.		4,849,613		590,100,910
Fiserv Inc.(a)(b)		4,674,805		507,216,342
FleetCor Technologies Inc.(a)(b)		649,045		169,575,987
Gartner Inc.(a)		657,425		199,778,309
Global Payments Inc.		2,307,214		363,570,782

Security	Shares		Value
IT Services (continued)
International Business Machines Corp.		7,017,511	$	974,942,803
Jack Henry & Associates Inc.		581,414		95,386,781
Mastercard Inc., Class A		6,820,346		2,371,297,897
Paychex Inc.		2,502,045		281,354,960
PayPal Holdings Inc.(a)		9,199,586		2,393,824,273
VeriSign Inc.(a)		764,955		156,823,425
Visa Inc., Class A(b)		13,212,819		2,943,155,432
Western Union Co. (The)		3,157,575		63,846,167
				14,017,336,334
Leisure Products — 0.0%
Hasbro Inc.		999,345		89,161,561
Life Sciences Tools & Services — 1.4%
Agilent Technologies Inc.		2,385,080		375,721,653
Bio-Rad Laboratories Inc., Class A(a)		165,759		123,647,926
Bio-Techne Corp.		304,467		147,535,574
Charles River Laboratories International Inc.(a)(b)		391,578		161,592,493
Illumina Inc.(a)		1,148,602		465,884,457
IQVIA Holdings Inc.(a)		1,495,588		358,253,150
Mettler-Toledo International Inc.(a)(b)		180,334		248,384,838
PerkinElmer Inc.		884,716		153,312,436
Thermo Fisher Scientific Inc.(b)		3,080,240		1,759,833,519
Waters Corp.(a)(b)		477,627		170,656,127
				3,964,822,173
Machinery — 1.5%
Caterpillar Inc.		4,290,411		823,630,200
Cummins Inc.		1,128,415		253,396,872
Deere & Co.		2,222,044		744,540,283
Dover Corp.		1,131,287		175,915,128
Fortive Corp.		2,816,149		198,735,635
IDEX Corp.		592,630		122,644,778
Illinois Tool Works Inc.		2,243,924		463,662,016
Ingersoll Rand Inc.(a)(b)		3,183,926		160,501,710
Otis Worldwide Corp.		3,353,649		275,938,240
PACCAR Inc.		2,705,239		213,497,462
Parker-Hannifin Corp.		1,010,385		282,523,854
Pentair PLC		1,312,003		95,290,778
Snap-on Inc.		424,953		88,793,929
Stanley Black & Decker Inc.		1,280,528		224,489,364
Westinghouse Air Brake Technologies Corp.		1,485,334		128,050,644
Xylem Inc./NY		1,416,451		175,186,660
				4,426,797,553
Media — 1.2%
Charter Communications Inc., Class A(a)(b)		992,717		722,261,180
Comcast Corp., Class A		35,859,834		2,005,640,516
Discovery Inc., Class A(a)(b)		1,278,743		32,454,497
Discovery Inc., Class C, NVS(a)(b)		2,375,576		57,655,230
DISH Network Corp., Class A(a)(b)		1,949,003		84,703,670
Fox Corp., Class A, NVS		2,526,765		101,348,544
Fox Corp., Class B		1,159,372		43,035,889
Interpublic Group of Companies Inc. (The)		3,045,936		111,694,473
News Corp., Class A, NVS		3,140,205		73,889,024
News Corp., Class B		871,796		20,251,821
Omnicom Group Inc.		1,699,043		123,112,656
ViacomCBS Inc., Class B, NVS		4,759,180		188,035,202
				3,564,082,702
Metals & Mining — 0.3%
Freeport-McMoRan Inc.		11,493,650		373,888,434
Newmont Corp.		6,246,076		339,161,927

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Nucor Corp.		2,307,983	$	227,313,246
				940,363,607
Multi-Utilities — 0.7%
Ameren Corp.		1,993,479		161,471,799
CenterPoint Energy Inc.		4,680,961		115,151,641
CMS Energy Corp.		2,281,667		136,283,970
Consolidated Edison Inc.		2,776,799		201,567,839
Dominion Energy Inc.		6,329,705		462,195,059
DTE Energy Co.		1,516,912		169,454,240
NiSource Inc.		3,109,161		75,334,971
Public Service Enterprise Group Inc.		3,936,350		239,723,715
Sempra Energy		2,491,752		315,206,628
WEC Energy Group Inc.		2,485,667		219,235,829
				2,095,625,691
Multiline Retail — 0.5%
Dollar General Corp.		1,856,290		393,793,361
Dollar Tree Inc.(a)(b)		1,822,881		174,486,169
Target Corp.		3,873,291		886,092,782
				1,454,372,312
Oil, Gas & Consumable Fuels — 2.5%
APA Corp.		2,971,019		63,668,937
Cabot Oil & Gas Corp.		3,164,603		68,861,761
Chevron Corp.		15,140,875		1,536,041,769
ConocoPhillips		10,475,689		709,937,444
Devon Energy Corp.		4,947,440		175,683,594
Diamondback Energy Inc.		1,337,500		126,621,125
EOG Resources Inc.		4,566,231		366,531,362
Exxon Mobil Corp.		33,145,226		1,949,602,193
Hess Corp.		2,129,801		166,358,756
Kinder Morgan Inc.		15,182,008		253,994,994
Marathon Oil Corp.		6,246,749		85,393,059
Marathon Petroleum Corp.		4,996,684		308,845,038
Occidental Petroleum Corp.		6,970,404		206,184,550
ONEOK Inc.		3,488,760		202,313,192
Phillips 66		3,429,017		240,134,061
Pioneer Natural Resources Co.		1,782,839		296,860,522
Valero Energy Corp.		3,196,928		225,607,209
Williams Companies Inc. (The)		9,569,175		248,224,400
				7,230,863,966
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		1,813,317		543,868,168
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		17,397,377		1,029,402,797
Catalent Inc.(a)		1,338,777		178,151,055
Eli Lilly & Co.		6,216,088		1,436,227,133
Johnson & Johnson		20,610,100		3,328,531,150
Merck & Co. Inc.		19,817,375		1,488,483,036
Organon & Co.		2,000,633		65,600,756
Pfizer Inc.		43,895,839		1,887,960,036
Viatris Inc.		9,423,806		127,692,571
Zoetis Inc.		3,709,714		720,203,876
				10,262,252,410
Professional Services — 0.4%
Equifax Inc.		953,814		241,715,544
IHS Markit Ltd.		3,132,412		365,301,887
Jacobs Engineering Group Inc.		1,026,236		136,007,057
Leidos Holdings Inc.		1,112,312		106,926,553
Nielsen Holdings PLC		2,870,300		55,081,057

Security	Shares		Value
Professional Services (continued)
Robert Half International Inc.		879,897	$	88,280,066
Verisk Analytics Inc.		1,267,970		253,936,352
				1,247,248,516
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		2,626,034		255,670,670
Road & Rail — 0.9%
CSX Corp.		17,613,052		523,812,166
JB Hunt Transport Services Inc.		661,224		110,569,877
Kansas City Southern		716,367		193,877,565
Norfolk Southern Corp.		1,928,499		461,393,386
Old Dominion Freight Line Inc.(b)		735,523		210,344,868
Union Pacific Corp.		5,105,512		1,000,731,407
				2,500,729,269
Semiconductors & Semiconductor Equipment — 5.6%
Advanced Micro Devices Inc.(a)		9,492,579		976,786,379
Analog Devices Inc.		4,222,413		707,169,729
Applied Materials Inc.		7,155,654		921,147,339
Broadcom Inc.		3,212,080		1,557,633,954
Enphase Energy Inc.(a)(b)		1,047,110		157,035,087
Intel Corp.		31,762,910		1,692,327,845
KLA Corp.		1,195,773		399,998,026
Lam Research Corp.		1,115,686		634,992,687
Microchip Technology Inc.		2,145,550		329,320,470
Micron Technology Inc.		8,813,784		625,602,388
Monolithic Power Systems Inc.		335,025		162,379,917
NVIDIA Corp.		19,510,316		4,041,757,063
NXP Semiconductors NV(b)		2,083,321		408,060,084
Qorvo Inc.(a)		866,812		144,922,298
QUALCOMM Inc.		8,831,228		1,139,051,788
Skyworks Solutions Inc.		1,292,558		212,987,707
Teradyne Inc.		1,291,246		140,965,326
Texas Instruments Inc.		7,227,710		1,389,238,139
Xilinx Inc.		1,932,229		291,747,257
				15,933,123,483
Software — 9.3%
Adobe Inc.(a)		3,729,875		2,147,363,635
ANSYS Inc.(a)(b)		679,432		231,312,624
Autodesk Inc.(a)(b)		1,721,124		490,812,931
Cadence Design Systems Inc.(a)		2,166,921		328,158,516
Ceridian HCM Holding Inc.(a)(b)		1,059,762		119,350,397
Citrix Systems Inc.		970,685		104,222,449
Fortinet Inc.(a)		1,060,733		309,776,465
Intuit Inc.		2,139,343		1,154,196,942
Microsoft Corp.		58,835,405		16,586,877,378
NortonLifeLock Inc.		4,590,533		116,140,485
Oracle Corp.		12,896,864		1,123,703,760
Paycom Software Inc.(a)(b)		377,850		187,319,138
PTC Inc.(a)		820,875		98,332,616
salesforce.com Inc.(a)		7,606,177		2,062,947,326
ServiceNow Inc.(a)(b)		1,550,864		965,056,141
Synopsys Inc.(a)		1,191,998		356,896,121
Tyler Technologies Inc.(a)		315,592		144,746,271
				26,527,213,195
Specialty Retail — 2.2%
Advance Auto Parts Inc.		514,125		107,395,571
AutoZone Inc.(a)(b)		167,998		285,258,924
Bath & Body Works Inc.		2,080,099		131,108,640
Best Buy Co. Inc.		1,779,235		188,082,932

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
CarMax Inc.(a)(b)		1,277,004	$	163,405,432
Gap Inc. (The)		1,579,944		35,864,729
Home Depot Inc. (The)		8,324,332		2,732,545,222
Lowe’s Companies Inc.		5,534,338		1,122,695,807
O’Reilly Automotive Inc.(a)		537,177		328,247,378
Ross Stores Inc.		2,795,978		304,342,205
TJX Companies Inc. (The)		9,445,747		623,230,387
Tractor Supply Co.		886,900		179,694,809
Ulta Beauty Inc.(a)(b)		430,333		155,315,786
				6,357,187,822
Technology Hardware, Storage & Peripherals — 6.4%
Apple Inc.		122,946,583		17,396,941,495
Hewlett Packard Enterprise Co.		10,086,280		143,729,490
HP Inc.		9,440,428		258,290,110
NetApp Inc.		1,739,482		156,135,904
Seagate Technology Holdings PLC		1,645,336		135,773,127
Western Digital Corp.(a)		2,379,173		134,280,524
				18,225,150,650
Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands Inc.		2,708,231		46,473,244
Nike Inc., Class B		10,006,346		1,453,221,630
PVH Corp.(a)		569,381		58,526,673
Ralph Lauren Corp.		369,955		41,079,803
Tapestry Inc.		2,174,252		80,490,809
Under Armour Inc., Class A(a)(b)		1,508,777		30,447,120
Under Armour Inc., Class C, NVS(a)		1,690,965		29,625,707
VF Corp.		2,570,768		172,215,748
				1,912,080,734
Tobacco — 0.6%
Altria Group Inc.		14,418,593		656,334,353
Philip Morris International Inc.		12,202,069		1,156,634,121
				1,812,968,474
Trading Companies & Distributors — 0.2%
Fastenal Co.		4,482,089		231,320,613

Security	Shares		Value
Trading Companies & Distributors (continued)
United Rentals Inc.(a)		566,668	$	198,860,801
WW Grainger Inc.		345,162		135,669,376
				565,850,790
Water Utilities — 0.1%
American Water Works Co. Inc.		1,415,641		239,299,955
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)(b)		4,592,166		586,695,128
Total Common Stocks — 99.8% (Cost: $217,325,103,508)				286,067,326,072
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		959,330,208		959,809,873
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		441,020,000		441,020,000
				1,400,829,873
Total Short-Term Investments — 0.5% (Cost: $1,400,047,751)				1,400,829,873
Total Investments in Securities — 100.3% (Cost: $218,725,151,259)				287,468,155,945
Other Assets, Less Liabilities — (0.3)%				(758,653,767	)
Net Assets — 100.0%			$	286,709,502,178

^(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 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	$	1,546,440,574	$	—		$	(586,532,139	)(a)	$	96,814	$	(195,376	)	$	959,809,873		959,330,208	$	880,678	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		211,170,000		229,850,000	(a)		—			—		—			441,020,000		441,020,000		17,494			—
BlackRock Inc.		834,197,931		110,765,483			(98,503,774	)		46,111,201		46,821,450			939,392,291		1,120,111		9,270,859			—
									$	46,208,015	$	46,626,074		$	2,340,222,164			$	10,169,031		$	—

^(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.

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P 500 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
S&P 500 E-Mini Index		2,964		12/17/21	$	636,927	$	(23,928,279	)

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)	$	23,928,279

^(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	$	67,692,260
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(28,082,829	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	558,429,763

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	$	286,067,326,072		$	—	$	—	$	286,067,326,072
Money Market Funds		1,400,829,873			—		—		1,400,829,873
	$	287,468,155,945		$	—	$	—	$	287,468,155,945
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(23,928,279	)	$	—	$	—	$	(23,928,279	)

^(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 17

Schedule of Investments (unaudited) September 30, 2021 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Axon Enterprise Inc.(a)(b)		1,757,708	$	307,634,054
Curtiss-Wright Corp.		1,094,190		138,064,894
Hexcel Corp.(a)		2,244,076		133,275,674
Mercury Systems Inc.(a)(b)		1,503,055		71,274,868
				650,249,490
Air Freight & Logistics — 0.3%
GXO Logistics Inc.(a)(b)		2,638,285		206,947,075
Airlines — 0.2%
JetBlue Airways Corp.(a)(b)		8,511,323		130,138,129
Auto Components — 1.7%
Adient PLC(a)(b)		2,535,558		105,098,879
Dana Inc.		3,928,212		87,363,435
Fox Factory Holding Corp.(a)(b)		1,126,815		162,869,840
Gentex Corp.		6,417,230		211,640,246
Goodyear Tire & Rubber Co. (The)(a)		7,567,839		133,950,750
Lear Corp.		1,604,365		251,051,035
Visteon Corp.(a)(b)		757,834		71,531,951
				1,023,506,136
Automobiles — 0.5%
Harley-Davidson Inc.		4,135,665		151,406,696
Thor Industries Inc.		1,481,774		181,902,576
				333,309,272
Banks — 7.1%
Associated Banc-Corp.		4,128,081		88,423,495
BancorpSouth Bank		2,588,376		77,081,837
Bank of Hawaii Corp.		1,094,208		89,911,071
Bank OZK		3,282,147		141,066,678
Cathay General Bancorp		2,111,789		87,406,947
CIT Group Inc.		2,668,475		138,627,276
Commerce Bancshares Inc.(b)		2,858,842		199,204,111
Cullen/Frost Bankers Inc.		1,524,512		180,837,614
East West Bancorp. Inc.		3,797,128		294,429,305
First Financial Bankshares Inc.		3,447,888		158,430,454
First Horizon Corp.		14,701,975		239,495,173
FNB Corp.		8,610,376		100,052,569
Fulton Financial Corp.		4,410,254		67,388,681
Glacier Bancorp. Inc.		2,903,460		160,706,511
Hancock Whitney Corp.		2,342,776		110,391,605
Home BancShares Inc./AR		4,078,689		95,971,552
International Bancshares Corp.		1,441,870		60,039,467
PacWest Bancorp		3,155,125		142,990,265
Pinnacle Financial Partners Inc.		2,046,645		192,548,362
Prosperity Bancshares Inc.		2,502,177		177,979,850
Signature Bank/New York NY		1,622,844		441,867,964
Sterling Bancorp./DE		5,186,348		129,451,246
Synovus Financial Corp.		3,942,060		173,017,013
Texas Capital Bancshares Inc.(a)		1,367,693		82,088,934
UMB Financial Corp.		1,158,682		112,056,136
Umpqua Holdings Corp.		5,931,686		120,116,642
United Bankshares Inc./WV		3,484,968		126,783,136
Valley National Bancorp		10,941,913		145,636,862
Webster Financial Corp.		2,442,781		133,033,853
Wintrust Financial Corp.		1,538,976		123,687,501
				4,390,722,110
Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		252,517		128,720,541

Security	Shares		Value
Biotechnology — 1.7%
Arrowhead Pharmaceuticals Inc.(a)(b)		2,790,316	$	174,199,428
Emergent BioSolutions Inc.(a)(b)		1,294,599		64,820,572
Exelixis Inc.(a)		8,431,754		178,247,279
Halozyme Therapeutics Inc.(a)(b)		3,809,354		154,964,521
Neurocrine Biosciences Inc.(a)(b)		2,533,045		242,944,346
United Therapeutics Corp.(a)		1,201,459		221,765,302
				1,036,941,448
Building Products — 2.4%
Builders FirstSource Inc.(a)(b)		5,545,575		286,928,050
Carlisle Companies Inc.		1,395,064		277,324,773
Lennox International Inc.		915,133		269,204,675
Owens Corning		2,760,104		235,988,892
Simpson Manufacturing Co. Inc.		1,172,484		125,420,613
Trex Co. Inc.(a)(b)		3,087,014		314,659,337
				1,509,526,340
Capital Markets — 2.7%
Affiliated Managers Group Inc.(b)		1,109,613		167,651,428
Evercore Inc., Class A		1,064,012		142,226,484
FactSet Research Systems Inc.		1,011,122		399,170,743
Federated Hermes Inc.		2,636,268		85,678,710
Interactive Brokers Group Inc., Class A		2,351,594		146,598,370
Janus Henderson Group PLC		4,582,223		189,383,277
Jefferies Financial Group Inc.		5,317,764		197,448,577
SEI Investments Co.		2,883,554		170,994,752
Stifel Financial Corp.		2,818,754		191,562,522
				1,690,714,863
Chemicals — 2.5%
Ashland Global Holdings Inc.		1,523,671		135,789,559
Avient Corp.		2,443,415		113,252,285
Cabot Corp.		1,518,121		76,088,225
Chemours Co. (The)		4,439,674		129,016,926
Ingevity Corp.(a)(b)		1,069,862		76,356,051
Minerals Technologies Inc.(b)		910,750		63,606,780
NewMarket Corp.		193,030		65,392,773
Olin Corp.		3,878,356		187,130,677
RPM International Inc.		3,485,152		270,622,053
Scotts Miracle-Gro Co. (The)		1,095,396		160,322,159
Sensient Technologies Corp.		1,128,231		102,759,279
Valvoline Inc.		4,861,031		151,566,947
				1,531,903,714
Commercial Services & Supplies — 1.7%
Brink’s Co. (The)(b)		1,332,601		84,353,643
Clean Harbors Inc.(a)		1,339,522		139,136,150
Herman Miller Inc.		2,015,602		75,907,571
IAA Inc.(a)(b)		3,619,634		197,523,427
KAR Auction Services Inc.(a)		3,239,182		53,090,193
MSA Safety Inc.		975,435		142,120,880
Stericycle Inc.(a)(b)		2,458,321		167,092,078
Tetra Tech Inc.		1,447,119		216,112,752
				1,075,336,694
Communications Equipment — 0.9%
Ciena Corp.(a)(b)		4,142,079		212,695,757
Lumentum Holdings Inc.(a)(b)		2,040,035		170,424,524
NetScout Systems Inc.(a)(b)		2,007,985		54,115,196
Viasat Inc.(a)(b)		1,977,023		108,874,656
				546,110,133
Construction & Engineering — 1.3%
AECOM(a)(b)		3,855,576		243,479,624

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) (continued) September 30, 2021 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Dycom Industries Inc.(a)(b)		826,577	$	58,885,345
EMCOR Group Inc.		1,438,633		165,989,476
Fluor Corp.(a)(b)		3,836,710		61,272,259
MasTec Inc.(a)(b)		1,536,737		132,589,668
Valmont Industries Inc.		572,207		134,537,310
				796,753,682
Construction Materials — 0.2%
Eagle Materials Inc.		1,120,903		147,017,637
Consumer Finance — 0.7%
FirstCash Inc.		1,091,451		95,501,962
LendingTree Inc.(a)(b)		306,464		42,852,861
Navient Corp.		4,522,198		89,222,967
PROG Holdings Inc.		1,793,621		75,350,018
SLM Corp.		8,242,443		145,066,997
				447,994,805
Containers & Packaging — 0.8%
AptarGroup Inc.		1,765,285		210,686,765
Greif Inc., Class A, NVS		713,034		46,061,996
Silgan Holdings Inc.		2,245,716		86,145,666
Sonoco Products Co.		2,631,499		156,784,710
				499,679,137
Diversified Consumer Services — 0.9%
Graham Holdings Co., Class B		108,776		64,086,468
Grand Canyon Education Inc.(a)(b)		1,215,895		106,950,124
H&R Block Inc.		4,807,251		120,181,275
Service Corp. International		4,500,415		271,195,008
				562,412,875
Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.(a)(b)		3,551,249		141,517,273
Electric Utilities — 1.0%
ALLETE Inc.		1,413,878		84,154,019
Hawaiian Electric Industries Inc.		2,950,764		120,479,694
IDACORP Inc.		1,362,745		140,880,578
OGE Energy Corp.		5,375,775		177,185,544
PNM Resources Inc.		2,297,234		113,667,138
				636,366,973
Electrical Equipment — 1.7%
Acuity Brands Inc.		955,666		165,683,815
EnerSys		1,137,732		84,692,770
Hubbell Inc.		1,455,391		262,945,492
nVent Electric PLC		4,499,104		145,456,032
Regal Beloit Corp.		1,089,186		163,748,223
Sunrun Inc.(a)(b)		5,511,454		242,503,976
				1,065,030,308
Electronic Equipment, Instruments & Components — 3.2%
Arrow Electronics Inc.(a)		1,928,729		216,576,979
Avnet Inc.		2,681,035		99,117,864
Belden Inc.(b)		1,213,905		70,722,105
Cognex Corp.		4,729,269		379,381,959
Coherent Inc.(a)		660,699		165,234,213
II-VI Inc.(a)(b)		2,818,377		167,298,859
Jabil Inc.		3,916,334		228,596,416
Littelfuse Inc.		662,446		181,026,619
National Instruments Corp.		3,574,243		140,217,553
SYNNEX Corp.		1,119,071		116,495,291
Vishay Intertechnology Inc.		3,585,804		72,038,802

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Vontier Corp.(b)		4,544,318	$	152,689,085
				1,989,395,745
Energy Equipment & Services — 0.4%
ChampionX Corp.(a)(b)		5,428,507		121,381,417
NOV Inc.(a)		10,507,750		137,756,602
				259,138,019
Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A(b)		1,223,879		68,855,433
Equity Real Estate Investment Trusts (REITs) — 9.2%
American Campus Communities Inc.		3,735,791		180,999,074
Apartment Income REIT Corp.		4,200,856		205,043,781
Brixmor Property Group Inc.		7,975,499		176,338,283
Camden Property Trust		2,691,719		396,947,801
CoreSite Realty Corp.		1,183,072		163,902,795
Corporate Office Properties Trust		3,006,457		81,114,210
Cousins Properties Inc.		3,979,389		148,391,416
CyrusOne Inc.		3,319,157		256,935,943
Douglas Emmett Inc.		4,696,217		148,447,419
EastGroup Properties Inc.		1,085,091		180,808,713
EPR Properties		2,002,005		98,859,007
First Industrial Realty Trust Inc.		3,467,878		180,607,086
Healthcare Realty Trust Inc.		3,928,891		117,002,374
Highwoods Properties Inc.		2,812,723		123,366,031
Hudson Pacific Properties Inc.		4,080,817		107,203,063
JBG SMITH Properties		3,107,434		92,011,121
Kilroy Realty Corp.		2,814,680		186,359,963
Lamar Advertising Co., Class A		2,322,068		263,438,615
Life Storage Inc.		2,100,579		241,020,434
Macerich Co. (The)		5,720,462		95,588,920
Medical Properties Trust Inc.		15,942,907		319,974,143
National Retail Properties Inc.		4,699,609		202,976,113
National Storage Affiliates Trust		2,201,240		116,203,460
Omega Healthcare Investors Inc.		6,415,098		192,196,336
Park Hotels & Resorts Inc.(a)		6,383,838		122,186,659
Pebblebrook Hotel Trust(b)		3,516,244		78,799,028
Physicians Realty Trust		5,838,545		102,875,163
PotlatchDeltic Corp.		1,794,349		92,552,521
PS Business Parks Inc.		538,112		84,343,675
Rayonier Inc.		3,795,344		135,417,874
Rexford Industrial Realty Inc.		3,686,377		209,201,895
Sabra Health Care REIT Inc.		5,952,307		87,617,959
SL Green Realty Corp.		1,812,826		128,420,594
Spirit Realty Capital Inc.		3,187,614		146,757,749
STORE Capital Corp.		6,544,148		209,609,060
Urban Edge Properties		2,946,873		53,957,245
				5,727,475,523
Food & Staples Retailing — 1.1%
BJ’s Wholesale Club Holdings Inc.(a)(b)		3,682,810		202,259,925
Casey’s General Stores Inc.		990,883		186,731,901
Grocery Outlet Holding Corp.(a)(b)		2,369,830		51,117,233
Performance Food Group Co.(a)(b)		4,127,101		191,745,113
Sprouts Farmers Market Inc.(a)(b)		3,094,656		71,703,180
				703,557,352
Food Products — 1.8%
Darling Ingredients Inc.(a)		4,350,372		312,791,747
Flowers Foods Inc.		5,372,851		126,960,469
Hain Celestial Group Inc. (The)(a)(b)		2,262,490		96,789,322
Ingredion Inc.		1,793,280		159,619,853

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^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Lancaster Colony Corp.		532,608	$	89,909,556
Pilgrim’s Pride Corp.(a)(b)		1,308,813		38,060,282
Post Holdings Inc.(a)(b)		1,568,611		172,798,188
Sanderson Farms Inc.		567,739		106,848,480
Tootsie Roll Industries Inc.		469,120		14,275,322
				1,118,053,219
Gas Utilities — 1.2%
National Fuel Gas Co.		2,452,730		128,817,380
New Jersey Resources Corp.		2,607,218		90,757,259
ONE Gas Inc.		1,431,866		90,737,348
Southwest Gas Holdings Inc.		1,589,731		106,321,209
Spire Inc.		1,398,221		85,543,161
UGI Corp.		5,596,134		238,507,231
				740,683,588
Health Care Equipment & Supplies — 3.9%
Envista Holdings Corp.(a)(b)		4,330,662		181,064,978
Globus Medical Inc., Class A(a)		2,095,651		160,568,780
Haemonetics Corp.(a)		1,363,962		96,282,078
Hill-Rom Holdings Inc.		1,767,546		265,131,900
ICU Medical Inc.(a)		537,974		125,552,372
Integra LifeSciences Holdings Corp.(a)(b)		1,956,716		133,995,912
LivaNova PLC(a)(b)		1,428,869		113,152,136
Masimo Corp.(a)(b)		1,355,630		366,982,597
Neogen Corp.(a)(b)		2,876,438		124,923,702
NuVasive Inc.(a)(b)		1,382,723		82,755,972
Penumbra Inc.(a)(b)		920,285		245,255,952
Quidel Corp.(a)(b)		1,013,954		143,119,607
STAAR Surgical Co.(a)(b)		1,268,473		163,036,835
Tandem Diabetes Care Inc.(a)(b)		1,687,161		201,413,280
				2,403,236,101
Health Care Providers & Services — 3.1%
Acadia Healthcare Co. Inc.(a)(b)		2,415,132		154,037,119
Amedisys Inc.(a)		873,338		130,214,696
Chemed Corp.		422,470		196,499,246
Encompass Health Corp.		2,663,056		199,835,722
HealthEquity Inc.(a)(b)		2,231,770		144,529,425
LHC Group Inc.(a)(b)		854,260		134,041,937
Molina Healthcare Inc.(a)(b)		1,565,779		424,811,500
Option Care Health Inc.(a)(b)		3,715,700		90,142,882
Patterson Companies Inc.		2,335,765		70,399,957
Progyny Inc.(a)(b)		1,842,210		103,163,760
R1 RCM Inc.(a)(b)		3,582,472		78,850,209
Tenet Healthcare Corp.(a)(b)		2,865,120		190,358,573
				1,916,885,026
Hotels, Restaurants & Leisure — 3.1%
Boyd Gaming Corp.(a)		2,200,098		139,178,199
Choice Hotels International Inc.		878,430		111,007,199
Churchill Downs Inc.		931,034		223,522,643
Cracker Barrel Old Country Store Inc.		638,752		89,323,080
Jack in the Box Inc.		580,014		56,452,763
Marriott Vacations Worldwide Corp.		1,142,985		179,825,830
Papa John’s International Inc.		870,932		110,599,655
Scientific Games Corp./DE, Class A(a)(b)		2,391,657		198,674,947
Six Flags Entertainment Corp.(a)		2,075,537		88,210,322
Texas Roadhouse Inc.		1,868,886		170,685,358
Travel + Leisure Co.		2,323,772		126,715,287
Wendy’s Co. (The)		4,770,035		103,414,359
Wingstop Inc.(b)		801,742		131,429,566

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Hotels & Resorts Inc.		2,511,606	$	193,870,867
				1,922,910,075
Household Durables — 1.6%
Helen of Troy Ltd.(a)(b)		648,052		145,604,323
KB Home		2,420,832		94,218,782
Taylor Morrison Home Corp.(a)(b)		3,353,153		86,444,284
Tempur Sealy International Inc.		5,258,912		244,066,106
Toll Brothers Inc.		3,114,525		172,202,087
TopBuild Corp.(a)(b)		885,441		181,347,171
TRI Pointe Homes Inc.(a)		3,084,587		64,838,019
				988,720,772
Household Products — 0.1%
Energizer Holdings Inc.		1,705,744		66,609,303
Insurance — 3.6%
Alleghany Corp.(a)		372,485		232,583,359
American Financial Group Inc./OH		1,776,860		223,582,294
Brighthouse Financial Inc.(a)(b)		2,242,749		101,439,537
CNO Financial Group Inc.		3,449,399		81,198,852
First American Financial Corp.		2,947,435		197,625,517
Hanover Insurance Group Inc. (The)		962,600		124,772,212
Kemper Corp.		1,611,153		107,608,909
Kinsale Capital Group Inc.(b)		578,549		93,551,373
Mercury General Corp.		717,448		39,940,330
Old Republic International Corp.		7,652,653		177,005,864
Primerica Inc.		1,060,728		162,959,643
Reinsurance Group of America Inc.		1,827,961		203,378,941
RenaissanceRe Holdings Ltd.		1,264,080		176,212,752
RLI Corp.		1,072,586		107,548,198
Selective Insurance Group Inc.		1,620,245		122,377,105
Unum Group		2,228,128		55,836,888
				2,207,621,774
Interactive Media & Services — 0.3%
TripAdvisor Inc.(a)		2,661,299		90,084,971
Yelp Inc.(a)(b)		1,874,561		69,808,652
				159,893,623
IT Services — 1.8%
Alliance Data Systems Corp.		1,334,920		134,680,079
Concentrix Corp.(a)(b)		1,150,620		203,659,740
Genpact Ltd.		4,622,509		219,615,403
LiveRamp Holdings Inc.(a)(b)		1,835,369		86,684,478
Maximus Inc.		1,657,019		137,863,981
Sabre Corp.(a)		8,707,230		103,093,603
WEX Inc.(a)(b)		1,203,066		211,908,045
				1,097,505,329
Leisure Products — 1.4%
Brunswick Corp./DE		2,081,280		198,283,546
Callaway Golf Co.(a)		3,135,061		86,621,735
Mattel Inc.(a)(b)		9,371,764		173,939,940
Polaris Inc.		1,529,552		183,026,192
YETI Holdings Inc.(a)(b)		2,348,265		201,222,828
				843,094,241
Life Sciences Tools & Services — 1.3%
Medpace Holdings Inc.(a)(b)		766,911		145,160,914
Repligen Corp.(a)(b)		1,368,368		395,444,668
Syneos Health Inc.(a)(b)		2,769,551		242,280,322
				782,885,904

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^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery — 5.0%
AGCO Corp.		1,654,415	$	202,715,470
Colfax Corp.(a)(b)		3,466,678		159,120,520
Crane Co.		1,345,044		127,523,622
Donaldson Co. Inc.		3,372,652		193,623,951
Flowserve Corp.		3,515,892		121,895,976
Graco Inc.		4,542,859		317,863,844
ITT Inc.		2,312,264		198,484,742
Kennametal Inc.		2,237,816		76,600,442
Lincoln Electric Holdings Inc.		1,589,391		204,697,667
Middleby Corp. (The)(a)(b)		1,488,764		253,849,150
Nordson Corp.		1,446,824		344,561,135
Oshkosh Corp.		1,836,929		188,046,422
Terex Corp.		1,868,076		78,646,000
Timken Co. (The)		1,863,665		121,920,964
Toro Co. (The)		2,865,361		279,114,815
Trinity Industries Inc.		2,252,996		61,213,901
Woodward Inc.		1,708,180		193,365,976
				3,123,244,597
Marine — 0.1%
Kirby Corp.(a)(b)		1,608,713		77,153,875
Media — 1.0%
Cable One Inc.		132,508		240,254,230
John Wiley & Sons Inc., Class A		1,179,880		61,601,535
New York Times Co. (The), Class A		4,486,929		221,070,992
TEGNA Inc.		5,916,972		116,682,688
				639,609,445
Metals & Mining — 2.1%
Cleveland-Cliffs Inc.(a)(b)		12,170,858		241,104,697
Commercial Metals Co.		3,227,310		98,303,863
Compass Minerals International Inc.		923,377		59,465,479
Reliance Steel & Aluminum Co.		1,699,020		241,974,428
Royal Gold Inc.		1,761,910		168,244,786
Steel Dynamics Inc.		5,189,627		303,489,387
United States Steel Corp.(b)		7,254,457		159,380,420
Worthington Industries Inc.		900,843		47,474,426
				1,319,437,486
Multi-Utilities — 0.6%
Black Hills Corp.		1,698,940		106,625,474
MDU Resources Group Inc.		5,417,728		160,743,990
NorthWestern Corp.		1,389,673		79,628,263
				346,997,727
Multiline Retail — 0.6%
Kohl’s Corp.		4,195,707		197,575,843
Nordstrom Inc.(a)(b)		2,976,868		78,738,158
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		1,624,938		97,951,263
				374,265,264
Oil, Gas & Consumable Fuels — 2.2%
Antero Midstream Corp.		8,779,615		91,483,588
Cimarex Energy Co.		2,761,095		240,767,484
CNX Resources Corp.(a)(b)		5,903,055		74,496,554
DTE Midstream LLC(a)		2,592,401		119,872,622
EQT Corp.(a)		8,103,653		165,800,741
Equitrans Midstream Corp.		10,881,180		110,335,165
HollyFrontier Corp.		4,021,456		133,230,837
Murphy Oil Corp.		3,927,178		98,061,635
Targa Resources Corp.		6,140,139		302,156,240
				1,336,204,866

Security	Shares		Value
Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		2,560,813	$	157,157,094
Personal Products — 0.2%
Coty Inc., Class A(a)		8,976,852		70,558,057
Nu Skin Enterprises Inc., Class A		1,361,402		55,095,939
				125,653,996
Pharmaceuticals — 0.8%
Jazz Pharmaceuticals PLC(a)(b)		1,636,548		213,094,915
Nektar Therapeutics(a)(b)		4,936,076		88,651,925
Perrigo Co. PLC		3,578,653		169,377,647
				471,124,487
Professional Services — 1.6%
ASGN Inc.(a)(b)		1,415,776		160,180,897
CACI International Inc., Class A(a)(b)		630,305		165,202,940
FTI Consulting Inc.(a)(b)		925,224		124,627,673
Insperity Inc.		960,825		106,401,761
KBR Inc.		3,767,851		148,453,329
ManpowerGroup Inc.		1,451,455		157,163,547
Science Applications International Corp.		1,563,901		133,807,370
				995,837,517
Real Estate Management & Development — 0.5%
Jones Lang LaSalle Inc.(a)		1,356,954		336,646,718
Road & Rail — 1.8%
Avis Budget Group Inc.(a)(b)		1,264,444		147,320,370
Knight-Swift Transportation Holdings Inc.		4,442,072		227,211,983
Landstar System Inc.		1,024,389		161,669,072
Ryder System Inc.		1,439,167		119,033,503
Saia Inc.(a)(b)		704,816		167,767,353
Werner Enterprises Inc.		1,654,457		73,242,811
XPO Logistics Inc.(a)(b)		2,638,285		209,954,720
				1,106,199,812
Semiconductors & Semiconductor Equipment — 3.6%
Amkor Technology Inc.		2,707,180		67,544,141
Brooks Automation Inc.		1,996,247		204,315,881
Cirrus Logic Inc.(a)(b)		1,550,024		127,644,476
CMC Materials Inc.		788,468		97,162,912
First Solar Inc.(a)(b)		2,655,391		253,483,625
Lattice Semiconductor Corp.(a)(b)		3,650,119		235,980,193
MKS Instruments Inc.		1,484,080		223,962,513
Semtech Corp.(a)(b)		1,747,523		136,254,368
Silicon Laboratories Inc.(a)(b)		1,087,022		152,357,004
SolarEdge Technologies Inc.(a)(b)		1,398,920		371,021,562
Synaptics Inc.(a)(b)		946,810		170,170,161
Universal Display Corp.		1,160,199		198,347,621
				2,238,244,457
Software — 4.6%
ACI Worldwide Inc.(a)(b)		3,172,142		97,479,924
Aspen Technology Inc.(a)(b)		1,823,491		223,924,695
Blackbaud Inc.(a)		1,135,221		79,862,797
CDK Global Inc.		3,276,442		139,412,607
Cerence Inc.(a)(b)		1,023,613		98,379,446
CommVault Systems Inc.(a)(b)		1,235,501		93,045,580
Digital Turbine Inc.(a)(b)		2,350,500		161,596,875
Envestnet Inc.(a)(b)		904,255		72,557,421
Fair Isaac Corp.(a)(b)		759,728		302,318,563
J2 Global Inc.(a)(b)		1,294,956		176,916,889
Manhattan Associates Inc.(a)(b)		1,702,632		260,553,775
Mimecast Ltd.(a)(b)		1,636,234		104,064,482

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) (continued) September 30, 2021 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
NCR Corp.(a)(b)		3,536,404	$	137,071,019
Paylocity Holding Corp.(a)(b)		1,052,136		295,018,934
Qualys Inc.(a)(b)		903,830		100,587,241
SailPoint Technologies Holdings Inc.(a)(b)		2,506,535		107,480,221
Teradata Corp.(a)(b)		2,935,552		168,353,907
Wolfspeed Inc.		3,101,029		250,346,071
				2,868,970,447
Specialty Retail — 3.7%
American Eagle Outfitters Inc.		4,098,755		105,747,879
AutoNation Inc.(a)(b)		1,176,648		143,268,660
Dick’s Sporting Goods Inc.		1,759,958		210,790,170
Five Below Inc.(a)(b)		1,498,558		264,960,040
Foot Locker Inc.		2,424,505		110,702,898
GameStop Corp., Class A(a)(b)		1,664,215		292,019,806
Lithia Motors Inc.		812,398		257,562,662
Murphy USA Inc.		636,362		106,437,908
RH(a)(b)		455,897		304,042,268
Urban Outfitters Inc.(a)(b)		1,788,868		53,111,491
Victoria’s Secret & Co.(a)		2,020,825		111,670,790
Williams-Sonoma Inc.		2,010,437		356,510,793
				2,316,825,365
Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		3,716,353		74,958,840
Textiles, Apparel & Luxury Goods — 1.7%
Capri Holdings Ltd.(a)(b)		4,082,404		197,629,178
Carter’s Inc.		1,184,072		115,139,161
Columbia Sportswear Co.		945,192		90,587,201
Crocs Inc.(a)(b)		1,675,057		240,337,178
Deckers Outdoor Corp.(a)(b)		740,353		266,675,151
Skechers U.S.A. Inc., Class A(a)(b)		3,610,210		152,062,045
				1,062,429,914
Thrifts & Mortgage Finance — 0.8%
Essent Group Ltd.		3,014,282		132,658,551
MGIC Investment Corp.		9,145,605		136,818,251
New York Community Bancorp. Inc.		12,513,718		161,051,550
Washington Federal Inc.		1,841,838		63,193,462
				493,721,814

Security	Shares		Value
Trading Companies & Distributors — 0.9%
GATX Corp.		950,101	$	85,091,045
MSC Industrial Direct Co. Inc., Class A		1,257,690		100,854,161
Univar Solutions Inc.(a)		4,574,068		108,954,300
Watsco Inc.		882,411		233,503,599
				528,403,105
Water Utilities — 0.5%
Essential Utilities Inc.		5,985,317		275,803,407
Wireless Telecommunication Services — 0.1%
Telephone and Data Systems Inc.		2,686,920		52,394,940
Total Common Stocks — 99.8% (Cost: $48,383,038,638)				61,868,704,835
Short-Term Investments
Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		2,242,451,468		2,243,572,693
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		110,470,000		110,470,000
				2,354,042,693
Total Short-Term Investments — 3.8% (Cost: $2,352,698,667)				2,354,042,693
Total Investments in Securities — 103.6% (Cost: $50,735,737,305)				64,222,747,528
Other Assets, Less Liabilities — (3.6)%				(2,238,081,900	)
Net Assets — 100.0%			$	61,984,665,628

^(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 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	$	2,198,632,023	$	45,190,258	(a)	$	—	$	(48,923	)	$	(200,665	)	$	2,243,572,693		2,242,451,468	$	1,890,550	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		53,880,000		56,590,000	(a)		—		—			—			110,470,000		110,470,000		3,597			—
								$	(48,923	)	$	(200,665	)	$	2,354,042,693			$	1,894,147		$	—

^(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.

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^® Core S&P Mid-Cap 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
S&P 400 E-Mini Index		427		12/17/21	$	112,438	$	(1,225,746	)

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)		Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long		Monthly		HSBC Bank PLC(b)		02/10/23	$	8,582	$	244	$	8,826		0.0%	(c)
		Monthly		JPMorgan Chase Bank NA(d)		02/08/23		9,105		33		9,138		0.0	(c)
									$	277	$	17,964

^(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c) Rounds to less than 0.1%.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)
Range:	20 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

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) (continued) September 30, 2021 iShares^® Core S&P Mid-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.

	Shares		Value		% of   Basket   Value
Reference Entity — Long
Software
Envestnet Inc.(a)		110	$	8,826		100.0%
Net Value of Reference Entity — HSBC Bank PLC			$	8,826

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of September 30, 2021 expiration 2/8/2023.

	Shares		Value		% of   Basket   Value
Reference Entity — Long
Hotels, Restaurants & Leisure
Scientific Games Corp./DE(a)		110	$	9,138		100.0%
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	9,138

^(a) Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$277		$—

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
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	277
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,225,746

^(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	$	(412,720	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(952,784	)
Swaps		277
	$	(952,507	)

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^® Core S&P Mid-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	121,930,650
Total return swaps:
Average notional value	$	5,896

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	1,225,746
Swaps - OTC(a)		277		—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		277		1,225,746
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,225,746	)
Total derivative assets and liabilities subject to an MNA		277		—

^(a) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty	Derivative Assets Subject to an MNA by			Derivatives     Available			Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
	Counterparty			for Offset(a)			Received			Received					Assets	(b)
HSBC Bank PLC		$	244		$	—		$	—		$	—		$	244
JPMorgan Chase Bank NA			33			—			—			—			33
		$	277		$	—		$	—		$	—		$	277

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

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	$	61,868,704,835		$	—	$	—	$	61,868,704,835
Money Market Funds		2,354,042,693			—		—		2,354,042,693
	$	64,222,747,528		$	—	$	—	$	64,222,747,528
Derivative financial instruments(a)
Assets
Swaps	$	—		$	277	$	—	$	277
Liabilities
Futures Contracts		(1,225,746	)		—		—		(1,225,746	)
	$	(1,225,746	)	$	277	$	—	$	(1,225,469	)

^(a) Derivative financial instruments are swaps and futures contracts. Swaps and 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^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
AAR Corp.(a)(b)		2,215,446	$	71,846,914
Aerojet Rocketdyne Holdings Inc.(a)		4,957,922		215,917,503
Aerovironment Inc.(a)(b)(c)		1,533,984		132,413,499
Kaman Corp.(a)		1,853,045		66,098,115
Moog Inc., Class A(a)		1,948,873		148,562,589
National Presto Industries Inc.		338,879		27,815,188
Park Aerospace Corp.(a)		1,286,361		17,597,418
Triumph Group Inc.(a)(b)		3,349,403		62,399,378
				742,650,604
Air Freight & Logistics — 0.8%
Atlas Air Worldwide Holdings Inc.(a)(b)(c)		1,796,922		146,772,589
Echo Global Logistics Inc.(a)(b)		1,772,667		84,573,943
Forward Air Corp.(a)		1,803,973		149,765,838
Hub Group Inc., Class A(a)(b)(c)		2,243,928		154,270,050
				535,382,420
Airlines — 0.6%
Allegiant Travel Co.(a)(b)		1,005,796		196,613,002
Hawaiian Holdings Inc.(a)(b)		3,408,754		73,833,612
SkyWest Inc.(a)(b)		3,353,670		165,470,078
				435,916,692
Auto Components — 1.3%
American Axle & Manufacturing Holdings Inc.(a)(b)		7,591,811		66,883,855
Cooper-Standard Holdings Inc.(a)(b)(c)		1,136,076		24,891,425
Dorman Products Inc.(a)(b)(c)		1,906,875		180,523,856
Gentherm Inc.(a)(b)(c)		2,207,041		178,615,828
LCI Industries(a)		1,682,250		226,481,317
Motorcar Parts of America Inc.(a)(b)(c)		1,278,477		24,930,302
Patrick Industries Inc.(a)		1,496,960		124,696,768
Standard Motor Products Inc.(a)		1,286,897		56,250,268
				883,273,619
Automobiles — 0.2%
Winnebago Industries Inc.(a)		2,236,560		162,038,772
Banks — 9.8%
Allegiance Bancshares Inc.(a)		1,230,943		46,960,475
Ameris Bancorp.(a)		4,377,259		227,092,197
Banc of California Inc.(a)		2,980,875		55,116,379
BancFirst Corp		1,265,761		76,097,551
Bancorp. Inc. (The)(a)(b)(c)		3,432,478		87,356,565
BankUnited Inc.(a)		5,964,822		249,448,856
Banner Corp.(a)		2,134,451		117,843,040
Berkshire Hills Bancorp. Inc.(a)		3,205,139		86,474,650
Brookline Bancorp. Inc.(a)		4,873,841		74,374,814
Cadence BanCorp.(a)		8,061,095		177,021,646
Central Pacific Financial Corp.(a)		1,578,223		40,528,767
City Holding Co.(a)		990,496		77,169,543
Columbia Banking System Inc.(a)		4,543,546		172,609,313
Community Bank System Inc.(a)		3,466,101		237,150,630
Customers Bancorp. Inc.(a)(b)(c)		1,969,434		84,725,051
CVB Financial Corp.(a)		8,429,949		171,718,061
Dime Community Bancshares Inc.(a)		2,236,376		73,040,040
Eagle Bancorp. Inc.(a)		2,042,287		117,431,502
FB Financial Corp.		2,364,672		101,397,135
First BanCorp./Puerto Rico(a)		13,297,533		174,862,559
First Bancorp./Southern Pines NC(a)		1,765,492		75,933,811
First Commonwealth Financial Corp.(a)		5,918,082		80,663,458
First Financial Bancorp.(a)		6,099,638		142,792,526
First Hawaiian Inc.(a)		8,626,131		253,176,945

Security	Shares		Value
Banks (continued)
First Midwest Bancorp. Inc.(a)		7,273,440	$	138,268,094
Great Western Bancorp. Inc.(a)		3,538,485		115,849,999
Hanmi Financial Corp.(a)		1,899,259		38,099,136
Heritage Financial Corp./WA(a)		2,253,700		57,469,350
Hilltop Holdings Inc		3,945,048		128,884,718
Hope Bancorp Inc.(a)		7,866,694		113,595,061
Independent Bank Corp.(a)		2,117,569		161,252,879
Independent Bank Group Inc.(a)		2,471,284		175,560,015
Investors Bancorp. Inc.(a)		14,999,725		226,645,845
Lakeland Financial Corp.(a)		1,619,457		115,370,117
National Bank Holdings Corp., Class A(a)		2,018,150		81,694,712
NBT Bancorp. Inc.(a)		2,781,815		100,479,158
OFG Bancorp.(a)		3,272,857		82,541,454
Old National Bancorp./IN(a)		10,498,936		177,956,965
Pacific Premier Bancorp. Inc.(a)		6,246,131		258,839,669
Park National Corp.(a)		967,910		118,036,624
Preferred Bank/Los Angeles CA(a)		870,925		58,073,279
Renasant Corp.(a)		3,644,699		131,391,399
S&T Bancorp. Inc.(a)		2,452,451		72,273,731
Seacoast Banking Corp. of Florida(a)(c)		3,577,174		120,944,253
ServisFirst Bancshares Inc.(a)		3,247,271		252,637,684
Simmons First National Corp., Class A(a)		6,814,852		201,447,025
Southside Bancshares Inc.(a)		2,075,330		79,464,386
Tompkins Financial Corp.(a)		794,610		64,291,895
Triumph Bancorp. Inc.(a)(b)(c)		1,571,444		157,348,688
Trustmark Corp.(a)		3,583,953		115,474,966
United Community Banks Inc./GA(a)		5,453,966		178,999,164
Veritex Holdings Inc.(a)		3,210,004		126,345,757
Westamerica Bancorp.(a)		1,734,895		97,605,193
				6,747,826,730
Beverages — 0.7%
Celsius Holdings Inc.(b)(c)		2,528,294		227,774,007
Coca-Cola Consolidated Inc.(c)		309,036		121,815,811
MGP Ingredients Inc.(c)		833,303		54,248,025
National Beverage Corp.		1,552,805		81,506,734
				485,344,577
Biotechnology — 2.0%
Anika Therapeutics Inc.(a)(b)(c)		964,555		41,051,461
Coherus Biosciences Inc.(a)(b)(c)		4,225,585		67,905,151
Cytokinetics Inc.(a)(b)(c)		5,565,289		198,903,429
Eagle Pharmaceuticals Inc./DE(a)(b)(c)		770,709		42,990,148
Enanta Pharmaceuticals Inc.(a)(b)(c)		1,197,638		68,037,815
Ligand Pharmaceuticals Inc.(a)(b)(c)		1,110,138		154,664,426
Myriad Genetics Inc.(a)(b)(c)		5,195,915		167,776,095
Organogenesis Holdings Inc., Class A(b)(c)		4,206,451		59,899,862
REGENXBIO Inc.(a)(b)(c)		2,495,549		104,613,414
Spectrum Pharmaceuticals Inc.(a)(b)(c)		10,997,425		23,974,386
uniQure NV(a)(b)(c)		2,392,262		76,576,307
Vanda Pharmaceuticals Inc.(a)(b)(c)		3,703,708		63,481,555
Vericel Corp.(a)(b)(c)		3,104,087		151,479,446
Xencor Inc.(a)(b)(c)		3,882,488		126,802,058
				1,348,155,553
Building Products — 1.8%
AAON Inc.(a)(c)		2,755,885		180,069,526
American Woodmark Corp.(a)(b)(c)		1,118,430		73,111,769
Apogee Enterprises Inc.(a)		1,699,289		64,165,153
Gibraltar Industries Inc.(a)(b)(c)		2,172,465		151,312,187
Griffon Corp.(a)		3,169,157		77,961,262
Insteel Industries Inc.(a)(c)		1,294,548		49,257,551

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^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
PGT Innovations Inc.(a)(b)(c)		3,966,599	$	75,762,041
Quanex Building Products Corp.(a)(c)		2,246,609		48,099,899
Resideo Technologies Inc.(a)(b)(c)		9,597,879		237,931,420
UFP Industries Inc.(a)		4,117,312		279,894,870
				1,237,565,678
Capital Markets — 1.0%
B. Riley Financial Inc.		1,064,794		62,865,438
Blucora Inc.(a)(b)		3,254,710		50,740,929
BrightSphere Investment Group Inc.(c)		3,963,559		103,567,797
Donnelley Financial Solutions Inc.(a)(b)(c)		1,968,664		68,155,148
Greenhill & Co. Inc.(a)		959,733		14,031,296
Piper Sandler Cos.(a)		951,403		131,731,259
StoneX Group Inc.(a)(b)(c)		1,121,298		73,893,538
Virtus Investment Partners Inc.(a)		474,672		147,300,215
WisdomTree Investments Inc.(a)		7,271,225		41,227,846
				693,513,466
Chemicals — 2.9%
AdvanSix Inc.(a)(b)		1,871,763		74,402,579
American Vanguard Corp.(a)		1,796,502		27,037,355
Balchem Corp.(a)		2,154,868		312,606,701
Ferro Corp.(a)(b)(c)		5,505,437		111,980,589
FutureFuel Corp.		1,726,653		12,311,036
GCP Applied Technologies Inc.(b)(c)		3,570,882		78,273,733
Hawkins Inc.(a)		1,262,440		44,033,907
HB Fuller Co.(a)		3,497,088		225,772,001
Innospec Inc.(a)		1,640,348		138,150,109
Koppers Holdings Inc.(a)(b)(c)		1,426,960		44,606,770
Kraton Corp.(a)(b)		2,140,043		97,671,563
Livent Corp.(a)(b)(c)		10,753,460		248,512,461
Quaker Chemical Corp.(c)		892,591		212,186,732
Rayonier Advanced Materials Inc.(a)(b)(c)		4,262,215		31,966,612
Stepan Co.(a)		1,420,762		160,460,860
Tredegar Corp.(a)		1,714,104		20,877,787
Trinseo SA(a)(c)		2,584,683		139,521,188
				1,980,371,983
Commercial Services & Supplies — 2.0%
ABM Industries Inc.(a)		4,468,801		201,140,733
Brady Corp., Class A, NVS		3,230,100		163,766,070
CoreCivic Inc.(a)(b)		8,007,065		71,262,878
Deluxe Corp.(a)		2,832,155		101,646,043
Harsco Corp.(a)(b)(c)		5,271,470		89,351,416
Healthcare Services Group Inc.(a)		4,969,779		124,194,777
HNI Corp.(a)		2,920,687		107,247,627
Interface Inc.(a)(c)		3,931,164		59,557,135
Matthews International Corp., Class A(a)		2,104,410		73,001,983
Pitney Bowes Inc.(a)		10,693,304		77,098,722
U.S. Ecology Inc.(a)(b)		2,097,636		67,858,525
UniFirst Corp./MA(a)		1,014,640		215,732,757
Viad Corp.(a)(b)(c)		1,364,149		61,946,006
				1,413,804,672
Communications Equipment — 1.0%
ADTRAN Inc.(a)		3,232,613		60,643,820
Applied Optoelectronics Inc.(a)(b)(c)		1,695,639		12,174,688
CalAmp Corp.(a)(b)(c)		2,359,561		23,477,632
Comtech Telecommunications Corp.(a)		1,743,254		44,644,735
Digi International Inc.(a)(b)(c)		2,281,081		47,948,323
Extreme Networks Inc.(b)(c)		5,838,562		57,509,836
Harmonic Inc.(a)(b)(c)		6,777,022		59,298,942
NETGEAR Inc.(a)(b)(c)		2,033,211		64,879,763

Security	Shares		Value
Communications Equipment (continued)
Plantronics Inc.(a)(b)		2,817,330	$	72,433,554
Viavi Solutions Inc.(a)(b)(c)		15,219,914		239,561,446
				682,572,739
Construction & Engineering — 0.8%
Arcosa Inc.(a)		3,221,983		161,646,887
Comfort Systems USA Inc.(a)		2,416,769		172,363,965
Granite Construction Inc.(a)		3,050,198		120,635,331
Matrix Service Co.(a)(b)(c)		1,773,752		18,553,446
MYR Group Inc.(a)(b)(c)		1,122,786		111,717,207
				584,916,836
Consumer Finance — 0.8%
Encore Capital Group Inc.(a)(b)(c)		2,015,020		99,280,035
Enova International Inc.(a)(b)(c)		2,454,645		84,807,985
EZCORP Inc., Class A, NVS(b)(c)		3,550,020		26,873,651
Green Dot Corp., Class A(a)(b)(c)		3,605,796		181,479,713
PRA Group Inc.(a)(b)(c)		3,051,253		128,579,802
World Acceptance Corp.(b)(c)		280,659		53,207,333
				574,228,519
Containers & Packaging — 0.3%
Myers Industries Inc.(a)		2,419,045		47,340,710
O-I Glass Inc.(a)(b)		10,470,062		149,407,785
				196,748,495
Diversified Consumer Services — 0.6%
Adtalem Global Education Inc.(a)(b)(c)		3,290,037		124,396,299
American Public Education Inc.(a)(b)(c)		1,250,087		32,014,728
Perdoceo Education Corp.(a)(b)(c)		4,686,560		49,490,074
Regis Corp.(b)(c)		1,627,468		5,663,589
Strategic Education Inc.(a)		1,507,397		106,271,488
WW International Inc.(a)(b)(c)		3,534,930		64,512,472
				382,348,650
Diversified Telecommunication Services — 0.4%
ATN International Inc.		731,985		34,293,497
Cogent Communications Holdings Inc.(a)		2,823,978		200,050,602
Consolidated Communications Holdings Inc.(b)(c)		4,820,788		44,303,042
				278,647,141
Electrical Equipment — 0.6%
AZZ Inc.(a)		1,668,942		88,787,714
Encore Wire Corp.(a)		1,374,553		130,348,861
Powell Industries Inc.(a)		602,068		14,792,811
Vicor Corp.(b)(c)		1,420,108		190,521,689
				424,451,075
Electronic Equipment, Instruments & Components — 3.7%
Advanced Energy Industries Inc.(a)		2,554,439		224,152,022
Arlo Technologies Inc.(a)(b)(c)		5,525,587		35,419,013
Badger Meter Inc.(a)		1,942,171		196,431,175
Benchmark Electronics Inc.(a)(c)		2,368,621		63,265,867
CTS Corp.(a)		2,158,563		66,721,182
Daktronics Inc.(a)(b)		2,527,406		13,723,815
ePlus Inc.(a)(b)(c)		898,965		92,242,799
Fabrinet(a)(b)(c)		2,455,305		251,693,316
FARO Technologies Inc.(a)(b)(c)		1,209,866		79,621,282
Insight Enterprises Inc.(a)(b)(c)		2,320,275		209,010,372
Itron Inc.(a)(b)(c)		3,011,265		227,741,972
Knowles Corp.(a)(b)(c)		6,123,314		114,750,904
Methode Electronics Inc.(a)		2,542,518		106,912,882
OSI Systems Inc.(a)(b)(c)		1,113,074		105,519,415
PC Connection Inc.		735,593		32,388,160
Plexus Corp.(a)(b)(c)		1,880,517		168,137,025

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 (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Rogers Corp.(a)(b)(c)		1,246,753	$	232,494,499
Sanmina Corp.(a)(b)(c)		4,333,243		167,003,185
ScanSource Inc.(a)(b)(c)		1,695,161		58,974,651
TTM Technologies Inc.(a)(b)(c)		7,175,567		90,196,877
				2,536,400,413
Energy Equipment & Services — 1.4%
Archrock Inc.(a)		8,921,135		73,599,364
Bristow Group Inc.(a)(b)(c)		1,549,595		49,323,609
Core Laboratories NV(a)(c)		3,084,180		85,585,995
DMC Global Inc.(a)(b)(c)		1,252,141		46,216,524
Dril-Quip Inc.(a)(b)(c)		2,358,547		59,388,213
Helix Energy Solutions Group Inc.(a)(b)(c)		9,478,950		36,778,326
Helmerich & Payne Inc.(a)		7,182,599		196,875,039
Nabors Industries Ltd.(a)(b)(c)		518,079		49,984,262
Oceaneering International Inc.(a)(b)(c)		6,643,114		88,486,279
Oil States International Inc.(a)(b)(c)		4,104,260		26,226,221
Patterson-UTI Energy Inc.(a)		12,583,189		113,248,701
ProPetro Holding Corp.(a)(b)(c)		5,662,256		48,978,514
RPC Inc.(b)(c)		4,760,619		23,136,608
U.S. Silica Holdings Inc.(a)(b)		4,999,012		39,942,106
				937,769,761
Entertainment — 0.2%
Cinemark Holdings Inc.(a)(b)		7,087,300		136,147,033
Marcus Corp. (The)(a)(b)		1,462,014		25,512,144
				161,659,177
Equity Real Estate Investment Trusts (REITs) — 7.4%
Acadia Realty Trust(a)		5,885,846		120,130,117
Agree Realty Corp.(a)		4,587,980		303,861,915
Alexander & Baldwin Inc.(a)		4,827,291		113,151,701
American Assets Trust Inc.(a)		3,502,183		131,051,688
Armada Hoffler Properties Inc.(a)		4,060,020		54,282,467
Brandywine Realty Trust(a)		11,376,462		152,672,120
CareTrust REIT Inc.(a)		6,297,460		127,964,387
Centerspace(a)		934,928		88,350,696
Chatham Lodging Trust(a)(b)		3,260,526		39,941,443
Community Healthcare Trust Inc.(a)		1,545,854		69,857,142
DiamondRock Hospitality Co.(a)(b)		14,020,446		132,493,215
Diversified Healthcare Trust(a)		15,868,079		53,792,788
Easterly Government Properties Inc.(a)		5,407,677		111,722,607
Essential Properties Realty Trust Inc.(a)		7,872,072		219,788,250
Four Corners Property Trust Inc.(a)		5,072,543		136,248,505
Franklin Street Properties Corp., Class C(a)		6,463,590		29,991,058
GEO Group Inc. (The)(a)(c)		7,658,536		57,209,264
Getty Realty Corp.(a)		2,575,524		75,488,608
Global Net Lease Inc.(a)		6,676,239		106,953,349
Hersha Hospitality Trust, Class A(a)(b)		2,202,950		20,553,523
Independence Realty Trust Inc.(a)		6,997,116		142,391,311
Industrial Logistics Properties Trust(a)		4,347,810		110,477,852
Innovative Industrial Properties Inc.(a)		1,592,793		368,205,958
iStar Inc.(a)(c)		4,734,783		118,748,358
Kite Realty Group Trust(a)		5,203,009		105,933,263
Lexington Realty Trust(a)		18,483,865		235,669,279
LTC Properties Inc.(a)		2,621,042		83,060,821
Mack-Cali Realty Corp.(a)(b)		5,327,612		91,208,717
NexPoint Residential Trust Inc.(a)		1,351,111		83,606,749
Office Properties Income Trust(a)		3,217,452		81,498,059
Retail Opportunity Investments Corp.(a)		8,087,129		140,877,787
Retail Properties of America Inc., Class A(a)		14,298,564		184,165,504
RPT Realty(a)		5,403,531		68,949,056

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Safehold Inc.(c)		887,456	$	63,799,212
Saul Centers Inc.		868,017		38,244,829
Service Properties Trust(a)		10,974,251		123,021,354
SITE Centers Corp.		9,273,175		143,177,822
Summit Hotel Properties Inc.(a)(b)		7,085,847		68,236,707
Tanger Factory Outlet Centers Inc.(a)		6,920,176		112,798,869
Uniti Group Inc.(a)		15,537,392		192,197,539
Universal Health Realty Income Trust(a)		857,180		47,376,339
Urstadt Biddle Properties Inc., Class A(a)		1,947,702		36,869,999
Washington REIT(a)		5,632,175		139,396,331
Whitestone REIT(a)		2,911,046		28,470,030
Xenia Hotels & Resorts Inc.(a)(b)		7,602,611		134,870,319
				5,088,756,907
Food & Staples Retailing — 0.7%
Andersons Inc. (The)(a)		2,060,432		63,523,119
Chefs’ Warehouse Inc. (The)(a)(b)(c)		2,173,041		70,775,945
PriceSmart Inc.(a)		1,598,357		123,952,585
SpartanNash Co.(a)		2,423,416		53,072,810
United Natural Foods Inc.(a)(b)(c)		3,751,130		181,629,715
				492,954,174
Food Products — 1.3%
B&G Foods Inc.(a)(c)		4,315,213		128,981,717
Calavo Growers Inc.(a)		1,182,589		45,222,203
Cal-Maine Foods Inc.(a)(c)		2,492,937		90,144,602
Fresh Del Monte Produce Inc.		2,214,569		71,353,413
J&J Snack Foods Corp.(a)		989,905		151,277,282
John B Sanfilippo & Son Inc.(a)		593,216		48,477,611
Seneca Foods Corp., Class A(a)(b)(c)		432,392		20,849,942
Simply Good Foods Co. (The)(a)(b)(c)		5,610,734		193,514,216
TreeHouse Foods Inc.(a)(b)(c)		3,710,511		147,975,179
				897,796,165
Gas Utilities — 0.6%
Chesapeake Utilities Corp.(a)		1,160,005		139,258,600
Northwest Natural Holding Co.(a)		2,041,833		93,903,900
South Jersey Industries Inc.(a)		7,485,352		159,138,584
				392,301,084
Health Care Equipment & Supplies — 3.3%
AngioDynamics Inc.(a)(b)		2,559,124		66,383,676
Avanos Medical Inc.(a)(b)(c)		3,203,419		99,946,673
BioLife Solutions Inc.(b)(c)		1,935,882		81,926,526
Cardiovascular Systems Inc.(a)(b)(c)		2,673,480		87,770,348
CONMED Corp.(a)		1,941,313		253,981,980
CryoLife Inc.(a)(b)(c)		2,616,554		58,322,989
Cutera Inc.(a)(b)(c)		1,086,844		50,646,930
Glaukos Corp.(a)(b)(c)		3,099,467		149,301,325
Heska Corp.(a)(b)(c)		708,587		183,198,083
Inogen Inc.(a)(b)(c)		1,347,887		58,080,451
Integer Holdings Corp.(a)(b)(c)		2,196,704		196,253,535
Invacare Corp.(a)(b)		2,340,829		11,142,346
Lantheus Holdings Inc.(a)(b)(c)		4,500,239		115,566,137
LeMaitre Vascular Inc.(a)		1,277,642		67,830,014
Meridian Bioscience Inc.(a)(b)(c)		2,885,979		55,526,236
Merit Medical Systems Inc.(a)(b)(c)		3,371,201		242,052,232
Mesa Laboratories Inc.(a)(c)		346,305		104,708,780
Natus Medical Inc.(a)(b)(c)		2,271,995		56,981,635
OraSure Technologies Inc.(a)(b)(c)		4,793,441		54,213,818
Orthofix Medical Inc.(a)(b)		1,316,989		50,203,621
Surmodics Inc.(a)(b)		927,699		51,580,064
Tactile Systems Technology Inc.(a)(b)(c)		1,316,793		58,531,449

28 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^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Varex Imaging Corp.(a)(b)(c)		2,622,758	$	73,961,776
Zynex Inc.(b)(c)		1,337,544		15,234,626
				2,243,345,250
Health Care Providers & Services — 4.0%
Addus HomeCare Corp.(a)(b)(c)		1,059,549		84,499,033
AMN Healthcare Services Inc.(a)(b)		3,146,230		361,029,892
Apollo Medical Holdings Inc.(b)(c)		2,505,050		228,084,802
Community Health Systems Inc.(a)(b)(c)		8,264,632		96,696,194
CorVel Corp.(b)(c)		628,507		117,040,574
Covetrus Inc.(b)		6,870,625		124,633,138
Cross Country Healthcare Inc.(a)(b)		2,363,571		50,202,248
Ensign Group Inc. (The)(a)		3,486,926		261,135,888
Fulgent Genetics Inc.(b)(c)		1,277,310		114,894,035
Hanger Inc.(a)(b)(c)		2,446,716		53,729,883
Joint Corp. (The)(a)(b)(c)		956,983		93,803,474
Magellan Health Inc.(a)(b)(c)		1,549,445		146,500,025
MEDNAX Inc.(a)(b)(c)		5,745,276		163,338,197
ModivCare Inc.(a)(b)		853,031		154,927,490
Owens & Minor Inc.(a)(c)		5,023,376		157,181,435
Pennant Group Inc. (The)(a)(b)(c)		1,793,562		50,381,157
RadNet Inc.(b)(c)		2,484,582		72,823,098
Select Medical Holdings Corp.(a)		7,077,095		255,978,526
Tivity Health Inc.(a)(b)(c)		2,941,015		67,819,806
U.S. Physical Therapy Inc.(a)		859,169		95,024,091
				2,749,722,986
Health Care Technology — 1.1%
Allscripts Healthcare Solutions Inc.(a)(b)(c)		8,321,668		111,260,701
Computer Programs & Systems Inc.(a)(c)		979,578		34,735,836
HealthStream Inc.(a)(b)		1,688,077		48,245,241
NextGen Healthcare Inc.(a)(b)		3,761,268		53,033,879
Omnicell Inc.(a)(b)(c)		2,894,007		429,557,459
Simulations Plus Inc.(a)(c)		1,041,848		41,152,996
Tabula Rasa HealthCare Inc.(a)(b)(c)		1,536,967		40,283,905
				758,270,017
Hotels, Restaurants & Leisure — 1.6%
BJ’s Restaurants Inc.(a)(b)(c)		1,550,760		64,759,738
Bloomin’ Brands Inc.(a)(b)		5,404,906		135,122,650
Brinker International Inc.(a)(b)		3,045,578		149,385,601
Cheesecake Factory Inc. (The)(a)(b)		3,230,263		151,822,361
Chuy’s Holdings Inc.(a)(b)(c)		1,337,232		42,162,925
Dave & Buster’s Entertainment Inc.(a)(b)		2,564,562		98,299,661
Dine Brands Global Inc.(a)(b)		1,143,395		92,855,108
El Pollo Loco Holdings Inc.(b)(c)		1,291,425		21,825,083
Fiesta Restaurant Group Inc.(b)(c)		1,167,871		12,799,866
Monarch Casino & Resort Inc.(b)(c)		866,735		58,062,578
Red Robin Gourmet Burgers Inc.(a)(b)(c)		1,048,666		24,182,238
Ruth’s Hospitality Group Inc.(a)(b)		2,150,172		44,530,062
Shake Shack Inc., Class A(a)(b)(c)		2,605,227		204,406,110
				1,100,213,981
Household Durables — 2.3%
Cavco Industries Inc.(a)(b)(c)		568,734		134,642,087
Century Communities Inc.(a)		1,977,716		121,530,648
Ethan Allen Interiors Inc.(a)		1,465,895		34,741,712
Installed Building Products Inc.(a)		1,561,935		167,361,335
iRobot Corp.(a)(b)(c)		1,867,276		146,581,166
La-Z-Boy Inc.(a)		3,011,265		97,053,071
LGI Homes Inc.(a)(b)(c)		1,442,011		204,635,781
M/I Homes Inc.(a)(b)(c)		1,951,651		112,805,428
MDC Holdings Inc.(a)		3,760,765		175,702,941

Security	Shares		Value
Household Durables (continued)
Meritage Homes Corp.(a)(b)(c)		2,506,093	$	243,091,021
Tupperware Brands Corp.(a)(b)(c)		3,321,145		70,142,582
Universal Electronics Inc.(a)(b)(c)		901,760		44,411,680
				1,552,699,452
Household Products — 0.5%
Central Garden & Pet Co.(a)(b)(c)		651,968		31,294,464
Central Garden & Pet Co., Class A, NVS(b)(c)		2,673,509		114,960,887
WD-40 Co.(a)(c)		912,471		211,218,787
				357,474,138
Industrial Conglomerates — 0.2%
Raven Industries Inc.(a)(b)		2,391,012		137,746,201
Insurance — 2.5%
Ambac Financial Group Inc.(b)(c)		2,217,455		31,753,956
American Equity Investment Life Holding Co.(a)		5,480,971		162,072,312
AMERISAFE Inc.(a)		1,288,991		72,389,735
Assured Guaranty Ltd.(a)		3,725,780		174,403,762
eHealth Inc.(a)(b)(c)		1,568,779		63,535,550
Employers Holdings Inc.(a)		1,739,258		68,683,298
Genworth Financial Inc., Class A(a)(b)(c)		28,456,419		106,711,571
HCI Group Inc.(a)		440,965		48,845,693
Horace Mann Educators Corp.(a)		2,602,421		103,550,332
James River Group Holdings Ltd.(a)		2,459,913		92,812,517
Palomar Holdings Inc.(a)(b)(c)		1,604,666		129,705,153
ProAssurance Corp.(a)(c)		3,405,081		80,972,826
Safety Insurance Group Inc.(a)		932,322		73,886,519
Selectquote Inc.(a)(b)(c)		8,266,155		106,881,384
SiriusPoint Ltd.(b)(c)		5,827,686		53,964,372
Stewart Information Services Corp.(a)		1,677,247		106,102,645
Trupanion Inc.(a)(b)(c)		2,276,640		176,826,629
United Fire Group Inc.(a)		1,444,529		33,368,620
Universal Insurance Holdings Inc.(a)		1,881,887		24,539,806
				1,711,006,680
Interactive Media & Services — 0.1%
QuinStreet Inc.(a)(b)(c)		3,283,800		57,663,528
Internet & Direct Marketing Retail — 0.9%
Liquidity Services Inc.(a)(b)(c)		1,777,461		38,410,932
PetMed Express Inc.(a)		1,360,787		36,564,347
Shutterstock Inc.		1,560,281		176,811,043
Stamps.com Inc.(a)(b)		1,218,508		401,851,753
				653,638,075
IT Services — 1.5%
CSG Systems International Inc.(a)		2,179,635		105,058,407
EVERTEC Inc.(a)		3,976,378		181,800,002
ExlService Holdings Inc.(a)(b)(c)		2,208,361		271,893,406
Perficient Inc.(a)(b)(c)		2,192,150		253,631,755
TTEC Holdings Inc.		1,219,818		114,089,578
Unisys Corp.(a)(b)(c)		4,467,708		112,318,179
				1,038,791,327
Leisure Products — 0.3%
Sturm Ruger & Co. Inc.(a)		1,171,396		86,425,597
Vista Outdoor Inc.(a)(b)(c)		3,819,383		153,959,329
				240,384,926
Life Sciences Tools & Services — 0.6%
NeoGenomics Inc.(a)(b)(c)		8,175,617		394,391,764
Machinery — 5.4%
Alamo Group Inc.(a)		659,009		91,951,526

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Albany International Corp., Class A(a)		2,155,462	$	165,690,364
Astec Industries Inc.(a)		1,514,929		81,518,330
Barnes Group Inc.(a)		3,097,356		129,252,666
Chart Industries Inc.(a)(b)(c)		2,370,798		453,083,206
CIRCOR International Inc.(a)(b)(c)		1,354,309		44,705,740
Enerpac Tool Group Corp.(a)		4,007,577		83,077,071
EnPro Industries Inc.(a)		1,371,446		119,480,376
ESCO Technologies Inc.(a)		1,734,856		133,583,912
Federal Signal Corp.(a)		4,069,428		157,161,309
Franklin Electric Co. Inc.(a)		2,596,333		207,317,190
Greenbrier Companies Inc. (The)(a)		2,155,264		92,654,799
Hillenbrand Inc.(a)		4,861,994		207,364,044
John Bean Technologies Corp.(a)(c)		2,114,682		297,218,555
Lindsay Corp.(a)		726,095		110,213,960
Lydall Inc.(a)(b)(c)		1,198,519		74,416,045
Meritor Inc.(a)(b)(c)		4,669,210		99,500,865
Mueller Industries Inc.(a)		3,804,623		156,370,005
Proto Labs Inc.(a)(b)(c)		1,848,023		123,078,332
SPX Corp.(a)(b)(c)		3,016,611		161,237,858
SPX FLOW Inc.(a)		2,771,228		202,576,767
Standex International Corp.(a)		812,875		80,401,466
Tennant Co.(a)		1,242,793		91,904,542
Titan International Inc.(a)(b)		3,403,252		24,367,284
Wabash National Corp.(a)		3,344,173		50,597,338
Watts Water Technologies Inc., Class A(a)		1,835,046		308,452,882
				3,747,176,432
Marine — 0.3%
Matson Inc.(a)		2,893,083		233,500,729
Media — 0.8%
AMC Networks Inc., Class A(a)(b)(c)		1,943,388		90,542,447
EW Scripps Co. (The), Class A		3,803,261		68,686,894
Gannett Co. Inc.(a)(b)		9,493,664		63,417,675
Meredith Corp.(a)(b)		2,702,074		150,505,522
Scholastic Corp.		2,026,889		72,258,593
TechTarget Inc.(a)(b)(c)		1,687,045		139,046,249
				584,457,380
Metals & Mining — 1.3%
Allegheny Technologies Inc.(a)(b)(c)		8,470,468		140,863,883
Arconic Corp.(a)(b)(c)		7,281,007		229,642,961
Carpenter Technology Corp.(a)		3,197,414		104,683,334
Century Aluminum Co.(b)(c)		3,375,216		45,396,655
Haynes International Inc.(a)		848,503		31,606,737
Kaiser Aluminum Corp.(a)		1,055,787		115,038,552
Materion Corp.(a)		1,360,514		93,385,681
Olympic Steel Inc.(a)		622,557		15,165,489
SunCoke Energy Inc.(a)		5,552,855		34,871,929
TimkenSteel Corp.(a)(b)(c)		2,748,277		35,947,463
Warrior Met Coal Inc.		2,470,246		57,482,624
				904,085,308
Mortgage Real Estate Investment — 1.4%
Apollo Commercial Real Estate Finance Inc.(a)		8,762,260		129,944,316
ARMOUR Residential REIT Inc.(a)		5,547,852		59,805,845
Capstead Mortgage Corp.(a)		6,478,315		43,339,927
Ellington Financial Inc.(a)		3,178,922		58,142,483
Granite Point Mortgage Trust Inc.(a)		3,660,896		48,214,000
Invesco Mortgage Capital Inc.(a)		19,340,302		60,921,951
KKR Real Estate Finance Trust Inc.		2,687,827		56,713,150
New York Mortgage Trust Inc.(a)		25,255,674		107,589,171

Security	Shares		Value
Mortgage Real Estate Investment (continued)
PennyMac Mortgage Investment Trust		6,515,121	$	128,282,733
Ready Capital Corp.(a)		3,793,349		54,738,026
Redwood Trust Inc.(a)		7,525,802		97,007,588
Two Harbors Investment Corp.(a)		20,894,490		132,471,067
				977,170,257
Multi-Utilities — 0.3%
Avista Corp.(a)		4,578,084		179,094,646
Unitil Corp.(a)		1,059,715		45,334,608
				224,429,254
Multiline Retail — 0.8%
Big Lots Inc.(a)		2,305,845		99,981,439
Macy’s Inc.(a)		19,903,825		449,826,445
				549,807,884
Oil, Gas & Consumable Fuels — 3.5%
Bonanza Creek Energy Inc.		1,493,125		71,520,687
Callon Petroleum Co.(a)(b)(c)		2,619,283		128,554,410
CONSOL Energy Inc.(a)(b)(c)		2,121,257		55,195,107
Dorian LPG Ltd.		1,846,304		22,912,633
Green Plains Inc.(a)(b)(c)		2,744,526		89,608,774
Laredo Petroleum Inc.(a)(b)(c)		898,611		72,850,394
Matador Resources Co.(a)(c)		7,320,072		278,455,539
Par Pacific Holdings Inc.(b)(c)		2,473,995		38,891,201
PBF Energy Inc., Class A(a)(b)		6,323,688		82,018,233
PDC Energy Inc.(a)(c)		6,567,559		311,236,621
Penn Virginia Corp.(a)(b)(c)		1,023,919		27,307,920
Range Resources Corp.(a)(b)		17,292,820		391,336,516
Renewable Energy Group Inc.(a)(b)(c)		3,343,999		167,868,750
REX American Resources Corp.(a)(b)(c)		352,617		28,163,520
SM Energy Co.(a)		8,069,379		212,870,218
Southwestern Energy Co.(b)(c)		45,067,593		249,674,465
Talos Energy Inc.(b)(c)		2,737,491		37,695,251
World Fuel Services Corp.(a)		4,227,143		142,116,548
				2,408,276,787
Paper & Forest Products — 0.6%
Clearwater Paper Corp.(a)(b)(c)		1,115,953		42,774,478
Domtar Corp.(a)(b)		3,323,285		181,251,964
Glatfelter Corp.(a)		2,977,458		41,982,158
Mercer International Inc.		2,695,823		31,244,589
Neenah Inc.(a)		1,127,610		52,557,902
Schweitzer-Mauduit International Inc.(a)		2,094,072		72,580,535
				422,391,626
Personal Products — 0.8%
Edgewell Personal Care Co.(a)		3,618,805		131,362,621
elf Beauty Inc.(a)(b)(c)		3,173,961		92,203,567
Inter Parfums Inc.		1,180,071		88,233,909
Medifast Inc.(a)		780,843		150,421,596
USANA Health Sciences Inc.(b)(c)		799,251		73,690,942
				535,912,635
Pharmaceuticals — 1.3%
Amphastar Pharmaceuticals Inc.(a)(b)(c)		2,473,218		47,015,874
ANI Pharmaceuticals Inc.(a)(b)(c)		648,043		21,268,771
Cara Therapeutics Inc.(a)(b)(c)		2,813,660		43,471,047
Collegium Pharmaceutical Inc.(a)(b)(c)		2,378,281		46,947,267
Corcept Therapeutics Inc.(a)(b)(c)		6,945,293		136,683,366
Endo International PLC(a)(b)(c)		15,499,453		50,218,228
Innoviva Inc.(a)(b)(c)		4,163,477		69,571,701
Pacira BioSciences Inc.(a)(b)(c)		2,959,290		165,720,240
Phibro Animal Health Corp., Class A(a)		1,360,059		29,295,671

30 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^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Prestige Consumer Healthcare Inc.(a)(b)(c)		3,332,341	$	186,977,654
Supernus Pharmaceuticals Inc.(a)(b)(c)		3,537,839		94,354,166
				891,523,985
Professional Services — 1.5%
Exponent Inc.(a)		3,465,452		392,115,894
Forrester Research Inc.(b)(c)		743,450		36,622,347
Heidrick & Struggles International Inc.(a)		1,299,988		58,018,464
Kelly Services Inc., Class A, NVS		2,409,254		45,486,715
Korn Ferry(a)		3,704,302		268,043,293
ManTech International Corp./VA, Class A(a)		1,831,247		139,028,272
Resources Connection Inc.(a)		2,067,333		32,622,515
TrueBlue Inc.(a)(b)		2,363,298		63,998,110
				1,035,935,610
Real Estate Management & Development — 0.5%
Marcus & Millichap Inc.(b)		1,659,880		67,424,326
RE/MAX Holdings Inc., Class A(a)		1,263,256		39,363,057
Realogy Holdings Corp.(a)(b)(c)		7,760,758		136,123,695
St Joe Co. (The)(c)		2,195,020		92,410,342
				335,321,420
Road & Rail — 0.4%
ArcBest Corp.(a)		1,701,341		139,118,654
Heartland Express Inc.		3,136,267		50,242,997
Marten Transport Ltd.		3,972,367		62,326,438
				251,688,089
Semiconductors & Semiconductor Equipment — 3.6%
Axcelis Technologies Inc.(a)(b)(c)		2,234,976		105,110,921
CEVA Inc.(a)(b)(c)		1,527,378		65,173,219
Cohu Inc.(a)(b)		3,235,026		103,326,731
Diodes Inc.(a)(b)(c)		2,993,037		271,139,222
DSP Group Inc.(a)(b)(c)		1,514,696		33,186,989
FormFactor Inc.(a)(b)(c)		5,170,621		193,019,282
Ichor Holdings Ltd.(a)(b)(c)		1,887,813		77,570,236
Kulicke & Soffa Industries Inc.(a)		4,125,105		240,411,120
MaxLinear Inc.(a)(b)(c)		4,683,240		230,649,570
Onto Innovation Inc.(a)(b)(c)		3,279,633		236,953,484
PDF Solutions Inc.(a)(b)(c)		1,991,719		45,889,206
Photronics Inc.(a)(b)(c)		4,125,765		56,234,177
Power Integrations Inc.(a)		4,013,390		397,285,476
Rambus Inc.(a)(b)(c)		7,249,010		160,928,022
SMART Global Holdings Inc.(a)(b)(c)		1,534,275		68,275,238
Ultra Clean Holdings Inc.(a)(b)(c)		2,975,567		126,759,154
Veeco Instruments Inc.(a)(b)(c)		3,351,625		74,439,591
				2,486,351,638
Software — 2.8%
8x8 Inc.(a)(b)(c)		7,457,807		174,438,106
Agilysys Inc.(a)(b)(c)		1,292,566		67,678,756
Alarm.com Holdings Inc.(a)(b)(c)		3,056,127		238,958,570
Bottomline Technologies DE Inc.(a)(b)(c)		2,618,204		102,843,053
Ebix Inc.(a)(c)		1,586,070		42,712,865
InterDigital Inc.(a)		2,044,076		138,629,234
LivePerson Inc.(a)(b)(c)		4,319,041		254,607,467
OneSpan Inc.(a)(b)(c)		2,305,045		43,288,745
Progress Software Corp.(a)		2,912,659		143,273,696
SPS Commerce Inc.(a)(b)(c)		2,385,228		384,761,129
Vonage Holdings Corp.(b)(c)		11,837,165		190,815,100
Xperi Holding Corp.(a)		6,654,498		125,370,742
				1,907,377,463

Security	Shares		Value
Specialty Retail — 4.3%
Aaron’s Co. Inc. (The)(a)		2,175,009	$	59,899,748
Abercrombie & Fitch Co., Class A(a)(b)		4,096,373		154,146,516
America’s Car-Mart Inc./TX(a)(b)(c)		419,652		49,006,961
Asbury Automotive Group Inc.(a)(b)(c)		1,287,473		253,297,438
Barnes & Noble Education Inc.(b)(c)		2,405,333		24,029,277
Bed Bath & Beyond Inc.(a)(b)(c)		6,957,188		120,185,423
Boot Barn Holdings Inc.(a)(b)(c)		1,965,816		174,702,068
Buckle Inc. (The)(c)		1,955,212		77,406,843
Caleres Inc.(a)		2,548,325		56,623,781
Cato Corp. (The), Class A(a)		1,309,385		21,657,228
Chico’s FAS Inc.(a)(b)		8,198,610		36,811,759
Children’s Place Inc. (The)(a)(b)		927,574		69,809,219
Conn’s Inc.(b)(c)		1,276,159		29,134,710
Designer Brands Inc. , Class A(a)(b)		4,075,697		56,774,459
Genesco Inc.(a)(b)(c)		935,828		54,025,350
Group 1 Automotive Inc.(a)		1,203,098		226,038,052
Guess? Inc.		2,593,134		54,481,745
Haverty Furniture Companies Inc.(a)		1,024,435		34,533,704
Hibbett Inc.(a)		1,001,879		70,872,920
Lumber Liquidators Holdings Inc.(a)(b)(c)		1,944,742		36,327,781
MarineMax Inc.(a)(b)(c)		1,447,528		70,234,059
Monro Inc.(a)		2,230,423		128,271,627
ODP Corp. (The)(a)(b)		3,159,466		126,884,154
Rent-A-Center Inc./TX(a)(c)		4,025,999		226,301,404
Sally Beauty Holdings Inc.(a)(b)(c)		7,524,350		126,785,297
Shoe Carnival Inc		1,169,912		37,928,547
Signet Jewelers Ltd.(a)		3,505,902		276,826,022
Sleep Number Corp.(a)(b)(c)		1,572,485		146,995,898
Sonic Automotive Inc., Class A(c)		1,403,066		73,717,088
Zumiez Inc.(a)(b)(c)		1,458,780		58,001,093
				2,931,710,171
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)(b)(c)		8,336,625		229,840,751
Diebold Nixdorf Inc.(a)(b)(c)		4,872,973		49,265,757
				279,106,508
Textiles, Apparel & Luxury Goods — 1.2%
Fossil Group Inc.(a)(b)(c)		3,173,186		37,602,254
G-III Apparel Group Ltd.(a)(b)(c)		2,898,316		82,022,343
Kontoor Brands Inc.(a)		3,186,028		159,142,099
Movado Group Inc.(a)		1,124,762		35,418,755
Oxford Industries Inc.(a)		1,057,069		95,315,912
Steven Madden Ltd.(a)		5,127,679		205,927,589
Unifi Inc.(a)(b)(c)		927,401		20,337,904
Vera Bradley Inc.(a)(b)(c)		1,704,759		16,041,782
Wolverine World Wide Inc.(a)		5,472,774		163,307,576
				815,116,214
Thrifts & Mortgage Finance — 2.3%
Axos Financial Inc.(a)(b)(c)		3,524,753		181,665,770
Capitol Federal Financial Inc.(a)		8,594,876		98,755,125
Flagstar Bancorp. Inc.(a)		3,300,435		167,596,089
HomeStreet Inc.(a)		1,348,778		55,502,215
Meta Financial Group Inc.(a)		2,083,684		109,351,736
Mr Cooper Group Inc.(b)(c)		4,187,001		172,378,831
NMI Holdings Inc., Class A(a)(b)(c)		5,705,090		128,992,085
Northfield Bancorp. Inc.(a)		2,989,014		51,291,480
Northwest Bancshares Inc.(a)		8,083,014		107,342,426
Provident Financial Services Inc.(a)		4,957,598		116,354,825
TrustCo Bank Corp. NY(a)		1,208,110		38,623,277
Walker & Dunlop Inc.(a)		1,948,889		221,198,901

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
WSFS Financial Corp.(a)		2,937,215	$	150,708,502
				1,599,761,262
Tobacco — 0.3%
Universal Corp./VA(a)		1,636,118		79,073,583
Vector Group Ltd.(a)		8,713,778		111,100,669
				190,174,252
Trading Companies & Distributors — 1.0%
Applied Industrial Technologies Inc.(a)		2,586,729		233,141,885
Boise Cascade Co.(a)		2,618,204		141,330,652
DXP Enterprises Inc./TX(a)(b)(c)		1,181,691		34,942,603
GMS Inc.(a)(b)(c)		2,867,487		125,595,930
NOW Inc.(a)(b)(c)		7,359,669		56,301,468
Veritiv Corp.(a)(b)(c)		943,732		84,520,638
				675,833,176
Water Utilities — 0.8%
American States Water Co.(a)		2,458,473		210,248,611
California Water Service Group(a)		3,430,545		202,162,017
Middlesex Water Co.(a)		1,154,264		118,635,254
				531,045,882
Wireless Telecommunication Services — 0.1%
Shenandoah Telecommunications Co.(a)		3,326,066		105,037,164
Total Common Stocks — 98.6% (Cost: $53,089,559,245)				67,915,935,353

Security	Shares		Value
Short-Term Investments
Money Market Funds — 5.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(a)(d)(e)		2,708,213,278	$	2,709,567,384
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(d)		787,950,000		787,950,000
				3,497,517,384
Total Short-Term Investments — 5.1% (Cost: $3,496,033,702)				3,497,517,384
Total Investments in Securities — 103.7% (Cost: $56,585,592,947)				71,413,452,737
Other Assets, Less Liabilities — (3.7)%				(2,580,489,025	)
Net Assets — 100.0%			$	68,832,963,712

^(a) Affiliate of the Fund.

^(b) Non-income producing security.

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

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

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

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
3D Systems Corp.	$	227,056,862	$	22,579,274	$	(21,213,579	)	$	7,818,912		$	(6,400,718	)	$	229,840,751		8,336,625	$	—	$	—
8x8 Inc.		232,414,012		21,380,943		(14,501,104	)		5,046,313			(69,902,058	)		174,438,106		7,457,807		—		—
AAON Inc.		190,318,614		17,076,939		(14,500,065	)		5,443,766			(18,269,728	)		180,069,526		2,755,885		520,489		—
AAR Corp.		92,277,366		7,597,909		(7,515,884	)		795,612			(21,308,089	)		71,846,914		2,215,446		—		—
Aaron’s Co. Inc. (The)		58,232,867		6,792,418		(9,104,929	)		1,021,037			2,958,355			59,899,748		2,175,009		461,646		—
Abercrombie & Fitch Co., Class A		142,627,013		15,608,480		(18,169,252	)		5,632,674			8,447,601			154,146,516		4,096,373		—		—
ABM Industries Inc.		228,069,485		21,381,804		(20,878,296	)		3,479,653			(30,911,913	)		201,140,733		4,468,801		860,105		—
Acadia Realty Trust		104,233,586		10,429,833		(2,874,893	)		(865,323	)		9,206,914			120,130,117		5,885,846		1,071,982		—
Addus HomeCare Corp.		104,758,808		12,022,113		(6,894,498	)		497,938			(25,885,328	)		84,499,033		1,059,549		—		—
Adtalem Global Education Inc.		—		134,075,555		(7,122,804	)		(22,076	)		(2,534,376	)		124,396,299		3,290,037		—		—
ADTRAN Inc.		53,742,460		6,010,943		(5,644,091	)		1,298,623			5,235,885			60,643,820		3,232,613		578,323		—
Advanced Energy Industries Inc.		278,699,438		24,467,015		(24,751,815	)		9,216,839			(63,479,455	)		224,152,022		2,554,439		511,249		—
AdvanSix Inc.		50,090,400		5,745,761		(5,455,973	)		1,782,631			22,239,760			74,402,579		1,871,763		—		—
Aegion Corp.(a)		58,714,544		868,974		(62,132,617	)		17,761,221			(15,212,122	)		—		—		—		—
Aerojet Rocketdyne Holdings Inc.		225,691,873		28,862,430		(21,472,549	)		6,456,240			(23,620,491	)		215,917,503		4,957,922		—		—
Aerovironment Inc.		173,727,081		16,006,576		(12,472,479	)		5,528,268			(50,375,947	)		132,413,499		1,533,984		—		—
Agilysys Inc.		64,951,988		6,662,313		(10,037,687	)		3,145,620			2,956,522			67,678,756		1,292,566		—		—
Agree Realty Corp.		284,765,321		51,611,695		(26,326,039	)		5,883,368			(12,072,430	)		303,861,915		4,587,980		4,948,959		—

32 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^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Alamo Group Inc.	$	102,876,929	$	9,608,578	$	(9,515,472	)	$	3,216,539		$	(14,235,048	)	$	91,951,526		659,009	$	184,107	$	—
	Alarm.com Holdings Inc.		259,809,704		24,733,812		(21,120,384	)		6,841,897			(31,306,459	)		238,958,570		3,056,127		—		—
	Albany International Corp., Class A		170,803,325		22,303,667		(13,856,908	)		5,207,918			(18,767,638	)		165,690,364		2,155,462		823,684		—
	Alexander & Baldwin Inc.		81,112,742		8,990,490		(8,939,428	)		1,336,834			30,651,063			113,151,701		4,827,291		1,661,612		—
	Allegheny Technologies Inc.		178,034,775		17,543,201		(16,703,292	)		4,148,798			(42,159,599	)		140,863,883		8,470,468		—		—
	Allegiance Bancshares Inc.		50,138,291		—		(208,301	)		(5,568	)		(2,963,947	)		46,960,475		1,230,943		296,124		—
	Allegiant Travel Co.		213,636,213		44,569,122		(15,903,539	)		3,531,955			(49,220,749	)		196,613,002		1,005,796		—		—
	Allscripts Healthcare Solutions Inc.		140,073,043		14,475,601		(28,783,071	)		7,414,449			(21,919,321	)		111,260,701		8,321,668		—		—
	AMC Networks Inc., Class A		106,156,533		12,786,123		(15,072,480	)		809,063			(14,136,792	)		90,542,447		1,943,388		—		—
	American Assets Trust Inc.		108,473,164		16,423,431		(9,970,313	)		767,721			15,357,685			131,051,688		3,502,183		1,111,775		—
	American Axle & Manufacturing Holdings Inc.		73,028,576		7,004,080		(6,509,937	)		(1,295,322	)		(5,343,542	)		66,883,855		7,591,811		—		—
	American Equity Investment Life Holding Co.		179,893,753		7,861,292		(14,543,653	)		311,999			(11,451,079	)		162,072,312		5,480,971		—		—
	American Public Education Inc.		44,164,667		3,281,418		(3,031,471	)		7,768			(12,407,654	)		32,014,728		1,250,087		—		—
	American States Water Co.		185,981,265		19,570,283		(19,656,428	)		5,822,555			18,530,936			210,248,611		2,458,473		1,719,880		—
	American Vanguard Corp.		36,329,922		3,176,732		(2,868,066	)		(8,772	)		(9,592,461	)		27,037,355		1,796,502		72,593		—
	American Woodmark Corp.		111,651,511		9,152,548		(9,801,048	)		(504,905	)		(37,386,337	)		73,111,769		1,118,430		—		—
	America’s Car- Mart Inc./TX		62,431,322		5,481,318		(4,125,841	)		982,976			(15,762,814	)		49,006,961		419,652		—		—
	Ameris Bancorp		231,575,664		7,888,469		(8,762,697	)		(692,986	)		(2,916,253	)		227,092,197		4,377,259		1,329,935		—
	AMERISAFE Inc.		82,552,640		7,125,359		(7,052,034	)		1,538,021			(11,774,251	)		72,389,735		1,288,991		756,514		—
	AMN Healthcare Services Inc.		231,770,949		29,996,382		(29,864,550	)		13,445,667			115,681,444			361,029,892		3,146,230		—		—
	Amphastar Pharmaceuticals Inc.		44,863,701		4,185,315		(3,756,625	)		124,033			1,599,450			47,015,874		2,473,218		—		—
	Andersons Inc. (The)		56,402,554		6,392,150		(6,254,460	)		343,807			6,639,068			63,523,119		2,060,432		730,774		—
	AngioDynamics Inc.		59,182,765		5,984,637		(5,373,721	)		1,949,682			4,640,313			66,383,676		2,559,124		—		—
	ANI Pharmaceuticals Inc.		23,513,371		1,774,853		(1,845,027	)		(724,031	)		(1,450,395	)		21,268,771		648,043		—		—
	Anika Therapeutics Inc.		39,165,049		3,541,925		(3,292,392	)		80,763			1,556,116			41,051,461		964,555		—		—
	Apogee Enterprises Inc.		70,944,910		6,159,397		(7,527,065	)		595,420			(6,007,509	)		64,165,153		1,699,289		688,876		—
	Apollo Commercial Real Estate Finance Inc.		119,741,871		15,180,780		(9,839,797	)		1,861,240			3,000,222			129,944,316		8,762,260		1,162,510		—
	Applied Industrial Technologies Inc.		235,541,068		23,287,582		(22,244,849	)		5,614,027			(9,055,943	)		233,141,885		2,586,729		1,704,628		—
	Applied Optoelectronics Inc.		13,771,018		1,100,936		(746,184	)		(5,252	)		(1,945,830	)		12,174,688		1,695,639		—		—
	ArcBest Corp.		119,067,236		11,499,521		(10,165,122	)		3,071,327			15,645,692			139,118,654		1,701,341		270,463		—
	Archrock Inc.		81,271,297		7,812,042		(5,150,187	)		399,269			(10,733,057	)		73,599,364		8,921,135		2,485,230		—
	Arconic Corp.		165,672,060		43,376,223		(18,269,322	)		8,964,898			29,899,102			229,642,961		7,281,007		—		—
	Arcosa Inc.		209,019,091		17,351,779		(16,475,153	)		4,167,170			(52,416,000	)		161,646,887		3,221,983		320,487		—

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Arlo Technologies Inc.	$	33,527,469	$	3,372,362	$	(2,158,876	)	$	680,155		$	(2,097	)	$	35,419,013		5,525,587	$	—		$	—
	Armada Hoffler Properties Inc.		49,562,770		5,697,078		(4,207,655	)		253,653			2,976,621			54,282,467		4,060,020		502,029			—
	ARMOUR Residential REIT Inc.		53,066,279		16,939,258		(3,135,821	)		(1,285,853	)		(5,778,018	)		59,805,845		5,547,852		(536,930	)		—
	Asbury Automotive Group Inc.		253,162,543		24,463,557		(24,080,130	)		9,374,704			(9,623,236	)		253,297,438		1,287,473		—			—
	Assured Guaranty Ltd.(b)		N/A		118,709,585		(2,649,122	)		21,521			58,321,778			174,403,762		3,725,780		1,443,457			—
	Astec Industries Inc.		113,618,646		9,452,091		(8,740,981	)		1,697,276			(34,508,702	)		81,518,330		1,514,929		331,354			—
	Atlas Air Worldwide Holdings Inc.		110,157,340		12,777,024		(14,400,488	)		3,217,964			35,020,749			146,772,589		1,796,922		—			—
	Avanos Medical Inc.		—		136,802,457		(8,625,674	)		(843,059	)		(27,387,051	)		99,946,673		3,203,419		—			—
	Avista Corp.		220,450,147		427,086		(2,251,676	)		177,362			(39,708,273	)		179,094,646		4,578,084		3,868,481			—
	Axcelis Technologies Inc.		92,487,714		8,985,953		(9,524,725	)		2,979,622			10,182,357			105,110,921		2,234,976		—			—
	Axos Financial Inc.		160,687,184		11,623,624		(6,588,331	)		624,071			15,319,222			181,665,770		3,524,753		—			—
	AZZ Inc.		85,214,857		8,278,829		(9,396,897	)		1,160,734			3,530,191			88,787,714		1,668,942		568,627			—
	B&G Foods Inc.		134,036,728		12,314,168		(12,768,958	)		1,495,756			(6,095,977	)		128,981,717		4,315,213		3,366,582			—
	Badger Meter Inc.		180,801,970		18,370,396		(18,461,496	)		6,977,253			8,743,052			196,431,175		1,942,171		742,022			—
	Balchem Corp.		270,776,744		28,010,893		(28,512,329	)		10,480,872			31,850,521			312,606,701		2,154,868		—			—
	Banc of California Inc.		53,563,266		4,509,738		(4,143,643	)		749,828			437,190			55,116,379		2,980,875		359,409			—
	Bancorp. Inc. (The)		—		83,902,090		(1,056,723	)		(154,000	)		4,665,198			87,356,565		3,432,478		—			—
	BankUnited Inc.		252,353,165		9,986,112		—			—			(12,890,421	)		249,448,856		5,964,822		2,676,010			—
	Banner Corp.		111,680,273		2,244,413		—			—			3,918,354			117,843,040		2,134,451		1,728,668			—
	Barnes Group Inc.		153,866,088		14,774,396		(14,899,491	)		570,595			(25,058,922	)		129,252,666		3,097,356		994,203			—
	Bed Bath & Beyond Inc.		235,518,766		19,995,391		(50,483,520	)		12,551,418			(97,396,632	)		120,185,423		6,957,188		—			—
	Benchmark Electronics Inc.		74,949,214		6,370,325		(7,816,549	)		556,109			(10,793,232	)		63,265,867		2,368,621		787,262			—
	Berkshire Hills Bancorp. Inc.		70,113,749		5,739,087		(3,649,084	)		(2,621,604	)		16,892,502			86,474,650		3,205,139		804,228			—
	Big Lots Inc.		153,740,090		19,244,604		(18,479,688	)		3,429,572			(57,953,139	)		99,981,439		2,305,845		1,326,049			—
	BJ’s Restaurants Inc.		89,865,442		6,917,937		(6,701,019	)		1,679,387			(27,002,009	)		64,759,738		1,550,760		—			—
	BlackRock Cash Funds: Institutional, SL Agency Shares		2,960,673,133		—		(250,787,661	)(c)		(53,659	)		(264,429	)		2,709,567,384		2,708,213,278		3,201,502(d	)		—
	BlackRock Cash Funds: Treasury, SL Agency Shares		849,990,000		—		(62,040,000	)(c)		—			—			787,950,000		787,950,000		37,100			—
	Bloomin’ Brands Inc.		144,746,471		13,989,585		(12,393,659	)		2,950,430			(14,170,177	)		135,122,650		5,404,906		—			—
	Blucora Inc.		53,626,743		4,181,944		(3,657,485	)		(41,987	)		(3,368,286	)		50,740,929		3,254,710		—			—
	Boise Cascade Co.		156,338,781		15,331,055		(14,489,605	)		3,702,060			(19,551,639	)		141,330,652		2,618,204		5,756,446			—
	Boot Barn Holdings Inc.		120,596,643		14,976,685		(12,491,142	)		5,505,448			46,114,434			174,702,068		1,965,816		—			—
	Boston Private Financial Holdings Inc.(a)		67,642,583		1,239,445		(75,612,364	)		5,863,057			867,279			—		—		304,696			—
	Bottomline Technologies DE Inc.		117,211,347		11,047,057		(10,035,973	)		1,073,449			(16,452,827	)		102,843,053		2,618,204		—			—
	Brandywine Realty Trust		146,834,970		13,757,864		(14,900,397	)		1,364,775			5,614,908			152,672,120		11,376,462		3,029,530			—

34 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^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	BrightSphere Investment Group Inc.(e)	$	80,981,540	$	—	$	(9,112,004	)	$	3,228,838		$	(31,699,734	)	$	N/A		N/A	$	80,077		$	—
	Brinker International Inc.		214,629,411		16,631,690		(15,284,818	)		3,312,876			(69,903,558	)		149,385,601		3,045,578		—			—
	Bristow Group Inc.		40,152,484		3,929,532		(3,962,609	)		106,595			9,097,607			49,323,609		1,549,595		—			—
	Brookline Bancorp. Inc.		73,107,615		—		—			—			1,267,199			74,374,814		4,873,841		1,169,722			—
	Cadence Bancorp		160,203,119		6,849,611		—			—			9,968,916			177,021,646		8,061,095		2,344,932			—
	CalAmp Corp.		25,666,055		2,515,754		(2,520,441	)		(181,499	)		(2,002,237	)		23,477,632		2,359,561		—			—
	Calavo Growers Inc.		86,195,384		8,146,559		(5,135,329	)		124,237			(44,108,648	)		45,222,203		1,182,589		—			—
	Caleres Inc.		55,052,652		5,869,651		(5,164,933	)		1,421,631			(555,220	)		56,623,781		2,548,325		358,594			—
	California Water Service Group		188,973,938		20,518,821		(16,012,848	)		5,989,336			2,692,770			202,162,017		3,430,545		1,547,566			—
	Callon Petroleum Co.		118,532,653		11,998,608		(29,912,235	)		(22,222,490	)		50,157,874			128,554,410		2,619,283		—			—
	Cal-Maine Foods Inc.		95,893,054		8,623,962		(8,720,229	)		(882,512	)		(4,769,673	)		90,144,602		2,492,937		84,264			—
	Capitol Federal Financial Inc.		110,890,425		6,011,366		(3,156,139	)		(522,703	)		(14,467,824	)		98,755,125		8,594,876		4,856,580			—
	Capstead Mortgage Corp.		40,358,862		4,937,611		(3,212,500	)		(864,284	)		2,120,238			43,339,927		6,478,315		(37,719	)		—
	Cara Therapeutics Inc.		—		79,593,746		(4,663,808	)		(1,593,616	)		(29,865,275	)		43,471,047		2,813,660		—			—
	Cardiovascular Systems Inc.		102,661,676		9,875,493		(10,279,028	)		(258,112	)		(14,229,681	)		87,770,348		2,673,480		—			—
	Cardtronics PLC, Class A(a)		93,625,525		3,724,989		(97,834,896	)		17,929,485			(17,445,103	)		—		—		—			—
	CareTrust REIT Inc.		142,840,994		3,845,462		—			—			(18,722,069	)		127,964,387		6,297,460		2,868,754			—
	Carpenter Technology Corp.		131,657,656		12,002,688		(11,731,205	)		2,034,825			(29,280,630	)		104,683,334		3,197,414		1,279,828			—
	Cato Corp. (The), Class A		15,959,136		1,656,578		(1,987,485	)		9,994			6,019,005			21,657,228		1,309,385		367,507			—
	Cavco Industries Inc.		128,482,639		12,892,640		(13,000,972	)		3,949,550			2,318,230			134,642,087		568,734		—			—
	Centerspace		58,783,824		11,327,612		(4,719,572	)		698,851			22,259,981			88,350,696		934,928		275,719			—
	Central Garden & Pet Co.		37,770,079		3,034,257		(2,994,352	)		1,187,664			(7,703,184	)		31,294,464		651,968		—			—
	Central Pacific Financial Corp.		40,653,703		1,516,989		—			—			(1,641,925	)		40,528,767		1,578,223		757,547			—
	Century Communities Inc.		116,608,875		13,833,129		(10,326,205	)		4,017,863			(2,603,014	)		121,530,648		1,977,716		586,615			—
	CEVA Inc.		85,448,059		6,575,510		(6,409,163	)		1,218,318			(21,659,505	)		65,173,219		1,527,378		—			—
	Chart Industries Inc.		337,280,531		38,170,547		(37,555,981	)		18,501,734			96,686,375			453,083,206		2,370,798		—			—
	Chatham Lodging Trust		41,422,561		5,154,782		(3,329,922	)		(102,012	)		(3,203,966	)		39,941,443		3,260,526		—			—
	Cheesecake Factory Inc. (The)		164,425,914		32,540,036		(11,131,582	)		4,685,384			(38,697,391	)		151,822,361		3,230,263		—			—
	Chefs’ Warehouse Inc. (The)		65,162,408		7,027,352		(5,996,007	)		1,439,293			3,142,899			70,775,945		2,173,041		—			—
	Chesapeake Utilities Corp.		135,123,620		10,286,706		(10,797,601	)		2,272,821			2,373,054			139,258,600		1,160,005		1,131,189			—
	Chico’s FAS Inc.		26,485,809		4,541,395		(3,639,462	)		922,325			8,501,692			36,811,759		8,198,610		—			—
	Children’s Place Inc. (The)		67,841,798		7,855,598		(11,583,698	)		819,146			4,876,375			69,809,219		927,574		—			—
	Chuy’s Holdings Inc.		58,152,050		4,532,364		(3,611,455	)		1,084,793			(17,994,827	)		42,162,925		1,337,232		—			—
	Cincinnati Bell Inc.(a)		46,894,465		1,761,680		(49,127,219	)		(879,914	)		1,350,988			—		—		—			—
	Cinemark Holdings Inc.		—		128,273,680		(6,075,976	)		211,217			13,738,112			136,147,033		7,087,300		—			—

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	CIRCOR International Inc.	$	46,626,034	$	4,085,424	$	(3,420,275	)	$	(572,761	)	$	(2,012,682	)	$	44,705,740		1,354,309	$	—	$	—
	City Holding Co.		80,745,483		249,094		—			—			(3,825,034	)		77,169,543		990,496		1,147,151		—
	Clearwater Paper Corp.		41,718,586		3,179,714		(2,964,425	)		135,543			705,060			42,774,478		1,115,953		—		—
	Cogent Communications Holdings Inc.		194,072,143		20,726,495		(20,684,272	)		5,824,824			111,412			200,050,602		2,823,978		1,804,269		—
	Coherus Biosciences Inc.		62,569,677		7,906,758		(9,586,984	)		(536,759	)		7,552,459			67,905,151		4,225,585		—		—
	Cohu Inc.		131,608,431		13,568,392		(10,704,037	)		3,052,054			(34,198,109	)		103,326,731		3,235,026		—		—
	Collegium Pharmaceutical Inc.		55,011,184		4,685,457		(3,486,435	)		(93,115	)		(9,169,824	)		46,947,267		2,378,281		—		—
	Columbia Banking System Inc.		193,475,694		2,035,775		—			—			(22,902,156	)		172,609,313		4,543,546		2,525,170		—
	Comfort Systems USA Inc.		180,336,567		18,262,379		(17,468,034	)		5,947,365			(14,714,312	)		172,363,965		2,416,769		566,658		—
	Community Bank System Inc.		256,597,789		9,532,871		—			—			(28,980,030	)		237,150,630		3,466,101		2,936,625		—
	Community Health Systems Inc.		109,739,393		12,332,153		(10,131,835	)		4,165,384			(19,408,901	)		96,696,194		8,264,632		—		—
	Community Healthcare Trust Inc.		69,458,011		7,822,424		(5,985,592	)		1,716,647			(3,154,348	)		69,857,142		1,545,854		1,045,918		—
	Computer Programs & Systems Inc.		26,097,210		6,113,978		(1,554,364	)		275,906			3,803,106			34,735,836		979,578		—		—
	Comtech Telecommunications Corp.		43,114,192		3,990,926		(3,851,973	)		580,744			810,846			44,644,735		1,743,254		346,449		—
	CONMED Corp.		251,932,139		25,739,305		(23,911,545	)		9,757,804			(9,535,723	)		253,981,980		1,941,313		780,663		—
	CONSOL Energy Inc.		19,630,706		4,722,131		(2,080,165	)		806,344			32,116,091			55,195,107		2,121,257		—		—
	Consolidated Communications Holdings Inc.(e)		35,129,052		3,741,151		(4,211,633	)		(1,886,375	)		27,324,743			N/A		N/A		—		—
	Cooper Tire & Rubber Co.(a)		188,197,706		7,804,915		(210,583,669	)		103,597,803			(89,016,755	)		—		—		354,251		—
	Cooper-Standard Holdings Inc.		41,087,581		2,677,661		(2,538,290	)		(2,578,276	)		(13,757,251	)		24,891,425		1,136,076		—		—
	Corcept Therapeutics Inc.		167,332,532		14,524,122		(16,510,659	)		1,146,861			(29,809,490	)		136,683,366		6,945,293		—		—
	Core Laboratories NV		85,629,665		13,801,351		(9,026,169	)		1,217,347			(6,036,199	)		85,585,995		3,084,180		60,283		—
	CoreCivic Inc.		72,246,648		6,709,016		(6,667,243	)		784,533			(1,810,076	)		71,262,878		8,007,065		—		—
	Core-Mark Holding Co. Inc.(a)		116,595,449		9,629,917		(147,130,340	)		41,377,533			(20,472,559	)		—		—		781,596		—
	Crocs Inc.(a)		350,913,246		12,850,371		(461,974,665	)		354,207,564			(255,996,516	)		—		—		—		—
	Cross Country Healthcare Inc.		29,471,891		3,678,347		(3,354,163	)		1,109,459			19,296,714			50,202,248		2,363,571		—		—
	CryoLife Inc.		58,602,326		6,604,598		(5,844,488	)		1,049,554			(2,089,001	)		58,322,989		2,616,554		—		—
	CSG Systems International Inc.		97,620,847		9,919,605		(9,754,160	)		1,337,885			5,934,230			105,058,407		2,179,635		1,102,310		—
	CTS Corp.		66,969,802		7,019,288		(6,846,080	)		1,674,854			(2,096,682	)		66,721,182		2,158,563		174,056		—
	Cubic Corp.(a)		157,826,659		3,867,017		(162,604,947	)		36,715,655			(35,804,384	)		—		—		—		—
	Customers Bancorp. Inc.		59,848,106		3,141,763		(123,958	)		25,262			21,833,878			84,725,051		1,969,434		—		—
	Cutera Inc.		35,300,396		4,731,684		(9,072,624	)		4,363,709			15,323,765			50,646,930		1,086,844		—		—
	CVB Financial Corp.		183,400,966		5,162,010		(2,255,076	)		(558,028	)		(14,031,811	)		171,718,061		8,429,949		1,523,373		—
	Cytokinetics Inc.		110,368,584		33,068,048		(7,799,032	)		4,199,776			59,066,053			198,903,429		5,565,289		—		—
	Daktronics Inc.		15,616,363		1,198,780		(1,011,030	)		154,640			(2,234,938	)		13,723,815		2,527,406		—		—

36 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^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Dave & Buster’s Entertainment Inc.	$	152,109,563	$	11,904,311	$	(33,968,138	)	$	(3,356,883	)	$	(28,389,192	)	$	98,299,661		2,564,562	$	—	$	—
	Deluxe Corp.		117,486,489		11,536,921		(10,125,168	)		2,033,771			(19,285,970	)		101,646,043		2,832,155		1,683,346		—
	Designer Brands Inc., Class A		68,207,635		6,746,468		(4,470,812	)		1,959,347			(15,668,179	)		56,774,459		4,075,697		—		—
	DiamondRock Hospitality Co.		142,100,747		10,323,238		(7,829,460	)		(1,907,037	)		(10,194,273	)		132,493,215		14,020,446		—		—
	Diebold Nixdorf Inc.		73,710,332		5,857,563		(9,323,492	)		456,632			(21,435,278	)		49,265,757		4,872,973		—		—
	Digi International Inc.		42,013,666		5,066,835		(3,724,402	)		1,032,192			3,560,032			47,948,323		2,281,081		—		—
	Dime Community Bancshares Inc.		70,475,156		7,674,698		(10,670,276	)		1,342,260			4,218,202			73,040,040		2,236,376		1,123,363		—
	Dine Brands Global Inc.		99,848,312		12,081,974		(9,069,277	)		1,584,797			(11,590,698	)		92,855,108		1,143,395		—		—
	Diodes Inc.		223,876,550		34,371,794		(16,924,268	)		8,569,380			21,245,766			271,139,222		2,993,037		—		—
	Diversified Healthcare Trust		75,996,790		5,620,832		(5,771,601	)		(1,324,177	)		(20,729,056	)		53,792,788		15,868,079		—		—
	DMC Global Inc.		55,716,447		17,115,531		(4,915,647	)		103,645			(21,803,452	)		46,216,524		1,252,141		—		—
	Domtar Corp.		—		148,897,791		(24,028,472	)		4,985,628			51,397,017			181,251,964		3,323,285		—		—
	Donnelley Financial Solutions Inc.		54,976,940		5,792,247		(6,149,361	)		3,158,092			10,377,230			68,155,148		1,968,664		—		—
	Dorman Products Inc.		195,919,848		18,499,493		(18,877,235	)		5,218,767			(20,237,017	)		180,523,856		1,906,875		—		—
	Dril-Quip Inc.		78,472,412		6,827,055		(6,815,976	)		(1,245,781	)		(17,849,497	)		59,388,213		2,358,547		—		—
	DSP Group Inc.		21,123,901		2,238,084		(1,472,832	)		344,107			10,953,729			33,186,989		1,514,696		—		—
	DXP Enterprises Inc./TX		32,979,219		5,575,403		(3,010,811	)		99,137			(700,345	)		34,942,603		1,181,691		—		—
	Eagle Bancorp. Inc.		107,742,162		990,072		—			—			8,699,268			117,431,502		2,042,287		1,217,563		—
	Eagle Pharmaceuticals Inc./DE		32,325,501		3,195,581		(3,430,225	)		(297,169	)		11,196,460			42,990,148		770,709		—		—
	Easterly Government Properties Inc.		109,680,067		9,533,027		(6,488,925	)		650,911			(1,652,473	)		111,722,607		5,407,677		1,523,755		—
	Ebix Inc.		50,462,144		4,059,072		(3,928,605	)		(610,740	)		(7,269,006	)		42,712,865		1,586,070		236,085		—
	Echo Global Logistics Inc.		55,528,357		2,907,734		(2,438,706	)		372,833			28,203,725			84,573,943		1,772,667		—		—
	Edgewell Personal Care Co.		143,193,323		14,510,848		(14,042,229	)		(97,840	)		(12,201,481	)		131,362,621		3,618,805		1,094,743		—
	eHealth Inc.		125,650,603		9,018,984		(14,677,483	)		(18,075,755	)		(38,380,799	)		63,535,550		1,568,779		—		—
	elf Beauty Inc.		68,727,165		23,462,310		(5,045,406	)		500,627			4,558,871			92,203,567		3,173,961		—		—
	Ellington Financial Inc.		—		60,146,748		(894,447	)		(11,372	)		(1,098,446	)		58,142,483		3,178,922		2,024,375		—
	Employers Holdings Inc.		72,831,899		1,999,151		—			—			(6,147,752	)		68,683,298		1,739,258		857,666		—
	Enanta Pharmaceuticals Inc.		59,133,299		5,457,575		(5,500,049	)		(1,049,062	)		9,996,052			68,037,815		1,197,638		—		—
	Encore Capital Group Inc.		84,146,154		8,712,965		(12,355,811	)		2,059,114			16,717,613			99,280,035		2,015,020		—		—
	Encore Wire Corp.		92,492,184		10,509,062		(10,250,568	)		2,731,824			34,866,359			130,348,861		1,374,553		55,305		—
	Endo International PLC		113,398,112		5,248,562		(3,753,701	)		(1,612,144	)		(63,062,601	)		50,218,228		15,499,453		—		—
	Enerpac Tool Group Corp.		104,181,448		9,350,515		(8,853,161	)		849,212			(22,450,943	)		83,077,071		4,007,577		160,176		—
	Enova International Inc.		85,912,975		8,556,936		(7,226,999	)		2,538,855			(4,973,782	)		84,807,985		2,454,645		—		—
	EnPro Industries Inc.		116,862,535		12,152,512		(11,992,495	)		2,433,796			24,028			119,480,376		1,371,446		744,955		—
	Ensign Group Inc. (The)		321,590,055		28,504,947		(24,174,872	)		12,669,603			(77,453,845	)		261,135,888		3,486,926		364,640		—
	ePlus Inc.		89,775,142		8,057,679		(8,081,612	)		2,799,377			(307,787	)		92,242,799		898,965		—		—

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	ESCO Technologies Inc.	$	188,986,000	$	15,510,378	$	(15,518,850	)	$	4,320,994		$	(59,714,610	)	$	133,583,912		1,734,856	$	279,141	$	—
	Essential Properties Realty Trust Inc.(b).		N/A		206,520,057		(16,979,226	)		2,559,723			27,687,696			219,788,250		7,872,072		2,264,332		—
	Ethan Allen Interiors Inc.		40,348,205		3,566,852		(3,386,947	)		674,753			(6,461,151	)		34,741,712		1,465,895		3,280,766		—
	EVERTEC Inc.		148,584,548		16,887,265		(17,448,256	)		6,547,169			27,229,276			181,800,002		3,976,378		397,132		—
	ExlService Holdings Inc.		201,170,762		24,012,775		(26,770,372	)		10,200,086			63,280,155			271,893,406		2,208,361		—		—
	Exponent Inc.		336,492,998		34,464,397		(33,234,016	)		16,399,603			37,992,912			392,115,894		3,465,452		1,395,597		—
	Fabrinet		222,144,724		22,864,785		(23,213,544	)		10,437,041			19,460,310			251,693,316		2,455,305		—		—
	FARO Technologies Inc.		103,973,860		8,596,788		(8,133,740	)		1,959,075			(26,774,701	)		79,621,282		1,209,866		—		—
	Federal Signal Corp.		154,545,670		15,782,934		(14,165,538	)		5,650,333			(4,652,090	)		157,161,309		4,069,428		725,052		—
	Ferro Corp.		92,683,163		10,663,748		(10,407,889	)		1,968,277			17,073,290			111,980,589		5,505,437		—		—
	First Bancorp./Puerto Rico		150,964,318		—		(1,379,924	)		290,989			24,987,176			174,862,559		13,297,533		1,876,999		—
	First Bancorp./Southern Pines NC		76,798,902		—		—			—			(865,091	)		75,933,811		1,765,492		706,197		—
	First Commonwealth Financial Corp.		85,042,838		—		—			—			(4,379,380	)		80,663,458		5,918,082		1,361,159		—
	First Financial Bancorp.		144,280,584		2,236,317		—			—			(3,724,375	)		142,792,526		6,099,638		2,805,833		—
	First Hawaiian Inc.		238,840,200		24,042,492		(26,596,729	)		4,398,469			12,492,513			253,176,945		8,626,131		4,524,098		—
	First Midwest Bancorp. Inc.		153,647,885		5,418,630		—			—			(20,798,421	)		138,268,094		7,273,440		2,023,941		—
	Flagstar Bancorp. Inc.		140,902,638		13,213,515		(4,187,076	)		75,332			17,591,680			167,596,089		3,300,435		380,834		—
	FormFactor Inc.		233,777,793		18,781,856		(19,393,990	)		4,701,576			(44,847,953	)		193,019,282		5,170,621		—		—
	Forward Air Corp.		162,962,353		15,868,538		(18,216,770	)		3,885,675			(14,733,958	)		149,765,838		1,803,973		767,517		—
	Fossil Group Inc.		38,886,983		3,639,761		(3,061,862	)		730,340			(2,592,968	)		37,602,254		3,173,186		—		—
	Four Corners Property Trust Inc.		138,556,484		12,543,844		(11,710,717	)		575,176			(3,716,282	)		136,248,505		5,072,543		1,298,234		—
	Franklin Electric Co. Inc.		201,910,285		20,931,661		(17,572,211	)		6,254,444			(4,206,989	)		207,317,190		2,596,333		893,467		—
	Franklin Street Properties Corp., Class C		35,158,005		1,500,347		(2,566,670	)		(822,044	)		(3,278,580	)		29,991,058		6,463,590		966,920		—
	GameStop Corp., Class A(a)		692,011,588		54,841,753		(607,214,810	)		504,253,766			(643,892,297	)		—		—		—		—
	Gannett Co. Inc.		47,340,465		7,683,977		(3,440,783	)		343,698			11,490,318			63,417,675		9,493,664		—		—
	Genesco Inc.		45,293,862		4,836,745		(5,810,658	)		1,476,954			8,228,447			54,025,350		935,828		—		—
	Gentherm Inc.		162,735,333		16,091,328		(15,056,955	)		4,620,596			10,225,526			178,615,828		2,207,041		—		—
	Genworth Financial Inc., Class A		—		122,099,323		—			—			(15,387,752	)		106,711,571		28,456,419		—		—
	GEO Group Inc. (The)		57,084,834		2,676,696		—			—			(2,552,266	)		57,209,264		7,658,536		—		—
	Getty Realty Corp.		69,450,580		8,665,654		(4,769,538	)		482,378			1,659,534			75,488,608		2,575,524		1,715,783		—
	Gibraltar Industries Inc.		198,668,118		15,983,240		(15,726,577	)		4,368,068			(51,980,662	)		151,312,187		2,172,465		—		—
	G-III Apparel Group Ltd.		87,531,081		8,483,915		(8,531,063	)		1,166,628			(6,628,218	)		82,022,343		2,898,316		—		—
	Glatfelter Corp.		50,692,210		4,143,333		(3,752,755	)		(630,286	)		(8,470,344	)		41,982,158		2,977,458		836,113		—
	Glaukos Corp.		256,141,435		22,025,256		(18,953,700	)		2,871,726			(112,783,392	)		149,301,325		3,099,467		—		—
	Global Net Lease Inc.		109,161,268		22,060,759		(8,788,574	)		349,868			(15,829,972	)		106,953,349		6,676,239		1,000,684		—
	Glu Mobile Inc.(a)		125,000,504		1,481,285		(126,679,997	)		53,344,406			(53,146,198	)		—		—		—		—

38 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^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	GMS Inc.	$	119,173,079	$	12,752,240	$	(11,947,962	)	$	3,908,946		$	1,709,627		$	125,595,930		2,867,487	$	—	$	—
	Granite Construction Inc.		122,479,905		11,973,886		(11,601,243	)		2,879,648			(5,096,865	)		120,635,331		3,050,198		795,274		—
	Granite Point Mortgage Trust Inc.		43,827,162		3,189,244		(3,208,063	)		(671,376	)		5,077,033			48,214,000		3,660,896		1,841,485		—
	Great Western Bancorp. Inc.		102,117,283		5,533,454		—			—			8,199,262			115,849,999		3,538,485		207,909		—
	Green Dot Corp., Class A		153,000,004		11,925,625		(467,997	)		(124,692	)		17,146,773			181,479,713		3,605,796		—		—
	Green Plains Inc.(b)		N/A		57,494,644		—			—			32,114,130			89,608,774		2,744,526		—		—
	Greenbrier Companies Inc. (The)		103,512,379		9,031,833		(10,391,378	)		1,107,927			(10,605,962	)		92,654,799		2,155,264		1,177,199		—
	Greenhill & Co. Inc.(b)		N/A		19,968,429		(1,583,602	)		(297,902	)		(4,055,629	)		14,031,296		959,733		97,598		—
	Griffon Corp.		82,001,397		9,386,432		(5,746,968	)		1,854,315			(9,533,914	)		77,961,262		3,169,157		481,555		—
	Group 1 Automotive Inc.		178,904,511		26,754,700		(14,311,862	)		6,706,755			27,983,948			226,038,052		1,203,098		764,252		—
	Hanger Inc.		57,995,592		5,671,115		(7,624,399	)		61,626			(2,374,051	)		53,729,883		2,446,716		—		—
	Hanmi Financial Corp.		36,077,883		1,494,719		—			—			526,534			38,099,136		1,899,259		447,341		—
	Harmonic Inc.		52,699,782		4,607,858		(4,098,937	)		1,240,144			4,850,095			59,298,942		6,777,022		—		—
	Harsco Corp.		90,318,160		9,879,395		(9,339,949	)		790,828			(2,297,018	)		89,351,416		5,271,470		—		—
	Haverty Furniture Companies Inc.		41,581,358		3,903,624		(6,974,685	)		776,265			(4,752,858	)		34,533,704		1,024,435		559,448		—
	Hawaiian Holdings Inc.		86,224,377		11,613,904		(6,829,509	)		(1,258,413	)		(15,916,747	)		73,833,612		3,408,754		—		—
	Hawkins Inc.		42,429,515		3,418,416		(3,421,908	)		898,771			709,113			44,033,907		1,262,440		318,497		—
	Haynes International Inc.		25,297,235		2,538,969		(2,621,852	)		288,496			6,103,889			31,606,737		848,503		375,097		—
	HB Fuller Co.		218,435,976		22,732,960		(20,585,565	)		4,039,999			1,148,631			225,772,001		3,497,088		1,159,326		—
	HCI Group Inc.(b)		N/A		23,719,450		(3,041,133	)		1,219,185			26,948,191			48,845,693		440,965		339,802		—
	Healthcare Services Group Inc.		—		126,229,913		(607,629	)		(11,117	)		(1,416,390	)		124,194,777		4,969,779		—		—
	HealthStream Inc.		37,721,805		3,670,692		(3,639,475	)		448,372			10,043,847			48,245,241		1,688,077		—		—
	Heidrick & Struggles International Inc.		46,298,907		4,894,785		(4,614,562	)		1,395,509			10,043,825			58,018,464		1,299,988		387,879		—
	Helix Energy Solutions Group Inc.		47,739,564		4,016,675		(3,922,813	)		(873,053	)		(10,182,047	)		36,778,326		9,478,950		—		—
	Helmerich & Payne Inc.		193,816,114		19,996,531		(20,389,669	)		3,618,286			(166,223	)		196,875,039		7,182,599		3,591,480		—
	Heritage Financial Corp./WA		61,686,411		1,944,723		—			—			(6,161,784	)		57,469,350		2,253,700		884,794		—
	Hersha Hospitality Trust, Class A		25,703,682		2,273,982		(4,411,799	)		(2,533,695	)		(478,647	)		20,553,523		2,202,950		—		—
	Heska Corp.		111,058,940		24,389,843		(11,985,762	)		5,038,724			54,696,338			183,198,083		708,587		—		—
	Hibbett Inc.(f)		76,298,155		8,418,952		(16,395,017	)		7,192,928			(4,642,098	)		70,872,920		1,001,879		544,012		—
	Hillenbrand Inc.		238,675,859		22,257,273		(27,812,803	)		3,146,214			(28,902,499	)		207,364,044		4,861,994		2,178,256		—
	HMS Holdings Corp.(a)		218,134,160		—		(218,281,648	)		73,782,058			(73,634,570	)		—		—		—		—
	HNI Corp.		113,338,174		12,400,247		(10,031,797	)		292,373			(8,751,370	)		107,247,627		2,920,687		1,785,724		—
	HomeStreet Inc.		60,877,328		—		(1,323,589	)		340,618			(4,392,142	)		55,502,215		1,348,778		679,639		—
	Hope Bancorp Inc.		117,392,308		1,106,496		—			—			(4,903,743	)		113,595,061		7,866,694		2,192,634		—
	Horace Mann Educators Corp.		109,561,159		2,559,650		—			—			(8,570,477	)		103,550,332		2,602,421		1,613,501		—
	Hub Group Inc., Class A		151,452,595		14,846,336		(15,162,116	)		3,511,732			(378,497	)		154,270,050		2,243,928		—		—
	Ichor Holdings Ltd.		100,730,117		8,979,018		(8,306,961	)		2,567,006			(26,398,944	)		77,570,236		1,887,813		—		—

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Independence Realty Trust Inc.	$	103,142,321	$	14,280,641	$	(9,832,691	)	$	3,393,799		$	31,407,241		$	142,391,311		6,997,116	$	583,229		$	—
	Independent Bank Corp.		173,702,997		4,227,684		—			—			(16,677,802	)		161,252,879		2,117,569		2,020,217			—
	Independent Bank Group Inc.		176,778,504		17,111,861		(15,153,339	)		3,301,484			(6,478,495	)		175,560,015		2,471,284		1,607,664			—
	Industrial Logistics Properties Trust		100,624,266		10,134,542		(11,165,725	)		1,114,182			9,770,587			110,477,852		4,347,810		2,195,751			—
	Innospec Inc.		168,374,118		14,793,242		(14,312,188	)		3,280,752			(33,985,815	)		138,150,109		1,640,348		936,407			—
	Innovative Industrial Properties Inc.		287,319,168		32,423,967		(33,161,342	)		11,131,471			70,492,694			368,205,958		1,592,793		4,630,069			—
	Innoviva Inc.(b)		N/A		55,611,316		(5,785,550	)		634,424			19,111,511			69,571,701		4,163,477		—			—
	Inogen Inc.		64,391,411		8,225,692		(2,340,992	)		238,557			(12,434,217	)		58,080,451		1,347,887		—			—
	Insight Enterprises Inc.		223,263,239		22,854,267		(24,239,659	)		8,807,818			(21,675,293	)		209,010,372		2,320,275		—			—
	Installed Building Products Inc.		166,389,411		21,108,528		(13,564,236	)		6,970,141			(13,542,509	)		167,361,335		1,561,935		911,507			—
	Insteel Industries Inc.		39,879,389		3,719,652		(3,472,655	)		897,399			8,233,766			49,257,551		1,294,548		77,648			—
	Integer Holdings Corp.		202,318,465		19,526,736		(19,437,341	)		6,991,568			(13,145,893	)		196,253,535		2,196,704		—			—
	InterDigital Inc.		—		159,637,540		(13,736,798	)		(335,363	)		(6,936,145	)		138,629,234		2,044,076		1,433,096			—
	Interface Inc.		48,998,040		5,083,797		(4,914,875	)		330,906			10,059,267			59,557,135		3,931,164		79,132			—
	Invacare Corp.		18,392,883		1,615,912		(1,271,788	)		(237,660	)		(7,357,001	)		11,142,346		2,340,829		—			—
	Invesco Mortgage Capital Inc.		61,695,382		17,411,199		(4,267,349	)		(2,467,365	)		(11,449,916	)		60,921,951		19,340,302		(465,314	)		—
	Investors Bancorp. Inc.(b)		N/A		201,069,543		(4,832,313	)		(220,426	)		30,629,041			226,645,845		14,999,725		3,516,170			—
	iRobot Corp.		229,648,306		16,566,723		(17,668,245	)		3,739,584			(85,705,202	)		146,581,166		1,867,276		—			—
	iStar Inc.		87,266,231		3,261,499		(6,892,143	)		2,589,169			32,523,602			118,748,358		4,734,783		(215,345	)		—
	Itron Inc.		262,027,858		29,579,418		(24,637,036	)		7,796,519			(47,024,787	)		227,741,972		3,011,265		—			—
	J&J Snack Foods Corp.		156,939,080		16,007,193		(17,282,518	)		2,373,748			(6,760,221	)		151,277,282		989,905		1,285,143			—
	James River Group Holdings Ltd.		88,942,485		20,460,677		(2,869,381	)		(849,130	)		(12,872,134	)		92,812,517		2,459,913		11,192			—
	John B Sanfilippo & Son Inc.		53,481,056		4,437,471		(4,305,178	)		593,867			(5,729,605	)		48,477,611		593,216		1,766,580			—
	John Bean Technologies Corp.		282,009,033		30,148,077		(29,916,234	)		9,420,140			5,557,539			297,218,555		2,114,682		423,007			—
	Joint Corp. (The)		—		73,868,713		(4,505,069	)		521,448			23,918,382			93,803,474		956,983		—			—
	Kaiser Aluminum Corp.		116,400,700		12,539,966		(11,834,219	)		2,538,555			(4,606,450	)		115,038,552		1,055,787		1,507,924			—
	Kaman Corp.		94,907,375		8,033,227		(7,726,468	)		(609,423	)		(28,506,596	)		66,098,115		1,853,045		745,658			—
	Kite Realty Group Trust		100,366,044		607,623		(725,342	)		—			5,684,938			105,933,263		5,203,009		3,365,218			—
	Knowles Corp.		127,836,869		12,863,230		(12,482,702	)		2,121,270			(15,587,763	)		114,750,904		6,123,314		—			—
	Kontoor Brands Inc.		152,179,452		18,045,245		(14,754,907	)		3,984,163			(311,854	)		159,142,099		3,186,028		2,537,149			—
	Koppers Holdings Inc.		49,101,211		4,081,871		(3,501,505	)		226,421			(5,301,228	)		44,606,770		1,426,960		—			—
	Korn Ferry		224,480,358		28,004,598		(20,315,359	)		7,982,678			27,891,018			268,043,293		3,704,302		879,960			—
	Kraton Corp.		77,819,319		7,612,685		(7,101,876	)		1,559,991			17,781,444			97,671,563		2,140,043		—			—
	Kulicke & Soffa Industries Inc.		203,202,987		23,543,036		(24,350,409	)		11,655,933			26,359,573			240,411,120		4,125,105		1,161,797			—
	Lakeland Financial Corp.		—		109,194,935		—			—			6,175,182			115,370,117		1,619,457		—			—
	Lannett Co. Inc.(a)		12,192,924		311,979		(10,659,699	)		(2,283,315	)		438,111			—		—		—			—
	Lantheus Holdings Inc.		95,493,683		10,023,099		(9,515,151	)		2,883,357			16,681,149			115,566,137		4,500,239		—			—

40 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^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Laredo Petroleum Inc.(b)	$	N/A	$	78,303,370	$	(3,139,812	)	$	(350,353	)	$	(1,962,811	)	$	72,850,394		898,611	$	—	$	—
	La-Z-Boy Inc.		131,020,172		11,342,245		(13,380,778	)		540,994			(32,469,562	)		97,053,071		3,011,265		930,758		—
	LCI Industries		221,828,666		23,230,691		(21,939,513	)		6,415,663			(3,054,190	)		226,481,317		1,682,250		3,048,293		—
	LeMaitre Vascular Inc.		54,868,378		12,402,676		(3,914,438	)		1,539,143			2,934,255			67,830,014		1,277,642		248,282		—
	Lexington Realty Trust		205,538,877		22,080,927		(22,971,197	)		3,383,047			27,637,625			235,669,279		18,483,865		4,297,021		—
	LGI Homes Inc.		218,806,787		23,538,389		(26,911,457	)		9,605,674			(20,403,612	)		204,635,781		1,442,011		—		—
	Ligand Pharmaceuticals Inc.		—		156,583,400		(3,270,086	)		106,010			1,245,102			154,664,426		1,110,138		—		—
	Lindsay Corp.		120,605,054		11,617,259		(11,127,910	)		3,281,128			(14,161,571	)		110,213,960		726,095		477,574		—
	Liquidity Services Inc.		32,901,074		4,233,623		(4,133,965	)		1,827,817			3,582,383			38,410,932		1,777,461		—		—
	Livent Corp.		169,250,417		36,081,161		(17,467,542	)		5,899,247			54,749,178			248,512,461		10,753,460		—		—
	LivePerson Inc.		221,604,883		27,985,281		(21,303,031	)		11,218,757			15,101,577			254,607,467		4,319,041		—		—
	LTC Properties Inc.		109,067,970		7,845,809		(9,420,047	)		(881,161	)		(23,551,750	)		83,060,821		2,621,042		1,250,010		—
	Lumber Liquidators Holdings Inc.		48,622,800		3,589,814		(3,378,583	)		709,086			(13,215,336	)		36,327,781		1,944,742		—		—
	Luminex Corp.(a)		92,423,168		6,456,228		(113,680,460	)		40,048,361			(25,247,297	)		—		—		294,503		—
	Lydall Inc.		38,392,476		7,297,192		(3,867,224	)		1,976,977			30,616,624			74,416,045		1,198,519		—		—
	M/I Homes Inc.		114,696,514		11,834,686		(10,701,850	)		3,736,576			(6,760,498	)		112,805,428		1,951,651		—		—
	Mack-Cali Realty Corp.		89,030,991		9,138,664		(16,045,475	)		1,754,140			7,330,397			91,208,717		5,327,612		—		—
	Macy’s Inc.		311,179,571		12,179,786		—			—			126,467,088			449,826,445		19,903,825		2,985,574		—
	Magellan Health Inc.		142,339,065		4,573,749		(2,412,057	)		20,414			1,978,854			146,500,025		1,549,445		—		—
	ManTech International Corp./VA, Class A		158,367,339		14,640,228		(13,849,364	)		4,558,988			(24,688,919	)		139,028,272		1,831,247		1,399,208		—
	Marcus Corp. (The)		31,243,790		2,779,637		(4,304,341	)		(3,001,035	)		(1,205,907	)		25,512,144		1,462,014		—		—
	MarineMax Inc.		72,828,952		7,150,699		(8,394,712	)		2,559,291			(3,910,171	)		70,234,059		1,447,528		—		—
	Matador Resources Co.		171,558,770		22,099,807		(22,066,833	)		8,194,484			98,669,311			278,455,539		7,320,072		365,369		—
	Materion Corp.		89,936,963		9,025,273		(8,693,199	)		2,744,522			372,122			93,385,681		1,360,514		325,984		—
	Matrix Service Co.		23,439,657		1,588,970		(1,727,958	)		(487,321	)		(4,259,902	)		18,553,446		1,773,752		—		—
	Matson Inc.		193,107,105		19,521,684		(19,729,335	)		7,151,664			33,449,611			233,500,729		2,893,083		1,527,314		—
	Matthews International Corp., Class A		83,592,643		6,557,975		(6,811,374	)		(320,710	)		(10,016,551	)		73,001,983		2,104,410		905,502		—
	MaxLinear Inc.		154,093,913		22,119,437		(14,549,259	)		5,485,814			63,499,665			230,649,570		4,683,240		—		—
	MDC Holdings Inc.		219,124,640		19,732,221		(15,683,998	)		7,057,371			(54,527,293	)		175,702,941		3,760,765		2,949,331		—
	Medifast Inc.		166,232,311		20,253,762		(20,772,228	)		8,204,550			(23,496,799	)		150,421,596		780,843		2,233,805		—
	MEDNAX Inc.		145,300,772		16,747,061		(15,150,114	)		3,041,040			13,399,438			163,338,197		5,745,276		—		—
	Meredith Corp		80,610,202		10,177,990		(10,422,017	)		3,787,842			66,351,505			150,505,522		2,702,074		—		—
	Meridian Bioscience Inc.		75,571,387		5,352,755		(5,361,287	)		1,022,966			(21,059,585	)		55,526,236		2,885,979		—		—
	Merit Medical Systems Inc.		195,604,667		23,563,358		(16,072,606	)		7,482,665			31,474,148			242,052,232		3,371,201		—		—
	Meritage Homes Corp.		229,830,701		26,634,519		(25,442,444	)		8,210,395			3,857,850			243,091,021		2,506,093		—		—
	Meritor Inc.		142,164,413		11,733,267		(15,084,978	)		(2,290,026	)		(37,021,811	)		99,500,865		4,669,210		—		—
	Mesa Laboratories Inc.		79,217,611		12,466,675		(6,090,269	)		486,750			18,628,013			104,708,780		346,305		104,419		—
	Meta Financial Group Inc.		94,232,974		207,354		—			—			14,911,408			109,351,736		2,083,684		207,974		—
	Methode Electronics Inc.		107,524,717		11,611,891		(12,348,689	)		2,228,571			(2,103,608	)		106,912,882		2,542,518		639,260		—

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	MicroStrategy Inc., Class A(a)	$	344,894,886	$	32,704,875	$	(344,781,128	)	$	204,851,318		$	(237,669,951	)	$	—		—	$	—	$	—
	Middlesex Water Co.		—		107,600,470		(2,947,428	)		219,128			13,763,084			118,635,254		1,154,264		316,149		—
	ModivCare Inc.		123,461,279		11,291,253		(7,634,890	)		5,499,080			22,310,768			154,927,490		853,031		—		—
	Monro Inc.		146,529,428		13,284,056		(13,085,242	)		432,836			(18,889,451	)		128,271,627		2,230,423		1,121,072		—
	Moog Inc., Class A		162,716,568		15,391,827		(15,863,546	)		2,249,390			(15,931,650	)		148,562,589		1,948,873		975,414		—
	Motorcar Parts of America Inc.		28,952,145		2,154,008		(2,362,779	)		(227,844	)		(3,585,228	)		24,930,302		1,278,477		—		—
	Movado Group Inc.		31,485,131		3,191,145		(2,602,982	)		1,090,255			2,255,206			35,418,755		1,124,762		670,580		—
	MTS Systems Corp.(a)		75,509,262		227,963		(76,126,475	)		10,162,998			(9,773,748	)		—		—		—		—
	Mueller Industries Inc.		157,421,393		16,171,413		(15,731,367	)		2,809,585			(4,301,019	)		156,370,005		3,804,623		997,821		—
	Myers Industries Inc.		47,393,826		4,034,383		(3,515,733	)		736,222			(1,307,988	)		47,340,710		2,419,045		650,430		—
	MYR Group Inc.		80,199,303		9,483,610		(9,102,377	)		4,030,055			27,106,616			111,717,207		1,122,786		—		—
	Myriad Genetics Inc.		152,649,199		17,934,834		(12,817,406	)		4,060,260			5,949,208			167,776,095		5,195,915		—		—
	Nabors Industries Ltd.		40,512,818		9,721,098		(2,661,961	)		746,984			1,665,323			49,984,262		518,079		—		—
	National Bank Holdings Corp., Class A		77,243,112		2,893,384		—			—			1,558,216			81,694,712		2,018,150		887,986		—
	National Storage Affiliates Trust(a)		170,931,785		—		(185,372,369	)		62,336,381			(47,895,797	)		—		—		—		—
	Natus Medical Inc.		57,823,666		5,536,364		(5,095,968	)		(167,868	)		(1,114,559	)		56,981,635		2,271,995		—		—
	NBT Bancorp. Inc.		110,425,165		530,059		—			—			(10,476,066	)		100,479,158		2,781,815		1,524,053		—
	Neenah Inc.		57,631,250		5,310,056		(4,955,438	)		(1,054,368	)		(4,373,598	)		52,557,902		1,127,610		1,052,188		—
	NeoGenomics Inc.		375,932,642		45,891,274		(28,418,984	)		11,777,304			(10,790,472	)		394,391,764		8,175,617		—		—
	NETGEAR Inc.		83,787,405		6,990,619		(7,203,523	)		1,105,695			(19,800,433	)		64,879,763		2,033,211		—		—
	New York Mortgage Trust Inc.		112,617,153		10,278,912		(9,950,934	)		195,970			(5,551,930	)		107,589,171		25,255,674		4,051,900		—
	NexPoint Residential Trust Inc.		62,272,706		653,700		—			—			20,680,343			83,606,749		1,351,111		190,734		—
	NextGen Healthcare Inc.		67,093,605		5,849,681		(5,024,261	)		412,377			(15,297,523	)		53,033,879		3,761,268		—		—
	NIC Inc.(a)		151,962,766		610,653		(152,893,500	)		63,276,535			(62,956,454	)		—		—		—		—
	NMI Holdings Inc., Class A		134,559,235		12,456,544		(11,784,393	)		2,151,153			(8,390,454	)		128,992,085		5,705,090		—		—
	Northfield Bancorp. Inc.		49,776,905		498,522		(2,748,317	)		(70,943	)		3,835,313			51,291,480		2,989,014		805,037		—
	Northwest Bancshares Inc.		112,987,382		3,607,962		—			—			(9,252,918	)		107,342,426		8,083,014		3,146,340		—
	Northwest Natural Holding Co.		110,005,183		10,375,504		(10,200,447	)		(728,333	)		(15,548,007	)		93,903,900		2,041,833		1,949,927		—
	NOW Inc.		74,091,738		6,314,898		(6,008,396	)		262,437			(18,359,209	)		56,301,468		7,359,669		—		—
	Oceaneering International Inc.		75,674,915		8,535,730		(8,160,887	)		2,003,512			10,433,009			88,486,279		6,643,114		—		—
	ODP Corp. (The)		154,361,837		15,036,646		(32,700,957	)		6,823,067			(16,636,439	)		126,884,154		3,159,466		—		—
	Office Properties Income Trust		88,803,930		8,257,909		(8,537,900	)		(4,218,311	)		(2,807,569	)		81,498,059		3,217,452		3,524,828		—
	OFG Bancorp		71,750,572		2,517,263		—			—			8,273,619			82,541,454		3,272,857		654,571		—
	O-I Glass Inc.		154,497,089		17,158,218		(16,584,608	)		(611,939	)		(5,050,975	)		149,407,785		10,470,062		—		—
	Oil States International Inc.		24,561,571		2,376,018		(2,179,533	)		(1,788,066	)		3,256,231			26,226,221		4,104,260		—		—
	Old National Bancorp./IN		198,693,145		4,367,089		—			—			(25,103,269	)		177,956,965		10,498,936		2,939,702		—
	Olympic Steel Inc.		18,066,574		1,610,790		(1,327,906	)		533,594			(3,717,563	)		15,165,489		622,557		24,354		—
	Omnicell Inc.		372,592,744		41,141,332		(38,075,338	)		19,081,982			34,816,739			429,557,459		2,894,007		—		—
	OneSpan Inc.		55,467,069		4,838,680		(4,091,143	)		1,349,813			(14,275,674	)		43,288,745		2,305,045		—		—

42 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^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Onto Innovation Inc.	$	213,873,237	$	22,784,375	$	(21,097,029	)	$	10,405,998		$	10,986,903		$	236,953,484		3,279,633	$	—	$	—
	OraSure Technologies Inc.		56,072,494		4,238,913		(4,596,428	)		(671,896	)		(829,265	)		54,213,818		4,793,441		—		—
	Orthofix Medical Inc.		56,350,752		4,960,633		(4,258,245	)		(235,188	)		(6,614,331	)		50,203,621		1,316,989		—		—
	OSI Systems Inc.		106,643,515		7,614,770		(7,288,047	)		588,809			(2,039,632	)		105,519,415		1,113,074		—		—
	Owens & Minor Inc.		184,155,891		22,513,323		(17,574,945	)		9,063,296			(40,976,130	)		157,181,435		5,023,376		25,023		—
	Oxford Industries Inc.		98,571,120		9,957,071		(16,054,515	)		2,771,441			70,795			95,315,912		1,057,069		887,502		—
	Pacific Premier Bancorp. Inc.		269,062,234		5,901,491		(3,090,715	)		(463,231	)		(12,570,110	)		258,839,669		6,246,131		4,114,616		—
	Pacira BioSciences Inc.		204,811,531		16,875,107		(14,475,378	)		2,062,147			(43,553,167	)		165,720,240		2,959,290		—		—
	Palomar Holdings Inc.		97,143,239		22,000,689		(8,610,683	)		(380,017	)		19,551,925			129,705,153		1,604,666		—		—
	Park Aerospace Corp.		16,743,024		1,436,079		(1,182,066	)		77,859			522,522			17,597,418		1,286,361		255,723		—
	Park National Corp.		122,257,934		10,695,636		(7,961,676	)		1,757,435			(8,712,705	)		118,036,624		967,910		1,949,072		—
	Patrick Industries Inc.		125,321,705		12,052,348		(9,789,976	)		2,858,823			(5,746,132	)		124,696,768		1,496,960		834,889		—
	Patterson-UTI Energy Inc.		89,317,738		9,914,400		(9,547,256	)		3,138,263			20,425,556			113,248,701		12,583,189		505,068		—
	PBF Energy Inc., Class A		90,719,838		7,830,101		(8,459,860	)		810,786			(8,882,632	)		82,018,233		6,323,688		—		—
	PDC Energy Inc.		228,790,444		27,585,251		(31,217,150	)		5,094,714			80,983,362			311,236,621		6,567,559		1,604,834		—
	PDF Solutions Inc.		34,795,816		3,419,012		(2,663,797	)		668,275			9,669,900			45,889,206		1,991,719		—		—
	Penn Virginia Corp.		13,757,338		1,798,075		(1,793,056	)		(1,499,301	)		15,044,864			27,307,920		1,023,919		—		—
	Pennant Group Inc. (The)		77,734,691		6,912,824		(4,137,353	)		3,012,287			(33,141,292	)		50,381,157		1,793,562		—		—
	Perdoceo Education Corp.		55,974,032		4,934,495		(4,829,280	)		445,429			(7,034,602	)		49,490,074		4,686,560		—		—
	Perficient Inc.		129,214,182		18,864,585		(20,004,915	)		10,070,444			115,487,459			253,631,755		2,192,150		—		—
	PetMed Express Inc.		47,738,173		3,565,411		(3,513,548	)		806,567			(12,032,256	)		36,564,347		1,360,787		811,012		—
	PGT Innovations Inc.		100,106,125		8,709,380		(8,560,967	)		2,197,054			(26,689,551	)		75,762,041		3,966,599		—		—
	Phibro Animal Health
	Corp., Class A		33,060,487		3,105,015		(2,955,791	)		(142,583	)		(3,771,457	)		29,295,671		1,360,059		326,568		—
	Photronics Inc.		54,358,680		5,199,479		(6,583,363	)		1,565,757			1,693,624			56,234,177		4,125,765		—		—
	Piper Sandler Cos		100,793,570		16,655,656		(12,643,769	)		5,068,039			21,857,763			131,731,259		951,403		946,138		—
	Pitney Bowes Inc.		88,112,825		—		—			—			(11,014,103	)		77,098,722		10,693,304		1,069,330		—
	Plantronics Inc.		97,572,545		15,568,524		(6,521,582	)		2,803,347			(36,989,280	)		72,433,554		2,817,330		—		—
	Plexus Corp.		176,415,823		17,098,848		(20,303,331	)		6,005,879			(11,080,194	)		168,137,025		1,880,517		—		—
	Powell Industries Inc.		20,194,412		1,508,396		(1,322,989	)		(26,399	)		(5,560,609	)		14,792,811		602,068		309,005		—
	Power Integrations Inc.		326,156,129		37,877,069		(37,482,488	)		17,172,122			53,562,644			397,285,476		4,013,390		1,049,624		—
	PRA Group Inc.		112,598,939		11,631,165		(10,924,184	)		1,371,509			13,902,373			128,579,802		3,051,253		—		—
	Preferred Bank/Los Angeles CA		55,460,504		—		—			—			2,612,775			58,073,279		870,925		661,903		—
	Prestige Consumer Healthcare Inc.		146,432,967		16,539,557		(15,892,988	)		1,681,130			38,216,988			186,977,654		3,332,341		—		—
	PriceSmart Inc.		150,652,521		14,185,484		(10,815,338	)		1,298,585			(31,368,667	)		123,952,585		1,598,357		542,287		—
	ProAssurance Corp.		89,093,540		1,920,260		—			—			(10,040,974	)		80,972,826		3,405,081		340,508		—
	Progress Software Corp.		129,785,075		12,971,746		(14,532,919	)		3,328,814			11,720,980			143,273,696		2,912,659		1,034,488		—
	ProPetro Holding Corp.		58,130,526		5,111,449		(3,353,288	)		426,941			(11,337,114	)		48,978,514		5,662,256		—		—
	Proto Labs Inc.		224,020,365		15,089,423		(14,785,649	)		(4,505,469	)		(96,740,338	)		123,078,332		1,848,023		—		—
	Provident Financial Services Inc.		107,090,491		5,965,939		(2,376,568	)		(386,009	)		6,060,972			116,354,825		4,957,598		2,207,648		—

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Quanex Building Products Corp.	$	58,878,219	$	5,084,750	$	(4,942,165	)	$	728,209		$	(11,649,114	)	$	48,099,899		2,246,609	$	362,507		$	—
	QuinStreet Inc.		66,418,697		5,494,017		(5,302,837	)		1,960,152			(10,906,501	)		57,663,528		3,283,800		—			—
	Rambus Inc.		144,699,890		15,524,531		(20,692,270	)		7,790,865			13,605,006			160,928,022		7,249,010		—			—
	Range Resources Corp.		178,037,488		25,321,638		(24,791,084	)		11,526,625			201,241,849			391,336,516		17,292,820		—			—
	Raven Industries Inc.		91,702,149		11,297,997		(11,919,067	)		4,176,060			42,489,062			137,746,201		2,391,012		—			—
	Rayonier Advanced Materials Inc.		38,379,152		2,852,921		(2,623,642	)		(446,876	)		(6,194,943	)		31,966,612		4,262,215		—			—
	RE/MAX Holdings Inc., Class A		48,781,285		4,281,774		(3,473,257	)		(540,580	)		(9,686,165	)		39,363,057		1,263,256		573,913			—
	Ready Capital Corp.		52,226,909		4,752,529		(6,842,600	)		1,314,640			3,286,548			54,738,026		3,793,349		2,454,065			—
	Realogy Holdings Corp.		116,415,788		12,981,248		(11,772,574	)		4,343,011			14,156,222			136,123,695		7,760,758		—			—
	Red Robin Gourmet Burgers Inc.		41,455,842		2,758,912		(2,483,693	)		164,522			(17,713,345	)		24,182,238		1,048,666		—			—
	Redwood Trust Inc.		77,909,585		9,341,960		(7,725,071	)		631,964			16,849,150			97,007,588		7,525,802		(1,598,653	)		—
	REGENXBIO Inc.		79,317,416		13,930,211		(6,506,383	)		(813,039	)		18,685,209			104,613,414		2,495,549		—			—
	Renasant Corp.		146,346,660		4,576,896		—			—			(19,532,157	)		131,391,399		3,644,699		1,592,873			—
	Renewable Energy Group Inc.		159,798,771		66,250,916		(12,232,089	)		6,769,101			(52,717,949	)		167,868,750		3,343,999		—			—
	Rent-A-Center Inc./TX		188,216,886		59,296,986		(17,007,916	)		8,970,105			(13,174,657	)		226,301,404		4,025,999		3,502,024			—
	Resideo Technologies Inc.		269,530,029		27,703,235		(25,677,853	)		8,973,759			(42,597,750	)		237,931,420		9,597,879		—			—
	Resources Connection Inc.		27,882,489		2,480,547		(2,253,572	)		169,587			4,343,464			32,622,515		2,067,333		569,058			—
	Retail Opportunity Investments Corp.		124,886,950		13,574,287		(9,589,267	)		2,037,956			9,967,861			140,877,787		8,087,129		2,351,488			—
	Retail Properties of America Inc., Class A		149,916,023		16,968,409		(16,766,130	)		3,838,762			30,208,440			184,165,504		14,298,564		2,158,580			—
	REX American Resources Corp.		29,976,809		2,317,300		(2,581,295	)		156,729			(1,706,023	)		28,163,520		352,617		—			—
	Rogers Corp.		234,593,790		23,353,493		(23,343,816	)		9,131,468			(11,240,436	)		232,494,499		1,246,753		—			—
	RPT Realty		61,741,735		6,263,155		(6,024,641	)		1,364,503			5,604,304			68,949,056		5,403,531		1,633,499			—
	Ruth’s Hospitality
	Group Inc.		52,674,064		4,419,382		(3,767,101	)		1,521,295			(10,317,578	)		44,530,062		2,150,172		—			—
	S&T Bancorp. Inc.		80,889,971		1,234,146		—			—			(9,850,386	)		72,273,731		2,452,451		1,360,209			—
	Safety Insurance Group Inc.		76,384,673		2,187,735		—			—			(4,685,889	)		73,886,519		932,322		1,675,307			—
	Saia Inc.(a)		404,669,514		30,383,724		(451,402,669	)		279,029,228			(262,679,797	)		—		—		—			—
	Sally Beauty Holdings Inc.		151,369,528		14,541,341		(14,224,192	)		3,884,389			(28,785,769	)		126,785,297		7,524,350		—			—
	Sanmina Corp.		179,079,109		16,614,757		(16,068,805	)		3,842,854			(16,464,730	)		167,003,185		4,333,243		—			—
	ScanSource Inc.		50,908,920		4,236,598		(4,244,965	)		22,502			8,051,596			58,974,651		1,695,161		—			—
	Schweitzer-Mauduit International Inc.		102,654,734		8,177,516		(8,146,885	)		124,891			(30,229,721	)		72,580,535		2,094,072		1,839,336			—
	Seacoast Banking Corp. of Florida		126,008,111		3,756,640		—			—			(8,820,498	)		120,944,253		3,577,174		930,065			—
	SEACOR Holdings Inc.(a)		52,804,380		—		(53,776,240	)		(2,541,659	)		3,513,519			—		—		—			—
	Select Medical Holdings Corp.		245,183,911		26,744,310		(30,922,485	)		8,835,769			6,137,021			255,978,526		7,077,095		1,793,372			—
	Selectquote Inc.		—		144,294,759		(2,944,079	)		(541,629	)		(33,927,667	)		106,881,384		8,266,155		—			—
	Seneca Foods Corp., Class A		21,038,588		1,766,533		(2,476,866	)		467,231			54,456			20,849,942		432,392		—			—

44 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^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Service Properties Trust	$	—	$	138,210,597	$	(647,808	)	$	(65,445	)	$	(14,475,990	)	$	123,021,354		10,974,251	$	108,344	$	—
	ServisFirst Bancshares Inc.		192,353,756		25,733,639		(17,240,280	)		7,664,098			44,126,471			252,637,684		3,247,271		1,284,245		—
	Shake Shack Inc., Class A		272,783,074		34,541,762		(19,414,570	)		6,671,918			(90,176,074	)		204,406,110		2,605,227		—		—
	Shenandoah Telecommunications Co.		162,449,393		13,923,352		(14,118,933	)		89,020			(57,305,668	)		105,037,164		3,326,066		62,394,525		—
	Signet Jewelers Ltd.		202,271,869		23,796,646		(23,091,065	)		10,775,809			63,072,763			276,826,022		3,505,902		624,770		—
	Simmons First National Corp., Class A		198,779,921		3,503,241		—			—			(836,137	)		201,447,025		6,814,852		2,453,347		—
	Simply Good Foods Co. (The)		170,796,223		19,072,690		(19,317,683	)		1,557,961			21,405,025			193,514,216		5,610,734		—		—
	Simulations Plus Inc.		63,927,103		4,731,900		(3,369,553	)		65,142			(24,201,596	)		41,152,996		1,041,848		121,181		—
	SkyWest Inc.		182,815,975		15,058,022		(14,697,532	)		3,520,226			(21,226,613	)		165,470,078		3,353,670		—		—
	Sleep Number Corp.		242,692,385		16,900,706		(28,662,047	)		10,006,782			(93,941,928	)		146,995,898		1,572,485		—		—
	SM Energy Co.		116,373,773		32,224,981		(11,386,565	)		6,445,585			69,212,444			212,870,218		8,069,379		70,418		—
	SMART Global Holdings Inc.(b)		N/A		63,417,076		(5,156,753	)		977,132			9,037,783			68,275,238		1,534,275		—		—
	Sonic Automotive Inc., Class A(e)		77,354,183		—		(15,680,619	)		8,218,901			(40,118,306	)		N/A		N/A		377,853		—
	South Jersey Industries Inc.		151,353,605		37,306,725		(16,742,764	)		(684,346	)		(12,094,636	)		159,138,584		7,485,352		4,334,875		—
	Southside Bancshares Inc.		78,478,220		1,371,633		—			—			(385,467	)		79,464,386		2,075,330		1,344,992		—
	Southwestern Energy Co.(e)		200,682,305		—		(16,664,426	)		5,927,594			(91,327,061	)		N/A		N/A		—		—
	SpartanNash Co.		47,256,948		4,612,884		(4,186,631	)		7,456			5,382,153			53,072,810		2,423,416		974,676		—
	Spectrum Pharmaceuticals Inc.		31,732,618		7,114,932		(2,154,290	)		(1,786,959	)		(10,931,915	)		23,974,386		10,997,425		—		—
	Spok Holdings Inc.(a)		12,435,916		749,864		(10,341,126	)		(6,988,937	)		4,144,283			—		—		148,595		—
	SPS Commerce Inc.		235,546,735		27,182,797		(26,078,911	)		12,225,213			135,885,295			384,761,129		2,385,228		—		—
	SPX Corp.		175,072,798		17,151,405		(16,391,353	)		7,523,915			(22,118,907	)		161,237,858		3,016,611		—		—
	SPX FLOW Inc.		177,921,392		19,528,120		(22,288,154	)		6,202,256			21,213,153			202,576,767		2,771,228		503,935		—
	Stamps.com Inc.		244,301,392		30,323,517		(33,749,095	)		16,616,967			144,358,972			401,851,753		1,218,508		—		—
	Standard Motor Products Inc.		55,827,470		5,326,401		(7,672,215	)		(338,422	)		3,107,034			56,250,268		1,286,897		667,386		—
	Standex International Corp.		78,800,237		6,689,727		(7,730,185	)		1,208,580			1,433,107			80,401,466		812,875		392,203		—
	Stepan Co.		180,914,519		17,166,405		(16,998,432	)		3,974,864			(24,596,496	)		160,460,860		1,420,762		872,035		—
	Steven Madden Ltd.		192,148,702		21,042,984		(22,155,317	)		5,176,601			9,714,619			205,927,589		5,127,679		1,562,122		—
	Stewart Information Services Corp.		84,460,455		3,303,281		—			—			18,338,909			106,102,645		1,677,247		1,098,449		—
	StoneX Group Inc.		71,846,867		7,272,075		(5,741,082	)		2,092,156			(1,576,478	)		73,893,538		1,121,298		—		—
	Strategic Education Inc.		—		133,707,043		(13,540,709	)		(1,365,888	)		(12,528,958	)		106,271,488		1,507,397		989,418		—
	Sturm Ruger & Co. Inc.		77,266,619		8,407,542		(8,340,457	)		1,757,872			7,334,021			86,425,597		1,171,396		2,174,836		—
	Summit Hotel Properties Inc.		71,665,064		6,780,707		(5,923,134	)		(611,535	)		(3,674,395	)		68,236,707		7,085,847		—		—
	SunCoke Energy Inc.		38,766,134		3,564,507		(3,269,976	)		33,111			(4,221,847	)		34,871,929		5,552,855		662,108		—
	Supernus Pharmaceuticals Inc.		92,451,398		9,691,686		(9,562,968	)		(401,387	)		2,175,437			94,354,166		3,537,839		—		—
	Surmodics Inc.		51,794,270		4,007,973		(3,808,040	)		1,592,610			(2,006,749	)		51,580,064		927,699		—		—

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Sykes Enterprises Inc.(a)	$	116,330,161	$	8,506,983	$	(151,379,084	)	$	63,075,809		$	(36,533,869	)	$	—		—	$	—	$	—
	Tabula Rasa Health-Care Inc.		69,016,885		5,533,543		(4,473,879	)		97,611			(29,890,255	)		40,283,905		1,536,967		—		—
	Tactile Systems Technology Inc.		70,989,899		5,962,028		(5,278,689	)		1,251,194			(14,392,983	)		58,531,449		1,316,793		—		—
	Tanger Factory Outlet Centers Inc.		94,547,718		20,708,196		(9,016,526	)		3,147,169			3,412,312			112,798,869		6,920,176		2,341,048		—
	Team Inc.(a)		23,853,460		972,427		(8,444,504	)		(35,714,110	)		19,332,727			—		—		—		—
	TechTarget Inc.		109,352,637		19,247,216		(9,446,258	)		4,478,107			15,414,547			139,046,249		1,687,045		—		—
	Tennant Co.		98,704,814		9,450,530		(8,716,943	)		968,384			(8,502,243	)		91,904,542		1,242,793		571,812		—
	TimkenSteel Corp.		29,752,222		4,895,545		(1,932,914	)		1,284,176			1,948,434			35,947,463		2,748,277		—		—
	Titan International Inc.		31,208,028		2,707,875		(2,279,986	)		913,340			(8,181,973	)		24,367,284		3,403,252		—		—
	Tivity Health Inc.		56,443,441		14,198,747		(4,778,151	)		1,312,920			642,849			67,819,806		2,941,015		—		—
	Tompkins Financial Corp.		66,885,031		5,187,532		(6,245,894	)		659,041			(2,193,815	)		64,291,895		794,610		872,163		—
	Tredegar Corp.		26,151,143		1,873,653		(2,212,211	)		(723,072	)		(4,211,726	)		20,877,787		1,714,104		421,615		—
	TreeHouse Foods Inc.		—		147,658,655		(4,287,064	)		9,014			4,594,574			147,975,179		3,710,511		—		—
	Trinseo SA		163,134,892		14,382,467		(12,631,622	)		2,668,137			(28,032,686	)		139,521,188		2,584,683		1,240,079		—
	Triumph Bancorp. Inc.		116,581,689		14,372,681		(8,490,366	)		3,084,258			31,800,426			157,348,688		1,571,444		—		—
	Triumph Group Inc.		60,192,680		4,875,153		(3,552,884	)		960,012			(75,583	)		62,399,378		3,349,403		—		—
	TrueBlue Inc.		52,315,688		6,157,891		(6,376,998	)		1,113,777			10,787,752			63,998,110		2,363,298		—		—
	Trupanion Inc.		168,434,160		17,110,454		(11,891,449	)		167,028			3,006,436			176,826,629		2,276,640		—		—
	TrustCo Bank Corp. NY		43,967,747		576,389		—			(9	)		(5,920,850	)		38,623,277		1,208,110		823,025		—
	Trustmark Corp.		—		115,396,116		—			—			78,850			115,474,966		3,583,953		818,836		—
	TTM Technologies Inc.		96,156,533		14,674,916		(7,394,314	)		989,553			(14,229,811	)		90,196,877		7,175,567		—		—
	Tupperware Brands Corp.		86,658,763		7,341,620		(6,193,064	)		981,676			(18,646,413	)		70,142,582		3,321,145		—		—
	Two Harbors Investment Corp.		—		172,522,112		(8,681,168	)		(1,093,318	)		(30,276,559	)		132,471,067		20,894,490		6,680,225		—
	U.S. Concrete Inc.(a)		77,938,060		4,194,672		(83,167,724	)		26,772,323			(25,737,331	)		—		—		—		—
	U.S. Ecology Inc.		87,523,657		7,255,252		(7,382,558	)		(1,508,618	)		(18,029,208	)		67,858,525		2,097,636		—		—
	U.S. Physical Therapy Inc.		89,350,175		9,256,730		(9,106,810	)		2,548,088			2,975,908			95,024,091		859,169		625,078		—
	U.S. Silica Holdings Inc.		60,980,792		4,578,057		(4,401,757	)		(451,314	)		(20,763,672	)		39,942,106		4,999,012		—		—
	UFP Industries Inc.		309,413,018		32,726,780		(29,284,984	)		10,772,274			(43,732,218	)		279,894,870		4,117,312		1,235,395		—
	Ultra Clean Holdings Inc.		157,117,530		25,688,482		(11,332,150	)		5,918,680			(50,633,388	)		126,759,154		2,975,567		—		—
	Unifi Inc.		27,826,368		1,939,062		(3,741,422	)		(467,134	)		(5,218,970	)		20,337,904		927,401		—		—
	UniFirst Corp./MA		226,871,246		21,909,234		(21,780,377	)		5,707,644			(16,974,990	)		215,732,757		1,014,640		510,878		—
	uniQure NV		—		88,409,521		(397,006	)		(34,840	)		(11,401,368	)		76,576,307		2,392,262		—		—
	Unisys Corp.		106,761,356		16,466,901		(9,909,453	)		3,137,525			(4,138,150	)		112,318,179		4,467,708		—		—
	United Community Banks Inc./GA		183,178,031		2,956,535		—			—			(7,135,402	)		178,999,164		5,453,966		2,127,047		—
	United Fire Group Inc.		50,020,789		3,238,318		(2,956,192	)		(660,738	)		(16,273,557	)		33,368,620		1,444,529		433,079		—
	United Natural Foods Inc.		123,184,993		13,416,946		(12,393,048	)		4,763,394			52,657,430			181,629,715		3,751,130		—		—
	Uniti Group Inc.		171,226,312		16,810,361		(17,088,169	)		2,119,222			19,129,813			192,197,539		15,537,392		4,145,397		—
	Unitil Corp.		—		63,362,774		(2,903,734	)		(111,037	)		(15,013,395	)		45,334,608		1,059,715		761,845		—
	Universal Corp./VA		96,580,197		8,171,465		(8,132,033	)		112,474			(17,658,520	)		79,073,583		1,636,118		2,546,234		—

46 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^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Universal Electronics Inc.	$	51,056,576	$	4,029,198	$	(5,384,252	)	$	120,843		$	(5,410,685	)	$	44,411,680		901,760	$	—	$	—
	Universal Health Realty Income Trust		57,861,075		4,316,596		(4,112,879	)		(524,708	)		(10,163,745	)		47,376,339		857,180		953,945		—
	Universal Insurance Holdings Inc.		27,164,162		495,048		(651,025	)		(822,132	)		(1,646,247	)		24,539,806		1,881,887		604,639		—
	Urstadt Biddle Properties Inc., Class A		32,429,238		157,179		—			—			4,283,582			36,869,999		1,947,702		596,574		—
	Vanda Pharmaceuticals Inc.		55,053,197		5,950,013		(5,402,615	)		798,363			7,082,597			63,481,555		3,703,708		—		—
	Varex Imaging Corp.		53,641,980		6,280,864		(6,177,764	)		983,130			19,233,566			73,961,776		2,622,758		—		—
	Vector Group Ltd.		119,130,838		11,419,440		(9,040,659	)		1,338,617			(11,747,567	)		111,100,669		8,713,778		3,450,817		—
	Veeco Instruments Inc.		68,739,391		7,136,197		(6,183,693	)		2,200,315			2,547,381			74,439,591		3,351,625		—		—
	Vera Bradley Inc.(b)		N/A		20,364,790		(1,108,020	)		249,238			(3,464,226	)		16,041,782		1,704,759		—		—
	Vericel Corp.		170,156,038		16,643,094		(14,247,770	)		(635,816	)		(20,436,100	)		151,479,446		3,104,087		—		—
	Veritex Holdings Inc.		104,118,999		1,062,634		—			—			21,164,124			126,345,757		3,210,004		1,179,469		—
	Veritiv Corp.		35,329,598		15,061,585		(4,769,395	)		1,747,500			37,151,350			84,520,638		943,732		—		—
	Viad Corp.		56,921,449		5,620,902		(5,682,996	)		719,795			4,366,856			61,946,006		1,364,149		—		—
	Viavi Solutions Inc.		239,361,305		25,055,072		(25,400,312	)		8,518,530			(7,973,149	)		239,561,446		15,219,914		—		—
	Virtus Investment Partners Inc.		111,848,134		9,659,582		(9,775,697	)		5,142,530			30,425,666			147,300,215		474,672		778,374		—
	Vista Outdoor Inc.		124,606,414		14,847,526		(17,654,534	)		8,401,232			23,758,691			153,959,329		3,819,383		—		—
	Wabash National Corp.		65,304,094		4,981,230		(6,814,957	)		(468,032	)		(12,404,997	)		50,597,338		3,344,173		557,268		—
	Waddell & Reed Financial Inc., Class A(a)		103,763,613		1,229,180		(104,784,964	)		27,640,785			(27,848,614	)		—		—		1,035,137		—
	Walker & Dunlop Inc.		200,743,583		19,659,243		(20,447,369	)		11,569,494			9,673,950			221,198,901		1,948,889		1,959,883		—
	Washington REIT		124,495,598		15,689,821		(13,131,399	)		(513,561	)		12,855,872			139,396,331		5,632,175		524,308		—
	Watts Water Technologies Inc., Class A		217,548,120		26,517,960		(25,805,614	)		10,283,263			79,909,153			308,452,882		1,835,046		957,479		—
	WD-40 Co.		279,344,242		21,683,273		(21,930,502	)		5,432,709			(73,310,935	)		211,218,787		912,471		1,311,988		—
	Westamerica Bancorp		105,435,620		3,295,681		—			—			(11,126,108	)		97,605,193		1,734,895		1,397,586		—
	Whitestone REIT		26,085,211		3,919,378		(1,623,298	)		8,459			80,280			28,470,030		2,911,046		263,528		—
	Winnebago Industries Inc.		172,588,602		15,558,395		(15,950,926	)		5,207,545			(15,364,844	)		162,038,772		2,236,560		949,860		—
	WisdomTree Investments Inc.		46,809,031		2,935,483		(4,079,116	)		(43,386	)		(4,394,166	)		41,227,846		7,271,225		294,694		—
	Wolverine World Wide Inc.		210,668,185		19,243,279		(19,426,606	)		2,641,987			(49,819,269	)		163,307,576		5,472,774		1,105,715		—
	World Fuel Services Corp.		—		146,770,226		(3,656,465	)		(82,944	)		(914,269	)		142,116,548		4,227,143		512,212		—
	WSFS Financial Corp.		127,264,286		18,777,193		—			—			4,667,023			150,708,502		2,937,215		699,210		—
	WW International Inc.		—		75,355,873		(334,136	)		(32,114	)		(10,477,151	)		64,512,472		3,534,930		—		—
	Xencor Inc.		166,310,078		13,388,938		(12,557,608	)		(1,789,374	)		(38,549,976	)		126,802,058		3,882,488		—		—
	Xenia Hotels & Resorts Inc.		147,419,259		14,659,171		(10,408,806	)		582,788			(17,382,093	)		134,870,319		7,602,611		—		—
	Xperi Holding Corp.		144,868,422		—		—			—			(19,497,680	)		125,370,742		6,654,498		665,450		—

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)
	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
	Zumiez Inc.	$	59,725,337	$	6,805,140	$	(4,077,949	)	$	1,993,230	$	(6,444,665	)	$	58,001,093		1,458,780	$	—	$	—
									$	3,082,229,881	$	(2,947,814,762	)	$	65,720,576,425			$	401,843,302	$	—

^(a) As of period end, the entity is no longer held.

^(b) As of the beginning of the period, the entity was not considered an affiliate.

^(c) Represents net amount purchased (sold).

^(d) 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.

^(e) As of period end, the entity was not considered an affiliate.

^(f) Formerly the Hibbett Sports Inc.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		1,831		12/17/21	$	201,483	$	(2,033,277	)

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	274,604,609	$	7,830,137	(c)	$	280,670,018		0.4	%
	Monthly	HSBC Bank PLC(d)		02/10/23		181,207,209		3,245,825	(e)		186,089,313		0.3
	Monthly	JPMorgan Chase Bank NA(f)		02/08/23		221,925,294		7,725,604	(g)		228,737,883		0.3
							$	18,801,566		$	695,497,214

^(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c) Amount includes $1,764,728 of net dividends and financing fees.

^(e) Amount includes $(1,636,279) of net dividends, payable for referenced securities purchased and financing fees.

^(g) Amount includes $913,015 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

48 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^® Core S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of September 30, 2021 expiration 2/27/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Aerospace & Defense
Triumph Group Inc.(a)		648,143	$	12,074,904		4.3	%
Banks
BankUnited Inc.		94,902		3,968,802		1.4
Banner Corp.		67,129		3,706,192		1.3
Berkshire Hills Bancorp. Inc.		35,700		963,186		0.4
Brookline Bancorp. Inc.		250,113		3,816,724		1.4
Cadence BanCorp.		74,615		1,638,545		0.6
Central Pacific Financial Corp.		55,517		1,425,677		0.5
City Holding Co.		24,723		1,926,169		0.7
Columbia Banking System Inc.		518,222		19,687,254		7.0
Community Bank System Inc.		37,895		2,592,776		0.9
Eagle Bancorp. Inc.		38,721		2,226,458		0.8
First Bancorp./Southern Pines NC		106,677		4,588,178		1.6
First Commonwealth Financial Corp.		148,094		2,018,521		0.7
First Financial Bancorp		215,916		5,054,594		1.8
First Midwest Bancorp. Inc.		58,066		1,103,835		0.4
Great Western Bancorp. Inc.		67,785		2,219,281		0.8
Hanmi Financial Corp.		105,097		2,108,246		0.8
Heritage Financial Corp./WA		91,050		2,321,775		0.8
Hope Bancorp Inc.		237,944		3,435,911		1.2
Independent Bank Corp.		17,706		1,348,312		0.5
NBT Bancorp. Inc.		49,622		1,792,347		0.6
OFG Bancorp		114,854		2,896,618		1.0
Old National Bancorp./IN		102,742		1,741,477		0.6
Preferred Bank/Los Angeles CA		19,926		1,328,666		0.5
Renasant Corp.		33,823		1,219,319		0.4
S&T Bancorp. Inc.		103,109		3,038,622		1.1
Seacoast Banking Corp. of Florida		19,944		674,307		0.3
Simmons First National Corp.		9,813		290,072		0.1
United Community Banks Inc./GA		127,598		4,187,766		1.5
Veritex Holdings Inc.		30,122		1,185,602		0.4
Westamerica Bancorp		22,529		1,267,482		0.5
				85,772,714
Commercial Services & Supplies
Pitney Bowes Inc.		219,118		1,579,841		0.6
Communications Equipment
Extreme Networks Inc.(a)		1,995,585		19,656,512		7.0
Equity Real Estate Investment Trusts (REITs)
GEO Group Inc. (The)		229,537		1,714,641		0.6
Kite Realty Group Trust		309,956		6,310,704		2.2
NexPoint Residential Trust Inc.		127,045		7,861,545		2.8
SITE Centers Corp.		882,960		13,632,902		4.9
Urstadt Biddle Properties Inc.		38,719		732,951		0.3
				30,252,743
Health Care Providers & Services
RadNet Inc.(a)		204,358		5,989,733		2.1
Insurance
Ambac Financial Group Inc.(a)		95,534		1,368,047		0.5
Assured Guaranty Ltd.		1,138,002		53,269,874		19.0
Employers Holdings Inc.		74,691		2,949,548		1.0
Genworth Financial Inc.(a)		4,698,104		17,617,890		6.3

	Shares		Value		% of  Basket  Value
Horace Mann Educators Corp.		88,820	$	3,534,148		1.2
ProAssurance Corp.		101,466		2,412,861		0.9
Safety Insurance Group Inc.		5,680		450,140		0.2
Stewart Information Services Corp.		42,168		2,667,548		0.9
				84,270,056
Metals & Mining
Warrior Met Coal Inc.		92,441		2,151,102		0.8
Multiline Retail
Macy’s Inc.		65,981		1,491,171		0.5
Oil, Gas & Consumable Fuels
Bonanza Creek Energy Inc.		1,328		63,611		0.0
Green Plains Inc.(a)		83,801		2,736,103		1.0
Par Pacific Holdings Inc.(a)		150,853		2,371,409		0.8
				5,171,123
Software
Vonage Holdings Corp.(a)		1,547,083		24,938,978		8.9
Xperi Holding Corp.		88,244		1,662,517		0.6
				26,601,495
Thrifts & Mortgage Finance
HomeStreet Inc.		28,590		1,176,479		0.4
Mr Cooper Group Inc.(a)		23,716		976,388		0.4
Northwest Bancshares Inc.		193,023		2,563,345		0.9
TrustCo Bank Corp. NY		29,478		942,412		0.3
				5,658,624
Total Reference Entity — Long				280,670,018
Net Value of Reference Entity — Goldman Sachs Bank USA			$	280,670,018

^(a) Non-income producing security.

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Aerospace & Defense
Triumph Group Inc.		170,048	$	3,167,994		1.7	%
Banks
Bancorp. Inc. (The)		330,709		8,416,544		4.5
BankUnited Inc.		47,261		1,976,455		1.1
Community Bank System Inc.		27,311		1,868,619		1.0
First BanCorp./Puerto Rico		109,600		1,441,240		0.8
Lakeland Financial Corp.		50,137		3,571,760		1.9
Preferred Bank/Los Angeles CA		12,145		809,829		0.4
Southside Bancshares Inc.		73,069		2,797,812		1.5
Trustmark Corp.		537,591		17,321,182		9.3
				38,203,441
Equity Real Estate Investment Trusts (REITs)
SITE Centers Corp.		689,778		10,650,172		5.7
Multiline Retail
Macy’s Inc.		329,796		7,453,390		4.0

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

	Shares		Value		% of  Basket  Value
Multi-Utilities
Avista Corp.		19,438	$	760,415		0.4
Oil, Gas & Consumable Fuels
Bonanza Creek Energy Inc.		559,103		26,781,034		14.4
Green Plains Inc.		712,203		23,253,428		12.5
Par Pacific Holdings Inc.		79,404		1,248,231		0.7
				51,282,693
Software
Vonage Holdings Corp.		720,225		11,610,027		6.3
Thrifts & Mortgage Finance
Flagstar Bancorp. Inc.		188,027		9,548,011		5.1
Mr Cooper Group Inc.		1,195,143		49,204,037		26.4
Provident Financial Services Inc.		179,341		4,209,133		2.3
				62,961,181
Total Reference Entity — Long				186,089,313
Net Value of Reference Entity — HSBC Bank PLC			$	186,089,313

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of September 30, 2021 expiration 2/8/2023.

	Shares		Value		% of  Basket  Value
Reference Entity — Long
Aerospace & Defense
Triumph Group Inc.(a)		125,892	$	2,345,368		1.0%
Banks
Banner Corp.		78,571		4,337,905		1.9
Brookline Bancorp. Inc.		36,148		551,618		0.2
Cadence BanCorp.		98,624		2,165,783		0.9
Central Pacific Financial Corp.		228,485		5,867,495		2.6
Columbia Banking System Inc.		66,089		2,510,721		1.1
Community Bank System Inc.		18,500		1,265,770		0.6
Eagle Bancorp. Inc.		26,490		1,523,175		0.7
First BanCorp./Puerto Rico		403,044		5,300,029		2.3
First Bancorp./Southern Pines NC		7,873		338,618		0.1
First Commonwealth Financial Corp.		264,952		3,611,296		1.6
First Midwest Bancorp. Inc.		202,659		3,852,548		1.7
Great Western Bancorp. Inc.		32,309		1,057,797		0.5
Hanmi Financial Corp.		21,396		429,204		0.2
Heritage Financial Corp./WA		29,054		740,877		0.3
Hilltop Holdings Inc.		178,741		5,839,468		2.6
Hope Bancorp Inc.		5,631		81,312		0.0
Independent Bank Corp.		43,696		3,327,450		1.5
National Bank Holdings Corp.		14,466		585,584		0.3
NBT Bancorp. Inc.		27,650		998,718		0.4
OFG Bancorp		21,561		543,768		0.2
Old National Bancorp./IN		334,495		5,669,690		2.5
Preferred Bank/Los Angeles CA		4,778		318,597		0.1
Renasant Corp.		39,238		1,414,530		0.6
S&T Bancorp. Inc.		37,755		1,112,640		0.5

	Shares		Value		% of  Basket  Value
Seacoast Banking Corp. of Florida		61,207	$	2,069,409		0.9
Simmons First National Corp.		321,199		9,494,642		4.1
Southside Bancshares Inc.		6,500		248,885		0.1
United Community Banks Inc./GA		135,180		4,436,608		1.9
Veritex Holdings Inc.		16,763		659,792		0.3
Westamerica Bancorp		14,743		829,441		0.4
				71,183,370
Communications Equipment
Extreme Networks Inc.(a)		522,686		5,148,457		2.3
Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		91,251		1,854,220		0.8
Easterly Government Properties Inc.		178,772		3,693,430		1.6
GEO Group Inc. (The)		175,084		1,307,877		0.6
Kite Realty Group Trust		66,450		1,352,922		0.6
NexPoint Residential Trust Inc.		15,570		963,472		0.4
SITE Centers Corp.		991,973		15,316,063		6.7
				24,487,984
Health Care Providers & Services
RadNet Inc.(a)		210,760		6,177,376		2.7
Insurance
Ambac Financial Group Inc.(a)		736,957		10,553,224		4.6
Employers Holdings Inc.		53,093		2,096,643		0.9
Genworth Financial Inc.(a)		329,118		1,234,193		0.6
Horace Mann Educators Corp.		46,564		1,852,782		0.8
ProAssurance Corp.		55,826		1,327,542		0.6
Stewart Information Services Corp.		54,166		3,426,541		1.5
				20,490,925
Metals & Mining
Warrior Met Coal Inc.		829,955		19,313,053		8.4
Multiline Retail
Macy’s Inc.		281,151		6,354,013		2.8
Oil, Gas & Consumable Fuels
Par Pacific Holdings Inc.(a)		316,412		4,973,997		2.2
Software
Vonage Holdings Corp.(a)		2,515,910		40,556,469		17.7
Xperi Holding Corp.		171,160		3,224,654		1.4
				43,781,123
Thrifts & Mortgage Finance
Meta Financial Group Inc.		13,866		727,688		0.3
Mr Cooper Group Inc.(a)		279,274		11,497,711		5.0
Northwest Bancshares Inc.		70,424		935,231		0.4
TrustCo Bank Corp. NY		33,745		1,078,828		0.5
WSFS Financial Corp.		199,625		10,242,759		4.5
				24,482,217
Total Reference Entity — Long				228,737,883
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	228,737,883

^(a) Non-income producing security.

50 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^® Core S&P Small-Cap ETF

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$18,801,566		$—

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
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	18,801,566
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,033,277

^(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	$	7,599,879
Swaps		(41,719,725	)
	$	(34,119,846	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,156,992	)
Swaps		66,955,963
	$	60,798,971

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	257,441,078
Total return swaps:
Average notional value	$	813,597,301

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	2,033,277
Swaps - OTC(a)		18,801,566		—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		18,801,566		2,033,277
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(2,033,277	)
Total derivative assets and liabilities subject to an MNA		18,801,566		—

^(a) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Small-Cap ETF

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets
Goldman Sachs Bank USA	$	7,830,137	$	—		$	—	$	(7,830,137	)	$	—
HSBC Bank PLC		3,245,825		—			—		(3,245,825	)		—
JPMorgan Chase Bank NA		7,725,604		—			—		(7,725,604	)		—
	$	18,801,566	$	—		$	—	$	(18,801,566	)	$	—

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b) Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

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	$	67,915,935,353		$	—	$	—	$	67,915,935,353
Money Market Funds		3,497,517,384			—		—		3,497,517,384
	$	71,413,452,737		$	—	$	—	$	71,413,452,737
Derivative financial instruments(a)
Assets
Swaps	$	—		$	18,801,566	$	—	$	18,801,566
Liabilities
Futures Contracts		(2,033,277	)		—		—		(2,033,277	)
	$	(2,033,277	)	$	18,801,566	$	—	$	16,768,289

^(a) Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

52 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
AAR Corp.(a)		32,918	$	1,067,531
Aerojet Rocketdyne Holdings Inc.		68,036		2,962,968
Aerovironment Inc.(a)(b)		19,747		1,704,561
Air Industries Group(a)		8,278		8,857
Astra Space Inc.(a)		115,785		1,006,172
Astronics Corp.(a)(b)		24,199		340,238
Astrotech Corp.(a)		1,452		1,525
Axon Enterprise Inc.(a)		62,230		10,891,495
Boeing Co. (The)(a)		511,827		112,571,230
BWX Technologies Inc.		93,300		5,025,138
Byrna Technologies Inc.(a)		32,211		704,132
CPI Aerostructures Inc.(a)(b)		8,141		22,388
Curtiss-Wright Corp.		34,510		4,354,472
Ducommun Inc.(a)(b)		8,608		433,413
General Dynamics Corp.		214,352		42,019,422
HEICO Corp.(b)		39,077		5,153,084
HEICO Corp., Class A		68,364		8,096,348
Hexcel Corp.(a)		84,567		5,022,434
Howmet Aerospace Inc.		370,023		11,544,718
Huntington Ingalls Industries Inc.		36,218		6,992,247
Innovative Solutions & Support Inc.		16,238		116,102
Kaman Corp.		25,204		899,027
Kratos Defense & Security Solutions Inc.(a)		116,745		2,604,581
L3Harris Technologies Inc.		181,115		39,888,768
Lockheed Martin Corp.		225,608		77,857,321
Maxar Technologies Inc.		63,710		1,804,267
Mercury Systems Inc.(a)		51,310		2,433,120
Momentus Inc.(a)		86,526		917,176
Moog Inc., Class A		24,076		1,835,313
National Presto Industries Inc.		7,559		620,443
Northrop Grumman Corp.		136,527		49,170,199
PAE Inc.(a)		55,637		332,709
Park Aerospace Corp.		17,138		234,448
Parsons Corp.(a)(b)		17,681		596,910
Raytheon Technologies Corp.		1,401,612		120,482,567
SIFCO Industries Inc.(a)		614		5,280
Spirit AeroSystems Holdings Inc., Class A(b)		99,368		4,391,072
Textron Inc.		213,835		14,927,821
TransDigm Group Inc.(a)		48,682		30,405,317
Triumph Group Inc.(a)		79,282		1,477,024
Vectrus Inc.(a)		8,625		433,665
Virgin Galactic Holdings Inc.(a)(b)		172,093		4,353,953
Virtra Inc.(a)(b)		7,235		73,363
				575,782,819
Air Freight & Logistics — 0.5%
Air T Inc.(a)(b)		379		10,468
Air Transport Services Group Inc.(a)		53,104		1,370,614
Atlas Air Worldwide Holdings Inc.(a)(b)		24,839		2,028,850
CH Robinson Worldwide Inc.		126,865		11,037,255
Echo Global Logistics Inc.(a)		21,969		1,048,141
Expeditors International of Washington Inc.		155,418		18,514,946
FedEx Corp.		229,225		50,266,750
Forward Air Corp.		25,988		2,157,524
GXO Logistics Inc.(a)		95,943		7,525,769
Hub Group Inc., Class A(a)		33,242		2,285,388
Radiant Logistics Inc.(a)		26,206		167,456
United Parcel Service Inc., Class B		672,794		122,515,787
				218,928,948

Security	Shares		Value
Airlines — 0.3%
Alaska Air Group Inc.(a)		118,021	$	6,916,031
Allegiant Travel Co.(a)		15,196		2,970,514
American Airlines Group Inc.(a)		606,235		12,439,942
Blade Air Mobility Inc.(a)(b)		72,976		758,950
Delta Air Lines Inc.(a)		584,063		24,886,925
Frontier Group Holdings Inc.(a)(b)		43,848		692,360
Hawaiian Holdings Inc.(a)		50,829		1,100,956
JetBlue Airways Corp.(a)		284,414		4,348,690
Joby Aviation Inc.(a)(b)		246,969		2,484,508
SkyWest Inc.(a)		51,167		2,524,580
Southwest Airlines Co.(a)		541,742		27,861,791
Spirit Airlines Inc.(a)(b)		102,545		2,660,017
Sun Country Airlines Holdings Inc.(a)(b)		20,726		695,150
United Airlines Holdings Inc.(a)(b)		299,767		14,259,916
Wheels Up Experience Inc.(a)		164,332		1,082,948
				105,683,278
Auto Components — 0.3%
Adient PLC(a)		79,874		3,310,777
American Axle & Manufacturing Holdings Inc.(a)		100,109		881,960
Aptiv PLC(a)		253,971		37,834,060
Autoliv Inc.		76,668		6,571,981
BorgWarner Inc.		213,082		9,207,273
Cooper-Standard Holdings Inc.(a)		14,600		319,886
Dana Inc.		141,096		3,137,975
Dorman Products Inc.(a)(b)		25,714		2,434,344
Fox Factory Holding Corp.(a)		41,889		6,054,636
Garrett Motion Inc.(a)(b)		120,871		890,819
Gentex Corp.		209,822		6,919,930
Gentherm Inc.(a)		27,579		2,231,969
Goodyear Tire & Rubber Co. (The)(a)		274,971		4,866,987
Horizon Global Corp.(a)		43,482		305,679
LCI Industries		24,897		3,351,883
Lear Corp.		56,862		8,897,766
Luminar Technologies Inc.(a)(b)		178,688		2,787,533
Modine Manufacturing Co.(a)(b)		66,528		753,762
Motorcar Parts of America Inc.(a)		32,608		635,856
Patrick Industries Inc.		24,090		2,006,697
QuantumScape Corp.(a)(b)		215,523		5,288,934
Standard Motor Products Inc.		23,276		1,017,394
Stoneridge Inc.(a)(b)		25,116		512,115
Superior Industries International Inc.(a)		66,456		468,515
Sypris Solutions Inc.(a)(b)		16,991		60,658
Tenneco Inc., Class A(a)		78,416		1,118,996
Unique Fabricating Inc.(a)(b)		714		2,356
Veoneer Inc.(a)		98,852		3,366,899
Visteon Corp.(a)		24,454		2,308,213
XL Fleet Corp.(a)(b)		87,484		538,902
XPEL Inc.(a)		13,814		1,047,930
				119,132,685
Automobiles — 1.8%
Arcimoto Inc.(a)(b)		21,716		248,214
Canoo Inc.(a)(b)		133,097		1,023,516
Fisker Inc.(a)(b)		144,408		2,115,577
Ford Motor Co.(a)		3,656,526		51,776,408
General Motors Co.(a)		1,328,713		70,036,462
Harley-Davidson Inc.		143,351		5,248,080
Lordstown Motors Corp., Class A(a)(b)		93,170		743,497
Lucid Group Inc.(a)(b)		511,574		12,983,748
Tesla Inc.(a)		750,982		582,371,521

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Automobiles (continued)
Thor Industries Inc.		52,517	$	6,446,987
Winnebago Industries Inc.		35,570		2,577,047
Workhorse Group Inc.(a)(b)		88,959		680,536
				736,251,593
Banks — 4.4%
1st Constitution Bancorp		9,023		213,574
1st Source Corp.		16,272		768,689
ACNB Corp.		7,766		217,448
Affinity Bancshares Inc.(a)		2,365		33,276
Allegiance Bancshares Inc.		15,975		609,446
Altabancorp		21,278		939,636
Amalgamated Financial Corp.		32,648		516,491
Amerant Bancorp Inc.(a)		27,467		679,534
American National Bankshares Inc.		17,839		589,401
Ameris Bancorp		45,590		2,365,209
AmeriServ Financial Inc.		16,695		65,277
Ames National Corp.		9,687		225,320
Arrow Financial Corp.		11,123		382,186
Associated Banc-Corp.		142,197		3,045,860
Atlantic Capital Bancshares Inc.(a)		9,460		250,595
Atlantic Union Bankshares Corp.		71,455		2,633,117
Auburn National Bancorp. Inc.		595		20,230
Banc of California Inc.		49,121		908,247
BancFirst Corp.		16,522		993,303
Bancorp. Inc. (The)(a)		33,768		859,396
BancorpSouth Bank		91,997		2,739,671
Bank First Corp.		8,438		598,001
Bank of America Corp.		6,883,299		292,196,043
Bank of Commerce Holdings		11,842		179,643
Bank of Hawaii Corp.		37,596		3,089,263
Bank of Marin Bancorp., Class A		19,834		748,733
Bank of Princeton (The)		16,752		503,230
Bank of South Carolina Corp.		960		19,306
Bank of the James Financial Group Inc.		852		12,439
Bank OZK		109,725		4,715,980
Bank7 Corp.		2,920		62,576
BankFinancial Corp.		7,593		87,168
BankUnited Inc.		65,208		2,726,999
Bankwell Financial Group Inc.		8,703		256,129
Banner Corp.		19,279		1,064,394
Bar Harbor Bankshares		16,162		453,344
Baycom Corp.(a)		24,393		453,710
BCB Bancorp. Inc.		10,899		160,869
Berkshire Hills Bancorp. Inc.		42,958		1,159,007
BOK Financial Corp.		27,815		2,490,833
Brookline Bancorp. Inc.		34,474		526,073
Bryn Mawr Bank Corp.		17,137		787,445
Business First Bancshares Inc.		22,941		536,590
Byline Bancorp Inc.		27,000		663,120
C&F Financial Corp.		704		37,389
Cadence BanCorp.		101,829		2,236,165
Cambridge Bancorp		7,376		649,088
Camden National Corp.		9,007		431,435
Capital City Bank Group Inc.		8,639		213,729
Capstar Financial Holdings Inc.		33,892		719,866
Carter Bankshares Inc.(a)		12,069		171,621
Cathay General Bancorp		72,678		3,008,142
CB Financial Services Inc.		829		19,092
CBTX Inc.		16,864		444,872
Central Pacific Financial Corp.		9,084		233,277

Security	Shares		Value
Banks (continued)
Central Valley Community Bancorp		8,432	$	181,288
Century Bancorp. Inc./MA, Class A, NVS		1,519		175,050
Chemung Financial Corp.		1,353		61,291
CIT Group Inc.		92,071		4,783,088
Citigroup Inc.		1,883,941		132,214,979
Citizens & Northern Corp.		10,432		263,512
Citizens Community Bancorp. Inc./WI		799		11,106
Citizens Financial Group Inc.		391,066		18,372,281
Citizens Holding Co.		828		15,475
City Holding Co.		12,074		940,685
Civista Bancshares Inc.		10,494		243,776
CNB Financial Corp./PA		10,624		258,588
Coastal Financial Corp./WA(a)		29,130		928,082
Codorus Valley Bancorp. Inc.		10,965		247,151
Colony Bankcorp Inc.		7,779		145,701
Columbia Banking System Inc.		49,769		1,890,724
Comerica Inc.		123,434		9,936,437
Commerce Bancshares Inc.		100,350		6,992,388
Community Bank System Inc.		43,616		2,984,207
Community Bankers Trust Corp.		20,811		236,621
Community Financial Corp. (The)		1,709		63,011
Community Trust Bancorp. Inc.		16,611		699,323
Community West Bancshares		7,785		103,151
ConnectOne Bancorp. Inc.		31,779		953,688
County Bancorp. Inc.(b)		2,026		73,848
CrossFirst Bankshares Inc.(a)		65,666		853,658
Cullen/Frost Bankers Inc.		58,046		6,885,417
Customers Bancorp. Inc.(a)		20,203		869,133
CVB Financial Corp.		108,076		2,201,508
Dime Community Bancshares Inc.		39,264		1,282,362
Eagle Bancorp. Inc.		22,012		1,265,690
Eagle Bancorp. Montana Inc.		1,904		42,592
East West Bancorp. Inc.		134,417		10,422,694
Eastern Bankshares Inc.		176,057		3,573,957
Emclaire Financial Corp.		214		5,669
Enterprise Bancorp. Inc./MA		7,888		283,574
Enterprise Financial Services Corp.		39,339		1,781,270
Equity Bancshares Inc., Class A		9,673		322,885
Evans Bancorp. Inc.		1,835		70,280
Farmers & Merchants Bancorp. Inc./Archbold OH		18,714		419,194
Farmers National Banc Corp.		19,316		303,454
FB Financial Corp.		32,224		1,381,765
Fidelity D&D Bancorp. Inc.		7,902		398,498
Fifth Third Bancorp		634,164		26,913,920
Financial Institutions Inc.		11,887		364,337
First Bancorp. Inc. (The)		8,549		249,118
First BanCorp./Puerto Rico		143,825		1,891,299
First Bancorp./Southern Pines NC		15,784		678,870
First Bancshares Inc. (The)		28,569		1,107,906
First Bank/Hamilton NJ		8,207		115,637
First Busey Corp.		40,463		996,604
First Business Financial Services Inc.		9,308		267,233
First Capital Inc.		978		39,883
First Citizens BancShares Inc./NC, Class A(b)		7,143		6,022,763
First Commonwealth Financial Corp.		43,678		595,331
First Community Bankshares Inc.		16,241		515,165
First Community Corp./SC		7,814		155,889
First Financial Bancorp		66,509		1,556,976
First Financial Bankshares Inc.		119,088		5,472,094
First Financial Corp./IN		9,720		408,726

54 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
First Financial Northwest Inc.		8,543	$	139,849
First Foundation Inc.		59,527		1,565,560
First Guaranty Bancshares Inc.		22,616		453,903
First Hawaiian Inc.		124,623		3,657,685
First Horizon Corp.		503,528		8,202,471
First Internet Bancorp		1,999		62,329
First Interstate BancSystem Inc., Class A		32,200		1,296,372
First Merchants Corp.		49,301		2,062,754
First Mid Bancshares Inc.		23,003		944,503
First Midwest Bancorp. Inc.		82,119		1,561,082
First National Corp./VA(b)		3,235		74,567
First Northwest Bancorp		10,930		191,931
First of Long Island Corp. (The)		24,351		501,631
First Republic Bank/CA		162,577		31,357,852
First Savings Financial Group Inc.		642		18,053
First U.S. Bancshares Inc.		7,703		82,730
First United Corp.		7,935		147,591
Flushing Financial Corp.		25,236		570,334
FNB Corp.		347,590		4,038,996
Franklin Financial Services Corp.		883		28,565
Fulton Financial Corp.		151,586		2,316,234
FVCBankcorp Inc.(a)(b)		30,539		610,475
German American Bancorp. Inc.		17,636		681,279
Glacier Bancorp. Inc.		85,820		4,750,137
Glen Burnie Bancorp		598		7,385
Great Southern Bancorp. Inc.		8,496		465,666
Great Western Bancorp. Inc.		30,365		994,150
Guaranty Bancshares Inc./TX		18,944		679,142
Hancock Whitney Corp.		92,812		4,373,301
Hanmi Financial Corp.		14,565		292,174
Harborone Bancorp. Inc.		61,554		864,218
Hawthorn Bancshares Inc.		8,614		199,500
HBT Financial Inc.		8,417		130,884
Heartland Financial USA Inc.		42,519		2,044,314
Heritage Commerce Corp.		68,415		795,666
Heritage Financial Corp./WA		22,267		567,808
Hilltop Holdings Inc.		67,112		2,192,549
Home BancShares Inc./AR		143,799		3,383,590
HomeTrust Bancshares Inc.		16,598		464,412
Hope Bancorp Inc.		85,049		1,228,108
Horizon Bancorp Inc./IN		24,667		448,199
Howard Bancorp. Inc.(a)		2,396		48,591
Huntington Bancshares Inc./OH		1,383,100		21,382,726
Independent Bank Corp.		24,726		1,882,885
Independent Bank Corp./MI		17,712		380,454
Independent Bank Group Inc.		35,818		2,544,511
International Bancshares Corp.		49,490		2,060,764
Investar Holding Corp.		9,898		217,954
Investors Bancorp. Inc.		163,794		2,474,927
JPMorgan Chase & Co.		2,777,571		454,660,597
KeyCorp.		875,669		18,931,964
Lakeland Bancorp. Inc.		34,482		607,918
Lakeland Financial Corp.		24,660		1,756,778
Landmark Bancorp. Inc./Manhattan KS		820		22,706
LCNB Corp.		10,070		177,635
Limestone Bancorp. Inc.(a)		457		8,212
Live Oak Bancshares Inc.(b)		33,601		2,138,032
M&T Bank Corp.		118,321		17,670,058
Macatawa Bank Corp.		28,245		226,807
MainStreet Bancshares Inc.(a)(b)		3,013		72,282

Security	Shares		Value
Banks (continued)
Malvern Bancorp. Inc.(a)(b)		7,752	$	131,706
Mercantile Bank Corp.		16,308		522,345
Meridian Corp.		1,164		33,372
Metrocity Bankshares Inc.		17,982		377,083
Metropolitan Bank Holding Corp.(a)		7,323		617,329
Mid Penn Bancorp. Inc.		2,541		70,005
Middlefield Banc Corp.		538		12,950
Midland States Bancorp. Inc.		22,977		568,221
MidWestOne Financial Group Inc.		9,331		281,423
MVB Financial Corp.		9,539		408,555
National Bank Holdings Corp., Class A		23,140		936,707
National Bankshares Inc.		9,073		329,441
NBT Bancorp. Inc.		36,179		1,306,785
Nicolet Bankshares Inc.(a)(b)		9,791		726,296
Northeast Bank		1,049		35,372
Northrim Bancorp. Inc.		7,786		330,983
Norwood Financial Corp.		2,275		58,490
Oak Valley Bancorp		7,755		137,806
OceanFirst Financial Corp.		51,842		1,109,937
OFG Bancorp		36,448		919,219
Ohio Valley Banc Corp.		781		21,306
Old National Bancorp./IN		126,939		2,151,616
Old Point Financial Corp.		766		16,423
Old Second Bancorp. Inc.		28,128		367,352
Origin Bancorp Inc.		15,988		677,092
Orrstown Financial Services Inc.		9,908		231,847
Pacific Mercantile Bancorp.(a)		9,205		84,778
Pacific Premier Bancorp. Inc.		80,724		3,345,203
PacWest Bancorp		100,093		4,536,215
Park National Corp.		16,621		2,026,931
Parke Bancorp. Inc.		8,979		196,909
Pathfinder Bancorp. Inc.		713		11,622
Patriot National Bancorp Inc.(a)		59		619
Peapack Gladstone Financial Corp.		11,907		397,218
Penns Woods Bancorp. Inc.		10,515		249,836
Peoples Bancorp. Inc./OH		24,730		781,715
Peoples Bancorp. of North Carolina Inc.		893		25,352
Peoples Financial Services Corp.		7,804		355,628
People’s United Financial Inc.		406,726		7,105,503
Pinnacle Financial Partners Inc.		74,998		7,055,812
Plumas Bancorp		7,592		237,857
PNC Financial Services Group Inc. (The)		395,002		77,278,191
Popular Inc.		74,162		5,760,163
Preferred Bank/Los Angeles CA		7,979		532,040
Primis Financial Corp.		18,785		271,631
Prosperity Bancshares Inc.		87,442		6,219,749
QCR Holdings Inc.		9,032		464,606
RBB Bancorp		25,580		644,872
Regions Financial Corp.		882,743		18,811,253
Reliant Bancorp Inc.		24,199		764,446
Renasant Corp.		43,757		1,577,440
Republic Bancorp. Inc./KY, Class A		9,074		459,598
Republic First Bancorp. Inc.(a)(b)		31,080		95,726
Riverview Financial Corp.(a)		7,648		100,801
S&T Bancorp. Inc.		20,399		601,159
Salisbury Bancorp. Inc.		207		10,868
Sandy Spring Bancorp. Inc.		57,574		2,638,041
SB Financial Group Inc.		2,194		39,711
Seacoast Banking Corp. of Florida		39,119		1,322,613
Select Bancorp. Inc.(a)		8,348		144,003

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
ServisFirst Bancshares Inc.		45,319	$	3,525,818
Shore Bancshares Inc.		14,330		254,071
Sierra Bancorp		9,971		242,096
Signature Bank/New York NY		57,722		15,716,546
Silvergate Capital Corp., Class A(a)		18,109		2,091,589
Simmons First National Corp., Class A		85,337		2,522,562
SmartFinancial Inc.		9,174		237,148
Sound Financial Bancorp. Inc.(b)		260		11,700
South Plains Financial Inc.		2,685		65,460
South State Corp.		66,993		5,002,367
Southern First Bancshares Inc.(a)		7,701		412,003
Southside Bancshares Inc.		22,706		869,413
Spirit of Texas Bancshares Inc.		25,028		605,678
Sterling Bancorp./DE		194,786		4,861,859
Stock Yards Bancorp. Inc.		32,998		1,935,333
Summit Financial Group Inc.		8,423		206,448
Summit State Bank		868		17,186
SVB Financial Group(a)		54,495		35,251,726
Synovus Financial Corp.		143,900		6,315,771
Texas Capital Bancshares Inc.(a)		51,590		3,096,432
Tompkins Financial Corp.		9,114		737,414
Towne Bank/Portsmouth VA		58,632		1,824,042
TriCo Bancshares		33,493		1,453,596
TriState Capital Holdings Inc.(a)(b)		19,876		420,377
Triumph Bancorp. Inc.(a)		19,593		1,961,847
Truist Financial Corp.		1,240,764		72,770,809
Trustmark Corp.		60,524		1,950,083
U.S. Bancorp		1,254,135		74,545,784
UMB Financial Corp.		41,477		4,011,241
Umpqua Holdings Corp.		204,604		4,143,231
Union Bankshares Inc./Morrisville VT		808		25,824
United Bancorp. Inc./OH		7,608		109,175
United Bancshares Inc./OH		679		20,710
United Bankshares Inc./WV		110,531		4,021,118
United Community Banks Inc./GA		68,926		2,262,151
United Security Bancshares/Fresno CA		9,274		74,192
Unity Bancorp. Inc.		7,763		181,654
Univest Financial Corp.		49,561		1,357,476
Valley National Bancorp		402,112		5,352,111
Veritex Holdings Inc.		31,763		1,250,192
Village Bank and Trust Financial Corp.(a)		113		5,836
Virginia National Bankshares Corp.(b)		883		31,912
Washington Trust Bancorp. Inc.		16,037		849,640
Webster Financial Corp.		84,238		4,587,601
Wells Fargo & Co.		3,817,077		177,150,544
WesBanco Inc.		59,374		2,023,466
West Bancorp. Inc.		16,264		488,408
Westamerica Bancorp		18,425		1,036,590
Western Alliance Bancorp		99,649		10,843,804
Wintrust Financial Corp.		60,343		4,849,767
Zions Bancorp. NA		145,372		8,997,073
				1,844,022,673
Beverages — 1.2%
Alkaline Water Co. Inc. (The)(a)(b)		178,938		284,512
Boston Beer Co. Inc. (The), Class A, NVS(a)		8,617		4,392,516
Brown-Forman Corp., Class A		51,490		3,226,878
Brown-Forman Corp., Class B, NVS		175,024		11,728,358
Celsius Holdings Inc.(a)(b)		39,335		3,543,690
Coca-Cola Co. (The)		3,582,475		187,972,463
Coca-Cola Consolidated Inc.		3,700		1,458,466

Security	Shares		Value
Beverages (continued)
Constellation Brands Inc., Class A		155,360	$	32,732,799
Duckhorn Portfolio Inc. (The)(a)		34,030		778,947
Eastside Distilling Inc.(a)(b)		7,824		20,342
Keurig Dr Pepper Inc.		685,133		23,404,143
MGP Ingredients Inc.		9,858		641,756
Molson Coors Beverage Co., Class B		176,823		8,201,051
Monster Beverage Corp.(a)		349,023		31,003,713
National Beverage Corp.		15,490		813,070
NewAge Inc.(a)(b)		99,552		138,377
PepsiCo Inc.		1,268,171		190,745,600
Reed’s Inc.(a)(b)		8,618		5,171
Willamette Valley Vineyards Inc.(a)(b)		794		10,100
				501,101,952
Biotechnology — 2.7%
4D Molecular Therapeutics Inc.(a)		17,082		460,702
89bio Inc.(a)		5,703		111,722
Aadi Bioscience Inc.(a)		8,939		262,537
AbbVie Inc.		1,642,666		177,194,381
Abeona Therapeutics Inc.(a)(b)		24,744		27,713
ACADIA Pharmaceuticals Inc.(a)(b)		111,332		1,849,225
Acceleron Pharma Inc.(a)(b)		51,905		8,932,850
Achieve Life Sciences Inc.(a)		94		799
Acorda Therapeutics Inc.(a)		7,060		32,476
Actinium Pharmaceuticals Inc.(a)(b)		6,025		53,381
Adagio Therapeutics Inc.(a)(b)		17,147		724,289
Adamas Pharmaceuticals Inc.(a)		33,348		163,739
Adicet Bio Inc.(a)		10,030		78,635
ADMA Biologics Inc.(a)(b)		53,362		60,299
Advaxis Inc.(a)(b)		156,937		81,843
Adverum Biotechnologies Inc.(a)		103,018		223,549
Aeglea BioTherapeutics Inc.(a)(b)		14,330		113,923
Agenus Inc.(a)(b)		194,933		1,023,398
AgeX Therapeutics Inc.(a)(b)		6,846		6,435
Agios Pharmaceuticals Inc.(a)(b)		51,289		2,366,987
AIkido Pharma Inc.(a)(b)		39,264		32,350
AIM ImmunoTech Inc.(a)(b)		8,502		17,174
Akebia Therapeutics Inc.(a)(b)		161,088		463,933
Akero Therapeutics Inc.(a)(b)		17,519		391,550
Albireo Pharma Inc.(a)		13,758		429,250
Aldeyra Therapeutics Inc.(a)(b)		73,552		645,787
Alector Inc.(a)(b)		45,381		1,035,594
Alkermes PLC(a)		145,959		4,501,376
Allakos Inc.(a)(b)		32,554		3,446,492
Allena Pharmaceuticals Inc.(a)(b)		74,046		66,804
Allogene Therapeutics Inc.(a)		58,437		1,501,831
Allovir Inc.(a)		50,037		1,253,927
Alnylam Pharmaceuticals Inc.(a)		110,271		20,820,267
Alpine Immune Sciences Inc.(a)(b)		718		7,661
Altimmune Inc.(a)		47,162		533,402
ALX Oncology Holdings Inc.(a)(b)		8,623		636,895
Amgen Inc.		527,865		112,250,492
Amicus Therapeutics Inc.(a)(b)		256,471		2,449,298
AnaptysBio Inc.(a)		22,910		621,319
Anavex Life Sciences Corp.(a)(b)		56,912		1,021,570
Anika Therapeutics Inc.(a)(b)		16,077		684,237
Anixa Biosciences Inc.(a)(b)		8,467		40,388
Annexon Inc.(a)		26,169		487,005
Annovis Bio Inc.(a)(b)		8,563		271,875
Apellis Pharmaceuticals Inc.(a)(b)		62,209		2,050,409
Applied Genetic Technologies Corp./DE(a)(b)		30,899		93,006

56 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Applied Molecular Transport Inc.(a)(b)		12,429	$	321,538
Applied Therapeutics Inc.(a)		9,070		150,562
Aprea Therapeutics Inc.(a)(b)		13,350		68,218
Aptevo Therapeutics Inc.(a)		1,033		15,950
Aptinyx Inc., Class A(a)		14,896		34,857
AquaBounty Technologies Inc.(a)(b)		97,632		397,362
Aravive Inc.(a)(b)		1,635		6,082
ARCA biopharma Inc.(a)(b)		48		142
Arcturus Therapeutics Holdings Inc.(a)		17,944		857,364
Arcus Biosciences Inc.(a)		43,489		1,516,461
Arcutis Biotherapeutics Inc.(a)(b)		25,050		598,444
Ardelyx Inc.(a)(b)		92,621		122,260
Arena Pharmaceuticals Inc.(a)		53,185		3,167,167
Aridis Pharmaceuticals Inc.(a)		5,998		22,073
Armata Pharmaceuticals Inc.(a)		5		18
Arrowhead Pharmaceuticals Inc.(a)		95,943		5,989,721
Assembly Biosciences Inc.(a)		48,710		169,511
Astria Therapeutics Inc.(a)		76		672
Atara Biotherapeutics Inc.(a)(b)		87,276		1,562,240
Athenex Inc.(a)		66,078		198,895
Athersys Inc.(a)(b)		276,235		367,393
Atreca Inc., Class A(a)(b)		44,509		277,291
aTyr Pharma Inc.(a)		406		3,686
AVEO Pharmaceuticals Inc.(a)(b)		19,916		123,081
Avid Bioservices Inc.(a)(b)		43,948		947,958
Avidity Biosciences Inc.(a)		56,116		1,382,137
Avita Medical Inc.(a)(b)		23,151		410,236
Avrobio Inc.(a)		43,272		241,458
Beam Therapeutics Inc.(a)(b)		41,416		3,603,606
Bellicum Pharmaceuticals Inc.(a)(b)		6,125		17,885
BioAtla Inc.(a)(b)		11,417		336,116
Biocept Inc.(a)		189		758
BioCryst Pharmaceuticals Inc.(a)(b)		157,136		2,258,044
Biogen Inc.(a)		138,444		39,178,268
Biohaven Pharmaceutical Holding Co. Ltd.(a)		56,378		7,831,468
BioMarin Pharmaceutical Inc.(a)		174,193		13,463,377
Bio-Path Holdings Inc.(a)		260		1,334
Bioxcel Therapeutics Inc.(a)(b)		14,856		450,880
Black Diamond Therapeutics Inc.(a)(b)		18,931		160,156
Bluebird Bio Inc.(a)(b)		60,804		1,161,964
Blueprint Medicines Corp.(a)		52,215		5,368,224
Bolt Biotherapeutics Inc.(a)(b)		19,327		244,487
BrainStorm Cell Therapeutics Inc.(a)(b)		16,987		56,057
Brickell Biotech Inc.(a)		983		708
Bridgebio Pharma Inc.(a)(b)		104,956		4,919,288
Brooklyn ImmunoTherapeutics Inc.(a)(b)		9,583		89,122
C4 Therapeutics Inc.(a)		35,407		1,581,985
Cabaletta Bio Inc.(a)		6,903		83,940
Caladrius Biosciences Inc.(a)		7,526		9,182
Calithera Biosciences Inc.(a)(b)		38,958		84,928
Calyxt Inc.(a)(b)		32,572		109,768
Capricor Therapeutics Inc.(a)(b)		603		2,424
Cardiff Oncology Inc.(a)(b)		35,326		235,271
CareDx Inc.(a)(b)		45,008		2,852,157
Caribou Biosciences Inc.(a)(b)		31,306		747,274
CASI Pharmaceuticals Inc.(a)(b)		25,216		30,007
Catalyst Biosciences Inc.(a)(b)		7,029		28,889
Catalyst Pharmaceuticals Inc.(a)		93,781		497,039
Celldex Therapeutics Inc.(a)		38,688		2,088,765
Cellectar Biosciences Inc.(a)		59		55

Security	Shares		Value
Biotechnology (continued)
CEL-SCI Corp.(a)(b)		55,593	$	610,967
Celsion Corp.(a)(b)		32,808		30,328
Cerevel Therapeutics Holdings Inc.(a)		47,848		1,411,516
Checkpoint Therapeutics Inc.(a)(b)		41,198		135,953
ChemoCentryx Inc.(a)(b)		51,826		886,225
Chimerix Inc.(a)		68,551		424,331
Chinook Therapeutics Inc.(a)		42,134		537,630
Cidara Therapeutics Inc.(a)(b)		8,997		20,153
Clovis Oncology Inc.(a)(b)		84,277		375,875
Cohbar Inc.(a)(b)		176,925		169,848
Coherus Biosciences Inc.(a)(b)		50,790		816,195
Concert Pharmaceuticals Inc.(a)(b)		16,099		52,644
ContraFect Corp.(a)(b)		16,015		64,861
Corbus Pharmaceuticals Holdings Inc.(a)(b)		66,879		68,217
Cortexyme Inc.(a)		13,347		1,223,386
Corvus Pharmaceuticals Inc.(a)		901		4,361
Crinetics Pharmaceuticals Inc.(a)		23,038		484,950
CTI BioPharma Corp.(a)(b)		28,514		84,116
Cue Biopharma Inc.(a)		28,133		409,898
Cullinan Oncology Inc.(a)(b)		17,872		403,371
Curis Inc.(a)(b)		90,718		710,322
Cyclacel Pharmaceuticals Inc.(a)(b)		39		206
Cyclerion Therapeutics Inc.(a)(b)		15,260		46,848
Cytokinetics Inc.(a)(b)		75,989		2,715,847
CytomX Therapeutics Inc.(a)(b)		50,874		258,949
Deciphera Pharmaceuticals Inc.(a)		36,908		1,254,134
Denali Therapeutics Inc.(a)(b)		90,265		4,553,869
Dermtech Inc.(a)(b)		28,025		899,883
DiaMedica Therapeutics Inc.(a)		8,212		32,930
Dicerna Pharmaceuticals Inc.(a)		74,561		1,503,150
Dyadic International Inc.(a)(b)		2,880		16,013
Dynavax Technologies Corp.(a)(b)		80,307		1,542,697
Dyne Therapeutics Inc.(a)(b)		39,057		634,286
Eagle Pharmaceuticals Inc./DE(a)		7,766		433,187
Editas Medicine Inc.(a)(b)		65,242		2,680,141
Eiger BioPharmaceuticals Inc.(a)		18,140		121,175
Eledon Pharmaceuticals Inc.(a)(b)		17		105
Emergent BioSolutions Inc.(a)		41,826		2,094,228
Enanta Pharmaceuticals Inc.(a)(b)		14,745		837,663
Epizyme Inc.(a)(b)		72,284		370,094
Equillium Inc.(a)(b)		5,204		35,491
Erasca Inc.(a)(b)		40,977		869,532
Exact Sciences Corp.(a)		159,270		15,202,321
Exelixis Inc.(a)		298,155		6,302,997
Exicure Inc.(a)(b)		201,583		241,900
Fate Therapeutics Inc.(a)		78,664		4,662,415
FibroGen Inc.(a)(b)		84,008		858,562
First Wave BioPharma Inc.(a)		6,167		17,329
Flexion Therapeutics Inc.(a)(b)		67,310		410,591
Forma Therapeutics Holdings Inc.(a)		16,058		372,385
Forte Biosciences Inc.(a)(b)		6,493		19,219
Fortress Biotech Inc.(a)		93,107		299,805
Frequency Therapeutics Inc.(a)(b)		35,561		251,061
F-Star(c)		11,084		4,434
F-Star Therapeutics Inc.(a)(b)		13,294		97,312
F-Star Therapeutics Inc. New(c)		11,084		4,434
G1 Therapeutics Inc.(a)(b)		24,530		329,193
Galectin Therapeutics Inc.(a)		32,933		127,780
Galera Therapeutics Inc.(a)		5,537		44,850
Gemini Therapeutics Inc.(a)(b)		43,690		176,508

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Generation Bio Co.(a)(b)		54,431	$	1,364,585
Genocea Biosciences Inc.(a)		1,549		2,974
Geron Corp.(a)(b)		348,236		477,083
Gilead Sciences Inc.		1,165,446		81,406,403
Global Blood Therapeutics Inc.(a)(b)		52,776		1,344,732
GlycoMimetics Inc.(a)(b)		40,234		88,112
Gossamer Bio Inc.(a)(b)		66,897		840,895
Gritstone bio Inc.(a)		67,394		727,855
Halozyme Therapeutics Inc.(a)(b)		134,773		5,482,566
Harpoon Therapeutics Inc.(a)		12,805		101,159
Heat Biologics Inc.(a)(b)		11,609		69,074
Heron Therapeutics Inc.(a)		79,289		847,599
Histogen Inc.(a)		1,358		1,029
Homology Medicines Inc.(a)(b)		38,765		305,081
Hookipa Pharma Inc.(a)		10,800		63,612
Horizon Therapeutics PLC(a)		208,246		22,811,267
Humanigen Inc.(a)(b)		100,394		595,336
iBio Inc.(a)(b)		447,515		474,366
Icosavax Inc.(a)(b)		21,621		639,765
Ideaya Biosciences Inc.(a)		31,528		803,649
Idera Pharmaceuticals Inc.(a)(b)		10,093		10,396
IGM Biosciences Inc.(a)(b)		7,600		499,776
Immucell Corp.(a)		736		6,801
Immunic Inc.(a)		3,877		34,311
ImmunityBio Inc.(a)		53,311		519,249
ImmunoGen Inc.(a)		166,130		941,957
Immunovant Inc.(a)		47,450		412,340
Incyte Corp.(a)		178,859		12,301,922
Infinity Pharmaceuticals Inc.(a)(b)		51,544		176,280
Inhibrx Inc.(a)		23,823		793,544
Inmune Bio Inc.(a)		2,627		51,016
Inovio Pharmaceuticals Inc.(a)(b)		228,038		1,632,752
Insmed Inc.(a)		120,691		3,323,830
Intellia Therapeutics Inc.(a)(b)		65,129		8,737,055
Intercept Pharmaceuticals Inc.(a)(b)		28,115		417,508
Invitae Corp.(a)(b)		198,736		5,650,064
Ionis Pharmaceuticals Inc.(a)(b)		135,094		4,531,053
Iovance Biotherapeutics Inc.(a)(b)		130,059		3,207,255
Ironwood Pharmaceuticals Inc.(a)(b)		144,785		1,890,892
IsoRay Inc.(a)(b)		58,494		36,904
iTeos Therapeutics Inc.(a)		30,710		829,170
IVERIC bio Inc.(a)		103,194		1,675,871
Janux Therapeutics Inc.(a)(b)		27,706		599,281
Jounce Therapeutics Inc.(a)		18,357		136,393
Kadmon Holdings Inc.(a)		185,846		1,618,719
KalVista Pharmaceuticals Inc.(a)		15,685		273,703
Karuna Therapeutics Inc.(a)(b)		18,242		2,231,544
Karyopharm Therapeutics Inc.(a)(b)		68,378		397,960
Keros Therapeutics Inc.(a)		13,290		525,752
Kezar Life Sciences Inc.(a)		31,297		270,406
Kiniksa Pharmaceuticals Ltd., Class A(a)(b)		26,898		306,368
Kinnate Biopharma Inc.(a)		20,768		478,079
Kodiak Sciences Inc.(a)(b)		28,784		2,762,688
Kronos Bio Inc.(a)(b)		58,535		1,226,894
Krystal Biotech Inc.(a)		20,623		1,076,727
Kura Oncology Inc.(a)		61,366		1,149,385
Kymera Therapeutics Inc.(a)		32,743		1,923,324
La Jolla Pharmaceutical Co.(a)(b)		16,428		65,548
Larimar Therapeutics Inc.(a)(b)		1,212		13,974
Lexicon Pharmaceuticals Inc.(a)(b)		47,232		227,186

Security	Shares		Value
Biotechnology (continued)
Ligand Pharmaceuticals Inc.(a)(b)		17,369	$	2,419,849
Lineage Cell Therapeutics Inc.(a)(b)		100,503		253,268
LogicBio Therapeutics Inc.(a)(b)		6,559		30,040
Lumos Pharma Inc.(a)		2,356		22,406
MacroGenics Inc.(a)(b)		61,638		1,290,700
Madrigal Pharmaceuticals Inc.(a)		8,269		659,784
Magenta Therapeutics Inc.(a)		18,448		134,301
MannKind Corp.(a)(b)		269,875		1,173,956
Marker Therapeutics Inc.(a)		98,818		167,002
Matinas BioPharma Holdings Inc.(a)(b)		226,556		294,523
MediciNova Inc.(a)		27,932		105,862
MEI Pharma Inc.(a)(b)		45,949		126,819
Merrimack Pharmaceuticals Inc.(a)		9,296		44,900
Mersana Therapeutics Inc.(a)		65,281		615,600
MiMedx Group Inc.(a)(b)		81,121		491,593
Minerva Neurosciences Inc.(a)(b)		16,204		28,195
Miragen Therapeutics Inc.(c)		119		—
Mirati Therapeutics Inc.(a)		42,211		7,467,548
Mirum Pharmaceuticals Inc.(a)		5,492		109,401
Moderna Inc.(a)		326,446		125,636,008
Molecular Templates Inc.(a)		56,494		379,075
Moleculin Biotech Inc.(a)		6,575		19,725
Monte Rosa Therapeutics Inc.(a)(b)		26,610		592,871
Morphic Holding Inc.(a)		24,648		1,396,063
Mustang Bio Inc.(a)(b)		92,709		249,387
Myovant Sciences Ltd.(a)(b)		37,234		835,531
Myriad Genetics Inc.(a)		69,069		2,230,238
NanoViricides Inc.(a)(b)		1,651		7,661
Natera Inc.(a)		81,097		9,037,450
Navidea Biopharmaceuticals Inc.(a)		6,849		11,986
Neoleukin Therapeutics Inc.(a)		47,229		341,466
NeuBase Therapeutics Inc.(a)(b)		6,413		23,151
Neurocrine Biosciences Inc.(a)		84,612		8,115,137
NextCure Inc.(a)(b)		18,489		124,616
Nkarta Inc.(a)		19,415		539,931
Novavax Inc.(a)(b)		69,222		14,350,413
Nurix Therapeutics Inc.(a)		41,407		1,240,554
Nuvalent Inc., Class A(a)(b)		22,704		511,975
Ocugen Inc.(a)(b)		161,652		1,160,661
Olema Pharmaceuticals Inc.(a)(b)		15,758		434,290
OncoSec Medical Inc.(a)(b)		1,207		2,571
Oncternal Therapeutics Inc.(a)(b)		87,283		363,970
Oncternal Therapeutics Inc. New(b)(c)		722		740
OpGen Inc.(a)		1		3
OPKO Health Inc.(a)(b)		394,253		1,439,023
Oragenics Inc.(a)		43,978		27,913
Organogenesis Holdings Inc., Class A(a)		57,492		818,686
Organovo Holdings Inc.(a)(b)		3,278		22,290
Orgenesis Inc.(a)(b)		11,160		55,242
ORIC Pharmaceuticals Inc.(a)(b)		50,470		1,055,328
Ovid therapeutics Inc.(a)(b)		33,286		111,841
Oyster Point Pharma Inc.(a)(b)		5,546		65,720
Palatin Technologies Inc.(a)(b)		127,980		56,682
Passage Bio Inc.(a)(b)		22,927		228,353
PDL BioPharma Inc.(a)(c)		136,030		285,595
PDS Biotechnology Corp.(a)(b)		5,148		76,705
PhaseBio Pharmaceuticals Inc.(a)		43,378		134,906
Phio Pharmaceuticals Corp.(a)		7		14
Pieris Pharmaceuticals Inc.(a)(b)		102,376		529,284
Plus Therapeutics Inc.(a)		9		17

58 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
PMV Pharmaceuticals Inc.(a)(b)		16,062	$	478,648
Point Biopharma Global Inc.(a)(b)		89,533		688,509
PolarityTE Inc.(a)(b)		18,797		12,162
Praxis Precision Medicines Inc.(a)(b)		60,104		1,111,323
Precigen Inc.(a)(b)		100,242		500,208
Precision BioSciences Inc.(a)(b)		75,381		869,897
Prelude Therapeutics Inc.(a)(b)		10,906		340,812
Progenics Pharmaceuticals Inc.(a)(b)(c)		10,240		0	(d)
Protagonist Therapeutics Inc.(a)		39,364		697,530
Protara Therapeutics Inc.(a)(b)		3,853		26,663
Proteostasis Therapeutics Inc.(b)(c)		6,635		717
Prothena Corp. PLC(a)		38,014		2,707,737
PTC Therapeutics Inc.(a)		69,741		2,595,063
Puma Biotechnology Inc.(a)		28,684		201,075
Qualigen Therapeutics Inc.(a)		578		751
Radius Health Inc.(a)(b)		41,293		512,446
RAPT Therapeutics Inc.(a)(b)		28,902		897,407
Recursion Pharmaceuticals Inc., Class A(a)(b)		24,229		557,509
Regeneron Pharmaceuticals Inc.(a)		98,050		59,337,899
REGENXBIO Inc.(a)		31,987		1,340,895
Regulus Therapeutics Inc.(a)		1,182		816
Relay Therapeutics Inc.(a)(b)		57,739		1,820,511
Replimune Group Inc.(a)(b)		27,170		805,319
REVOLUTION Medicines Inc.(a)		72,057		1,982,288
Rexahn Pharmaceuticals Inc.(c)		266		59
Rhythm Pharmaceuticals Inc.(a)(b)		35,813		467,718
Rigel Pharmaceuticals Inc.(a)(b)		194,582		706,333
Rocket Pharmaceuticals Inc.(a)(b)		37,699		1,126,823
Rubius Therapeutics Inc.(a)(b)		41,586		743,558
Sage Therapeutics Inc.(a)(b)		48,571		2,152,181
Salarius Pharmaceuticals Inc.(a)(b)		802		818
Sana Biotechnology Inc.(a)(b)		76,839		1,730,414
Sangamo Therapeutics Inc.(a)(b)		105,917		954,312
Sarepta Therapeutics Inc.(a)(b)		74,739		6,911,863
Savara Inc.(a)(b)		17,934		24,749
Scholar Rock Holding Corp.(a)(b)		16,662		550,179
Seagen Inc.(a)		124,880		21,204,624
Selecta Biosciences Inc.(a)		201,869		839,775
SELLAS Life Sciences Group Inc.(a)		2		18
Seres Therapeutics Inc.(a)		51,297		357,027
Sesen Bio Inc.(a)(b)		120,416		95,514
Shattuck Labs Inc.(a)		19,204		391,378
Silverback Therapeutics Inc.(a)(b)		13,157		131,307
Soleno Therapeutics Inc.(a)		600		555
Solid Biosciences Inc.(a)(b)		32,157		76,855
Soligenix Inc.(a)(b)		15,524		16,455
Sonnet BioTherapeutics Holdings Inc.(a)		39		24
Sorrento Therapeutics Inc.(a)(b)		324,858		2,478,667
Spectrum Pharmaceuticals Inc.(a)(b)		134,524		293,262
Spero Therapeutics Inc.(a)		11,107		204,480
SpringWorks Therapeutics Inc.(a)		22,700		1,440,088
Statera Biopharma Inc.(a)(b)		741		1,712
Stoke Therapeutics Inc.(a)		18,548		471,861
Sutro Biopharma Inc.(a)		24,669		465,997
Syndax Pharmaceuticals Inc.(a)(b)		44,615		852,593
Synlogic Inc.(a)(b)		3,734		11,389
Synthetic Biologics Inc.(a)		1,090		501
Syros Pharmaceuticals Inc.(a)(b)		64,074		286,411
T2 Biosystems Inc.(a)(b)		67,360		61,648
Tango Therapeutics Inc.(a)		59,354		767,447

Security	Shares		Value
Biotechnology (continued)
Taysha Gene Therapies Inc.(a)(b)		41,289	$	768,801
TCR2 Therapeutics Inc.(a)		33,366		283,945
Tempest Therapeutics Inc.(a)(b)		88		1,273
Tenax Therapeutics Inc.(a)		627		1,110
TG Therapeutics Inc.(a)		137,549		4,577,631
Tonix Pharmaceuticals Holding Corp.(a)(b)		519,416		312,221
Tracon Pharmaceuticals Inc.(a)		632		2,446
Travere Therapeutics Inc.(a)		58,876		1,427,743
Trevena Inc.(a)(b)		94,802		116,606
Turning Point Therapeutics Inc.(a)		52,433		3,483,124
Twist Bioscience Corp.(a)(b)		48,792		5,219,280
Tyme Technologies Inc.(a)(b)		235,024		242,075
Ultragenyx Pharmaceutical Inc.(a)		59,990		5,410,498
uniQure NV(a)(b)		35,190		1,126,432
United Therapeutics Corp.(a)		41,611		7,680,558
Vaccinex Inc.(a)(b)		2,566		5,543
Vanda Pharmaceuticals Inc.(a)		60,040		1,029,086
Vaxart Inc.(a)(b)		110,734		880,335
Vaxcyte Inc.(a)		16,914		429,108
VBI Vaccines Inc.(a)(b)		279,076		867,926
Veracyte Inc.(a)(b)		70,561		3,277,558
Verastem Inc.(a)		114,095		351,413
Vericel Corp.(a)		42,291		2,063,801
Vertex Pharmaceuticals Inc.(a)		239,877		43,511,289
Verve Therapeutics Inc.(a)(b)		13,410		630,270
Viking Therapeutics Inc.(a)		76,161		478,291
Vir Biotechnology Inc.(a)		77,628		3,378,371
Viracta Therapeutics Inc.(a)(b)		3,227		25,881
Viridian Therapeutics Inc.(a)		7		115
VistaGen Therapeutics Inc.(a)(b)		168,299		461,139
Vor BioPharma Inc.(a)(b)		20,266		317,771
Voyager Therapeutics Inc.(a)(b)		26,379		69,377
vTv Therapeutics Inc., Class A(a)(b)		8,174		12,506
Vyant Bio Inc.(a)		257		599
X4 Pharmaceuticals Inc.(a)		4,715		24,942
XBiotech Inc.		8,133		105,322
Xencor Inc.(a)		53,324		1,741,562
XOMA Corp.(a)		8,434		208,741
Yield10 Bioscience Inc.(a)		7		42
Y-mAbs Therapeutics Inc.(a)		28,026		799,862
Yumanity Therapeutics Inc.(a)(b)		330		3,406
Zentalis Pharmaceuticals Inc.(a)		33,853		2,255,964
ZIOPHARM Oncology Inc.(a)(b)		170,391		310,112
				1,101,776,342
Building Products — 0.6%
A O Smith Corp.		123,529		7,543,916
AAON Inc.		35,616		2,327,149
Advanced Drainage Systems Inc.		50,956		5,511,911
Allegion PLC		85,796		11,340,515
Alpha Pro Tech Ltd.(a)(b)		16,129		108,548
American Woodmark Corp.(a)		16,428		1,073,898
Apogee Enterprises Inc.		25,471		961,785
Armstrong Flooring Inc.(a)		24,516		76,735
Armstrong World Industries Inc.		41,286		3,941,574
AZEK Co. Inc. (The)(a)		103,543		3,782,426
Builders FirstSource Inc.(a)(b)		188,864		9,771,823
Carlisle Companies Inc.		49,234		9,787,227
Carrier Global Corp.		806,582		41,748,684
Cornerstone Building Brands Inc.(a)		33,659		491,758
CSW Industrials Inc.		16,827		2,148,808

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Fortune Brands Home & Security Inc.		125,737	$	11,243,403
Gibraltar Industries Inc.(a)		27,989		1,949,434
Griffon Corp.		41,527		1,021,564
Insteel Industries Inc.		25,790		981,310
Janus International Group Inc.(a)(b)		61,725		755,514
JELD-WEN Holding Inc.(a)		75,749		1,895,997
Jewett-Cameron Trading Co. Ltd.(a)		566		6,667
Johnson Controls International PLC		658,325		44,818,766
Lennox International Inc.		32,158		9,459,919
Masco Corp.		227,849		12,657,012
Masonite International Corp.(a)(b)		25,547		2,711,303
Owens Corning		91,747		7,844,369
PGT Innovations Inc.(a)		69,119		1,320,173
Quanex Building Products Corp.		33,051		707,622
Resideo Technologies Inc.(a)		133,142		3,300,590
Simpson Manufacturing Co. Inc.		42,113		4,504,828
Tecnoglass Inc.		35,332		767,764
Trane Technologies PLC		219,960		37,976,094
Trex Co. Inc.(a)		103,532		10,553,017
UFP Industries Inc.		60,472		4,110,887
View Inc.(a)(b)		86,228		467,356
				259,670,346
Capital Markets — 3.1%
Affiliated Managers Group Inc.		40,221		6,076,991
Ameriprise Financial Inc.		102,059		26,955,823
Apollo Global Management Inc.		189,086		11,645,807
Ares Management Corp., Class A		151,940		11,217,730
Artisan Partners Asset Management Inc., Class A		62,139		3,039,840
Ashford Inc.(a)		329		4,787
Assetmark Financial Holdings Inc.(a)		20,123		500,459
Associated Capital Group Inc., Class A		1,422		53,197
B. Riley Financial Inc.		15,713		927,696
Bank of New York Mellon Corp. (The)		738,193		38,267,925
BGC Partners Inc., Class A		388,441		2,023,778
BlackRock Inc.(e)		132,737		111,321,212
Blackstone Inc., NVS		636,514		74,052,039
Blucora Inc.(a)		49,669		774,340
Blue Owl Capital Inc.(b)		249,887		3,888,242
Bridge Investment Group Holdings Inc., Class A(a)(b)		48,334		854,062
BrightSphere Investment Group Inc.		66,946		1,749,299
Carlyle Group Inc. (The)		128,484		6,074,723
Cboe Global Markets Inc.		100,839		12,489,919
Charles Schwab Corp. (The)		1,395,414		101,641,956
CME Group Inc.		331,951		64,192,684
Cohen & Co. Inc.		735		14,200
Cohen & Steers Inc.		28,463		2,384,345
Coinbase Global Inc., Class A(a)(b)		28,717		6,532,543
Cowen Inc., Class A		24,733		848,589
Diamond Hill Investment Group Inc.		2,611		458,648
Donnelley Financial Solutions Inc.(a)		24,985		864,981
Evercore Inc., Class A		34,882		4,662,677
FactSet Research Systems Inc.		35,547		14,033,245
Federated Hermes Inc.		85,239		2,770,267
Focus Financial Partners Inc., Class A(a)		44,646		2,338,111
Franklin Resources Inc.		261,780		7,780,102
GAMCO Investors Inc., Class A		7,432		196,056
GCM Grosvenor Inc., Class A(b)		59,932		690,417
Goldman Sachs Group Inc. (The)		308,303		116,547,783
Greenhill & Co. Inc.		25,519		373,088
Hamilton Lane Inc., Class A		37,055		3,143,005

Security	Shares		Value
Capital Markets (continued)
Hennessy Advisors Inc.		5,053	$	48,610
Houlihan Lokey Inc.		49,201		4,531,412
Interactive Brokers Group Inc., Class A(b)		89,012		5,549,008
Intercontinental Exchange Inc.		525,962		60,390,957
Invesco Ltd.		309,877		7,471,134
Janus Henderson Group PLC		135,010		5,579,963
Jefferies Financial Group Inc.		183,027		6,795,792
KKR & Co. Inc.		536,016		32,632,654
Lazard Ltd., Class A		107,755		4,935,179
LPL Financial Holdings Inc.		74,132		11,620,932
Manning & Napier Inc.		16,203		147,933
MarketAxess Holdings Inc.		35,191		14,804,502
Moelis & Co., Class A		57,040		3,529,065
Moody’s Corp.		150,165		53,325,093
Morgan Stanley		1,340,732		130,466,631
Morningstar Inc.		23,603		6,113,885
MSCI Inc.		76,092		46,289,807
Nasdaq Inc.		103,433		19,964,638
Northern Trust Corp.		197,530		21,295,709
Open Lending Corp., Class A(a)		91,182		3,288,935
Oppenheimer Holdings Inc., Class A, NVS		8,565		387,909
Perella Weinberg Partners(b)		61,769		818,439
Piper Sandler Cos		16,149		2,235,991
PJT Partners Inc., Class A		17,991		1,423,268
Pzena Investment Management Inc., Class A		16,146		158,877
Raymond James Financial Inc.		176,584		16,295,171
S&P Global Inc.		221,428		94,082,543
Safeguard Scientifics Inc.(a)		10,471		92,982
Sculptor Capital Management Inc.		24,566		685,146
SEI Investments Co.		104,571		6,201,060
Siebert Financial Corp.(a)		42,036		140,821
Silvercrest Asset Management Group Inc., Class A		7,858		122,428
State Street Corp.		338,800		28,703,136
StepStone Group Inc., Class A		41,115		1,753,144
Stifel Financial Corp.		100,908		6,857,708
StoneX Group Inc.(a)		16,184		1,066,526
T Rowe Price Group Inc.		212,757		41,849,302
Tradeweb Markets Inc., Class A		96,191		7,770,309
U.S. Global Investors Inc., Class A, NVS		17,183		97,771
Value Line Inc.		194		6,646
Victory Capital Holdings Inc., Class A		25,059		877,316
Virtu Financial Inc., Class A		85,065		2,078,138
Virtus Investment Partners Inc.		7,657		2,376,120
Westwood Holdings Group Inc.		8,203		155,857
WisdomTree Investments Inc.		77,694		440,525
				1,296,849,538
Chemicals — 1.7%
Advanced Emissions Solutions Inc.(a)		47,649		304,477
AdvanSix Inc.(a)		25,955		1,031,711
AgroFresh Solutions Inc.(a)(b)		24,760		53,482
Air Products & Chemicals Inc.		204,304		52,324,297
Albemarle Corp.		109,950		24,075,751
American Vanguard Corp.		24,731		372,202
Amyris Inc.(a)(b)		158,934		2,182,164
Ashland Global Holdings Inc.		51,510		4,590,571
Avient Corp.		86,859		4,025,915
Axalta Coating Systems Ltd.(a)		200,705		5,858,579
Balchem Corp.		27,058		3,925,304
Cabot Corp.		58,657		2,939,889
Celanese Corp.		101,909		15,351,572

60 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
CF Industries Holdings Inc.		192,421	$	10,740,940
Chase Corp.		8,144		831,910
Chemours Co. (The)		154,045		4,476,548
Core Molding Technologies Inc.(a)(b)		8,149		93,795
Corteva Inc.		677,163		28,495,019
Danimer Scientific Inc.(a)(b)		58,379		953,913
Diversey Holdings Ltd.(a)(b)		44,190		708,808
Dow Inc.		686,453		39,512,235
DuPont de Nemours Inc.		486,222		33,058,234
Eastman Chemical Co.		123,277		12,418,925
Ecolab Inc.		232,922		48,592,188
Ecovyst Inc.		34,522		402,526
Element Solutions Inc.		194,924		4,225,952
Ferro Corp.(a)		76,362		1,553,203
Flotek Industries Inc.(a)(b)		50,050		63,063
FMC Corp.		119,862		10,974,565
FutureFuel Corp.		20,639		147,156
GCP Applied Technologies Inc.(a)(b)		56,359		1,235,389
Hawkins Inc.		16,960		591,565
HB Fuller Co.		42,609		2,750,837
Huntsman Corp.		200,021		5,918,621
Ikonics Corp.(a)		237		6,681
Ingevity Corp.(a)		41,529		2,963,925
Innospec Inc.		24,518		2,064,906
International Flavors & Fragrances Inc.		229,592		30,701,042
Intrepid Potash Inc.(a)		10,676		329,888
Koppers Holdings Inc.(a)		17,135		535,640
Kraton Corp.(a)		26,064		1,189,561
Kronos Worldwide Inc.		19,248		238,868
Linde PLC		475,638		139,542,676
Livent Corp.(a)		150,172		3,470,475
LSB Industries Inc.(a)		17,012		173,693
LyondellBasell Industries NV, Class A		243,623		22,864,019
Marrone Bio Innovations Inc.(a)(b)		17,563		15,824
Minerals Technologies Inc.		33,398		2,332,516
Mosaic Co. (The)		310,371		11,086,452
NewMarket Corp.		7,455		2,525,530
Northern Technologies International Corp.		1,582		24,125
Olin Corp.		142,251		6,863,611
Origin Materials Inc.(a)		119,540		814,067
Orion Engineered Carbons SA(a)		57,668		1,051,288
PPG Industries Inc.		222,175		31,773,247
PureCycle Technologies Inc.(a)(b)		69,224		919,295
Quaker Chemical Corp.		14,416		3,426,971
Rayonier Advanced Materials Inc.(a)		47,753		358,147
RPM International Inc.		124,006		9,629,066
Scotts Miracle-Gro Co. (The)		36,793		5,385,023
Sensient Technologies Corp.		42,008		3,826,089
Sherwin-Williams Co. (The)		219,326		61,352,062
Stepan Co.		23,019		2,599,766
Trecora Resources(a)		17,002		139,076
Tredegar Corp.		24,665		300,420
Trinseo SA		31,380		1,693,892
Tronox Holdings PLC, Class A		95,078		2,343,673
Valvoline Inc.		178,299		5,559,363
Westlake Chemical Corp.		34,350		3,130,659
Zymergen Inc.(a)(b)		18,153		239,075
				686,251,917
Commercial Services & Supplies — 0.5%
ABM Industries Inc.		65,406		2,943,924

Security	Shares		Value
Commercial Services & Supplies (continued)
ACCO Brands Corp.		93,697	$	804,857
Acme United Corp.		740		24,228
ACV Auctions Inc., Class A(a)		33,482		598,993
ADT Inc.		143,601		1,161,732
Aqua Metals Inc.(a)(b)		50,207		103,929
ARC Document Solutions Inc.		34,092		100,571
Brady Corp., Class A, NVS		42,177		2,138,374
BrightView Holdings Inc.(a)(b)		76,819		1,133,848
Brink’s Co. (The)		50,388		3,189,560
Casella Waste Systems Inc., Class A(a)		47,657		3,619,073
CECO Environmental Corp.(a)		25,136		176,957
Charah Solutions Inc.(a)(b)		8,031		36,943
Cimpress PLC(a)(b)		17,016		1,477,499
Cintas Corp.		81,378		30,977,350
Clean Harbors Inc.(a)		50,090		5,202,848
CompX International Inc.		257		5,341
Copart Inc.(a)		198,763		27,572,403
CoreCivic Inc.(a)		126,217		1,123,331
Covanta Holding Corp.		118,509		2,384,401
Deluxe Corp.		42,772		1,535,087
Document Security Systems Inc.(a)(b)		15,518		20,018
Driven Brands Holdings Inc.(a)(b)		59,397		1,715,979
Ennis Inc.		24,754		466,613
Fuel Tech Inc.(a)(b)		16,830		29,284
Harsco Corp.(a)		75,841		1,285,505
Healthcare Services Group Inc.		67,952		1,698,121
Heritage-Crystal Clean Inc.(a)		16,209		469,737
Herman Miller Inc.		64,675		2,435,661
HNI Corp.		41,864		1,537,246
IAA Inc.(a)		126,252		6,889,572
Interface Inc.		50,409		763,696
JanOne Inc.(a)		173		1,183
KAR Auction Services Inc.(a)		126,252		2,069,270
Kimball International Inc., Class B		55,773		624,658
Matthews International Corp., Class A		34,128		1,183,900
Montrose Environmental Group Inc.(a)(b)		24,459		1,510,099
MSA Safety Inc.		32,868		4,788,868
NL Industries Inc.		8,526		49,110
Odyssey Marine Exploration Inc.(a)(b)		7,810		54,670
Performant Financial Corp.(a)		33,953		134,454
Perma-Fix Environmental Services Inc.(a)		9,177		61,027
Pitney Bowes Inc.		107,368		774,123
Quad/Graphics Inc.(a)		24,524		104,227
Quest Resource Holding Corp.(a)		8,652		52,604
Republic Services Inc.		176,699		21,214,482
Rollins Inc.		211,889		7,486,038
RR Donnelley & Sons Co.(a)		76,097		391,139
SP Plus Corp.(a)		16,803		515,348
Steelcase Inc., Class A		83,695		1,061,253
Stericycle Inc.(a)(b)		82,313		5,594,815
Team Inc.(a)		25,601		77,059
Tetra Tech Inc.		51,331		7,665,772
U.S. Ecology Inc.(a)		31,129		1,007,023
UniFirst Corp./MA		13,218		2,810,411
Viad Corp.(a)		17,078		775,512
Vidler Water Resouces Inc.(a)		10,061		114,494
Virco Mfg. Corp.(a)		8,212		28,331
VSE Corp.		8,233		396,584
Waste Management Inc.		342,579		51,167,599

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Wilhelmina International Inc.(a)		303	$	1,630
				215,338,364
Communications Equipment — 0.8%
ADTRAN Inc.		42,884		804,504
Applied Optoelectronics Inc.(a)(b)		19,784		142,049
Arista Networks Inc.(a)		51,725		17,774,779
Aviat Networks Inc.(a)		14,922		490,337
BK Technologies Corp.		15,451		43,649
Calix Inc.(a)		59,084		2,920,522
Cambium Networks Corp.(a)		6,149		222,532
Casa Systems Inc.(a)(b)		25,963		176,029
Ciena Corp.(a)		149,048		7,653,615
Cisco Systems Inc.		3,917,283		213,217,714
Clearfield Inc.(a)		9,063		400,131
ClearOne Inc.(a)(b)		9,008		21,259
CommScope Holding Co. Inc.(a)(b)		183,079		2,488,044
Communications Systems Inc.(a)		7,827		67,704
Comtech Telecommunications Corp.		23,759		608,468
Digi International Inc.(a)		24,740		520,035
DZS Inc.(a)		7,295		89,437
EMCORE Corp.(a)		10,955		81,943
Extreme Networks Inc.(a)		161,700		1,592,745
F5 Networks Inc.(a)		57,631		11,455,890
Genasys Inc.(a)(b)		26,229		135,866
Harmonic Inc.(a)(b)		76,844		672,385
Infinera Corp.(a)(b)		228,892		1,904,381
Inseego Corp.(a)(b)		57,125		380,453
Juniper Networks Inc.		293,359		8,073,240
KVH Industries Inc.(a)		16,132		155,351
Lantronix Inc.(a)		8,338		48,527
Lumentum Holdings Inc.(a)(b)		73,719		6,158,485
Motorola Solutions Inc.		155,748		36,183,375
NETGEAR Inc.(a)		32,916		1,050,350
NetScout Systems Inc.(a)		65,640		1,768,998
Network-1 Technologies Inc.		9,297		27,581
Optical Cable Corp.(a)		8,303		30,887
PCTEL Inc.		11,956		74,366
Plantronics Inc.(a)		32,990		848,173
Resonant Inc.(a)(b)		28,521		69,021
Ribbon Communications Inc.(a)		84,562		505,681
TESSCO Technologies Inc.(a)		7,738		43,178
Ubiquiti Inc.		4,685		1,399,269
Viasat Inc.(a)		76,799		4,229,321
Viavi Solutions Inc.(a)		212,186		3,339,808
Vislink Technologies Inc.(a)(b)		4		7
				327,870,089
Construction & Engineering — 0.2%
AECOM(a)		129,190		8,158,348
Ameresco Inc., Class A(a)		30,439		1,778,551
API Group Corp.(a)(b)(f)		148,857		3,029,240
Arcosa Inc.		43,986		2,206,778
Argan Inc.		11,420		498,711
Comfort Systems USA Inc.		33,367		2,379,734
Concrete Pumping Holdings Inc.(a)(b)		10,986		93,820
Construction Partners Inc., Class A(a)(b)		43,269		1,443,887
Dycom Industries Inc.(a)		27,082		1,929,322
EMCOR Group Inc.		52,619		6,071,180
Fluor Corp.(a)		133,481		2,131,692
Granite Construction Inc.		41,233		1,630,765

Security	Shares		Value
Construction & Engineering (continued)
Great Lakes Dredge & Dock Corp.(a)		51,004	$	769,650
Infrastructure and Energy Alternatives Inc.(a)		9,555		109,214
INNOVATE Corp.(a)(b)		38,548		158,047
Limbach Holdings Inc.(a)		6,169		40,839
MasTec Inc.(a)		49,763		4,293,552
Matrix Service Co.(a)		25,161		263,184
MYR Group Inc.(a)		17,177		1,709,112
Northwest Pipe Co.(a)		9,333		221,192
NV5 Global Inc.(a)		8,228		811,034
Orbital Energy Group Inc.(a)(b)		25,666		79,051
Orion Group Holdings Inc.(a)(b)		25,362		137,969
Primoris Services Corp.		55,425		1,357,358
Quanta Services Inc.		123,141		14,015,909
Sterling Construction Co. Inc.(a)		18,793		426,037
Tutor Perini Corp.(a)		34,491		447,693
Valmont Industries Inc.		19,646		4,619,168
WillScot Mobile Mini Holdings Corp.(a)		209,952		6,659,677
				67,470,714
Construction Materials — 0.1%
Eagle Materials Inc.		36,377		4,771,207
Forterra Inc.(a)		17,944		422,761
Martin Marietta Materials Inc.		58,253		19,903,885
Summit Materials Inc., Class A(a)(b)		110,767		3,541,221
United State Lime & Minerals Inc.		502		60,642
Vulcan Materials Co.		121,033		20,473,942
				49,173,658
Consumer Finance — 0.7%
Ally Financial Inc.		328,782		16,784,321
American Express Co.		598,152		100,208,405
Atlanticus Holdings Corp.(a)(b)		7,610		403,787
Capital One Financial Corp.		414,667		67,163,614
Consumer Portfolio Services Inc.(a)		17,099		100,029
Credit Acceptance Corp.(a)(b)		8,305		4,860,917
Curo Group Holdings Corp.		32,168		557,471
Discover Financial Services		278,365		34,197,140
Encore Capital Group Inc.(a)(b)		35,229		1,735,733
Enova International Inc.(a)		28,168		973,204
EZCORP Inc., Class A, NVS(a)(b)		50,170		379,787
FirstCash Inc.		41,341		3,617,338
Green Dot Corp., Class A(a)		39,318		1,978,875
Katapult Holdings Inc.(a)(b)		132,628		720,170
LendingClub Corp.(a)(b)		85,056		2,401,981
LendingTree Inc.(a)(b)		10,012		1,399,978
Navient Corp.		154,279		3,043,925
Nelnet Inc., Class A		23,958		1,898,432
Nicholas Financial Inc.(a)		9,053		111,352
OneMain Holdings Inc.		103,654		5,735,176
Oportun Financial Corp.(a)(b)		9,799		245,269
PRA Group Inc.(a)		42,416		1,787,410
PROG Holdings Inc.		64,605		2,714,056
Regional Management Corp.		9,457		550,208
Santander Consumer USA Holdings Inc.		65,607		2,735,812
SLM Corp.		302,985		5,332,536
SoFi Technologies Inc.(a)(b)		546,646		8,680,738
Synchrony Financial		529,568		25,885,284
Upstart Holdings Inc.(a)		42,885		13,570,529
World Acceptance Corp.(a)		5,094		965,721
				310,739,198

62 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging — 0.4%
Amcor PLC		1,425,286	$	16,519,065
AptarGroup Inc.		58,100		6,934,235
Avery Dennison Corp.		78,603		16,287,328
Ball Corp.		302,126		27,182,276
Berry Global Group Inc.(a)		125,686		7,651,764
Crown Holdings Inc.		118,599		11,952,407
Graphic Packaging Holding Co.		279,838		5,328,116
Greif Inc., Class A, NVS		25,062		1,619,005
Greif Inc., Class B		8,365		542,052
International Paper Co.		369,231		20,647,397
Myers Industries Inc.		25,236		493,869
O-I Glass Inc.(a)		152,167		2,171,423
Packaging Corp. of America		87,583		12,037,407
Pactiv Evergreen Inc.		40,325		504,869
Ranpak Holdings Corp.(a)(b)		29,904		802,025
Sealed Air Corp.		135,943		7,448,317
Silgan Holdings Inc.		90,007		3,452,669
Sonoco Products Co.		93,973		5,598,911
TriMas Corp.(a)		42,012		1,359,508
UFP Technologies Inc.(a)		7,786		479,540
Westrock Co.		246,312		12,273,727
				161,285,910
Distributors — 0.1%
AMCON Distributing Co.		53		7,896
Educational Development Corp.		1,390		13,552
Funko Inc., Class A(a)		16,409		298,808
Genuine Parts Co.		129,947		15,753,475
Greenlane Holdings Inc., Class A(a)(b)		6,465		15,322
LKQ Corp.(a)		250,028		12,581,409
Pool Corp.		36,671		15,930,249
Weyco Group Inc.		7,760		175,842
				44,776,553
Diversified Consumer Services — 0.2%
2U Inc.(a)(b)		75,634		2,539,033
Adtalem Global Education Inc.(a)		50,800		1,920,748
American Public Education Inc.(a)		16,597		425,049
Beachbody Co. Inc. (The)(a)(b)		137,237		760,293
Bright Horizons Family Solutions Inc.(a)(b)		56,959		7,941,224
Carriage Services Inc.		16,638		741,888
Chegg Inc.(a)(b)		131,421		8,939,256
Coursera Inc.(a)(b)		74,471		2,357,007
Duolingo Inc.(a)		5,402		898,677
frontdoor Inc.(a)		81,818		3,428,174
Graham Holdings Co., Class B		3,232		1,904,165
Grand Canyon Education Inc.(a)		41,138		3,618,499
H&R Block Inc.		157,708		3,942,700
Houghton Mifflin Harcourt Co.(a)(b)		106,325		1,427,945
Laureate Education Inc., Class A(a)		102,663		1,744,244
Lincoln Educational Services Corp.(a)		25,083		167,805
Mister Car Wash Inc.(a)		45,845		836,671
OneSpaWorld Holdings Ltd.(a)		30,592		305,002
Perdoceo Education Corp.(a)		59,435		627,634
PowerSchool Holdings Inc., Class A(a)		36,958		909,536
Regis Corp.(a)(b)		33,898		117,965
Rover Group Inc.(a)(b)		70,118		952,904
Select Interior Concepts Inc., Class A(a)		42,571		613,874
Service Corp. International		156,789		9,448,105
Strategic Education Inc.		22,388		1,578,354
Stride Inc.(a)(b)		42,454		1,525,797

Security	Shares		Value
Diversified Consumer Services (continued)
Terminix Global Holdings Inc.(a)		106,599	$	4,441,980
Universal Technical Institute Inc.(a)		17,195		116,238
Vivint Smart Home Inc.(a)(b)		37,021		349,849
WW International Inc.(a)(b)		49,115		896,349
XpresSpa Group Inc.(a)		63,852		93,863
Zovio Inc., Class A(a)(b)		16,745		40,021
				65,610,849
Diversified Financial Services — 1.2%
Alerus Financial Corp.		15,674		468,339
A-Mark Precious Metals Inc.		9,694		581,834
Berkshire Hathaway Inc., Class B(a)		1,708,555		466,333,002
Cannae Holdings Inc.(a)		76,102		2,367,533
Equitable Holdings Inc.		364,533		10,804,758
FlexShopper Inc.(a)		9,147		28,447
Greenidge Generation Holdings Inc.(a)		651		16,626
GWG Holdings Inc.(a)		186		1,860
LM Funding America Inc.(a)		85		348
Marlin Business Services Corp.		13,173		292,836
Voya Financial Inc.		105,476		6,475,172
				487,370,755
Diversified Telecommunication Services — 1.0%
Anterix Inc.(a)(b)		24,831		1,507,242
AST SpaceMobile Inc.(a)(b)		74,178		802,606
AT&T Inc.		6,589,208		177,974,508
ATN International Inc.		8,617		403,706
Bandwidth Inc., Class A(a)(b)		19,716		1,779,961
Cogent Communications Holdings Inc.		39,687		2,811,427
Consolidated Communications Holdings Inc.(a)		68,148		626,280
EchoStar Corp., Class A(a)(b)		42,149		1,075,221
Frontier Communications Parent Inc.(a)(b)		193,108		5,381,920
Globalstar Inc.(a)(b)		581,255		970,696
IDT Corp., Class B(a)(b)		14,314		600,472
Iridium Communications Inc.(a)		132,224		5,269,126
Liberty Global PLC, Class A(a)		164,100		4,890,180
Liberty Global PLC, Class C, NVS(a)(b)		317,804		9,362,506
Liberty Latin America Ltd., Class A(a)		49,698		650,050
Liberty Latin America Ltd., Class C, NVS(a)		141,421		1,855,444
Lumen Technologies Inc.		939,280		11,637,679
Ooma Inc.(a)		15,986		297,499
Radius Global Infrastructure Inc., Class A(a)(b)		57,932		946,030
Verizon Communications Inc.		3,831,445		206,936,344
				435,778,897
Electric Utilities — 1.4%
ALLETE Inc.		48,352		2,877,911
Alliant Energy Corp.		239,177		13,389,129
American Electric Power Co. Inc.		466,732		37,889,304
Avangrid Inc.		68,950		3,350,970
Duke Energy Corp.		714,278		69,706,390
Edison International		351,929		19,521,502
Entergy Corp.		183,449		18,218,320
Evergy Inc.		217,025		13,498,955
Eversource Energy		322,781		26,390,575
Exelon Corp.		907,798		43,882,955
FirstEnergy Corp.		517,099		18,419,066
Genie Energy Ltd., Class B		16,740		109,312
Hawaiian Electric Industries Inc.		100,698		4,111,499
IDACORP Inc.		48,899		5,055,179
MGE Energy Inc.		35,432		2,604,252
NextEra Energy Inc.		1,809,143		142,053,908

S C H E D U L E   O F   I N V E S T M E N T S 63

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
NRG Energy Inc.		227,512	$	9,289,315
OGE Energy Corp.		188,364		6,208,477
Otter Tail Corp.		43,084		2,411,412
PG&E Corp.(a)(b)		1,387,869		13,323,542
Pinnacle West Capital Corp.		108,500		7,851,060
PNM Resources Inc.		75,387		3,730,149
Portland General Electric Co.		83,755		3,935,647
PPL Corp.		715,387		19,944,990
Southern Co. (The)		979,503		60,699,801
Via Renewables Inc.		15,934		162,367
Xcel Energy Inc.		502,851		31,428,188
				580,064,175
Electrical Equipment — 0.7%
Acuity Brands Inc.		30,708		5,323,846
Advent Technologies Holdings Inc.(a)(b)		58,503		508,976
Allied Motion Technologies Inc.		11,454		358,281
American Superconductor Corp.(a)(b)		41,731		608,438
AMETEK Inc.		213,991		26,537,024
Array Technologies Inc.(a)(b)		102,739		1,902,726
Atkore Inc.(a)		40,911		3,555,984
AZZ Inc.		24,982		1,329,042
Babcock & Wilcox Enterprises Inc.(a)		50,711		325,057
Beam Global(a)(b)		5,557		152,095
Blink Charging Co.(a)(b)		33,778		966,389
Bloom Energy Corp., Class A(a)(b)		154,031		2,883,460
Broadwind Inc.(a)(b)		16,758		43,403
Capstone Green Energy Corp.(a)		1,371		6,594
ChargePoint Holdings Inc.(a)(b)		151,883		3,036,141
Eaton Corp. PLC		372,462		55,612,301
Emerson Electric Co.		555,683		52,345,339
Encore Wire Corp.		17,464		1,656,111
Energous Corp.(a)(b)		34,988		72,775
Energy Focus Inc.(a)(b)		1,425		4,432
EnerSys		41,622		3,098,342
Enovix Corp.(a)(b)		90,475		1,709,073
Eos Energy Enterprises Inc.(a)(b)		36,023		505,403
Espey Manufacturing & Electronics Corp.		612		8,905
FuelCell Energy Inc.(a)(b)		301,290		2,015,630
Generac Holdings Inc.(a)(b)		59,333		24,247,617
GrafTech International Ltd.		156,560		1,615,699
Hubbell Inc.		50,064		9,045,063
Ideal Power Inc.(a)(b)		636		9,680
LSI Industries Inc.		24,657		191,092
nVent Electric PLC		161,423		5,218,806
Ocean Power Technologies Inc.(a)(b)		15		35
Orion Energy Systems Inc.(a)		25,590		99,545
Pioneer Power Solutions Inc.		7,653		25,408
Plug Power Inc.(a)(b)		481,334		12,293,270
Powell Industries Inc.		8,370		205,651
Preformed Line Products Co.		650		42,276
Regal Beloit Corp.		36,350		5,464,859
Rockwell Automation Inc.		108,197		31,814,246
Romeo Power Inc.(a)(b)		81,294		402,405
Sensata Technologies Holding PLC(a)		153,054		8,375,115
Servotronics Inc.(a)		113		1,312
Shoals Technologies Group Inc., Class A(a)(b)		85,300		2,378,164
Stem Inc.(a)(b)		102,500		2,448,725
Sunrun Inc.(a)(b)		191,441		8,423,404
Sunworks Inc.(a)(b)		21,813		133,932
Thermon Group Holdings Inc.(a)(b)		26,214		453,764

Security	Shares		Value
Electrical Equipment (continued)
TPI Composites Inc.(a)(b)		36,120	$	1,219,050
Ultralife Corp.(a)(b)		8,651		61,163
Vertiv Holdings Co.		276,619		6,663,752
Vicor Corp.(a)		22,726		3,048,920
Westwater Resources Inc.(a)		21,668		77,571
				288,526,291
Electronic Equipment, Instruments & Components — 0.8%
908 Devices Inc.(a)(b)		14,635		475,930
ADDvantage Technologies Group Inc.(a)(b)		7,632		18,012
Advanced Energy Industries Inc.		34,182		2,999,470
Aeva Technologies Inc.(a)(b)		85,178		676,313
Akoustis Technologies Inc.(a)(b)		48,895		474,282
Amphenol Corp., Class A		556,292		40,737,263
Arlo Technologies Inc.(a)		59,451		381,081
Arrow Electronics Inc.(a)		70,442		7,909,932
Autoscope Technologies Corp.		7,777		57,628
Avnet Inc.		99,953		3,695,262
Badger Meter Inc.		25,526		2,581,700
Bel Fuse Inc., Class A		246		3,535
Bel Fuse Inc., Class B, NVS		8,430		104,785
Belden Inc.		41,453		2,415,052
Benchmark Electronics Inc.		43,012		1,148,851
CDW Corp./DE		127,796		23,261,428
Cemtrex Inc.(a)		788		914
ClearSign Technologies Corp.(a)		2,687		5,374
Coda Octopus Group Inc.(a)(b)		41,601		372,745
Cognex Corp.		161,837		12,982,564
Coherent Inc.(a)		24,427		6,108,948
Corning Inc.		706,098		25,765,516
CPS Technologies Corp.(a)(b)		8,230		40,903
CTS Corp.		26,227		810,677
Daktronics Inc.(a)		34,018		184,718
Data I/O Corp.(a)		8,146		53,030
Digital Ally Inc.(a)		889		1,076
Electro-Sensors Inc.(a)		222		1,117
ePlus Inc.(a)		15,886		1,630,062
Fabrinet(a)		33,808		3,465,658
FARO Technologies Inc.(a)		16,736		1,101,396
Frequency Electronics Inc.(a)		8,146		84,718
Identiv Inc.(a)		9,305		175,306
IEC Electronics Corp.(a)(b)		8,604		131,899
II-VI Inc.(a)(b)		100,897		5,989,246
Insight Enterprises Inc.(a)(b)		33,747		3,039,930
Intellicheck Inc.(a)(b)		11,597		94,979
IPG Photonics Corp.(a)(b)		33,889		5,368,018
Iteris Inc.(a)(b)		25,127		132,671
Itron Inc.(a)		39,584		2,993,738
Jabil Inc.		135,549		7,911,995
Key Tronic Corp.(a)		8,587		55,816
Keysight Technologies Inc.(a)		169,490		27,845,512
Kimball Electronics Inc.(a)(b)		18,940		488,084
Knowles Corp.(a)		85,495		1,602,176
LGL Group Inc. (The)(a)		449		6,192
LightPath Technologies Inc., Class A(a)(b)		9,255		19,713
Littelfuse Inc.		23,672		6,468,847
Luna Innovations Inc.(a)(b)		33,173		315,144
Methode Electronics Inc.		33,922		1,426,420
MicroVision Inc.(a)(b)		137,495		1,519,320
MICT Inc.(a)(b)		46,844		72,608
Napco Security Technologies Inc.(a)		9,278		399,696

64 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
National Instruments Corp.		127,543	$	5,003,512
Neonode Inc.(a)(b)		2,003		20,210
nLight Inc.(a)		35,971		1,014,022
Novanta Inc.(a)		33,130		5,118,585
OSI Systems Inc.(a)(b)		15,966		1,513,577
Ouster Inc.(a)(b)		73,477		537,852
PAR Technology Corp.(a)(b)		19,833		1,219,928
PC Connection Inc.		14,991		660,054
Plexus Corp.(a)		25,082		2,242,582
Powerfleet Inc.(a)		13,962		93,545
Research Frontiers Inc.(a)		17,021		43,574
RF Industries Ltd.(a)		8,153		65,795
Richardson Electronics Ltd.		9,124		88,412
Rogers Corp.(a)		17,017		3,173,330
Sanmina Corp.(a)		70,620		2,721,695
ScanSource Inc.(a)		25,171		875,699
Schmitt Industries Inc.(a)		498		2,141
SigmaTron International Inc.(a)(b)		7,617		67,639
SYNNEX Corp.		39,690		4,131,729
Taitron Components Inc., Class A		800		3,080
TE Connectivity Ltd.		307,036		42,131,480
Teledyne Technologies Inc.(a)		43,954		18,881,759
Trimble Inc.(a)		235,559		19,374,728
TTM Technologies Inc.(a)		91,893		1,155,095
Universal Security Instruments Inc.(a)		622		3,446
Velodyne Lidar Inc.(a)(b)		42,723		252,920
Vishay Intertechnology Inc.		119,089		2,392,498
Vishay Precision Group Inc.(a)		9,195		319,710
Vontier Corp.		159,830		5,370,288
Wayside Technology Group Inc.		830		22,385
Wireless Telecom Group Inc.(a)		16,683		34,534
ZAGG Inc., NVS(c)		23,161		2,084
Zebra Technologies Corp., Class A(a)(b)		49,575		25,551,946
				349,697,084
Energy Equipment & Services — 0.3%
Archrock Inc.		126,693		1,045,217
Aspen Aerogels Inc.(a)(b)		20,780		956,088
Baker Hughes Co.		770,087		19,044,252
Bristow Group Inc.(a)(b)		32,170		1,023,971
Cactus Inc., Class A		60,887		2,296,658
ChampionX Corp.(a)		206,695		4,621,700
Core Laboratories NV		41,955		1,164,251
Dawson Geophysical Co.(a)(b)		43,638		108,659
DMC Global Inc.(a)		14,624		539,772
Dril-Quip Inc.(a)		32,137		809,210
ENGlobal Corp.(a)(b)		16,226		43,323
Enservco Corp.(a)(b)		1,439		2,058
Exterran Corp.(a)(b)		49,158		218,262
Forum Energy Technologies Inc.(a)(b)		5,801		130,755
Frank’s International NV(a)		78,648		231,225
Geospace Technologies Corp.(a)		16,057		153,344
Gulf Island Fabrication Inc.(a)		9,339		37,076
Halliburton Co.		826,136		17,861,060
Helix Energy Solutions Group Inc.(a)		128,176		497,323
Helmerich & Payne Inc.		100,864		2,764,682
Independence Contract Drilling Inc.(a)		1,050		3,150
ION Geophysical Corp.(a)(b)		8,412		11,188
KLX Energy Services Holdings Inc.(a)(b)		4,969		23,652
Liberty Oilfield Services Inc., Class A(a)		97,583		1,183,682
Mammoth Energy Services Inc.(a)(b)		25,316		73,670

Security	Shares		Value
Energy Equipment & Services (continued)
MIND Technology Inc.(a)		9,108	$	17,123
Nabors Industries Ltd.(a)		5,529		533,438
Natural Gas Services Group Inc.(a)		17		176
NCS Multistage Holdings Inc.(a)(b)		5,486		161,014
Newpark Resources Inc.(a)		83,690		276,177
NexTier Oilfield Solutions Inc.(a)		154,332		709,927
Nine Energy Service Inc.(a)(b)		15,612		28,570
Noble Corp.(a)(b)		55,925		1,513,330
NOV Inc.(a)		359,730		4,716,060
Oceaneering International Inc.(a)		93,476		1,245,100
Oil States International Inc.(a)(b)		65,502		418,558
Patterson-UTI Energy Inc.		208,468		1,876,212
Profire Energy Inc.(a)(b)		26,012		29,914
ProPetro Holding Corp.(a)		77,473		670,141
Ranger Energy Services Inc.(a)		5,103		46,948
RPC Inc.(a)		44,990		218,651
Schlumberger NV		1,313,881		38,943,433
SEACOR Marine Holdings Inc.(a)(b)		42,659		197,511
Select Energy Services Inc., Class A(a)		51,386		266,693
Smart Sand Inc.(a)(b)		132,032		323,478
Solaris Oilfield Infrastructure Inc., Class A		33,462		279,073
Superior Drilling Products Inc.(a)(b)		8,294		14,515
TechnipFMC PLC(a)		397,363		2,992,143
TETRA Technologies Inc.(a)(b)		84,107		262,414
Tidewater Inc.(a)		30,510		367,951
Transocean Ltd.(a)		553,590		2,098,106
U.S. Silica Holdings Inc.(a)		60,029		479,632
U.S. Well Services Inc.(a)(b)		59,829		43,382
Valaris Ltd.(a)(b)		60,640		2,115,123
Weatherford International PLC(a)		60,604		1,192,081
				116,881,102
Entertainment — 1.8%
Activision Blizzard Inc.		725,623		56,155,964
AMC Entertainment Holdings Inc., Class A(a)(b)		470,440		17,904,946
Ballantyne Strong Inc.(a)		9,246		28,385
Chicken Soup For The Soul Entertainment Inc.(a)(b)		3,008		68,793
Cinedigm Corp., Class A(a)		83,424		209,394
Cinemark Holdings Inc.(a)		100,947		1,939,192
CuriosityStream Inc.(a)(b)		56,444		594,920
Electronic Arts Inc.		264,133		37,572,919
Gaia Inc., Class A(a)(b)		16,766		158,942
Liberty Media Corp.-Liberty Braves, Class A(a)		18,369		494,310
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		33,201		877,170
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		16,304		767,103
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		192,159		9,878,894
Lions Gate Entertainment Corp., Class A(a)		53,433		758,214
Lions Gate Entertainment Corp., Class B, NVS(a)		107,476		1,397,188
Live Nation Entertainment Inc.(a)		122,503		11,163,698
Madison Square Garden Entertainment Corp.(a)(b)		24,041		1,747,060
Madison Square Garden Sports Corp.(a)(b)		16,488		3,065,944
Marcus Corp. (The)(a)		21,844		381,178
Netflix Inc.(a)		409,667		250,036,157
Playstudios Inc.(a)(b)		166,420		758,875
Playtika Holding Corp.(a)(b)		96,151		2,656,652
Reading International Inc., Class A, NVS(a)(b)		16,606		84,026
Roku Inc.(a)(b)		108,054		33,858,721
Skillz Inc.(a)(b)		225,969		2,219,016
Take-Two Interactive Software Inc.(a)		108,065		16,649,575

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Walt Disney Co. (The)(a)		1,683,334	$	284,769,613
Warner Music Group Corp., Class A		96,608		4,129,026
World Wrestling Entertainment Inc., Class A		43,100		2,424,806
Zynga Inc., Class A(a)		943,447		7,104,156
				749,854,837
Equity Real Estate Investment Trusts (REITs) — 3.2%
Acadia Realty Trust		68,135		1,390,635
ACRE Realty Investors Inc.(a)(c)		2,715		2,253
Agree Realty Corp.		52,418		3,471,644
Alexander & Baldwin Inc.		58,983		1,382,561
Alexander’s Inc.		1,605		418,295
Alexandria Real Estate Equities Inc.		128,502		24,552,877
American Assets Trust Inc.		41,661		1,558,955
American Campus Communities Inc.		127,234		6,164,487
American Finance Trust Inc.		101,447		815,634
American Homes 4 Rent, Class A		258,644		9,859,509
American Tower Corp.		418,782		111,148,931
Americold Realty Trust		237,243		6,891,909
Apartment Income REIT Corp.		141,619		6,912,423
Apartment Investment & Management Co., Class A		141,755		971,022
Apple Hospitality REIT Inc.		222,308		3,496,905
Armada Hoffler Properties Inc.		59,711		798,336
Ashford Hospitality Trust Inc.(a)		19,795		291,382
AvalonBay Communities Inc.		129,248		28,646,527
Bluerock Residential Growth REIT Inc., Class A		20,526		261,501
Boston Properties Inc.		130,904		14,183,448
Braemar Hotels & Resorts Inc.(a)		24,593		119,276
Brandywine Realty Trust		160,452		2,153,266
Brixmor Property Group Inc.		280,488		6,201,590
Broadstone Net Lease Inc.		136,609		3,389,269
BRT Apartments Corp.		8,384		161,643
Camden Property Trust		92,836		13,690,525
CareTrust REIT Inc.		78,422		1,593,535
CatchMark Timber Trust Inc., Class A		33,994		403,509
Cedar Realty Trust Inc.		8,714		189,007
Centerspace		9,970		942,165
Chatham Lodging Trust(a)		31,225		382,506
CIM Commercial Trust Corp.		8,030		72,752
City Office REIT Inc.		59,437		1,061,545
Clipper Realty Inc.		41,024		332,294
Columbia Property Trust Inc.		117,519		2,235,211
Community Healthcare Trust Inc.		18,416		832,219
Condor Hospitality Trust Inc.(a)		5,731		39,945
CorEnergy Infrastructure Trust Inc.		9,063		40,149
CorePoint Lodging Inc.(a)		40,070		621,085
CoreSite Realty Corp.		40,670		5,634,422
Corporate Office Properties Trust		99,017		2,671,479
Cousins Properties Inc.		137,060		5,110,967
Crown Castle International Corp.		401,765		69,633,910
CTO Realty Growth Inc.		9,200		494,592
CubeSmart		180,828		8,761,117
CyrusOne Inc.		117,085		9,063,550
DiamondRock Hospitality Co.(a)		186,263		1,760,185
Digital Realty Trust Inc.		263,608		38,078,176
DigitalBridge Group Inc.(a)		463,371		2,794,127
Diversified Healthcare Trust		223,179		756,577
Douglas Emmett Inc.		158,010		4,994,696
Duke Realty Corp.		348,471		16,681,307
Easterly Government Properties Inc.		71,341		1,473,905
EastGroup Properties Inc.		39,551		6,590,383

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Empire State Realty Trust Inc., Class A		117,033	$	1,173,841
EPR Properties		76,122		3,758,904
Equinix Inc.		83,101		65,660,593
Equity Commonwealth(a)		118,545		3,079,799
Equity LifeStyle Properties Inc.		160,746		12,554,263
Equity Residential		314,869		25,479,199
Essential Properties Realty Trust Inc.		103,534		2,890,669
Essex Property Trust Inc.		61,494		19,662,092
Extra Space Storage Inc.		125,402		21,066,282
Farmland Partners Inc.		30,031		360,072
Federal Realty Investment Trust		66,463		7,841,969
First Industrial Realty Trust Inc.		123,542		6,434,067
Four Corners Property Trust Inc.		59,766		1,605,315
Franklin Street Properties Corp., Class C		84,706		393,036
Gaming and Leisure Properties Inc.		201,882		9,351,174
GEO Group Inc. (The)		108,883		813,356
Getty Realty Corp.		42,216		1,237,351
Gladstone Commercial Corp.		48,986		1,030,176
Gladstone Land Corp.		42,455		966,700
Global Medical REIT Inc.		50,278		739,087
Global Net Lease Inc.		75,980		1,217,200
Global Self Storage Inc.		8,115		41,792
Healthcare Realty Trust Inc.		133,342		3,970,925
Healthcare Trust of America Inc., Class A		213,188		6,323,156
Healthpeak Properties Inc.		492,222		16,479,593
Hersha Hospitality Trust, Class A(a)		40,652		379,283
Highwoods Properties Inc.		100,988		4,429,334
Host Hotels & Resorts Inc.(a)		646,201		10,552,462
Hudson Pacific Properties Inc.		142,615		3,746,496
Independence Realty Trust Inc.		99,960		2,034,186
Indus Realty Trust Inc.		1,600		112,160
Industrial Logistics Properties Trust		79,386		2,017,198
Innovative Industrial Properties Inc.		22,619		5,228,834
Invitation Homes Inc.		543,762		20,842,397
Iron Mountain Inc.		272,758		11,851,335
iStar Inc.		58,812		1,475,005
JBG SMITH Properties		110,389		3,268,618
Kilroy Realty Corp.		101,622		6,728,393
Kimco Realty Corp.		564,646		11,716,404
Kite Realty Group Trust		92,671		1,886,782
Lamar Advertising Co., Class A		83,691		9,494,744
Lexington Realty Trust		246,981		3,149,008
Life Storage Inc.		74,436		8,540,787
LTC Properties Inc.		34,272		1,086,080
Macerich Co. (The)		157,024		2,623,871
Mack-Cali Realty Corp.(a)		84,422		1,445,305
Medical Properties Trust Inc.		573,667		11,513,497
Mid-America Apartment Communities Inc.		109,413		20,432,878
Monmouth Real Estate Investment Corp.		111,309		2,075,913
National Health Investors Inc.		41,507		2,220,624
National Retail Properties Inc.		165,850		7,163,061
National Storage Affiliates Trust		83,716		4,419,368
NETSTREIT Corp.		34,318		811,621
NexPoint Residential Trust Inc.		17,534		1,085,004
Office Properties Income Trust		40,052		1,014,517
Omega Healthcare Investors Inc.		219,750		6,583,710
One Liberty Properties Inc.		16,229		494,822
Outfront Media Inc.		131,935		3,324,762
Paramount Group Inc.		178,113		1,601,236
Park Hotels & Resorts Inc.(a)		226,772		4,340,416

66 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Pebblebrook Hotel Trust		124,861	$	2,798,135
Phillips Edison & Co. Inc.		28,830		885,369
Physicians Realty Trust		211,003		3,717,873
Piedmont Office Realty Trust Inc., Class A		134,927		2,351,778
Plymouth Industrial REIT Inc.		34,218		778,459
Postal Realty Trust Inc., Class A		6,354		118,439
PotlatchDeltic Corp.		59,983		3,093,923
Power REIT(a)		239		11,942
Preferred Apartment Communities Inc.		51,286		627,228
Prologis Inc.		687,128		86,186,465
PS Business Parks Inc.		19,413		3,042,794
Public Storage		142,727		42,404,192
Rayonier Inc.		136,601		4,873,924
Realty Income Corp.		363,898		23,602,424
Regency Centers Corp.		143,265		9,646,032
Retail Opportunity Investments Corp.		115,206		2,006,888
Retail Properties of America Inc., Class A		201,334		2,593,182
Retail Value Inc.		20,559		541,318
Rexford Industrial Realty Inc.		127,895		7,258,041
RLJ Lodging Trust		160,056		2,378,432
RPT Realty		53,689		685,072
Ryman Hospitality Properties Inc.(a)		50,174		4,199,564
Sabra Health Care REIT Inc.		184,782		2,719,991
Safehold Inc.(b)		11,271		810,272
Saul Centers Inc.		9,747		429,453
SBA Communications Corp.		99,540		32,904,938
Seritage Growth Properties, Class A(a)(b)		30,496		452,256
Service Properties Trust		147,259		1,650,773
Simon Property Group Inc.		308,310		40,071,051
SITE Centers Corp.		149,575		2,309,438
SL Green Realty Corp.		66,310		4,697,400
Sotherly Hotels Inc.(a)		9,134		23,383
Spirit Realty Capital Inc.		112,632		5,185,577
STAG Industrial Inc.		142,405		5,589,396
STORE Capital Corp.		226,825		7,265,205
Summit Hotel Properties Inc.(a)		94,483		909,871
Sun Communities Inc.		106,654		19,741,655
Sunstone Hotel Investors Inc.(a)		204,054		2,436,405
Tanger Factory Outlet Centers Inc.		90,060		1,467,978
Terreno Realty Corp.		64,817		4,098,379
UDR Inc.		253,897		13,451,463
UMH Properties Inc.		27,913		639,208
Uniti Group Inc.		242,787		3,003,275
Universal Health Realty Income Trust		11,625		642,514
Urban Edge Properties		107,677		1,971,566
Urstadt Biddle Properties Inc., Class A		16,431		311,039
Ventas Inc.		369,818		20,417,652
VEREIT Inc.		211,964		9,587,132
VICI Properties Inc.		577,792		16,415,071
Vornado Realty Trust		149,668		6,287,553
Washington REIT		93,930		2,324,767
Welltower Inc.		389,329		32,080,710
Weyerhaeuser Co.		707,195		25,154,926
Wheeler Real Estate Investment Trust Inc.(a)		736		2,171
Whitestone REIT		30,579		299,063
WP Carey Inc.		166,899		12,190,303
Xenia Hotels & Resorts Inc.(a)		98,746		1,751,754
				1,309,095,902
Food & Staples Retailing — 1.2%
Albertsons Companies Inc., Class A		91,082		2,835,383

Security	Shares		Value
Food & Staples Retailing (continued)
Andersons Inc. (The)		25,069	$	772,877
BJ’s Wholesale Club Holdings Inc.(a)(b)		124,571		6,841,439
Casey’s General Stores Inc.		35,718		6,731,057
Chefs’ Warehouse Inc. (The)(a)(b)		24,719		805,098
Costco Wholesale Corp.		408,680		183,640,358
Grocery Outlet Holding Corp.(a)		79,014		1,704,332
HF Foods Group Inc.(a)(b)		31,785		192,299
Ingles Markets Inc., Class A		18,031		1,190,587
Kroger Co. (The)		632,074		25,554,752
MedAvail Holdings Inc.(a)		25		73
Performance Food Group Co.(a)		139,857		6,497,756
PriceSmart Inc.		18,002		1,396,055
Rite Aid Corp.(a)(b)		48,862		693,840
SpartanNash Co.		48,876		1,070,384
Sprouts Farmers Market Inc.(a)		110,949		2,570,688
Sysco Corp.		471,218		36,990,613
U.S. Foods Holding Corp.(a)		203,542		7,054,766
United Natural Foods Inc.(a)		62,654		3,033,707
Village Super Market Inc., Class A		7,857		170,340
Walmart Inc.		1,328,424		185,155,737
Walgreens Boots Alliance Inc.		670,070		31,526,794
Weis Markets Inc.		15,609		820,253
				507,249,188
Food Products — 0.9%
Alico Inc.		649		22,222
AppHarvest Inc.(a)(b)		56,365		367,500
Arcadia Biosciences Inc.(a)(b)		219		453
Archer-Daniels-Midland Co.		520,569		31,239,346
B&G Foods Inc.(b)		58,038		1,734,756
Beyond Meat Inc.(a)(b)		55,873		5,881,192
Bridgford Foods Corp.(a)		641		7,679
Bunge Ltd.		120,085		9,765,312
Calavo Growers Inc.		18,278		698,951
Cal-Maine Foods Inc.(b)		39,148		1,415,592
Campbell Soup Co.		192,474		8,047,338
Coffee Holding Co. Inc.(a)(b)		8,234		37,465
Conagra Brands Inc.		440,414		14,916,822
Darling Ingredients Inc.(a)		151,955		10,925,564
Farmer Bros. Co.(a)		5,634		47,382
Flowers Foods Inc.		192,194		4,541,544
Fresh Del Monte Produce Inc.		30,896		995,469
Freshpet Inc.(a)(b)		42,162		6,016,096
General Mills Inc.		559,545		33,471,982
Hain Celestial Group Inc. (The)(a)		84,609		3,619,573
Hershey Co. (The)		137,031		23,192,497
Hormel Foods Corp.		268,736		11,018,176
Hostess Brands Inc.(a)(b)		141,452		2,457,021
Ingredion Inc.		59,154		5,265,298
J&J Snack Foods Corp.		15,497		2,368,252
JM Smucker Co. (The)		102,544		12,308,356
John B Sanfilippo & Son Inc.		7,857		642,074
Kellogg Co.		232,247		14,845,228
Kraft Heinz Co. (The)		616,534		22,700,782
Lamb Weston Holdings Inc.		137,399		8,432,177
Lancaster Colony Corp.		19,198		3,240,814
Landec Corp.(a)(b)		25,216		232,491
Lifeway Foods Inc.(a)(b)		7,644		42,730
Limoneira Co.		9,112		147,341
McCormick & Co. Inc./MD, NVS		234,302		18,985,491
Mission Produce Inc.(a)		47,750		877,645

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Mondelez International Inc., Class A		1,299,315	$	75,594,147
Pilgrim’s Pride Corp.(a)		56,585		1,645,492
Post Holdings Inc.(a)		58,395		6,432,793
RiceBran Technologies(a)(b)		8,319		4,908
Rocky Mountain Chocolate Factory Inc.(a)		7,604		56,270
S&W Seed Co.(a)(b)		9,361		24,245
Sanderson Farms Inc.		22,070		4,153,574
Seaboard Corp.		183		750,298
Seneca Foods Corp., Class A(a)		7,737		373,078
Seneca Foods Corp., Class B(a)		117		5,797
Simply Good Foods Co. (The)(a)		78,884		2,720,709
Tattooed Chef Inc.(a)(b)		36,755		677,395
Tootsie Roll Industries Inc.		25,373		772,100
TreeHouse Foods Inc.(a)		51,181		2,041,098
Tyson Foods Inc., Class A		268,751		21,215,204
Utz Brands Inc.		80,411		1,377,440
Vital Farms Inc.(a)(b)		18,289		321,338
Whole Earth Brands Inc.(a)		57,616		665,465
				379,339,962
Gas Utilities — 0.1%
Atmos Energy Corp.		124,288		10,962,202
Chesapeake Utilities Corp.		16,100		1,932,805
National Fuel Gas Co.		83,638		4,392,668
New Jersey Resources Corp.		85,053		2,960,695
Northwest Natural Holding Co.		31,151		1,432,634
ONE Gas Inc.		50,011		3,169,197
RGC Resources Inc.		2,385		54,020
South Jersey Industries Inc.		114,046		2,424,618
Southwest Gas Holdings Inc.		51,684		3,456,626
Spire Inc.		48,909		2,992,253
UGI Corp.		200,209		8,532,907
				42,310,625
Health Care Equipment & Supplies — 3.5%
Abbott Laboratories		1,637,841		193,478,157
ABIOMED Inc.(a)(b)		42,814		13,936,813
Accelerate Diagnostics Inc.(a)(b)		26,139		152,390
Accuray Inc.(a)		82,219		324,765
Acutus Medical Inc.(a)		17,929		158,492
Aethlon Medical Inc.(a)(b)		415		1,602
Align Technology Inc.(a)		68,481		45,569,312
Alphatec Holdings Inc.(a)(b)		65,020		792,594
AngioDynamics Inc.(a)		25,682		666,191
Apollo Endosurgery Inc.(a)		72		652
Apyx Medical Corp.(a)		25,138		348,161
Asensus Surgical Inc.(a)(b)		211,631		391,517
Aspira Women’s Health Inc.(a)(b)		39,406		128,070
AtriCure Inc.(a)		44,104		3,067,433
Atrion Corp.		1,031		719,122
Avanos Medical Inc.(a)		47,338		1,476,946
Avinger Inc.(a)		8		6
Axogen Inc.(a)		41,049		648,574
Axonics Inc.(a)(b)		39,835		2,592,860
Baxter International Inc.		464,513		37,360,781
Becton Dickinson and Co.		266,976		65,628,040
Beyond Air Inc.(a)(b)		9,537		106,051
Biolase Inc.(a)(b)		64,478		41,221
BioLife Solutions Inc.(a)		18,964		802,556
Biomerica Inc.(a)(b)		7,378		33,201
Boston Scientific Corp.(a)		1,332,676		57,824,812

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Butterfly Network Inc.(a)(b)		120,441	$	1,257,404
Cardiovascular Systems Inc.(a)		48,664		1,597,639
Cerus Corp.(a)(b)		200,398		1,220,424
Chembio Diagnostics Inc.(a)(b)		8,333		20,833
ClearPoint Neuro Inc.(a)(b)		9,278		164,685
Co-Diagnostics Inc.(a)(b)		32,477		316,001
Conformis Inc.(a)		73,419		97,647
CONMED Corp.		24,996		3,270,227
Cooper Companies Inc. (The)		45,194		18,679,132
CryoLife Inc.(a)		50,230		1,119,627
CryoPort Inc.(a)(b)		46,658		3,103,224
Cutera Inc.(a)		12,392		577,467
CytoSorbents Corp.(a)(b)		24,353		197,746
Danaher Corp.		585,789		178,337,603
DENTSPLY SIRONA Inc.		202,165		11,735,678
Dexcom Inc.(a)(b)		89,787		49,100,919
Eargo Inc.(a)		14,437		97,161
Edwards Lifesciences Corp.(a)		579,820		65,641,422
Ekso Bionics Holdings Inc.(a)(b)		15,902		73,467
ElectroCore Inc.(a)(b)		15,783		17,835
Electromed Inc.(a)(b)		7,604		82,275
Envista Holdings Corp.(a)(b)		151,594		6,338,145
Figs Inc., Class A(a)		24,699		917,321
FONAR Corp.(a)		7,779		120,263
Glaukos Corp.(a)		39,986		1,926,126
Globus Medical Inc., Class A(a)		68,381		5,239,352
Haemonetics Corp.(a)		49,145		3,469,146
Helius Medical Technologies Inc.(a)(b)		1,941		27,232
Heska Corp.(a)		8,911		2,303,850
Hill-Rom Holdings Inc.		60,220		9,033,000
Hologic Inc.(a)		231,996		17,123,625
ICU Medical Inc.(a)		18,788		4,384,743
IDEXX Laboratories Inc.(a)		77,583		48,248,868
Inari Medical Inc.(a)		29,585		2,399,343
Inogen Inc.(a)		17,048		734,598
Insulet Corp.(a)		63,754		18,120,799
Integer Holdings Corp.(a)		34,074		3,044,171
Integra LifeSciences Holdings Corp.(a)(b)		66,700		4,567,616
Intersect ENT Inc.(a)		26,135		710,872
IntriCon Corp.(a)(b)		7,782		141,321
Intuitive Surgical Inc.(a)		109,824		109,181,530
Invacare Corp.(a)		30,448		144,932
InVivo Therapeutics Holdings Corp.(a)		16		11
iRadimed Corp.(a)(b)		7,550		253,605
iRhythm Technologies Inc.(a)		27,081		1,585,863
IRIDEX Corp.(a)		8,245		63,157
Kewaunee Scientific Corp.(a)		262		3,464
Lantheus Holdings Inc.(a)(b)		65,064		1,670,844
LeMaitre Vascular Inc.		23,177		1,230,467
LENSAR Inc.(a)(b)		11,165		87,869
LivaNova PLC(a)		51,658		4,090,797
Masimo Corp.(a)		48,167		13,039,289
Medtronic PLC		1,240,884		155,544,809
Meridian Bioscience Inc.(a)		36,732		706,724
Merit Medical Systems Inc.(a)		50,596		3,632,793
Mesa Laboratories Inc.		5,671		1,714,684
Microbot Medical Inc.(a)		17		120
Milestone Scientific Inc.(a)(b)		9,155		17,120
Misonix Inc.(a)		7,741		195,847
Motus GI Holdings Inc.(a)(b)		9,476		6,534

68 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Natus Medical Inc.(a)		32,902	$	825,182
Neogen Corp.(a)		103,604		4,499,522
NeuroMetrix Inc.(a)		10		101
Neuronetics Inc.(a)(b)		32,980		216,349
Nevro Corp.(a)		33,441		3,891,864
Novocure Ltd.(a)		86,462		10,044,291
NuVasive Inc.(a)(b)		49,082		2,937,558
OraSure Technologies Inc.(a)		60,558		684,911
Ortho Clinical Diagnostics Holdings PLC(a)		74,885		1,383,875
Orthofix Medical Inc.(a)		16,897		644,114
OrthoPediatrics Corp.(a)(b)		14,484		948,847
Outset Medical Inc.(a)(b)		37,424		1,850,243
Owlet Inc.(a)(b)		156,465		874,639
PAVmed Inc.(a)(b)		116,902		998,343
Penumbra Inc.(a)		32,137		8,564,510
Predictive Oncology Inc.(a)(b)		6		8
Pro-Dex Inc.(a)(b)		613		15,895
Pulmonx Corp.(a)		36,790		1,323,704
Quidel Corp.(a)(b)		36,191		5,108,360
Quotient Ltd.(a)(b)		116,270		272,072
Repro-Med Systems Inc.(a)		16,064		45,782
ResMed Inc.		135,773		35,782,974
Retractable Technologies Inc.(a)(b)		9,208		101,564
Rockwell Medical Inc.(a)(b)		58,616		34,935
SeaSpine Holdings Corp.(a)(b)		50,120		788,388
Second Sight Medical Products Inc.(a)(b)		22,541		71,906
Senseonics Holdings Inc.(a)(b)		356,950		1,210,060
Sensus Healthcare Inc.(a)(b)		69,045		248,562
Shockwave Medical Inc.(a)(b)		32,700		6,732,276
SI-BONE Inc.(a)		31,160		667,447
Sientra Inc.(a)		43,800		250,974
Silk Road Medical Inc.(a)(b)		32,240		1,774,167
SiNtx Technologies Inc.(a)(b)		13		17
SmileDirectClub Inc.(a)(b)		70,872		377,039
Soliton Inc.(a)(b)		6,119		124,583
STAAR Surgical Co.(a)		43,291		5,564,192
Stereotaxis Inc.(a)		38,652		207,948
STERIS PLC		93,023		19,002,738
Strata Skin Sciences Inc.(a)		1,191		2,191
Stryker Corp.		311,967		82,271,937
Surgalign Holdings Inc.(a)		51,463		56,095
Surmodics Inc.(a)		9,514		528,978
Tactile Systems Technology Inc.(a)		16,562		736,181
Tandem Diabetes Care Inc.(a)(b)		56,080		6,694,830
Tela Bio Inc.(a)		3,109		42,469
Teleflex Inc.		43,415		16,347,918
ThermoGenesis Holdings Inc.(a)		27		53
TransMedics Group Inc.(a)		22,904		757,893
Treace Medical Concepts Inc.(a)(b)		23,144		622,574
Utah Medical Products Inc.		1,035		96,089
Vapotherm Inc.(a)(b)		26,314		586,013
Varex Imaging Corp.(a)		34,595		975,579
Venus Concept Inc.(a)		14,453		36,277
ViewRay Inc.(a)		91,509		659,780
VolitionRx Ltd.(a)(b)		9,147		28,356
West Pharmaceutical Services Inc.		67,071		28,474,322
Xtant Medical Holdings Inc.(a)(b)		143		159
Zimmer Biomet Holdings Inc.		195,128		28,558,934
Zomedica Corp.(a)(b)		961,535		503,364
Zosano Pharma Corp.(a)(b)		86,798		62,469

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Zynex Inc.(a)(b)		13,863	$	157,900
				1,471,249,886
Health Care Providers & Services — 2.4%
1Life Healthcare Inc.(a)		107,613		2,179,163
Acadia Healthcare Co. Inc.(a)(b)		83,685		5,337,429
Accolade Inc.(a)		53,412		2,252,384
AdaptHealth Corp.(a)(b)		101,012		2,352,569
Addus HomeCare Corp.(a)		15,171		1,209,887
Agiliti Inc.(a)(b)		33,456		637,002
agilon health Inc.(a)(b)		43,889		1,150,331
Alignment Healthcare Inc.(a)(b)		30,688		490,394
Amedisys Inc.(a)		31,788		4,739,591
American Shared Hospital Services(a)		709		1,957
AmerisourceBergen Corp.		140,424		16,773,647
AMN Healthcare Services Inc.(a)		42,593		4,887,547
Anthem Inc.		222,343		82,889,470
Apollo Medical Holdings Inc.(a)(b)		34,970		3,184,018
Avalon GloboCare Corp.(a)(b)		22,342		19,840
Aveanna Healthcare Holdings Inc.(a)		66,134		530,395
Brookdale Senior Living Inc.(a)		210,004		1,323,025
Cano Health Inc.(a)(b)		154,508		1,959,161
Capital Senior Living Corp.(a)		1,488		52,407
Cardinal Health Inc.		276,214		13,661,544
CareMax Inc.(a)		89,718		866,676
Castle Biosciences Inc.(a)(b)		25,613		1,703,264
Centene Corp.(a)		546,470		34,050,546
Chemed Corp.		15,431		7,177,267
Cigna Corp.		316,111		63,272,778
Clover Health Investments Corp.(a)(b)		206,728		1,527,720
Community Health Systems Inc.(a)		107,635		1,259,330
CorVel Corp.(a)		8,578		1,597,395
Covetrus Inc.(a)		89,944		1,631,584
Cross Country Healthcare Inc.(a)		32,896		698,711
CVS Health Corp.		1,208,612		102,562,814
CynergisTek Inc./DE(a)(b)		7,910		14,238
DaVita Inc.(a)		64,487		7,497,259
Encompass Health Corp.		94,204		7,069,068
Ensign Group Inc. (The)		44,839		3,357,993
Enzo Biochem Inc.(a)		34,624		122,569
Exagen Inc.(a)		5,170		70,312
Five Star Senior Living Inc.(a)		15,887		69,585
Fulgent Genetics Inc.(a)		16,584		1,491,731
Great Elm Group Inc.(a)		6,307		14,317
Guardant Health Inc.(a)		94,150		11,769,691
Hanger Inc.(a)		34,692		761,836
HCA Healthcare Inc.		225,428		54,715,884
HealthEquity Inc.(a)		78,718		5,097,778
Henry Schein Inc.(a)(b)		135,106		10,289,673
Hims & Hers Health Inc.(a)		160,827		1,212,636
Humana Inc.		118,839		46,246,197
InfuSystem Holdings Inc.(a)(b)		16,774		218,565
Innovage Holding Corp.(a)		36,158		239,004
Joint Corp. (The)(a)		17,750		1,739,855
Laboratory Corp. of America Holdings(a)		90,331		25,422,757
LHC Group Inc.(a)(b)		31,051		4,872,212
LifeStance Health Group Inc.(a)(b)		56,176		814,552
Magellan Health Inc.(a)		22,015		2,081,518
McKesson Corp.		143,773		28,665,461
MEDNAX Inc.(a)		84,791		2,410,608
ModivCare Inc.(a)		9,385		1,704,504

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Molina Healthcare Inc.(a)		52,359	$	14,205,520
National HealthCare Corp.		8,852		619,463
National Research Corp.		8,888		374,807
Oak Street Health Inc.(a)(b)		129,828		5,521,585
Ontrak Inc.(a)(b)		10,101		101,414
Option Care Health Inc.(a)		112,616		2,732,064
Owens & Minor Inc.		77,644		2,429,481
Patterson Companies Inc.		85,262		2,569,797
Pennant Group Inc. (The)(a)		23,223		652,334
PetIQ Inc.(a)		18,632		465,241
Premier Inc., Class A		113,622		4,403,989
Privia Health Group Inc.(a)		19,147		451,103
Progyny Inc.(a)(b)		64,010		3,584,560
Psychemedics Corp.(a)		7,628		64,838
Quest Diagnostics Inc.		113,541		16,498,643
R1 RCM Inc.(a)		123,773		2,724,244
RadNet Inc.(a)		50,836		1,490,003
Regional Health Properties Inc.(a)(b)		885		6,992
Select Medical Holdings Corp.		95,400		3,450,618
Sharps Compliance Corp.(a)(b)		9,065		74,968
Signify Health Inc., Class A(a)(b)		26,094		466,300
SOC Telemed Inc.(a)		135,955		307,258
Star Equity Holdings Inc.(a)(b)		1,268		3,449
Surgery Partners Inc.(a)(b)		26,577		1,125,270
Talkspace Inc.(a)(b)		182,642		666,643
Tenet Healthcare Corp.(a)		94,424		6,273,531
Tivity Health Inc.(a)(b)		49,808		1,148,572
Triple-S Management Corp.(a)		25,426		899,318
U.S. Physical Therapy Inc.		10,124		1,119,714
UnitedHealth Group Inc.		873,489		341,307,092
Universal Health Services Inc., Class B		73,464		10,165,214
				1,005,853,674
Health Care Technology — 0.3%
Allscripts Healthcare Solutions Inc.(a)		122,723		1,640,806
American Well Corp., Class A(a)(b)		166,919		1,520,632
CareCloud Inc.(a)		6,317		48,136
Castlight Health Inc., Class B(a)		41,305		64,849
Cerner Corp.		270,605		19,083,065
Certara Inc.(a)		86,225		2,854,047
Change Healthcare Inc.(a)		250,423		5,243,858
Computer Programs & Systems Inc.		8,610		305,311
Doximity Inc., Class A(a)(b)		45,386		3,662,650
Evolent Health Inc., Class A(a)(b)		78,437		2,431,547
GoodRx Holdings Inc., Class A(a)(b)		58,967		2,418,826
Health Catalyst Inc.(a)(b)		48,901		2,445,539
HealthStream Inc.(a)		24,553		701,725
HTG Molecular Diagnostics Inc.(a)		438		2,501
Icad Inc.(a)		13,657		146,813
Inovalon Holdings Inc., Class A(a)		65,553		2,641,130
Inspire Medical Systems Inc.(a)		25,423		5,920,508
Multiplan Corp.(a)(b)		245,123		1,380,042
NantHealth Inc.(a)		21,929		35,306
NextGen Healthcare Inc.(a)		42,609		600,787
Omnicell Inc.(a)		40,538		6,017,055
OptimizeRx Corp.(a)		22,417		1,917,774
Phreesia Inc.(a)		50,139		3,093,576
Schrodinger Inc.(a)(b)		45,614		2,494,174
SCWorx Corp.(a)(b)		5,393		11,595
Sema4 Holdings Corp.(a)(b)		116,113		881,298
Sharecare Inc.(a)(b)		263,778		2,170,893

Security	Shares		Value
Health Care Technology (continued)
Simulations Plus Inc.(b)		18,195	$	718,702
Streamline Health Solutions Inc.(a)(b)		17,805		31,159
Tabula Rasa HealthCare Inc.(a)(b)		25,789		675,930
Teladoc Health Inc.(a)(b)		148,056		18,774,981
Veeva Systems Inc., Class A(a)		129,671		37,367,292
Vocera Communications Inc.(a)(b)		27,302		1,249,340
				128,551,847
Hotels, Restaurants & Leisure — 2.2%
Accel Entertainment Inc.(a)(b)		58,481		709,959
Airbnb Inc., Class A(a)		312,832		52,477,568
Allied Esports Entertainment Inc.(a)		7,160		12,673
Aramark		237,521		7,804,940
Ark Restaurants Corp.(a)		295		4,572
Bally’s Corp.(a)		23,643		1,185,460
BBQ Holdings Inc.(a)		8,574		129,382
Biglari Holdings Inc., Class A(a)(b)		19		15,580
Biglari Holdings Inc., Class B, NVS(a)		199		34,190
BJ’s Restaurants Inc.(a)		24,541		1,024,832
Bloomin’ Brands Inc.(a)		82,710		2,067,750
Booking Holdings Inc.(a)		38,198		90,677,086
Boyd Gaming Corp.(a)		74,465		4,710,656
Brinker International Inc.(a)		38,817		1,903,974
Caesars Entertainment Inc.(a)		200,173		22,475,424
Canterbury Park Holding Corp.		598		9,921
Carnival Corp.(a)		750,985		18,782,135
Carrols Restaurant Group Inc.		33,028		120,882
Century Casinos Inc.(a)(b)		19,496		262,611
Cheesecake Factory Inc. (The)(a)		42,017		1,974,799
Chipotle Mexican Grill Inc.(a)		25,911		47,093,761
Choice Hotels International Inc.		33,801		4,271,432
Churchill Downs Inc.		34,030		8,169,922
Chuy’s Holdings Inc.(a)(b)		16,617		523,934
Cracker Barrel Old Country Store Inc.		24,467		3,421,465
Darden Restaurants Inc.		123,494		18,705,636
Dave & Buster’s Entertainment Inc.(a)		42,918		1,645,047
Del Taco Restaurants Inc.		28,764		251,110
Denny’s Corp.(a)		75,278		1,230,043
Dine Brands Global Inc.(a)		16,627		1,350,279
Domino’s Pizza Inc.		34,253		16,337,311
Dover Motorsports Inc.		16,652		40,298
DraftKings Inc., Class A(a)(b)		304,704		14,674,545
Drive Shack Inc.(a)(b)		65,173		183,136
El Pollo Loco Holdings Inc.(a)		19,091		322,638
Everi Holdings Inc.(a)(b)		74,270		1,795,849
Expedia Group Inc.(a)		135,298		22,175,342
Fiesta Restaurant Group Inc.(a)(b)		33,329		365,286
Flanigan’s Enterprises Inc.(a)(b)		198		5,283
Full House Resorts Inc.(a)(b)		8,023		85,124
GAN Ltd.(a)		55,319		822,594
Golden Entertainment Inc.(a)		18,010		884,111
Golden Nugget Online Gaming Inc.(a)		44,703		776,491
Good Times Restaurants Inc.(a)(b)		9,070		46,438
Hilton Grand Vacations Inc.(a)(b)		86,667		4,122,749
Hilton Worldwide Holdings Inc.(a)		259,427		34,272,901
Hyatt Hotels Corp., Class A(a)		40,528		3,124,709
Jack in the Box Inc.		24,220		2,357,333
Krispy Kreme Inc.(a)(b)		56,359		789,026
Kura Sushi USA Inc., Class A(a)		2,417		105,575
Las Vegas Sands Corp.(a)		311,855		11,413,893
Lindblad Expeditions Holdings Inc.(a)(b)		22,669		330,741

70 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Luby’s Inc.(a)(b)		17,514	$	73,209
Marriott International Inc./MD, Class A(a)		252,564		37,402,203
Marriott Vacations Worldwide Corp.		40,444		6,363,055
McDonald’s Corp.		685,291		165,230,513
Membership Collective Group Inc., Class A(a)(b)		61,073		759,748
MGM Resorts International		367,286		15,848,391
Monarch Casino & Resort Inc.(a)		8,375		561,041
Nathan’s Famous Inc.		709		43,370
Noodles & Co.(a)(b)		17,204		203,007
Norwegian Cruise Line Holdings Ltd.(a)(b)		342,568		9,149,991
ONE Group Hospitality Inc. (The)(a)		16,199		173,167
Papa John’s International Inc.		31,541		4,005,392
Penn National Gaming Inc.(a)(b)		140,217		10,160,124
Planet Fitness Inc., Class A(a)		78,202		6,142,767
Playa Hotels & Resorts NV(a)		68,436		567,334
PlayAGS Inc.(a)		25,565		201,452
Potbelly Corp.(a)(b)		24,561		166,524
Rave Restaurant Group Inc.(a)		3,285		4,303
RCI Hospitality Holdings Inc.		8,579		587,747
Red Robin Gourmet Burgers Inc.(a)(b)		17,494		403,412
Red Rock Resorts Inc., Class A(a)		60,931		3,120,886
Royal Caribbean Cruises Ltd.(a)		205,910		18,315,694
Rush Street Interactive Inc.(a)(b)		44,487		854,595
Ruth’s Hospitality Group Inc.(a)		33,170		686,951
Scientific Games Corp./DE, Class A(a)(b)		78,211		6,496,988
SeaWorld Entertainment Inc.(a)		53,776		2,974,888
Shake Shack Inc., Class A(a)		36,705		2,879,874
Six Flags Entertainment Corp.(a)		69,099		2,936,707
Starbucks Corp.		1,081,076		119,253,494
Target Hospitality Corp.(a)		1,075		4,010
Texas Roadhouse Inc.		70,056		6,398,214
Travel + Leisure Co.		84,315		4,597,697
Vail Resorts Inc.(a)		36,349		12,142,383
Wendy’s Co. (The)		178,433		3,868,427
Wingstop Inc.		26,114		4,280,868
Wyndham Hotels & Resorts Inc.		86,081		6,644,592
Wynn Resorts Ltd.(a)		99,497		8,432,371
Yum! Brands Inc.		273,189		33,413,747
				903,427,532
Household Durables — 0.5%
Aterian Inc.(a)(b)		8,447		91,481
Bassett Furniture Industries Inc.		17,719		320,891
Beazer Homes USA Inc.(a)(b)		25,097		432,923
Cavco Industries Inc.(a)		8,295		1,963,758
Century Communities Inc.		23,345		1,434,550
Comstock Holding Companies Inc.(a)		285		1,364
Cricut Inc., Class A(a)(b)		24,598		678,413
Dixie Group Inc. (The)(a)		16,094		78,217
DR Horton Inc.		304,152		25,539,644
Emerson Radio Corp.(a)(b)		16,988		19,156
Ethan Allen Interiors Inc.		16,180		383,466
Flexsteel Industries Inc.		13		401
Garmin Ltd.		135,128		21,006,999
GoPro Inc., Class A(a)		108,038		1,011,236
Green Brick Partners Inc.(a)		59,785		1,226,788
Hamilton Beach Brands Holding Co., Class A		28		439
Helen of Troy Ltd.(a)		21,956		4,933,074
Hooker Furniture Corp.		9,157		247,147
Hovnanian Enterprises Inc., Class A(a)		5,680		547,495
Installed Building Products Inc.		23,413		2,508,703

Security	Shares		Value
Household Durables (continued)
iRobot Corp.(a)(b)		25,474	$	1,999,709
KB Home		77,098		3,000,654
La-Z-Boy Inc.		42,967		1,384,826
Leggett & Platt Inc.		126,778		5,684,726
Lennar Corp., Class A		252,410		23,645,769
Lennar Corp., Class B		14,911		1,156,945
LGI Homes Inc.(a)(b)		18,191		2,581,485
Lifetime Brands Inc.		8,751		159,181
Live Ventures Inc.(a)		631		23,839
Lovesac Co. (The)(a)(b)		7,600		502,284
M/I Homes Inc.(a)		24,576		1,420,493
MDC Holdings Inc.		51,465		2,404,445
Meritage Homes Corp.(a)		33,710		3,269,870
Mohawk Industries Inc.(a)		53,338		9,462,161
Nephros Inc.(a)(b)		2,562		22,469
Newell Brands Inc.		368,851		8,166,361
Nova Lifestyle Inc.(a)		2,790		6,333
NVR Inc.(a)		3,103		14,876,030
PulteGroup Inc.		236,265		10,849,289
Purple Innovation Inc., Class A(a)(b)		50,601		1,063,633
Skyline Champion Corp.(a)		48,190		2,894,291
Sonos Inc.(a)		115,836		3,748,453
Taylor Morrison Home Corp.(a)		120,717		3,112,084
Tempur Sealy International Inc.		189,200		8,780,772
Toll Brothers Inc.		109,612		6,060,448
TopBuild Corp.(a)(b)		30,466		6,239,742
Traeger Inc.(a)		37,824		791,656
TRI Pointe Homes Inc.(a)(b)		98,209		2,064,353
Tupperware Brands Corp.(a)		44,774		945,627
Universal Electronics Inc.(a)		10,107		497,770
VOXX International Corp.(a)(b)		16,618		190,276
Vuzix Corp.(a)(b)		56,996		596,178
Whirlpool Corp.		57,791		11,781,273
Yunhong CTI Ltd.(a)		230		439
				201,810,009
Household Products — 1.1%
Central Garden & Pet Co.(a)		8,600		412,800
Central Garden & Pet Co., Class A, NVS(a)		41,532		1,785,876
Church & Dwight Co. Inc.		225,501		18,619,617
Clorox Co. (The)		115,602		19,144,847
Colgate-Palmolive Co.		765,601		57,864,124
Energizer Holdings Inc.		61,299		2,393,726
Kimberly-Clark Corp.		311,793		41,293,865
Ocean Bio-Chem Inc.		728		6,778
Oil-Dri Corp. of America		7,593		265,755
Procter & Gamble Co. (The)		2,242,484		313,499,263
Reynolds Consumer Products Inc.		45,711		1,249,739
Spectrum Brands Holdings Inc.		42,188		4,036,126
WD-40 Co.		12,046		2,788,408
				463,360,924
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		603,113		13,769,070
Clearway Energy Inc., Class A		33,120		933,984
Clearway Energy Inc., Class C		66,112		2,001,210
Montauk Renewables Inc.(a)(b)		73,440		824,731
Ormat Technologies Inc.		47,015		3,131,669
Sunnova Energy International Inc.(a)		86,383		2,845,456
Vistra Corp.		467,249		7,989,958
			31,496,078

S C H E D U L E   O F   I N V E S T M E N T S 71

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates — 0.9%
3M Co.		537,879	$	94,354,734
General Electric Co.		1,020,317		105,123,261
Honeywell International Inc.		641,744		136,229,416
Raven Industries Inc.(a)		33,764		1,945,144
Roper Technologies Inc.		97,723		43,597,162
				381,249,717
Insurance — 2.0%
Aflac Inc.		573,598		29,901,664
Alleghany Corp.(a)		13,411		8,373,963
Allstate Corp. (The)		273,537		34,823,995
Ambac Financial Group Inc.(a)		40,530		580,390
American Equity Investment Life Holding Co.		75,469		2,231,618
American Financial Group Inc./OH		62,657		7,884,130
American International Group Inc.		791,641		43,453,175
American National Group Inc.		12,972		2,452,097
AMERISAFE Inc.		22,681		1,273,765
Aon PLC, Class A		208,600		59,611,622
Arch Capital Group Ltd.(a)		366,180		13,980,752
Argo Group International Holdings Ltd.		35,514		1,854,541
Arthur J Gallagher & Co.		194,144		28,859,506
Assurant Inc.		56,869		8,971,085
Assured Guaranty Ltd.		71,514		3,347,570
Athene Holding Ltd., Class A(a)		118,473		8,159,236
Atlantic American Corp.(b)		749		3,138
Axis Capital Holdings Ltd.		70,999		3,268,794
Brighthouse Financial Inc.(a)		86,002		3,889,870
Brown & Brown Inc.		222,116		12,316,332
BRP Group Inc., Class A(a)		42,074		1,400,643
Chubb Ltd.		407,801		70,745,318
Cincinnati Financial Corp.		138,075		15,770,927
Citizens Inc./TX(a)(b)		42,180		261,938
CNA Financial Corp.		25,213		1,057,937
CNO Financial Group Inc.		120,130		2,827,860
Conifer Holdings Inc.(a)		833		2,399
Crawford & Co., Class A, NVS		16,751		150,256
Crawford & Co., Class B		9,138		81,876
Donegal Group Inc., Class A		10,069		145,900
eHealth Inc.(a)		24,014		972,567
Employers Holdings Inc.		20,755		819,615
Enstar Group Ltd.(a)		10,132		2,378,284
Erie Indemnity Co., Class A, NVS		23,923		4,268,342
Everest Re Group Ltd.		36,605		9,179,802
FedNat Holding Co.		9,237		22,815
FG Financial Group Inc.(a)		7,670		38,734
Fidelity National Financial Inc.		240,083		10,885,363
First American Financial Corp.		101,296		6,791,897
Genworth Financial Inc., Class A(a)		438,516		1,644,435
Globe Life Inc.		89,196		7,941,120
GoHealth Inc., Class A(a)		51,168		257,375
Goosehead Insurance Inc., Class A		17,312		2,636,444
Greenlight Capital Re Ltd., Class A(a)		26,017		192,266
Hallmark Financial Services Inc.(a)(b)		16,056		58,604
Hanover Insurance Group Inc. (The)		33,729		4,371,953
Hartford Financial Services Group Inc. (The)		322,704		22,669,956
HCI Group Inc.		7,391		818,701
Hippo Holdings Inc.(a)		343,409		1,607,154
Horace Mann Educators Corp.		20,403		811,835
ICC Holdings Inc.(a)(b)		1,139		19,340
Independence Holding Co.		8,182		405,745
Investors Title Co.		321		58,615

Security	Shares		Value
Insurance (continued)
James River Group Holdings Ltd.		23,359	$	881,335
Kemper Corp.		59,462		3,971,467
Kingstone Companies Inc.		7,675		50,809
Kingsway Financial Services Inc.(a)		10,926		58,552
Kinsale Capital Group Inc.		19,309		3,122,265
Lemonade Inc.(a)(b)		35,378		2,370,680
Lincoln National Corp.		158,198		10,876,113
Loews Corp.		188,898		10,187,269
Maiden Holdings Ltd.(a)(b)		34,051		107,601
Markel Corp.(a)		12,602		15,061,028
Marsh & McLennan Companies Inc.		470,937		71,313,990
MBIA Inc.(a)		67,226		863,854
Mercury General Corp.		27,532		1,532,706
MetLife Inc.		677,020		41,792,445
MetroMile Inc.(a)(b)		66,786		237,090
National Security Group Inc. (The)		249		2,600
National Western Life Group Inc., Class A		2,907		612,185
Old Republic International Corp.		247,781		5,731,175
Oscar Health Inc., Class A(a)		35,451		616,493
Palomar Holdings Inc.(a)		22,938		1,854,079
Primerica Inc.		40,430		6,211,261
Principal Financial Group Inc.		232,723		14,987,361
ProAssurance Corp.		36,192		860,646
Progressive Corp. (The)		538,079		48,636,961
Prudential Financial Inc.		359,568		37,826,554
Reinsurance Group of America Inc.		64,845		7,214,655
RenaissanceRe Holdings Ltd.		44,703		6,231,598
RLI Corp.		42,736		4,285,139
Root Inc./OH, Class A(a)(b)		51,330		270,509
Ryan Specialty Group Holdings Inc., Class A(a)(b)		54,117		1,832,943
Safety Insurance Group Inc.		11,576		917,398
Selective Insurance Group Inc.		57,259		4,324,772
Selectquote Inc.(a)(b)		115,447		1,492,730
SiriusPoint Ltd.(a)		77,409		716,807
State Auto Financial Corp.		16,137		822,180
Stewart Information Services Corp.		16,242		1,027,469
Tiptree Inc.		32,959		330,249
Travelers Companies Inc. (The)		231,094		35,128,599
Trupanion Inc.(a)(b)		31,784		2,468,663
Unico American Corp.(a)		619		2,111
United Fire Group Inc.		18,159		419,473
United Insurance Holdings Corp.		9,723		35,295
Universal Insurance Holdings Inc.		25,862		337,240
Unum Group		202,586		5,076,805
W R Berkley Corp.		128,185		9,380,578
White Mountains Insurance Group Ltd.(b)		2,933		3,137,166
Willis Towers Watson PLC		120,837		28,089,769
				839,841,926
Interactive Media & Services — 5.9%
Alphabet Inc., Class A(a)		278,321		744,096,760
Alphabet Inc., Class C, NVS(a)		260,891		695,355,391
ANGI Inc.(a)(b)		65,310		805,925
AutoWeb Inc.(a)(b)		6,855		19,125
Bumble Inc., Class A(a)(b)		64,439		3,220,661
Cargurus Inc.(a)		82,185		2,581,431
Cars.com Inc.(a)		67,237		850,548
DHI Group Inc.(a)		34,693		165,139
Eventbrite Inc., Class A(a)		75,503		1,427,762
EverQuote Inc., Class A(a)		14,493		270,005
Facebook Inc., Class A(a)		2,206,697		748,930,895

72 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
fuboTV Inc.(a)(b)		131,709	$	3,155,748
IAC/InterActiveCorp.(a)		79,352		10,338,772
IZEA Worldwide Inc.(a)		36,786		70,629
Liberty TripAdvisor Holdings Inc., Class A(a)		66,715		206,149
Match Group Inc.(a)(b)		258,392		40,564,960
MediaAlpha Inc., Class A(a)(b)		17,350		324,098
Pinterest Inc., Class A(a)		513,067		26,140,764
QuinStreet Inc.(a)		33,540		588,962
Snap Inc., Class A, NVS(a)(b)		973,577		71,918,133
Super League Gaming Inc.(a)(b)		22,391		69,636
Travelzoo(a)		8,155		94,598
TripAdvisor Inc.(a)		86,382		2,924,031
TrueCar Inc.(a)(b)		76,258		317,233
Twitter Inc.(a)		746,061		45,054,624
Vimeo Inc.(a)		148,363		4,357,421
Yelp Inc.(a)		68,556		2,553,025
Zedge Inc., Class B(a)(b)		7,732		103,300
Zillow Group Inc., Class A(a)(b)		37,288		3,302,971
Zillow Group Inc., Class C, NVS(a)(b)		161,955		14,274,714
ZoomInfo Technologies Inc., Class A(a)		164,061		10,038,893
				2,434,122,303
Internet & Direct Marketing Retail — 3.6%
1-800-Flowers.com Inc., Class A(a)(b)		19,451		593,450
Amazon.com Inc.(a)		403,250		1,324,692,380
CarParts.com Inc.(a)(b)		27,502		429,306
Chewy Inc., Class A(a)(b)		75,466		5,139,989
ContextLogic Inc., Class A(a)(b)		300,856		1,642,674
DoorDash Inc., Class A(a)(b)		142,396		29,330,728
Duluth Holdings Inc., Class B(a)(b)		18,556		252,918
eBay Inc.		604,114		42,088,622
Etsy Inc.(a)		118,756		24,696,498
Groupon Inc.(a)(b)		19,152		436,857
iMedia Brands Inc.(a)		2,509		14,427
Lands’ End Inc.(a)(b)		16,651		391,965
Liquidity Services Inc.(a)(b)		24,937		538,889
Overstock.com Inc.(a)(b)		42,361		3,300,769
PetMed Express Inc.		23,506		631,606
Porch Group Inc.(a)(b)		61,330		1,084,314
Poshmark Inc., Class A(a)(b)		17,817		423,332
Quotient Technology Inc.(a)(b)		64,065		372,858
Qurate Retail Inc., Series A		339,413		3,458,619
RealReal Inc. (The)(a)		56,229		741,098
Remark Holdings Inc.(a)(b)		48,374		50,793
Revolve Group Inc.(a)		37,382		2,309,086
Shutterstock Inc.		18,719		2,121,237
Stamps.com Inc.(a)		16,801		5,540,802
Stitch Fix Inc., Class A(a)		67,567		2,699,302
ThredUp Inc., Class A(a)		30,798		668,009
Waitr Holdings Inc.(a)(b)		67,741		59,978
Wayfair Inc., Class A(a)(b)		71,957		18,385,733
Xometry Inc., Class A(a)		13,060		753,170
				1,472,849,409
IT Services — 5.0%
Accenture PLC, Class A		581,738		186,109,621
Affirm Holdings Inc.(a)(b)		86,407		10,293,666
Akamai Technologies Inc.(a)		152,544		15,954,577
ALJ Regional Holdings Inc.(a)(b)		9,338		9,898
Alliance Data Systems Corp.		43,328		4,371,362
Automatic Data Processing Inc.		393,292		78,626,937

Security	Shares		Value
IT Services (continued)
BigCommerce Holdings Inc., Series 1(a)		54,894	$	2,779,832
Brightcove Inc.(a)		33,008		380,912
Broadridge Financial Solutions Inc.		102,254		17,039,607
Cantaloupe Inc.(a)		66,409		715,889
Cass Information Systems Inc.		9,942		416,073
Cloudflare Inc., Class A(a)		244,870		27,584,605
Cognizant Technology Solutions Corp., Class A		491,923		36,505,606
Computer Task Group Inc.(a)		16,086		128,366
Concentrix Corp.(a)		39,690		7,025,130
Conduent Inc.(a)		167,345		1,102,804
CSG Systems International Inc.		36,426		1,755,733
CSP Inc.(a)		681		6,054
DigitalOcean Holdings Inc.(a)(b)		17,538		1,361,475
DXC Technology Co.(a)		222,444		7,476,343
EPAM Systems Inc.(a)		52,569		29,989,563
ESC Srax Inc., NVS(b)		10,943		657
Euronet Worldwide Inc.(a)		46,800		5,956,704
EVERTEC Inc.		58,871		2,691,582
Evo Payments Inc., Class A(a)(b)		41,330		978,694
Exela Technologies Inc.(a)		45,594		88,452
ExlService Holdings Inc.(a)		33,091		4,074,164
Fastly Inc., Class A(a)(b)		98,649		3,989,366
Fidelity National Information Services Inc.		574,160		69,863,789
Fiserv Inc.(a)		555,843		60,308,965
FleetCor Technologies Inc.(a)		77,525		20,254,957
Flywire Corp.(a)(b)		18,399		806,612
Gartner Inc.(a)		77,740		23,623,631
Genpact Ltd.		168,477		8,004,342
Global Payments Inc.		271,510		42,784,546
GoDaddy Inc., Class A(a)(b)		158,973		11,080,418
GreenSky Inc., Class A(a)		43,539		486,766
Grid Dynamics Holdings Inc.(a)(b)		40,428		1,181,306
Hackett Group Inc. (The)		24,647		483,574
I3 Verticals Inc., Class A(a)(b)		31,191		755,134
Information Services Group Inc.		26,116		187,513
Innodata Inc.(a)(b)		25,145		239,632
Inpixon(a)		1		1
International Business Machines Corp.		830,042		115,317,735
International Money Express Inc.(a)(b)		44,172		737,672
Jack Henry & Associates Inc.		69,418		11,388,717
Limelight Networks Inc.(a)		149,168		355,020
LiveRamp Holdings Inc.(a)		62,277		2,941,343
Marqeta Inc., Class A(a)(b)		78,480		1,735,978
Mastercard Inc., Class A		805,376		280,013,128
Maximus Inc.		59,087		4,916,038
MoneyGram International Inc.(a)(b)		51,132		410,079
MongoDB Inc.(a)(b)		60,077		28,326,906
Okta Inc.(a)		114,778		27,241,411
Paya Holdings Inc., Class A(a)(b)		52,950		575,566
Paychex Inc.		297,805		33,488,172
Payoneer Global Inc.(a)		179,254		1,532,622
PayPal Holdings Inc.(a)		1,086,813		282,799,611
Paysign Inc.(a)(b)		31,231		84,324
Perficient Inc.(a)(b)		33,533		3,879,768
PFSweb Inc.(a)		16,049		207,032
Priority Technology Holdings Inc.(a)(b)		6,781		45,297
Rackspace Technology Inc.(a)(b)		35,378		503,075
Repay Holdings Corp.(a)(b)		84,311		1,941,682
Sabre Corp.(a)		302,690		3,583,850
ServiceSource International Inc.(a)(b)		50,955		68,789

S C H E D U L E   O F   I N V E S T M E N T S 73

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Shift4 Payments Inc., Class A(a)(b)		46,417	$	3,598,246
Snowflake Inc., Class A(a)		211,943		64,097,921
SolarWinds Corp.		30,530		510,767
Square Inc., Class A(a)(b)		369,828		88,699,548
Squarespace Inc., Class A(a)(b)		25,972		1,003,558
StarTek Inc.(a)		9,107		50,180
Steel Connect Inc.(a)(b)		42,208		85,682
Switch Inc., Class A		117,418		2,981,243
TaskUS Inc., Class A(a)		14,132		937,941
TTEC Holdings Inc.		16,315		1,525,942
Tucows Inc., Class A(a)(b)		9,026		712,603
Twilio Inc., Class A(a)		155,423		49,587,708
Unisys Corp.(a)		56,620		1,423,427
Usio Inc.(a)		908		5,375
VeriSign Inc.(a)		86,904		17,816,189
Verra Mobility Corp.(a)		113,287		1,707,235
Visa Inc., Class A		1,559,638		347,409,364
Western Union Co. (The)		379,013		7,663,643
WEX Inc.(a)		40,636		7,157,625
WidePoint Corp.(a)(b)		6,371		33,448
				2,086,576,318
Leisure Products — 0.2%
Acushnet Holdings Corp.		40,310		1,882,477
American Outdoor Brands Inc.(a)		11,943		293,320
AMMO Inc.(a)(b)		109,851		675,584
Brunswick Corp./DE		73,274		6,980,814
Callaway Golf Co.(a)		109,083		3,013,963
Clarus Corp.		17,758		455,138
Escalade Inc.		8,453		159,846
Genius Brands International Inc.(a)(b)		423,097		575,412
Hasbro Inc.		120,116		10,716,750
Hayward Holdings Inc.(a)(b)		39,126		870,162
JAKKS Pacific Inc.(a)(b)		1,371		16,287
Johnson Outdoors Inc., Class A		7,755		820,479
Latham Group Inc.(a)(b)		28,121		461,184
Malibu Boats Inc., Class A(a)(b)		16,836		1,178,183
Marine Products Corp.		28,158		352,257
MasterCraft Boat Holdings Inc.(a)		17,303		433,959
Mattel Inc.(a)		329,057		6,107,298
Nautilus Inc.(a)(b)		25,435		236,800
Peloton Interactive Inc., Class A(a)(b)		247,522		21,546,790
Polaris Inc.		53,294		6,377,160
Smith & Wesson Brands Inc.		50,253		1,043,252
Sturm Ruger & Co. Inc.		14,719		1,085,968
Vinco Ventures Inc.(a)(b)		105,792		678,127
Vista Outdoor Inc.(a)		50,858		2,050,086
YETI Holdings Inc.(a)(b)		81,303		6,966,854
				74,978,150
Life Sciences Tools & Services — 1.4%
10X Genomics Inc., Class A(a)		84,220		12,260,748
23andMe Holding Co., Class A(a)(b)		106,702		966,720
Adaptive Biotechnologies Corp.(a)(b)		100,756		3,424,696
Agilent Technologies Inc.		283,963		44,732,691
Applied DNA Sciences Inc.(a)		366		1,973
Avantor Inc.(a)(b)		542,975		22,207,677
Berkeley Lights Inc.(a)		42,491		831,124
BioNano Genomics Inc.(a)(b)		232,499		1,278,744
Bio-Rad Laboratories Inc., Class A(a)		18,728		13,970,152
Bio-Techne Corp.		35,411		17,159,108

Security	Shares		Value
Life Sciences Tools & Services (continued)
Bruker Corp.		100,453	$	7,845,379
Champions Oncology Inc.(a)(b)		5,899		60,229
Charles River Laboratories International Inc.(a)		47,564		19,628,236
ChromaDex Corp.(a)(b)		79,496		498,440
Codexis Inc.(a)		42,943		998,854
Contra Aduro Biotech I(a)(c)		4,142		12,426
Cytek Biosciences Inc.(a)		30,884		661,226
Fluidigm Corp.(a)(b)		57,716		380,348
Illumina Inc.(a)		136,688		55,442,020
Inotiv Inc.(a)(b)		7,733		226,113
IQVIA Holdings Inc.(a)		177,691		42,564,102
Maravai LifeSciences Holdings Inc., Class A(a)		95,898		4,706,674
Medpace Holdings Inc.(a)		26,156		4,950,808
Mettler-Toledo International Inc.(a)		21,517		29,636,655
NanoString Technologies Inc.(a)(b)		47,394		2,275,386
Nautilus Biotechnology Inc.(a)		121,208		744,217
NeoGenomics Inc.(a)		114,574		5,527,050
Pacific Biosciences of California Inc.(a)(b)		179,241		4,579,608
PerkinElmer Inc.		102,163		17,703,826
Personalis Inc.(a)		31,303		602,270
PPD Inc.(a)		115,634		5,410,515
Quanterix Corp.(a)		28,082		1,398,203
Quantum-Si Inc.(a)(b)		94,706		789,848
Repligen Corp.(a)		48,773		14,094,909
Seer Inc.(a)(b)		35,621		1,229,993
Sotera Health Co.(a)		102,344		2,676,296
Syneos Health Inc.(a)		94,830		8,295,728
Thermo Fisher Scientific Inc.		362,781		207,267,669
Waters Corp.(a)		56,512		20,191,738
				577,232,399
Machinery — 1.8%
AGCO Corp.		60,017		7,353,883
AgEagle Aerial Systems Inc.(a)(b)		96,361		290,047
Alamo Group Inc.		7,707		1,075,358
Albany International Corp., Class A		32,552		2,502,272
Allison Transmission Holdings Inc.		103,793		3,665,969
Altra Industrial Motion Corp.		57,892		3,204,322
Art’s-Way Manufacturing Co. Inc.(a)		304		1,104
Astec Industries Inc.		17,831		959,486
Barnes Group Inc.		43,141		1,800,274
Blue Bird Corp.(a)(b)		30,987		646,389
Caterpillar Inc.		508,872		97,688,158
Chart Industries Inc.(a)(b)		33,346		6,372,754
Chicago Rivet & Machine Co.		125		3,359
CIRCOR International Inc.(a)		17,496		577,543
Colfax Corp.(a)		113,321		5,201,434
Columbus McKinnon Corp./NY		33,806		1,634,520
Commercial Vehicle Group Inc.(a)(b)		25,089		237,342
Crane Co.		49,942		4,735,001
Cummins Inc.		133,499		29,978,535
Deere & Co.		263,846		88,406,879
Desktop Metal Inc., Class A(a)(b)		176,766		1,267,412
Donaldson Co. Inc.		119,314		6,849,817
Douglas Dynamics Inc.		18,063		655,687
Dover Corp.		132,362		20,582,291
Eastern Co. (The)		7,699		193,707
Enerpac Tool Group Corp.		50,851		1,054,141
EnPro Industries Inc.		17,609		1,534,096
ESCO Technologies Inc.		25,268		1,945,636
Evoqua Water Technologies Corp.(a)(b)		103,525		3,888,399

74 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
ExOne Co. (The)(a)		12,291	$	287,364
Federal Signal Corp.		58,401		2,255,447
Flowserve Corp.		128,412		4,452,044
Fortive Corp.		333,169		23,511,736
Franklin Electric Co. Inc.		33,920		2,708,512
FreightCar America Inc.(a)(b)		9,174		41,558
Gates Industrial Corp. PLC(a)		90,408		1,470,938
Gencor Industries Inc.(a)		8,176		90,754
Gorman-Rupp Co. (The)		16,938		606,550
Graco Inc.		162,221		11,350,603
Graham Corp.		8,589		106,504
Greenbrier Companies Inc. (The)		33,269		1,430,234
Helios Technologies Inc.		25,704		2,110,555
Hillenbrand Inc.		68,085		2,903,825
Hillman Solutions Corp.(a)		92,496		1,103,477
Hurco Companies Inc.		7,825		252,434
Hydrofarm Holdings Group Inc.(a)(b)		33,078		1,252,002
Hyliion Holdings Corp.(a)(b)		87,438		734,479
Hyster-Yale Materials Handling Inc.		8,483		426,356
Hyzon Motors Inc.(a)(b)		85,168		591,066
IDEX Corp.		69,832		14,451,732
Illinois Tool Works Inc.		265,096		54,776,786
Ingersoll Rand Inc.(a)		371,284		18,716,426
ITT Inc.		83,601		7,176,310
John Bean Technologies Corp.		31,154		4,378,695
Kadant Inc.		12,588		2,569,211
Kennametal Inc.		75,551		2,586,111
LB Foster Co., Class A(a)		8,586		132,997
Lincoln Electric Holdings Inc.		52,352		6,742,414
Lindsay Corp.		8,710		1,322,091
LiqTech International Inc.(a)(b)		10,921		59,847
LS Starrett Co. (The), Class A(a)		7,777		97,135
Lydall Inc.(a)		17,365		1,078,193
Manitex International Inc.(a)		16,140		115,885
Manitowoc Co. Inc. (The)(a)		41,136		881,133
Markforged Holding Corp.(a)(b)		108,568		712,206
Mayville Engineering Co. Inc.(a)		6,458		121,410
Meritor Inc.(a)		78,985		1,683,170
Microvast Holdings Inc.(a)(b)		220,668		1,813,891
Middleby Corp. (The)(a)		52,628		8,973,600
Miller Industries Inc./TN		10,523		358,203
Mueller Industries Inc.		50,338		2,068,892
Mueller Water Products Inc., Class A		151,294		2,302,695
Nikola Corp.(a)(b)		217,428		2,319,957
NN Inc.(a)(b)		27,639		145,105
Nordson Corp.		50,338		11,987,995
Oshkosh Corp.		60,010		6,143,224
Otis Worldwide Corp.		396,703		32,640,723
P&F Industries Inc., Class A(a)		689		4,568
PACCAR Inc.		322,138		25,423,131
Parker-Hannifin Corp.		120,243		33,622,348
Park-Ohio Holdings Corp.		8,371		213,628
Pentair PLC		151,456		11,000,249
Perma-Pipe International Holdings Inc.(a)		8,145		63,205
Proterra Inc.(a)(b)		165,788		1,676,117
Proto Labs Inc.(a)(b)		25,128		1,673,525
RBC Bearings Inc.(a)(b)		24,559		5,211,420
REV Group Inc.		19,810		339,940
Rexnord Corp.		117,335		7,543,467
Shyft Group Inc. (The)		33,477		1,272,461

Security	Shares		Value
Machinery (continued)
Snap-on Inc.		48,543	$	10,143,060
SPX Corp.(a)		48,522		2,593,501
SPX FLOW Inc.		41,572		3,038,913
Standex International Corp.		8,922		882,475
Stanley Black & Decker Inc.		150,316		26,351,898
Taylor Devices Inc.(a)		702		7,933
Tennant Co.		18,016		1,332,283
Terex Corp.		58,814		2,476,069
Timken Co. (The)		59,271		3,877,509
Titan International Inc.(a)		41,986		300,620
Toro Co. (The)		102,174		9,952,769
Trinity Industries Inc.		69,250		1,881,522
Twin Disc Inc.(a)		8,531		90,940
Wabash National Corp.		59,234		896,210
Watts Water Technologies Inc., Class A		25,342		4,259,737
Welbilt Inc.(a)		126,162		2,932,005
Westinghouse Air Brake Technologies Corp.		175,724		15,149,166
Woodward Inc.		58,840		6,660,688
Xylem Inc./NY		170,030		21,029,310
			740,248,957
Marine — 0.0%
Eagle Bulk Shipping Inc.(a)		16,811		847,611
Genco Shipping & Trading Ltd.		23,874		480,584
Kirby Corp.(a)		57,647		2,764,750
Matson Inc.		35,344		2,852,614
Pangaea Logistics Solutions Ltd.		8,487		42,859
			6,988,418
Media — 1.3%
Advantage Solutions Inc.(a)(b)		99,244		858,461
Altice USA Inc., Class A(a)		205,003		4,247,662
AMC Networks Inc., Class A(a)		30,539		1,422,812
Beasley Broadcast Group Inc., Class A(a)		904		2,405
Boston Omaha Corp., Class A(a)(b)		19,516		756,830
Cable One Inc.		4,632		8,398,418
Cardlytics Inc.(a)		31,434		2,638,570
Charter Communications Inc., Class A(a)(b)		117,901		85,780,052
Clear Channel Outdoor Holdings Inc.(a)		392,728		1,064,293
Comcast Corp., Class A		4,237,258		236,989,840
comScore Inc.(a)(b)		43,676		170,336
Cumulus Media Inc., Class A(a)(b)		40,906		501,098
Daily Journal Corp.(a)(b)		251		80,413
DallasNews Corp.		4,438		30,844
Discovery Inc., Class A(a)(b)		150,739		3,825,756
Discovery Inc., Class C, NVS(a)		298,542		7,245,614
DISH Network Corp., Class A(a)		222,647		9,676,239
Emerald Holding Inc.(a)		43,102		187,063
Entercom Communications Corp.(a)		97,439		358,576
Entravision Communications Corp., Class A		50,778		360,524
EW Scripps Co. (The), Class A		50,009		903,163
Fluent Inc.(a)(b)		91,846		208,490
Fox Corp., Class A, NVS		297,914		11,949,331
Fox Corp., Class B		126,104		4,680,980
Gannett Co. Inc.(a)		111,241		743,090
Gray Television Inc.		78,109		1,782,447
Gray Television Inc., Class A		756		16,761
Hemisphere Media Group Inc.(a)		8,611		104,882
Iheartmedia Inc., Class A(a)		104,104		2,604,682
Insignia Systems Inc.(a)(b)		1,165		8,516
Interpublic Group of Companies Inc. (The)		370,216		13,575,821

S C H E D U L E   O F   I N V E S T M E N T S 75

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
John Wiley & Sons Inc., Class A		42,147	$	2,200,495
John Wiley & Sons Inc., Class B		787		42,514
Lee Enterprises Inc.(a)		5,300		119,992
Liberty Broadband Corp., Class A(a)		23,561		3,966,494
Liberty Broadband Corp., Class C, NVS(a)		134,910		23,298,957
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		81,914		3,863,883
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		148,648		7,056,321
Loral Space & Communications Inc.		17,329		745,320
Magnite Inc.(a)(b)		104,960		2,938,880
Marchex Inc., Class B(a)		25,428		75,903
Mediaco Holding Inc., Class A(a)		858		10,004
Meredith Corp.(a)		35,005		1,949,778
National CineMedia Inc.		84,276		300,023
New York Times Co. (The), Class A		158,887		7,828,362
News Corp., Class A, NVS		359,521		8,459,529
News Corp., Class B		108,719		2,525,542
Nexstar Media Group Inc., Class A		37,207		5,653,976
Omnicom Group Inc.		193,567		14,025,865
PubMatic Inc., Class A(a)		15,366		404,894
Saga Communications Inc., Class A		7,583		172,513
Salem Media Group Inc.(a)		9,235		34,262
Scholastic Corp.		25,144		896,384
Sinclair Broadcast Group Inc., Class A		36,577		1,158,759
Sirius XM Holdings Inc.(b)		865,975		5,282,447
SPAR Group Inc.(a)(b)		7,787		10,824
Stagwell Inc.(a)(b)		105,087		806,017
TechTarget Inc.(a)(b)		26,380		2,174,240
TEGNA Inc.		201,711		3,977,741
Thryv Holdings Inc.(a)(b)		29,367		882,185
Townsquare Media Inc., Class A(a)		8,619		112,650
Urban One Inc., NVS(a)(b)		25,657		174,724
Urban One Inc., Class A(a)		233		1,892
ViacomCBS Inc., Class A		9,702		408,163
ViacomCBS Inc., Class B, NVS		573,290		22,650,688
WideOpenWest Inc.(a)		66,095		1,298,767
			526,682,957
Metals & Mining — 0.5%
Alcoa Corp.(a)		179,240		8,772,006
Allegheny Technologies Inc.(a)(b)		117,342		1,951,397
Alpha Metallurgical Resources Inc.(a)		23,886		1,189,284
Ampco-Pittsburgh Corp.(a)(b)		8,373		39,353
Arconic Corp.(a)(b)		92,417		2,914,832
Carpenter Technology Corp.		48,097		1,574,696
Century Aluminum Co.(a)(b)		51,703		695,405
Cleveland-Cliffs Inc.(a)(b)		417,853		8,277,668
Coeur Mining Inc.(a)(b)		278,591		1,718,906
Commercial Metals Co.		100,702		3,067,383
Compass Minerals International Inc.		34,202		2,202,609
Freeport-McMoRan Inc.		1,330,174		43,270,560
Friedman Industries Inc.		8,182		97,448
Gatos Silver Inc.(a)		61,945		720,420
Gold Resource Corp.(b)		64,120		100,668
Golden Minerals Co.(a)(b)		85,284		36,834
Haynes International Inc.		9,916		369,371
Hecla Mining Co.		548,241		3,015,326
Hycroft Mining Holding Corp.(a)(b)		50,788		75,674
Kaiser Aluminum Corp.		17,596		1,917,260
Materion Corp.		18,496		1,269,565
McEwen Mining Inc.(a)(b)		210,478		218,897

Security	Shares		Value
Metals & Mining (continued)
MP Materials Corp.(a)		81,830	$	2,637,381
Newmont Corp.		736,029		39,966,375
Nucor Corp.		270,857		26,676,706
Olympic Steel Inc.		8,466		206,232
Paramount Gold Nevada Corp.(a)(b)		7,831		6,421
Ramaco Resources Inc.(a)(b)		8,589		105,731
Reliance Steel & Aluminum Co.		58,617		8,348,233
Royal Gold Inc.		61,595		5,881,707
Ryerson Holding Corp.		16,174		360,195
Schnitzer Steel Industries Inc., Class A		25,187		1,103,442
Solitario Zinc Corp.(a)(b)		33,580		18,637
Steel Dynamics Inc.		184,554		10,792,718
SunCoke Energy Inc.		62,150		390,302
Synalloy Corp.(a)		8,541		92,243
TimkenSteel Corp.(a)(b)		33,955		444,131
U.S. Antimony Corp.(a)(b)		66,966		60,665
United States Steel Corp.(b)		246,372		5,412,793
Universal Stainless & Alloy Products Inc.(a)		8,180		84,745
Warrior Met Coal Inc.		41,077		955,862
Worthington Industries Inc.		33,014		1,739,838
			188,779,919
Mortgage Real Estate Investment — 0.2%
ACRES Commercial Realty Corp.(a)		7,974		128,940
AFC Gamma Inc.		39,850		859,963
AG Mortgage Investment Trust Inc.		12,048		137,709
AGNC Investment Corp.		482,470		7,608,552
Annaly Capital Management Inc.		1,233,895		10,389,396
Apollo Commercial Real Estate Finance Inc.		120,528		1,787,430
Arbor Realty Trust Inc.		121,538		2,252,099
Ares Commercial Real Estate Corp.		29,225		440,713
Arlington Asset Investment Corp., Class A(a)		102,523		379,335
ARMOUR Residential REIT Inc.		56,664		610,838
Blackstone Mortgage Trust Inc., Class A		149,039		4,518,862
BrightSpire Capital Inc.		77,450		727,255
Broadmark Realty Capital Inc.		119,109		1,174,415
Capstead Mortgage Corp.		66,165		442,644
Cherry Hill Mortgage Investment Corp.		15,950		141,636
Chimera Investment Corp.		239,648		3,558,773
Dynex Capital Inc.		22,388		386,865
Ellington Financial Inc.		50,602		925,511
Ellington Residential Mortgage REIT		10,551		117,749
Granite Point Mortgage Trust Inc.		56,662		746,238
Great Ajax Corp.		19,198		258,981
Hannon Armstrong Sustainable Infrastructure Capital Inc.		65,342		3,494,490
Invesco Mortgage Capital Inc.		377,498		1,189,119
KKR Real Estate Finance Trust Inc.		66,521		1,403,593
Ladder Capital Corp.		79,832		882,144
Lument Finance Trust Inc.		15,810		62,608
Manhattan Bridge Capital Inc.		879		5,977
MFA Financial Inc.		358,165		1,636,814
New Residential Investment Corp.		420,491		4,625,401
New York Mortgage Trust Inc.		434,681		1,851,741
Orchid Island Capital Inc.		133,638		653,490
PennyMac Mortgage Investment Trust		81,824		1,611,115
Ready Capital Corp.		77,877		1,123,765
Redwood Trust Inc.		103,450		1,333,470
Starwood Property Trust Inc.		261,171		6,375,184
TPG RE Finance Trust Inc.		65,546		811,459
Two Harbors Investment Corp.		245,068		1,553,731

76 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Western Asset Mortgage Capital Corp.		48,453	$	126,462
			66,334,467
Multi-Utilities — 0.6%
Ameren Corp.		239,281		19,381,761
Black Hills Corp.		58,561		3,675,288
CenterPoint Energy Inc.		555,262		13,659,445
CMS Energy Corp.		251,336		15,012,299
Consolidated Edison Inc.		308,272		22,377,465
Dominion Energy Inc.		747,720		54,598,514
DTE Energy Co.		176,815		19,752,004
MDU Resources Group Inc.		201,075		5,965,895
NiSource Inc.		352,634		8,544,322
NorthWestern Corp.		53,101		3,042,687
Public Service Enterprise Group Inc.		470,497		28,653,267
Sempra Energy		294,655		37,273,858
Unitil Corp.		10,738		459,372
WEC Energy Group Inc.		294,138		25,942,972
			258,339,149
Multiline Retail — 0.5%
Big Lots Inc.		35,719		1,548,776
Dillard’s Inc., Class A		5,551		957,659
Dollar General Corp.		221,326		46,952,098
Dollar Tree Inc.(a)		211,506		20,245,354
Franchise Group Inc.		32,095		1,136,484
Kohl’s Corp.		150,781		7,100,277
Macy’s Inc.		255,818		5,781,487
Nordstrom Inc.(a)		99,825		2,640,371
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		56,303		3,393,945
Target Corp.		459,894		105,209,950
				194,966,401
Oil, Gas & Consumable Fuels — 2.5%
Adams Resources & Energy Inc.		606		18,404
Aemetis Inc.(a)(b)		16,801		307,122
Alto Ingredients Inc.(a)		56,806		280,622
Altus Midstream Co., Class A		4,846		334,519
Amplify Energy Corp.(a)		65,433		348,104
Antero Midstream Corp.		295,309		3,077,120
Antero Resources Corp.(a)(b)		286,343		5,386,112
APA Corp.		348,493		7,468,205
Arch Resources Inc.(a)		16,798		1,558,014
Barnwell Industries Inc.(a)		747		2,263
Berry Corp.		38,378		276,705
Bonanza Creek Energy Inc.		31,524		1,510,000
Brigham Minerals Inc., Class A		66,011		1,264,771
Cabot Oil & Gas Corp.		371,522		8,084,319
California Resources Corp.(a)		76,108		3,120,428
Callon Petroleum Co.(a)		26,378		1,294,632
Camber Energy Inc.(a)		1		4
Centennial Resource Development Inc./DE, Class A(a)		176,782		1,184,439
Centrus Energy Corp., Class A(a)(b)		7,828		302,630
Cheniere Energy Inc.(a)		208,389		20,353,354
Chesapeake Energy Corp.		91,028		5,606,415
Chevron Corp.		1,775,692		180,143,953
Cimarex Energy Co.		94,370		8,229,064
Clean Energy Fuels Corp.(a)(b)		215,157		1,753,530
CNX Resources Corp.(a)		222,801		2,811,749
Comstock Resources Inc.(a)		47,555		492,194
ConocoPhillips		1,244,750		84,356,707

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
CONSOL Energy Inc.(a)		25,464	$	662,573
Contango Oil & Gas Co.(a)(b)		90,366		412,973
Continental Resources Inc./OK		48,701		2,247,551
CVR Energy Inc.		25,203		419,882
Delek U.S. Holdings Inc.		76,856		1,381,102
Denbury Inc.(a)(b)		47,513		3,337,788
Devon Energy Corp.		585,219		20,781,127
Diamondback Energy Inc.		158,214		14,978,119
Dorian LPG Ltd.		18,507		229,672
DTE Midstream LLC(a)		92,099		4,258,658
Earthstone Energy Inc., Class A(a)(b)		32,939		303,039
EOG Resources Inc.		547,046		43,911,382
EQT Corp.(a)		260,646		5,332,817
Equitrans Midstream Corp.		390,043		3,955,036
Evolution Petroleum Corp.		28,746		163,277
Extraction Oil & Gas Inc.(a)		16,370		924,087
Exxon Mobil Corp.		3,901,361		229,478,054
Falcon Minerals Corp.		66,868		314,280
Gevo Inc.(a)(b)		189,287		1,256,866
Green Plains Inc.(a)		22,860		746,379
Gulfport Energy Operating Corp.(a)(b)		11,214		921,903
Hallador Energy Co.(a)		16,775		49,654
Harvest Natural Resources Inc.(a)(c)		8,626		3,019
Hess Corp.		254,918		19,911,645
HollyFrontier Corp.		141,018		4,671,926
Houston American Energy Corp.(a)		2,346		5,349
International Seaways Inc.		51,349		935,579
Kinder Morgan Inc.		1,806,328		30,219,867
Kosmos Energy Ltd.(a)		316,890		937,994
Laredo Petroleum Inc.(a)(b)		7,523		609,890
Lightbridge Corp.(a)(b)		502		2,445
Magnolia Oil & Gas Corp., Class A		152,729		2,717,049
Marathon Oil Corp.		709,457		9,698,277
Marathon Petroleum Corp.		593,113		36,660,315
Matador Resources Co.		112,269		4,270,713
Murphy Oil Corp.		144,622		3,611,211
NACCO Industries Inc., Class A		560		16,710
New Fortress Energy Inc.(b)		46,672		1,295,148
NextDecade Corp.(a)(b)		182,148		506,371
Northern Oil and Gas Inc.		33,015		706,521
Oasis Petroleum Inc.		18,516		1,840,861
Occidental Petroleum Corp.		825,419		24,415,894
ONEOK Inc.		420,020		24,356,960
Overseas Shipholding Group Inc., Class A(a)		17,582		36,571
Ovintiv Inc.		250,091		8,222,992
Par Pacific Holdings Inc.(a)		40,148		631,127
PBF Energy Inc., Class A(a)		95,866		1,243,382
PDC Energy Inc.		99,044		4,693,695
Peabody Energy Corp.(a)		69,213		1,023,660
PEDEVCO Corp.(a)(b)		1,000		1,480
Penn Virginia Corp.(a)		13,478		359,458
Phillips 66		407,418		28,531,483
PHX Minerals Inc.		50,098		153,300
Pioneer Natural Resources Co.		210,894		35,115,960
PrimeEnergy Resources Corp.(a)		174		10,449
Range Resources Corp.(a)		231,347		5,235,383
Renewable Energy Group Inc.(a)(b)		48,665		2,442,983
REX American Resources Corp.(a)		8,194		654,455
Ring Energy Inc.(a)(b)		92,157		271,863
SandRidge Energy Inc.(a)		17,215		223,967

S C H E D U L E   O F   I N V E S T M E N T S 77

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
SM Energy Co.		131,543	$	3,470,104
Southwestern Energy Co.(a)		580,974		3,218,596
Talos Energy Inc.(a)		23,884		328,883
Targa Resources Corp.		213,816		10,521,885
Tellurian Inc.(a)(b)		380,289		1,486,930
Texas Pacific Land Corp.		5,785		6,996,148
U.S. Energy Corp. Wyoming(a)		571		2,615
Uranium Energy Corp.(a)(b)		255,323		778,735
Valero Energy Corp.		374,092		26,399,672
Vertex Energy Inc.(a)(b)		16,601		86,989
W&T Offshore Inc.(a)(b)		86,471		321,672
Whiting Petroleum Corp.(a)		35,632		2,081,265
Williams Companies Inc. (The)		1,113,991		28,896,927
World Fuel Services Corp.		68,351		2,297,961
				1,018,765,932
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		16,765		642,602
Domtar Corp.(a)		42,522		2,319,150
Glatfelter Corp.		41,034		578,579
Louisiana-Pacific Corp.		89,408		5,486,969
Mercer International Inc.		41,469		480,626
Neenah Inc.		16,600		773,726
Resolute Forest Products Inc.		60,419		718,986
Schweitzer-Mauduit International Inc.		25,982		900,536
Verso Corp., Class A		32,578		675,994
				12,577,168
Personal Products — 0.2%
Beauty Health Co. (The)(a)		75,218		1,953,411
BellRing Brands Inc., Class A(a)		37,029		1,138,642
Coty Inc., Class A(a)		285,174		2,241,468
Cyanotech Corp.(a)		812		2,355
Edgewell Personal Care Co.		50,991		1,850,973
elf Beauty Inc.(a)		53,833		1,563,849
Estee Lauder Companies Inc. (The), Class A		215,583		64,659,809
Herbalife Nutrition Ltd.(a)(b)		101,423		4,298,307
Honest Co. Inc. (The)(a)(b)		46,137		478,902
Inter Parfums Inc.		16,697		1,248,435
LifeMD Inc.(a)(b)		39,009		242,246
Lifevantage Corp.(a)		16,023		108,476
Mannatech Inc.		256		8,366
Medifast Inc.		10,611		2,044,103
Natural Alternatives International Inc.(a)		880		11,862
Natural Health Trends Corp.		8,166		58,550
Nature’s Sunshine Products Inc.		8,404		123,119
Nu Skin Enterprises Inc., Class A		44,749		1,810,992
Revlon Inc., Class A(a)(b)		8,697		87,927
Summer Infant Inc.(a)(b)		887		7,664
United-Guardian Inc.		16,468		233,516
USANA Health Sciences Inc.(a)		10,722		988,568
Veru Inc.(a)(b)		48,376		412,647
				85,574,187
Pharmaceuticals — 3.1%
9 Meters Biopharma Inc.(a)(b)		91,840		119,392
AcelRx Pharmaceuticals Inc.(a)(b)		94,547		96,438
Acer Therapeutics Inc.(a)		368		938
Aclaris Therapeutics Inc.(a)		30,515		549,270
Adamis Pharmaceuticals Corp.(a)(b)		51,419		49,876
Aerie Pharmaceuticals Inc.(a)(b)		39,985		455,829
Aerpio Pharmaceuticals Inc., NVS(b)		132,554		1

Security	Shares		Value
Pharmaceuticals (continued)
Agile Therapeutics Inc.(a)(b)		42,020	$	40,385
Alimera Sciences Inc.(a)(b)		10,722		45,569
Amneal Pharmaceuticals Inc.(a)(b)		89,095		475,767
Amphastar Pharmaceuticals Inc.(a)		45,191		859,081
Ampio Pharmaceuticals Inc.(a)(b)		245,331		407,249
ANI Pharmaceuticals Inc.(a)		8,620		282,908
Antares Pharma Inc.(a)		134,641		490,093
Aquestive Therapeutics Inc.(a)(b)		8,793		38,338
Arvinas Inc.(a)		41,539		3,413,675
Assertio Holdings Inc.(a)		29,229		26,482
Atea Pharmaceuticals Inc.(a)		50,170		1,758,960
Athira Pharma Inc.(a)		25,009		234,584
Avalo Therapeutics Inc.(a)		41,234		89,890
Avenue Therapeutics Inc.(a)(b)		6,443		9,600
Axsome Therapeutics Inc.(a)(b)		25,482		839,887
Aytu BioPharma Inc.(a)		22,898		65,946
Baudax Bio Inc.(a)		3,060		1,726
BioDelivery Sciences International Inc.(a)		65,965		238,134
Bristol-Myers Squibb Co.		2,065,537		122,217,824
Cara Therapeutics Inc.(a)		50,182		775,312
Cassava Sciences Inc.(a)(b)		32,003		1,986,746
Catalent Inc.(a)		160,513		21,359,465
cbdMD Inc.(a)(b)		112,308		233,601
Citius Pharmaceuticals Inc.(a)(b)		244,712		496,765
Clearside Biomedical Inc.(a)		34,506		207,036
Collegium Pharmaceutical Inc.(a)		33,075		652,901
Contra Palisade Bio Inc., NVS(b)		97		3
Contra Ritter Pharmace(b)(c)		14,465		978
Corcept Therapeutics Inc.(a)		100,394		1,975,754
CorMedix Inc.(a)(b)		21,636		100,607
Cumberland Pharmaceuticals Inc.(a)		9,254		24,986
Cymabay Therapeutics Inc.(a)(b)		57,754		210,802
Dare Bioscience Inc.(a)		643		1,074
Durect Corp.(a)(b)		129,097		165,244
Elanco Animal Health Inc.(a)(b)		447,371		14,266,661
Eli Lilly & Co.		738,047		170,525,759
Eloxx Pharmaceuticals Inc.(a)(b)		41,858		68,229
Endo International PLC(a)		202,440		655,906
Esperion Therapeutics Inc.(a)(b)		23,762		286,332
Eton Pharmaceuticals Inc.(a)(b)		10,025		50,526
Evofem Biosciences Inc.(a)(b)		122,983		90,835
Evoke Pharma Inc.(a)(b)		68,012		88,416
Evolus Inc.(a)(b)		20,725		157,925
EyeGate Pharmaceuticals Inc.(a)		42		95
Eyenovia Inc.(a)(b)		10,245		50,201
EyePoint Pharmaceuticals Inc.(a)(b)		3,549		36,981
Fulcrum Therapeutics Inc.(a)		28,209		795,776
Harmony Biosciences Holdings Inc.(a)		23,726		909,418
Harrow Health Inc.(a)(b)		59,813		543,700
Hepion Pharmaceuticals Inc.(a)(b)		45,138		69,061
Hoth Therapeutics Inc.(a)		1		1
Innoviva Inc.(a)		76,282		1,274,672
Intra-Cellular Therapies Inc.(a)		67,142		2,503,054
Jaguar Health Inc.(a)(b)		25,732		58,412
Jazz Pharmaceuticals PLC(a)		55,518		7,228,999
Johnson & Johnson		2,438,317		393,788,196
Kala Pharmaceuticals Inc.(a)(b)		53,632		140,516
Kaleido Biosciences Inc.(a)(b)		5,769		31,499
KemPharm Inc.(a)(b)		54,225		505,919
Lannett Co. Inc.(a)(b)		33,718		101,154

78 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Lipocine Inc.(a)(b)		76,006	$	82,847
Liquidia Corp.(a)		32,453		89,570
Marinus Pharmaceuticals Inc.(a)(b)		26,666		303,459
Merck & Co. Inc.		2,353,000		176,733,830
MyMD Pharmaceuticals Inc.(a)		2		14
Nektar Therapeutics(a)(b)		166,978		2,998,925
NGM Biopharmaceuticals Inc.(a)		24,451		513,960
NovaBay Pharmaceuticals Inc.(a)		657		422
Novan Inc.(a)		9,355		76,150
Nuvation Bio Inc.(a)(b)		147,365		1,464,808
Ocular Therapeutix Inc.(a)(b)		74,918		749,180
Ocuphire Pharma Inc.(a)(b)		266		1,370
Odonate Therapeutics Inc.(a)(b)		18,742		54,539
Omeros Corp.(a)(b)		52,237		720,348
Onconova Therapeutics Inc.(a)		3		12
Opiant Pharmaceuticals Inc.(a)		2,506		64,504
Optinose Inc.(a)(b)		60,864		182,592
Organon & Co.		237,733		7,795,265
Osmotica Pharmaceuticals PLC(a)(b)		7,635		22,523
Otonomy Inc.(a)		17,549		33,694
Pacira BioSciences Inc.(a)		42,954		2,405,424
Palisade Bio Inc.(a)		16		42
Paratek Pharmaceuticals Inc.(a)(b)		25,588		124,358
Perrigo Co. PLC		128,389		6,076,651
Pfizer Inc.		5,192,237		223,318,113
Phathom Pharmaceuticals Inc.(a)(b)		10,183		326,874
Phibro Animal Health Corp., Class A		24,918		536,734
Pliant Therapeutics Inc.(a)		19,295		325,700
PLx Pharma Inc.(a)		10,941		211,161
Prestige Consumer Healthcare Inc.(a)		50,501		2,833,611
ProPhase Labs Inc.		123		640
Provention Bio Inc.(a)(b)		47,957		306,925
Pulmatrix Inc.(a)(b)		15		12
Reata Pharmaceuticals Inc., Class A(a)(b)		26,170		2,632,964
Recro Pharma Inc.(a)(b)		9,162		18,874
Relmada Therapeutics Inc.(a)		11,102		290,983
Restorbio Inc.(b)		9,608		10,551
Revance Therapeutics Inc.(a)		59,562		1,659,397
Royalty Pharma PLC, Class A		329,437		11,905,853
Satsuma Pharmaceuticals Inc.(a)(b)		6,022		28,063
scPharmaceuticals Inc.(a)		2,486		16,532
SCYNEXIS Inc.(a)(b)		13,246		70,204
Seelos Therapeutics Inc.(a)		56,978		137,317
Seelos Therapeutics Inc. New(c)		43		23
Sonoma Pharmaceuticals Inc.(a)		609		3,398
Supernus Pharmaceuticals Inc.(a)		50,139		1,337,207
Teligent Inc.(a)		6,372		2,542
TFF Pharmaceuticals Inc.(a)(b)		8,452		65,249
TherapeuticsMD Inc.(a)(b)		232,969		172,723
Theravance Biopharma Inc.(a)		44,838		331,801
Timber Pharmaceuticals Inc.(a)(b)		19		17
Titan Pharmaceuticals Inc.(a)		60		112
Trevi Therapeutics Inc.(a)		5,721		7,838
Tricida Inc.(a)		23,611		109,555
Viatris Inc.		1,138,138		15,421,770
VYNE Therapeutics Inc.(a)		69,143		96,109
WaVe Life Sciences Ltd.(a)		26,725		130,953
Xeris Pharmaceuticals Inc.(a)(b)		51,496		126,165
Zoetis Inc.		440,532		85,524,883
Zogenix Inc.(a)		61,154		928,929

Security	Shares		Value
Pharmaceuticals (continued)
Zynerba Pharmaceuticals Inc.(a)(b)		26,404	$	111,953
				1,304,723,581
Professional Services — 0.7%
Acacia Research Corp.(a)		28,010		190,188
Akerna Corp.(a)(b)		11,355		32,021
Alight Inc., Class A(a)(b)		228,413		2,622,181
ASGN Inc.(a)		50,913		5,760,297
Barrett Business Services Inc.		8,153		621,748
BGSF Inc.		22,679		290,064
Booz Allen Hamilton Holding Corp.		123,235		9,778,697
CACI International Inc., Class A(a)		21,675		5,681,018
CBIZ Inc.(a)		42,897		1,387,289
Clarivate PLC(a)		345,827		7,573,611
CoStar Group Inc.(a)		368,720		31,732,043
CRA International Inc.		8,399		834,357
DLH Holdings Corp.(a)		819		10,074
Dun & Bradstreet Holdings Inc.(a)(b)		128,159		2,154,353
Equifax Inc.		111,764		28,323,233
Exponent Inc.		49,958		5,652,748
First Advantage Corp.(a)(b)		37,464		713,689
Forrester Research Inc.(a)		8,544		420,878
Franklin Covey Co.(a)		16,091		656,352
FTI Consulting Inc.(a)(b)		34,670		4,670,049
GEE Group Inc.(a)		802		372
GP Strategies Corp.(a)		16,651		344,676
Heidrick & Struggles International Inc.		16,722		746,303
Hill International Inc.(a)(b)		122,397		253,362
HireQuest Inc.(b)		3,385		65,432
Hudson Global Inc.(a)		1,946		30,941
Huron Consulting Group Inc.(a)		18,175		945,100
ICF International Inc.		16,955		1,513,912
IHS Markit Ltd.		370,528		43,210,975
Insperity Inc.		35,820		3,966,707
Jacobs Engineering Group Inc.		123,361		16,349,033
KBR Inc.		127,463		5,022,042
Kelly Services Inc., Class A, NVS		25,590		483,139
Kforce Inc.		25,721		1,534,001
Korn Ferry		51,019		3,691,735
Legalzoomcom Inc.(a)(b)		23,869		630,142
Leidos Holdings Inc.		132,694		12,755,874
ManpowerGroup Inc.		50,272		5,443,452
ManTech International Corp./VA, Class A		24,570		1,865,354
Mastech Digital Inc.(a)		1,268		21,569
Mistras Group Inc.(a)		16,313		165,740
Nielsen Holdings PLC		336,475		6,456,955
RCM Technologies Inc.(a)		8,760		53,261
Red Violet Inc.(a)		1,041		26,868
Resources Connection Inc.		33,740		532,417
Robert Half International Inc.		101,631		10,196,638
Science Applications International Corp.		50,688		4,336,865
Skillsoft Corp.(a)(b)		83,130		971,790
TransUnion		177,964		19,987,137
TriNet Group Inc.(a)		41,554		3,930,177
TrueBlue Inc.(a)		34,668		938,810
Upwork Inc.(a)		111,607		5,025,663
Verisk Analytics Inc.		149,985		30,037,496
Volt Information Sciences Inc.(a)(b)		8,615		30,583
Willdan Group Inc.(a)(b)		8,159		290,379
				290,959,790

S C H E D U L E   O F   I N V E S T M E N T S 79

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development — 0.2%
Altisource Portfolio Solutions SA(a)		9,017	$	89,088
American Realty Investors Inc.(a)		779		10,236
AMREP Corp.(a)		692		10,864
CBRE Group Inc., Class A(a)		311,963		30,372,718
CKX Lands Inc.(a)		229		2,583
Cushman & Wakefield PLC(a)(b)		149,169		2,776,035
Doma Holdings Inc.(a)(b)		162,009		1,198,867
eXp World Holdings Inc.(b)		59,037		2,347,901
Forestar Group Inc.(a)		32,426		604,096
FRP Holdings Inc.(a)(b)		7,743		432,988
Howard Hughes Corp. (The)(a)		41,094		3,608,464
InterGroup Corp. (The)(a)		126		5,776
Jones Lang LaSalle Inc.(a)		45,631		11,320,595
JW Mays Inc.(a)		106		4,056
Kennedy-Wilson Holdings Inc.		125,691		2,629,456
Marcus & Millichap Inc.(a)		24,664		1,001,852
Maui Land & Pineapple Co. Inc.(a)		8,135		84,279
Newmark Group Inc., Class A		148,689		2,127,740
Opendoor Technologies Inc.(a)(b)		370,981		7,616,240
RE/MAX Holdings Inc., Class A		16,580		516,633
Realogy Holdings Corp.(a)		107,359		1,883,077
Redfin Corp.(a)(b)		99,612		4,990,561
RMR Group Inc. (The), Class A		10,447		349,452
St Joe Co. (The)		36,891		1,553,111
Stratus Properties Inc.(a)		7,725		249,054
Tejon Ranch Co.(a)(b)		13,008		231,022
Transcontinental Realty Investors Inc.(a)		269		10,760
Trinity Place Holdings Inc.(a)(b)		143,164		280,601
				76,308,105
Road & Rail — 1.0%
AMERCO		9,380		6,059,761
ArcBest Corp.		24,591		2,010,806
Avis Budget Group Inc.(a)		45,839		5,340,702
Covenant Logistics Group Inc., Class A(a)		9,086		251,228
CSX Corp.		2,095,665		62,325,077
Heartland Express Inc.		42,754		684,919
HyreCar Inc.(a)(b)		14,484		123,114
JB Hunt Transport Services Inc.		78,347		13,101,185
Kansas City Southern		84,116		22,765,154
Knight-Swift Transportation Holdings Inc.		154,261		7,890,450
Landstar System Inc.		35,070		5,534,747
Lyft Inc., Class A(a)		270,084		14,473,802
Marten Transport Ltd.		52,071		816,994
Norfolk Southern Corp.		229,555		54,921,034
Old Dominion Freight Line Inc.		85,773		24,529,363
PAM Transportation Services Inc.(a)		1,346		60,543
Patriot Transportation Holding Inc.		681		8,083
Ryder System Inc.		49,763		4,115,898
Saia Inc.(a)		24,663		5,870,534
Schneider National Inc., Class B		42,463		965,609
TuSimple Holdings Inc., Class A(a)(b)		31,326		1,163,134
Uber Technologies Inc.(a)		1,506,372		67,485,466
Union Pacific Corp.		606,179		118,817,146
Universal Logistics Holdings Inc.		8,251		165,680
USA Truck Inc.(a)(b)		8,322		127,160
Werner Enterprises Inc.		54,164		2,397,840
XPO Logistics Inc.(a)		95,822		7,625,515
Yellow Corp.(a)(b)		39,591		223,689
				429,854,633

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 5.1%
ACM Research Inc., Class A(a)(b)		9,043	$	994,730
Advanced Micro Devices Inc.(a)		1,127,513		116,021,088
Aehr Test Systems(a)(b)		16,011		218,550
Allegro MicroSystems Inc.(a)(b)		42,897		1,370,988
Alpha & Omega Semiconductor Ltd.(a)		25,607		803,292
Ambarella Inc.(a)		33,016		5,141,912
Amkor Technology Inc.		99,085		2,472,171
Amtech Systems Inc.(a)		8,597		98,264
Analog Devices Inc.		498,095		83,420,951
Applied Materials Inc.		842,828		108,497,248
Atomera Inc.(a)(b)		16,699		385,580
Axcelis Technologies Inc.(a)		26,346		1,239,052
AXT Inc.(a)(b)		33,577		279,696
Broadcom Inc.		378,428		183,511,090
Brooks Automation Inc.		67,309		6,889,076
CEVA Inc.(a)(b)		17,929		765,030
Cirrus Logic Inc.(a)		48,798		4,018,515
CMC Materials Inc.		27,121		3,342,121
Cohu Inc.(a)		39,186		1,251,601
CVD Equipment Corp.(a)(b)		7,705		35,289
CyberOptics Corp.(a)		8,136		289,479
Diodes Inc.(a)		44,145		3,999,096
DSP Group Inc.(a)		33,801		740,580
eMagin Corp.(a)(b)		17,717		40,040
Enphase Energy Inc.(a)		127,173		19,072,135
Entegris Inc.		127,441		16,044,822
First Solar Inc.(a)		91,916		8,774,301
FormFactor Inc.(a)		70,008		2,613,399
GSI Technology Inc.(a)		17,011		89,818
Ichor Holdings Ltd.(a)		22,089		907,637
Impinj Inc.(a)(b)		10,640		607,863
indie Semiconductor Inc., Class A(a)(b)		84,015		1,034,225
Intel Corp.		3,754,385		200,033,633
inTEST Corp.(a)(b)		8,234		94,526
KLA Corp.		139,850		46,781,223
Kopin Corp.(a)(b)		58,428		299,736
Kulicke & Soffa Industries Inc.		53,630		3,125,556
Lam Research Corp.		132,479		75,400,423
Lattice Semiconductor Corp.(a)		121,404		7,848,769
MACOM Technology Solutions Holdings Inc.(a)		49,546		3,214,049
Marvell Technology Inc.		767,959		46,315,607
MaxLinear Inc.(a)		66,313		3,265,915
Meta Materials Inc.(a)(b)		219,195		1,266,947
Microchip Technology Inc.		253,351		38,886,845
Micron Technology Inc.		1,041,652		73,936,459
MKS Instruments Inc.		54,312		8,196,224
Monolithic Power Systems Inc.		39,753		19,267,484
MoSys Inc.(a)		293		1,456
NeoPhotonics Corp.(a)		39,803		346,684
NVE Corp.		7,564		483,869
NVIDIA Corp.		2,305,631		477,634,518
NXP Semiconductors NV		246,438		48,269,811
ON Semiconductor Corp.(a)		407,458		18,649,353
Onto Innovation Inc.(a)		44,861		3,241,207
PDF Solutions Inc.(a)(b)		25,131		579,018
Photronics Inc.(a)		56,648		772,112
Pixelworks Inc.(a)		25,125		120,098
Power Integrations Inc.		55,768		5,520,474
Qorvo Inc.(a)		103,203		17,254,510
QUALCOMM Inc.		1,048,494		135,234,756

80 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
QuickLogic Corp.(a)(b)		3,444	$	18,460
Rambus Inc.(a)(b)		106,374		2,361,503
Rubicon Technology Inc.(a)		842		8,588
Semtech Corp.(a)		59,038		4,603,193
Silicon Laboratories Inc.(a)		35,452		4,968,952
SiTime Corp.(a)(b)		12,134		2,477,399
Skyworks Solutions Inc.		154,042		25,383,041
SMART Global Holdings Inc.(a)		15,038		669,191
SolarEdge Technologies Inc.(a)(b)		49,411		13,104,785
SunPower Corp.(a)(b)		70,689		1,603,227
Synaptics Inc.(a)		33,801		6,075,054
Teradyne Inc.		154,955		16,916,437
Texas Instruments Inc.		846,847		162,772,462
Trio-Tech International(a)		311		1,312
Ultra Clean Holdings Inc.(a)		35,993		1,533,302
Universal Display Corp.		41,511		7,096,721
Veeco Instruments Inc.(a)(b)		42,277		938,972
Xilinx Inc.		228,283		34,468,450
				2,096,011,950
Software — 9.8%
8x8 Inc.(a)		109,426		2,559,474
A10 Networks Inc.(a)		43,909		591,893
ACI Worldwide Inc.(a)		109,039		3,350,768
Adobe Inc.(a)		439,011		252,747,413
Agilysys Inc.(a)		16,243		850,483
Alarm.com Holdings Inc.(a)		43,384		3,392,195
Altair Engineering Inc., Class A(a)(b)		48,498		3,343,452
Alteryx Inc., Class A(a)(b)		58,939		4,308,441
American Software Inc./GA, Class A		25,155		597,431
Anaplan Inc.(a)		129,971		7,913,934
ANSYS Inc.(a)		81,665		27,802,849
Appfolio Inc., Class A(a)(b)		17,887		2,153,595
Appian Corp.(a)(b)		36,505		3,377,078
AppLovin Corp., Class A(a)		24,420		1,767,275
Aquamed Technologies Inc.		1,090		—
Asana Inc., Class A(a)(b)		72,594		7,538,161
Aspen Technology Inc.(a)		66,369		8,150,113
Asure Software Inc.(a)(b)		6,641		59,835
AudioEye Inc.(a)(b)		2,856		31,502
Autodesk Inc.(a)		204,493		58,315,269
Avalara Inc.(a)(b)		78,751		13,763,312
Avaya Holdings Corp.(a)(b)		62,571		1,238,280
AvePoint Inc.(a)(b)		86,959		738,282
Aware Inc./MA(a)(b)		16,911		69,166
Benefitfocus Inc.(a)		26,179		290,587
Bentley Systems Inc., Class B(b)		170,690		10,350,642
Bill.com Holdings Inc.(a)		82,064		21,906,985
Black Knight Inc.(a)		145,106		10,447,632
Blackbaud Inc.(a)		43,991		3,094,767
Blackline Inc.(a)(b)		52,523		6,200,865
Bottomline Technologies DE Inc.(a)		39,291		1,543,350
Box Inc., Class A(a)		145,249		3,438,044
BSQUARE Corp.(a)		8,752		21,092
BTRS Holdings Inc.(a)		56,292		598,947
C3.ai Inc., Class A(a)(b)		65,035		3,013,722
Cadence Design Systems Inc.(a)		255,878		38,750,164
CCC Intelligent Solutions Holdings Inc.(a)(b)		75,877		797,467
CDK Global Inc.		116,591		4,960,947
Cerence Inc.(a)(b)		34,556		3,321,177
Ceridian HCM Holding Inc.(a)		123,739		13,935,486

Security	Shares		Value
Software (continued)
ChannelAdvisor Corp.(a)		24,477	$	617,555
Citrix Systems Inc.		117,401		12,605,345
Cleanspark Inc.(a)(b)		42,092		487,846
Clear Secure Inc., Class A(a)		19,416		797,027
Cloudera Inc.(a)		225,913		3,607,831
CommVault Systems Inc.(a)		39,207		2,952,679
Confluent Inc., Class A(a)(b)		25,631		1,528,889
Cornerstone OnDemand Inc.(a)		51,186		2,930,910
Coupa Software Inc.(a)		67,846		14,870,486
Crowdstrike Holdings Inc., Class A(a)		186,625		45,868,693
Datadog Inc., Class A(a)		222,814		31,494,759
Datto Holding Corp.(a)(b)		26,440		631,916
Digimarc Corp.(a)(b)		11,366		391,445
Digital Turbine Inc.(a)(b)		83,538		5,743,238
DocuSign Inc.(a)		182,505		46,982,262
Dolby Laboratories Inc., Class A		60,577		5,330,776
Domo Inc., Class B(a)		27,657		2,335,357
Dropbox Inc., Class A(a)		278,539		8,138,910
Duck Creek Technologies Inc.(a)(b)		69,768		3,086,536
Dynatrace Inc.(a)		187,698		13,320,927
E2open Parent Holdings Inc.(a)		187,417		2,117,812
Ebix Inc.		25,105		676,078
eGain Corp.(a)(b)		16,875		172,125
Elastic NV(a)		68,130		10,150,689
Envestnet Inc.(a)(b)		48,705		3,908,089
Everbridge Inc.(a)(b)		33,647		5,082,043
Evolving Systems Inc.(a)(b)		8,542		18,365
Fair Isaac Corp.(a)		25,503		10,148,409
Faraday Future Intelligent Electric Inc.(a)(b)		159,801		1,508,521
Five9 Inc.(a)		62,686		10,013,462
Fortinet Inc.(a)		125,690		36,706,508
GSE Systems Inc.(a)(b)		9,143		13,532
GTY Technology Holdings Inc.(a)(b)		22,001		165,448
Guidewire Software Inc.(a)(b)		79,175		9,411,532
HubSpot Inc.(a)(b)		41,705		28,196,333
Intelligent Systems Corp.(a)		7,594		308,392
InterDigital Inc.		33,271		2,256,439
Intrusion Inc.(a)		30,531		123,956
Intuit Inc.		251,062		135,450,460
Inuvo Inc.(a)(b)		17,813		12,467
Issuer Direct Corp.(a)		318		8,316
J2 Global Inc.(a)		42,754		5,841,052
Jamf Holding Corp.(a)(b)		39,422		1,518,535
Kaspien Holdings Inc.(a)		364		5,915
Latch Inc.(a)(b)		84,038		947,108
LivePerson Inc.(a)(b)		53,802		3,171,628
LivePerson Inc.		87,126		260,507
Mandiant Inc.		230,803		4,108,293
Manhattan Associates Inc.(a)		60,718		9,291,676
Marathon Digital Holdings Inc.(a)(b)		85,746		2,707,859
Marin Software Inc.(a)		1,625		14,820
Matterport Inc.(a)(b)		170,912		3,231,946
McAfee Corp., Class A		47,132		1,042,089
Medallia Inc.(a)		108,831		3,686,106
Microsoft Corp.		6,951,698		1,959,822,700
MicroStrategy Inc., Class A(a)(b)		6,993		4,044,751
Mimecast Ltd.(a)		54,070		3,438,852
Mitek Systems Inc.(a)(b)		61,114		1,130,609
Model N Inc.(a)(b)		20,389		683,032
Momentive Global Inc.(a)		113,018		2,215,153

S C H E D U L E   O F   I N V E S T M E N T S 81

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
N-Able Inc.(a)(b)		94,114	$	1,167,955
nCino Inc.(a)(b)		52,326		3,716,716
NCR Corp.(a)(b)		125,546		4,866,163
Net Element Inc.(a)		51		420
NetSol Technologies Inc.(a)(b)		8,530		39,067
New Relic Inc.(a)		52,335		3,756,083
NortonLifeLock Inc.		555,196		14,046,459
Nuance Communications Inc.(a)		260,689		14,348,323
Nutanix Inc., Class A(a)		196,940		7,424,638
NXT-ID Inc.(a)		250		104
Oblong Inc.(a)(b)		1,121		2,343
Olo Inc., Class A(a)(b)		22,134		664,684
ON24 Inc.(a)(b)		14,782		294,753
OneSpan Inc.(a)		26,539		498,402
Oracle Corp.		1,516,589		132,140,400
Pagerduty Inc.(a)(b)		71,290		2,952,832
Palantir Technologies Inc., Class A(a)		1,457,005		35,026,400
Palo Alto Networks Inc.(a)(b)		89,893		43,058,747
Park City Group Inc.(a)(b)		15,994		87,167
Paycom Software Inc.(a)		45,519		22,566,044
Paycor HCM Inc.(a)(b)		27,733		975,092
Paylocity Holding Corp.(a)(b)		36,462		10,223,945
Pegasystems Inc.		40,025		5,087,178
Phunware Inc.(a)(b)		23,253		21,597
Ping Identity Holding Corp.(a)		31,331		769,803
Progress Software Corp.		42,973		2,113,842
PROS Holdings Inc.(a)		33,093		1,174,140
PTC Inc.(a)		101,553		12,165,034
Q2 Holdings Inc.(a)(b)		48,499		3,886,710
QAD Inc., Class A		8,445		738,009
QAD Inc., Class B		488		42,529
Qualtrics International Inc., Class A(a)(b)		66,726		2,851,869
Qualys Inc.(a)(b)		33,586		3,737,786
Qumu Corp.(a)(b)		9,074		22,504
Rapid7 Inc.(a)(b)		50,674		5,727,175
RealNetworks Inc.(a)(b)		37,624		59,822
Rekor Systems Inc.(a)(b)		51,433		590,965
Rimini Street Inc.(a)		16,119		155,548
RingCentral Inc., Class A(a)		76,488		16,636,140
Riot Blockchain Inc.(a)(b)		72,618		1,866,283
SailPoint Technologies Holdings Inc.(a)(b)		87,138		3,736,477
salesforce.com Inc.(a)		898,910		243,802,370
Seachange International Inc.(a)(b)		30,076		31,881
SecureWorks Corp., Class A(a)		8,578		170,531
SentinelOne Inc., Class A(a)		33,861		1,813,934
ServiceNow Inc.(a)		182,414		113,510,760
ShotSpotter Inc.(a)(b)		7,405		269,320
Smartsheet Inc., Class A(a)		120,769		8,311,323
Smith Micro Software Inc.(a)(b)		14,599		70,659
Splunk Inc.(a)(b)		153,345		22,190,555
Sprout Social Inc., Class A(a)		41,901		5,109,827
SPS Commerce Inc.(a)		33,556		5,412,918
SRAX Inc.(a)(b)		10,968		58,569
SS&C Technologies Holdings Inc.		208,278		14,454,493
Sumo Logic Inc.(a)		79,395		1,279,847
Synchronoss Technologies Inc.(a)(b)		55,070		132,168
Synopsys Inc.(a)		141,836		42,467,117
Telos Corp.(a)		55,440		1,575,605
Tenable Holdings Inc.(a)		84,210		3,885,449
Teradata Corp.(a)		93,822		5,380,692

Security	Shares		Value
Software (continued)
Trade Desk Inc. (The), Class A(a)(b)		405,798	$	28,527,599
Tyler Technologies Inc.(a)		37,333		17,122,780
UiPath Inc., Class A(a)(b)		237,787		12,509,974
Unity Software Inc.(a)(b)		147,034		18,563,043
Upland Software Inc.(a)		19,222		642,784
Varonis Systems Inc.(a)		105,094		6,394,970
Verb Technology Co. Inc.(a)(b)		17,629		33,848
Verint Systems Inc.(a)(b)		59,771		2,677,143
Veritone Inc.(a)(b)		22,072		527,300
Vertex Inc., Class A(a)		27,765		533,643
Viant Technology Inc., Class A(a)		16,337		199,638
VirnetX Holding Corp.(a)(b)		47,520		186,278
VMware Inc., Class A(a)(b)		75,296		11,196,515
Vonage Holdings Corp.(a)		263,481		4,247,314
WM Technology Inc.(a)(b)		60,282		874,089
Wolfspeed Inc.		107,737		8,697,608
Workday Inc., Class A(a)		177,163		44,271,262
Workiva Inc.(a)(b)		42,139		5,939,913
Xperi Holding Corp.		99,778		1,879,818
Yext Inc.(a)		105,644		1,270,897
Zendesk Inc.(a)		112,434		13,086,193
Zix Corp.(a)		54,637		386,284
Zoom Video Communications Inc., Class A(a)(b)		199,870		52,266,005
Zscaler Inc.(a)		72,606		19,038,745
Zuora Inc., Class A(a)		123,327		2,044,762
				4,076,953,640
Specialty Retail — 2.3%
Aaron’s Co. Inc. (The)		32,302		889,597
Abercrombie & Fitch Co., Class A(a)		57,155		2,150,743
Academy Sports & Outdoors Inc.(a)		67,631		2,706,593
Advance Auto Parts Inc.		59,675		12,465,511
American Eagle Outfitters Inc.		129,598		3,343,628
America’s Car-Mart Inc./TX(a)		9,065		1,058,611
Arko Corp.(a)(b)		79,530		803,253
Asbury Automotive Group Inc.(a)		17,044		3,353,237
AutoNation Inc.(a)		40,608		4,944,430
AutoZone Inc.(a)		20,030		34,010,740
Barnes & Noble Education Inc.(a)		35,192		351,568
Bath & Body Works Inc.		250,286		15,775,527
Bed Bath & Beyond Inc.(a)		95,330		1,646,826
Best Buy Co. Inc.		208,361		22,025,841
Big 5 Sporting Goods Corp.		15,159		349,263
Boot Barn Holdings Inc.(a)		23,436		2,082,757
Buckle Inc. (The)		23,850		944,222
Build-A-Bear Workshop Inc., Class A(a)(b)		33,709		571,030
Burlington Stores Inc.(a)		60,784		17,236,519
Caleres Inc.		43,166		959,149
Camping World Holdings Inc., Class A		36,833		1,431,699
CarLotz Inc.(a)(b)		94,714		360,860
CarMax Inc.(a)(b)		152,534		19,518,251
Carvana Co.(a)		78,527		23,679,032
Cato Corp. (The), Class A		34,032		562,889
Chico’s FAS Inc.(a)		124,212		557,712
Children’s Place Inc. (The)(a)		17,182		1,293,117
Citi Trends Inc.(a)		7,814		570,109
Conn’s Inc.(a)		25,106		573,170
Container Store Group Inc. (The)(a)		19,193		182,717
Designer Brands Inc. , Class A(a)		65,049		906,133
Dick’s Sporting Goods Inc.		59,352		7,108,589
EVgo Inc.(a)(b)		110,642		901,732

82 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^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Express Inc.(a)		70,057	$	330,669
Five Below Inc.(a)		51,281		9,066,994
Floor & Decor Holdings Inc., Class A(a)		98,893		11,945,285
Foot Locker Inc.		90,244		4,120,541
GameStop Corp., Class A(a)(b)		57,845		10,150,062
Gap Inc. (The)		203,660		4,623,082
Genesco Inc.(a)		18,770		1,083,592
Group 1 Automotive Inc.		17,481		3,284,330
GrowGeneration Corp.(a)(b)		59,567		1,469,518
Guess? Inc.		44,416		933,180
Haverty Furniture Companies Inc.		17,105		576,610
Hibbett Inc.		9,793		692,757
Home Depot Inc. (The)		982,979		322,672,687
J Jill Inc.(a)		2,727		47,395
Kirkland’s Inc.(a)(b)		16,208		311,356
Lazydays Holdings Inc.(a)		3,257		69,504
Leslie’s Inc.(a)(b)		115,187		2,365,941
Lithia Motors Inc.		27,504		8,719,868
Lowe’s Companies Inc.		652,650		132,396,579
Lumber Liquidators Holdings Inc.(a)		25,243		471,539
MarineMax Inc.(a)(b)		18,275		886,703
Monro Inc.		32,917		1,893,057
Murphy USA Inc.		20,144		3,369,285
National Vision Holdings Inc.(a)		75,652		4,294,764
O’Reilly Automotive Inc.(a)		62,224		38,022,597
ODP Corp. (The)(a)		50,156		2,014,265
OneWater Marine Inc., Class A		18,235		733,229
Party City Holdco Inc.(a)(b)		145,046		1,029,827
Penske Automotive Group Inc.		25,023		2,517,314
Petco Health & Wellness Co. Inc.(a)(b)		82,781		1,746,679
Recycling Asset Holdings Inc.(b)(c)		7,042		246
Rent-A-Center Inc./TX		49,365		2,774,807
RH(a)		16,277		10,855,294
Ross Stores Inc.		333,862		36,340,879
Sally Beauty Holdings Inc.(a)(b)		129,539		2,182,732
Shift Technologies Inc.(a)(b)		87,082		604,349
Shoe Carnival Inc.		16,310		528,770
Signet Jewelers Ltd.		49,597		3,916,179
Sleep Number Corp.(a)(b)		22,580		2,110,778
Sonic Automotive Inc., Class A		25,536		1,341,661
Sportsman’s Warehouse Holdings Inc.(a)		35,201		619,538
Tilly’s Inc., Class A		15,779		221,064
TJX Companies Inc. (The)		1,115,494		73,600,294
Tractor Supply Co.		104,172		21,106,289
TravelCenters of America Inc.(a)		20,906		1,040,910
Ulta Beauty Inc.(a)		50,564		18,249,559
Urban Outfitters Inc.(a)		57,431		1,705,126
Victoria’s Secret & Co.(a)		69,283		3,828,579
Vroom Inc.(a)(b)		118,185		2,608,343
Williams-Sonoma Inc.		69,668		12,354,226
Winmark Corp.		3,469		745,939
Xcel Brands Inc.(a)		315		469
Zumiez Inc.(a)(b)		25,738		1,023,343
				954,913,638
Technology Hardware, Storage & Peripherals — 5.3%
3D Systems Corp.(a)		115,711		3,190,152
Apple Inc.		14,533,416		2,056,478,364
AstroNova Inc.(a)		7,666		115,373
Avid Technology Inc.(a)		48,432		1,400,653
Corsair Gaming Inc.(a)(b)		19,573		507,528

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Dell Technologies Inc., Class C(a)		258,054	$	26,847,938
Diebold Nixdorf Inc.(a)(b)		76,511		773,526
Eastman Kodak Co.(a)		51,224		348,835
Hewlett Packard Enterprise Co.		1,245,048		17,741,934
HP Inc.		1,126,207		30,813,024
Immersion Corp.(a)(b)		25,440		174,010
Intevac Inc.(a)		17,612		84,185
NetApp Inc.		212,219		19,048,778
One Stop Systems Inc.(a)(b)		9,356		47,061
Pure Storage Inc., Class A(a)		234,171		5,891,742
Quantum Corp.(a)		76,896		398,321
Seagate Technology Holdings PLC		198,940		16,416,529
Super Micro Computer Inc.(a)		35,663		1,304,196
TransAct Technologies Inc.(a)		8,304		115,426
Turtle Beach Corp.(a)(b)		28,056		780,518
Western Digital Corp.(a)		285,155		16,094,148
Xerox Holdings Corp.		109,994		2,218,579
				2,200,790,820
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		142,031		6,875,721
Carter’s Inc.		37,396		3,636,387
Charles & Colvard Ltd.(a)		25,183		75,045
Columbia Sportswear Co.		34,585		3,314,626
Crocs Inc.(a)		57,998		8,321,553
Crown Crafts Inc.		8,471		62,685
Culp Inc.		13		167
Deckers Outdoor Corp.(a)		26,180		9,430,036
Delta Apparel Inc.(a)		7,848		214,329
Forward Industries Inc.(a)		9,082		21,706
Fossil Group Inc.(a)(b)		52,718		624,708
G-III Apparel Group Ltd.(a)(b)		34,409		973,775
Hanesbrands Inc.		338,488		5,808,454
Jerash Holdings U.S. Inc.(b)		1,955		13,138
Kontoor Brands Inc.		43,197		2,157,690
Lakeland Industries Inc.(a)(b)		7,817		164,157
Levi Strauss & Co., Class A		75,257		1,844,549
Lululemon Athletica Inc.(a)		110,024		44,526,713
Movado Group Inc.		11,106		349,728
Nike Inc., Class B		1,180,316		171,417,293
Oxford Industries Inc.		16,238		1,464,180
PLBY Group Inc.(a)(b)		21,854		515,099
PVH Corp.(a)(b)		69,619		7,156,137
Ralph Lauren Corp.		43,447		4,824,355
Rocky Brands Inc.		8,222		391,449
Skechers U.S.A. Inc., Class A(a)		128,442		5,409,977
Steven Madden Ltd.		76,023		3,053,084
Superior Group of Companies Inc.		8,281		192,865
Tapestry Inc.		254,621		9,426,069
Under Armour Inc., Class A(a)		177,468		3,581,304
Under Armour Inc., Class C, NVS(a)		183,386		3,212,923
Unifi Inc.(a)		16,109		353,270
Vera Bradley Inc.(a)		17,182		161,683
VF Corp.		302,125		20,239,354
Vince Holding Corp.(a)		896		7,396
Wolverine World Wide Inc.		77,478		2,311,944
				322,133,549
Thrifts & Mortgage Finance — 0.1%
1895 Bancorp of Wisconsin Inc.(a)		2,115		23,096
Axos Financial Inc.(a)		44,062		2,270,955

S C H E D U L E   O F   I N V E S T M E N T S 83

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Blue Foundry Bancorp(a)(b)		60,859	$	839,246
Bridgewater Bancshares Inc.(a)(b)		19,664		344,317
Broadway Financial Corp./DE(a)		7,649		25,395
Capitol Federal Financial Inc.		133,041		1,528,641
CBM Bancorp Inc.		3,321		53,867
CF Bankshares Inc.(b)		1,726		35,297
Columbia Financial Inc.(a)		48,627		899,600
Elmira Savings Bank		668		8,891
ESSA Bancorp. Inc.		8,459		140,419
Essent Group Ltd.		95,867		4,219,107
Federal Agricultural Mortgage Corp., Class C, NVS		8,472		919,381
FFBW Inc.(a)		2,417		28,666
First Seacoast Bancorp.(a)		2,148		21,007
Flagstar Bancorp. Inc.		43,474		2,207,610
FS Bancorp. Inc.		2,608		90,263
Greene County Bancorp. Inc.		636		23,106
Guaranty Federal Bancshares Inc.		825		19,916
Hingham Institution For Savings (The)		2,978		1,002,693
HMN Financial Inc.(a)		848		19,818
Home Bancorp. Inc.		7,679		297,024
Home Federal Bancorp. Inc./LA		506		9,609
HomeStreet Inc.		11,774		484,500
HV Bancorp Inc.(a)		1,371		30,093
IF Bancorp. Inc.		697		15,801
Impac Mortgage Holdings Inc.(a)		8,246		11,627
Income Opportunity Realty Investors Inc.(a)		108		1,203
Kearny Financial Corp./MD		75,619		939,944
Kentucky First Federal Bancorp		844		6,026
Lake Shore Bancorp. Inc.		652		9,773
Magyar Bancorp Inc.(a)(b)		871		9,851
Merchants Bancorp./IN		19,177		756,916
Meridian Bancorp. Inc.		42,948		891,600
Meta Financial Group Inc.		29,064		1,525,279
MGIC Investment Corp.		334,456		5,003,462
Mid-Southern Bancorp Inc.		2,439		37,073
Mr Cooper Group Inc.(a)		94,286		3,881,755
New York Community Bancorp. Inc.		457,886		5,892,993
NMI Holdings Inc., Class A(a)(b)		74,163		1,676,825
Northfield Bancorp. Inc.		30,763		527,893
Northwest Bancshares Inc.		93,733		1,244,774
Oconee Federal Financial Corp.		212		4,918
Ocwen Financial Corp.(a)		8,227		231,426
PCSB Financial Corp.		26,486		488,402
PennyMac Financial Services Inc.		27,296		1,668,604
Premier Financial Corp.		33,021		1,051,389
Provident Bancorp. Inc.		18,785		300,936
Provident Financial Holdings Inc.		7,831		133,753
Provident Financial Services Inc.		61,828		1,451,103
Prudential Bancorp. Inc.		8,282		126,383
Radian Group Inc.		154,202		3,503,469
Rhinebeck Bancorp Inc.(a)		3,407		37,136
Riverview Bancorp. Inc.		17,755		129,079
Rocket Companies Inc., Class A		137,372		2,203,447
Security National Financial Corp., Class A(a)		10,965		90,242
Severn Bancorp. Inc.		8,342		104,442
Southern Missouri Bancorp. Inc.		7,671		344,351
Sterling Bancorp Inc./MI(a)		56,587		291,989
Territorial Bancorp. Inc.		15,900		403,542
TFS Financial Corp.		59,272		1,129,724
Timberland Bancorp. Inc./WA		7,813		226,186

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
TrustCo Bank Corp. NY		10,149	$	324,464
UWM Holdings Corp.		85,935		597,248
Walker & Dunlop Inc.		25,947		2,944,984
Washington Federal Inc.		74,429		2,553,659
Waterstone Financial Inc.		25,098		514,258
Western New England Bancorp. Inc.		27,756		236,759
WSFS Financial Corp.		47,861		2,455,748
WVS Financial Corp.		222		3,543
				61,526,496
Tobacco — 0.5%
22nd Century Group Inc.(a)(b)		102,726		304,069
Altria Group Inc.		1,710,595		77,866,284
Philip Morris International Inc.		1,439,225		136,424,138
Turning Point Brands Inc.		11,476		547,979
Universal Corp./VA		23,837		1,152,042
Vector Group Ltd.		116,092		1,480,173
				217,774,685
Trading Companies & Distributors — 0.3%
Air Lease Corp.		100,737		3,962,994
Applied Industrial Technologies Inc.		33,674		3,035,038
Beacon Roofing Supply Inc.(a)(b)		44,585		2,129,380
BlueLinx Holdings Inc.(a)(b)		8,135		397,639
Boise Cascade Co.		33,965		1,833,431
CAI International Inc.		16,695		933,417
Core & Main Inc., Class A(a)(b)		33,107		867,734
Custom Truck One Source Inc.(a)(b)		91,804		856,531
DXP Enterprises Inc./TX(a)		9,207		272,251
EVI Industries Inc.(a)(b)		7,536		204,979
Fastenal Co.		537,120		27,720,763
GATX Corp.		33,869		3,033,308
Global Industrial Co.		11,545		437,440
GMS Inc.(a)		42,168		1,846,958
H&E Equipment Services Inc.		26,089		905,549
Herc Holdings Inc.(a)		20,523		3,354,690
Hudson Technologies Inc.(a)(b)		25,487		89,969
Huttig Building Products Inc.(a)		16,604		88,333
India Globalization Capital Inc.(a)(b)		32,794		48,535
Lawson Products Inc./DE(a)(b)		7,724		386,277
McGrath RentCorp		25,838		1,859,044
MRC Global Inc.(a)		92,635		679,941
MSC Industrial Direct Co. Inc., Class A		42,585		3,414,891
NOW Inc.(a)		100,656		770,018
Rush Enterprises Inc., Class A		37,218		1,680,765
Rush Enterprises Inc., Class B		13,309		609,153
SiteOne Landscape Supply Inc.(a)		42,476		8,472,688
Titan Machinery Inc.(a)		16,710		432,956
Transcat Inc.(a)		8,172		526,931
Triton International Ltd.		58,242		3,030,914
United Rentals Inc.(a)		66,446		23,317,895
Univar Solutions Inc.(a)		167,290		3,984,848
Veritiv Corp.(a)		9,448		846,163
Watsco Inc.		31,380		8,303,776
WESCO International Inc.(a)(b)		44,463		5,127,473
Willis Lease Finance Corp.(a)		7,676		285,470
WW Grainger Inc.		40,824		16,046,281
				131,794,423
Water Utilities — 0.1%
American States Water Co.		34,656		2,963,781
American Water Works Co. Inc.		168,264		28,443,347

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares/ Par		Value
Water Utilities (continued)
Artesian Resources Corp., Class A, NVS		8,234	$	314,292
Cadiz Inc.(a)(b)		25,699		180,921
California Water Service Group		48,470		2,856,337
Essential Utilities Inc.		216,242		9,964,431
Middlesex Water Co.		16,133		1,658,150
Pure Cycle Corp.(a)		17,442		232,153
SJW Group		26,042		1,720,334
York Water Co. (The)		10,296		449,729
				48,783,475
Wireless Telecommunication Services — 0.2%
Gogo Inc.(a)(b)		42,416		733,797
Shenandoah Telecommunications Co.		44,772		1,413,900
Spok Holdings Inc.		15,778		161,251
T-Mobile U.S. Inc.(a)		543,518		69,439,860
Telephone and Data Systems Inc.		99,157		1,933,561
U.S. Cellular Corp.(a)		11,459		365,427
				74,047,796
Total Common Stocks — 99.8% (Cost: $28,420,700,582)				41,392,320,552
Rights
Real Estate Management & Development — 0.0%
Capital Senior Living Corp., (Expires 10/18/21)(a)		1,488		4,791
Total Rights — 0.0% (Cost: $0)				4,791
Warrants
Pharmaceuticals — 0.0%
Salarius Pharmaceuticals Inc., (Expires 01/20/25)(a)(b)		19,965		0	(d)
Total Warrants — 0.0% (Cost: $0)				0	(d)
Corporate Bonds & Notes
Capital Markets — 0.0%
GAMCO Investors Inc., 4.00%, 06/15/23(g)		14,000		13,931
Total Corporate Bonds & Notes — 0.0% (Cost: $14,000)				13,931

Security	Shares		Value
Short-Term Investments
Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(e)(h)(i)		898,730,651	$	899,180,017
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(h)		58,440,000		58,440,000
				957,620,017
Total Short-Term Investments — 2.3% (Cost: $957,224,802)				957,620,017
Total Investments in Securities — 102.1% (Cost: $29,377,939,384)				42,349,959,291
Other Assets, Less Liabilities — (2.1)%				(868,094,487	)
Net Assets — 100.0%			$	41,481,864,804

^(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) Rounds to less than $1.

^(e) Affiliate of the Fund.

^(f) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(g) Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 85

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market 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	$	669,664,975	$	229,580,668	(a)	$	—		$	(21,363	)	$	(44,263	)	$	899,180,017		898,730,651	$	2,228,279	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		31,500,000		26,940,000	(a)		—			—			—			58,440,000		58,440,000		2,849			—
BlackRock Inc.		93,431,477		9,641,659			(2,164,118	)		1,255,896			9,156,298			111,321,212		132,737		1,067,993			—
									$	1,234,533		$	9,112,035		$	1,068,941,229			$	3,299,121		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 400 E-Mini Index		27		12/17/21	$	7,110	$	(182,507	)
S&P 500 E-Mini Index		342		12/17/21		73,491		(2,832,800	)
							$	(3,015,307	)

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)	$	3,015,307

^(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	$	10,767,871
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,457,311	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	72,250,138

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

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P Total U.S. Stock Market 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	$	41,391,992,990		$	10,554		$	317,008	$	41,392,320,552
Rights		—			4,791			—		4,791
Warrants		—			0	(a)		—		0	(a)
Corporate Bonds & Notes		—			13,931			—		13,931
Money Market Funds		957,620,017			—			—		957,620,017
	$	42,349,613,007		$	29,276		$	317,008	$	42,349,959,291
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(3,015,307	)	$	—		$	—	$	(3,015,307	)

^(a) Rounds to less than $1.

^(b) 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 87

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Axon Enterprise Inc.(a)		38,217	$	6,688,739
Curtiss-Wright Corp.		9,057		1,142,812
L3Harris Technologies Inc.		67,133		14,785,372
Lockheed Martin Corp.		66,228		22,855,283
Mercury Systems Inc.(a)(b)		33,595		1,593,075
TransDigm Group Inc.(a)		18,414		11,500,832
				58,566,113
Air Freight & Logistics — 0.7%
Expeditors International of Washington Inc.		64,879		7,729,035
FedEx Corp.		92,010		20,176,873
GXO Logistics Inc.(a)(b)		29,703		2,329,903
United Parcel Service Inc., Class B		298,138		54,290,930
				84,526,741
Auto Components — 0.2%
Aptiv PLC(a)		105,865		15,770,709
Fox Factory Holding Corp.(a)(b)		24,675		3,566,524
Gentex Corp.		79,952		2,636,817
Visteon Corp.(a)		7,876		743,416
				22,717,466
Automobiles — 3.0%
Tesla Inc.(a)		474,770		368,174,640
Banks — 0.4%
Commerce Bancshares Inc.		29,841		2,079,321
First Financial Bankshares Inc.		48,061		2,208,403
First Republic Bank/CA		54,985		10,605,507
Glacier Bancorp. Inc.		28,065		1,553,398
PacWest Bancorp		19,282		873,860
Signature Bank/New York NY		12,438		3,386,618
SVB Financial Group(a)		34,294		22,184,103
Umpqua Holdings Corp.		55,848		1,130,922
				44,022,132
Beverages — 1.0%
Boston Beer Co. Inc. (The), Class A, NVS(a)		5,388		2,746,533
Brown-Forman Corp., Class B, NVS		53,820		3,606,478
Coca-Cola Co. (The)		795,587		41,744,450
Monster Beverage Corp.(a)(b)		220,100		19,551,483
PepsiCo Inc.		339,430		51,053,666
				118,702,610
Biotechnology — 2.2%
AbbVie Inc.		765,147		82,536,407
Amgen Inc.		166,418		35,388,788
Arrowhead Pharmaceuticals Inc.(a)		60,601		3,783,320
Biogen Inc.(a)		46,300		13,102,437
Emergent BioSolutions Inc.(a)(b)		26,564		1,330,059
Exelixis Inc.(a)		182,954		3,867,648
Halozyme Therapeutics Inc.(a)		83,427		3,393,810
Incyte Corp.(a)		69,156		4,756,550
Moderna Inc.(a)		119,098		45,836,056
Neurocrine Biosciences Inc.(a)		55,233		5,297,397
Regeneron Pharmaceuticals Inc.(a)		61,561		37,255,486
United Therapeutics Corp.(a)		11,010		2,032,226
Vertex Pharmaceuticals Inc.(a)		151,533		27,486,571
				266,066,755
Building Products — 0.5%
Allegion PLC		21,890		2,893,420
Builders FirstSource Inc.(a)(b)		59,158		3,060,835

Security	Shares		Value
Building Products (continued)
Carlisle Companies Inc.		17,633	$	3,505,264
Carrier Global Corp.		325,496		16,847,673
Fortune Brands Home & Security Inc.		45,357		4,055,823
Lennox International Inc.		11,777		3,464,440
Masco Corp.		63,744		3,540,979
Simpson Manufacturing Co. Inc.		25,177		2,693,184
Trane Technologies PLC		63,802		11,015,416
Trex Co. Inc.(a)(b)		67,097		6,839,197
				57,916,231
Capital Markets — 2.0%
BlackRock Inc.(c)		58,552		49,105,220
Cboe Global Markets Inc.		31,483		3,899,484
Evercore Inc., Class A		14,644		1,957,464
FactSet Research Systems Inc.		22,068		8,712,005
Federated Hermes Inc.		22,825		741,813
Interactive Brokers Group Inc., Class A		51,199		3,191,746
Intercontinental Exchange Inc.		177,781		20,412,814
MarketAxess Holdings Inc.		22,384		9,416,725
Moody’s Corp.		68,184		24,212,820
MSCI Inc.		48,232		29,341,455
Nasdaq Inc.		44,018		8,496,354
S&P Global Inc.		140,975		59,898,868
SEI Investments Co.		32,053		1,900,743
Stifel Financial Corp.		25,448		1,729,446
T Rowe Price Group Inc.		79,557		15,648,862
				238,665,819
Chemicals — 1.3%
Air Products & Chemicals Inc.		59,481		15,233,679
Albemarle Corp.		68,182		14,929,813
Ashland Global Holdings Inc.		11,576		1,031,653
Chemours Co. (The)		43,649		1,268,440
Dow Inc.		214,333		12,337,008
Ecolab Inc.		66,797		13,935,190
FMC Corp.		75,595		6,921,478
Ingevity Corp.(a)		11,928		851,301
Linde PLC		175,149		51,385,214
NewMarket Corp.		1,642		556,260
RPM International Inc.		47,508		3,688,996
Scotts Miracle-Gro Co. (The)		24,105		3,528,008
Sensient Technologies Corp.		11,989		1,091,958
Sherwin-Williams Co. (The)		97,967		27,404,309
Valvoline Inc.		65,555		2,044,005
				156,207,312
Commercial Services & Supplies — 0.5%
Brink’s Co. (The)		11,080		701,364
Cintas Corp.		33,856		12,887,625
Clean Harbors Inc.(a)		11,690		1,214,240
Copart Inc.(a)		124,802		17,312,534
IAA Inc.(a)		79,292		4,326,965
MSA Safety Inc.		21,363		3,112,589
Rollins Inc.		130,463		4,609,258
Stericycle Inc.(a)		21,057		1,431,244
Tetra Tech Inc.		31,710		4,735,571
Waste Management Inc.		88,558		13,227,023
			63,558,413
Communications Equipment — 0.3%
Arista Networks Inc.(a)		32,826		11,280,327
Ciena Corp.(a)		33,670		1,728,955
F5 Networks Inc.(a)		15,372		3,055,646

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Lumentum Holdings Inc.(a)(b)		44,526	$	3,719,702
Motorola Solutions Inc.		44,464		10,329,876
				30,114,506
Construction & Engineering — 0.1%
Quanta Services Inc.		47,495		5,405,881
Valmont Industries Inc.		5,095		1,197,936
				6,603,817
Construction Materials — 0.1%
Eagle Materials Inc.		15,286		2,004,912
Vulcan Materials Co.		32,822		5,552,169
				7,557,081
Consumer Finance — 0.0%
LendingTree Inc.(a)		6,175		863,450
PROG Holdings Inc.		18,328		769,959
SLM Corp.		179,246		3,154,730
				4,788,139
Containers & Packaging — 0.2%
AptarGroup Inc.		23,284		2,778,946
Avery Dennison Corp.		20,663		4,281,580
Ball Corp.		122,087		10,984,168
Sealed Air Corp.		57,984		3,176,943
Silgan Holdings Inc.		19,981		766,471
				21,988,108
Distributors — 0.1%
Pool Corp.		23,408		10,168,669
Diversified Consumer Services — 0.0%
Grand Canyon Education Inc.(a)		10,221		899,039
Service Corp. International		58,974		3,553,773
				4,452,812
Diversified Telecommunication Services — 0.0%
Iridium Communications Inc.(a)		47,173		1,879,844
Electric Utilities — 0.4%
NextEra Energy Inc.		493,905		38,781,421
NRG Energy Inc.		84,973		3,469,447
PNM Resources Inc.		20,531		1,015,874
				43,266,742
Electrical Equipment — 0.5%
AMETEK Inc.		66,479		8,244,061
Emerson Electric Co.		139,783		13,167,559
EnerSys		12,302		915,761
Generac Holdings Inc.(a)		37,061		15,145,719
Hubbell Inc.		19,189		3,466,877
Regal Beloit Corp.		11,969		1,799,419
Rockwell Automation Inc.		37,856		11,131,178
Sunrun Inc.(a)(b)		120,705		5,311,020
				59,181,594
Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		217,083		15,896,988
CDW Corp./DE		35,460		6,454,429
Cognex Corp.		102,980		8,261,056
Coherent Inc.(a)		4,900		1,225,441
Corning Inc.		211,345		7,711,979
II-VI Inc.(a)(b)		61,170		3,631,051
IPG Photonics Corp.(a)(b)		9,477		1,501,157
Keysight Technologies Inc.(a)		61,543		10,110,899
Littelfuse Inc.		14,374		3,927,983
National Instruments Corp.		35,864		1,406,945

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
TE Connectivity Ltd.		73,056	$	10,024,744
Teledyne Technologies Inc.(a)		13,406		5,758,950
Trimble Inc.(a)		147,282		12,113,945
Zebra Technologies Corp., Class A(a)		22,955		11,831,466
				99,857,033
Energy Equipment & Services — 0.0%
ChampionX Corp.(a)		44,934		1,004,724
Entertainment — 1.7%
Activision Blizzard Inc.		268,136		20,751,045
Electronic Arts Inc.		89,702		12,760,110
Netflix Inc.(a)		258,963		158,055,478
Take-Two Interactive Software Inc.(a)		67,833		10,451,030
World Wrestling Entertainment Inc., Class A		15,670		881,594
				202,899,257
Equity Real Estate Investment Trusts (REITs) — 1.3%
American Campus Communities Inc.		31,651		1,533,491
American Tower Corp.		136,053		36,109,827
Camden Property Trust		26,992		3,980,510
CoreSite Realty Corp.		16,143		2,236,451
Crown Castle International Corp.		151,728		26,297,497
CyrusOne Inc.		72,614		5,621,050
Duke Realty Corp.		89,932		4,305,045
EastGroup Properties Inc.		13,532		2,254,837
Equinix Inc.		30,442		24,053,137
Extra Space Storage Inc.		37,424		6,286,858
First Industrial Realty Trust Inc.		38,809		2,021,173
Healthcare Realty Trust Inc.		32,041		954,181
Lamar Advertising Co., Class A		25,486		2,891,387
Life Storage Inc.		23,605		2,708,438
Medical Properties Trust Inc.		135,288		2,715,230
National Storage Affiliates Trust		29,159		1,539,303
PotlatchDeltic Corp.		14,983		772,823
PS Business Parks Inc.		5,441		852,822
Public Storage		38,302		11,379,524
Rayonier Inc.		31,444		1,121,922
Rexford Industrial Realty Inc.		47,633		2,703,173
SBA Communications Corp.		41,898		13,850,222
STORE Capital Corp.		51,569		1,651,755
				157,840,656
Food & Staples Retailing — 0.5%
Casey’s General Stores Inc.		8,341		1,571,861
Costco Wholesale Corp.		137,053		61,584,766
Grocery Outlet Holding Corp.(a)		30,034		647,833
				63,804,460
Food Products — 0.2%
Darling Ingredients Inc.(a)		95,571		6,871,555
Flowers Foods Inc.		45,259		1,069,470
Hain Celestial Group Inc. (The)(a)		30,174		1,290,844
Hershey Co. (The)		35,037		5,930,012
Lamb Weston Holdings Inc.		31,927		1,959,360
Lancaster Colony Corp.		6,689		1,129,170
McCormick & Co. Inc./MD, NVS		64,528		5,228,704
				23,479,115
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		611,995		72,294,969
ABIOMED Inc.(a)		26,647		8,674,131
Align Technology Inc.(a)		43,069		28,659,405
Cooper Companies Inc. (The)		11,857		4,900,617

S C H E D U L E   O F   I N V E S T M E N T S 89

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Danaher Corp.		252,797	$	76,961,519
Dexcom Inc.(a)		56,690		31,001,493
Edwards Lifesciences Corp.(a)		208,348		23,587,077
Globus Medical Inc., Class A(a)		44,961		3,444,912
Haemonetics Corp.(a)		16,470		1,162,617
Hill-Rom Holdings Inc.		16,548		2,482,200
Hologic Inc.(a)		106,975		7,895,825
ICU Medical Inc.(a)		5,865		1,368,774
IDEXX Laboratories Inc.(a)		49,866		31,011,665
Integra LifeSciences Holdings Corp.(a)		20,874		1,429,451
Intuitive Surgical Inc.(a)		48,694		48,409,140
Masimo Corp.(a)		29,873		8,086,920
Neogen Corp.(a)		36,844		1,600,135
Penumbra Inc.(a)		19,911		5,306,281
Quidel Corp.(a)(b)		22,105		3,120,121
ResMed Inc.		85,025		22,408,339
STAAR Surgical Co.(a)		27,102		3,483,420
STERIS PLC		32,897		6,720,199
Stryker Corp.		96,393		25,420,762
Tandem Diabetes Care Inc.(a)		22,907		2,734,638
Teleflex Inc.		12,903		4,858,625
West Pharmaceutical Services Inc.		43,298		18,381,733
				445,404,968
Health Care Providers & Services — 1.3%
Acadia Healthcare Co. Inc.(a)		19,939		1,271,709
Amedisys Inc.(a)		19,348		2,884,787
Chemed Corp.		9,354		4,350,732
DaVita Inc.(a)		39,315		4,570,762
Encompass Health Corp.		32,838		2,464,164
HealthEquity Inc.(a)		48,167		3,119,295
Humana Inc.		39,169		15,242,616
LHC Group Inc.(a)(b)		18,802		2,950,222
Molina Healthcare Inc.(a)		18,400		4,992,104
Option Care Health Inc.(a)		40,989		994,393
Progyny Inc.(a)(b)		20,175		1,129,800
R1 RCM Inc.(a)		81,146		1,786,023
UnitedHealth Group Inc.		286,886		112,097,836
				157,854,443
Health Care Technology — 0.0%
Cerner Corp.		74,497		5,253,528
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings Inc.(a)		9,129		21,671,059
Boyd Gaming Corp.(a)		25,576		1,617,938
Caesars Entertainment Inc.(a)(b)		72,559		8,146,925
Chipotle Mexican Grill Inc.(a)		16,468		29,930,919
Choice Hotels International Inc.		10,195		1,288,342
Churchill Downs Inc.		20,429		4,904,594
Domino’s Pizza Inc.		21,601		10,302,813
Expedia Group Inc.(a)		30,156		4,942,568
Hilton Worldwide Holdings Inc.(a)		60,541		7,998,072
Jack in the Box Inc.		13,403		1,304,514
McDonald’s Corp.		174,577		42,092,260
Papa John’s International Inc.		19,431		2,467,543
Penn National Gaming Inc.(a)(b)		55,138		3,995,299
Scientific Games Corp./DE, Class A(a)(b)		28,705		2,384,524
Six Flags Entertainment Corp.(a)		16,947		720,248
Starbucks Corp.		399,740		44,095,319
Texas Roadhouse Inc.		40,929		3,738,046
Travel + Leisure Co.		20,096		1,095,835

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wendy’s Co. (The)		105,718	$	2,291,966
Wingstop Inc.		17,229		2,824,350
Wyndham Hotels & Resorts Inc.		29,672		2,290,382
Yum! Brands Inc.		74,512		9,113,563
				209,217,079
Household Durables — 0.3%
DR Horton Inc.		114,417		9,607,596
Garmin Ltd.		49,262		7,658,271
Helen of Troy Ltd.(a)(b)		14,375		3,229,775
PulteGroup Inc.		77,581		3,562,520
Tempur Sealy International Inc.		115,176		5,345,318
Toll Brothers Inc.		29,798		1,647,531
TopBuild Corp.(a)(b)		19,245		3,941,568
				34,992,579
Household Products — 1.2%
Church & Dwight Co. Inc.		96,790		7,991,950
Clorox Co. (The)		48,228		7,987,039
Colgate-Palmolive Co.		257,010		19,424,816
Energizer Holdings Inc.		16,144		630,423
Kimberly-Clark Corp.		75,451		9,992,731
Procter & Gamble Co. (The)		681,743		95,307,671
				141,334,630
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		149,051		3,402,834
Industrial Conglomerates — 0.1%
Roper Technologies Inc.		33,395		14,898,511
Insurance — 0.7%
Aon PLC, Class A		68,805		19,662,405
Arthur J Gallagher & Co.		51,866		7,709,881
Brighthouse Financial Inc.(a)		50,286		2,274,436
Brown & Brown Inc.		136,713		7,580,736
Kinsale Capital Group Inc.		12,546		2,028,688
Marsh & McLennan Companies Inc.		145,504		22,033,671
Primerica Inc.		22,923		3,521,660
Progressive Corp. (The)		219,963		19,882,456
RenaissanceRe Holdings Ltd.		15,740		2,194,156
RLI Corp.		13,664		1,370,089
				88,258,178
Interactive Media & Services — 11.8%
Alphabet Inc., Class A(a)		176,164		470,977,977
Alphabet Inc., Class C, NVS(a)		164,854		439,387,015
Facebook Inc., Class A(a)		1,394,780		473,374,384
Match Group Inc.(a)(b)		115,199		18,085,091
TripAdvisor Inc.(a)		20,983		710,275
Twitter Inc.(a)		466,570		28,176,162
Yelp Inc.(a)		20,921		779,098
				1,431,490,002
Internet & Direct Marketing Retail — 7.2%
Amazon.com Inc.(a)		254,838		837,153,023
eBay Inc.		381,012		26,545,106
Etsy Inc.(a)(b)		74,355		15,462,866
				879,160,995
IT Services — 5.1%
Accenture PLC, Class A		207,773		66,470,738
Akamai Technologies Inc.(a)		61,442		6,426,219
Automatic Data Processing Inc.		119,031		23,796,678
Broadridge Financial Solutions Inc.		34,088		5,680,424

90 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^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Cognizant Technology Solutions Corp., Class A		157,115	$	11,659,504
Concentrix Corp.(a)		11,662		2,064,174
Fiserv Inc.(a)		236,895		25,703,107
FleetCor Technologies Inc.(a)		20,662		5,398,361
Gartner Inc.(a)		25,986		7,896,626
Genpact Ltd.		62,757		2,981,585
Jack Henry & Associates Inc.		20,901		3,429,018
LiveRamp Holdings Inc.(a)		20,728		978,983
Mastercard Inc., Class A		346,607		120,508,322
Maximus Inc.		22,465		1,869,088
Paychex Inc.		100,000		11,245,000
PayPal Holdings Inc.(a)		687,515		178,898,278
Sabre Corp.(a)		67,352		797,448
VeriSign Inc.(a)		23,773		4,873,703
Visa Inc., Class A		592,468		131,972,247
WEX Inc.(a)(b)		15,091		2,658,129
				615,307,632
Leisure Products — 0.1%
Brunswick Corp./DE		25,412		2,421,001
Callaway Golf Co.(a)		39,734		1,097,851
Mattel Inc.(a)		205,247		3,809,384
Polaris Inc.		16,077		1,923,774
YETI Holdings Inc.(a)		51,254		4,391,955
				13,643,965
Life Sciences Tools & Services — 2.2%
Agilent Technologies Inc.		128,229		20,199,914
Bio-Rad Laboratories Inc., Class A(a)		12,532		9,348,245
Bio-Techne Corp.		22,771		11,034,143
Charles River Laboratories International Inc.(a)		29,551		12,194,811
Illumina Inc.(a)		42,798		17,359,297
IQVIA Holdings Inc.(a)		71,740		17,184,600
Medpace Holdings Inc.(a)		16,402		3,104,571
Mettler-Toledo International Inc.(a)		13,551		18,664,605
PerkinElmer Inc.		65,359		11,326,061
Repligen Corp.(a)		29,821		8,617,971
Syneos Health Inc.(a)		59,594		5,213,283
Thermo Fisher Scientific Inc.		230,190		131,514,453
Waters Corp.(a)		19,780		7,067,394
				272,829,348
Machinery — 1.3%
AGCO Corp.		15,209		1,863,559
Caterpillar Inc.		150,163		28,826,791
Cummins Inc.		36,193		8,127,500
Deere & Co.		124,418		41,688,739
Donaldson Co. Inc.		37,225		2,137,087
Graco Inc.		98,804		6,913,316
IDEX Corp.		20,086		4,156,798
Illinois Tool Works Inc.		73,597		15,207,348
ITT Inc.		22,931		1,968,397
Lincoln Electric Holdings Inc.		35,073		4,517,052
Middleby Corp. (The)(a)(b)		20,002		3,410,541
Nordson Corp.		20,048		4,774,431
Otis Worldwide Corp.		130,079		10,702,900
Parker-Hannifin Corp.		39,056		10,920,839
Terex Corp.		15,533		653,939
Timken Co. (The)		40,456		2,646,631
Toro Co. (The)		63,277		6,163,813
Woodward Inc.		19,386		2,194,495

Security	Shares		Value
Machinery (continued)
Xylem Inc./NY		48,894	$	6,047,210
				162,921,386
Media — 1.1%
Cable One Inc.		2,901		5,259,890
Charter Communications Inc., Class A(a)(b)		74,175		53,966,763
Comcast Corp., Class A		1,179,019		65,942,533
New York Times Co. (The), Class A		97,937		4,825,356
TEGNA Inc.		51,717		1,019,859
				131,014,401
Metals & Mining — 0.3%
Cleveland-Cliffs Inc.(a)		264,658		5,242,875
Compass Minerals International Inc.		9,611		618,948
Freeport-McMoRan Inc.		530,890		17,269,852
Newmont Corp.		256,571		13,931,805
Royal Gold Inc.		22,435		2,142,318
Worthington Industries Inc.		12,274		646,840
				39,852,638
Multiline Retail — 0.6%
Dollar General Corp.		138,446		29,369,935
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		35,587		2,145,184
Target Corp.		190,868		43,664,872
				75,179,991
Oil, Gas & Consumable Fuels — 0.1%
Antero Midstream Corp.		190,301		1,982,936
Cimarex Energy Co.		28,811		2,512,319
CNX Resources Corp.(a)(b)		132,409		1,671,002
EQT Corp.(a)		61,759		1,263,589
Equitrans Midstream Corp.		107,883		1,093,934
Hess Corp.		85,419		6,672,078
Targa Resources Corp.		30,888		1,519,999
				16,715,857
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		30,699		1,883,998
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		76,032		22,804,278
Nu Skin Enterprises Inc., Class A		16,552		669,859
				23,474,137
Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co.		677,281		40,074,717
Catalent Inc.(a)		99,396		13,226,626
Eli Lilly & Co.		283,329		65,463,165
Jazz Pharmaceuticals PLC(a)		35,361		4,604,356
Johnson & Johnson		616,110		99,501,765
Merck & Co. Inc.		710,454		53,362,200
Nektar Therapeutics(a)(b)		40,202		722,028
Organon & Co.		71,364		2,340,025
Zoetis Inc.		202,793		39,370,233
				318,665,115
Professional Services — 0.5%
ASGN Inc.(a)		31,195		3,529,402
CACI International Inc., Class A(a)		5,941		1,557,136
Equifax Inc.		35,866		9,089,162
FTI Consulting Inc.(a)(b)		20,067		2,703,025
IHS Markit Ltd.		151,866		17,710,613
Insperity Inc.		21,036		2,329,526
Jacobs Engineering Group Inc.		47,393		6,280,994
Science Applications International Corp.		13,394		1,145,991

S C H E D U L E   O F   I N V E S T M E N T S 91

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Verisk Analytics Inc.		94,573	$	18,940,135
				63,285,984
Road & Rail — 0.9%
CSX Corp.		687,149		20,435,811
JB Hunt Transport Services Inc.		29,130		4,871,119
Kansas City Southern		27,331		7,396,862
Knight-Swift Transportation Holdings Inc.		97,284		4,976,077
Landstar System Inc.		14,045		2,216,582
Norfolk Southern Corp.		65,139		15,584,506
Old Dominion Freight Line Inc.		54,982		15,723,752
Saia Inc.(a)		15,486		3,686,133
Union Pacific Corp.		182,839		35,838,272
Werner Enterprises Inc.		15,287		676,755
XPO Logistics Inc.(a)		29,700		2,363,526
				113,769,395
Semiconductors & Semiconductor Equipment — 7.4%
Advanced Micro Devices Inc.(a)		709,708		73,028,953
Amkor Technology Inc.		18,809		469,285
Analog Devices Inc.		135,280		22,656,694
Applied Materials Inc.		534,775		68,841,586
Broadcom Inc.		163,231		79,155,609
Brooks Automation Inc.		43,449		4,447,005
Cirrus Logic Inc.(a)		14,697		1,210,298
CMC Materials Inc.		17,106		2,107,972
Enphase Energy Inc.(a)(b)		78,905		11,833,383
First Solar Inc.(a)		57,953		5,532,193
KLA Corp.		89,526		29,947,342
Lam Research Corp.		83,316		47,419,301
Lattice Semiconductor Corp.(a)		80,313		5,192,236
Microchip Technology Inc.		115,930		17,794,096
MKS Instruments Inc.		32,517		4,907,141
Monolithic Power Systems Inc.		25,292		12,258,527
NVIDIA Corp.		1,458,077		302,055,231
NXP Semiconductors NV		7,899		1,547,177
Qorvo Inc.(a)		65,142		10,891,091
QUALCOMM Inc.		659,995		85,126,155
Semtech Corp.(a)		38,332		2,988,746
Silicon Laboratories Inc.(a)		14,046		1,968,687
Skyworks Solutions Inc.		50,352		8,297,003
SolarEdge Technologies Inc.(a)		30,656		8,130,584
Synaptics Inc.(a)		9,770		1,755,962
Teradyne Inc.		96,698		10,556,521
Texas Instruments Inc.		286,159		55,002,621
Universal Display Corp.		25,281		4,322,040
Xilinx Inc.		144,845		21,870,147
				901,313,586
Software — 16.3%
ACI Worldwide Inc.(a)		37,185		1,142,695
Adobe Inc.(a)		278,745		160,479,071
ANSYS Inc.(a)(b)		51,147		17,412,996
Aspen Technology Inc.(a)		27,548		3,382,894
Autodesk Inc.(a)		128,885		36,754,136
Blackbaud Inc.(a)		11,090		780,182
Cadence Design Systems Inc.(a)		162,228		24,567,808
CDK Global Inc.		35,881		1,526,737
Cerence Inc.(a)(b)		22,239		2,137,390
Ceridian HCM Holding Inc.(a)(b)		46,644		5,253,047
Citrix Systems Inc.		47,196		5,067,435
CommVault Systems Inc.(a)		14,000		1,054,340

Security	Shares		Value
Software (continued)
Digital Turbine Inc.(a)		51,258	$	3,523,988
Envestnet Inc.(a)		9,685		777,124
Fair Isaac Corp.(a)		16,639		6,621,157
Fortinet Inc.(a)		79,456		23,204,330
Intuit Inc.		159,883		86,258,477
J2 Global Inc.(a)		17,803		2,432,246
Manhattan Associates Inc.(a)		36,998		5,661,804
Microsoft Corp.		4,396,989		1,239,599,139
Mimecast Ltd.(a)(b)		34,872		2,217,859
Oracle Corp.		529,623		46,146,052
Paycom Software Inc.(a)		28,177		13,968,748
Paylocity Holding Corp.(a)		23,044		6,461,538
PTC Inc.(a)		61,865		7,410,808
Qualys Inc.(a)		19,321		2,150,234
SailPoint Technologies Holdings Inc.(a)		53,615		2,299,011
salesforce.com Inc.(a)		568,446		154,173,924
ServiceNow Inc.(a)		115,910		72,127,316
Synopsys Inc.(a)(b)		89,206		26,709,169
Teradata Corp.(a)		23,763		1,362,808
Tyler Technologies Inc.(a)(b)		24,042		11,026,863
Wolfspeed Inc.		67,927		5,483,747
				1,979,175,073
Specialty Retail — 2.5%
AutoZone Inc.(a)(b)		7,051		11,972,527
Bath & Body Works Inc.		86,902		5,477,433
Best Buy Co. Inc.		65,627		6,937,430
Five Below Inc.(a)		32,949		5,825,713
GameStop Corp., Class A(a)(b)		17,139		3,007,380
Home Depot Inc. (The)		447,924		147,035,532
Lithia Motors Inc.		17,492		5,545,664
Lowe’s Companies Inc.		293,578		59,555,233
O’Reilly Automotive Inc.(a)		27,484		16,794,373
RH(a)		9,892		6,597,074
Tractor Supply Co.		67,016		13,578,112
Ulta Beauty Inc.(a)		16,442		5,934,247
Victoria’s Secret & Co.(a)		25,651		1,417,474
Williams-Sonoma Inc.		44,032		7,808,195
				297,486,387
Technology Hardware, Storage & Peripherals — 10.7%
Apple Inc.		9,188,268		1,300,139,922
Textiles, Apparel & Luxury Goods — 0.7%
Columbia Sportswear Co.		7,542		722,826
Crocs Inc.(a)		36,565		5,246,346
Deckers Outdoor Corp.(a)		16,274		5,861,895
Nike Inc., Class B		478,601		69,507,223
				81,338,290
Thrifts & Mortgage Finance — 0.0%
Essent Group Ltd.		33,149		1,458,888
Trading Companies & Distributors — 0.3%
Fastenal Co.		251,563		12,983,166
MSC Industrial Direct Co. Inc., Class A		13,496		1,082,244
United Rentals Inc.(a)		42,179		14,801,877
Watsco Inc.		12,000		3,175,440
WW Grainger Inc.		15,524		6,101,864
			38,144,591
Water Utilities — 0.1%
American Water Works Co. Inc.		53,453		9,035,695

92 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^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities (continued)
Essential Utilities Inc.		65,813	$	3,032,663
				12,068,358
Wireless Telecommunication Services — 0.3%
T-Mobile U.S. Inc.(a)		236,982		30,276,820
Total Common Stocks — 99.8% (Cost: $7,607,516,361)				12,119,224,298
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		66,002,964		66,035,965
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		14,676,000		14,676,000
				80,711,965
Total Short-Term Investments — 0.7% (Cost: $80,700,747)				80,711,965
Total Investments in Securities — 100.5% (Cost: $7,688,217,108)				12,199,936,263
Other Assets, Less Liabilities — (0.5)%				(62,722,656	)
Net Assets — 100.0%			$	12,137,213,607

^(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 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	$	28,436,863	$	37,626,350	(a)	$	—		$	4,164	$	(31,412	)	$	66,035,965		66,002,964	$	44,892	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,506,000		7,170,000	(a)		—			—		—			14,676,000		14,676,000		462			—
BlackRock Inc.		42,849,055		4,096,198			(2,561,308	)		1,040,064		3,681,211			49,105,220		58,552		473,562			—
									$	1,044,228	$	3,649,799		$	129,817,185			$	518,916		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		70		12/17/21	$	15,042		$	(649,181	)

S C H E D U L E   O F   I N V E S T M E N T S 93

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Growth 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)	$	649,181

^(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	$	1,406,264
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(735,642	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,003,665

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	$	12,119,224,298		$	—	$	—	$	12,119,224,298
Money Market Funds		80,711,965			—		—		80,711,965
	$	12,199,936,263		$	—	$	—	$	12,199,936,263
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(649,181	)	$	—	$	—	$	(649,181	)

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

See notes to financial statements.

94 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^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.6%
Boeing Co. (The)(a)		316,212	$	69,547,667
Curtiss-Wright Corp.		14,960		1,887,653
General Dynamics Corp.		133,155		26,102,375
Hexcel Corp.(a)		47,809		2,839,376
Howmet Aerospace Inc.		220,594		6,882,533
Huntington Ingalls Industries Inc.		23,294		4,497,140
L3Harris Technologies Inc.		49,416		10,883,380
Lockheed Martin Corp.		76,383		26,359,773
Northrop Grumman Corp.		86,369		31,105,795
Raytheon Technologies Corp.		865,407		74,390,386
Textron Inc.(b)		128,295		8,956,274
TransDigm Group Inc.(a)		12,087		7,549,177
				271,001,529
Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		75,548		6,572,676
Expeditors International of Washington Inc.		34,224		4,077,105
FedEx Corp.		51,107		11,207,254
GXO Logistics Inc.(a)		27,143		2,129,097
United Parcel Service Inc., Class B		125,404		22,836,068
				46,822,200
Airlines — 0.5%
Alaska Air Group Inc.(a)		72,837		4,268,248
American Airlines Group Inc.(a)		374,096		7,676,450
Delta Air Lines Inc.(a)		368,289		15,692,794
JetBlue Airways Corp.(a)		180,344		2,757,460
Southwest Airlines Co.(a)		340,666		17,520,452
United Airlines Holdings Inc.(a)		185,980		8,847,069
				56,762,473
Auto Components — 0.3%
Adient PLC(a)		53,744		2,227,689
Aptiv PLC(a)		50,926		7,586,446
BorgWarner Inc.		137,818		5,955,116
Dana Inc.		82,852		1,842,628
Gentex Corp.		59,044		1,947,271
Goodyear Tire & Rubber Co. (The)(a)		160,359		2,838,354
Lear Corp.		34,494		5,397,621
Visteon Corp.(a)		8,394		792,310
				28,587,435
Automobiles — 0.8%
Ford Motor Co.(a)		2,252,000		31,888,320
General Motors Co.(a)		833,177		43,916,760
Harley-Davidson Inc.		88,037		3,223,034
Thor Industries Inc.		31,880		3,913,589
				82,941,703
Banks — 9.3%
Associated Banc-Corp.		88,185		1,888,923
BancorpSouth Bank		53,277		1,586,589
Bank of America Corp.		4,249,950		180,410,377
Bank of Hawaii Corp.		23,087		1,897,059
Bank OZK		69,597		2,991,279
Cathay General Bancorp		45,838		1,897,235
CIT Group Inc.		56,450		2,932,577
Citigroup Inc.		1,163,215		81,634,429
Citizens Financial Group Inc.		244,913		11,506,013
Comerica Inc.		77,305		6,223,052
Commerce Bancshares Inc.		31,615		2,202,933
Cullen/Frost Bankers Inc.		33,073		3,923,119

Security	Shares		Value
Banks (continued)
East West Bancorp. Inc.		81,451	$	6,315,711
Fifth Third Bancorp		396,047		16,808,235
First Financial Bankshares Inc.		26,626		1,223,465
First Horizon Corp.		318,360		5,186,084
First Republic Bank/CA		47,602		9,181,474
FNB Corp.		185,235		2,152,431
Fulton Financial Corp.		93,308		1,425,746
Glacier Bancorp. Inc.		27,236		1,507,513
Hancock Whitney Corp.		49,674		2,340,639
Home BancShares Inc./AR		87,402		2,056,569
Huntington Bancshares Inc./OH		851,862		13,169,786
International Bancshares Corp.		32,031		1,333,771
JPMorgan Chase & Co.		1,714,958		280,721,475
KeyCorp		552,081		11,935,991
M&T Bank Corp.		74,230		11,085,508
PacWest Bancorp		48,071		2,178,578
People’s United Financial Inc.		244,034		4,263,274
Pinnacle Financial Partners Inc.		43,640		4,105,651
PNC Financial Services Group Inc. (The)		243,917		47,719,922
Prosperity Bancshares Inc.		53,105		3,777,359
Regions Financial Corp.		547,830		11,674,257
Signature Bank/New York NY		22,759		6,196,820
Sterling Bancorp./DE		111,612		2,785,836
Synovus Financial Corp.		84,928		3,727,490
Texas Capital Bancshares Inc.(a)		29,042		1,743,101
Truist Financial Corp.		766,085		44,930,885
U.S. Bancorp		774,329		46,026,116
UMB Financial Corp.		24,603		2,379,356
Umpqua Holdings Corp.		71,820		1,454,355
United Bankshares Inc./WV		73,897		2,688,373
Valley National Bancorp		231,945		3,087,188
Webster Financial Corp.		51,976		2,830,613
Wells Fargo & Co.		2,356,750		109,376,767
Wintrust Financial Corp.		32,967		2,649,558
Zions Bancorp. NA		94,152		5,827,067
				974,960,549
Beverages — 1.7%
Brown-Forman Corp., Class B, NVS		52,484		3,516,953
Coca-Cola Co. (The)		1,449,276		76,043,512
Constellation Brands Inc., Class A		96,568		20,345,912
Molson Coors Beverage Co., Class B		108,149		5,015,950
PepsiCo Inc.		460,065		69,198,377
				174,120,704
Biotechnology — 1.6%
AbbVie Inc.		263,708		28,446,182
Amgen Inc.		162,943		34,649,829
Biogen Inc.(a)		40,209		11,378,745
Gilead Sciences Inc.		719,579		50,262,593
Incyte Corp.(a)		39,324		2,704,705
Moderna Inc.(a)		84,655		32,580,323
United Therapeutics Corp.(a)		14,774		2,726,985
				162,749,362
Building Products — 0.7%
A O Smith Corp.		75,911		4,635,885
Allegion PLC		29,670		3,921,781
Builders FirstSource Inc.(a)		59,845		3,096,380
Carlisle Companies Inc.		12,687		2,522,049
Carrier Global Corp.		178,347		9,231,241
Fortune Brands Home & Security Inc.		34,462		3,081,592

S C H E D U L E   O F   I N V E S T M E N T S 95

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Johnson Controls International PLC		408,765	$	27,828,721
Lennox International Inc.		8,001		2,353,654
Masco Corp.		79,899		4,438,389
Owens Corning		59,186		5,060,403
Trane Technologies PLC		73,567		12,701,343
				78,871,438
Capital Markets — 4.1%
Affiliated Managers Group Inc.		23,819		3,598,813
Ameriprise Financial Inc.		65,255		17,235,151
Bank of New York Mellon Corp. (The)		455,768		23,627,013
BlackRock Inc.(c)		24,624		20,651,164
Cboe Global Markets Inc.		30,230		3,744,288
Charles Schwab Corp. (The)		861,573		62,756,977
CME Group Inc.		206,115		39,858,519
Evercore Inc., Class A		8,857		1,183,915
Federated Hermes Inc.		32,035		1,041,138
Franklin Resources Inc.		162,556		4,831,164
Goldman Sachs Group Inc. (The)		193,474		73,138,976
Intercontinental Exchange Inc.		148,663		17,069,486
Invesco Ltd.		197,102		4,752,129
Janus Henderson Group PLC		95,885		3,962,927
Jefferies Financial Group Inc.		112,718		4,185,219
Moody’s Corp.		26,036		9,245,644
Morgan Stanley		837,712		81,517,755
Nasdaq Inc.		23,691		4,572,837
Northern Trust Corp.		119,584		12,892,351
Raymond James Financial Inc.		106,143		9,794,876
SEI Investments Co.		30,321		1,798,035
State Street Corp.		211,003		17,876,174
Stifel Financial Corp.		34,871		2,369,833
T Rowe Price Group Inc.		52,105		10,249,053
				431,953,437
Chemicals — 2.3%
Air Products & Chemicals Inc.		68,598		17,568,634
Ashland Global Holdings Inc.		21,271		1,895,672
Avient Corp.		52,587		2,437,407
Cabot Corp.		32,471		1,627,447
Celanese Corp.		63,780		9,607,819
CF Industries Holdings Inc.		122,928		6,861,841
Chemours Co. (The)		52,106		1,514,200
Corteva Inc.		421,362		17,730,913
Dow Inc.		218,284		12,564,427
DuPont de Nemours Inc.		300,195		20,410,258
Eastman Chemical Co.		77,623		7,819,741
Ecolab Inc.		77,271		16,120,276
Ingevity Corp.(a)		12,033		858,795
International Flavors & Fragrances Inc.		142,955		19,115,943
Linde PLC		124,473		36,517,889
LyondellBasell Industries NV, Class A		151,398		14,208,702
Minerals Technologies Inc.		19,694		1,375,429
Mosaic Co. (The)		197,883		7,068,381
NewMarket Corp.		2,660		901,128
Olin Corp.		83,874		4,046,920
PPG Industries Inc.		136,698		19,549,181
RPM International Inc.		28,523		2,214,811
Sensient Technologies Corp.		12,499		1,138,409
Sherwin-Williams Co. (The)		43,001		12,028,670
Valvoline Inc.		42,317		1,319,444
				236,502,337

Security	Shares		Value
Commercial Services & Supplies — 0.5%
Brink’s Co. (The)		17,604	$	1,114,333
Cintas Corp.		16,974		6,461,323
Clean Harbors Inc.(a)		17,774		1,846,185
Herman Miller Inc.		42,423		1,597,650
KAR Auction Services Inc.(a)		67,200		1,101,408
Republic Services Inc.		120,594		14,478,516
Stericycle Inc.(a)(b)		32,110		2,182,517
Waste Management Inc.		135,628		20,257,398
				49,039,330
Communications Equipment — 1.5%
Ciena Corp.(a)		55,826		2,866,665
Cisco Systems Inc.		2,418,615		131,645,214
F5 Networks Inc.(a)		19,215		3,819,558
Juniper Networks Inc.		185,364		5,101,217
Motorola Solutions Inc.		53,349		12,394,040
NetScout Systems Inc.(a)		42,063		1,133,598
Viasat Inc.(a)(b)		42,321		2,330,618
				159,290,910
Construction & Engineering — 0.2%
AECOM(a)		83,158		5,251,428
Dycom Industries Inc.(a)		17,191		1,224,687
EMCOR Group Inc.		30,729		3,545,512
Fluor Corp.(a)		81,643		1,303,839
MasTec Inc.(a)		33,397		2,881,493
Quanta Services Inc.		33,295		3,789,637
Valmont Industries Inc.		6,980		1,641,137
				19,637,733
Construction Materials — 0.2%
Eagle Materials Inc.		9,073		1,190,015
Martin Marietta Materials Inc.		35,948		12,282,713
Vulcan Materials Co.		44,122		7,463,677
				20,936,405
Consumer Finance — 1.4%
American Express Co.		369,303		61,869,332
Capital One Financial Corp.		256,036		41,470,151
Discover Financial Services		171,862		21,113,247
FirstCash Inc.		23,748		2,077,950
Navient Corp.		96,893		1,911,699
PROG Holdings Inc.		21,333		896,199
Synchrony Financial		326,713		15,969,731
				145,308,309
Containers & Packaging — 0.6%
Amcor PLC		886,229		10,271,394
AptarGroup Inc.		14,527		1,733,797
Avery Dennison Corp.		27,560		5,710,708
Ball Corp.		67,613		6,083,142
Greif Inc., Class A, NVS		15,102		975,589
International Paper Co.		223,719		12,510,367
Packaging Corp. of America		54,238		7,454,471
Sealed Air Corp.		28,299		1,550,502
Silgan Holdings Inc.		25,575		981,057
Sonoco Products Co.		56,097		3,342,259
Westrock Co.		152,968		7,622,395
				58,235,681
Distributors — 0.2%
Genuine Parts Co.		81,824		9,919,524
LKQ Corp.(a)		156,076		7,853,744
				17,773,268

96 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^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		2,244	$	1,322,075
Grand Canyon Education Inc.(a)		15,822		1,391,703
H&R Block Inc.		101,252		2,531,300
Service Corp. International		37,742		2,274,333
				7,519,411
Diversified Financial Services — 2.8%
Berkshire Hathaway Inc., Class B(a)		1,063,854		290,368,311
Diversified Telecommunication Services — 2.4%
AT&T Inc.		4,097,787		110,681,227
Iridium Communications Inc.(a)(b)		29,702		1,183,625
Lumen Technologies Inc.		572,165		7,089,124
Verizon Communications Inc.		2,376,105		128,333,431
				247,287,407
Electric Utilities — 2.9%
ALLETE Inc.		29,768		1,771,791
Alliant Energy Corp.		143,459		8,030,835
American Electric Power Co. Inc.		287,093		23,306,210
Duke Energy Corp.		441,541		43,089,986
Edison International		218,798		12,136,725
Entergy Corp.		115,810		11,501,091
Evergy Inc.		131,803		8,198,147
Eversource Energy		197,925		16,182,348
Exelon Corp.		561,186		27,127,731
FirstEnergy Corp.		311,665		11,101,507
Hawaiian Electric Industries Inc.		62,529		2,553,059
IDACORP Inc.		29,043		3,002,465
NextEra Energy Inc.		641,762		50,391,152
NRG Energy Inc.		57,707		2,356,177
OGE Energy Corp.		114,810		3,784,138
Pinnacle West Capital Corp.		64,652		4,678,219
PNM Resources Inc.		30,090		1,488,853
PPL Corp.		441,186		12,300,266
Southern Co. (The)		607,674		37,657,558
Xcel Energy Inc.		309,022		19,313,875
				299,972,133
Electrical Equipment — 0.8%
Acuity Brands Inc.(b)		20,252		3,511,089
AMETEK Inc.		67,332		8,349,841
Eaton Corp. PLC		228,773		34,158,097
Emerson Electric Co.		205,837		19,389,846
EnerSys		12,350		919,334
Hubbell Inc.		12,340		2,229,468
nVent Electric PLC		97,564		3,154,244
Regal Beloit Corp.		11,671		1,754,618
Rockwell Automation Inc.		29,358		8,632,426
				82,098,963
Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		130,330		9,544,066
Arrow Electronics Inc.(a)		41,458		4,655,319
Avnet Inc.		56,596		2,092,354
Belden Inc.		25,753		1,500,370
CDW Corp./DE		44,447		8,090,243
Coherent Inc.(a)		9,188		2,297,827
Corning Inc.		233,791		8,531,034
IPG Photonics Corp.(a)(b)		11,357		1,798,949
Jabil Inc.		84,195		4,914,462
Keysight Technologies Inc.(a)		45,498		7,474,866
National Instruments Corp.		41,397		1,624,004

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
SYNNEX Corp.		23,649	$	2,461,861
TE Connectivity Ltd.		116,659		16,007,948
Teledyne Technologies Inc.(a)		13,682		5,877,513
Vishay Intertechnology Inc.		76,164		1,530,135
Vontier Corp.		96,954		3,257,654
Zebra Technologies Corp., Class A(a)		8,357		4,307,365
				85,965,970
Energy Equipment & Services — 0.5%
Baker Hughes Co.		478,259		11,827,345
ChampionX Corp.(a)		68,725		1,536,691
Halliburton Co.		513,190		11,095,168
NOV Inc.(a)		222,929		2,922,599
Schlumberger NV		802,578		23,788,412
				51,170,215
Entertainment — 2.0%
Activision Blizzard Inc.		182,997		14,162,138
Electronic Arts Inc.		74,720		10,628,920
Live Nation Entertainment Inc.(a)		76,064		6,931,712
Walt Disney Co. (The)(a)		1,042,885		176,424,856
World Wrestling Entertainment Inc., Class A		11,343		638,157
				208,785,783
Equity Real Estate Investment Trusts (REITs) — 4.7%
Alexandria Real Estate Equities Inc.		79,508		15,191,594
American Campus Communities Inc.		48,010		2,326,085
American Tower Corp.		127,984		33,968,233
Apartment Income REIT Corp.		90,174		4,401,393
AvalonBay Communities Inc.		79,995		17,730,092
Boston Properties Inc.		81,473		8,827,600
Brixmor Property Group Inc.		170,272		3,764,714
Camden Property Trust		30,761		4,536,325
CoreSite Realty Corp.		8,836		1,224,139
Corporate Office Properties Trust		65,251		1,760,472
Cousins Properties Inc.		85,291		3,180,501
Crown Castle International Corp.		99,069		17,170,639
Digital Realty Trust Inc.		162,184		23,427,479
Douglas Emmett Inc.		101,287		3,201,682
Duke Realty Corp.		128,257		6,139,663
EastGroup Properties Inc.		9,426		1,570,654
EPR Properties		43,049		2,125,760
Equinix Inc.		21,597		17,064,438
Equity Residential		195,557		15,824,472
Essex Property Trust Inc.		37,553		12,007,196
Extra Space Storage Inc.		40,146		6,744,127
Federal Realty Investment Trust		40,508		4,779,539
First Industrial Realty Trust Inc.		36,135		1,881,911
Healthcare Realty Trust Inc.		50,273		1,497,130
Healthpeak Properties Inc.		309,004		10,345,454
Highwoods Properties Inc.		59,516		2,610,372
Host Hotels & Resorts Inc.(a)		412,163		6,730,622
Hudson Pacific Properties Inc.		87,494		2,298,467
Iron Mountain Inc.		165,218		7,178,722
JBG SMITH Properties		67,626		2,002,406
Kilroy Realty Corp.		60,059		3,976,506
Kimco Realty Corp.		354,162		7,348,861
Lamar Advertising Co., Class A		25,311		2,871,533
Life Storage Inc.		21,216		2,434,324
Macerich Co. (The)		122,971		2,054,845
Medical Properties Trust Inc.		208,990		4,194,429
Mid-America Apartment Communities Inc.		66,436		12,406,923

S C H E D U L E   O F   I N V E S T M E N T S 97

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
National Retail Properties Inc.		99,933	$	4,316,106
National Storage Affiliates Trust		18,370		969,752
Omega Healthcare Investors Inc.		136,303		4,083,638
Park Hotels & Resorts Inc.(a)		135,270		2,589,068
Pebblebrook Hotel Trust		74,858		1,677,568
Physicians Realty Trust		125,262		2,207,116
PotlatchDeltic Corp.		23,757		1,225,386
Prologis Inc.		424,270		53,216,186
PS Business Parks Inc.		6,165		966,302
Public Storage		50,105		14,886,195
Rayonier Inc.		49,931		1,781,538
Realty Income Corp.		223,247		14,479,800
Regency Centers Corp.		88,259		5,942,478
Rexford Industrial Realty Inc.		32,377		1,837,395
Sabra Health Care REIT Inc.		124,555		1,833,450
SBA Communications Corp.		21,850		7,222,955
Simon Property Group Inc.		188,596		24,511,822
SL Green Realty Corp.		38,542		2,730,315
Spirit Realty Capital Inc.		68,748		3,165,158
STORE Capital Corp.		88,361		2,830,203
UDR Inc.		161,089		8,534,495
Urban Edge Properties		62,777		1,149,447
Ventas Inc.		227,131		12,539,903
Vornado Realty Trust		90,452		3,799,889
Welltower Inc.		242,510		19,982,824
Weyerhaeuser Co.		430,314		15,306,269
				490,584,560
Food & Staples Retailing — 2.3%
BJ’s Wholesale Club Holdings Inc.(a)		78,912		4,333,847
Casey’s General Stores Inc.		12,918		2,434,397
Costco Wholesale Corp.		119,233		53,577,349
Grocery Outlet Holding Corp.(a)		18,518		399,433
Kroger Co. (The)		389,924		15,764,627
Performance Food Group Co.(a)		88,440		4,108,922
Sprouts Farmers Market Inc.(a)(b)		67,704		1,568,702
Sysco Corp.		293,615		23,048,777
Walgreens Boots Alliance Inc.		411,492		19,360,699
Walmart Inc.		820,176		114,316,131
				238,912,884
Food Products — 1.8%
Archer-Daniels-Midland Co.		321,032		19,265,130
Campbell Soup Co.		116,008		4,850,294
Conagra Brands Inc.		275,899		9,344,699
Flowers Foods Inc.		68,705		1,623,499
General Mills Inc.		347,952		20,814,489
Hain Celestial Group Inc. (The)(a)		17,944		767,644
Hershey Co. (The)		49,250		8,335,563
Hormel Foods Corp.		163,133		6,688,453
Ingredion Inc.		38,422		3,419,942
JM Smucker Co. (The)		62,140		7,458,664
Kellogg Co.		146,181		9,343,890
Kraft Heinz Co. (The)		385,536		14,195,436
Lamb Weston Holdings Inc.		52,930		3,248,314
Lancaster Colony Corp.		4,908		828,519
McCormick & Co. Inc./MD, NVS		80,787		6,546,171
Mondelez International Inc., Class A		802,227		46,673,567
Pilgrim’s Pride Corp.(a)		27,717		806,010
Post Holdings Inc.(a)		33,354		3,674,277
Sanderson Farms Inc.		12,242		2,303,944

Security	Shares		Value
Food Products (continued)
Tootsie Roll Industries Inc.		6,863	$	208,841
Tyson Foods Inc., Class A		168,888		13,332,019
				183,729,365
Gas Utilities — 0.2%
Atmos Energy Corp.		75,070		6,621,174
National Fuel Gas Co.		52,342		2,749,002
New Jersey Resources Corp.		55,305		1,925,167
ONE Gas Inc.		30,305		1,920,428
Southwest Gas Holdings Inc.		34,142		2,283,417
Spire Inc.		29,597		1,810,744
UGI Corp.		119,809		5,106,260
				22,416,192
Health Care Equipment & Supplies — 3.9%
Abbott Laboratories		417,166		49,279,820
Baxter International Inc.		286,899		23,075,287
Becton Dickinson and Co.		164,825		40,517,281
Boston Scientific Corp.(a)		817,168		35,456,919
Cooper Companies Inc. (The)		16,783		6,936,582
Danaher Corp.		116,698		35,527,539
DENTSPLY SIRONA Inc.		125,638		7,293,286
Edwards Lifesciences Corp.(a)		153,823		17,414,302
Envista Holdings Corp.(a)		91,738		3,835,566
Haemonetics Corp.(a)		13,652		963,695
Hill-Rom Holdings Inc.		21,834		3,275,100
Hologic Inc.(a)(b)		41,291		3,047,689
ICU Medical Inc.(a)		5,554		1,296,192
Integra LifeSciences Holdings Corp.(a)		20,364		1,394,527
Intuitive Surgical Inc.(a)		20,473		20,353,233
LivaNova PLC(a)(b)		30,193		2,390,984
Medtronic PLC		771,297		96,682,079
Neogen Corp.(a)		24,222		1,051,961
NuVasive Inc.(a)		29,437		1,761,804
STERIS PLC		24,752		5,056,338
Stryker Corp.		98,226		25,904,161
Tandem Diabetes Care Inc.(a)		13,834		1,651,503
Teleflex Inc.		14,258		5,368,850
Zimmer Biomet Holdings Inc.		120,330		17,611,499
				407,146,197
Health Care Providers & Services — 4.0%
Acadia Healthcare Co. Inc.(a)		31,788		2,027,439
AmerisourceBergen Corp.		85,507		10,213,811
Anthem Inc.		139,919		52,161,803
Cardinal Health Inc.		166,426		8,231,430
Centene Corp.(a)		335,581		20,910,052
Cigna Corp.		195,188		39,068,830
CVS Health Corp.		757,328		64,266,854
Encompass Health Corp.		25,341		1,901,589
HCA Healthcare Inc.		141,476		34,339,055
Henry Schein Inc.(a)		80,614		6,139,562
Humana Inc.		35,346		13,754,896
Laboratory Corp. of America Holdings(a)		55,468		15,610,914
McKesson Corp.		88,768		17,698,564
Molina Healthcare Inc.(a)		15,315		4,155,113
Option Care Health Inc.(a)		36,122		876,320
Patterson Companies Inc.		49,885		1,503,534
Progyny Inc.(a)		19,874		1,112,944
Quest Diagnostics Inc.		69,854		10,150,485
Tenet Healthcare Corp.(a)(b)		62,210		4,133,232
UnitedHealth Group Inc.		259,752		101,495,496

98 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^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Universal Health Services Inc., Class B		43,804	$	6,061,159
				415,813,082
Health Care Technology — 0.1%
Cerner Corp.		96,701		6,819,355
Hotels, Restaurants & Leisure — 2.6%
Booking Holdings Inc.(a)		14,611		34,684,615
Boyd Gaming Corp.(a)		21,105		1,335,102
Caesars Entertainment Inc.(a)		51,758		5,811,388
Carnival Corp.(a)		459,591		11,494,371
Choice Hotels International Inc.		8,905		1,125,325
Cracker Barrel Old Country Store Inc.		13,799		1,929,652
Darden Restaurants Inc.		74,757		11,323,443
Expedia Group Inc.(a)		53,675		8,797,332
Hilton Worldwide Holdings Inc.(a)		101,111		13,357,774
Las Vegas Sands Corp.(a)		198,457		7,263,526
Marriott International Inc./MD, Class A(a)		156,989		23,248,501
Marriott Vacations Worldwide Corp.		24,515		3,856,945
McDonald’s Corp.		257,155		62,002,642
MGM Resorts International		228,467		9,858,351
Norwegian Cruise Line Holdings Ltd.(a)(b)		212,726		5,681,911
Penn National Gaming Inc.(a)(b)		36,197		2,622,835
Royal Caribbean Cruises Ltd.(a)		128,172		11,400,899
Scientific Games Corp./DE, Class A(a)		20,138		1,672,864
Six Flags Entertainment Corp.(a)		26,423		1,122,977
Starbucks Corp.		284,206		31,350,764
Travel + Leisure Co.		29,667		1,617,742
Wyndham Hotels & Resorts Inc.		24,426		1,885,443
Wynn Resorts Ltd.(a)		60,769		5,150,173
Yum! Brands Inc.		96,683		11,825,298
				270,419,873
Household Durables — 0.6%
DR Horton Inc.		74,817		6,282,384
Garmin Ltd.		38,374		5,965,622
KB Home		50,510		1,965,849
Leggett & Platt Inc.		76,135		3,413,893
Lennar Corp., Class A		157,452		14,750,103
Mohawk Industries Inc.(a)		32,279		5,726,295
Newell Brands Inc.		216,936		4,802,963
NVR Inc.(a)		1,950		9,348,456
PulteGroup Inc.		72,989		3,351,655
Taylor Morrison Home Corp.(a)		70,493		1,817,310
Toll Brothers Inc.		36,956		2,043,297
TRI Pointe Homes Inc.(a)		67,799		1,425,135
Whirlpool Corp.		36,151		7,369,743
				68,262,705
Household Products — 1.4%
Church & Dwight Co. Inc.		47,230		3,899,781
Clorox Co. (The)		23,182		3,839,171
Colgate-Palmolive Co.		232,123		17,543,856
Energizer Holdings Inc.		17,709		691,537
Kimberly-Clark Corp.		119,838		15,871,345
Procter & Gamble Co. (The)		724,439		101,276,572
				143,122,262
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		236,528		5,399,934
Industrial Conglomerates — 2.1%
3M Co.		332,098		58,256,631
General Electric Co(b)		629,974		64,906,221

Security	Shares		Value
Industrial Conglomerates (continued)
Honeywell International Inc.		396,222	$	84,110,006
Roper Technologies Inc.		27,891		12,443,012
				219,715,870
Insurance — 3.5%
Aflac Inc.		354,150		18,461,839
Alleghany Corp.(a)		8,003		4,997,153
Allstate Corp. (The)		169,707		21,605,398
American Financial Group Inc./OH		38,162		4,801,924
American International Group Inc.		490,827		26,941,494
Aon PLC, Class A		62,106		17,748,032
Arthur J Gallagher & Co.		68,028		10,112,362
Assurant Inc.		33,964		5,357,821
Chubb Ltd.		251,790		43,680,529
Cincinnati Financial Corp.		85,904		9,811,955
CNO Financial Group Inc.		75,730		1,782,684
Everest Re Group Ltd.		23,041		5,778,222
First American Financial Corp.		63,255		4,241,248
Globe Life Inc.		54,142		4,820,262
Hanover Insurance Group Inc. (The)		20,505		2,657,858
Hartford Financial Services Group Inc. (The)		198,917		13,973,919
Kemper Corp.		35,297		2,357,487
Lincoln National Corp.		101,984		7,011,400
Loews Corp.		117,333		6,327,769
Marsh & McLennan Companies Inc.		148,281		22,454,192
Mercury General Corp.		15,164		844,180
MetLife Inc.		418,024		25,804,622
Old Republic International Corp.		162,247		3,752,773
Principal Financial Group Inc.		144,094		9,279,654
Progressive Corp. (The)		120,836		10,922,366
Prudential Financial Inc.		221,984		23,352,717
Reinsurance Group of America Inc.		38,875		4,325,232
RenaissanceRe Holdings Ltd.		11,627		1,620,804
RLI Corp.		9,248		927,297
Selective Insurance Group Inc.		34,508		2,606,389
Travelers Companies Inc. (The)		143,198		21,767,528
Unum Group		115,648		2,898,139
W R Berkley Corp.		80,594		5,897,869
Willis Towers Watson PLC		74,337		17,280,379
				366,203,497
Interactive Media & Services — 0.1%
Match Group Inc.(a)		46,348		7,276,172
TripAdvisor Inc.(a)		34,866		1,180,214
Yelp Inc.(a)		19,736		734,969
				9,191,355
IT Services — 4.3%
Accenture PLC, Class A		160,127		51,227,830
Akamai Technologies Inc.(a)(b)		34,145		3,571,226
Alliance Data Systems Corp.		28,604		2,885,858
Automatic Data Processing Inc.		126,267		25,243,299
Broadridge Financial Solutions Inc.		33,682		5,612,768
Cognizant Technology Solutions Corp., Class A		147,805		10,968,609
Concentrix Corp.(a)		12,840		2,272,680
DXC Technology Co.(a)		146,223		4,914,555
Fidelity National Information Services Inc.		354,497		43,135,195
Fiserv Inc.(a)		109,451		11,875,433
FleetCor Technologies Inc.(a)		27,018		7,058,993
Gartner Inc.(a)		22,703		6,898,988
Genpact Ltd.		39,145		1,859,779
Global Payments Inc.		168,582		26,565,152

S C H E D U L E   O F   I N V E S T M E N T S 99

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
International Business Machines Corp.		514,425	$	71,469,065
Jack Henry & Associates Inc.		22,239		3,648,530
LiveRamp Holdings Inc.(a)		17,852		843,150
Mastercard Inc., Class A		159,984		55,623,237
Maximus Inc.		13,622		1,133,350
Paychex Inc.		86,312		9,705,784
Sabre Corp.(a)		120,101		1,421,996
VeriSign Inc.(a)		32,587		6,680,661
Visa Inc., Class A		387,440		86,302,260
Western Union Co. (The)		235,902		4,769,938
WEX Inc.(a)		10,827		1,907,068
				447,595,404
Leisure Products — 0.1%
Brunswick Corp./DE		20,297		1,933,695
Callaway Golf Co.(a)		28,124		777,066
Hasbro Inc.		74,298		6,628,868
Polaris Inc.		17,647		2,111,640
				11,451,269
Life Sciences Tools & Services — 0.4%
Agilent Technologies Inc.		48,705		7,672,499
Illumina Inc.(a)		42,090		17,072,125
IQVIA Holdings Inc.(a)		39,425		9,443,864
Waters Corp.(a)		15,946		5,697,506
				39,885,994
Machinery — 2.2%
AGCO Corp.		20,474		2,508,679
Caterpillar Inc.		166,540		31,970,684
Colfax Corp.(a)		74,766		3,431,759
Crane Co.		28,531		2,705,024
Cummins Inc.		46,784		10,505,815
Deere & Co.		40,665		13,625,622
Donaldson Co. Inc.		36,081		2,071,410
Dover Corp.		82,454		12,821,597
Flowserve Corp.		74,576		2,585,550
Fortive Corp.		205,468		14,499,877
IDEX Corp.		23,967		4,959,971
Illinois Tool Works Inc.		92,059		19,022,151
Ingersoll Rand Inc.(a)		233,887		11,790,244
ITT Inc.		27,147		2,330,299
Kennametal Inc.		47,684		1,632,223
Middleby Corp. (The)(a)		12,337		2,103,582
Nordson Corp.		11,514		2,742,059
Oshkosh Corp.		39,890		4,083,539
Otis Worldwide Corp.		117,023		9,628,652
PACCAR Inc.		199,950		15,780,054
Parker-Hannifin Corp.		35,447		9,911,690
Pentair PLC		95,270		6,919,460
Snap-on Inc.		30,814		6,438,585
Stanley Black & Decker Inc.		93,505		16,392,362
Terex Corp.		24,478		1,030,524
Trinity Industries Inc.		48,261		1,311,251
Westinghouse Air Brake Technologies Corp.		107,929		9,304,559
Woodward Inc.		17,625		1,995,150
Xylem Inc./NY		55,876		6,910,744
				231,013,116
Marine — 0.0%
Kirby Corp.(a)		34,605		1,659,656

Security	Shares		Value
Media — 1.4%
Comcast Corp., Class A		1,472,091	$	82,334,050
Discovery Inc., Class A(a)(b)		97,183		2,466,505
Discovery Inc., Class C, NVS(a)(b)		172,613		4,189,318
DISH Network Corp., Class A(a)(b)		141,868		6,165,583
Fox Corp., Class A, NVS		185,200		7,428,372
Fox Corp., Class B		85,123		3,159,766
Interpublic Group of Companies Inc. (The)		227,025		8,325,007
John Wiley & Sons Inc., Class A		25,311		1,321,487
News Corp., Class A, NVS		224,294		5,277,638
News Corp., Class B		70,023		1,626,634
Omnicom Group Inc.		123,370		8,939,390
TEGNA Inc.		75,677		1,492,350
ViacomCBS Inc., Class B, NVS		348,075		13,752,443
				146,478,543
Metals & Mining — 0.6%
Commercial Metals Co.		68,718		2,093,150
Compass Minerals International Inc.		9,919		638,784
Ferroglobe PLC(a)(d)		5,019		0	(e)
Freeport-McMoRan Inc.		320,310		10,419,684
Newmont Corp.		206,250		11,199,375
Nucor Corp.		168,462		16,591,822
Reliance Steel & Aluminum Co.		36,412		5,185,797
Royal Gold Inc.		15,634		1,492,891
Steel Dynamics Inc.		111,939		6,546,193
United States Steel Corp.(b)		155,030		3,406,009
Worthington Industries Inc.		8,682		457,542
				58,031,247
Multi-Utilities — 1.5%
Ameren Corp.		147,337		11,934,297
Black Hills Corp.		35,846		2,249,695
CenterPoint Energy Inc.		342,258		8,419,547
CMS Energy Corp.		165,799		9,903,174
Consolidated Edison Inc.		202,577		14,705,064
Dominion Energy Inc.		464,018		33,882,594
DTE Energy Co.		111,111		12,412,210
MDU Resources Group Inc.		114,932		3,410,033
NiSource Inc.		225,926		5,474,187
NorthWestern Corp.		29,101		1,667,487
Public Service Enterprise Group Inc.		291,360		17,743,824
Sempra Energy		183,264		23,182,896
WEC Energy Group Inc.		180,920		15,957,144
				160,942,152
Multiline Retail — 0.4%
Dollar Tree Inc.(a)		133,306		12,760,050
Kohl’s Corp.		90,619		4,267,249
Nordstrom Inc.(a)(b)		62,347		1,649,078
Target Corp.		96,542		22,085,913
				40,762,290
Oil, Gas & Consumable Fuels — 5.2%
APA Corp.		215,429		4,616,643
Cabot Oil & Gas Corp.		228,921		4,981,321
Chevron Corp.		1,109,916		112,600,978
Cimarex Energy Co.		30,256		2,638,323
ConocoPhillips		768,529		52,083,210
Devon Energy Corp.		360,019		12,784,275
Diamondback Energy Inc.		98,239		9,300,286
DTE Midstream LLC(a)		55,571		2,569,603
EOG Resources Inc.		335,094		26,897,995
EQT Corp.(a)		97,925		2,003,546

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Equitrans Midstream Corp.		128,535	$	1,303,345
Escrow PetroCorp.(a)(d)		190		—
Exxon Mobil Corp.		2,429,731		142,916,777
Hess Corp.		73,789		5,763,659
HollyFrontier Corp.		86,717		2,872,934
Kinder Morgan Inc.		1,122,495		18,779,341
Marathon Oil Corp.		453,147		6,194,520
Marathon Petroleum Corp.		366,269		22,639,087
Murphy Oil Corp.		82,801		2,067,541
Occidental Petroleum Corp.		508,151		15,031,107
ONEOK Inc.		257,095		14,908,939
Phillips 66		251,363		17,602,951
Pioneer Natural Resources Co.		130,207		21,680,768
Targa Resources Corp.		101,220		4,981,036
Valero Energy Corp.		234,412		16,542,455
Williams Companies Inc. (The)		696,205		18,059,558
				541,820,198
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		24,585		1,508,781
Personal Products — 0.2%
Coty Inc., Class A(a)		162,536		1,277,533
Estee Lauder Companies Inc. (The), Class A		58,562		17,564,501
Nu Skin Enterprises Inc., Class A		12,948		524,005
				19,366,039
Pharmaceuticals — 4.3%
Bristol-Myers Squibb Co.		612,156		36,221,271
Eli Lilly & Co.		177,704		41,058,509
Johnson & Johnson		906,507		146,400,880
Merck & Co. Inc.		755,449		56,741,774
Nektar Therapeutics(a)(b)		63,996		1,149,368
Organon & Co.		75,539		2,476,924
Perrigo Co. PLC		76,124		3,602,949
Pfizer Inc.		3,217,783		138,396,847
Viatris Inc.		698,340		9,462,507
Zoetis Inc.		73,443		14,258,224
				449,769,253
Professional Services — 0.5%
CACI International Inc., Class A(a)		7,746		2,030,227
Equifax Inc.		34,980		8,864,631
IHS Markit Ltd.		79,682		9,292,515
Jacobs Engineering Group Inc.		28,466		3,772,599
KBR Inc.		81,912		3,227,333
Leidos Holdings Inc.		81,729		7,856,609
ManpowerGroup Inc.		30,790		3,333,941
Nielsen Holdings PLC		205,106		3,935,984
Robert Half International Inc.		64,266		6,447,808
Science Applications International Corp.		20,423		1,747,392
				50,509,039
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		192,603		18,751,828
Jones Lang LaSalle Inc.(a)		29,016		7,198,579
				25,950,407
Road & Rail — 0.9%
Avis Budget Group Inc.(a)		27,268		3,176,995
CSX Corp.		621,076		18,470,800
JB Hunt Transport Services Inc.		19,807		3,312,127
Kansas City Southern		25,751		6,969,251
Landstar System Inc.		8,265		1,304,382

Security	Shares		Value
Road & Rail (continued)
Norfolk Southern Corp.		77,947	$	18,648,820
Ryder System Inc.		31,203		2,580,800
Union Pacific Corp.		194,617		38,146,878
Werner Enterprises Inc.		20,228		895,494
XPO Logistics Inc.(a)		27,144		2,160,119
				95,665,666
Semiconductors & Semiconductor Equipment — 3.2%
Amkor Technology Inc.		39,280		980,036
Analog Devices Inc.		175,971		29,471,623
Broadcom Inc.		75,356		36,542,385
Cirrus Logic Inc.(a)		18,749		1,543,980
Intel Corp.		2,328,383		124,056,246
Microchip Technology Inc.		44,209		6,785,640
Micron Technology Inc.		646,085		45,859,113
NXP Semiconductors NV		144,254		28,255,031
Silicon Laboratories Inc.(a)		9,607		1,346,517
Skyworks Solutions Inc.		45,448		7,488,922
Synaptics Inc.(a)		10,339		1,858,229
Texas Instruments Inc.		249,040		47,867,978
				332,055,700
Software — 0.6%
ACI Worldwide Inc.(a)		30,599		940,307
Aspen Technology Inc.(a)		12,063		1,481,336
Blackbaud Inc.(a)		13,359		939,806
CDK Global Inc.		35,220		1,498,611
Ceridian HCM Holding Inc.(a)		31,504		3,547,981
Citrix Systems Inc.		24,679		2,649,784
CommVault Systems Inc.(a)		13,838		1,042,140
Envestnet Inc.(a)		5,810		466,194
J2 Global Inc.(a)		10,284		1,405,000
NCR Corp.(a)		76,242		2,955,140
NortonLifeLock Inc.		333,674		8,441,952
Oracle Corp.		425,423		37,067,106
Teradata Corp.(a)		39,317		2,254,830
				64,690,187
Specialty Retail — 2.1%
Advance Auto Parts Inc.		37,820		7,900,220
American Eagle Outfitters Inc.		85,928		2,216,942
AutoNation Inc.(a)		25,222		3,071,031
AutoZone Inc.(a)		5,417		9,198,012
Bath & Body Works Inc.		67,081		4,228,115
Best Buy Co. Inc.		65,065		6,878,021
CarMax Inc.(a)(b)		93,787		12,000,985
Dick’s Sporting Goods Inc.		37,820		4,529,701
Foot Locker Inc.		52,011		2,374,822
GameStop Corp., Class A(a)(b)		19,025		3,338,317
Gap Inc. (The)		124,245		2,820,362
Home Depot Inc. (The)		170,863		56,087,488
Lowe’s Companies Inc.		117,654		23,867,290
Murphy USA Inc.		13,734		2,297,149
O’Reilly Automotive Inc.(a)		12,645		7,726,854
Ross Stores Inc.		204,969		22,310,876
TJX Companies Inc. (The)		692,426		45,686,267
Ulta Beauty Inc.(a)		15,404		5,559,612
Urban Outfitters Inc.(a)		39,121		1,161,502
Victoria’s Secret & Co.(a)		19,168		1,059,224
				224,312,790
Technology Hardware, Storage & Peripherals — 0.6%
Hewlett Packard Enterprise Co.		752,188		10,718,679

S C H E D U L E   O F   I N V E S T M E N T S 101

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
HP Inc.		689,423	$	18,862,613
NetApp Inc.		128,932		11,572,936
Seagate Technology Holdings PLC		120,878		9,974,853
Western Digital Corp.(a)		176,395		9,955,734
Xerox Holdings Corp.		79,339		1,600,268
				62,685,083
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		88,166		4,268,116
Carter’s Inc.		24,827		2,414,178
Columbia Sportswear Co.		11,707		1,121,999
Hanesbrands Inc.		199,976		3,431,588
Nike Inc., Class B		264,076		38,351,758
PVH Corp.(a)		40,874		4,201,438
Ralph Lauren Corp.		27,509		3,054,599
Skechers U.S.A. Inc., Class A(a)		77,611		3,268,975
Tapestry Inc.		159,033		5,887,402
Under Armour Inc., Class A(a)		108,334		2,186,180
Under Armour Inc., Class C, NVS(a)		120,312		2,107,866
VF Corp.		188,133		12,603,030
				82,897,129
Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		32,284		1,420,819
MGIC Investment Corp.		194,331		2,907,192
New York Community Bancorp. Inc.		266,057		3,424,153
Washington Federal Inc.		39,216		1,345,501
				9,097,665
Tobacco — 1.3%
Altria Group Inc.		1,058,347		48,175,955
Philip Morris International Inc.		894,486		84,788,328
				132,964,283
Trading Companies & Distributors — 0.1%
Fastenal Co.		82,390		4,252,148
GATX Corp.		20,176		1,806,963
MSC Industrial Direct Co. Inc., Class A		14,095		1,130,278
Univar Solutions Inc.(a)		97,076		2,312,350
Watsco Inc.		7,026		1,859,220
WW Grainger Inc.		9,888		3,886,577
				15,247,536

Security	Shares		Value
Water Utilities — 0.1%
American Water Works Co. Inc.		52,049	$	8,798,363
Essential Utilities Inc.		64,174		2,957,138
				11,755,501
Wireless Telecommunication Services — 0.1%
Telephone and Data Systems Inc.		56,944		1,110,408
T-Mobile U.S. Inc.(a)		104,276		13,322,302
				14,432,710
Total Common Stocks — 99.7% (Cost: $8,944,115,361)				10,408,947,765
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(f)(g)		22,351,122		22,362,297
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(f)		17,010,000		17,010,000
				39,372,297
Total Short-Term Investments — 0.4% (Cost: $39,349,764)				39,372,297
Total Investments in Securities — 100.1% (Cost: $8,983,465,125)				10,448,320,062
Other Assets, Less Liabilities — (0.1)%				(9,725,233	)
Net Assets — 100.0%			$	10,438,594,829

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

^(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e) Rounds to less than $1.

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

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

102 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^® Core S&P U.S. Value 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	$	27,092,339	$	—		$	(4,725,800	)(a)	$	(2,194	)	$	(2,048	)	$	22,362,297		22,351,122	$	34,221	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,010,000		3,000,000	(a)		—			—			—			17,010,000		17,010,000		757			—
BlackRock Inc.		16,478,550		3,157,113			(772,734	)		326,975			1,461,260			20,651,164		24,624		195,795			—
									$	324,781		$	1,459,212		$	60,023,461			$	230,773		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 400 E-Mini Index		47		12/17/21	$	12,376	$	(295,040	)
S&P 500 E-Mini Index		69		12/17/21		14,827		(562,666	)
							$	(857,706	)

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)	$	857,706

^(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	$	2,968,821
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(967,312	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	26,892,223

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 103

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Core S&P U.S. Value 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	$	10,408,947,765		$	—	$	0	(a)	$	10,408,947,765
Money Market Funds		39,372,297			—		—			39,372,297
	$	10,448,320,062		$	—	$	0	(a)	$	10,448,320,062
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(857,706	)	$	—	$	—		$	(857,706	)

^(a) Rounds to less than $1.

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

See notes to financial statements.

104 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

Statements of Assets and Liabilities (unaudited) 

September 30, 2021

	iShares Core S&P 500 ETF		iShares Core S&P Mid-Cap ETF		iShares Core S&P Small-Cap ETF		iShares Core S&P Total U.S. Stock Market ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	285,127,933,781	$	61,868,704,835	$	5,692,876,312	$	41,281,018,062
Affiliated(c)		2,340,222,164		2,354,042,693		65,720,576,425		1,068,941,229
Cash		3,227,770		8,029		2,073,209		467,951
Cash pledged:
Futures contracts		33,346,800		9,027,100		8,847,000		4,774,790
Receivables:
Investments sold		—		—		—		258,078
Securities lending income — Affiliated		119,131		292,993		467,600		337,223
Capital shares sold		1,584,749		220,996		84,379,735		693,485
Dividends		178,037,798		69,939,669		68,456,993		26,457,952
Unrealized appreciation on:
OTC swaps		—		277		18,801,566		—
Total assets		287,684,472,193		64,302,236,592		71,596,478,840		42,382,948,770
LIABILITIES
Cash received:
Collateral — OTC derivatives		—		—		22,560,000		—
Collateral on securities loaned, at value		958,610,420		2,242,805,386		2,708,906,689		899,022,330
Payables:
Investments purchased		338,162		69,516,221		22,625,801		4,632
Variation margin on futures contracts		7,538,534		2,638,189		1,734,326		1,003,916
Capital shares redeemed		1,027,738		—		4,285,576		—
Investment advisory fees		7,455,161		2,611,168		3,402,736		1,053,088
Total liabilities		974,970,015		2,317,570,964		2,763,515,128		901,083,966
NET ASSETS	$	286,709,502,178	$	61,984,665,628	$	68,832,963,712	$	41,481,864,804
NET ASSETS CONSIST OF:
Paid-in capital	$	211,816,648,933	$	48,349,046,072	$	53,787,926,643	$	28,516,981,621
Accumulated earnings		74,892,853,245		13,635,619,556		15,045,037,069		12,964,883,183
NET ASSETS	$	286,709,502,178	$	61,984,665,628	$	68,832,963,712	$	41,481,864,804
Shares outstanding		665,400,000		235,600,000		630,250,000		421,650,000
Net asset value	$	430.88	$	263.09	$	109.22	$	98.38
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a)  Securities loaned, at value	$	929,871,638	$	2,037,779,196	$	2,567,544,606	$	869,201,499
(b)  Investments, at cost — Unaffiliated	$	216,696,075,654	$	48,383,038,638	$	4,250,314,037	$	28,353,668,284
(c)  Investments, at cost — Affiliated	$	2,029,075,605	$	2,352,698,667	$	52,335,278,910	$	1,024,271,100

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 105

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares Core S&P U.S. Growth ETF		iShares Core S&P U.S. Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	12,070,119,078	$	10,388,296,601
Affiliated(c)		129,817,185		60,023,461
Cash		53,627		187,798
Cash pledged:
Futures contracts		894,620		1,587,190
Receivables:
Securities lending income — Affiliated		5,448		4,916
Capital shares sold		31,637		104,130
Dividends		2,902,987		11,454,842
Total assets		12,203,824,582		10,461,658,938
LIABILITIES
Collateral on securities loaned, at value		66,010,487		22,338,683
Payables:
Variation margin on futures contracts		181,957		379,146
Investment advisory fees		418,531		346,280
Total liabilities		66,610,975		23,064,109
NET ASSETS	$	12,137,213,607	$	10,438,594,829
NET ASSETS CONSIST OF:
Paid-in capital	$	7,710,937,463	$	9,487,226,295
Accumulated earnings		4,426,276,144		951,368,534
NET ASSETS	$	12,137,213,607	$	10,438,594,829
Shares outstanding		118,500,000		147,300,000
Net asset value	$	102.42	$	70.87
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a)   Securities loaned, at value	$	64,590,997	$	21,297,252
(b)  Investments, at cost — Unaffiliated	$	7,572,098,194	$	8,930,644,443
(c)  Investments, at cost — Affiliated	$	116,118,914	$	52,820,682

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended September 30, 2021

	iShares Core S&P 500 ETF			iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P Total U.S. Stock Market ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	2,000,794,886		$	449,226,509		$	27,729,831		$	266,106,792
Dividends — Affiliated		9,288,353			3,597			398,641,800			1,070,842
Securities lending income — Affiliated — net		880,678			1,890,550			3,201,502			2,228,279
Foreign taxes withheld		(367,207	)		—			(448,211	)		(57,186	)
Total investment income		2,010,596,710			451,120,656			429,124,922			269,348,727
EXPENSES
Investment advisory fees		43,274,950			15,926,336			20,906,233			6,054,084
Total expenses		43,274,950			15,926,336			20,906,233			6,054,084
Net investment income		1,967,321,760			435,194,320			408,218,689			263,294,643
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(427,307,753	)		(209,669,513	)		178,005,115			18,555,673
Investments — Affiliated		(270,414	)		(48,923	)		546,088,736			(21,363	)
In-kind redemptions — Unaffiliated		12,088,780,390			2,397,004,699			101,904,227			412,718,716
In-kind redemptions — Affiliated		46,478,429			—			2,536,141,145			1,255,896
Futures contracts		67,692,260			(412,720	)		7,599,879			10,767,871
Swaps		—			—			(41,719,725	)		—
Net realized gain		11,775,372,912			2,186,873,543			3,328,019,377			443,276,793
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		10,382,291,292			(1,530,894,914	)		165,903,277			2,256,078,492
Investments — Affiliated		46,626,074			(200,665	)		(2,947,814,762	)		9,112,035
Futures contracts		(28,082,829	)		(952,784	)		(6,156,992	)		(3,457,311	)
Swaps		—			277			66,955,963			—
Net change in unrealized appreciation (depreciation)		10,400,834,537			(1,532,048,086	)		(2,721,112,514	)		2,261,733,216
Net realized and unrealized gain		22,176,207,449			654,825,457			606,906,863			2,705,010,009
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,143,529,209		$	1,090,019,777		$	1,015,125,552		$	2,968,304,652

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 107

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares Core S&P U.S. Growth ETF			iShares Core S&P U.S. Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated.	$	42,599,977		$	108,778,001
Dividends — Affiliated		474,024			196,552
Securities lending income — Affiliated — net		44,892			34,221
Foreign taxes withheld		(1,408	)		(24,846	)
Total investment income		43,117,485			108,983,928
EXPENSES
Investment advisory fees		2,359,323			2,046,782
Total expenses		2,359,323			2,046,782
Net investment income		40,758,162			106,937,146
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		7,253,357			(8,886,144	)
Investments — Affiliated		(5,969	)		(9,757	)
In-kind redemptions — Unaffiliated		295,533,748			103,580,790
In-kind redemptions — Affiliated		1,050,197			334,538
Futures contracts		1,406,264			2,968,821
Net realized gain		305,237,597			97,988,248
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,028,237,271			147,155,129
Investments — Affiliated		3,649,799			1,459,212
Futures contracts		(735,642	)		(967,312	)
Net change in unrealized appreciation (depreciation)		1,031,151,428			147,647,029
Net realized and unrealized gain		1,336,389,025			245,635,277
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,377,147,187		$	352,572,423

See notes to financial statements.

108 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

Statements of Changes in Net Assets 

	iShares Core S&P 500 ETF							iShares Core S&P Mid-Cap ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	1,967,321,760		$	3,555,473,653		$	435,194,320		$	647,520,949
Net realized gain			11,775,372,912			16,374,262,618			2,186,873,543			3,764,174,399
Net change in unrealized appreciation (depreciation)			10,400,834,537			71,920,026,648			(1,532,048,086	)		23,665,510,073
Net increase in net assets resulting from operations			24,143,529,209			91,849,762,919			1,090,019,777			28,077,205,421
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(1,951,798,221	)		(3,658,069,834	)		(403,216,657	)		(660,710,123	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			2,577,756,672			11,729,365,093			159,987,475			(2,001,076,312	)
NET ASSETS
Total increase in net assets			24,769,487,660			99,921,058,178			846,790,595			25,415,418,986
Beginning of period			261,940,014,518			162,018,956,340			61,137,875,033			35,722,456,047
End of period		$	286,709,502,178		$	261,940,014,518		$	61,984,665,628		$	61,137,875,033

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 109

Statements of Changes in Net Assets (continued)

		iShares Core S&P Small-Cap ETF						iShares Core S&P Total U.S. Stock Market ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	408,218,689		$	612,828,954		$	263,294,643		$	439,718,702
Net realized gain			3,328,019,377			2,574,221,048			443,276,793			1,001,914,387
Net change in unrealized appreciation (depreciation)			(2,721,112,514	)		28,169,053,043			2,261,733,216			11,630,168,140
Net increase in net assets resulting from operations			1,015,125,552			31,356,103,045			2,968,304,652			13,071,801,229
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(472,827,487	)		(624,215,143	)		(249,632,910	)		(462,019,285	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			17,653,562			5,677,792,081			2,697,716,780			2,016,661,633
NET ASSETS
Total increase in net assets			559,951,627			36,409,679,983			5,416,388,522			14,626,443,577
Beginning of period			68,273,012,085			31,863,332,102			36,065,476,282			21,439,032,705
End of period		$	68,832,963,712		$	68,273,012,085		$	41,481,864,804		$	36,065,476,282

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

See notes to financial statements.

110 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

Statements of Changes in Net Assets (continued)

		iShares Core S&P U.S. Growth ETF							iShares Core S&P U.S. Value ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	40,758,162		$	90,622,565			$	106,937,146		$	171,728,579
Net realized gain			305,237,597			808,873,464				97,988,248			167,316,774
Net change in unrealized appreciation (depreciation)			1,031,151,428			3,250,650,598				147,647,029			2,554,127,800
Net increase in net assets resulting from operations			1,377,147,187			4,150,146,627				352,572,423			2,893,173,153
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(39,520,863	)		(94,097,632	)			(101,369,679	)		(176,376,851	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			337,840,024			(487,630,998	)			1,102,525,081			1,097,687,768
NET ASSETS
Total increase in net assets			1,675,466,348			3,568,417,997				1,353,727,825			3,814,484,070
Beginning of period			10,461,747,259			6,893,329,262				9,084,867,004			5,270,382,934
End of period		$	12,137,213,607		$	10,461,747,259			$	10,438,594,829		$	9,084,867,004

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 111

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P 500 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	397.36			$	258.44			$	284.57			$	265.21			$	237.21			$	206.63
Net investment income(a)			2.95				5.60				5.90				5.38				5.00				4.53
Net realized and unrealized gain (loss)(b)			33.49				139.01				(25.20	)			19.43				27.90				30.49
Net increase (decrease) from investment operations			36.44				144.61				(19.30	)			24.81				32.90				35.02
Distributions(c)
From net investment income			(2.92	)			(5.69	)			(6.83	)			(5.45	)			(4.90	)			(4.44	)
Total distributions			(2.92	)			(5.69	)			(6.83	)			(5.45	)			(4.90	)			(4.44	)
Net asset value, end of period		$	430.88			$	397.36			$	258.44			$	284.57			$	265.21			$	237.21
Total Return(d)
Based on net asset value			9.16	%(e)			56.31	%			(7.01	)%			9.46	%			13.95	%			17.12	%
Ratios to Average Net Assets
Total expenses			0.03	%(f)			0.03	%			0.04	%			0.04	%			0.04	%			0.05	%
Net investment income			1.36	%(f)			1.64	%			1.96	%			1.95	%			1.94	%			2.05	%
Supplemental Data
Net assets, end of period (000)		$	286,709,502			$	261,940,015			$	162,018,956			$	169,347,166			$	140,335,431			$	101,821,909
Portfolio turnover rate(g)			2	%(e)			5	%			4	%			5	%			4	%			5	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

112 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P Mid-Cap ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	260.16			$	143.87			$	189.34			$	187.51			$	171.29			$	144.16
Net investment income(a)			1.85				2.74				3.12				2.85				2.69				2.35
Net realized and unrealized gain (loss)(b)			2.80				116.36				(45.14	)			1.84				15.96				27.42
Net increase (decrease) from investment operations			4.65				119.10				(42.02	)			4.69				18.65				29.77
Distributions(c)
From net investment income			(1.72	)			(2.81	)			(3.45	)			(2.86	)			(2.43	)			(2.64	)
Total distributions			(1.72	)			(2.81	)			(3.45	)			(2.86	)			(2.43	)			(2.64	)
Net asset value, end of period		$	263.09			$	260.16			$	143.87			$	189.34			$	187.51			$	171.29
Total Return(d)
Based on net asset value			1.77	%(e)			83.36	%			(22.53	)%			2.50	%			10.95	%			20.81	%
Ratios to Average Net Assets
Total expenses			0.05	%(f)			0.05	%			0.07	%			0.07	%			0.07	%			0.09	%
Net investment income			1.37	%(f)			1.36	%			1.62	%			1.50	%			1.49	%			1.49	%
Supplemental Data
Net assets, end of period (000)		$	61,984,666			$	61,137,875			$	35,722,456			$	48,206,329			$	44,663,981			$	39,234,502
Portfolio turnover rate(g)			9	%(e)			20	%			15	%			17	%			10	%			14	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 113

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P Small-Cap ETF
	Six Months Ended
	09/30/21				Year Ended					Year Ended					Year Ended					Year Ended					Year Ended
	(unaudited)					03/31/21					03/31/20					03/31/19					03/31/18						03/31/17	(a)
Net asset value, beginning of period		$	108.34				$	56.22				$	77.13				$	77.05				$	69.23			$	56.31
Net investment income(b)			0.65					1.03					1.06					1.09					0.98				0.87
Net realized and unrealized gain (loss)(c)			0.98					52.13					(20.77	)				0.11					7.78				12.90
Net increase (decrease) from investment operations			1.63					53.16					(19.71	)				1.20					8.76				13.77
Distributions(d)
From net investment income			(0.75	)				(1.04	)				(1.20	)				(1.12	)				(0.94	)			(0.85	)
Total distributions			(0.75	)				(1.04	)				(1.20	)				(1.12	)				(0.94	)			(0.85	)
Net asset value, end of period		$	109.22				$	108.34				$	56.22				$	77.13				$	77.05			$	69.23
Total Return(e)
Based on net asset value			1.50	%(f)				95.23	%(g)				(25.89	)%				1.53	%				12.71	%			24.56	%
Ratios to Average Net Assets
Total expenses			0.06	%(h)				0.06	%				0.07	%				0.07	%				0.07	%			0.09	%
Net investment income			1.17	%(h)				1.28	%				1.36	%				1.35	%				1.33	%			1.38	%
Supplemental Data
Net assets, end of period (000)		$	68,832,964				$	68,273,012				$	31,863,332				$	43,064,083				$	36,636,388			$	29,968,134
Portfolio turnover rate(i)			8	%(f)				20	%				16	%				14	%				12	%			13	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on January 18, 2017.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

114 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P Total U.S. Stock Market ETF
	Six Months Ended
	09/30/21					Year Ended					Year Ended					Year Ended					Year Ended					Year Ended
		(unaudited)					03/31/21					03/31/20					03/31/19					03/31/18						03/31/17	(a)
Net asset value, beginning of period			$	91.51				$	57.19				$	64.40				$	60.42				$	54.02			$	46.65
Net investment income(b)				0.65					1.20					1.27					1.19					1.09				1.00
Net realized and unrealized gain (loss)(c)				6.82					34.37					(7.09	)				4.00					6.37				7.33
Net increase (decrease) from investment operations				7.47					35.57					(5.82	)				5.19					7.46				8.33
Distributions(d)
From net investment income				(0.60	)				(1.25	)				(1.39	)				(1.21	)				(1.06	)			(0.96	)
Total distributions				(0.60	)				(1.25	)				(1.39	)				(1.21	)				(1.06	)			(0.96	)
Net asset value, end of period			$	98.38				$	91.51				$	57.19				$	64.40				$	60.42			$	54.02
Total Return(e)
Based on net asset value				8.16	%(f)				62.58	%				(9.28	)%				8.68	%				13.88	%			18.02	%
Ratios to Average Net Assets
Total expenses				0.03	%(g)				0.03	%				0.03	%				0.03	%				0.03	%			0.03	%
Net investment income				1.30	%(g)				1.54	%				1.88	%				1.90	%				1.85	%			1.99	%
Supplemental Data
Net assets, end of period (000)			$	41,481,865				$	36,065,476				$	21,439,033				$	18,750,686				$	12,948,631			$	8,035,118
Portfolio turnover rate(h)				3	%(f)				5	%				4	%				6	%				8	%			8	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 115

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Growth ETF
	Six Months Ended
	09/30/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)				03/31/21				03/31/20				03/31/19				03/31/18						03/31/17	(a)
Net asset value, beginning of period		$	90.74			$	57.16			$	60.31			$	54.56			$	46.36			$	40.53
Net investment income(b)			0.35				0.76				0.92				0.81				0.76				0.65
Net realized and unrealized gain (loss)(c)			11.67				33.62				(2.97	)			5.68				8.16				5.77
Net increase (decrease) from investment operations			12.02				34.38				(2.05	)			6.49				8.92				6.42
Distributions(d)
From net investment income			(0.34	)			(0.80	)			(1.10	)			(0.74	)			(0.72	)			(0.59	)
Total distributions			(0.34	)			(0.80	)			(1.10	)			(0.74	)			(0.72	)			(0.59	)
Net asset value, end of period		$	102.42			$	90.74			$	57.16			$	60.31			$	54.56			$	46.36
Total Return(e)
Based on net asset value			13.24	%(f)			60.34	%			(3.54	)%			11.95	%			19.33	%			15.98	%
Ratios to Average Net Assets
Total expenses			0.04	%(g)			0.04	%			0.04	%			0.04	%			0.05	%			0.06	%
Total expenses after fees waived			0.04	%(g)			0.04	%			0.04	%			0.04	%			0.05	%			0.06	%
Net investment income			0.69	%(g)			0.96	%			1.44	%			1.41	%			1.46	%			1.51	%
Supplemental Data
Net assets, end of period (000)		$	12,137,214			$	10,461,747			$	6,893,329			$	5,985,790			$	3,693,673			$	1,657,371
Portfolio turnover rate(h)			2	%(f)			14	%			35	%			31	%			24	%			43	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Value ETF
	Six Months Ended
	09/30/21				Year Ended					Year Ended					Year Ended					Year Ended					Year Ended
	(unaudited)					03/31/21					03/31/20					03/31/19					03/31/18						03/31/17	(a)
Net asset value, beginning of period		$	68.82				$	46.23				$	54.82				$	53.08				$	50.45			$	42.89
Net investment income(b)			0.76					1.43					1.45					1.37					1.28				1.12
Net realized and unrealized gain (loss)(c)			1.99					22.60					(8.57	)				1.68					2.51				7.45
Net increase (decrease) from investment operations			2.75					24.03					(7.12	)				3.05					3.79				8.57
Distributions(d)
From net investment income			(0.70	)				(1.44	)				(1.47	)				(1.31	)				(1.16	)			(1.01	)
Total distributions			(0.70	)				(1.44	)				(1.47	)				(1.31	)				(1.16	)			(1.01	)
Net asset value, end of period		$	70.87				$	68.82				$	46.23				$	54.82				$	53.08			$	50.45
Total Return(e)
Based on net asset value			3.97	%(f)				52.59	%				(13.34	)%				5.83	%				7.55	%			20.18	%
Ratios to Average Net Assets
Total expenses			0.04	%(g)				0.04	%				0.04	%				0.04	%				0.05	%			0.06	%
Total expenses after fees waived			0.04	%(g)				0.04	%				0.04	%				0.04	%				0.05	%			0.06	%
Net investment income			2.09	%(g)				2.48	%				2.52	%				2.53	%				2.42	%			2.36	%
Supplemental Data
Net assets, end of period (000)		$	10,438,595				$	9,084,867				$	5,270,383				$	5,208,349				$	3,434,150			$	1,692,709
Portfolio turnover rate(h)			2	%(f)				25	%				34	%				35	%				27	%			49	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 117

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Core S&P 500		Diversified
Core S&P Mid-Cap		Diversified
Core S&P Small-Cap		Diversified
Core S&P Total U.S. Stock Market		Diversified
Core S&P U.S. Growth(a)		Diversified
Core S&P U.S. Value		Diversified

^(a) The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

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

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

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

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

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 119

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core S&P 500
Barclays Bank PLC	$	142,458,264	$	142,458,264		$	—	$	—
Barclays Capital, Inc.		6,472,489		6,472,489			—		—
BMO Capital Markets Corp.		82,017		82,017			—		—
BNP Paribas SA		50,137,142		50,137,142			—		—
BofA Securities, Inc.		54,500,772		54,500,772			—		—
Citigroup Global Markets, Inc.		120,252,103		120,252,103			—		—
Credit Suisse Securities (USA) LLC		4,685,576		4,685,576			—		—
Goldman Sachs & Co. LLC		57,162,983		57,162,983			—		—
HSBC Bank PLC		14,520,944		14,406,349			—		(114,595	)(b)
J.P. Morgan Securities LLC		94,915,416		94,915,416			—		—
Jefferies LLC		1,223,001		1,223,001			—		—
Morgan Stanley		20,171,898		20,171,898			—		—
National Financial Services LLC		586,080		586,080			—		—
Natixis S.A.		3,623,000		3,623,000			—		—
Scotia Capital (USA), Inc.		240,461,217		240,461,217			—		—
SG Americas Securities LLC		10,678,603		10,678,603			—		—
State Street Bank & Trust Co.		17,584,142		17,584,142			—		—
Toronto Dominion Bank		27,574,524		27,574,524			—		—
UBS AG		27,775,442		27,775,442			—		—
UBS Securities LLC		31,106,971		31,106,971			—		—
Virtu Americas LLC		2,846,513		2,846,513			—		—
Wells Fargo Bank N.A.		72,756		72,756			—		—
Wells Fargo Securities LLC		979,785		979,785			—		—
	$	929,871,638	$	929,757,043		$	—	$	(114,595	)

120 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

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core S&P Mid-Cap
Barclays Bank PLC	$	87,074,490	$	87,074,490		$	—	$	—
Barclays Capital, Inc.		39,598,816		39,598,816			—		—
BMO Capital Markets Corp.		45,112		45,112			—		—
BNP Paribas SA		99,425,212		99,425,212			—		—
BofA Securities, Inc.		103,629,227		103,629,227			—		—
Citigroup Global Markets, Inc.		212,228,125		212,228,125			—		—
Credit Suisse Securities (USA) LLC		13,636,233		13,636,233			—		—
Deutsche Bank Securities, Inc.		429,548		429,548			—		—
Goldman Sachs & Co. LLC		342,894,988		342,894,988			—		—
HSBC Bank PLC		35,519,702		35,519,702			—		—
ING Financial Markets LLC		11,470,852		11,470,852			—		—
J.P. Morgan Securities LLC		268,215,726		268,215,726			—		—
Jefferies LLC		193,941		193,941			—		—
Morgan Stanley		465,913,551		465,913,551			—		—
National Financial Services LLC		16,356,325		16,356,325			—		—
Natixis S.A.		707,057		707,057			—		—
Nomura Securities International, Inc.		14,115		14,115			—		—
RBC Capital Markets LLC		32,579,740		32,579,740			—		—
Scotia Capital (USA), Inc.		48,076,815		48,076,815			—		—
SG Americas Securities LLC		3,240,509		3,240,509			—		—
State Street Bank & Trust Co.		34,476,529		34,476,529			—		—
Toronto Dominion Bank		70,759,757		70,759,757			—		—
UBS AG		57,719,314		57,719,314			—		—
UBS Securities LLC		21,783,637		21,783,637			—		—
Virtu Americas LLC		3,471,204		3,471,204			—		—
Wells Fargo Bank N.A.		7,540,652		7,540,652			—		—
Wells Fargo Securities LLC		60,778,019		60,778,019			—		—
	$	2,037,779,196	$	2,037,779,196		$	—	$	—
Core S&P Small-Cap
Barclays Bank PLC	$	102,047,390	$	102,047,390		$	—	$	—
Barclays Capital, Inc.		22,888,687		22,888,687			—		—
BMO Capital Markets Corp.		2,412,562		2,412,562			—		—
BNP Paribas SA		305,401,755		305,401,755			—		—
BofA Securities, Inc.		110,435,237		110,435,237			—		—
Citadel Clearing LLC		24,016		24,016			—		—
Citigroup Global Markets, Inc.		106,397,886		106,397,886			—		—
Credit Suisse Securities (USA) LLC		54,689,456		54,689,456			—		—
Deutsche Bank Securities, Inc.		2,487,518		2,487,518			—		—
Goldman Sachs & Co. LLC		511,665,367		511,665,367			—		—
HSBC Bank PLC		6,643,239		6,643,239			—		—
ING Financial Markets LLC		53,970		53,970			—		—
J.P. Morgan Securities LLC		449,406,155		449,406,155			—		—
Jefferies LLC		6,082,820		6,082,820			—		—
Morgan Stanley		484,990,734		484,990,734			—		—
National Financial Services LLC		141,586,277		141,586,277			—		—
Nomura Securities International, Inc.		45,780		45,780			—		—
Pershing LLC		391,350		391,350			—		—
Scotia Capital (USA), Inc.		12,880,543		12,880,543			—		—
SG Americas Securities LLC		5,859,652		5,859,652			—		—
State Street Bank & Trust Co.		35,716,179		35,716,179			—		—
Toronto Dominion Bank		70,732,674		70,732,674			—		—
UBS AG		29,947,603		29,947,603			—		—
UBS Securities LLC		39,391,463		39,391,463			—		—
Virtu Americas LLC		3,967,144		3,967,144			—		—
Wells Fargo Bank N.A.		17,438,534		17,438,534			—		—
Wells Fargo Securities LLC		43,960,615		43,960,615			—		—
	$	2,567,544,606	$	2,567,544,606		$	—	$	—

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 121

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core S&P Total U.S. Stock Market
Barclays Bank PLC	$	71,488,525	$	71,488,525		$	—	$	—
Barclays Capital, Inc.		5,206,216		5,206,216			—		—
BMO Capital Markets Corp.		644,145		631,888			—		(12,257	)(b)
BNP Paribas SA		75,279,343		75,279,343			—		—
BofA Securities, Inc.		128,112,136		128,112,136			—		—
Citadel Clearing LLC		3,842,785		3,842,785			—		—
Citigroup Global Markets, Inc.		90,923,489		90,923,489			—		—
Credit Suisse Securities (USA) LLC		31,577,482		31,577,482			—		—
Deutsche Bank Securities, Inc.		11,552,585		11,552,585			—		—
Goldman Sachs & Co. LLC		82,008,539		82,008,539			—		—
HSBC Bank PLC		2,292,517		2,292,517			—		—
ING Financial Markets LLC		575		575			—		—
J.P. Morgan Securities LLC		103,308,954		103,308,954			—		—
Jefferies LLC		1,917,160		1,894,831			—		(22,329	)(b)
Morgan Stanley		80,871,649		80,871,649			—		—
National Financial Services LLC		12,290,831		12,290,831			—		—
Natixis S.A.		5,483,105		5,483,105			—		—
Nomura Securities International, Inc.		815,124		801,569			—		(13,555	)(b)
Pershing LLC		585,108		585,108			—		—
RBC Capital Markets LLC		1,372,531		1,372,531			—		—
Scotia Capital (USA), Inc.		26,376,040		26,376,040			—		—
SG Americas Securities LLC		2,773,155		2,773,155			—		—
State Street Bank & Trust Co.		10,131,360		10,131,360			—		—
Toronto Dominion Bank		68,736,100		68,736,100			—		—
UBS AG		17,447,181		17,447,181			—		—
UBS Securities LLC		26,569,953		26,569,953			—		—
Virtu Americas LLC		933,768		933,768			—		—
Wells Fargo Bank N.A.		2,525,701		2,525,701			—		—
Wells Fargo Securities LLC		4,135,442		4,135,442			—		—
	$	869,201,499	$	869,153,358		$	—	$	(48,141	)
Core S&P U.S. Growth
Barclays Bank PLC	$	9,347,008	$	9,347,008		$	—	$	—
Barclays Capital, Inc.		2,068,496		2,068,496			—		—
BNP Paribas SA		9,837,465		9,734,205			—		(103,260	)(b)
Citigroup Global Markets, Inc.		18,658,600		18,658,600			—		—
Credit Suisse Securities (USA) LLC		1,696,341		1,696,341			—		—
Goldman Sachs & Co. LLC		6,542,216		6,542,216			—		—
HSBC Bank PLC		14,796		14,796			—		—
J.P. Morgan Securities LLC		5,438,620		5,438,620			—		—
Morgan Stanley		3,944,391		3,944,391			—		—
National Financial Services LLC		355,271		355,271			—		—
State Street Bank & Trust Co.		4,626,814		4,626,814			—		—
UBS AG		178,252		178,252			—		—
UBS Securities LLC		1,520,970		1,520,970			—		—
Wells Fargo Securities LLC		361,757		361,757			—		—
	$	64,590,997	$	64,487,737		$	—	$	(103,260	)

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of       Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core S&P U.S. Value
Barclays Bank PLC	$	321,946	$	321,946		$	—	$	—
Barclays Capital, Inc.		586,080		586,080			—		—
BNP Paribas SA		8,977,191		8,977,191			—		—
BofA Securities, Inc.		290,528		290,528			—		—
Citadel Clearing LLC		878,574		878,574			—		—
Credit Suisse Securities (USA) LLC		305		305			—		—
Goldman Sachs & Co. LLC		1,510,900		1,510,900			—		—
J.P. Morgan Securities LLC		2,215,786		2,215,786			—		—
Morgan Stanley		4,117,539		4,117,539			—		—
National Financial Services LLC		1,328,800		1,328,800			—		—
State Street Bank & Trust Co.		948,942		948,942			—		—
Toronto Dominion Bank		17,707		17,707			—		—
UBS Securities LLC		23,764		23,764			—		—
Wells Fargo Securities LLC		79,190		79,190			—		—
	$	21,297,252	$	21,297,252		$	—	$	—

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

^(b) The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the

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Notes to Financial Statements (unaudited) (continued)

instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Core S&P 500		0.03	%
Core S&P Mid-Cap		0.05
Core S&P Small-Cap		0.06
Core S&P Total U.S. Stock Market		0.03
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

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Notes to Financial Statements (unaudited) (continued)

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

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

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

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Core S&P 500	$	377,434
Core S&P Mid-Cap		810,236
Core S&P Small-Cap		1,372,072
Core S&P Total U.S. Stock Market		812,826
Core S&P U.S. Growth		19,240
Core S&P U.S. Value		14,666

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

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

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:    

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
Core S&P 500	$	1,987,409,455	$	751,852,535	$	(223,071,935)
Core S&P Mid-Cap		1,048,125,572		1,214,639,926		(225,799,494)
Core S&P Small-Cap		1,078,346,208		782,642,908		254,420,358
Core S&P Total U.S. Stock Market		132,596,418		192,915,819		(11,947,049)
Core S&P U.S. Growth		50,298,351		13,923,526		(577,490)
Core S&P U.S. Value		41,128,390		25,896,918		(2,990,454)

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

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

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Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core S&P 500	$	5,024,412,784	$	5,249,534,172
Core S&P Mid-Cap		5,458,293,120		5,444,962,596
Core S&P Small-Cap		5,688,567,745		5,466,884,694
Core S&P Total U.S. Stock Market		1,249,819,304		1,246,791,773
Core S&P U.S. Growth		178,041,600		183,281,048
Core S&P U.S. Value		210,658,301		203,316,930

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind      Sales
Core S&P 500	$	29,821,616,016	$	27,199,658,415
Core S&P Mid-Cap		5,531,296,208		5,360,804,201
Core S&P Small-Cap		4,590,192,721		4,674,788,597
Core S&P Total U.S. Stock Market		3,428,475,779		747,454,959
Core S&P U.S. Growth		894,165,903		556,713,925
Core S&P U.S. Value		1,434,031,504		335,452,241

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:    

iShares ETF	Non-Expiring
Core S&P 500	$	4,128,046,808
Core S&P Mid-Cap		1,737,798,510
Core S&P Small-Cap		2,388,028,988
Core S&P Total U.S. Stock Market		358,810,939
Core S&P U.S. Growth		365,934,964
Core S&P U.S. Value		580,422,122

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
Core S&P 500	$	220,210,069,514	$	76,097,731,256	$	(8,863,573,104	)	$	67,234,158,152
Core S&P Mid-Cap		51,067,228,161		15,304,181,866		(2,149,887,968	)		13,154,293,898
Core S&P Small-Cap		57,423,332,430		17,956,502,909		(3,949,614,313	)		14,006,888,596
Core S&P Total U.S. Stock Market		29,479,746,384		13,883,488,171		(1,016,290,571	)		12,867,197,600
Core S&P U.S. Growth		7,713,464,409		4,546,999,275		(61,176,602	)		4,485,822,673
Core S&P U.S. Value		9,019,117,809		1,639,444,404		(211,099,857	)		1,428,344,547

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Notes to Financial Statements (unaudited) (continued)

9. PRINCIPAL RISKS

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

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

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

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Core S&P 500
Shares sold		69,400,000		$	29,893,801,007			175,150,000		$	61,202,856,824
Shares redeemed		(63,200,000	)		(27,316,044,335	)		(142,850,000	)		(49,473,491,731	)
Net increase		6,200,000		$	2,577,756,672			32,300,000		$	11,729,365,093
Core S&P Mid-Cap
Shares sold		20,750,000		$	5,597,254,980			34,950,000		$	7,366,222,576
Shares redeemed		(20,150,000	)		(5,437,267,505	)		(48,250,000	)		(9,367,298,888	)
Net increase (decrease)		600,000		$	159,987,475			(13,300,000	)	$	(2,001,076,312	)
Core S&P Small-Cap
Shares sold		49,350,000		$	5,479,269,499			140,250,000		$	11,820,860,552
Shares redeemed		(49,250,000	)		(5,461,615,937	)		(76,850,000	)		(6,143,068,471	)
Net increase		100,000		$	17,653,562			63,400,000		$	5,677,792,081
Core S&P Total U.S. Stock Market
Shares sold		35,100,000		$	3,450,321,785			57,550,000		$	4,688,274,607
Shares redeemed		(7,550,000	)		(752,605,005	)		(38,350,000	)		(2,671,612,974	)
Net increase		27,550,000		$	2,697,716,780			19,200,000		$	2,016,661,633
Core S&P U.S. Growth
Shares sold		8,750,000		$	895,666,979			22,000,000		$	1,801,756,906
Shares redeemed		(5,550,000	)		(557,826,955	)		(27,300,000	)		(2,289,387,904	)
Net increase (decrease)		3,200,000		$	337,840,024			(5,300,000	)	$	(487,630,998	)
Core S&P U.S. Value
Shares sold		19,950,000		$	1,439,016,370			41,100,000		$	2,470,343,171
Shares redeemed		(4,650,000	)		(336,491,289	)		(23,100,000	)		(1,372,655,403	)
Net increase		15,300,000		$	1,102,525,081			18,000,000		$	1,097,687,768

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

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

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Notes to Financial Statements (unaudited) (continued)

11. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Core S&P 500 ETF, iShares Core S&P Total U.S. Stock Market ETF and iShares Core S&P U.S. Value ETF received proceeds of $3,938,764, $41,582 and $255,306, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

12. SUBSEQUENT EVENTS

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 129

Board Review and Approval of Investment Advisory Contract

iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract  (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF, iShares Core S&P U.S. Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

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Board Review and Approval of Investment Advisory Contract  (continued)

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per     Share
Core S&P 500(a)	$	2.783370	$	—	$	0.134394	$	2.917764		95	%		—	%		5	%		100%
Core S&P Mid-Cap(a)		1.632328		—		0.084748		1.717076		95			—			5			100
Core S&P Small-Cap(a)		0.704978		—		0.048895		0.753873		94			—			6			100
Core S&P Total U.S. Stock Market(a)		0.591878		—		0.010505		0.602383		98			—			2			100
Core S&P U.S. Growth(a)		0.335254		—		0.003848		0.339102		99			—			1			100
Core S&P U.S. Value(a)		0.688831		—		0.010391		0.699222		99			—			1			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 135

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
Counterparty Abbreviations
HSBC	HSBC Bank PLC

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Want to know more?

iShares.com     |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-302-0921

      

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Global 100 ETF | IOO | NYSE Arca

· iShares Global Infrastructure ETF | IGF | NASDAQ

· iShares Global Timber & Forestry ETF | WOOD | NASDAQ

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

Rob Kapito

President, BlackRock, Inc.

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.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		20
Notes to Financial Statements		23
Board Review and Approval of Investment Advisory Contract		31
Supplemental Information		35
General Information		36
Glossary of Terms Used in this Report		37

Fund Summary  as of September 30, 2021 iShares^® Global 100 ETF

Investment Objective

The iShares Global 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization global equities, as represented by the S&P Global 100^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		8.75	%		28.33	%		16.06	%		12.98	%		28.33	%		110.59	%		238.86	%
Fund Market		8.73			28.38			16.09			13.06			28.38			110.87			241.35
Index		8.95			28.55			15.99			12.88			28.55			109.98			236.02

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 7 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	$      1,087.50	$      2.09			$      1,000.00	$      1,023.10	$     2.03		0.40	%

^(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 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	29.2	%
Consumer Discretionary	14.5
Health Care	12.0
Consumer Staples	10.8
Financials	10.4
Communication Services	9.6
Industrials	5.7
Energy	4.7
Materials	1.7
Other (each representing less than 1%)	1.4

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	72.8	%
United Kingdom	6.5
Switzerland	5.4
France	4.3
Japan	3.5
Germany	3.4
South Korea	1.8
Spain	0.8
Australia	0.8
Netherlands	0.6

^(a) Excludes money market funds.

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Fund Summary  as of September 30, 2021 iShares^® Global Infrastructure ETF

Investment Objective

The iShares Global Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities in the infrastructure industry, as represented by the S&P Global Infrastructure 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		3.26	%		22.04	%		5.15	%		7.06	%		22.04	%		28.56	%		97.85	%
Fund Market		3.30			22.31			5.11			7.18			22.31			28.32			100.03
Index		3.44			22.13			5.02			6.92			22.13			27.73			95.18

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 7 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	$      1,032.60	$     2.09			$      1,000.00	$      1,023.00	$     2.08		0.41	%

^(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 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Electric Utilities	23.2	%
Airport Services	20.9
Oil & Gas Storage & Transportation	20.8
Highways & Railtracks	14.7
Multi-Utilities	12.7
Marine Ports & Services	4.4
Water Utilities	1.5
Other (each representing less than 1%)	1.8

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	35.7	%
Australia	11.5
Canada	10.8
Spain	7.4
Italy	6.7
China	5.6
France	4.9
Mexico	3.7
Germany	3.4
New Zealand	2.5

^(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^® Global Timber & Forestry ETF

Investment Objective

The iShares Global Timber & Forestry ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in or related to the timber and forestry industry, as represented by the S&P Global Timber & Forestry 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		0.90	%		33.50	%		13.15	%		11.34	%		33.50	%		85.50	%		192.71	%
Fund Market		0.76			33.75			13.11			11.47			33.75			85.16			196.23
Index		1.09			33.78			13.10			11.12			33.78			85.10			187.06

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 7 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	$      1,009.00	$     2.06			$      1,000.00	$      1,023.00	$     2.08		0.41	%

^(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 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Paper Products	30.9	%
Specialized REITs	24.2
Forest Products	22.9
Paper Packaging	18.6
Homebuilding	3.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	34.9	%
Canada	15.2
Sweden	14.8
Japan	9.4
Finland	9.2
Brazil	7.5
United Kingdom	3.8
Ireland	3.8
South Africa	1.4

^(a) Excludes money market funds.

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About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

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 7

Schedule of Investments  (unaudited) September 30, 2021 iShares^® Global 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.8%
BHP Group Ltd.		550,520	$	14,703,201
Rio Tinto PLC		198,610		13,019,308
				27,722,509
France — 4.3%
AXA SA		388,248		10,759,612
Cie. de Saint-Gobain		98,750		6,645,580
Engie SA		327,050		4,278,858
L’Oreal SA		45,869		18,980,776
LVMH Moet Hennessy Louis Vuitton SE		49,952		35,778,799
Orange SA		351,955		3,806,345
Sanofi		214,719		20,669,711
Schneider Electric SE		106,049		17,662,871
TotalEnergies SE		464,017		22,179,058
Vivendi SE		150,768		1,898,161
				142,659,771
Germany — 3.3%
Allianz SE, Registered		76,984		17,247,923
BASF SE		171,150		12,974,919
Bayer AG, Registered		183,776		9,974,529
Daimler AG, Registered		156,018		13,765,731
Deutsche Bank AG, Registered(a)		388,882		4,941,813
Deutsche Telekom AG, Registered		605,526		12,143,335
E.ON SE		414,280		5,056,576
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		26,034		7,103,878
RWE AG		126,996		4,478,942
Siemens AG, Registered		148,908		24,354,052
				112,041,698
Japan — 3.5%
Bridgestone Corp.		114,700		5,426,594
Canon Inc.		198,350		4,853,238
Honda Motor Co. Ltd.		321,100		9,871,835
Mitsubishi UFJ Financial Group Inc.		2,408,600		14,238,026
Nissan Motor Co. Ltd.(a)		454,700		2,272,348
Panasonic Corp.		431,100		5,343,656
Seven & i Holdings Co. Ltd.		147,420		6,711,214
Sony Group Corp.		235,600		26,155,994
Toyota Motor Corp.		2,406,500		42,877,540
				117,750,445
Luxembourg — 0.1%
Societe Generale SA		145,917		4,569,367
Netherlands — 0.6%
ING Groep NV		729,959		10,612,510
Koninklijke Philips NV		169,778		7,542,711
				18,155,221
South Korea — 1.8%
Samsung Electronics Co. Ltd.		958,625		59,429,574
Spain — 0.8%
Banco Bilbao Vizcaya Argentaria SA		1,245,031		8,217,957
Banco Santander SA		3,245,398		11,756,009
Repsol SA		258,201		3,370,439
Telefonica SA		996,390		4,675,636
				28,020,041
Switzerland — 5.4%
ABB Ltd., Registered		332,897		11,136,008

Security	Shares		Value
Switzerland (continued)
Credit Suisse Group AG, Registered		468,456	$	4,626,594
Nestle SA, Registered		525,618		63,331,723
Novartis AG, Registered		454,868		37,298,792
Roche Holding AG, Bearer		5,045		2,070,589
Roche Holding AG, NVS		131,183		47,877,827
Swiss Re AG		54,142		4,621,028
UBS Group AG, Registered		690,012		11,013,704
				181,976,265
United Kingdom — 6.5%
Anglo American PLC		254,592		8,923,105
AstraZeneca PLC		289,252		34,859,995
Aviva PLC		740,251		3,923,239
Barclays PLC		2,975,974		7,561,882
BP PLC		3,802,224		17,318,570
Diageo PLC		434,760		21,048,909
GlaxoSmithKline PLC		933,285		17,614,044
HSBC Holdings PLC		3,881,870		20,297,049
National Grid PLC		721,094		8,592,351
Prudential PLC		486,555		9,441,799
Royal Dutch Shell PLC, Class A		765,785		17,030,426
Royal Dutch Shell PLC, Class B		692,020		15,332,817
Standard Chartered PLC		487,716		2,851,079
Unilever PLC		491,576		26,613,102
Vodafone Group PLC		4,974,773		7,570,071
				218,978,438
United States — 72.6%
3M Co.		107,970		18,940,097
Abbott Laboratories		330,711		39,066,890
Alphabet Inc., Class A(a)		56,219		150,302,621
Alphabet Inc., Class C, NVS(a)		52,608		140,216,628
Amazon.com Inc.(a)		81,324		267,152,593
American Tower Corp.		84,984		22,555,603
Aon PLC, Class A		41,938		11,984,622
Apple Inc.		2,932,194		414,905,451
Bristol-Myers Squibb Co.		415,663		24,594,780
Caterpillar Inc.		101,946		19,570,574
Chevron Corp.		361,101		36,633,696
Citigroup Inc.		377,699		26,506,916
Coca-Cola Co. (The)		725,401		38,061,790
Colgate-Palmolive Co.		157,410		11,897,048
DuPont de Nemours Inc.		99,035		6,733,390
Emerson Electric Co.		112,018		10,552,096
Exxon Mobil Corp.		790,493		46,496,798
Ford Motor Co.(a)		733,005		10,379,351
General Electric Co.		204,393		21,058,611
Goldman Sachs Group Inc. (The)		62,985		23,810,220
Honeywell International Inc.		129,081		27,401,315
HP Inc.		223,585		6,117,286
Intel Corp.		757,525		40,360,932
International Business Machines Corp.		167,361		23,251,464
Jackson Financial Inc., Class A(a)		12,163		316,238
Johnson & Johnson		491,538		79,383,387
Johnson Controls International PLC		133,595		9,095,148
JPMorgan Chase & Co.		557,950		91,330,835
Kimberly-Clark Corp.		63,145		8,362,924
Marsh & McLennan Companies Inc.		94,421		14,298,172
McDonald’s Corp.		139,443		33,621,102
Merck & Co. Inc.		472,681		35,503,070
Microsoft Corp.		1,403,184		395,585,633

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

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Morgan Stanley		272,011	$	26,469,390
Nike Inc., Class B		238,645		34,658,413
PepsiCo Inc.		258,069		38,816,158
Pfizer Inc.		1,046,883		45,026,438
Philip Morris International Inc.		290,081		27,496,778
Procter & Gamble Co. (The)		453,250		63,364,350
Raytheon Technologies Corp.		282,024		24,242,783
Texas Instruments Inc.		172,394		33,135,851
Walmart Inc.		266,230		37,107,137
				2,436,364,579
Total Common Stocks — 99.7% (Cost: $2,187,419,412)				3,347,667,908
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		3,756,000		3,756,000
Total Short-Term Investments — 0.1% (Cost: $3,756,000)				3,756,000
Total Investments in Securities — 99.8% (Cost: $2,191,175,412)				3,351,423,908
Other Assets, Less Liabilities — 0.2%				6,362,082
Net Assets — 100.0%			$	3,357,785,990

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

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)	$	—	$	0	(b)	$	—	$	—	$	—	$	—		—	$	7,589	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,816,000		940,000	(b)		—		—		—		3,756,000		3,756,000		176			—
								$	—	$	—	$	3,756,000			$	7,765		$	—

^(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
Euro STOXX 50 Index		20		12/17/21	$	935	$	(26,556	)

S C H E D U L E    O F    I N V E S T  M E N T S 9

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global 100 ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
FTSE 100 Index		11		12/17/21	$	1,044	$	(3,125	)
S&P 500 E-Mini Index		40		12/17/21		8,595		(272,322	)
							$	(302,003	)

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)	$	302,003

^(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	$	1,190,536
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(413,965	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,331,335

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	$	2,436,364,579		$	911,303,329		$	—	$	3,347,667,908
Money Market Funds		3,756,000			—			—		3,756,000
	$	2,440,120,579		$	911,303,329		$	—	$	3,351,423,908
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(272,322	)	$	(29,681	)	$	—	$	(302,003	)

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

See notes to financial statements.

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

Schedule of Investments(unaudited) September 30, 2021 iShares^® Global Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 11.5%
Atlas Arteria Ltd.		11,329,216	$	52,238,731
Qube Holdings Ltd.		22,527,586		52,716,840
Sydney Airport(a)		15,621,537		91,742,635
Transurban Group		13,138,381		132,414,765
Transurban Group, NVS		1,705,251		17,456,601
				346,569,572
Brazil — 0.4%
Centrais Eletricas Brasileiras SA, ADR(b)		452,104		3,209,938
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		416,352		2,947,772
Ultrapar Participacoes SA, ADR		1,610,947		4,349,557
				10,507,267
Canada — 10.7%
Enbridge Inc.		3,849,457		153,358,282
Gibson Energy Inc.		325,548		5,978,404
Keyera Corp.		491,234		12,360,357
Pembina Pipeline Corp.		1,222,474		38,751,248
TC Energy Corp.		2,176,316		104,743,584
Westshore Terminals Investment Corp.		463,319		8,943,747
				324,135,622
Chile — 0.1%
Enel Americas SA, ADR(b)		484,841		2,836,320
China — 5.6%
Beijing Capital International Airport Co. Ltd., Class H(a)		19,316,000		11,323,419
China Gas Holdings Ltd.		3,084,000		9,108,415
China Longyuan Power Group Corp. Ltd., Class H		4,193,000		10,288,813
China Merchants Port Holdings Co. Ltd.		15,918,000		27,220,008
China Resources Gas Group Ltd.		1,132,000		5,947,448
China Resources Power Holdings Co. Ltd.		2,234,000		6,442,589
COSCO SHIPPING Ports Ltd.		19,582,000		16,954,221
Guangdong Investment Ltd.		3,612,000		4,713,389
Hainan Meilan International Airport Co. Ltd., Class H(a)		1,582,000		6,624,986
Jiangsu Expressway Co. Ltd., Class H		14,436,000		14,586,853
Kunlun Energy Co. Ltd.		5,000,000		5,206,150
Shenzhen Expressway Co. Ltd., Class H		8,212,000		8,143,801
Shenzhen International Holdings Ltd.		15,528,500		20,018,565
Yuexiu Transport Infrastructure Ltd.		11,068,000		7,364,781
Zhejiang Expressway Co. Ltd., Class H		16,938,000		13,968,767
				167,912,205
Denmark — 1.0%
Orsted A/S(c)		237,480		31,303,317
France — 4.9%
Aeroports de Paris(a)		303,956		38,712,089
Engie SA		2,231,740		29,198,285
Getlink SE		5,132,901		80,184,308
				148,094,682
Germany — 3.3%
E.ON SE		2,818,452		34,401,169
Fraport AG Frankfurt Airport Services Worldwide(a)		436,947		30,251,951
Hamburger Hafen und Logistik AG		275,462		6,190,179
RWE AG		848,905		29,939,495
				100,782,794
Italy — 6.7%
Atlantia SpA(a)		5,950,718		112,300,041
Enav SpA(a)(c)		3,007,911		14,043,871

Security	Shares		Value
Italy (continued)
Enel SpA		9,699,820	$	74,448,226
				200,792,138
Japan — 2.0%
Iwatani Corp.		118,400		6,920,768
Japan Airport Terminal Co. Ltd.(a)		1,100,400		54,001,480
				60,922,248
Mexico — 3.7%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(a)(b)		406,389		19,039,325
Grupo Aeroportuario del Pacifico SAB de CV, ADR(b)		412,138		47,939,892
Grupo Aeroportuario del Sureste SAB de CV, ADR(b)		232,375		43,454,125
				110,433,342
Netherlands — 0.2%
Koninklijke Vopak NV		145,322		5,726,042
New Zealand — 2.5%
Auckland International Airport Ltd.(a)		14,265,454		76,681,938
Singapore — 0.5%
Hutchison Port Holdings Trust, Class U(b)		59,686,200		14,243,634
Spain — 7.4%
Aena SME SA(a)(c)		868,281		150,161,941
Iberdrola SA		7,272,521		73,164,671
				223,326,612
Switzerland — 1.3%
Flughafen Zurich AG, Registered(a)		224,870		40,063,693
United Kingdom — 2.2%
James Fisher & Sons PLC		466,793		5,402,741
John Menzies PLC(a)		989,841		4,177,646
National Grid PLC		4,866,155		57,983,721
				67,564,108
United States — 35.5%
American Electric Power Co. Inc.		627,999		50,980,959
American Water Works Co. Inc.		227,844		38,514,750
Cheniere Energy Inc.(a)		524,198		51,198,419
Consolidated Edison Inc.		443,624		32,202,666
Dominion Energy Inc.		1,014,948		74,111,503
DTE Midstream LLC(a)		215,285		9,954,778
Duke Energy Corp.		965,802		94,252,617
Equitrans Midstream Corp.		903,623		9,162,737
Eversource Energy		431,398		35,271,100
Exelon Corp.		1,227,540		59,339,284
Kinder Morgan Inc.		4,332,207		72,477,823
NextEra Energy Inc.		1,840,666		144,529,094
ONEOK Inc.		990,503		57,439,269
Public Service Enterprise Group Inc.		634,685		38,652,317
Sempra Energy		400,874		50,710,561
Southern Co. (The)		1,329,216		82,371,516
Targa Resources Corp.		508,197		25,008,374
WEC Energy Group Inc.		395,987		34,926,053
Williams Companies Inc. (The)		2,700,304		70,045,886
Xcel Energy Inc.		675,936		42,246,000
				1,073,395,706
Total Common Stocks — 99.5% (Cost: $2,792,131,051)				3,005,291,240

S C H E D U L E    O F    I N V E S T  M E N T S 11

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Brazil — 0.1%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		1,414,514	$	3,564,575
Total Preferred Stocks — 0.1% (Cost: $2,988,204)				3,564,575
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		4,764,496		4,766,878
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		1,640,000		1,640,000
				6,406,878
Total Short-Term Investments — 0.2% (Cost: $6,404,788)				6,406,878
Total Investments in Securities — 99.8% (Cost: $2,801,524,043)				3,015,262,693
Other Assets, Less Liabilities — 0.2%				6,937,012
Net Assets — 100.0%			$	3,022,199,705

^(a)  Non-income producing security.

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

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(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 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	$	5,584,799	$	—	$	(821,022	)(a)	$	3,241	$	(140	)	$	4,766,878		4,764,496	$	364,948	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,458,000		—		(3,818,000	)(a)		—		—			1,640,000		1,640,000		209			—
								$	3,241	$	(140	)	$	6,406,878			$	365,157		$	—

^(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
IBEX 35 Index		34		10/15/21	$	3,466	$	(4,288	)
S&P/TSX 60 Index		28		12/16/21		5,288		(93,918	)
SPI 200 Index		22		12/16/21		2,854		(65,350	)

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Global Infrastructure ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Dow Jones U.S. Real Estate Index		48		12/17/21	$	1,907	$	(60,399	)
							$	(223,955	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	223,955

^(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	$	2,120,472
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(230,864	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	15,116,612

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	$	1,710,344,114		$	1,294,947,126		$	—	$	3,005,291,240
Preferred Stocks		3,564,575			—			—		3,564,575
Money Market Funds		6,406,878			—			—		6,406,878
	$	1,720,315,567		$	1,294,947,126		$	—	$	3,015,262,693
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(154,317	)	$	(69,638	)	$	—	$	(223,955	)

^(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 13

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Global Timber & Forestry ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 7.5%
Klabin SA(a)		2,260,697	$	10,050,310
Suzano SA(a)		1,207,161		12,085,464
				22,135,774
Canada — 15.3%
Canfor Corp.(a)		342,207		7,516,342
Interfor Corp.		353,724		8,735,581
West Fraser Timber Co. Ltd.		302,046		25,439,971
Western Forest Products Inc.		2,010,613		3,492,301
				45,184,195
Finland — 9.2%
Metsa Board OYJ		496,001		4,643,026
Stora Enso OYJ, Class R		681,674		11,354,250
UPM-Kymmene OYJ		320,526		11,344,763
				27,342,039
Ireland — 3.8%
Smurfit Kappa Group PLC		216,536		11,400,273
Japan — 9.4%
Daio Paper Corp.		354,200		6,632,120
Oji Holdings Corp.		2,212,600		11,148,676
Sumitomo Forestry Co. Ltd.		528,500		10,038,042
				27,818,838
South Africa — 1.4%
Sappi Ltd.(a)		1,584,433		4,208,671
Sweden — 14.9%
BillerudKorsnas AB		512,049		9,753,658
Holmen AB, Class B		258,884		11,369,825
Svenska Cellulosa AB SCA, Class B		1,479,834		22,934,564
				44,058,047

Security	Shares		Value
United Kingdom — 3.9%
Mondi PLC		466,094	$	11,422,093
United States — 35.0%
CatchMark Timber Trust Inc., Class A		273,298		3,244,047
Domtar Corp.(a)		140,729		7,675,360
International Paper Co.		213,557		11,942,108
PotlatchDeltic Corp.		374,716		19,327,851
Rayonier Inc.		714,990		25,510,843
Westrock Co.		244,711		12,193,949
Weyerhaeuser Co.		668,895		23,792,595
				103,686,753
Total Common Stocks — 100.4% (Cost: $285,790,163)				297,256,683
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		480,000		480,000
Total Short-Term Investments — 0.2% (Cost: $480,000)				480,000
Total Investments in Securities — 100.6% (Cost: $286,270,163)				297,736,683
Other Assets, Less Liabilities — (0.6)%				(1,741,029	)
Net Assets — 100.0%			$	295,995,654

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

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)	$	—	$	0	(b)	$	—		$	—	$	—	$	—		—	$	1,148	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		530,000		—			(50,000	)(b)		—		—		480,000		480,000		8			—
									$	—	$	—	$	480,000			$	1,156		$	—

^(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.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Global Timber & Forestry 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
S&P 500 E-Mini Index		6		12/17/21	$	1,289	$	(40,895	)

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	$	40,895

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	$	191,928
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(54,336	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,519,868

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	$	175,215,393		$	122,041,290	$	—	$	297,256,683
Money Market Funds		480,000			—		—		480,000
	$	175,695,393		$	122,041,290	$	—	$	297,736,683
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(40,895	)	$	—	$	—	$	(40,895	)

^(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 15

Statements of Assets and Liabilities (unaudited)

September 30, 2021

	iShares Global 100 ETF		iShares Global Infrastructure ETF			iShares Global Timber & Forestry ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	3,347,667,908	$	3,008,855,815		$	297,256,683
Affiliated(c)		3,756,000		6,406,878			480,000
Cash		8,457		22,768			2,190
Foreign currency, at value(d)		2,258,878		3,871,576			341,157
Cash pledged:
Futures contracts		465,000		113,000			70,000
Foreign currency collateral pledged:
Futures contracts(e)		163,629		765,232			—
Receivables:
Investments sold		—		134,927,912			14,139,074
Securities lending income — Affiliated		—		3,236			—
Dividends		3,600,492		7,337,212			299,177
Tax reclaims		1,104,216		237,489			259,041
Foreign withholding tax claims		23,023		—			—
Total assets		3,359,047,603		3,162,541,118			312,847,322
LIABILITIES
Collateral on securities loaned, at value		—		4,755,865			—
Payables:
Investments purchased		3,040		134,478,504			16,254,064
Variation margin on futures contracts		114,939		97,616			15,600
Capital shares redeemed		—		—			479,627
Investment advisory fees		1,143,404		1,009,428			102,377
Professional fees		230		—			—
Total liabilities		1,261,613		140,341,413			16,851,668
NET ASSETS	$	3,357,785,990	$	3,022,199,705		$	295,995,654
NET ASSETS CONSIST OF:
Paid-in capital	$	2,308,083,141	$	3,122,266,970		$	269,056,782
Accumulated earnings (loss)		1,049,702,849		(100,067,265	)		26,938,872
NET ASSETS	$	3,357,785,990	$	3,022,199,705		$	295,995,654
Shares outstanding		47,250,000		65,900,000			3,480,000
Net asset value	$	71.06	$	45.86		$	85.06
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a) Securities loaned, at value	$	—	$	4,324,519		$	—
(b) Investments, at cost — Unaffiliated	$	2,187,419,412	$	2,795,119,255		$	285,790,163
(c)  Investments, at cost — Affiliated	$	3,756,000	$	6,404,788		$	480,000
(d) Foreign currency, at cost	$	2,266,511	$	3,848,000		$	341,398
(e) Foreign currency collateral pledged, at cost	$	170,343	$	794,092		$	—

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended September 30, 2021

	iShares Global 100 ETF			iShares Global Infrastructure ETF			iShares Global Timber & Forestry ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	36,919,778		$	57,302,371		$	3,351,430
Dividends — Affiliated		176			209			8
Securities lending income — Affiliated — net		7,589			364,948			1,148
Foreign taxes withheld		(3,214,226	)		(3,146,425	)		(360,580	)
Total investment income		33,713,317			54,521,103			2,992,006
EXPENSES
Investment advisory fees		6,645,136			6,327,932			734,650
Commitment fees		—			3,354			1,282
Total expenses		6,645,136			6,331,286			735,932
Net investment income		27,068,181			48,189,817			2,256,074
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(7,256,878	)		(10,381,376	)		(2,650,334	)
Investments — Affiliated		—			3,241			—
In-kind redemptions — Unaffiliated		25,606,875			34,195,740			37,265,480
Futures contracts		1,190,536			2,120,472			191,928
Foreign currency transactions		(78,224	)		(701,572	)		(45,353	)
Net realized gain		19,462,309			25,236,505			34,761,721
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		215,853,196			27,922,363			(39,531,027	)
Investments — Affiliated		—			(140	)		—
Futures contracts		(413,965	)		(230,864	)		(54,336	)
Foreign currency translations		(36,823	)		(760	)		6,126
Net change in unrealized appreciation (depreciation)		215,402,408			27,690,599			(39,579,237	)
Net realized and unrealized gain (loss)		234,864,717			52,927,104			(4,817,516	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	261,932,898		$	101,116,921		$	(2,561,442	)

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 17

Statements of Changes in Net Assets

	iShares Global 100 ETF						iShares Global Infrastructure ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	27,068,181		$	43,191,067		$	48,189,817		$	78,913,924
Net realized gain (loss)		19,462,309			102,579,128			25,236,505			(62,569,876	)
Net change in unrealized appreciation (depreciation)		215,402,408			815,086,813			27,690,599			916,470,827
Net increase in net assets resulting from operations		261,932,898			960,857,008			101,116,921			932,814,875
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(28,825,936	)		(40,952,429	)		(44,726,946	)		(76,623,860	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		151,613,988			197,592,141			(97,810,199	)		(534,217,723	)
NET ASSETS
Total increase (decrease) in net assets		384,720,950			1,117,496,720			(41,420,224	)		321,973,292
Beginning of period		2,973,065,040			1,855,568,320			3,063,619,929			2,741,646,637
End of period	$	3,357,785,990		$	2,973,065,040		$	3,022,199,705		$	3,063,619,929

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Global Timber & Forestry ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,256,074		$	2,792,041
Net realized gain (loss)		34,761,721			(6,301,390	)
Net change in unrealized appreciation (depreciation)		(39,579,237	)		136,206,632
Net increase (decrease) in net assets resulting from operations		(2,561,442	)		132,697,283
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,883,911	)		(2,647,161	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(29,608,604	)		28,821,616
NET ASSETS
Total increase (decrease) in net assets		(36,053,957	)		158,871,738
Beginning of period		332,049,611			173,177,873
End of period	$	295,995,654		$	332,049,611

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 19

Financial Highlights

(For a share outstanding throughout each period)

	iShares Global 100 ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period	$	65.92		$	44.71		$	47.57		$	45.54		$	40.90		$	36.07
Net investment income(b)		0.58			0.99			1.06			1.14			1.02			1.05
Net realized and unrealized gain (loss)(c)		5.18			21.16			(2.83	)		1.97			4.65			4.84
Net increase (decrease) from investment operations		5.76			22.15			(1.77	)		3.11			5.67			5.89
Distributions(d)
From net investment income		(0.62	)		(0.94	)		(1.09	)		(1.08	)		(1.03	)		(1.06	)
Total distributions		(0.62	)		(0.94	)		(1.09	)		(1.08	)		(1.03	)		(1.06	)
Net asset value, end of period	$	71.06		$	65.92		$	44.71		$	47.57		$	45.54		$	40.90
Total Return(e)
Based on net asset value		8.75	%(f)		49.88	%		(3.91	)%		7.00	%		13.97	%		16.66	%(g)
Ratios to Average Net Assets
Total expenses		0.40	%(h)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			0.40	%		N/A			N/A			0.40	%
Net investment income		1.63	%(h)		1.71	%		2.11	%		2.46	%		2.30	%		2.78	%
Supplemental Data
Net assets, end of period (000)	$	3,357,786		$	2,973,065		$	1,855,568		$	2,031,281		$	1,780,507		$	1,590,950
Portfolio turnover rate(i)		1	%(f)		3	%		5	%		9	%		8	%		5	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

^(g)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Total return by 0.01%

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Infrastructure ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	45.05		$	33.89		$	44.78		$	42.73		$	42.18		$	39.18
Net investment income(a)		0.72			1.04			1.54			1.34			1.44			1.29
Net realized and unrealized gain (loss)(b)		0.77			11.14			(10.86	)		2.10			0.45			2.88
Net increase (decrease) from investment operations		1.49			12.18			(9.32	)		3.44			1.89			4.17
Distributions(c)
From net investment income		(0.68	)		(1.02	)		(1.57	)		(1.39	)		(1.34	)		(1.17	)
Total distributions		(0.68	)		(1.02	)		(1.57	)		(1.39	)		(1.34	)		(1.17	)
Net asset value, end of period	$	45.86		$	45.05		$	33.89		$	44.78		$	42.73		$	42.18
Total Return(d)
Based on net asset value		3.26	%(e)		36.27	%(f)		(21.75	)%		8.40	%		4.37	%		10.85	%
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		3.10	%(g)		2.57	%		3.38	%		3.15	%		3.24	%		3.22	%
Supplemental Data
Net assets, end of period (000)	$	3,022,200		$	3,063,620		$	2,741,647		$	2,825,830		$	2,503,687		$	1,560,481
Portfolio turnover rate(h)		7	%(e)		25	%		9	%		19	%		11	%		23	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 21

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Timber & Forestry ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	85.14		$	48.10		$	63.82		$	78.11		$	57.39		$	47.07
Net investment income(a)		0.56			0.78			0.79			1.57			0.82			1.06	(b)
Net realized and unrealized gain (loss)(c)		0.22			37.04			(15.27	)		(14.25	)		20.75			10.14
Net increase (decrease) from investment operations		0.78			37.82			(14.48	)		(12.68	)		21.57			11.20
Distributions(d)
From net investment income		(0.86	)		(0.78	)		(1.24	)		(1.61	)		(0.85	)		(0.88	)
Total distributions		(0.86	)		(0.78	)		(1.24	)		(1.61	)		(0.85	)		(0.88	)
Net asset value, end of period	$	85.06		$	85.14		$	48.10		$	63.82		$	78.11		$	57.39
Total Return(e)
Based on net asset value		0.90	%(f)		79.23	%		(23.04	)%		(16.22	)%		37.92	%		24.18	%(b)
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.51	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			N/A			0.46	%		N/A			0.48	%
Net investment income		1.25	%(g)		1.15	%		1.30	%		2.17	%		1.21	%		2.09	%(b)
Supplemental Data
Net assets, end of period (000)	$	295,996		$	332,050		$	173,178		$	279,553		$	440,542		$	234,161
Portfolio turnover rate(h)		9	%(f)		14	%		10	%		18	%		31	%		17	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Net investment income per share by $0.14.

• Total return by 0.30%.

• Ratio of net investment income to average net assets by 0.27%.

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

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

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

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Global 100	Diversified
Global Infrastructure	Diversified
Global Timber & Forestry	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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

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

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

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Global Infrastructure
Citigroup Global Markets, Inc.	$	729,300	$	729,300		$	—	$	—
Goldman Sachs & Co. LLC		84,330		84,330			—		—
HSBC Bank PLC		55,845		55,845			—		—
J.P. Morgan Securities LLC		428,840		428,840			—		—
Morgan Stanley		2,024,920		2,024,920			—		—
State Street Bank & Trust Co.		847,671		847,319			—		(352	)(b)
UBS AG		60,583		60,583			—		—
UBS Securities LLC		93,030		93,030			—		—
	$	4,324,519	$	4,324,167		$	—	$	(352	)

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

^(b)  The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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Notes to Financial Statements  (unaudited) (continued)

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares Global 100 ETF, BFA is entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each of the iShares Global Infrastructure and iShares Global Timber & Forestry ETFs, BFA is entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Prior to July 14, 2021, for its investment advisory services to each of the iShares Global Infrastructure and iShares Global Timber & Forestry ETFs, BFA was entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.480	%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

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

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

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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Notes to Financial Statements  (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statements of operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Global 100	$	2,279
Global Infrastructure		88,141
Global Timber & Forestry		492

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

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

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global 100	$	5,525,340	$	980,724	$	(318,243)
Global Infrastructure		1,932,556		5,671,413		(502,689)
Global Timber & Forestry		550,236		224,733		(29,959)

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

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

7.    PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global 100	$	65,690,323	$	43,739,391
Global Infrastructure		315,947,974		219,044,122
Global Timber & Forestry		30,000,424		32,616,659

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Global 100	$	177,096,065	$	42,603,796
Global Infrastructure		13,003,274		145,859,854
Global Timber & Forestry		113,973,933		137,848,023

8.    INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Global 100	$	109,913,744
Global Infrastructure		316,510,669
Global Timber & Forestry		15,058,197

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Notes to Financial Statements  (unaudited) (continued)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global 100	$	2,227,637,783	$	1,329,775,081	$	(206,290,959)	$	1,123,484,122
Global Infrastructure		2,841,572,842		329,003,184		(155,537,288)		173,465,896
Global Timber & Forestry		289,024,282		23,529,076		(14,857,570)		8,671,506

9.    LINE OF CREDIT

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

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

During the six months ended September 30, 2021, the Funds did not borrow under the Credit Agreement or Syndicated Credit Agreement.

10.  PRINCIPAL RISKS

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

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

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

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

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.  CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Global 100
Shares sold		2,800,000		$	196,867,500			7,400,000		$	411,867,144
Shares redeemed		(650,000	)		(45,253,512	)		(3,800,000	)		(214,275,003	)
Net increase		2,150,000		$	151,613,988			3,600,000		$	197,592,141
Global Infrastructure
Shares sold		1,100,000		$	52,003,391			3,300,000		$	125,731,306
Shares redeemed		(3,200,000	)		(149,813,590	)		(16,200,000	)		(659,949,029	)
Net decrease		(2,100,000	)	$	(97,810,199	)		(12,900,000	)	$	(534,217,723	)
Global Timber & Forestry
Shares sold		1,320,000		$	123,684,305			1,020,000		$	70,906,482
Shares redeemed		(1,740,000	)		(153,292,909	)		(720,000	)		(42,084,866	)
Net increase (decrease)		(420,000	)	$	(29,608,604	)		300,000		$	28,821,616

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

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

12.  SUBSEQUENT EVENTS

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

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Board Review and Approval of Investment Advisory Contract

iShares Global 100 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract  (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

iFees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Global Infrastructure ETF, iShares Global Timber & Forestry ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

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Board Review and Approval of Investment Advisory Contract  (continued)

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global 100(a)	$	0.623861	$	—	$	0.000753	$	0.624614		100	%		—	%		0	%(b)		100	%
Global Infrastructure(a)		0.534527		—		0.143154		0.677681		79			—			21			100
Global Timber & Forestry(a)		0.593240		—		0.269851		0.863091		69			—			31			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

S U P P L E M E N T A L    I N F O R M  A T I O N 35

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
NVS	Non-Voting Shares

G L O S S A R Y    O F    T E R M S     U S E D    I N    T H I S    R E P O R T 37

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-303-0921

 

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Global Comm Services ETF  |  IXP  |  NYSE Arca

· iShares Global Consumer Discretionary ETF  |  RXI  |  NYSE Arca

· iShares Global Consumer Staples ETF  |  KXI  |  NYSE Arca

· iShares Global Energy ETF  |  IXC  |  NYSE Arca

· iShares Global Financials ETF  |  IXG  |  NYSE Arca

· iShares Global Healthcare ETF  |  IXJ  |  NYSE Arca

· iShares Global Industrials ETF  |  EXI  |  NYSE Arca

· iShares Global Materials ETF  |  MXI  |  NYSE Arca

· iShares Global Tech ETF  |  IXN  |  NYSE Arca

· iShares Global Utilities ETF  |  JXI  |  NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Trust

Rob Kapito

President, BlackRock, Inc.

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		14
Shareholder Expenses		14
Schedules of Investments		15
Financial Statements
Statements of Assets and Liabilities		50
Statements of Operations		53
Statements of Changes in Net Assets		56
Financial Highlights		61
Notes to Financial Statements		71
Board Review and Approval of Investment Advisory Contract		81
Supplemental Information		85
General Information		86
Glossary of Terms Used in this Report		87

Fund Summary  as of September 30, 2021 iShares^® Global Comm Services ETF

Investment Objective

The iShares Global Comm Services ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the communication services sector, as represented by the S&P Global 1200 Communication Services 4.5/22.5/45 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		5.95	%		29.51	%		9.36	%		8.85	%		29.51	%		56.41	%		133.58	%
Fund Market		5.64			29.44			9.35			8.94			29.44			56.34			135.37
Index		6.18			29.97			9.48			8.86			29.97			57.29			133.70

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Communication Services Sector Index^TM. Index performance beginning on June 24, 2019 reflects the performance of S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^TM.

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 14 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	$	1,059.50	$	2.12		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Interactive Media & Services	48.1	%
Diversified Telecommunication Services	18.9
Entertainment	15.2
Media	11.2
Wireless Telecommunication Services	6.6

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	72.9	%
Japan	6.5
China	6.2
Canada	2.4
United Kingdom	2.3
South Korea	1.8
Germany	1.5
Spain	1.4
France	1.2
Australia	0.8

^(a)  Excludes money market funds.

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Fund Summary  as of September 30, 2021 iShares^® Global Consumer Discretionary ETF

Investment Objective

The iShares Global Consumer Discretionary ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer discretionary sector, as represented by the S&P Global 1200 Consumer Discretionary (Sector) 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		1.60	%		23.07	%		14.44	%		14.95	%		23.07	%		96.24	%		302.76	%
Fund Market		1.59			23.15			14.47			15.03			23.15			96.56			305.72
Index		1.84			23.41			14.60			14.91			23.41			97.67			301.31

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through September 22, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary Sector Index^TM. Index performance beginning on September 23, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped Index^TM.

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 14 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	$	1,016.00	$	2.07		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Retailing	39.4	%
Automobiles & Components	26.0
Consumer Durables & Apparel	19.2
Consumer Services	15.4

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	56.2	%
Japan	12.4
China	8.3
France	6.3
Germany	4.9
United Kingdom	2.9
Netherlands	1.9
Australia	1.2
Canada	1.1
Switzerland	1.0

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary  as of September 30, 2021 iShares^® Global Consumer Staples ETF

Investment Objective

The iShares Global Consumer Staples ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer staples sector, as represented by the S&P Global 1200 Consumer Staples (Sector) 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		4.07	%		10.71	%		6.29	%		9.33	%		10.71	%		35.69	%		144.10	%
Fund Market		4.36			10.94			6.35			9.40			10.94			36.03			145.64
Index		4.14			10.67			6.22			9.31			10.67			35.20			143.56

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Consumer Staples Sector Index^TM. Index performance beginning on June 24, 2019 reflects the performance of the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM.

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 14 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	$	1,040.70	$	2.10		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Packaged Foods & Meats	21.5	%
Household Products	16.2
Hypermarkets & Super Centers	10.9
Soft Drinks	10.8
Personal Products	10.5
Tobacco	9.9
Food Retail	7.3
Distillers & Vintners	5.7
Brewers	4.3
Food Distributors	1.1
Other (each representing less than 1%)	1.8

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	53.3	%
United Kingdom	13.0
Switzerland	9.5
Japan	6.8
France	5.5
Netherlands	1.8
Canada	1.8
Australia	1.8
Belgium	1.3
Germany	1.0

^(a)  Excludes money market funds.

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Fund Summary  as of September 30, 2021 iShares^® Global Energy ETF

Investment Objective

The iShares Global Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the energy sector, as represented by the S&P Global 1200 Energy Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.60	%		70.73	%		0.17	%		1.35	%		70.73	%		0.85	%		14.41	%
Fund Market		10.64			71.03			0.15			1.43			71.03			0.74			15.20
Index		10.51			70.12			(0.19	)		1.15			70.12			(0.93	)		12.17

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.

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 14 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	$	1,106.00	$	2.16		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Integrated Oil & Gas	56.2	%
Oil & Gas Exploration & Production	18.6
Oil & Gas Storage & Transportation	12.6
Oil & Gas Refining & Marketing	7.7
Oil & Gas Equipment & Services	4.4
Coal & Consumable Fuels	0.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	54.0	%
United Kingdom	14.3
Canada	13.3
France	6.4
Brazil	2.2
Australia	1.9
Italy	1.8
Norway	1.5
Finland	1.3
Japan	1.1

^(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^® Global Financials ETF

Investment Objective

The iShares Global Financials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the financials sector, as represented by the S&P Global 1200 Financials Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.24	%		50.06	%		11.52	%		11.18	%		50.06	%		72.52	%		188.61	%
Fund Market		7.27			49.99			11.50			11.31			49.99			72.33			191.91
Index		7.53			50.42			11.65			11.30			50.42			73.51			191.63

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.

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 14 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	$	1,072.40	$	2.13		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Banks	48.2	%
Capital Markets	20.6
Insurance	20.3
Diversified Financial Services	7.8
Consumer Finance	3.1
Other (each representing less than 1%)	0.0	(b)

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	52.4	%
Canada	8.1
United Kingdom	5.3
Australia	5.3
Japan	4.3
Switzerland	3.1
Hong Kong	2.8
China	2.6
Germany	2.6
France	1.9

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%.

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Fund Summary  as of September 30, 2021 iShares^® Global Healthcare ETF

Investment Objective

The iShares Global Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the healthcare sector, as represented by the S&P Global 1200 Health Care Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.44	%		18.05	%		12.43	%		14.38	%		18.05	%		79.64	%		283.37	%
Fund Market		9.35			18.02			12.45			14.43			18.02			79.82			285.02
Index		9.63			18.21			12.53			14.47			18.21			80.42			286.41

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 14 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	$	1,094.40	$	2.15		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Pharmaceuticals	38.3	%
Health Care Equipment & Supplies	24.9
Health Care Providers & Services	14.2
Biotechnology	12.5
Life Sciences Tools & Services	9.4
Health Care Technology	0.7

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	69.1	%
Switzerland	8.7
Japan	5.8
United Kingdom	4.3
Denmark	3.2
Germany	2.1
France	2.0
Australia	1.8
Netherlands	1.0
China	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^® Global Industrials ETF

Investment Objective

The iShares Global Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the industrials sector, as represented by the S&P Global 1200 Industrials Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.16	%		27.92	%		11.55	%		12.31	%		27.92	%		72.76	%		219.27	%
Fund Market		2.14			27.77			11.57			12.43			27.77			72.84			222.68
Index		2.48			28.37			11.65			12.32			28.37			73.47			219.51

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 14 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	$	1,021.60	$	2.08		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Capital Goods	67.4	%
Transportation	20.0
Commercial & Professional Services	12.6

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	50.0	%
Japan	15.7
France	7.1
United Kingdom	5.1
Germany	3.9
Sweden	3.8
Canada	3.1
Switzerland	2.9
Denmark	2.0
Australia	1.2

^(a)  Excludes money market funds.

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Fund Summary  as of September 30, 2021 iShares^® Global Materials ETF

Investment Objective

The iShares Global Materials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the materials sector, as represented by the S&P Global 1200 Materials Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.56	)%		24.45	%		12.29	%		7.01	%		24.45	%		78.53	%		96.83	%
Fund Market		(0.68	)		24.28			12.30			7.19			24.28			78.58			100.18
Index		(0.19	)		25.02			12.51			7.22			25.02			80.28			100.73

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 14 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	$	994.40	$	2.05		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Chemicals	52.8	%
Metals & Mining	32.8
Containers & Packaging	6.1
Construction Materials	5.9
Paper & Forest Products	2.4

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	30.3	%
Australia	14.2
Ireland	8.3
Japan	7.7
Canada	7.0
Germany	4.8
United Kingdom	4.5
Switzerland	4.4
France	3.5
Netherlands	3.1

^(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^® Global Tech ETF

Investment Objective

The iShares Global Tech ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the technology sector, as represented by the S&P Global 1200 Information Technology Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.06	%		29.72	%		26.35	%		21.24	%		29.72	%		222.01	%		586.29	%
Fund Market		10.89			29.84			26.33			21.33			29.84			221.82			591.27
Index		11.35			30.10			26.55			21.40			30.10			224.59			595.32

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 14 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	$	1,110.60	$	2.17		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Software	28.6	%
Semiconductors & Semiconductor Equipment	23.9
Technology Hardware, Storage & Peripherals	22.0
IT Services	17.8
Electronic Equipment, Instruments & Components	4.8
Communications Equipment	2.9

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	78.3	%
Taiwan	4.2
Japan	3.7
Netherlands	3.6
South Korea	3.5
Canada	1.7
Germany	1.6
France	1.1
Sweden	0.6
China	0.4

^(a)  Excludes money market funds.

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Fund Summary  as of September 30, 2021 iShares^® Global Utilities ETF

Investment Objective

The iShares Global Utilities ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the utilities sector, as represented by the S&P Global 1200 Utilities (Sector) 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		(1.51	)%		8.10	%		7.92	%		7.35	%		8.10	%		46.38	%		103.21	%
Fund Market		(1.46	)		8.08			7.93			7.45			8.08			46.48			105.12
Index(a)		(1.62	)		7.83			7.59			7.06			7.83			44.16			97.80
S&P Global 1200 Utilities Index		(1.68	)		7.77			7.58			7.05			7.77			44.08			97.56
S&P Global 1200 Utilities (Sector) Capped Index(b)		(1.62	)		N/A			N/A			N/A			N/A			N/A			N/A

^(a)  Index performance through May 2, 2021 reflects the performance of the S&P Global 1200 Utilities Index. Index performance beginning on May 3, 2021 reflects the performance of the S&P Global 1200 Utilities (Sector) Capped Index, which, effective as of May 3, 2021, replaced the S&P Global 1200 Utilities Index as the underlying index of the fund.

^(b)  The inception date of the S&P Global 1200 Utilities (Sector) Capped Index was February 15, 2021. The cumulative total return for this index for the period February 15, 2021 through September 30, 2021 was -0.20%.

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 14 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	$	984.90	$	2.04		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Electric Utilities	59.8	%
Multi-Utilities	30.5
Gas Utilities	5.2
Water Utilities	3.4
Independent Power and Renewable Electricity Producers	1.1

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	61.5	%
Spain	6.0
United Kingdom	6.0
Italy	5.6
Canada	4.0
France	3.8
Germany	3.6
Hong Kong	2.3
Japan	2.2
Denmark	1.7

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 13

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

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Schedule of Investments (unaudited) September 30, 2021 iShares^® Global Comm Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.8%
Telstra Corp. Ltd.		869,572	$	2,436,626
Canada — 2.4%
BCE Inc.		66,222		3,317,374
Rogers Communications Inc., Class B, NVS		25,623		1,196,590
Shaw Communications Inc., Class B, NVS		32,740		951,750
TELUS Corp.		99,493		2,186,866
				7,652,580
China — 6.2%
NetEase Inc.		146,500		2,478,840
Tencent Holdings Ltd.		290,200		17,324,568
				19,803,408
Finland — 0.2%
Elisa OYJ		11,011		684,156
France — 1.2%
Orange SA		138,087		1,493,392
Publicis Groupe SA		17,225		1,157,138
Ubisoft Entertainment SA(a)		6,686		400,372
Vivendi SE		59,402		747,868
				3,798,770
Germany — 1.5%
Deutsche Telekom AG, Registered		236,729		4,747,409
Italy — 0.1%
Telecom Italia SpA/Milano		739,731		289,242
Japan — 6.4%
Dentsu Group Inc.		18,100		696,393
KDDI Corp.		121,300		3,993,573
Nexon Co. Ltd.		33,800		542,509
Nintendo Co. Ltd.		8,700		4,157,579
Nippon Telegraph & Telephone Corp.		174,000		4,821,391
SoftBank Group Corp.		92,000		5,316,245
Z Holdings Corp.		190,300		1,217,931
				20,745,621
Mexico — 0.6%
America Movil SAB de CV, Series L, NVS		1,698,271		1,502,334
Grupo Televisa SAB, CPO		184,988		407,948
				1,910,282
Netherlands — 0.7%
Koninklijke KPN NV		258,122		812,248
Universal Music Group NV(a)		59,402		1,590,504
				2,402,752
Norway — 0.2%
Telenor ASA		47,067		792,231
South Korea — 1.8%
Kakao Corp.		22,760		2,238,403
NAVER Corp.		10,809		3,507,164
				5,745,567
Spain — 1.4%
Cellnex Telecom SA(b)		41,722		2,575,918
Telefonica SA		391,612		1,837,669
				4,413,587
Sweden — 0.5%
Embracer Group AB(a)		41,660		401,163
Tele2 AB, Class B		36,618		542,192

Security	Shares		Value
Sweden (continued)
Telia Co. AB		182,397	$	750,332
				1,693,687
Switzerland — 0.3%
Swisscom AG, Registered		1,856		1,068,092
Taiwan — 0.3%
Chunghwa Telecom Co. Ltd.		278,120		1,101,777
United Kingdom — 2.3%
BT Group PLC(a)		641,356		1,374,946
Informa PLC(a)		109,899		808,193
ITV PLC(a)		264,884		378,829
Pearson PLC		55,318		530,512
Vodafone Group PLC		1,959,441		2,981,665
WPP PLC		93,330		1,250,394
				7,324,539
United States — 72.8%
Activision Blizzard Inc.		56,862		4,400,550
Alphabet Inc., Class A(a)		13,828		36,969,435
Alphabet Inc., Class C, NVS(a)		12,940		34,489,111
AT&T Inc.		522,037		14,100,219
Charter Communications Inc., Class A(a)		9,274		6,747,391
Comcast Corp., Class A		256,851		14,365,676
Discovery Inc., Class A(a)(c)		12,363		313,773
Discovery Inc., Class C, NVS(a)		22,207		538,964
DISH Network Corp., Class A(a)		18,200		790,972
Electronic Arts Inc.		20,807		2,959,796
Facebook Inc., Class A(a)		152,716		51,830,283
Fox Corp., Class A, NVS		23,645		948,401
Fox Corp., Class B		10,608		393,769
Interpublic Group of Companies Inc. (The)		28,779		1,055,326
Live Nation Entertainment Inc.(a)		9,633		877,855
Lumen Technologies Inc.		72,728		901,100
Match Group Inc.(a)		20,239		3,177,321
Netflix Inc.(a)		25,488		15,556,346
News Corp., Class A, NVS		28,603		673,029
News Corp., Class B		8,594		199,639
Omnicom Group Inc.		15,676		1,135,883
Take-Two Interactive Software Inc.(a)		8,519		1,312,522
T-Mobile U.S. Inc.(a)		42,885		5,478,988
Twitter Inc.(a)		58,343		3,523,334
Verizon Communications Inc.		281,315		15,193,823
ViacomCBS Inc., Class B, NVS		44,294		1,750,056
Walt Disney Co. (The)(a)		83,430		14,113,853
				233,797,415
Total Common Stocks — 99.7% (Cost: $253,643,863)				320,407,741
Preferred Stocks
Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		406,828		164,170
Total Preferred Stocks — 0.1% (Cost: $367,199)				164,170

S C H E D U L E  O F  I N V E S T M E N  T S 15

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Comm Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		297,628	$	297,776
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		170,000		170,000
				467,776
Total Short-Term Investments — 0.1% (Cost: $467,776)				467,776
Total Investments in Securities — 99.9% (Cost: $254,478,838)				321,039,687
Other Assets, Less Liabilities — 0.1%				217,578
Net Assets — 100.0%			$	321,257,265

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(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 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	$	2,744,057	$	—	$	(2,446,060	)(a)	$	(221	)	$	—	$	297,776		297,628	$	1,401	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		173,000		—		(3,000	)(a)		—			—		170,000		170,000		12			—
								$	(221	)	$	—	$	467,776			$	1,413		$	—

^(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
Mini TOPIX Index		5		12/09/21	$	90	$	(2,677	)
E-Mini S&P Communication Services Index		5		12/17/21		524		(22,826	)
Euro STOXX 50 Index		1		12/17/21		47		(684	)
							$	(26,187	)

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Comm Services 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)	$	26,187

^(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	$	89,636
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(23,606	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	764,307

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	$	248,612,018		$	71,795,723		$	—	$	320,407,741
Preferred Stocks		—			164,170			—		164,170
Money Market Funds		467,776			—			—		467,776
	$	249,079,794		$	71,959,893		$	—	$	321,039,687
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(22,826	)	$	(3,361	)	$	—	$	(26,187	)

^(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 17

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Global Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.2%
Aristocrat Leisure Ltd.		41,225	$	1,371,000
Tabcorp Holdings Ltd.		141,357		491,157
Wesfarmers Ltd.		72,753		2,893,634
				4,755,791
Brazil — 0.2%
Lojas Renner SA		58,005		366,622
Magazine Luiza SA		171,250		450,943
				817,565
Canada — 1.0%
Canadian Tire Corp. Ltd., Class A, NVS		3,676		514,396
Dollarama Inc.		18,350		795,949
Gildan Activewear Inc.		12,583		459,767
Magna International Inc.		17,697		1,331,816
Restaurant Brands International Inc.		19,601		1,200,883
				4,302,811
Chile — 0.0%
Falabella SA		49,841		174,579
China — 8.2%
Alibaba Group Holding Ltd.(a)		873,300		16,168,223
ANTA Sports Products Ltd.		72,000		1,359,610
BYD Co. Ltd., Class H		47,500		1,476,414
Geely Automobile Holdings Ltd.		320,000		918,594
JD.com Inc., Class A(a)		114,650		4,133,397
Li Ning Co. Ltd.		139,000		1,602,078
Meituan, Class B(a)(b)		257,900		8,232,535
				33,890,851
Denmark — 0.2%
Pandora A/S		6,456		783,756
France — 6.3%
Accor SA(a)		10,378		370,051
Cie. Generale des Etablissements Michelin SCA		11,382		1,745,321
EssilorLuxottica SA		19,273		3,682,937
Hermes International		2,224		3,068,529
Kering SA		4,715		3,348,878
LVMH Moet Hennessy Louis Vuitton SE		17,102		12,249,540
Renault SA(a)		13,207		468,544
Sodexo SA(a)		5,354		467,916
Valeo		14,621		408,041
				25,809,757
Germany — 3.9%
adidas AG		11,897		3,738,709
Bayerische Motoren Werke AG		20,385		1,936,146
Continental AG(a)		6,854		744,060
Daimler AG, Registered		53,346		4,706,807
Delivery Hero SE(a)(b)		12,112		1,544,948
HelloFresh SE(a)		11,115		1,024,437
Puma SE		6,593		732,911
Volkswagen AG		1,899		585,658
Zalando SE(a)(b)		12,372		1,128,345
				16,142,021
Ireland — 0.5%
Flutter Entertainment PLC, Class DI(a)		9,740		1,931,752
Italy — 0.6%
Ferrari NV		8,168		1,704,660

Security	Shares		Value
Italy (continued)
Moncler SpA		13,605	$	829,777
				2,534,437
Japan — 12.4%
Aisin Corp.		11,600		420,347
Bandai Namco Holdings Inc.		14,200		1,067,523
Bridgestone Corp.		38,800		1,835,674
Denso Corp.		33,200		2,167,872
Fast Retailing Co. Ltd.		4,200		3,097,565
Honda Motor Co. Ltd.		110,043		3,383,140
Isuzu Motors Ltd.		39,900		519,108
Koito Manufacturing Co. Ltd.		8,400		505,119
Nissan Motor Co. Ltd.(a)		155,000		774,607
Nitori Holdings Co. Ltd.		5,600		1,103,603
Oriental Land Co. Ltd.		14,700		2,378,103
Pan Pacific International Holdings Corp.		34,100		703,597
Panasonic Corp.		148,900		1,845,675
Rakuten Group Inc.		58,300		567,886
Sekisui House Ltd.		42,100		881,614
Shimano Inc.		5,400		1,577,810
Sony Group Corp.		80,600		8,948,103
Subaru Corp.		38,988		720,487
Sumitomo Electric Industries Ltd.		51,100		679,511
Suzuki Motor Corp.		31,400		1,402,921
Toyota Industries Corp.		13,200		1,086,094
Toyota Motor Corp.		824,000		14,681,526
Yamaha Motor Co. Ltd.		20,113		559,943
				50,907,828
Netherlands — 1.9%
Just Eat Takeaway.com NV(a)(b)		9,630		703,606
Prosus NV		55,677		4,456,442
Stellantis NV		142,033		2,703,047
				7,863,095
South Korea — 0.9%
Hyundai Mobis Co. Ltd.		4,287		904,634
Hyundai Motor Co.		9,128		1,519,496
Kia Corp.		17,192		1,161,088
				3,585,218
Spain — 0.6%
Industria de Diseno Textil SA		71,727		2,639,248
Sweden — 0.8%
Electrolux AB, Series B		15,887		367,049
Evolution AB(b)		11,551		1,749,274
H & M Hennes & Mauritz AB, Class B(a)		47,623		963,966
				3,080,289
Switzerland — 1.0%
Cie. Financiere Richemont SA, Class A, Registered		33,311		3,453,754
Swatch Group AG (The), Bearer		1,857		484,457
Swatch Group AG (The), Registered		3,375		173,658
				4,111,869
United Kingdom — 2.9%
Aptiv PLC(a)		17,333		2,582,097
Barratt Developments PLC		65,388		578,016
Berkeley Group Holdings PLC, NVS		7,254		423,602
Burberry Group PLC		26,135		636,038
Compass Group PLC(a)		114,233		2,336,199
Entain PLC(a)		37,911		1,082,799
InterContinental Hotels Group PLC(a)		12,120		773,881
Kingfisher PLC		135,429		611,310

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Marks & Spencer Group PLC(a)		121,372	$	297,922
Next PLC		8,430		927,307
Persimmon PLC		20,600		736,758
Taylor Wimpey PLC		232,653		485,244
Whitbread PLC(a)		12,880		572,684
				12,043,857
United States — 56.1%
Advance Auto Parts Inc.		4,227		882,978
Amazon.com Inc.(a)		12,099		39,745,699
AutoZone Inc.(a)		1,377		2,338,132
Bath & Body Works Inc.		17,084		1,076,805
Best Buy Co. Inc.		14,384		1,520,533
Booking Holdings Inc.(a)		2,625		6,231,409
BorgWarner Inc.		15,422		666,385
Caesars Entertainment Inc.(a)		13,647		1,532,285
CarMax Inc.(a)		10,382		1,328,481
Carnival Corp.(a)		51,413		1,285,839
Chipotle Mexican Grill Inc.(a)		1,796		3,264,266
Darden Restaurants Inc.		8,308		1,258,413
Dollar General Corp.		15,160		3,216,042
Dollar Tree Inc.(a)		14,977		1,433,598
Domino’s Pizza Inc.		2,356		1,123,718
DR Horton Inc.		20,837		1,749,683
eBay Inc.		41,482		2,890,051
Etsy Inc.(a)		8,092		1,682,812
Expedia Group Inc.(a)		9,291		1,522,795
Ford Motor Co.(a)		250,848		3,552,008
Gap Inc. (The)		13,407		304,339
Garmin Ltd.		9,618		1,495,214
General Motors Co.(a)		92,806		4,891,804
Genuine Parts Co.		9,155		1,109,861
Hanesbrands Inc.		21,994		377,417
Hasbro Inc.		8,241		735,262
Hilton Worldwide Holdings Inc.(a)		17,812		2,353,143
Home Depot Inc. (The)		57,889		19,002,643
Las Vegas Sands Corp.(a)		21,983		804,578
Leggett & Platt Inc.		8,400		376,656
Lennar Corp., Class A		17,561		1,645,114
LKQ Corp.(a)		17,284		869,731
Lowe’s Companies Inc.		45,190		9,167,243
Marriott International Inc./MD, Class A(a)		17,492		2,590,390
McDonald’s Corp.		47,741		11,510,833
MGM Resorts International		25,569		1,103,302
Mohawk Industries Inc.(a)		3,574		634,028
Newell Brands Inc.		24,250		536,895
Nike Inc., Class B		81,706		11,866,162
Norwegian Cruise Line Holdings Ltd.(a)		24,169		645,554
NVR Inc.(a)		213		1,021,139
O’Reilly Automotive Inc.(a)		4,408		2,693,552
Penn National Gaming Inc.(a)		10,025		726,412
Pool Corp.		2,550		1,107,746
PulteGroup Inc.		16,844		773,476
PVH Corp.(a)		4,515		464,097
Ralph Lauren Corp.		3,023		335,674
Ross Stores Inc.		22,850		2,487,223
Royal Caribbean Cruises Ltd.(a)		14,137		1,257,486
Starbucks Corp.		75,378		8,314,947
Tapestry Inc.		17,908		662,954
Target Corp.		31,627		7,235,309

Security	Shares			Value
United States (continued)
Tesla Inc.(a)		51,152		$	39,667,353
TJX Companies Inc. (The)		77,128			5,088,905
Tractor Supply Co.		7,309			1,480,877
Ulta Beauty Inc.(a)		3,482			1,256,723
Under Armour Inc., Class A(a)		12,493			252,109
Under Armour Inc., Class C, NVS(a)		12,904			226,078
VF Corp.		20,744			1,389,641
Whirlpool Corp.		4,064			828,487
Wynn Resorts Ltd.(a)		6,799			576,215
Yum! Brands Inc.		18,900			2,311,659
					230,480,163
Total Common Stocks — 98.7% (Cost: $344,725,702)					405,854,887
Preferred Stocks
Germany — 0.9%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,550			269,289
Porsche Automobil Holding SE, Preference Shares, NVS		9,889			977,926
Volkswagen AG, Preference Shares, NVS		11,732			2,615,093
					3,862,308
South Korea — 0.1%
Hyundai Motor Co.
Preference Shares, NVS		1,507			121,330
Series 2, Preference Shares, NVS		2,206			175,792
					297,122
Total Preferred Stocks — 1.0% (Cost: $3,924,420)					4,159,430
Rights
Germany — 0.0%
Vitesco Technologies Group (Expires 10/11/21)(a)		0	(c)		24
Total Rights — 0.0% (Cost: $0)					24
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		240,000			240,000
Total Short-Term Investments — 0.1% (Cost: $240,000)					240,000
Total Investments in Securities — 99.8% (Cost: $348,890,122)					410,254,341
Other Assets, Less Liabilities — 0.2%					964,659
Net Assets — 100.0%				$	411,219,000

^(a) Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Rounds to less than 1.

^(d)  Affiliate of the Fund.

^(e)  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^® Global Consumer Discretionary 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)	$	796,179	$	—	$	(795,676	)(b)	$	(503	)	$	—	$	—		—	$	3,194	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		270,000		—		(30,000	)(b)		—			—		240,000		240,000		15			—
								$	(503	)	$	—	$	240,000			$	3,209		$	—

^(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
TOPIX Index		1		12/09/21	$	181	$	(705	)
Euro STOXX 50 Index		8		12/17/21		374		(8,010	)
S&P Consumer Discretionary Select Sector E-Mini Index		3		12/17/21		544		(9,017	)
							$	(17,732	)

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)	$	17,732

^(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	$	98,744
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(37,084	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	989,708

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^® Global Consumer Discretionary 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	$	238,357,215		$	167,497,672		$	—	$	405,854,887
Preferred Stocks		—			4,159,430			—		4,159,430
Rights		—			24			—		24
Money Market Funds		240,000			—			—		240,000
	$	238,597,215		$	171,657,126		$	—	$	410,254,341
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(9,017	)	$	(8,715	)	$	—	$	(17,732	)

^(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^® Global Consumer Staples ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.7%
Coles Group Ltd.		228,552	$	2,776,217
Endeavour Group Ltd./Australia		219,547		1,098,634
Treasury Wine Estates Ltd.		123,673		1,090,545
Woolworths Group Ltd.		217,188		6,100,433
				11,065,829
Belgium — 1.3%
Anheuser-Busch InBev SA/NV		144,647		8,204,000
Brazil — 0.6%
Ambev SA, ADR		755,074		2,084,004
BRF SA, ADR(a)(b)		84,683		425,109
Natura & Co. Holding SA, ADR(a)(b)		69,798		1,162,137
				3,671,250
Canada — 1.8%
Alimentation Couche-Tard Inc., Class B		139,656		5,343,226
George Weston Ltd.		12,093		1,304,394
Loblaw Companies Ltd.		28,304		1,942,352
Metro Inc.		42,069		2,055,622
Saputo Inc.		40,999		1,042,616
				11,688,210
Chile — 0.1%
Cencosud SA		208,793		403,783
Denmark — 0.4%
Carlsberg A/S, Class B		17,007		2,774,575
Finland — 0.3%
Kesko OYJ, Class B		46,670		1,609,807
France — 5.5%
Carrefour SA		107,717		1,930,443
Danone SA		117,629		8,019,700
L’Oreal SA		41,922		17,347,491
Pernod Ricard SA		34,389		7,581,504
				34,879,138
Germany — 0.5%
Beiersdorf AG		16,831		1,816,066
Henkel AG & Co. KGaA		16,637		1,431,200
				3,247,266
Ireland — 0.6%
Kerry Group PLC, Class A		26,348		3,540,343
Japan — 6.8%
Aeon Co. Ltd.		149,317		3,925,538
Ajinomoto Co. Inc.		93,300		2,756,997
Asahi Group Holdings Ltd.		86,598		4,178,817
Japan Tobacco Inc.		186,800		3,660,207
Kao Corp.		80,500		4,790,842
Kikkoman Corp.		32,700		2,660,885
Kirin Holdings Co. Ltd.		141,596		2,628,004
MEIJI Holdings Co. Ltd.		24,500		1,583,983
Nissin Foods Holdings Co. Ltd.		13,400		1,075,278
Seven & i Holdings Co. Ltd.		136,537		6,215,771
Shiseido Co. Ltd.		68,100		4,576,962
Unicharm Corp.		75,900		3,363,280
Yakult Honsha Co. Ltd.		27,320		1,382,967
				42,799,531
Mexico — 0.9%
Fomento Economico Mexicano SAB de CV		313,253		2,719,974

Security	Shares		Value
Mexico (continued)
Wal-Mart de Mexico SAB de CV		865,867	$	2,941,804
				5,661,778
Netherlands — 1.8%
Heineken Holding NV		17,264		1,503,278
Heineken NV		40,447		4,221,648
Koninklijke Ahold Delhaize NV		179,170		5,966,026
				11,690,952
Norway — 0.5%
Mowi ASA		77,072		1,958,154
Orkla ASA		128,337		1,177,902
				3,136,056
Sweden — 0.9%
Essity AB, Class B		102,893		3,191,121
Swedish Match AB		269,979		2,364,136
				5,555,257
Switzerland — 9.4%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		174		1,945,469
Chocoladefabriken Lindt & Spruengli AG, Registered		18		2,122,646
Nestle SA, Registered		461,359		55,589,155
				59,657,270
United Kingdom — 12.9%
Associated British Foods PLC		61,022		1,519,003
British American Tobacco PLC		390,340		13,644,146
Diageo PLC		398,327		19,285,005
Imperial Brands PLC		162,663		3,402,364
J Sainsbury PLC		297,442		1,140,030
Ocado Group PLC(a)		110,328		2,465,590
Reckitt Benckiser Group PLC		125,836		9,885,700
Tesco PLC		1,324,726		4,511,531
Unilever PLC		449,213		24,319,640
Wm Morrison Supermarkets PLC		411,602		1,633,275
				81,806,284
United States — 53.0%
Altria Group Inc.		315,104		14,343,534
Archer-Daniels-Midland Co.		95,717		5,743,977
Brown-Forman Corp., Class B, NVS		31,284		2,096,341
Campbell Soup Co.		34,891		1,458,793
Church & Dwight Co. Inc.		42,016		3,469,261
Clorox Co. (The)		20,978		3,474,167
Coca-Cola Co. (The)		592,444		31,085,537
Colgate-Palmolive Co.		144,104		10,891,380
Conagra Brands Inc.		82,217		2,784,690
Constellation Brands Inc., Class A		28,788		6,065,344
Costco Wholesale Corp.		63,722		28,633,481
Estee Lauder Companies Inc. (The), Class A		39,612		11,880,827
General Mills Inc.		103,592		6,196,873
Hershey Co. (The)		24,848		4,205,524
Hormel Foods Corp.		48,281		1,979,521
JM Smucker Co. (The)		18,766		2,252,483
Kellogg Co.		43,160		2,758,787
Kimberly-Clark Corp.		57,563		7,623,644
Kraft Heinz Co. (The)		114,973		4,233,306
Kroger Co. (The)		116,192		4,697,642
Lamb Weston Holdings Inc.		25,059		1,537,871
McCormick & Co. Inc./MD, NVS		42,659		3,456,659
Molson Coors Beverage Co., Class B		32,268		1,496,590
Mondelez International Inc., Class A		238,847		13,896,118

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^® Global Consumer Staples ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Monster Beverage Corp.(a)		64,160	$	5,699,333
PepsiCo Inc.		189,470		28,498,183
Philip Morris International Inc.		266,285		25,241,155
Procter & Gamble Co. (The)		397,835		55,617,333
Sysco Corp.		87,236		6,848,026
Tyson Foods Inc., Class A		50,063		3,951,973
Walgreens Boots Alliance Inc.		122,237		5,751,251
Walmart Inc.		201,254		28,050,782
				335,920,386
Total Common Stocks — 99.0% (Cost: $586,947,462)				627,311,715
Preferred Stocks
Germany — 0.4%
Henkel AG & Co. KGaA, Preference Shares, NVS		30,528		2,824,100
Total Preferred Stocks — 0.4% (Cost: $3,534,232)				2,824,100
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		858,242		858,671

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		457,000	$	457,000
				1,315,671
Total Short-Term Investments — 0.2% (Cost: $1,315,671)				1,315,671
Total Investments in Securities — 99.6% (Cost: $591,797,365)				631,451,486
Other Assets, Less Liabilities — 0.4%				2,510,099
Net Assets — 100.0%			$	633,961,585

^(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 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	$	1,545,992	$	—	$	(687,125	)(a)	$	(196	)	$	—	$	858,671		858,242	$	2,736	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		847,000		—		(390,000	)(a)		—			—		457,000		457,000		32			—
								$	(196	)	$	—	$	1,315,671			$	2,768		$	—

^(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
Consumer Staples Select Sector E-Mini Index		42		12/17/21	$	2,903	$	(87,914	)
Euro STOXX 50 Index		5		12/17/21		234		(4,637	)
FTSE 100 Index		5		12/17/21		474		657
							$	(91,894	)

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) (continued) September 30, 2021 iShares^® Global Consumer Staples 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)	$	657
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	92,551

^(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	$	242,318
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(179,917	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,194,872

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	$	370,909,430		$	256,402,285		$	—	$	627,311,715
Preferred Stocks		—			2,824,100			—		2,824,100
Money Market Funds		1,315,671			—			—		1,315,671
	$	372,225,101		$	259,226,385		$	—	$	631,451,486
Derivative financial instruments(a)
Assets
Futures Contracts	$	—		$	657		$	—	$	657
Liabilities
Futures Contracts		(87,914	)		(4,637	)		—		(92,551	)
	$	(87,914	)	$	(3,980	)	$	—	$	(91,894	)

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

See notes to financial statements.

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)  September 30, 2021 iShares^® Global Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.9%
Ampol Ltd.		180,793	$	3,608,173
Oil Search Ltd.		1,419,942		4,418,815
Santos Ltd.		1,431,744		7,333,437
Woodside Petroleum Ltd.		734,477		12,559,035
				27,919,460
Austria — 0.5%
OMV AG		110,023		6,625,103
Brazil — 1.0%
Petroleo Brasileiro SA, ADR		1,417,470		14,656,640
Canada — 13.3%
Cameco Corp.		303,058		6,584,680
Canadian Natural Resources Ltd.		907,726		33,188,687
Cenovus Energy Inc.		968,443		9,763,949
Enbridge Inc.		1,548,234		61,680,000
Imperial Oil Ltd.		171,127		5,408,348
Pembina Pipeline Corp.		419,035		13,283,006
Suncor Energy Inc.		1,138,842		23,611,236
TC Energy Corp.		748,826		36,040,133
				189,560,039
Chile — 0.2%
Empresas COPEC SA		287,648		2,387,606
Colombia — 0.2%
Ecopetrol SA, ADR		190,003		2,726,543
Finland — 1.3%
Neste OYJ		329,315		18,577,416
France — 6.3%
TotalEnergies SE		1,896,956		90,670,595
Italy — 1.8%
Eni SpA		1,928,990		25,723,469
Japan — 1.1%
ENEOS Holdings Inc.		2,462,620		10,004,034
Inpex Corp.		827,300		6,441,637
				16,445,671
Norway — 1.5%
Equinor ASA		821,807		20,899,218
Portugal — 0.3%
Galp Energia SGPS SA		347,215		3,943,661
Spain — 1.0%
Repsol SA		1,070,536		13,974,292
United Kingdom — 14.2%
BP PLC		15,526,196		70,719,535
Royal Dutch Shell PLC, Class A		3,134,512		69,708,959
Royal Dutch Shell PLC, Class B		2,832,578		62,760,325
				203,188,819

Security	Shares		Value
United States — 53.8%
APA Corp.		289,673	$	6,207,692
Baker Hughes Co.		632,163		15,633,391
Cabot Oil & Gas Corp.		306,291		6,664,892
Chevron Corp.		1,478,058		149,948,984
ConocoPhillips		1,023,439		69,358,461
Devon Energy Corp.		482,064		17,118,093
Diamondback Energy Inc.		130,364		12,341,560
EOG Resources Inc.		445,732		35,778,908
Exxon Mobil Corp.		3,235,645		190,320,639
Halliburton Co.		681,739		14,739,197
Hess Corp.		210,922		16,475,117
Kinder Morgan Inc.		1,489,152		24,913,513
Marathon Oil Corp.		601,596		8,223,817
Marathon Petroleum Corp.		487,350		30,123,104
Occidental Petroleum Corp.		678,702		20,076,005
ONEOK Inc.		340,751		19,760,151
Phillips 66		334,708		23,439,601
Pioneer Natural Resources Co.		173,276		28,852,187
Schlumberger NV		1,067,856		31,651,252
Valero Energy Corp.		311,464		21,980,014
Williams Companies Inc. (The)		928,271		24,079,350
				767,685,928
Total Common Stocks — 98.4% (Cost: $1,646,189,624)				1,404,984,460
Preferred Stocks
Brazil — 1.2%
Petroleo Brasileiro SA, Preference Shares, ADR		1,756,701		17,567,010
Total Preferred Stocks — 1.2% (Cost: $28,310,637)				17,567,010
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		1,510,000		1,510,000
Total Short-Term Investments — 0.1% (Cost: $1,510,000)				1,510,000
Total Investments in Securities — 99.7% (Cost: $1,676,010,261)				1,424,061,470
Other Assets, Less Liabilities — 0.3%				3,895,326
Net Assets — 100.0%			$	1,427,956,796

^(a)  Affiliate of the Fund.

^(b)  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 25

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Energy 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)	$	—	$	—		$	(21	)(b)	$	21	$	—	$	—		—	$	91	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,400,000		110,000	(b)		—			—		—		1,510,000		1,510,000		66			—
									$	21	$	—	$	1,510,000			$	157		$	—

^(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 Energy Select Sector Index		75		12/17/21	$	4,061	$	370,033
FTSE 100 Index		9		12/17/21		854		5,011
							$	375,044

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)	$	375,044

^(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	$	566,314
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	512,754

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,486,226

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

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^® Global Energy 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	$	977,016,756	$	427,967,704	$	—	$	1,404,984,460
Preferred Stocks		17,567,010		—		—		17,567,010
Money Market Funds		1,510,000		—		—		1,510,000
	$	996,093,766	$	427,967,704	$	—	$	1,424,061,470
Derivative financial instruments(a)
Assets
Futures Contracts	$	370,033	$	5,011	$	—	$	375,044

^(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 27

Schedule of Investments  (unaudited) September 30, 2021 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.2%
ASX Ltd.		75,010	$	4,330,755
Australia & New Zealand Banking Group Ltd.		1,103,360		22,158,276
Commonwealth Bank of Australia		688,175		51,069,687
Insurance Australia Group Ltd.		972,344		3,395,687
Macquarie Group Ltd.		135,364		17,488,519
Medibank Pvt Ltd.		1,062,060		2,711,670
National Australia Bank Ltd.		1,278,713		25,217,524
QBE Insurance Group Ltd.		575,953		4,744,811
Suncorp Group Ltd.		487,715		4,336,756
Westpac Banking Corp.		1,421,839		26,294,757
				161,748,442
Austria — 0.2%
Erste Group Bank AG		116,200		5,102,246
Belgium — 0.6%
Ageas SA/NV		71,918		3,561,411
Groupe Bruxelles Lambert SA		41,280		4,540,618
KBC Group NV		131,085		11,824,450
				19,926,479
Brazil — 0.3%
B3 SA - Brasil, Bolsa, Balcao		2,358,145		5,516,736
Banco do Brasil SA		542,485		2,878,909
				8,395,645
Canada — 8.1%
Bank of Montreal		251,281		25,086,438
Bank of Nova Scotia (The)		471,440		29,017,419
Brookfield Asset Management Inc., Class A		568,172		30,445,155
Canadian Imperial Bank of Commerce		174,292		19,402,473
Manulife Financial Corp.		754,887		14,530,353
National Bank of Canada		131,720		10,116,628
Power Corp. of Canada		220,575		7,270,651
Royal Bank of Canada		552,285		54,953,796
Sun Life Financial Inc.		226,976		11,683,906
Toronto-Dominion Bank (The)		708,244		46,886,357
				249,393,176
Chile — 0.1%
Banco de Chile		16,301,184		1,505,194
Banco Santander Chile, ADR		64,574		1,276,628
				2,781,822
China — 2.6%
Bank of China Ltd., Class H		29,909,000		10,567,903
China Construction Bank Corp., Class H		40,186,720		28,680,546
China Merchants Bank Co. Ltd., Class H		1,453,500		11,567,157
Industrial & Commercial Bank of China Ltd., Class H		25,565,000		14,171,289
Ping An Insurance Group Co. of China Ltd., Class H		2,298,500		15,720,297
				80,707,192
Colombia — 0.0%
Bancolombia SA, ADR		42,534		1,472,527
Denmark — 0.1%
Danske Bank A/S		266,118		4,483,056
Finland — 0.9%
Nordea Bank Abp		1,381,139		17,797,735
Sampo OYJ, Class A		196,854		9,732,622
				27,530,357
France — 1.9%
AXA SA		799,745		22,163,530

Security	Shares		Value
France (continued)
BNP Paribas SA		446,737	$	28,582,531
Credit Agricole SA		539,145		7,410,781
SCOR SE		60,683		1,747,420
				59,904,262
Germany — 2.6%
Allianz SE, Registered		159,787		35,799,568
Commerzbank AG(a)		394,778		2,614,896
Deutsche Bank AG, Registered(a)		805,510		10,236,215
Deutsche Boerse AG		73,921		11,994,909
Hannover Rueck SE		23,149		4,031,193
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		54,342		14,828,260
Zalando SE(a)(b)		72		6,566
				79,511,607
Hong Kong — 2.8%
AIA Group Ltd.		4,698,400		54,052,273
Hang Seng Bank Ltd.		286,100		4,900,551
Hong Kong Exchanges & Clearing Ltd.		425,400		26,141,045
				85,093,869
Italy — 1.5%
Assicurazioni Generali SpA		472,774		10,012,967
FinecoBank Banca Fineco SpA(a)		223,647		4,039,484
Intesa Sanpaolo SpA		6,626,801		18,760,368
Mediobanca Banca di Credito Finanziario SpA(a)		278,547		3,351,203
UniCredit SpA		869,426		11,505,703
				47,669,725
Japan — 4.3%
Dai-ichi Life Holdings Inc.		430,900		9,424,238
Daiwa Securities Group Inc.		611,100		3,561,941
Japan Exchange Group Inc.		209,900		5,205,518
Mitsubishi UFJ Financial Group Inc.		5,020,900		29,680,190
Mizuho Financial Group Inc.		983,710		13,916,703
MS&AD Insurance Group Holdings Inc.		181,000		6,053,854
Nomura Holdings Inc.		1,190,000		5,866,584
ORIX Corp.		471,100		8,814,996
Resona Holdings Inc.		922,200		3,688,811
Sompo Holdings Inc.		135,600		5,883,007
Sumitomo Mitsui Financial Group Inc.		530,800		18,673,208
Sumitomo Mitsui Trust Holdings Inc.		142,127		4,894,856
T&D Holdings Inc.		223,600		3,067,318
Tokio Marine Holdings Inc.		270,100		14,478,710
				133,209,934
Luxembourg — 0.3%
Societe Generale SA		307,464		9,628,185
Malta — 0.0%
BGP Holdings PLC(c)		608,993		7
Mexico — 0.2%
Grupo Financiero Banorte SAB de CV, Class O		940,317		6,039,184
Netherlands — 1.3%
ABN AMRO Bank NV, CVA(a)(b)		160,725		2,318,840
Aegon NV		532,598		2,749,189
Euronext NV(b)		38,634		4,372,240
EXOR NV		43,893		3,683,380
ING Groep NV		1,520,223		22,101,765
NN Group NV		124,398		6,516,245
				41,741,659

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway — 0.3%
DNB Bank ASA		349,089	$	7,936,427
Peru — 0.1%
Credicorp Ltd.		24,851		2,756,970
Singapore — 1.3%
DBS Group Holdings Ltd.		699,800		15,506,595
Oversea-Chinese Banking Corp. Ltd.		1,546,500		13,022,660
United Overseas Bank Ltd.		590,700		11,174,615
				39,703,870
South Korea — 0.4%
KB Financial Group Inc., ADR		149,314		6,929,663
Shinhan Financial Group Co. Ltd., ADR		198,710		6,690,565
				13,620,228
Spain — 1.5%
Banco Bilbao Vizcaya Argentaria SA		2,590,266		17,097,321
Banco Santander SA		6,724,364		24,358,087
CaixaBank SA		1,710,094		5,303,041
				46,758,449
Sweden — 1.5%
Industrivarden AB, Class A		63,141		2,017,149
Industrivarden AB, Class C		66,968		2,069,023
Investor AB, Class B		703,725		15,133,162
Kinnevik AB, Class B(a)		92,246		3,242,837
Skandinaviska Enskilda Banken AB, Class A		621,451		8,758,313
Svenska Handelsbanken AB, Class A		588,555		6,591,462
Swedbank AB, Class A		361,691		7,293,381
				45,105,327
Switzerland — 3.1%
Baloise Holding AG, Registered		19,154		2,905,465
Credit Suisse Group AG, Registered		975,890		9,638,145
Julius Baer Group Ltd.		85,729		5,695,808
Partners Group Holding AG		8,881		13,860,026
Swiss Life Holding AG, Registered		12,315		6,205,130
Swiss Re AG		111,955		9,555,376
UBS Group AG, Registered		1,444,956		23,063,828
Zurich Insurance Group AG		58,307		23,842,910
				94,766,688
Taiwan — 0.2%
CTBC Financial Holding Co. Ltd.		7,332,000		6,000,434
United Kingdom — 5.3%
3i Group PLC		378,881		6,507,937
Abrdn PLC		856,290		2,928,474
Admiral Group PLC		104,506		4,366,624
Aviva PLC		1,530,604		8,112,012
Barclays PLC		6,222,683		15,811,695
Direct Line Insurance Group PLC		501,082		1,955,258
Hargreaves Lansdown PLC		137,787		2,645,596
HSBC Holdings PLC		8,042,311		42,050,655
Legal & General Group PLC		2,308,414		8,672,908
Lloyds Banking Group PLC		27,508,963		17,122,149
London Stock Exchange Group PLC		126,018		12,628,031
M&G PLC		1,003,712		2,742,349
Natwest Group PLC		2,071,920		6,246,541
Prudential PLC		1,015,898		19,713,917
Schroders PLC		47,804		2,302,230
St. James’s Place PLC		207,371		4,183,150

Security	Shares		Value
United Kingdom (continued)
Standard Chartered PLC		1,005,320	$	5,876,878
				163,866,404
United States — 52.2%
Aflac Inc.		239,164		12,467,619
Allstate Corp. (The)		114,291		14,550,387
American Express Co.		249,178		41,744,790
American International Group Inc.		330,232		18,126,435
Ameriprise Financial Inc.		44,064		11,638,184
Aon PLC, Class A		87,491		25,002,303
Arthur J Gallagher & Co.		79,961		11,886,203
Assurant Inc.		23,108		3,645,287
Bank of America Corp.		2,873,830		121,994,084
Bank of New York Mellon Corp. (The)		307,673		15,949,768
Berkshire Hathaway Inc., Class B(a)		718,471		196,099,475
BlackRock Inc.(d)		55,496		46,542,275
Brown & Brown Inc.		90,347		5,009,741
Capital One Financial Corp.		173,682		28,131,274
Cboe Global Markets Inc.		41,382		5,125,575
Charles Schwab Corp. (The)		583,882		42,529,965
Chubb Ltd.		170,918		29,650,855
Cincinnati Financial Corp.		57,999		6,624,646
Citigroup Inc.		785,559		55,130,531
Citizens Financial Group Inc.		163,956		7,702,653
CME Group Inc.		139,186		26,915,789
Comerica Inc.		51,890		4,177,145
Discover Financial Services		115,797		14,225,661
Everest Re Group Ltd.		15,540		3,897,121
Fifth Third Bancorp		267,102		11,335,809
First Republic Bank/CA		68,590		13,229,639
Franklin Resources Inc.		110,217		3,275,649
Globe Life Inc.		37,000		3,294,110
Goldman Sachs Group Inc. (The)		130,144		49,198,336
Hartford Financial Services Group Inc. (The)		134,552		9,452,278
Huntington Bancshares Inc./OH		570,189		8,815,122
Intercontinental Exchange Inc.		219,304		25,180,485
Invesco Ltd.		132,343		3,190,790
Jackson Financial Inc., Class A(a)		24,394		634,244
JPMorgan Chase & Co.		1,159,232		189,754,686
KeyCorp		369,600		7,990,752
Lincoln National Corp.		68,558		4,713,363
Loews Corp.		78,775		4,248,336
M&T Bank Corp.		50,193		7,495,823
MarketAxess Holdings Inc.		14,955		6,291,419
Marsh & McLennan Companies Inc.		197,431		29,896,976
MetLife Inc.		282,301		17,426,441
Moody’s Corp.		62,772		22,290,965
Morgan Stanley		565,772		55,055,273
MSCI Inc.		32,013		19,474,788
Nasdaq Inc.		45,250		8,734,155
Northern Trust Corp.		81,744		8,812,821
People’s United Financial Inc.		168,784		2,948,656
PNC Financial Services Group Inc. (The)		164,555		32,193,540
Principal Financial Group Inc.		96,115		6,189,806
Progressive Corp. (The)		226,170		20,443,506
Prudential Financial Inc.		149,904		15,769,901
Raymond James Financial Inc.		71,425		6,591,099
Regions Financial Corp.		370,399		7,893,203
S&P Global Inc.		93,463		39,711,494
State Street Corp.		141,833		12,016,092
SVB Financial Group(a)		22,784		14,738,514

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

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Synchrony Financial		220,760	$	10,790,749
T Rowe Price Group Inc.		88,322		17,372,937
Travelers Companies Inc. (The)		96,525		14,672,765
Truist Financial Corp.		518,479		30,408,793
U.S. Bancorp		523,350		31,107,924
W R Berkley Corp.		54,213		3,967,307
Wells Fargo & Co.		1,591,601		73,866,202
Willis Towers Watson PLC		50,144		11,656,474
Zions Bancorp. NA		63,845		3,951,367
				1,614,850,355
Total Common Stocks — 98.9% (Cost: $3,147,796,996)				3,059,704,526
Preferred Stocks
Brazil — 0.7%
Banco Bradesco SA, Preference Shares, ADR		1,874,362		7,178,807
Itau Unibanco Holding SA, Preference Shares, ADR		1,898,282		10,003,946
Itausa SA, Preference Shares, NVS		1,681,393		3,439,511
				20,622,264
Total Preferred Stocks — 0.7% (Cost: $24,561,237)				20,622,264

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		5,820,000	$	5,820,000
Total Short-Term Investments — 0.2% (Cost: $5,820,000)				5,820,000
Total Investments in Securities — 99.8% (Cost: $3,178,178,233)				3,086,146,790
Other Assets, Less Liabilities — 0.2%				7,671,796
Net Assets — 100.0%			$	3,093,818,586

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(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.

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)	$	1,798,588	$	—		$	(1,798,534	)(b)	$	(54	)	$	—		$	—		—	$	10,930	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		540,000		5,280,000	(b)		—			—			—			5,820,000		5,820,000		100			—
BlackRock Inc.		6,674,808		49,151,895			(8,713,176	)		2,541,629			(3,112,881	)		46,542,275		55,496		413,739			—
									$	2,541,575		$	(3,112,881	)	$	52,362,275			$	424,769		$	—

^(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		79		12/17/21	$	9,120	$	424
Euro STOXX 50 Index		34		12/17/21		1,589		(35,188	)

30 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^® Global Financials ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
FTSE 100 Index		23		12/17/21	$	2,183	$	100
							$	(34,664	)

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)	$	524
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	35,188

^(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	$	113,115
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(11,854	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	8,603,721

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.

S C H E D U L E  O F  I N V E S T M E N  T S 31

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Financials 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	$	1,904,132,211	$	1,155,572,308		$	7	$	3,059,704,526
Preferred Stocks		20,622,264		—			—		20,622,264
Money Market Funds		5,820,000		—			—		5,820,000
	$	1,930,574,475	$	1,155,572,308		$	7	$	3,086,146,790
Derivative financial instruments(a)
Assets
Futures Contracts	$	424	$	100		$	—	$	524
Liabilities
Futures Contracts		—		(35,188	)		—		(35,188	)
	$	424	$	(35,088	)	$	—	$	(34,664	)

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

See notes to financial statements.

32 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^® Global Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.8%
Cochlear Ltd.		31,858	$	4,984,584
CSL Ltd.		219,134		45,783,912
Ramsay Health Care Ltd.		89,933		4,456,774
Sonic Healthcare Ltd.		230,927		6,673,601
				61,898,871
Belgium — 0.2%
UCB SA		61,313		6,865,660
Brazil — 0.1%
Rede D’Or Sao Luiz SA(a)		357,812		4,462,014
Canada — 0.2%
Bausch Health Cos Inc.(b)		138,382		3,858,876
Canopy Growth Corp.(b)		114,170		1,581,939
				5,440,815
China — 0.8%
Wuxi Biologics Cayman Inc., New(a)(b)		1,569,000		25,449,632
Denmark — 3.1%
Ambu A/S, Class B		83,744		2,476,448
Coloplast A/S, Class B		57,015		8,915,005
Genmab A/S(b)		31,591		13,802,790
GN Store Nord A/S		66,574		4,604,466
Novo Nordisk A/S, Class B		792,983		76,435,232
				106,233,941
France — 2.0%
Eurofins Scientific SE		61,488		7,894,537
Sanofi		552,570		53,192,600
Sartorius Stedim Biotech		11,536		6,446,370
				67,533,507
Germany — 1.9%
Bayer AG, Registered		473,599		25,704,810
Fresenius Medical Care AG & Co. KGaA		96,805		6,790,316
Fresenius SE & Co. KGaA		198,897		9,520,235
Merck KGaA		62,286		13,481,162
Siemens Healthineers AG(a)		135,465		8,785,640
				64,282,163
Ireland — 0.3%
STERIS PLC		47,990		9,803,397
Japan — 5.8%
Astellas Pharma Inc.		896,775		14,760,063
Chugai Pharmaceutical Co. Ltd.		306,200		11,205,046
Daiichi Sankyo Co. Ltd.		882,700		23,463,177
Eisai Co. Ltd.		141,500		10,599,404
Hoya Corp.		177,900		27,755,731
M3 Inc.		205,200		14,624,253
Olympus Corp.		622,200		13,618,700
Ono Pharmaceutical Co. Ltd.		241,700		5,511,659
Otsuka Holdings Co. Ltd.		267,200		11,426,191
Shionogi & Co. Ltd.		136,200		9,320,078
Sysmex Corp.		81,600		10,135,413
Takeda Pharmaceutical Co. Ltd.		758,292		25,010,570
Terumo Corp.		365,200		17,244,141
				194,674,426
Netherlands — 1.0%
Argenx SE(b)		24,530		7,412,545
Koninklijke Philips NV		439,619		19,530,909

Security	Shares		Value
Netherlands (continued)
QIAGEN NV(b)		111,979	$	5,809,750
				32,753,204
South Korea — 0.3%
Celltrion Inc.(b)		48,435		10,521,014
Spain — 0.1%
Grifols SA		143,386		3,501,202
Switzerland — 8.7%
Alcon Inc.		240,887		19,504,791
Lonza Group AG, Registered		35,860		26,898,922
Novartis AG, Registered		1,171,047		96,024,865
Roche Holding AG, Bearer		13,132		5,389,686
Roche Holding AG, NVS		338,106		123,398,463
Sonova Holding AG, Registered		26,058		9,847,529
Straumann Holding AG, Registered		5,497		9,858,654
Vifor Pharma AG		22,512		2,917,937
				293,840,847
United Kingdom — 4.2%
AstraZeneca PLC		747,903		90,135,572
AstraZeneca PLC		1		60
GlaxoSmithKline PLC		2,412,216		45,526,158
Smith & Nephew PLC		426,537		7,348,310
				143,010,100
United States — 68.9%
Abbott Laboratories		852,791		100,740,201
AbbVie Inc.		850,664		91,761,126
ABIOMED Inc.(b)		21,812		7,100,242
Agilent Technologies Inc.		146,249		23,038,605
Align Technology Inc.(b)		35,345		23,519,623
AmerisourceBergen Corp.		71,322		8,519,413
Amgen Inc.		273,157		58,086,836
Anthem Inc.		117,283		43,723,102
Baxter International Inc.		240,577		19,349,608
Becton Dickinson and Co.		138,147		33,959,296
Biogen Inc.(b)		71,690		20,287,553
Bio-Rad Laboratories Inc., Class A(b)		10,307		7,688,507
Bio-Techne Corp.		18,724		9,073,089
Boston Scientific Corp.(b)		683,349		29,650,513
Bristol-Myers Squibb Co.		1,068,919		63,247,937
Cardinal Health Inc.		139,838		6,916,387
Catalent Inc.(b)		81,940		10,903,756
Centene Corp.(b)		279,583		17,420,817
Cerner Corp.		142,186		10,026,957
Charles River Laboratories International Inc.(b)		24,245		10,005,184
Cigna Corp.		163,604		32,746,977
Cooper Companies Inc. (The)		23,716		9,802,060
CVS Health Corp.		634,073		53,807,435
Danaher Corp.		305,740		93,079,486
DaVita Inc.(b)		32,264		3,751,013
DENTSPLY SIRONA Inc.		105,949		6,150,339
Dexcom Inc.(b)(c)		46,560		25,461,802
Edwards Lifesciences Corp.(b)		299,390		33,893,942
Eli Lilly & Co.		381,925		88,243,771
Gilead Sciences Inc.		603,733		42,170,750
HCA Healthcare Inc.		118,579		28,781,495
Henry Schein Inc.(b)		67,689		5,155,194
Hologic Inc.(b)		121,988		9,003,934
Humana Inc.		61,813		24,054,529
IDEXX Laboratories Inc.(b)		40,922		25,449,392

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

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Illumina Inc.(b)		70,573	$	28,625,114
Incyte Corp.(b)		90,070		6,195,015
Intuitive Surgical Inc.(b)		57,200		56,865,380
IQVIA Holdings Inc.(b)		92,357		22,123,196
Johnson & Johnson		1,266,324		204,511,326
Laboratory Corp. of America Holdings(b)		46,514		13,090,900
McKesson Corp.		74,403		14,834,470
Medtronic PLC		646,469		81,034,889
Merck & Co. Inc.		1,219,514		91,597,696
Mettler-Toledo International Inc.(b)		11,170		15,385,111
Moderna Inc.(b)		168,925		65,012,475
Organon & Co.		122,493		4,016,545
PerkinElmer Inc.		54,192		9,390,932
Pfizer Inc.		2,696,038		115,956,594
Quest Diagnostics Inc.		58,774		8,540,450
Regeneron Pharmaceuticals Inc.(b)		50,417		30,511,360
ResMed Inc.		70,145		18,486,715
Stryker Corp.		161,442		42,575,484
Teleflex Inc.		22,478		8,464,091
Thermo Fisher Scientific Inc.		189,294		108,149,341
UnitedHealth Group Inc.		453,578		177,231,068
Universal Health Services Inc., Class B		36,513		5,052,304
Vertex Pharmaceuticals Inc.(b)		124,795		22,636,565
Viatris Inc.		578,617		7,840,260
Waters Corp.(b)		29,696		10,610,381
West Pharmaceutical Services Inc.		35,579		15,104,709
Zimmer Biomet Holdings Inc.		100,463		14,703,765
Zoetis Inc.		228,081		44,279,645
				2,319,396,652
Total Common Stocks — 99.4% (Cost: $2,552,482,964)				3,349,667,445

Security	Shares		Value
Preferred Stocks
Germany — 0.2%
Sartorius AG, Preference Shares, NVS		11,884	$	7,565,456
Total Preferred Stocks — 0.2% (Cost: $3,902,170)				7,565,456
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		12,348,126		12,354,300
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		4,000,000		4,000,000
				16,354,300
Total Short-Term Investments — 0.5% (Cost: $16,354,300)				16,354,300
Total Investments in Securities — 100.1% (Cost: $2,572,739,434)				3,373,587,201
Other Assets, Less Liabilities — (0.1)%				(5,006,726	)
Net Assets — 100.0%			$	3,368,580,475

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

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

^(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 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	$	1,610,638	$	10,743,878	(a)	$	—		$	2,149	$	(2,365	)	$	12,354,300		12,348,126	$	5,902	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,014,000		—			(1,014,000	)(a)		—		—			4,000,000		4,000,000		178			—
									$	2,149	$	(2,365	)	$	16,354,300			$	6,080		$	—

^(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.

34 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^® Global Healthcare ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		83		12/17/21	$	10,655	$	(410,459	)

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)	$	410,459

^(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	$	1,577,705
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(579,416	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,156,977

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	$	2,358,784,875		$	990,882,570	$	—	$	3,349,667,445
Preferred Stocks		—			7,565,456		—		7,565,456
Money Market Funds		16,354,300			—		—		16,354,300
	$	2,375,139,175		$	998,448,026	$	—	$	3,373,587,201
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(410,459	)	$	—	$	—	$	(410,459	)

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

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N  T S 35

Schedule of Investments  (unaudited) September 30, 2021 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.2%
Aurizon Holdings Ltd.		125,049	$	338,563
Brambles Ltd.		97,008		745,938
Qantas Airways Ltd.(a)		128,792		519,419
Sydney Airport(a)		183,060		1,075,080
Transurban Group		185,699		1,871,562
Transurban Group, NVS		21,249		217,525
				4,768,087
Brazil — 0.2%
CCR SA		79,543		170,895
WEG SA		105,542		768,054
				938,949
Canada — 3.1%
CAE Inc.(a)		21,513		642,706
Canadian National Railway Co.		41,240		4,779,099
Canadian Pacific Railway Ltd.		45,081		2,943,826
SNC-Lavalin Group Inc.		11,493		319,220
Thomson Reuters Corp.		11,457		1,266,819
Waste Connections Inc.		17,679		2,228,230
				12,179,900
Denmark — 2.0%
AP Moller - Maersk A/S, Class A		206		530,870
AP Moller - Maersk A/S, Class B, NVS		401		1,085,543
DSV A/S		14,497		3,470,056
Vestas Wind Systems A/S		68,541		2,749,113
				7,835,582
Finland — 0.7%
Kone OYJ, Class B		27,442		1,927,755
Metso Outotec OYJ		47,057		429,448
Wartsila OYJ Abp		32,404		385,909
				2,743,112
France — 7.1%
Airbus SE(a)		41,563		5,510,250
Alstom SA		19,282		731,419
Bouygues SA		14,622		604,874
Bureau Veritas SA		19,832		612,040
Cie. de Saint-Gobain		36,335		2,445,237
Eiffage SA		5,650		571,028
Legrand SA		18,151		1,944,873
Safran SA		23,706		2,998,349
Schneider Electric SE		38,607		6,430,145
Teleperformance		3,974		1,563,112
Thales SA		7,393		716,792
Vinci SA		35,279		3,669,326
				27,797,445
Germany — 3.9%
Brenntag SE		10,398		965,918
Deutsche Post AG, Registered		67,211		4,214,786
GEA Group AG		10,922		498,801
MTU Aero Engines AG		3,636		817,452
Siemens AG, Registered		54,159		8,857,758
				15,354,715
Hong Kong — 0.9%
CK Hutchison Holdings Ltd.		181,520		1,210,943
Techtronic Industries Co. Ltd.		118,000		2,331,862
				3,542,805

Security	Shares		Value
Ireland — 1.2%
Kingspan Group PLC		10,519	$	1,049,263
Ryanair Holdings PLC, ADR(a)		6,636		730,358
Trane Technologies PLC		16,142		2,786,916
				4,566,537
Italy — 0.6%
Atlantia SpA(a)		34,613		653,206
CNH Industrial NV		67,621		1,136,645
Prysmian SpA		17,882		624,591
				2,414,442
Japan — 15.7%
AGC Inc.		15,400		793,596
ANA Holdings Inc.(a)		32,800		852,716
Central Japan Railway Co.		14,000		2,234,734
Dai Nippon Printing Co. Ltd.		18,500		445,715
Daifuku Co. Ltd.		8,700		815,937
Daikin Industries Ltd.		20,100		4,382,569
East Japan Railway Co.		25,700		1,816,299
Fanuc Corp.		13,200		2,894,257
Hankyu Hanshin Holdings Inc.		16,600		522,460
Hitachi Ltd.		65,900		3,898,690
Itochu Corp.		101,100		2,944,636
Japan Airlines Co. Ltd.(a)		29,300		697,536
Kajima Corp.		34,300		439,540
Kintetsu Group Holdings Co. Ltd.(a)		13,000		437,180
Komatsu Ltd.		66,200		1,585,385
Kubota Corp.		78,500		1,670,687
Makita Corp.		18,900		1,039,172
Marubeni Corp.		118,300		978,722
Mitsubishi Corp.		100,800		3,165,365
Mitsubishi Electric Corp.		145,200		2,017,929
Mitsubishi Heavy Industries Ltd.		22,800		610,903
Mitsui & Co. Ltd.		111,700		2,442,542
Nidec Corp.		37,400		4,122,976
Nippon Express Co. Ltd.		6,300		433,882
Obayashi Corp.		49,500		408,017
Odakyu Electric Railway Co. Ltd.		23,400		541,595
Recruit Holdings Co. Ltd.		115,000		7,029,469
Secom Co. Ltd.		14,600		1,055,989
SG Holdings Co. Ltd.		33,900		959,065
Shimizu Corp.		48,100		360,045
SMC Corp.		4,300		2,682,813
Sumitomo Corp.		85,100		1,198,797
Taisei Corp.		14,200		454,993
Tokyu Corp.		37,900		562,566
Toppan Inc.		24,100		408,624
Toshiba Corp.		31,100		1,309,031
TOTO Ltd.		10,900		519,021
Toyota Tsusho Corp.		16,300		684,492
West Japan Railway Co.		16,300		819,353
Yamato Holdings Co. Ltd.		23,600		597,325
Yaskawa Electric Corp.		18,500		888,343
				61,722,966
Netherlands — 0.8%
IMCD NV		3,920		750,210
Randstad NV		8,392		565,009
Wolters Kluwer NV		18,154		1,924,260
				3,239,479
Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		18,339		496,779

36 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^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Aena SME SA(a)(b)		4,935	$	853,467
Ferrovial SA		34,448		1,005,491
International Consolidated Airlines Group SA(a)		170,694		407,535
				2,763,272
Sweden — 3.8%
Alfa Laval AB		20,253		755,407
Assa Abloy AB, Class B		67,479		1,957,337
Atlas Copco AB, Class A		43,666		2,636,800
Atlas Copco AB, Class B		26,531		1,348,481
Epiroc AB, Class A		42,270		878,774
Epiroc AB, Class B		25,979		460,134
Nibe Industrier AB, Class B		95,659		1,202,123
Sandvik AB		74,341		1,698,417
Securitas AB, Class B		21,550		341,085
Skanska AB, Class B		26,731		670,616
SKF AB, Class B		25,674		605,424
Volvo AB, Class B		107,410		2,398,087
				14,952,685
Switzerland — 2.9%
ABB Ltd., Registered		120,977		4,046,900
Adecco Group AG, Registered		11,062		554,269
Geberit AG, Registered		2,437		1,789,251
Kuehne + Nagel International AG, Registered		3,435		1,172,713
Schindler Holding AG, Participation Certificates, NVS		2,787		748,225
Schindler Holding AG, Registered		1,405		361,964
SGS SA, Registered		413		1,202,175
Siemens Energy AG(a)		27,339		731,304
VAT Group AG(b)		1,859		733,692
				11,340,493
United Kingdom — 5.1%
Ashtead Group PLC		30,418		2,299,399
BAE Systems PLC		219,781		1,664,633
Bunzl PLC		22,537		743,597
DCC PLC		6,796		566,555
Experian PLC		65,775		2,755,323
Ferguson PLC		15,714		2,181,447
IMI PLC		19,237		430,271
Intertek Group PLC		10,907		729,321
Melrose Industries PLC		298,855		693,853
RELX PLC		134,194		3,862,940
Rentokil Initial PLC		124,592		978,395
Rolls-Royce Holdings PLC(a)		567,053		1,059,093
Smiths Group PLC		27,202		524,530
Spirax-Sarco Engineering PLC		4,979		1,001,804
Weir Group PLC (The)(a)		17,384		392,417
				19,883,578
United States — 49.9%
3M Co.		39,228		6,881,376
A O Smith Corp.		9,038		551,951
Alaska Air Group Inc.(a)		8,401		492,299
Allegion PLC		6,064		801,539
American Airlines Group Inc.(a)		43,903		900,890
AMETEK Inc.		15,714		1,948,693
Boeing Co. (The)(a)		37,404		8,226,636
Carrier Global Corp.		58,876		3,047,422
Caterpillar Inc.		37,172		7,135,909
CH Robinson Worldwide Inc.		8,879		772,473
Cintas Corp.		5,935		2,259,217
Copart Inc.(a)		14,452		2,004,781

Security	Shares		Value
United States (continued)
CSX Corp.		152,821	$	4,544,897
Cummins Inc.		9,754		2,190,358
Deere & Co.		19,220		6,440,045
Delta Air Lines Inc.(a)		43,292		1,844,672
Dover Corp.		9,716		1,510,838
Eaton Corp. PLC		26,987		4,029,429
Emerson Electric Co.		40,597		3,824,237
Equifax Inc.		8,242		2,088,688
Expeditors International of Washington Inc.		11,445		1,363,443
Fastenal Co.		38,823		2,003,655
FedEx Corp.		16,614		3,643,284
Fortive Corp.		24,327		1,716,756
Fortune Brands Home & Security Inc.		9,256		827,671
Generac Holdings Inc.(a)		4,288		1,752,377
General Dynamics Corp.		15,759		3,089,237
General Electric Co.		74,459		7,671,511
Honeywell International Inc.		46,802		9,935,129
Howmet Aerospace Inc.		26,072		813,446
Huntington Ingalls Industries Inc.		2,662		513,926
IDEX Corp.		5,135		1,062,688
IHS Markit Ltd.		27,049		3,154,454
Illinois Tool Works Inc.		19,468		4,022,673
Ingersoll Rand Inc.(a)		27,505		1,386,527
Jacobs Engineering Group Inc.		8,779		1,163,481
JB Hunt Transport Services Inc.		5,729		958,003
Johnson Controls International PLC		48,373		3,293,234
Kansas City Southern		6,149		1,664,165
L3Harris Technologies Inc.		13,620		2,999,669
Leidos Holdings Inc.		9,614		924,194
Lockheed Martin Corp.		16,740		5,776,974
Masco Corp.		16,785		932,407
Nielsen Holdings PLC		24,158		463,592
Norfolk Southern Corp.		16,742		4,005,523
Northrop Grumman Corp.		10,208		3,676,411
Old Dominion Freight Line Inc.		6,371		1,821,979
Otis Worldwide Corp.		28,957		2,382,582
PACCAR Inc.		23,404		1,847,044
Parker-Hannifin Corp.		8,715		2,436,888
Pentair PLC		11,155		810,188
Quanta Services Inc.		9,393		1,069,111
Raytheon Technologies Corp.		102,218		8,786,659
Republic Services Inc.		14,311		1,718,179
Robert Half International Inc.		7,566		759,097
Rockwell Automation Inc.		7,839		2,304,980
Rollins Inc.		15,212		537,440
Roper Technologies Inc.		7,165		3,196,521
Snap-on Inc.		3,676		768,100
Southwest Airlines Co.(a)		40,189		2,066,920
Stanley Black & Decker Inc.		10,997		1,927,884
Textron Inc.		15,305		1,068,442
TransDigm Group Inc.(a)		3,550		2,217,223
Union Pacific Corp.		44,200		8,663,642
United Airlines Holdings Inc.(a)		21,936		1,043,495
United Parcel Service Inc., Class B		49,353		8,987,181
United Rentals Inc.(a)		4,898		1,718,855
Verisk Analytics Inc.		10,917		2,186,348
Waste Management Inc.		26,316		3,930,558
Westinghouse Air Brake Technologies Corp.		12,836		1,106,592
WW Grainger Inc.		2,964		1,165,030

S C H E D U L E  O F  I N V E S T M E N  T S 37

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Xylem Inc./NY		12,273	$	1,517,925
				196,349,643
Total Common Stocks — 99.8% (Cost: $391,773,229)				392,393,690
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		240,000		240,000
Total Short-Term Investments — 0.1% (Cost: $240,000)				240,000
Total Investments in Securities — 99.9% (Cost: $392,013,229)				392,633,690
Other Assets, Less Liabilities — 0.1%				433,541
Net Assets — 100.0%			$	393,067,231

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Affiliate of the Fund.

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

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)	$	808,386	$	—	$	(808,271	)(b)	$	90	$	(205	)	$	—		—	$	1,713	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		460,000		—		(220,000	)(b)		—		—			240,000		240,000		19			—
								$	90	$	(205	)	$	240,000			$	1,732		$	—

^(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
TOPIX Index		1		12/09/21	$	181	$	(705	)
Euro STOXX 50 Index		5		12/17/21		234		(4,300	)
XAI Industrial Index		3		12/17/21		295		(9,427	)
							$	(14,432	)

38 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^® Global Industrials 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)	$	14,432

^(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	$	76,772
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(29,864	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,172,695

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	$	217,897,391		$	174,496,299		$	—	$	392,393,690
Money Market Funds		240,000			—			—		240,000
	$	218,137,391		$	174,496,299		$	—	$	392,633,690
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(9,427	)	$	(5,005	)	$	—	$	(14,432	)

^(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 39

Schedule of Investments  (unaudited)  September 30, 2021 iShares^® Global Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 14.1%
BHP Group Ltd.		966,439	$	25,811,499
BHP Group PLC		693,432		17,470,563
Fortescue Metals Group Ltd.		556,210		5,924,752
Glencore PLC		3,583,381		16,856,598
James Hardie Industries PLC		145,244		5,151,977
Newcrest Mining Ltd.		267,192		4,429,431
Northern Star Resources Ltd.		385,022		2,358,124
Rio Tinto Ltd.		121,595		8,656,467
Rio Tinto PLC		350,250		22,959,633
South32 Ltd.		1,530,202		3,797,247
				113,416,291
Belgium — 0.8%
Solvay SA		23,835		2,956,671
Umicore SA		65,517		3,875,958
				6,832,629
Brazil — 2.3%
Vale SA, ADR		1,315,543		18,351,825
Canada — 7.0%
Agnico Eagle Mines Ltd.		80,388		4,170,453
Barrick Gold Corp.		582,532		10,518,322
CCL Industries Inc., Class B, NVS		48,641		2,519,224
First Quantum Minerals Ltd.		181,429		3,359,000
Franco-Nevada Corp.		62,617		8,134,871
Kinross Gold Corp.		411,007		2,203,330
Kirkland Lake Gold Ltd.		87,636		3,650,462
Nutrien Ltd.		186,923		12,132,433
Teck Resources Ltd., Class B		153,138		3,812,128
Wheaton Precious Metals Corp.		147,253		5,543,205
				56,043,428
Chile — 0.4%
Empresas CMPC SA		363,452		683,966
Sociedad Quimica y Minera de Chile SA, ADR		46,794		2,513,774
				3,197,740
Denmark — 0.9%
Chr Hansen Holding A/S		33,527		2,738,561
Novozymes A/S, Class B		69,138		4,739,496
				7,478,057
Finland — 1.2%
Stora Enso OYJ, Class R		199,340		3,320,291
UPM-Kymmene OYJ		175,101		6,197,561
				9,517,852
France — 3.5%
Air Liquide SA		155,426		24,893,038
Arkema SA		21,693		2,860,587
				27,753,625
Germany — 4.8%
BASF SE		301,405		22,849,579
Covestro AG(a)		63,237		4,309,651
HeidelbergCement AG		47,992		3,580,364
LANXESS AG		28,762		1,943,862
Symrise AG		42,281		5,541,815
				38,225,271
Ireland — 8.2%
CRH PLC		257,406		12,148,236
Linde PLC		169,332		49,678,622

Security	Shares		Value
Ireland (continued)
Smurfit Kappa Group PLC		84,530	$	4,450,369
				66,277,227
Japan — 7.7%
Asahi Kasei Corp.		458,700		4,915,461
JFE Holdings Inc.		189,200		2,837,294
Mitsubishi Chemical Holdings Corp.		464,300		4,226,865
Mitsui Chemicals Inc.		66,500		2,221,698
Nippon Paint Holdings Co. Ltd.		475,600		5,179,364
Nippon Steel Corp.		311,329		5,599,555
Nitto Denko Corp.		49,300		3,509,495
Oji Holdings Corp.		335,400		1,689,987
Shin-Etsu Chemical Co. Ltd.		129,700		21,889,312
Sumitomo Chemical Co. Ltd.		546,300		2,835,434
Sumitomo Metal Mining Co. Ltd.		89,900		3,250,837
Toray Industries Inc.		531,500		3,377,252
				61,532,554
Mexico — 1.0%
Cemex SAB de CV, NVS(b)		4,965,512		3,581,933
Grupo Mexico SAB de CV, Series B		1,018,953		4,067,124
				7,649,057
Netherlands — 3.1%
Akzo Nobel NV		61,458		6,715,184
ArcelorMittal SA		220,302		6,744,018
Koninklijke DSM NV		57,253		11,449,219
				24,908,421
Norway — 0.7%
Norsk Hydro ASA		445,719		3,326,843
Yara International ASA		52,021		2,576,926
				5,903,769
Peru — 0.2%
Southern Copper Corp.		28,091		1,577,029
South Korea — 2.1%
LG Chem Ltd.		15,492		10,047,649
POSCO		24,845		6,841,283
				16,888,932
Sweden — 0.7%
Boliden AB		89,690		2,871,912
Svenska Cellulosa AB SCA, Class B		195,229		3,025,672
				5,897,584
Switzerland — 4.3%
Givaudan SA, Registered		2,605		11,876,427
Holcim Ltd.		169,473		8,166,054
Sika AG, Registered		46,442		14,683,705
				34,726,186
Taiwan — 1.5%
Formosa Plastics Corp.		1,413,720		5,715,613
Nan Ya Plastics Corp.		1,850,940		6,050,456
				11,766,069
United Kingdom — 4.4%
Amcor PLC		506,936		5,875,388
Anglo American PLC		446,502		15,649,290
Croda International PLC		46,656		5,345,710
DS Smith PLC		448,740		2,478,257
Johnson Matthey PLC		65,780		2,359,988
Mondi PLC		159,083		3,898,486
				35,607,119

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States — 30.0%
Air Products & Chemicals Inc.		72,668	$	18,611,002
Albemarle Corp.		38,285		8,383,266
Avery Dennison Corp.		27,195		5,635,076
Ball Corp.		106,984		9,625,350
Celanese Corp.		36,555		5,506,645
CF Industries Holdings Inc.		70,445		3,932,240
Corteva Inc.		240,489		10,119,777
Dow Inc.		244,414		14,068,470
DuPont de Nemours Inc.		171,608		11,667,628
Eastman Chemical Co.		44,338		4,466,610
Ecolab Inc.		81,528		17,008,371
FMC Corp.		42,205		3,864,290
Freeport-McMoRan Inc.		482,149		15,684,307
International Flavors & Fragrances Inc.		81,583		10,909,279
International Paper Co.		128,057		7,160,947
LyondellBasell Industries NV, Class A		86,563		8,123,938
Martin Marietta Materials Inc.		20,439		6,983,598
Mosaic Co. (The)		113,570		4,056,720
Newmont Corp.		261,864		14,219,215
Nucor Corp.		96,202		9,474,935
Packaging Corp. of America		31,115		4,276,446
PPG Industries Inc.		77,888		11,138,763
Sealed Air Corp.		49,282		2,700,161
Sherwin-Williams Co. (The)		79,488		22,235,178
Vulcan Materials Co.		43,593		7,374,192
Westrock Co.		87,962		4,383,146
				241,609,550
Total Common Stocks — 98.9% (Cost: $794,231,280)				795,160,215

Security	Shares		Value
Preferred Stocks
Brazil — 0.2%
Gerdau SA, Preference Shares, ADR		379,687	$	1,868,060
South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		2,571		808,083
Total Preferred Stocks — 0.3% (Cost: $3,388,876)				2,676,143
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		410,000		410,000
Total Short-Term Investments — 0.1% (Cost: $410,000)				410,000
Total Investments in Securities — 99.3% (Cost: $798,030,156)				798,246,358
Other Assets, Less Liabilities — 0.7%				5,838,601
Net Assets — 100.0%			$	804,084,959

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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: Treasury, SL Agency Shares	$	670,000	$	—	$	(260,000	)(a)	$	—	$	—	$	410,000		410,000	$	32	$	—

^(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
S&P/TSX 60 Index		5		12/16/21	$	945	$	(23,406	)
FTSE 100 Index		22		12/17/21		2,088		(2,672	)
MSCI Emerging Markets Index		11		12/17/21		685		(18,478	)

S C H E D U L E  O F  I N V E S T M E N  T S 41

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Materials ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		9		12/17/21	$	1,934	$	(58,167	)
							$	(102,723	)

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)	$	102,723

^(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	$	125,529
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(100,048	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,601,478

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	$	386,037,234		$	409,122,981		$	—	$	795,160,215
Preferred Stocks		1,868,060			808,083			—		2,676,143
Money Market Funds		410,000			—			—		410,000
	$	388,315,294		$	409,931,064		$	—	$	798,246,358
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(100,051	)	$	(2,672	)	$	—	$	(102,723	)

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

See notes to financial statements.

42 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^® Global Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.2%
Afterpay Ltd.(a)		112,988	$	9,815,837
Computershare Ltd.		255,832		3,308,174
				13,124,011
Brazil — 0.2%
Pagseguro Digital Ltd., Class A(a)(b)		90,011		4,655,369
StoneCo Ltd., Class A(a)		104,477		3,627,441
				8,282,810
Canada — 1.7%
CGI Inc.(a)		97,872		8,313,634
Constellation Software Inc.		8,801		14,418,325
Open Text Corp.		120,844		5,898,134
Shopify Inc., Class A(a)		50,429		68,449,823
				97,079,916
China — 0.4%
Xiaomi Corp., Class B(a)(c)		7,391,000		20,299,189
Finland — 0.2%
Nokia OYJ(a)		2,409,844		13,291,024
France — 1.1%
Atos SE		43,525		2,312,127
Capgemini SE		70,143		14,546,022
Dassault Systemes SE		308,370		16,228,129
Edenred		112,537		6,058,139
STMicroelectronics NV , New		292,783		12,771,097
Worldline SA(a)(c)		111,514		8,500,269
				60,415,783
Germany — 1.6%
Infineon Technologies AG		583,709		23,872,629
SAP SE		488,620		66,075,656
				89,948,285
Ireland — 0.1%
Seagate Technology Holdings PLC		93,569		7,721,314
Japan — 3.7%
Advantest Corp.		88,000		7,841,637
Canon Inc.		464,300		11,360,516
FUJIFILM Holdings Corp.		178,100		15,378,890
Fujitsu Ltd.		81,500		14,727,910
Keyence Corp.		85,040		50,757,910
Kyocera Corp.		154,800		9,676,749
Murata Manufacturing Co. Ltd.		286,400		25,332,780
NEC Corp.		120,300		6,519,178
Nomura Research Institute Ltd.		191,900		7,053,612
NTT Data Corp.		288,200		5,572,123
Obic Co. Ltd.		29,600		5,628,675
Omron Corp.		90,900		8,994,784
Ricoh Co. Ltd.		331,600		3,393,016
Rohm Co. Ltd.		39,300		3,706,090
TDK Corp.		171,300		6,177,547
Tokyo Electron Ltd.		69,600		30,747,783
				212,869,200
Netherlands — 3.6%
Adyen NV(a)(c)		13,608		38,039,283
ASM International NV		17,175		6,726,046
ASML Holding NV		187,468		140,049,503
NXP Semiconductors NV		118,490		23,208,636
				208,023,468

Security	Shares		Value
New Zealand — 0.1%
Xero Ltd.(a)		57,612	$	5,653,379
South Korea — 3.1%
Samsung Electronics Co. Ltd.		2,294,435		142,242,582
Samsung SDI Co. Ltd.		24,670		14,721,079
SK Hynix Inc.		240,564		20,593,796
				177,557,457
Spain — 0.2%
Amadeus IT Group SA(a)		201,059		13,224,007
Sweden — 0.6%
Hexagon AB, Class B		881,383		13,633,226
Sinch AB(a)(c)		251,886		4,884,571
Telefonaktiebolaget LM Ericsson, Class B		1,290,504		14,565,818
				33,083,615
Switzerland — 0.2%
Logitech International SA, Registered		77,635		6,906,961
Temenos AG, Registered		30,053		4,077,787
				10,984,748
Taiwan — 4.1%
Delta Electronics Inc.		847,000		7,589,261
Hon Hai Precision Industry Co. Ltd.		5,567,378		20,780,859
MediaTek Inc.		704,000		22,659,980
Taiwan Semiconductor Manufacturing Co. Ltd.		8,456,600		174,900,105
United Microelectronics Corp.		5,133,000		11,635,224
				237,565,429
United Kingdom — 0.2%
Halma PLC		169,566		6,467,841
Sage Group PLC (The)		503,932		4,798,266
				11,266,107
United States — 78.1%
Accenture PLC, Class A		283,390		90,662,129
Adobe Inc.(a)		212,891		122,565,607
Advanced Micro Devices Inc.(a)		542,081		55,780,135
Akamai Technologies Inc.(a)		73,293		7,665,715
Amphenol Corp., Class A		268,124		19,634,721
Analog Devices Inc.		240,871		40,341,075
ANSYS Inc.(a)		38,921		13,250,654
Apple Inc.		7,018,082		993,058,603
Applied Materials Inc.		408,461		52,581,185
Arista Networks Inc.(a)		25,022		8,598,560
Autodesk Inc.(a)		98,410		28,063,580
Automatic Data Processing Inc.		189,074		37,799,674
Broadcom Inc.		183,341		88,907,551
Broadridge Financial Solutions Inc.		51,653		8,607,456
Cadence Design Systems Inc.(a)		123,679		18,729,948
CDW Corp./DE		61,442		11,183,673
Ceridian HCM Holding Inc.(a)		60,147		6,773,755
Cisco Systems Inc.		1,883,355		102,511,013
Citrix Systems Inc.		55,400		5,948,298
Cognizant Technology Solutions Corp., Class A		234,830		17,426,734
Corning Inc.		343,507		12,534,570
DXC Technology Co.(a)		111,977		3,763,547
Enphase Energy Inc.(a)(b)		60,154		9,021,295
F5 Networks Inc.(a)		27,136		5,394,094
Fidelity National Information Services Inc.		276,052		33,590,007
Fiserv Inc.(a)		266,074		28,869,029
FleetCor Technologies Inc.(a)		36,883		9,636,421
Fortinet Inc.(a)		60,507		17,670,464

S C H E D U L E  O F  I N V E S T M E N  T S 43

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Gartner Inc.(a)		37,379	$	11,358,731
Global Payments Inc.		131,268		20,685,211
Hewlett Packard Enterprise Co.		580,403		8,270,743
HP Inc.		538,240		14,726,246
Intel Corp.		1,813,092		96,601,542
International Business Machines Corp.		400,304		55,614,235
Intuit Inc.		122,117		65,883,343
IPG Photonics Corp.(a)(b)		16,034		2,539,786
Jack Henry & Associates Inc.		33,109		5,431,863
Juniper Networks Inc.		144,139		3,966,705
Keysight Technologies Inc.(a)		82,254		13,513,510
KLA Corp.		68,246		22,828,969
Lam Research Corp.		63,677		36,241,765
Mastercard Inc., Class A		388,934		135,224,573
Microchip Technology Inc.		122,407		18,788,250
Micron Technology Inc.		503,239		35,719,904
Microsoft Corp.		3,358,486		946,824,373
Monolithic Power Systems Inc.		19,276		9,342,692
Motorola Solutions Inc.		75,779		17,604,977
NetApp Inc.		100,031		8,978,783
NortonLifeLock Inc.		260,173		6,582,377
NVIDIA Corp.		1,113,695		230,713,056
Oracle Corp.		736,330		64,156,433
Paychex Inc.		143,121		16,093,956
Paycom Software Inc.(a)		21,471		10,644,248
PayPal Holdings Inc.(a)		525,116		136,640,434
PTC Inc.(a)		46,938		5,622,703
Qorvo Inc.(a)		49,596		8,291,955
QUALCOMM Inc.		504,070		65,014,949
salesforce.com Inc.(a)		434,178		117,757,757
ServiceNow Inc.(a)		88,522		55,084,585
Skyworks Solutions Inc.		74,060		12,203,607
Synopsys Inc.(a)		68,079		20,383,533
TE Connectivity Ltd.		146,579		20,113,570
Teledyne Technologies Inc.(a)		20,779		8,926,243
Teradyne Inc.		73,721		8,048,122
Texas Instruments Inc.		412,581		79,302,194
Trimble Inc.(a)		112,159		9,225,078
Tyler Technologies Inc.(a)		18,254		8,372,197
VeriSign Inc.(a)		43,489		8,915,680
Visa Inc., Class A		754,211		168,000,500

Security	Shares		Value
United States (continued)
Western Digital Corp.(a)		137,371	$	7,753,219
Western Union Co. (The)		180,813		3,656,039
Xilinx Inc.		110,646		16,706,440
Zebra Technologies Corp., Class A(a)		23,846		12,290,705
				4,481,215,274
Total Common Stocks — 99.4% (Cost: $3,768,238,245)				5,701,605,016
Preferred Stocks
South Korea — 0.4%
Samsung Electronics Co. Ltd., Preference Shares, NVS		367,662		21,448,913
Total Preferred Stocks — 0.4% (Cost: $14,513,232)				21,448,913
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		5,186,538		5,189,132
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		8,600,000		8,600,000
				13,789,132
Total Short-Term Investments — 0.2% (Cost: $13,787,351)				13,789,132
Total Investments in Securities — 100.0% (Cost: $3,796,538,828)				5,736,843,061
Other Assets, Less Liabilities — (0.0)%				(674,798	)
Net Assets — 100.0%			$	5,736,168,263

^(a)  Non-income producing security.

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

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(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.

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Tech 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	$	22,633,344	$	—		$	(17,442,923	)(a)	$	(1,162)	$	(127)	$	5,189,132		5,186,538	$	10,876	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,912,000		4,688,000	(a)		—			—		—		8,600,000		8,600,000		235			—
									$	(1,162)	$	(127)	$	13,789,132			$	11,111		$	—

^(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 Technoloy Select Sector Index		79		12/17/21	$	11,886	$	(488,263	)

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)	$	488,263

^(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	$	1,146,112
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(627,351	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,846,093

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 45

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Tech ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,617,507,950		$	1,084,097,066	$	—	$	5,701,605,016
Preferred Stocks		—			21,448,913		—		21,448,913
Money Market Funds		13,789,132			—		—		13,789,132
	$	4,631,297,082		$	1,105,545,979	$	—	$	5,736,843,061
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(488,263	)	$	—	$	—	$	(488,263	)

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

See notes to financial statements.

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Schedule of Investments  (unaudited)  September 30, 2021 iShares^® Global Utilities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.9%
APA Group		120,076	$	747,929
Origin Energy Ltd.		179,639		602,688
				1,350,617
Canada — 4.0%
Algonquin Power & Utilities Corp.		62,696		919,205
Brookfield Infrastructure Partners LP(a)		30,001		1,687,171
Emera Inc.		26,000		1,177,452
Fortis Inc.		47,840		2,122,319
				5,906,147
Chile — 0.3%
Enel Americas SA, ADR		39,187		229,244
Enel Chile SA		2,731,683		129,610
				358,854
Colombia — 0.2%
Interconexion Electrica SA ESP		48,832		291,109
Denmark — 1.7%
Orsted A/S(b)		19,205		2,531,498
Finland — 0.9%
Fortum OYJ		44,268		1,344,245
France — 3.8%
Electricite de France SA		49,942		627,578
Engie SA		180,481		2,361,268
Suez SA		38,947		888,074
Veolia Environment SA		54,575		1,667,582
				5,544,502
Germany — 3.5%
E.ON SE		227,928		2,782,020
RWE AG		68,650		2,421,173
				5,203,193
Hong Kong — 2.3%
CLP Holdings Ltd.		171,000		1,646,460
Hong Kong & China Gas Co. Ltd.		1,102,166		1,665,255
				3,311,715
Italy — 5.6%
Enel SpA		783,875		6,016,411
Snam SpA		208,132		1,151,362
Terna - Rete Elettrica Nazionale		142,457		1,010,989
				8,178,762
Japan — 2.2%
Chubu Electric Power Co. Inc.		73,400		867,495
Kansai Electric Power Co. Inc. (The)		84,200		815,913
Osaka Gas Co. Ltd.		42,600		778,432
Tokyo Gas Co. Ltd.		41,800		777,785
				3,239,625
Portugal — 1.1%
EDP - Energias de Portugal SA		297,924		1,565,030
Spain — 6.0%
Enagas SA		23,897		531,090
Endesa SA		32,237		650,140
Iberdrola SA		590,325		5,938,922
Naturgy Energy Group SA(c)		33,482		842,773
Red Electrica Corp. SA		41,560		833,788
				8,796,713

Security	Shares		Value
United Kingdom — 5.9%
National Grid PLC		393,523	$	4,689,109
Severn Trent PLC		25,720		900,434
SSE PLC		106,421		2,240,708
United Utilities Group PLC		69,219		900,909
				8,731,160
United States — 61.1%
AES Corp. (The)		67,653		1,544,518
Alliant Energy Corp.		25,407		1,422,284
Ameren Corp.		26,106		2,114,586
American Electric Power Co. Inc.		50,789		4,123,051
American Water Works Co. Inc.		18,428		3,115,069
Atmos Energy Corp.		13,280		1,171,296
CenterPoint Energy Inc.		60,194		1,480,772
CMS Energy Corp.		29,406		1,756,420
Consolidated Edison Inc.		35,878		2,604,384
Dominion Energy Inc.		82,080		5,993,482
DTE Energy Co.		19,671		2,197,447
Duke Energy Corp.		78,053		7,617,192
Edison International		38,552		2,138,480
Entergy Corp.		20,401		2,026,023
Evergy Inc.		23,281		1,448,078
Eversource Energy		34,890		2,852,606
Exelon Corp.		99,272		4,798,809
FirstEnergy Corp.		55,251		1,968,041
NextEra Energy Inc.		184,298		14,471,079
NiSource Inc.		39,746		963,046
NRG Energy Inc.		24,805		1,012,788
Pinnacle West Capital Corp.		11,442		827,943
PPL Corp.		78,133		2,178,348
Public Service Enterprise Group Inc.		51,329		3,125,936
Sempra Energy		32,420		4,101,130
Southern Co. (The)		106,503		6,599,991
WEC Energy Group Inc.		32,025		2,824,605
Xcel Energy Inc.		54,663		3,416,438
				89,893,842
Total Common Stocks — 99.5% (Cost: $165,719,089)				146,247,012
Rights
France — 0.0%
Veolia Environment SA (Expires 10/01/21)(a)(c)		59,311		49,205
Total Rights — 0.0% (Cost: $0)				49,205
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		935,463		935,930

S C H E D U L E  O F  I N V E S T M E N  T S 47

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Utilities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		118,000	$	118,000
				1,053,930
Total Short-Term Investments — 0.7% (Cost: $1,053,930)				1,053,930
Total Investments in Securities — 100.2% (Cost: $166,773,019)				147,350,147
Other Assets, Less Liabilities — (0.2)%				(317,163	)
Net Assets — 100.0%			$	147,032,984

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(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 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	$	—	$	935,972	(a)	$	—		$	(42	)	$	—	$	935,930		935,463	$	15,864	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		208,000		—			(90,000	)(a)		—			—		118,000		118,000		8			—
									$	(42	)	$	—	$	1,053,930			$	15,872		$	—

^(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 Utilities Select Sector Index		6		12/17/21	$	386	$	(17,034	)

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)	$	17,034

^(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).

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Global Utilities ETF

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	$	24,780
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(30,821	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	602,219

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	$	98,773,446	$	47,473,566	$	—	$	146,247,012
Rights		—		49,205		—		49,205
Money Market Funds		1,053,930		—		—		1,053,930
	$	99,827,376	$	47,522,771	$	—	$	147,350,147
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(17,034)	$	—	$	—	$	(17,034)

^(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 49

Statements of Assets and Liabilities  (unaudited)

September 30, 2021

	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF		iShares Global Consumer Staples ETF		iShares Global Energy ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	320,571,911		$	410,014,341	$	630,135,815	$	1,422,551,470
Affiliated(c)		467,776			240,000		1,315,671		1,510,000
Cash		7,578			2,423		1,982		193,303
Foreign currency, at value(d)		311,682			556,468		692,495		1,167,519
Cash pledged:
Futures contracts		28,000			29,000		113,000		303,000
Foreign currency collateral pledged:
Futures contracts(e)		12,127			36,452		53,352		75,454
Receivables:
Investments sold		—			—		—		118
Securities lending income — Affiliated		284			122		403		—
Capital shares sold		—			—		582,571		2,297,313
Dividends		241,546			453,400		1,748,368		2,596,743
Tax reclaims		27,890			45,998		464,569		318,281
Total assets		321,668,794			411,378,204		635,108,226		1,431,013,201
LIABILITIES
Collateral on securities loaned, at value		297,853			—		856,420		—
Payables:
Investments purchased		481			886		30,412		2,515,545
Variation margin on futures contracts		3,037			14,734		52,826		62,176
Capital shares redeemed		—			1,066		—		—
Investment advisory fees		110,158			142,518		206,983		478,684
Total liabilities		411,529			159,204		1,146,641		3,056,405
NET ASSETS	$	321,257,265		$	411,219,000	$	633,961,585	$	1,427,956,796
NET ASSETS CONSIST OF:
Paid-in capital	$	342,942,636		$	352,453,477	$	600,068,508	$	1,763,336,667
Accumulated earnings (loss)		(21,685,371	)		58,765,523		33,893,077		(335,379,871	)
NET ASSETS	$	321,257,265		$	411,219,000	$	633,961,585	$	1,427,956,796
Shares outstanding		3,800,000			2,500,000		10,600,000		53,250,000
Net asset value	$	84.54		$	164.49	$	59.81	$	26.82
Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited
Par value		None			None		None		None
(a) Securities loaned, at value	$	290,753		$	—	$	829,403	$	—
(b) Investments, at cost — Unaffiliated	$	254,011,062		$	348,650,122	$	590,481,694	$	1,674,500,261
(c)  Investments, at cost — Affiliated	$	467,776		$	240,000	$	1,315,671	$	1,510,000
(d) Foreign currency, at cost	$	313,410		$	562,188	$	696,754	$	1,174,290
(e) Foreign currency collateral pledged, at cost	$	12,368		$	36,913	$	55,431	$	77,891

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares Global Financials ETF			iShares Global Healthcare ETF		iShares Global Industrials ETF			iShares Global Materials ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	3,033,784,515		$	3,357,232,901	$	392,393,690		$	797,836,358
Affiliated(c)		52,362,275			16,354,300		240,000			410,000
Cash		8,270			9,392		21,180			5,843
Foreign currency, at value(d)		6,386,028			2,094,511		257,511			2,123,795
Cash pledged:
Futures contracts		522,000			503,000		18,000			146,000
Foreign currency collateral pledged:
Futures contracts(e)		249,393			—		26,028			230,386
Receivables:
Investments sold		3,878			—		—			113
Securities lending income — Affiliated		67			1,245		165			—
Capital shares sold		5,286,603			482,605		—			—
Dividends		4,366,987			4,071,125		551,326			3,437,513
Tax reclaims		229,759			1,951,041		123,790			243,751
Total assets		3,103,199,775			3,382,700,120		393,631,690			804,433,759
LIABILITIES
Collateral on securities loaned, at value		—			12,354,300		—			—
Payables:
Investments purchased		8,247,715			482,604		571			39,200
Variation margin on futures contracts		144,950			136,950		11,406			31,197
Capital shares redeemed		—			—		410,454			—
Investment advisory fees		988,524			1,145,791		142,028			278,403
Total liabilities		9,381,189			14,119,645		564,459			348,800
NET ASSETS	$	3,093,818,586		$	3,368,580,475	$	393,067,231		$	804,084,959
NET ASSETS CONSIST OF:
Paid-in capital	$	3,153,688,786		$	2,619,330,068	$	405,771,136		$	833,307,451
Accumulated earnings (loss)		(59,870,200	)		749,250,407		(12,703,905	)		(29,222,492	)
NET ASSETS	$	3,093,818,586		$	3,368,580,475	$	393,067,231		$	804,084,959
Shares outstanding		39,500,000			40,250,000		3,350,000			9,450,000
Net asset value	$	78.32		$	83.69	$	117.33		$	85.09
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Securities loaned, at value	$	—		$	12,140,292	$	—		$	—
(b) Investments, at cost — Unaffiliated	$	3,124,234,912		$	2,556,385,134	$	391,773,229		$	797,620,156
(c)  Investments, at cost — Affiliated	$	53,943,321		$	16,354,300	$	240,000		$	410,000
(d) Foreign currency, at cost	$	6,435,520		$	2,107,159	$	258,821		$	2,114,028
(e) Foreign currency collateral pledged, at cost	$	254,661		$	—	$	26,685		$	238,026

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 51

Statements of Assets and Liabilities  (unaudited) (continued)

September 30, 2021

	iShares Global Tech ETF			iShares Global Utilities ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	5,723,053,929		$	146,296,217
Affiliated(c)		13,789,132			1,053,930
Cash		4,362			11,521
Foreign currency, at value(d)		2,177,322			419,589
Cash pledged:
Futures contracts		610,000			28,000
Receivables:
Investments sold		—			22,362
Securities lending income — Affiliated		1,873			67
Capital shares sold		668,498			—
Dividends		3,271,932			213,527
Tax reclaims		154,871			51,505
Total assets		5,743,731,919			148,096,718
LIABILITIES
Collateral on securities loaned, at value		5,129,482			935,930
Payables:
Investments purchased		408,909			—
Variation margin on futures contracts		60,380			3,759
Investment advisory fees		1,964,885			55,076
IRS compliance fee for foreign withholding tax claims		—			68,969
Total liabilities		7,563,656			1,063,734
NET ASSETS	$	5,736,168,263		$	147,032,984
NET ASSETS CONSIST OF:
Paid-in capital	$	3,235,622,505		$	207,168,377
Accumulated earnings (loss)		2,500,545,758			(60,135,393	)
NET ASSETS	$	5,736,168,263		$	147,032,984
Shares outstanding		101,400,000	(e)		2,500,000
Net asset value	$	56.57	(e)	$	58.81
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a)   Securities loaned, at value	$	5,011,406		$	883,053
(b)   Investments, at cost — Unaffiliated	$	3,782,751,477		$	165,719,089
(c)   Investments, at cost — Affiliated	$	13,787,351		$	1,053,930
(d)   Foreign currency, at cost	$	2,190,433		$	422,840
(e)   Shares outstanding and net asset value per share reflect a six-for-one stock split effective after the close of trading on July 16, 2021

See notes to financial statements.

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Statements of Operations  (unaudited)

Six Months Ended September 30, 2021

	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	2,387,170		$	2,547,269		$	8,692,572		$	38,684,650
Dividends — Affiliated		12			15			32			66
Securities lending income — Affiliated — net		1,401			3,194			2,736			91
Foreign taxes withheld		(373,398	)		(184,318	)		(484,115	)		(1,950,378	)
Total investment income		2,015,185			2,366,160			8,211,225			36,734,429
EXPENSES
Investment advisory fees		673,678			923,147			1,179,857			2,948,955
Commitment fees		287			227			181			1,906
Total expenses		673,965			923,374			1,180,038			2,950,861
Net investment income		1,341,220			1,442,786			7,031,187			33,783,568
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		5,048,198			(1,117,982	)		(946,261	)		(23,606,555	)
Investments — Affiliated		(221	)		(503	)		(196	)		21
In-kind redemptions — Unaffiliated		17,026,936			23,510,875			10,789,897			109,916,433
Futures contracts		89,636			98,744			242,318			566,314
Foreign currency transactions		6,807			(4,243	)		(2,340	)		(146,917	)
Net realized gain		22,171,356			22,486,891			10,083,418			86,729,296
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(4,256,899	)		(15,459,451	)		2,048,703			23,606,191
Futures contracts		(23,606	)		(37,084	)		(179,917	)		512,754
Foreign currency translations		(315	)		(2,804	)		(18,558	)		(26,886	)
Net change in unrealized appreciation (depreciation)		(4,280,820	)		(15,499,339	)		1,850,228			24,092,059
Net realized and unrealized gain		17,890,536			6,987,552			11,933,646			110,821,355
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,231,756		$	8,430,338		$	18,964,833		$	144,604,923

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 53

Statements of Operations  (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares Global Financials ETF			iShares Global Healthcare ETF			iShares Global Industrials ETF			iShares Global Materials ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	33,386,038		$	25,954,840		$	4,138,958		$	20,269,761
Dividends — Affiliated		413,839			178			19			32
Securities lending income — Affiliated — net		10,930			5,902			1,713			—
Foreign taxes withheld		(1,996,116	)		(1,508,919	)		(296,289	)		(763,962	)
Total investment income		31,814,691			24,452,001			3,844,401			19,505,831
EXPENSES
Investment advisory fees		4,663,172			6,392,998			916,151			1,783,239
Commitment fees		2,729			—			45			2,442
Total expenses		4,665,901			6,392,998			916,196			1,785,681
Net investment income		27,148,790			18,059,003			2,928,205			17,720,150
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(11,909,434	)		(46,217	)		(1,284,978	)		(2,225,406	)
Investments — Affiliated		(54	)		2,149			90			—
In-kind redemptions — Unaffiliated		83,642,845			16,448,932			10,760,832			47,938,227
In-kind redemptions — Affiliated		2,541,629			—			—			—
Futures contracts		113,115			1,577,705			76,772			125,529
Foreign currency transactions		(143,481	)		(45,829	)		417			(158,355	)
Net realized gain		74,244,620			17,936,740			9,553,133			45,679,995
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(101,223,566	)		217,882,780			(2,256,773	)		(79,019,866	)
Investments — Affiliated		(3,112,881	)		(2,365	)		(205	)		—
Futures contracts		(11,854	)		(579,416	)		(29,864	)		(100,048	)
Foreign currency translations		(63,080	)		17,139			(740	)		28,320
Net change in unrealized appreciation (depreciation)		(104,411,381	)		217,318,138			(2,287,582	)		(79,091,594	)
Net realized and unrealized gain (loss)		(30,166,761	)		235,254,878			7,265,551			(33,411,599	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,017,971	)	$	253,313,881		$	10,193,756		$	(15,691,449	)

See notes to financial statements.

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Statements of Operations  (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares Global Tech ETF			iShares Global Utilities ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	26,822,082		$	3,008,571
Dividends — Affiliated		235			8
Non-cash dividends — Unaffiliated		—			153,543
Securities lending income — Affiliated — net		10,876			15,864
Foreign taxes withheld		(1,352,129	)		(148,291	)
IRS Compliance fee for foreign withholding tax claims		—			(510	)
Total investment income		25,481,064			3,029,185
EXPENSES
Investment advisory fees		10,673,276			319,455
Commitment fees		12,798			6
Total expenses		10,686,074			319,461
Net investment income		14,794,990			2,709,724
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		44,366,513			(3,999,054	)
Investments — Affiliated		(1,162	)		(42	)
In-kind redemptions — Unaffiliated		585,455,141			1,968,714
Futures contracts		1,146,112			24,780
Foreign currency transactions		(144,910	)		(15,566	)
Net realized gain (loss)		630,821,694			(2,021,168	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(195,620,596	)		(4,104,316	)
Investments — Affiliated		(127	)		—
Futures contracts		(627,351	)		(30,821	)
Foreign currency translations		136,697			(4,131	)
Net change in unrealized appreciation (depreciation)		(196,111,377	)		(4,139,268	)
Net realized and unrealized gain (loss)		434,710,317			(6,160,436	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	449,505,307		$	(3,450,712	)

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Global Comm Services ETF						iShares Global Consumer Discretionary ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,341,220		$	2,931,053		$	1,442,786		$	2,194,646
Net realized gain (loss)		22,171,356			20,120,280			22,486,891			(3,864,609	)
Net change in unrealized appreciation (depreciation)		(4,280,820	)		107,127,896			(15,499,339	)		131,716,337
Net increase in net assets resulting from operations		19,231,756			130,179,229			8,430,338			130,046,374
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,269,540	)		(3,194,408	)		(1,843,385	)		(1,983,808	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(17,084,456	)		(31,968,301	)		(26,112,909	)		145,733,246
NET ASSETS
Total increase (decrease) in net assets		877,760			95,016,520			(19,525,956	)		273,795,812
Beginning of period		320,379,505			225,362,985			430,744,956			156,949,144
End of period	$	321,257,265		$	320,379,505		$	411,219,000		$	430,744,956

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Global Consumer Staples ETF						iShares Global Energy ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,031,187		$	14,978,434		$	33,783,568		$	47,071,842
Net realized gain (loss)		10,083,418			47,826,744			86,729,296			(38,459,112	)
Net change in unrealized appreciation (depreciation)		1,850,228			75,904,067			24,092,059			320,650,620
Net increase in net assets resulting from operations		18,964,833			138,709,245			144,604,923			329,263,350
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,458,430	)		(14,922,745	)		(23,007,843	)		(44,636,580	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		95,547,749			(281,259,288	)		(1,661,000	)		406,575,701
NET ASSETS
Total increase (decrease) in net assets		108,054,152			(157,472,788	)		119,936,080			691,202,471
Beginning of period		525,907,433			683,380,221			1,308,020,716			616,818,245
End of period	$	633,961,585		$	525,907,433		$	1,427,956,796		$	1,308,020,716

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares Global Financials ETF						iShares Global Healthcare ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	27,148,790		$	6,364,875		$	18,059,003		$	33,112,125
Net realized gain (loss)		74,244,620			(19,276,017	)		17,936,740			65,418,175
Net change in unrealized appreciation (depreciation)		(104,411,381	)		142,359,595			217,318,138			441,025,445
Net increase (decrease) in net assets resulting from operations		(3,017,971	)		129,448,453			253,313,881			539,555,745
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(10,261,377	)		(6,228,611	)		(19,916,996	)		(31,015,428	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,634,354,485			146,450,450			429,982,262			249,269,156
NET ASSETS
Total increase in net assets		2,621,075,137			269,670,292			663,379,147			757,809,473
Beginning of period		472,743,449			203,073,157			2,705,201,328			1,947,391,855
End of period	$	3,093,818,586		$	472,743,449		$	3,368,580,475		$	2,705,201,328

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

See notes to financial statements.

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Statements of Changes in Net Assets(continued)

	iShares Global Industrials ETF						iShares Global Materials ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,928,205		$	3,917,359		$	17,720,150		$	11,643,528
Net realized gain (loss)		9,553,133			56,361,275			45,679,995			(6,540,684	)
Net change in unrealized appreciation (depreciation)		(2,287,582	)		70,306,075			(79,091,594	)		177,378,292
Net increase (decrease) in net assets resulting from operations		10,193,756			130,584,709			(15,691,449	)		182,481,136
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,770,124	)		(3,589,504	)		(10,740,820	)		(6,021,339	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(35,822,188	)		148,891,058			107,518,278			417,407,351
NET ASSETS
Total increase (decrease) in net assets		(29,398,556	)		275,886,263			81,086,009			593,867,148
Beginning of period		422,465,787			146,579,524			722,998,950			129,131,802
End of period	$	393,067,231		$	422,465,787		$	804,084,959		$	722,998,950

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares Global Tech ETF						iShares Global Utilities ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,794,990		$	32,041,421		$	2,709,724		$	4,555,188
Net realized gain (loss)		630,821,694			147,031,442			(2,021,168	)		(619,570	)
Net change in unrealized appreciation (depreciation)		(196,111,377	)		1,854,215,133			(4,139,268	)		33,449,472
Net increase (decrease) in net assets resulting from operations		449,505,307			2,033,287,996			(3,450,712	)		37,385,090
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(16,940,783	)		(30,800,295	)		(2,099,129	)		(4,959,902	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		257,062,372			291,181,184			1,315,258			(33,280,461	)
NET ASSETS
Total increase (decrease) in net assets		689,626,896			2,293,668,885			(4,234,583	)		(855,273	)
Beginning of period		5,046,541,367			2,752,872,482			151,267,567			152,122,840
End of period	$	5,736,168,263		$	5,046,541,367		$	147,032,984		$	151,267,567

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Global Comm Services ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	80.09		$	51.81		$	56.22		$	57.19		$	59.45		$	62.37
Net investment income(a)		0.35			0.66			0.78			1.82			2.21			2.28
Net realized and unrealized gain (loss)(b)		4.42			28.33			(3.85	)		(0.62	)		(2.41	)		(2.84	)
Net increase (decrease) from investment operations		4.77			28.99			(3.07	)		1.20			(0.20	)		(0.56	)
Distributions(c)
From net investment income		(0.32	)		(0.71	)		(1.34	)		(2.17	)		(2.06	)		(2.36	)
Total distributions		(0.32	)		(0.71	)		(1.34	)		(2.17	)		(2.06	)		(2.36	)
Net asset value, end of period	$	84.54		$	80.09		$	51.81		$	56.22		$	57.19		$	59.45
Total Return(d)
Based on net asset value		5.95	%(e)		56.20	%		(5.70	)%		2.37	%		(0.46	)%		(0.91	)%
Ratios to Average Net Assets
Total expenses		0.41	%(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		0.81	%(f)		0.96	%		1.34	%		3.28	%		3.71	%		3.74	%
Supplemental Data
Net assets, end of period (000)	$	321,257		$	320,380		$	225,363		$	236,105		$	400,339		$	303,171
Portfolio turnover rate(g)		10	%(e)		13	%		24	%		79	%		3	%		5	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 61

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global Consumer Discretionary ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	162.55		$	95.12		$	113.27		$	111.45		$	96.61		$	88.72
Net investment income(a)		0.54			1.06			1.75			1.70			1.42			1.51
Net realized and unrealized gain (loss)(b)		2.07			67.38			(18.03	)		1.87			14.79			7.97
Net increase (decrease) from investment operations		2.61			68.44			(16.28	)		3.57			16.21			9.48
Distributions(c)
From net investment income		(0.67	)		(1.01	)		(1.87	)		(1.75	)		(1.37	)		(1.59	)
Total distributions		(0.67	)		(1.01	)		(1.87	)		(1.75	)		(1.37	)		(1.59	)
Net asset value, end of period	$	164.49		$	162.55		$	95.12		$	113.27		$	111.45		$	96.61
Total Return(d)
Based on net asset value		1.60	%(e)		72.21	%		(14.71	)%(f)		3.32	%		16.81	%		10.86	%
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		0.64	%(g)		0.75	%		1.47	%		1.51	%		1.35	%		1.68	%
Supplemental Data
Net assets, end of period (000)	$	411,219		$	430,745		$	156,949		$	203,889		$	278,617		$	202,874
Portfolio turnover rate(h)		6	%(e)		34	%		17	%		30	%		6	%		13	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Annualized.

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

See notes to financial statements.

62 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

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global Consumer Staples ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period	$	58.11		$	47.96		$	51.67		$	50.14		$	49.65		$	48.74
Net investment income(b)		0.74			1.34			1.18			1.20			1.12			1.01
Net realized and unrealized gain (loss)(c)		1.65			10.17			(3.69	)		1.70			0.52			0.98
Net increase (decrease) from investment operations		2.39			11.51			(2.51	)		2.90			1.64			1.99
Distributions(d)
From net investment income		(0.69	)		(1.36	)		(1.20	)		(1.37	)		(1.15	)		(1.08	)
Total distributions		(0.69	)		(1.36	)		(1.20	)		(1.37	)		(1.15	)		(1.08	)
Net asset value, end of period	$	59.81		$	58.11		$	47.96		$	51.67		$	50.14		$	49.65
Total Return(e)
Based on net asset value		4.07	%(f)		24.21	%		(5.10	)%		6.07	%		3.19	%		4.18	%
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		2.42	%(g)		2.46	%		2.21	%		2.43	%		2.18	%		2.09	%
Supplemental Data
Net assets, end of period (000)	$	633,962		$	525,907		$	683,380		$	738,832		$	536,507		$	605,760
Portfolio turnover rate(h)		4	%(f)		7	%		7	%		7	%		5	%		4	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 63

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global Energy ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	24.63		$	17.06		$	33.70		$	33.91		$	33.19		$	29.58
Net investment income(a)		0.59			0.94			1.13			1.11			1.14			0.97
Net realized and unrealized gain (loss)(b)		2.03			7.62			(15.61	)		(0.29	)		0.66			3.64
Net increase (decrease) from investment operations		2.62			8.56			(14.48	)		0.82			1.80			4.61
Distributions(c)
From net investment income		(0.43	)		(0.99	)		(2.16	)		(1.03	)		(1.08	)		(1.00	)
Total distributions		(0.43	)		(0.99	)		(2.16	)		(1.03	)		(1.08	)		(1.00	)
Net asset value, end of period	$	26.82		$	24.63		$	17.06		$	33.70		$	33.91		$	33.19
Total Return(d)
Based on net asset value		10.60	%(e)		51.36	%		(45.73	)%		2.56	%		5.56	%		15.54	%
Ratios to Average Net Assets
Total expenses		0.41	%(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		4.66	%(f)		4.65	%		3.78	%		3.17	%		3.39	%		2.98	%
Supplemental Data
Net assets, end of period (000)	$	1,427,957		$	1,308,021		$	616,818		$	1,031,245		$	1,154,552		$	950,763
Portfolio turnover rate(g)		2	%(e)		5	%		7	%		6	%		4	%		4	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global Financials ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	73.29		$	47.23		$	61.61		$	68.93		$	60.82		$	49.45
Net investment income(a)		0.93			1.36			1.71			1.84			1.47			1.35
Net realized and unrealized gain (loss)(b)		4.38			26.09			(14.12	)		(7.38	)		8.12			11.30
Net increase (decrease) from investment operations		5.31			27.45			(12.41	)		(5.54	)		9.59			12.65
Distributions(c)
From net investment income		(0.28	)		(1.39	)		(1.97	)		(1.78	)		(1.48	)		(1.28	)
Total distributions		(0.28	)		(1.39	)		(1.97	)		(1.78	)		(1.48	)		(1.28	)
Net asset value, end of period	$	78.32		$	73.29		$	47.23		$	61.61		$	68.93		$	60.82
Total Return(d)
Based on net asset value		7.24	%(e)		58.99	%		(20.99	)%(f)		(8.02	)%		15.91	%		26.03	%
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.43	%		N/A			0.46	%		N/A			N/A
Net investment income		2.36	%(g)		2.28	%		2.66	%		2.84	%		2.19	%		2.46	%
Supplemental Data
Net assets, end of period (000)	$	3,093,819		$	472,743		$	203,073		$	341,918		$	634,120		$	386,189
Portfolio turnover rate(h)		3	%(e)		4	%		7	%		7	%		4	%		16	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 65

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global Healthcare ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period	$	76.96		$	60.95		$	61.13		$	55.61		$	51.44		$	48.21
Net investment income(b)		0.48			1.02			0.96			0.92			0.79			0.76
Net realized and unrealized gain (loss)(c)		6.78			15.96			(0.16	)		5.80			4.20			3.29
Net increase from investment operations		7.26			16.98			0.80			6.72			4.99			4.05
Distributions(d)
From net investment income		(0.53	)		(0.97	)		(0.98	)		(1.20	)		(0.82	)		(0.82	)
Total distributions		(0.53	)		(0.97	)		(0.98	)		(1.20	)		(0.82	)		(0.82	)
Net asset value, end of period	$	83.69		$	76.96		$	60.95		$	61.13		$	55.61		$	51.44
Total Return(e)
Based on net asset value		9.44	%(f)		28.03	%		1.23	%		12.29	%		9.70	%		8.52	%
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		1.15	%(g)		1.41	%		1.52	%		1.55	%		1.42	%		1.51	%
Supplemental Data
Net assets, end of period (000)	$	3,368,580		$	2,705,201		$	1,947,392		$	2,121,287		$	1,568,110		$	1,476,384
Portfolio turnover rate(h)		3	%(f)		5	%		5	%		8	%		4	%		5	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

^(g) Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global Industrials ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	115.74		$	71.50		$	88.88		$	91.22		$	80.47		$	70.40
Net investment income(a)		0.79			1.32			1.61			1.65			1.43			1.37	(b)
Net realized and unrealized gain (loss)(c)		1.74			44.27			(17.32	)		(2.27	)		10.69			10.02
Net increase (decrease) from investment operations		2.53			45.59			(15.71	)		(0.62	)		12.12			11.39
Distributions(d)
From net investment income		(0.94	)		(1.35	)		(1.67	)		(1.72	)		(1.37	)		(1.32	)
Total distributions		(0.94	)		(1.35	)		(1.67	)		(1.72	)		(1.37	)		(1.32	)
Net asset value, end of period	$	117.33		$	115.74		$	71.50		$	88.88		$	91.22		$	80.47
Total Return(e)
Based on net asset value		2.16	%(f)		64.27	%		(18.08	)%		(0.59	)%		15.14	%		16.38	%(b)
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.43	%		N/A			N/A			N/A			0.48	%
Net investment income		1.30	%(g)		1.34	%		1.75	%		1.87	%		1.61	%		1.85	%(b)
Supplemental Data
Net assets, end of period (000)	$	393,067		$	422,466		$	146,580		$	217,744		$	360,338		$	209,222
Portfolio turnover rate(h)		3	%(f)		8	%		5	%		5	%		6	%		9	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.02%.

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

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

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

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 67

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global Materials ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	86.59		$	49.67		$	64.22		$	67.34		$	59.25		$	47.64
Net investment income(a)		1.86			2.07			1.54			1.91			1.33			0.93	(b)
Net realized and unrealized gain (loss)(c)		(2.25	)		35.84			(13.63	)		(3.44	)		7.99			11.40
Net increase (decrease) from investment operations		(0.39	)		37.91			(12.09	)		(1.53	)		9.32			12.33
Distributions(d)
From net investment income		(1.11	)		(0.99	)		(2.46	)		(1.59	)		(1.23	)		(0.72	)
Total distributions		(1.11	)		(0.99	)		(2.46	)		(1.59	)		(1.23	)		(0.72	)
Net asset value, end of period	$	85.09		$	86.59		$	49.67		$	64.22		$	67.34		$	59.25
Total Return(e)
Based on net asset value		(0.56	)%(f)		76.78	%		(19.66	)%		(2.14	)%		15.84	%		26.13	%(b)
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.45	%		0.46	%		0.47	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			N/A			0.46	%		N/A			0.48	%
Net investment income		4.04	%(g)		2.76	%		2.43	%		2.91	%		2.02	%		1.73	%(b)
Supplemental Data
Net assets, end of period (000)	$	804,085		$	722,999		$	129,132		$	208,704		$	400,667		$	260,683
Portfolio turnover rate(h)		2	%(f)		4	%		12	%		11	%		8	%		10	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Net investment income per share by $0.03.

• Total return by 0.07%.

• Ratio of net investment income to average net assets by 0.05%.

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

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

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

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

68 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

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global Tech ETF
		Six Months Ended 09/30/21 (unaudited)	(a)		Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period	$	51.13		$	30.49		$	28.48		$	26.31		$	20.68		$	16.67
Net investment income(b)		0.16			0.33			0.38			0.30			0.20			0.21	(c)
Net realized and unrealized gain(d)		5.48			20.62			2.00			2.10			5.67			3.99
Net increase from investment operations		5.64			20.95			2.38			2.40			5.87			4.20
Distributions(e)
From net investment income		(0.20	)		(0.31	)		(0.37	)		(0.23	)		(0.24	)		(0.19	)
Total distributions		(0.20	)		(0.31	)		(0.37	)		(0.23	)		(0.24	)		(0.19	)
Net asset value, end of period	$	56.57		$	51.13		$	30.49		$	28.48		$	26.31		$	20.68
Total Return(f)
Based on net asset value		11.06	%(g)		68.97	%		8.33	%		9.19	%		28.49	%		25.40	%(c)
Ratios to Average Net Assets
Total expenses		0.41	%(h)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.43	%		N/A			0.46	%		N/A			0.48	%
Net investment income		0.56	%(h)		0.75	%		1.21	%		1.09	%		0.82	%		1.15	%(c)
Supplemental Data
Net assets, end of period (000)	$	5,736,168		$	5,046,541		$	2,752,872		$	2,819,178		$	1,538,998		$	1,054,554
Portfolio turnover rate(i)		4	%(g)		4	%		7	%		17	%		5	%		6	%

^(a)  Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

^(b)  Based on average shares outstanding.

^(c)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Net investment income per share by $0.02.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.02%.

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

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

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

^(g)  Not annualized.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 69

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global Utilities ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	60.51		$	50.71		$	54.08		$	48.78		$	48.09		$	48.11
Net investment income(a)		1.07			1.71			1.62			1.78			1.79			1.92	(b)
Net realized and unrealized gain (loss)(c)		(1.95	)		9.68			(2.98	)		5.07			0.69			0.19
Net increase (decrease) from investment operations		(0.88	)		11.39			(1.36	)		6.85			2.48			2.11
Distributions(d)
From net investment income		(0.82	)		(1.59	)		(2.01	)		(1.55	)		(1.79	)		(2.13	)
Total distributions		(0.82	)		(1.59	)		(2.01	)		(1.55	)		(1.79	)		(2.13	)
Net asset value, end of period	$	58.81		$	60.51		$	50.71		$	54.08		$	48.78		$	48.09
Total Return(e)
Based on net asset value		(1.51	)%(f)		22.70	%		(2.84	)%		14.40	%		5.13	%		4.61	%(b)
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			N/A			0.46	%		N/A			0.48	%
Net investment income		3.45	%(g)		3.03	%		2.87	%		3.53	%		3.58	%		4.07	%(b)
Supplemental Data
Net assets, end of period (000)	$	147,033		$	151,268		$	152,123		$	208,222		$	131,708		$	137,044
Portfolio turnover rate(h)		4	%(f)		7	%		6	%		8	%		4	%		15	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Net investment income per share by $0.03.

• Total return by 0.09%.

• Ratio of net investment income to average net assets by 0.06%.

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

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

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

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements  (unaudited) 

1.     ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Global Comm Services	Non-diversified
Global Consumer Discretionary	Diversified
Global Consumer Staples	Diversified
Global Energy	Non-diversified
Global Financials	Diversified
Global Healthcare	Diversified
Global Industrials	Diversified
Global Materials	Diversified
Global Tech	Non-diversified
Global Utilities	Diversified

2.     SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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Notes to Financial Statements  (unaudited) (continued)

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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

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

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

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

4.     SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Global Comm Services
Goldman Sachs & Co. LLC	$	290,753	$	290,753		$	—	$	—
Global Consumer Staples
Barclays Capital, Inc.	$	350,276	$	350,276		$	—	$	—
Credit Suisse Securities (USA) LLC		153,180		153,180			—		—
Deutsche Bank Securities, Inc.		271,395		271,395			—		—
Morgan Stanley		54,552		54,552			—		—
	$	829,403	$	829,403		$	—	$	—
Global Healthcare
J.P. Morgan Securities LLC	$	12,140,292	$	12,140,292		$	—	$	—
Global Tech
BNP Paribas SA	$	404,919	$	404,919		$	—	$	—
Citigroup Global Markets, Inc.		4,604,269		4,604,269			—		—
Goldman Sachs & Co. LLC		2,218		2,218			—		—
	$	5,011,406	$	5,011,406		$	—	$	—
Global Utilities
Jefferies LLC	$	48,712	$	48,712		$	—	$	—
Morgan Stanley		834,341		834,341			—		—
	$	883,053	$	883,053		$	—	$	—

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

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

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Notes to Financial Statements  (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Prior to July 14, 2021, for its investment advisory services to each Fund, BFA was entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.480	%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

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

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

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

Pursuant to the current securities lending agreement, the iShares Global Tech ETF (the “Group 1 Fund”), retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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Notes to Financial Statements  (unaudited) (continued)

Pursuant to the current securities lending agreement, each of iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Utilities ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Global Comm Services	$	472
Global Consumer Discretionary		958
Global Consumer Staples		956
Global Energy		33
Global Financials		2,607
Global Healthcare		2,478
Global Industrials		538
Global Tech		4,661
Global Utilities		3,502

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

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

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global Comm Services	$	13,492,769	$	5,802,076	$	(332,341	)
Global Consumer Discretionary		3,820,140		4,135,301		6,307
Global Consumer Staples		5,112,826		1,823,439		(42,643	)
Global Energy		9,947,130		9,110,828		(8,478,188	)
Global Financials		16,261,337		5,374,119		(1,171,892	)
Global Healthcare		44,820,245		4,585,356		(857,555	)
Global Industrials		5,012,452		2,035,202		199,078
Global Materials		921,545		754,795		(96,189	)
Global Tech		24,103,746		11,540,128		791,416
Global Utilities		2,511,789		1,388,803		15,544

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

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

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Notes to Financial Statements  (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global Comm Services	$	35,418,360	$	31,616,301
Global Consumer Discretionary		27,486,484		24,890,622
Global Consumer Staples		27,569,950		21,347,705
Global Energy		70,123,587		33,841,397
Global Financials		388,246,710		76,359,563
Global Healthcare		123,161,965		98,971,671
Global Industrials		14,814,811		15,733,628
Global Materials		34,457,217		14,208,321
Global Tech		257,334,837		198,922,330
Global Utilities		7,040,013		6,649,608

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Global Comm Services	$	26,656,641	$	45,377,345
Global Consumer Discretionary		36,743,146		65,562,479
Global Consumer Staples		135,327,585		44,844,040
Global Energy		568,240,772		589,351,141
Global Financials		2,889,617,478		558,845,143
Global Healthcare		440,719,098		36,363,199
Global Industrials		40,570,125		75,285,177
Global Materials		244,437,570		151,463,184
Global Tech		1,293,712,835		1,097,107,181
Global Utilities		24,826,772		23,537,907

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Global Comm Services	$	109,650,517
Global Consumer Discretionary		24,547,996
Global Consumer Staples		18,103,372
Global Energy		160,867,572
Global Financials		57,818,192
Global Healthcare		64,125,471
Global Industrials		22,646,604
Global Materials		82,849,776
Global Tech		62,000,038
Global Utilities		38,361,599

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements  (unaudited) (continued)

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Comm Services	$	257,557,103	$	84,610,814	$	(21,154,417	)	$	63,456,397
Global Consumer Discretionary		350,501,682		79,504,497		(19,769,570	)		59,734,927
Global Consumer Staples		594,202,868		83,327,908		(46,171,184	)		37,156,724
Global Energy		1,706,396,460		19,259,543		(301,219,489	)		(281,959,946	)
Global Financials		3,182,041,029		56,726,252		(152,655,155	)		(95,928,903	)
Global Healthcare		2,588,391,305		862,101,616		(77,316,179	)		784,785,437
Global Industrials		393,387,166		28,771,428		(29,539,336	)		(767,908	)
Global Materials		804,076,606		55,654,288		(61,587,259	)		(5,932,971	)
Global Tech		3,813,408,306		1,988,703,720		(65,757,228	)		1,922,946,492
Global Utilities		168,546,717		5,720,978		(26,934,582	)		(21,213,604	)

9. LINE OF CREDIT

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

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

During the six months ended September 30, 2021, the Funds did not borrow under the Credit Agreement or Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time.

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Notes to Financial Statements  (unaudited) (continued)

This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Global Comm Services
Shares sold		350,000		$	29,733,530			750,000		$	48,313,418
Shares redeemed		(550,000	)		(46,817,986	)		(1,100,000	)		(80,281,719	)
Net decrease		(200,000	)	$	(17,084,456	)		(350,000	)	$	(31,968,301	)
Global Consumer Discretionary
Shares sold		250,000		$	42,003,358			1,300,000		$	185,563,893
Shares redeemed		(400,000	)		(68,116,267	)		(300,000	)		(39,830,647	)
Net increase (decrease)		(150,000	)	$	(26,112,909	)		1,000,000		$	145,733,246
Global Consumer Staples
Shares sold		2,300,000		$	141,671,209			550,000		$	30,568,546
Shares redeemed		(750,000	)		(46,123,460	)		(5,750,000	)		(311,827,834	)
Net increase (decrease)		1,550,000		$	95,547,749			(5,200,000	)	$	(281,259,288	)
Global Energy
Shares sold		23,550,000		$	594,789,369			54,900,000		$	1,108,103,622
Shares redeemed		(23,400,000	)		(596,450,369	)		(37,950,000	)		(701,527,921	)
Net increase (decrease)		150,000		$	(1,661,000	)		16,950,000		$	406,575,701
Global Financials
Shares sold		40,450,000		$	3,211,652,386			2,850,000		$	180,470,187
Shares redeemed		(7,400,000	)		(577,297,901	)		(700,000	)		(34,019,737	)
Net increase		33,050,000		$	2,634,354,485			2,150,000		$	146,450,450
Global Healthcare
Shares sold		5,550,000		$	467,178,181			6,300,000		$	464,149,825
Shares redeemed		(450,000	)		(37,195,919	)		(3,100,000	)		(214,880,669	)
Net increase		5,100,000		$	429,982,262			3,200,000		$	249,269,156
Global Industrials
Shares sold		350,000		$	42,297,089			4,500,000		$	471,229,133
Shares redeemed		(650,000	)		(78,119,277	)		(2,900,000	)		(322,338,075	)
Net increase (decrease)		(300,000	)	$	(35,822,188	)		1,600,000		$	148,891,058
Global Materials
Shares sold		2,850,000		$	266,204,651			6,500,000		$	468,147,892
Shares redeemed		(1,750,000	)		(158,686,373	)		(750,000	)		(50,740,541	)
Net increase		1,100,000		$	107,518,278			5,750,000		$	417,407,351
Global Tech
Shares sold		25,500,000	(a)	$	1,477,747,730			14,400,000	(a)	$	584,003,864
Shares redeemed		(22,800,000	)(a)		(1,220,685,358	)		(6,000,000	)(a)		(292,822,680	)
Net increase		2,700,000		$	257,062,372			8,400,000		$	291,181,184
Global Utilities
Shares sold		400,000		$	25,326,133			1,900,000		$	96,618,404
Shares redeemed		(400,000	)		(24,010,875	)		(2,400,000	)		(129,898,865	)
Net increase (decrease)		—		$	1,315,258			(500,000	)	$	(33,280,461	)

^(a) Share transactions reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

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

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

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Notes to Financial Statements  (unaudited) (continued)

The Board authorized a six-for-one stock split for the iShares Global Tech ETF, effective after the close of trading on July 16, 2021, for the shareholders of record on July 14, 2021. The impact of the stock split was an increase in the number of shares outstanding by a factor of six, while decreasing the NAV per share by a factor of six, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares Global Utilities ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Global Consumer Discretionary ETF received proceeds of $21,522 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

14. SUBSEQUENT EVENTS

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

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Board Review and Approval of Investment Advisory Contract

iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

B O A R D  R E V I E W  A N D  A P  P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C  O N T R A C T 81

Board Review and Approval of Investment Advisory Contract  (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Global Utilities ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment

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Board Review and Approval of Investment Advisory Contract  (continued)

Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

B O A R D  R E V I E W  A N D  A P  P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C  O N T R A C T 83

Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global Energy(a)	$	0.410428	$	—	$	0.016830	$	0.427258		96	%		—	%		4	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S U P P L E M E N T A L  I N F O R M A T  I O N 85

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
NVS	Non-Voting Shares

G L O S S A R Y  O F  T E R M S  U  S E D  I N  T H I S  R E P O R T 87

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-300-0921

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Asia 50 ETF | AIA | NASDAQ

· iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

· iShares Europe ETF | IEV | NYSE Arca

· iShares International Developed Property ETF | WPS | NYSE Arca

· iShares International Developed Small Cap Value Factor ETF | ISVL | Cboe BZX

· iShares International Dividend Growth ETF | IGRO | Cboe BZX

· iShares Latin America 40 ETF | ILF | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Trust

Rob Kapito

President, BlackRock, Inc.

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		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		45
Statements of Operations		47
Statements of Changes in Net Assets		49
Financial Highlights		53
Notes to Financial Statements		60
Board Review and Approval of Investment Advisory Contract		71
Supplemental Information		82
General Information		83
Glossary of Terms Used in this Report		84

Fund Summary as of September 30, 2021 iShares^® Asia 50 ETF

Investment Objective

The iShares Asia 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Asian equities, as represented by the S&P Asia 50^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		(13.04	)%		12.59	%		11.80	%		9.94	%		12.59	%		74.65	%		158.07	%
Fund Market		(14.75	)		10.25			11.51			10.36			10.25			72.38			167.91
Index		(12.38	)		13.83			12.51			10.60			13.83			80.29			173.83

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 11 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	$         869.60	$       2.34			$      1,000.00	$      1,022.60	$       2.54		0.50	%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	34.1	%
Consumer Discretionary	20.4
Financials	19.6
Communication Services	16.3
Materials	3.0
Health Care	2.5
Industrials	1.7
Real Estate	1.3
Utilities	1.1

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	41.8	%
South Korea	23.2
Taiwan	20.0
Hong Kong	11.6
Singapore	3.4

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Fund Summary as of September 30, 2021 iShares^® Emerging Markets Infrastructure ETF

Investment Objective

The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of 30 of the largest equities in the emerging markets infrastructure industry, as represented by the S&P Emerging Markets Infrastructure 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		3.68	%		25.46	%		(1.18	)%		2.35	%		25.46	%		(5.78	)%		26.12	%
Fund Market		3.98			25.22			(1.28	)		2.50			25.22			(6.24	)		27.98
Index		4.31			26.64			(0.59	)		2.85			26.64			(2.92	)		32.44

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 11 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	$      1,036.80	$        3.06			$      1,000.00	$      1,022.10	$        3.04		0.60	%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Utilities	40.1	%
Industrials	39.4
Energy	20.5

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	50.1	%
Brazil	13.5
Mexico	13.2
Thailand	9.4
Russia	7.1
South Korea	4.9
Chile	1.8

^(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^® Europe ETF

Investment Objective

The iShares Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European equities, as represented by the S&P Europe 350^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		5.42	%		27.05	%		8.57	%		7.90	%		27.05	%		50.87	%		113.86	%
Fund Market		5.39			27.43			8.57			8.06			27.43			50.88			117.19
Index		5.88			27.76			9.00			8.28			27.76			53.86			121.53

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 11 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	$       1,054.20	$       3.35			$      1,000.00	$      1,021.80	$       3.29		0.65	%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	16.0	%
Industrials	15.5
Health Care	14.4
Consumer Staples	12.3
Consumer Discretionary	11.6
Information Technology	8.9
Materials	7.7
Energy	4.8
Utilities	3.9
Communication Services	3.6
Real Estate	1.3

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	21.3	%
France	16.9
Switzerland	15.3
Germany	13.7
Netherlands	8.9
Sweden	5.1
Denmark	4.0
Spain	3.9
Italy	3.0
Finland	2.2

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2021 iShares^® International Developed Property ETF

Investment Objective

The iShares International Developed Property ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the S&P Developed ex-U.S. Property 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		4.34	%		21.57	%		4.52	%		7.52	%		21.57	%		24.74	%		106.41	%
Fund Market		4.31			21.09			4.40			7.74			21.09			24.01			110.84
Index		4.75			22.16			4.74			7.65			22.16			26.05			109.08

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 11 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$       1,043.40	$       2.46			$      1,000.00	$      1,022.70	$       2.43		0.48	%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Real Estate Operating Companies	23.8	%
Diversified Real Estate Activities	17.4
Industrial REITs	13.1
Diversified REITs	13.1
Retail REITs	11.8
Office REITs	9.3
Residential REITs	3.9
Real Estate Development	3.6
Specialized REITs	1.5
Health Care REITs	1.5
Hotel & Resort REITs	1.0
Other (each representing less than 1%)	0.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	28.8	%
Australia	11.8
Germany	9.7
United Kingdom	9.7
Hong Kong	9.3
Singapore	7.2
Sweden	5.0
Canada	3.6
France	3.3
Belgium	2.5

^(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^® International Developed Small Cap Value Factor ETF

Investment Objective

The iShares International Developed Small Cap Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed market small-capitalization stocks, excluding the U.S. and Korea, with prominent value characteristics, as represented by the FTSE Developed ex US ex Korea Small Cap Focused Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		4.78	%		4.33	%
Fund Market		4.06			4.15
Index		5.32			4.83

The inception date of the Fund was 3/23/21. The first day of secondary market trading was 3/25/21.    

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 11 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	$       1,047.80	$       1.54			$      1,000.00	$      1,023.60	$       1.52		0.30	%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	22.7	%
Materials	16.9
Financials	15.8
Real Estate	14.6
Consumer Discretionary	9.0
Consumer Staples	5.1
Energy	4.0
Information Technology	3.5
Health Care	3.4
Utilities	2.6
Communication Services	2.4

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Canada	20.6	%
Japan	15.9
United Kingdom	15.3
Sweden	8.6
Australia	7.9
Switzerland	6.4
France	3.5
Germany	3.2
Norway	2.7
Finland	2.6

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2021 iShares^® International Dividend Growth ETF

Investment Objective

The iShares International Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of international equities with a history of consistently growing dividends, as represented by the Morningstar^® Global ex-US Dividend Growth 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.19	%		22.45	%		8.32	%		8.48	%		22.45	%		49.14	%		54.90	%
Fund Market		1.89			22.40			8.27			8.57			22.40			48.76			55.55
Index		2.48			23.03			8.32			8.52			23.03			49.10			55.16

The inception date of the Fund was 5/17/16. The first day of secondary market trading was 5/19/16.

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 11 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	$      1,021.90	$       0.76			$      1,000.00	$      1,024.30	$      0.76		0.15	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	26.8	%
Consumer Staples	15.8
Industrials	14.1
Health Care	11.1
Utilities	7.8
Information Technology	6.6
Materials	5.3
Communication Services	4.4
Real Estate	4.1
Consumer Discretionary	3.2
Energy	0.8

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Canada	19.6	%
Japan	13.5
United Kingdom	12.6
Germany	11.8
Switzerland	8.0
France	6.1
China	5.8
Hong Kong	3.3
Italy	3.2
India	2.7

^(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^® Latin America 40 ETF

Investment Objective

The iShares Latin America 40 ETF (the “Fund”) seeks to track the investment results of an index composed of 40 of the largest Latin American equities, as represented by the S&P Latin America 40^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		(2.41	)%		28.90	%		1.53	%		(1.27	)%		28.90	%		7.91	%		(11.96	)%
Fund Market		(2.73	)		28.77			1.47			(1.22	)		28.77			7.55			(11.53	)
Index		(2.13	)		29.72			1.83			(0.78	)		29.72			9.47			(7.55	)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 11 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	$       975.90	$       2.33			$      1,000.00	$      1,022.70	$       2.38		0.47	%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	26.8	%
Materials	24.5
Consumer Staples	14.1
Energy	12.0
Communication Services	6.4
Information Technology	4.6
Consumer Discretionary	3.8
Industrials	3.2
Health Care	2.3
Utilities	1.5
Real Estate	0.8

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Brazil	62.7	%
Mexico	25.0
Chile	6.9
Peru	2.9
Colombia	2.5

^(a) Excludes money market funds.

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About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.

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 11

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Asia 50 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 41.6%
Alibaba Group Holding Ltd.(a)		12,068,300	$	223,431,768
ANTA Sports Products Ltd.		931,000		17,580,517
Bank of China Ltd., Class H		62,952,000		22,243,159
BYD Co. Ltd., Class H		610,500		18,975,801
China Construction Bank Corp., Class H		84,446,960		60,268,291
China Merchants Bank Co. Ltd., Class H		3,082,000		24,526,990
Geely Automobile Holdings Ltd.		4,100,000		11,769,488
Industrial & Commercial Bank of China Ltd., Class H		53,976,115		29,920,247
JD.com Inc., Class A(a)		1,468,850		52,955,432
Li Ning Co. Ltd.		1,777,500		20,487,005
Meituan, Class B(a)(b)		3,301,200		105,378,996
NetEase Inc.		1,639,800		27,746,089
Ping An Insurance Group Co. of China Ltd., Class H		4,876,500		33,352,199
Tencent Holdings Ltd.		4,948,800		295,437,009
Wuxi Biologics Cayman Inc., New(a)(b)		2,672,500		43,348,719
Xiaomi Corp., Class B(a)(b)		13,540,000		37,187,256
				1,024,608,966
Hong Kong — 11.6%
AIA Group Ltd.		9,898,200		113,872,853
CK Hutchison Holdings Ltd.		2,204,148		14,704,151
CLP Holdings Ltd.		1,352,500		13,022,437
Hang Seng Bank Ltd.		602,100		10,313,253
Hong Kong & China Gas Co. Ltd.		8,856,501		13,381,232
Hong Kong Exchanges & Clearing Ltd.		981,700		60,325,961
Link REIT		1,722,100		14,746,932
Sun Hung Kai Properties Ltd.		1,256,500		15,689,087
Techtronic Industries Co. Ltd.		1,411,000		27,883,540
				283,939,446
Singapore — 3.4%
DBS Group Holdings Ltd.		1,480,700		32,810,253
Oversea-Chinese Banking Corp. Ltd.		3,283,574		27,650,092
United Overseas Bank Ltd.		1,262,500		23,883,446
				84,343,791
South Korea — 21.3%
Celltrion Inc.(a)(c)		81,982		17,808,069
Hyundai Mobis Co. Ltd.		54,812		11,566,320
Hyundai Motor Co.		117,139		19,499,587
Kakao Corp.		254,721		25,051,331
KB Financial Group Inc.		319,825		14,874,257
Kia Corp.		221,175		14,937,390
LG Chem Ltd.		38,704		25,102,260
NAVER Corp.		120,969		39,250,445
POSCO		62,067		17,090,677
Samsung Electronics Co. Ltd.		4,200,919		260,434,297
Samsung SDI Co. Ltd.		45,017		26,862,538
Shinhan Financial Group Co. Ltd.		422,710		14,278,969
SK Hynix Inc.		440,811		37,736,203
				524,492,343
Taiwan — 19.9%
Chunghwa Telecom Co. Ltd.		3,118,551		12,354,191

Security	Shares		Value
Taiwan (continued)
CTBC Financial Holding Co. Ltd.		15,955,359	$	13,057,704
Delta Electronics Inc.		1,575,000		14,112,263
Formosa Plastics Corp.		3,545,071		14,332,579
Hon Hai Precision Industry Co. Ltd.		10,210,052		38,110,156
MediaTek Inc.		1,301,112		41,879,506
Nan Ya Plastics Corp.		4,608,510		15,064,556
Taiwan Semiconductor Manufacturing Co. Ltd.		15,491,343		320,393,245
United Microelectronics Corp.		9,454,000		21,429,848
				490,734,048
Total Common Stocks — 97.8% (Cost: $2,019,695,837)				2,408,118,594
Preferred Stocks
South Korea — 1.9%
Hyundai Motor Co.
Preference Shares, NVS		18,277		1,471,492
Series 2, Preference Shares, NVS		30,078		2,396,860
LG Chem Ltd., Preference Shares, NVS		6,374		2,003,392
Samsung Electronics Co. Ltd., Preference Shares, NVS		673,331		39,281,237
				45,152,981
Total Preferred Stocks — 1.9% (Cost: $31,220,012)				45,152,981
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		16,366,210		16,374,393
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		4,020,000		4,020,000
				20,394,393
Total Short-Term Investments — 0.8% (Cost: $20,390,419)				20,394,393
Total Investments in Securities — 100.5% (Cost: $2,071,306,268)				2,473,665,968
Other Assets, Less Liabilities — (0.5)%				(11,780,378	)
Net Assets — 100.0%			$	2,461,885,590

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(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.

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Asia 50 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	$	43,949,971	$	—		$	(27,571,921	)(a)	$	(3,537	)	$	(120	)	$	16,374,393		16,366,210	$	109,385	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,430,000		590,000	(a)		—			—			—			4,020,000		4,020,000		131			—
									$	(3,537	)	$	(120	)	$	20,394,393			$	109,516		$	—

^(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
FTSE Taiwan Index		23		10/28/21	$	1,351	$	(26,356	)
MSCI China Free Index		56		12/17/21		2,784		(146,900	)
MSCI Emerging Markets Index		37		12/17/21		2,304		(99,408	)
							$	(272,664	)

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)	$	272,664

^(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	$	(227,434	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(376,347	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	28,604,007

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 13

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Asia 50 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	$	—		$	2,408,118,594		$	—	$	2,408,118,594
Preferred Stocks		—			45,152,981			—		45,152,981
Money Market Funds		20,394,393			—			—		20,394,393
	$	20,394,393		$	2,453,271,575		$	—	$	2,473,665,968
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(99,408	)	$	(173,256	)	$	—	$	(272,664	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Emerging Markets Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 11.2%
CCR SA		251,966	$	541,340
Centrais Eletricas Brasileiras SA, ADR		45,201		320,927
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		42,731		302,535
Ultrapar Participacoes SA, ADR		244,231		659,424
				1,824,226
Chile — 1.8%
Enel Americas SA, ADR		48,347		282,830
China — 49.8%
Beijing Capital International Airport Co. Ltd., Class H(a)		364,000		213,384
CGN Power Co. Ltd., Class H(b)		1,274,000		386,669
China Gas Holdings Ltd.		306,800		906,116
China Longyuan Power Group Corp. Ltd., Class H		416,000		1,020,784
China Merchants Port Holdings Co. Ltd.		312,000		533,524
China Oilfield Services Ltd., Class H		598,000		565,926
China Resources Gas Group Ltd.		112,000		588,440
China Resources Power Holdings Co. Ltd.		234,000		672,049
China Suntien Green Energy Corp. Ltd., Class H		572,000		570,919
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(c)		442,000		215,893
COSCO SHIPPING Ports Ltd.		364,000		314,378
Guangdong Investment Ltd.		364,000		474,993
Jiangsu Expressway Co. Ltd., Class H		286,000		288,989
Kunlun Energy Co. Ltd.		494,000		514,367
Shenzhen Expressway Co. Ltd., Class H		156,000		154,463
Shenzhen International Holdings Ltd.		292,999		377,720
Zhejiang Expressway Co. Ltd., Class H		338,000		278,748
				8,077,362
Mexico — 13.1%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(a)		7,852		367,866
Grupo Aeroportuario del Pacifico SAB de CV, ADR		7,943		923,930
Grupo Aeroportuario del Sureste SAB de CV, ADR(c)		4,472		836,264
				2,128,060
South Korea — 4.9%
Korea Electric Power Corp., ADR(c)		64,155		633,210
SK Discovery Co. Ltd.		3,848		154,279
				787,489

Security	Shares		Value
Thailand — 9.3%
Airports of Thailand PCL, NVS(c)		846,300	$	1,516,633
Total Common Stocks — 90.1% (Cost: $13,320,400)				14,616,600
Preferred Stocks
Brazil — 2.2%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		141,206		355,839
Russia — 7.0%
Transneft PJSC, Preference Shares, NVS		520		1,140,785
Total Preferred Stocks — 9.2% (Cost: $1,515,258)				1,496,624
Short-Term Investments
Money Market Funds — 8.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		1,411,768		1,412,474
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		20,000		20,000
				1,432,474
Total Short-Term Investments — 8.8% (Cost: $1,432,381)				1,432,474
Total Investments in Securities — 108.1% (Cost: $16,268,039)				17,545,698
Other Assets, Less Liabilities — (8.1)%				(1,310,828	)
Net Assets — 100.0%			$	16,234,870

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(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 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	$	808,840	$	603,771	(a)	$	—		$	(96	)	$	(41	)	$	1,412,474		1,411,768	$	4,108	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—			(10,000	)(a)		—			—			20,000		20,000		1			—
									$	(96	)	$	(41	)	$	1,432,474			$	4,109		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Emerging Markets Infrastructure 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
MSCI Emerging Markets Index		1		12/17/21	$	62	$	(3,120	)

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)	$	3,120

^(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	$	(13,687	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,120	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	157,240

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	$	5,735,514		$	8,881,086	$	—	$	14,616,600
Preferred Stocks		355,839			1,140,785		—		1,496,624
Money Market Funds		1,432,474			—		—		1,432,474
	$	7,523,827		$	10,021,871	$	—	$	17,545,698
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(3,120	)	$	—	$	—	$	(3,120	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited) September 30, 2021 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.7%
BHP Group PLC		412,443	$	10,391,230
Glencore PLC		2,119,918		9,972,315
Rio Tinto PLC		207,211		13,583,122
				33,946,667
Austria — 0.2%
Erste Group Bank AG		59,244		2,601,355
OMV AG		27,843		1,676,583
				4,277,938
Belgium — 1.3%
Ageas SA/NV		35,002		1,733,314
Anheuser-Busch InBev SA/NV		165,678		9,396,823
Groupe Bruxelles Lambert SA		20,693		2,276,139
KBC Group NV		65,535		5,911,548
Solvay SA		13,844		1,717,313
UCB SA		24,565		2,750,721
Umicore SA		37,955		2,245,402
				26,031,260
Denmark — 4.0%
Ambu A/S, Class B(a)		33,331		985,653
AP Moller - Maersk A/S, Class A		576		1,484,374
AP Moller - Maersk A/S, Class B, NVS		1,138		3,080,666
Carlsberg A/S, Class B		19,339		3,155,025
Chr Hansen Holding A/S		20,358		1,662,887
Coloplast A/S, Class B		23,309		3,644,652
Danske Bank A/S		129,284		2,177,934
DSV A/S		41,431		9,917,078
Genmab A/S(b)		12,917		5,643,716
GN Store Nord A/S		26,480		1,831,440
Novo Nordisk A/S, Class B		319,939		30,838,759
Novozymes A/S, Class B		41,217		2,825,477
Orsted A/S(c)		36,697		4,837,198
Pandora A/S		19,873		2,412,576
Vestas Wind Systems A/S		195,752		7,851,424
				82,348,859
Finland — 2.1%
Elisa OYJ		29,673		1,843,699
Fortum OYJ		85,667		2,601,371
Kesko OYJ, Class B		52,477		1,810,110
Kone OYJ, Class B		78,108		5,486,958
Metso Outotec OYJ		138,393		1,262,990
Neste OYJ		83,974		4,737,166
Nokia OYJ(b)		1,047,136		5,775,274
Nordea Bank Abp		691,495		8,910,794
Sampo OYJ, Class A		98,595		4,874,617
Stora Enso OYJ, Class R		116,286		1,936,909
UPM-Kymmene OYJ		102,590		3,631,092
Wartsila OYJ Abp		94,914		1,130,360
				44,001,340
France — 16.8%
Accor SA(b)		31,542		1,124,700
Air Liquide SA		91,936		14,724,475
Airbus SE(b)		118,721		15,739,537
Alstom SA		57,463		2,179,728
Arkema SA		12,889		1,699,632
Atos SE		19,240		1,022,064
AXA SA		399,169		11,062,269
BNP Paribas SA		223,413		14,294,113

Security	Shares		Value
France (continued)
Bouygues SA		41,293	$	1,708,182
Bureau Veritas SA		57,890		1,786,558
Capgemini SE		30,471		6,318,975
Carrefour SA		122,585		2,196,899
Cie. de Saint-Gobain		103,735		6,981,056
Cie. Generale des Etablissements Michelin SCA		34,951		5,359,402
Credit Agricole SA		269,875		3,709,549
Danone SA		133,863		9,126,501
Dassault Systemes SE		133,592		7,030,347
Edenred		47,398		2,551,549
Eiffage SA		15,970		1,614,038
Electricite de France SA		91,799		1,153,559
Engie SA		348,639		4,561,311
EssilorLuxottica SA		58,635		11,204,742
Eurofins Scientific SE		24,799		3,183,981
Gecina SA		10,859		1,460,929
Hermes International		6,764		9,332,523
Kering SA		14,338		10,183,715
Klepierre SA		37,955		848,806
Legrand SA		52,359		5,610,247
L’Oreal SA		47,616		19,703,691
LVMH Moet Hennessy Louis Vuitton SE		51,927		37,193,420
Orange SA		366,912		3,968,103
Pernod Ricard SA		39,432		8,693,299
Publicis Groupe SA		46,148		3,100,121
Renault SA(b)		38,777		1,375,688
Safran SA		68,494		8,663,163
Sanofi		223,417		21,507,015
Sartorius Stedim Biotech		4,714		2,634,205
Schneider Electric SE		110,392		18,386,215
SCOR SE		29,379		845,994
Sodexo SA(b)		16,202		1,415,984
STMicroelectronics NV, New		127,238		5,550,079
Suez SA		74,502		1,698,803
Teleperformance		11,394		4,481,656
Thales SA		21,031		2,039,072
TotalEnergies SE		481,795		23,028,810
Ubisoft Entertainment SA(b)		17,722		1,061,233
Unibail-Rodamco-Westfield(b)		22,640		1,666,318
Valeo		44,069		1,229,871
Veolia Environment SA		106,737		3,261,432
Vinci SA		100,866		10,490,951
Vivendi SE		157,153		1,978,547
Worldline SA(b)(c)		48,398		3,689,187
				345,432,244
Germany — 12.7%
adidas AG		36,270		11,398,080
Allianz SE, Registered		80,030		17,930,366
Aroundtown SA		188,428		1,298,062
BASF SE		178,169		13,507,031
Bayer AG, Registered		190,229		10,324,769
Bayerische Motoren Werke AG		62,622		5,947,772
Beiersdorf AG		19,313		2,083,874
Brenntag SE		30,401		2,824,089
Commerzbank AG(b)		193,908		1,284,391
Continental AG(b)		20,653		2,242,061
Covestro AG(c)		37,471		2,553,678
Daimler AG, Registered		162,954		14,377,706
Delivery Hero SE(b)(c)		37,223		4,747,986
Deutsche Bank AG, Registered(b)		402,160		5,110,546

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Boerse AG		36,864	$	5,981,796
Deutsche Post AG, Registered		192,376		12,063,855
Deutsche Telekom AG, Registered		628,391		12,601,875
Deutsche Wohnen SE		70,575		4,315,276
E.ON SE		438,315		5,349,940
Fresenius Medical Care AG & Co. KGaA		39,094		2,742,220
Fresenius SE & Co. KGaA		81,006		3,877,364
GEA Group AG		32,514		1,484,893
Hannover Rueck SE		11,674		2,032,923
HeidelbergCement AG		28,720		2,142,609
HelloFresh SE(b)		33,692		3,105,293
Henkel AG & Co. KGaA		18,964		1,631,380
Infineon Technologies AG		253,506		10,367,931
LANXESS AG		17,653		1,193,067
LEG Immobilien SE		14,491		2,046,909
Merck KGaA		25,289		5,473,543
MTU Aero Engines AG		10,274		2,309,818
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		27,140		7,405,671
Puma SE		20,025		2,226,080
RWE AG		130,123		4,589,226
SAP SE		212,832		28,781,085
Siemens AG, Registered		155,104		25,367,414
Siemens Healthineers AG(c)		54,618		3,542,274
Symrise AG		25,039		3,281,888
Volkswagen AG		5,734		1,768,384
Vonovia SE		110,844		6,663,760
Zalando SE(b)(c)		37,520		3,421,880
				261,398,765
Ireland — 1.2%
CRH PLC		153,161		7,228,410
Flutter Entertainment PLC, Class DI(b)		29,507		5,852,177
Kerry Group PLC, Class A		29,965		4,026,355
Kingspan Group PLC		30,188		3,011,231
Ryanair Holdings PLC, ADR(a)(b)		19,489		2,144,959
Smurfit Kappa Group PLC		49,989		2,631,841
				24,894,973
Italy — 3.0%
Assicurazioni Generali SpA		234,228		4,960,758
Atlantia SpA(b)		98,349		1,856,011
CNH Industrial NV		195,471		3,285,683
Enel SpA		1,507,620		11,571,311
Eni SpA		488,225		6,510,578
Ferrari NV		24,944		5,205,808
FinecoBank Banca Fineco SpA(b)		117,603		2,124,130
Intesa Sanpaolo SpA		3,319,951		9,398,728
Mediobanca Banca di Credito Finanziario SpA(b)		139,182		1,674,500
Moncler SpA		41,165		2,510,678
Prysmian SpA		52,949		1,849,429
Snam SpA		395,720		2,189,078
Telecom Italia SpA/Milano		1,967,551		769,333
Terna - Rete Elettrica Nazionale		276,323		1,961,010
UniCredit SpA		435,221		5,759,574
				61,626,609
Luxembourg — 0.2%
Societe Generale SA		155,647		4,874,060
Netherlands — 8.9%
ABN AMRO Bank NV, CVA(b)(c)		81,424		1,174,734

Security	Shares		Value
Netherlands (continued)
Adyen NV(b)(c)		5,923	$	16,556,927
Aegon NV		273,248		1,410,464
Akzo Nobel NV		36,049		3,938,880
ArcelorMittal SA		130,350		3,990,353
Argenx SE(b)		9,786		2,957,161
ASM International NV		7,459		2,921,082
ASML Holding NV		81,558		60,928,571
Euronext NV(c)		19,223		2,175,482
EXOR NV		22,132		1,857,257
Heineken Holding NV		20,037		1,744,739
Heineken NV		45,403		4,738,930
IMCD NV		10,949		2,095,420
ING Groep NV		756,097		10,992,518
Just Eat Takeaway.com NV(b)(c)		29,216		2,134,638
Koninklijke Ahold Delhaize NV		204,349		6,804,440
Koninklijke DSM NV		34,132		6,825,577
Koninklijke KPN NV		701,688		2,208,043
Koninklijke Philips NV		177,737		7,896,304
NN Group NV		62,059		3,250,789
Prosus NV		169,331		13,553,420
QIAGEN NV(b)		44,084		2,287,188
Randstad NV		24,762		1,667,152
Stellantis NV		430,038		8,184,105
Universal Music Group NV(b)		157,153		4,207,812
Wolters Kluwer NV		52,383		5,552,415
				182,054,401
Norway — 0.9%
DNB Bank ASA		176,331		4,008,829
Equinor ASA		210,029		5,341,208
Mowi ASA		87,129		2,213,670
Norsk Hydro ASA		271,600		2,027,220
Orkla ASA		141,131		1,295,328
Telenor ASA		124,894		2,102,215
Yara International ASA		30,687		1,520,119
				18,508,589
Portugal — 0.2%
EDP - Energias de Portugal SA		569,353		2,990,878
Galp Energia SGPS SA		89,159		1,012,666
				4,003,544
Spain — 3.8%
ACS Actividades de Construccion y Servicios SA		53,992		1,462,571
Aena SME SA(b)(c)		14,425		2,494,683
Amadeus IT Group SA(b)		88,473		5,819,026
Banco Bilbao Vizcaya Argentaria SA		1,295,241		8,549,374
Banco Santander SA		3,386,510		12,267,168
CaixaBank SA		845,397		2,621,596
Cellnex Telecom SA(c)		110,708		6,835,117
Enagas SA		40,348		896,699
Endesa SA		62,732		1,265,147
Ferrovial SA		96,806		2,825,638
Grifols SA		58,678		1,432,800
Iberdrola SA		1,124,611		11,314,068
Industria de Diseno Textil SA		219,505		8,076,849
International Consolidated Airlines Group SA(b)		490,526		1,171,140
Naturgy Energy Group SA(a)		66,461		1,672,885
Red Electrica Corp. SA		72,128		1,447,051
Repsol SA		278,501		3,635,426
Telefonica SA		1,039,284		4,876,919
				78,664,157

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) (continued) September 30, 2021 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden — 5.0%
Alfa Laval AB		56,602	$	2,111,171
Assa Abloy AB, Class B		192,407		5,581,074
Atlas Copco AB, Class A		125,611		7,585,101
Atlas Copco AB, Class B		75,328		3,828,666
Boliden AB		53,701		1,719,529
Electrolux AB, Series B		51,033		1,179,052
Embracer Group AB(b)		109,274		1,052,248
Epiroc AB, Class A		119,418		2,482,646
Epiroc AB, Class B		76,961		1,363,116
Essity AB, Class B		116,911		3,625,875
Evolution AB(c)		35,029		5,304,765
H & M Hennes & Mauritz AB, Class B(b)		143,235		2,899,307
Hexagon AB, Class B		381,214		5,896,615
Industrivarden AB, Class A		30,845		985,397
Industrivarden AB, Class C		33,099		1,022,616
Investor AB, Class B		355,733		7,649,814
Kinnevik AB, Class B(b)		45,927		1,614,528
Nibe Industrier AB, Class B		273,972		3,442,940
Sandvik AB		213,852		4,885,728
Securitas AB, Class B		63,253		1,001,144
Sinch AB(b)(c)		109,356		2,120,630
Skandinaviska Enskilda Banken AB, Class A		309,186		4,357,460
Skanska AB, Class B		78,199		1,961,824
SKF AB, Class B		74,180		1,749,254
Svenska Cellulosa AB SCA, Class B		119,027		1,844,688
Svenska Handelsbanken AB, Class A		301,918		3,381,300
Swedbank AB, Class A		178,137		3,592,075
Swedish Match AB		306,797		2,686,541
Tele2 AB, Class B		98,402		1,457,011
Telefonaktiebolaget LM Ericsson, Class B		560,145		6,322,313
Telia Co. AB		479,927		1,974,290
Volvo AB, Class B		309,380		6,907,367
				103,586,085
Switzerland — 15.2%
ABB Ltd., Registered		346,974		11,606,909
Adecco Group AG, Registered		31,162		1,561,395
Alcon Inc.		96,999		7,854,078
Baloise Holding AG, Registered		9,729		1,475,789
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		202		2,258,533
Chocoladefabriken Lindt & Spruengli AG, Registered		22		2,594,345
Cie. Financiere Richemont SA, Class A, Registered		101,328		10,505,898
Credit Suisse Group AG, Registered		488,631		4,825,848
Geberit AG, Registered		6,964		5,112,984
Givaudan SA, Registered		1,539		7,016,438
Holcim Ltd.		99,902		4,813,776
Julius Baer Group Ltd.		42,646		2,833,387
Kuehne + Nagel International AG, Registered		9,901		3,380,212
Logitech International SA, Registered		33,390		2,970,612
Lonza Group AG, Registered		14,538		10,905,090
Nestle SA, Registered		547,381		65,953,947
Novartis AG, Registered		473,867		38,856,694
Partners Group Holding AG		4,392		6,854,322
Roche Holding AG, Bearer		5,283		2,168,269
Roche Holding AG, NVS		136,654		49,874,577
Schindler Holding AG, Participation Certificates, NVS		8,079		2,168,966
Schindler Holding AG, Registered		3,725		959,656
SGS SA, Registered		1,174		3,417,322
Siemens Energy AG(b)		75,804		2,027,717
Sika AG, Registered		27,693		8,755,778

Security	Shares		Value
Switzerland (continued)
Sonova Holding AG, Registered		10,548	$	3,986,175
Straumann Holding AG, Registered		2,224		3,988,657
Swatch Group AG (The), Bearer		5,645		1,472,677
Swatch Group AG (The), Registered		10,612		546,032
Swiss Life Holding AG, Registered		6,184		3,115,917
Swiss Prime Site AG, Registered		15,053		1,470,391
Swiss Re AG		56,484		4,820,918
Swisscom AG, Registered		4,897		2,818,129
Temenos AG, Registered		12,887		1,748,592
UBS Group AG, Registered		718,954		11,475,665
VAT Group AG(c)		5,188		2,047,549
Vifor Pharma AG		9,072		1,175,885
Zurich Insurance Group AG		29,339		11,997,310
				311,416,439
United Kingdom — 21.2%
3i Group PLC		189,417		3,253,565
Abrdn PLC		428,987		1,467,117
Admiral Group PLC		52,435		2,190,917
Anglo American PLC		264,350		9,265,109
Ashtead Group PLC		87,117		6,585,466
Associated British Foods PLC		70,460		1,753,940
AstraZeneca PLC		301,177		36,297,169
Aviva PLC		758,852		4,021,822
BAE Systems PLC		631,987		4,786,704
Barclays PLC		3,079,583		7,825,150
Barratt Developments PLC		198,248		1,752,470
Berkeley Group Holdings PLC, NVS		22,150		1,293,464
BP PLC		3,950,727		17,994,979
British American Tobacco PLC		444,276		15,529,453
British Land Co. PLC (The)		184,942		1,227,205
BT Group PLC(b)		1,683,277		3,608,627
Bunzl PLC		65,924		2,175,129
Burberry Group PLC		77,518		1,886,527
Compass Group PLC(b)		344,595		7,047,372
Croda International PLC		27,831		3,188,796
DCC PLC		20,093		1,675,071
Diageo PLC		452,810		21,922,800
Direct Line Insurance Group PLC		248,891		971,190
DS Smith PLC		269,872		1,490,422
Entain PLC(b)		113,949		3,254,567
Experian PLC		188,090		7,879,114
Ferguson PLC		44,995		6,246,289
GlaxoSmithKline PLC		974,574		18,393,299
Halma PLC		72,758		2,775,245
Hargreaves Lansdown PLC		68,892		1,322,769
HSBC Holdings PLC		4,042,261		21,135,681
IMI PLC		56,044		1,253,527
Imperial Brands PLC		186,836		3,907,982
Informa PLC(b)		285,933		2,102,739
InterContinental Hotels Group PLC(b)		37,278		2,380,257
Intertek Group PLC		31,855		2,130,056
ITV PLC(b)		714,888		1,022,412
J Sainsbury PLC		335,084		1,284,304
Johnson Matthey PLC		38,721		1,389,193
Kingfisher PLC		403,201		1,819,999
Land Securities Group PLC		139,890		1,303,820
Legal & General Group PLC		1,169,036		4,392,168
Lloyds Banking Group PLC		13,783,266		8,578,991
London Stock Exchange Group PLC		62,877		6,300,788
M&G PLC		510,541		1,394,904

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^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Marks & Spencer Group PLC(b)		386,261	$	948,124
Melrose Industries PLC		849,054		1,971,253
Mondi PLC		95,926		2,350,761
National Grid PLC		752,245		8,963,538
Natwest Group PLC		1,028,042		3,099,399
Next PLC		25,410		2,795,122
Ocado Group PLC(b)		125,255		2,799,176
Pearson PLC		144,684		1,387,551
Persimmon PLC		61,317		2,192,999
Prudential PLC		508,733		9,872,172
Reckitt Benckiser Group PLC		142,718		11,211,953
RELX PLC		384,929		11,080,657
Rentokil Initial PLC		362,981		2,850,415
Rolls-Royce Holdings PLC(b)		1,636,948		3,057,352
Royal Dutch Shell PLC, Class A		796,028		17,703,005
Royal Dutch Shell PLC, Class B		719,420		15,939,908
Sage Group PLC (The)		221,103		2,105,266
Schroders PLC		24,836		1,196,096
Segro PLC		233,689		3,753,941
Severn Trent PLC		50,186		1,756,967
Smith & Nephew PLC		172,349		2,969,201
Smiths Group PLC		77,799		1,500,181
Spirax-Sarco Engineering PLC		14,304		2,878,048
SSE PLC		203,852		4,292,130
St. James’s Place PLC		104,280		2,103,567
Standard Chartered PLC		503,807		2,945,144
Taylor Wimpey PLC		715,418		1,492,147
Tesco PLC		1,518,204		5,170,446
Unilever PLC		511,783		27,707,075
United Utilities Group PLC		134,770		1,754,078
Vodafone Group PLC		5,222,241		7,946,641
Weir Group PLC (The)(b)		51,527		1,163,144
Whitbread PLC(b)		39,035		1,735,615
Wm Morrison Supermarkets PLC		458,983		1,821,288
WPP PLC		247,677		3,318,268
				435,311,196
United States — 0.0%
Jackson Financial Inc., Class A(b)		12,589		327,314
Total Common Stocks — 98.4% (Cost: $1,941,017,383)				2,022,704,440
Preferred Stocks
Germany — 0.9%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,935		829,487

Security	Shares		Value
Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		34,215	$	3,165,179
Porsche Automobil Holding SE, Preference Shares, NVS		30,091		2,975,707
Sartorius AG, Preference Shares, NVS		4,812		3,063,360
Volkswagen AG, Preference Shares, NVS		35,643		7,944,916
				17,978,649
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		1,189,092		479,841
Total Preferred Stocks — 0.9% (Cost: $19,695,167)				18,458,490
Rights
France — 0.0%
Veolia Environment SA (Expires 10/01/21)(a)(b)		106,737		88,549
Total Rights — 0.0% (Cost: $0)				88,549
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		3,426,290		3,428,003
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		1,700,000		1,700,000
				5,128,003
Total Short-Term Investments — 0.3% (Cost: $5,127,756)				5,128,003
Total Investments in Securities — 99.6% (Cost: $1,965,840,306)				2,046,379,482
Other Assets, Less Liabilities — 0.4%				8,962,249
Net Assets — 100.0%			$	2,055,341,731

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

^(b) Non-income producing security.

^(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(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.

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^® Europe 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	$	8,383,628	$	—		$	(4,955,170	)(a)	$	515	$	(970	)	$	3,428,003		3,426,290	$	27,780	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		820,000		880,000	(a)		—			—		—			1,700,000		1,700,000		36			—
									$	515	$	(970	)	$	5,128,003			$	27,816		$	—

^(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
Euro STOXX 50 Index		177		12/17/21	$	8,273	$	(197,306	)
FTSE 100 Index		47		12/17/21		4,461		2,799
							$	(194,507	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,799
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	197,306

^(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	$	869,902
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(314,862	)

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) (continued) September 30, 2021 iShares^® Europe ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,294,646

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	$	70,146,783	$	1,952,557,657		$	—	$	2,022,704,440
Preferred Stocks		—		18,458,490			—		18,458,490
Rights		—		88,549			—		88,549
Money Market Funds		5,128,003		—			—		5,128,003
	$	75,274,786	$	1,971,104,696		$	—	$	2,046,379,482
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	2,799		$	—	$	2,799
Liabilities
Futures Contracts		—		(197,306	)		—		(197,306	)
	$	—	$	(194,507	)	$	—	$	(194,507	)

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

See notes to financial statements.

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Schedule of Investments (unaudited)  September 30, 2021 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 11.8%
Abacus Property Group		30,112	$	76,300
APN Industria REIT		11,375		28,182
Arena REIT		27,597		83,571
Aventus Group		32,851		75,452
BWP Trust		38,380		109,672
Cedar Woods Properties Ltd.		4,865		21,304
Centuria Capital Group		50,533		122,958
Centuria Industrial REIT		37,012		98,409
Centuria Office REIT(a)		34,504		62,094
Charter Hall Group		36,870		445,803
Charter Hall Long Wale REIT		45,388		160,427
Charter Hall Retail REIT		41,180		116,757
Charter Hall Social Infrastructure REIT		25,753		66,040
Cromwell Property Group		113,230		64,752
Dexus		85,141		655,295
GDI Property Group		39,129		32,499
Goodman Group		133,079		2,047,696
GPT Group (The)		151,635		546,174
Growthpoint Properties Australia Ltd.		23,682		69,359
Home Consortium Ltd.		14,654		80,942
HomeCo Daily Needs REIT(a)		40,605		46,235
Hotel Property Investments		13,778		34,265
Ingenia Communities Group		23,095		108,686
Irongate Group		42,321		46,063
Lendlease Corp. Ltd.		54,508		419,083
Lifestyle Communities Ltd.		7,629		120,362
Mirvac Group		312,098		662,042
National Storage REIT		85,222		139,856
Rural Funds Group		30,328		57,918
Scentre Group		410,865		874,470
Shopping Centres Australasia Property Group		85,024		162,860
Stockland		188,966		599,243
Vicinity Centres		306,026		361,794
Waypoint REIT		61,762		121,147
				8,717,710
Austria — 0.6%
CA Immobilien Anlagen AG		3,738		158,298
IMMOFINANZ AG(b)		7,601		180,991
S IMMO AG		3,402		78,657
				417,946
Belgium — 2.5%
Aedifica SA		2,851		355,928
Befimmo SA		1,958		78,588
Care Property Invest NV		2,080		64,088
Cofinimmo SA		2,211		335,278
Immobel SA		328		28,419
Intervest Offices & Warehouses NV		1,843		50,489
Montea NV		819		108,530
Retail Estates NV		880		64,343
Shurgard Self Storage SA		1,951		107,008
VGP NV		601		138,259
Warehouses De Pauw CVA		11,070		448,539
Xior Student Housing NV		1,516		85,608
				1,865,077
British Virgin Islands — 0.1%
MAS Real Estate Inc.		33,117		40,861

Security	Shares		Value
Canada — 3.6%
Allied Properties REIT		4,997	$	158,676
Artis REIT		4,867		43,690
Automotive Properties Real Estate Investment Trust		1,500		15,076
Boardwalk REIT		1,825		68,139
BTB Real Estate Investment Trust		2,877		9,131
Canadian Apartment Properties REIT		6,694		312,397
Choice Properties REIT		12,749		143,434
Cominar REIT		6,964		54,927
Crombie REIT		3,825		52,486
CT REIT		3,992		53,674
Dream Industrial REIT		8,237		105,352
Dream Office REIT		1,882		34,175
DREAM Unlimited Corp., Class A		1,858		41,103
European Residential Real Estate Investment Trust		3,480		12,089
First Capital Real Estate Investment Trust		8,402		116,086
Granite REIT		2,548		181,213
H&R Real Estate Investment Trust		11,265		139,012
Inovalis Real Estate Investment Trust		1,270		9,365
InterRent REIT		5,278		69,715
Killam Apartment REIT		4,285		71,890
Minto Apartment Real Estate Investment Trust(c)		1,428		25,209
Morguard Corp.		346		36,387
Morguard North American Residential REIT		1,625		21,926
Nexus Real Estate Investment Trust		1,312		13,228
NorthWest Healthcare Properties REIT		8,515		86,790
Plaza Retail REIT		4,043		14,364
RioCan REIT		12,224		208,848
Slate Grocery REIT		1,848		18,967
Slate Office REIT		2,212		9,081
SmartCentres Real Estate Investment Trust		5,575		130,550
Summit Industrial Income REIT		6,567		108,050
Tricon Residential Inc.		16,585		221,290
True North Commercial Real Estate Investment Trust		3,728		21,310
WPT Industrial Real Estate Investment Trust		3,196		69,189
				2,676,819
China — 0.7%
Gemdale Properties & Investment Corp. Ltd.		490,000		52,873
Greenland Hong Kong Holdings Ltd.(a)		60,000		14,999
Road King Infrastructure Ltd.		18,000		18,104
Wharf Holdings Ltd. (The)		108,000		357,253
Yuexiu REIT		128,000		60,180
Zhuguang Holdings Group Co. Ltd.		190,000		42,447
				545,856
Finland — 0.4%
Citycon OYJ		6,119		49,036
Kojamo OYJ		11,889		246,866
				295,902
France — 3.3%
Altarea SCA		292		63,251
Carmila SA		3,564		53,208
Covivio		3,743		314,551
Gecina SA		4,301		578,640
ICADE		2,561		199,982
Klepierre SA		15,629		349,519
Mercialys SA		3,949		41,952
Nexity SA		3,878		184,407
Unibail-Rodamco-Westfield(b)		9,216		678,303
				2,463,813

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) (continued) September 30, 2021 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany — 9.7%
ADLER Group SA(a)(c)		6,583	$	112,094
alstria office REIT-AG		14,093		255,634
Aroundtown SA		76,652		528,048
Deutsche EuroShop AG		3,827		77,865
Deutsche Wohnen SE		28,489		1,741,947
DIC Asset AG		2,951		52,163
Grand City Properties SA		8,229		204,913
Hamborner REIT AG		5,616		60,685
Instone Real Estate Group AG(c)		3,687		105,276
LEG Immobilien SE		5,766		814,469
Sirius Real Estate Ltd.		84,179		148,357
TAG Immobilien AG		11,597		339,077
Vonovia SE		45,537		2,737,610
				7,178,138
Hong Kong — 9.3%
Champion REIT		154,000		80,771
CK Asset Holdings Ltd.		155,500		897,200
Far East Consortium International Ltd.		89,000		30,183
Hang Lung Group Ltd.		66,000		153,849
Hang Lung Properties Ltd.		146,000		332,742
Henderson Land Development Co. Ltd.		103,044		393,465
Hongkong Land Holdings Ltd.(a)		92,400		441,365
Hysan Development Co. Ltd.		48,000		156,308
K Wah International Holdings Ltd.		115,000		46,420
Kerry Properties Ltd.		46,500		122,316
Link REIT		165,600		1,418,090
Prosperity REIT		100,000		39,743
Sino Land Co. Ltd.		244,000		328,253
Sun Hung Kai Properties Ltd.		121,500		1,517,090
Sunlight REIT		80,000		46,142
Swire Properties Ltd.		84,200		211,131
Wharf Real Estate Investment Co. Ltd.		123,000		631,960
Zensun Enterprises Ltd.(a)		43,000		32,424
				6,879,452
Ireland — 0.2%
Hibernia REIT PLC		52,972		71,668
Irish Residential Properties REIT PLC		34,063		56,976
				128,644
Israel — 2.3%
AFI Properties Ltd.(a)(b)		782		40,629
Airport City Ltd.(b)		5,211		93,907
Alony Hetz Properties & Investments Ltd.		11,859		182,038
Amot Investments Ltd.		14,067		99,404
Ashtrom Group Ltd.		1		16
Azrieli Group Ltd.		2,896		260,694
Big Shopping Centers Ltd.		875		129,368
Blue Square Real Estate Ltd.		404		30,125
Electra Real Estate Ltd.(a)		1,568		23,355
Gav-Yam Lands Corp. Ltd.		4,613		46,945
Gazit-Globe Ltd.		5,320		37,470
Israel Canada T.R Ltd.(a)		9,483		40,981
Israel Land Development - Urban Renewal Ltd.		1,232		15,212
Isras Investment Co. Ltd.		134		30,227
Mega Or Holdings Ltd.		1,827		67,796
Mehadrin Ltd.(b)		1		38
Melisron Ltd.(b)		1,817		145,117
Mivne Real Estate KD Ltd.		47,154		165,539
Norstar Holdings Inc.		1,923		13,610
Prashkovsky Investments and Construction Ltd.		507		14,913

Security	Shares		Value
Israel (continued)
Property & Building Corp. Ltd.(b)		218	$	30,966
REIT 1 Ltd.		14,051		82,870
Sella Capital Real Estate Ltd.		15,390		45,490
Summit Real Estate Holdings Ltd.(b)		2,868		50,152
YH Dimri Construction & Development Ltd.		533		38,026
				1,684,888
Italy — 0.0%
COIMA RES SpA(c)		1,733		13,871
Immobiliare Grande Distribuzione SIIQ SpA(b)		4,504		20,370
				34,241
Japan — 28.6%
Activia Properties Inc.		59		241,266
Advance Residence Investment Corp.		109		354,535
Aeon Mall Co. Ltd.		7,380		113,552
AEON REIT Investment Corp.		135		181,374
Airport Facilities Co. Ltd.		2,200		11,886
Ardepro Co. Ltd.		13,700		6,983
Arealink Co. Ltd.		700		9,160
Comforia Residential REIT Inc.		49		151,233
CRE Inc./Japan		900		19,375
CRE Logistics REIT Inc.		40		74,423
Daibiru Corp.		4,500		66,146
Daito Trust Construction Co. Ltd.		5,500		645,193
Daiwa House Industry Co. Ltd.		52,700		1,756,755
Daiwa House REIT Investment Corp.		166		487,485
Daiwa Office Investment Corp.		23		155,216
Daiwa Securities Living Investments Corp.		169		169,222
Dear Life Co. Ltd.		2,000		8,631
ESCON Japan Reit Investment Corp.		28		34,422
Frontier Real Estate Investment Corp.(a)		40		175,307
Fukuoka REIT Corp.		58		86,990
Global One Real Estate Investment Corp.		77		80,010
GLP J-REIT		355		584,357
Goldcrest Co. Ltd.		1,100		16,677
Good Com Asset Co. Ltd.		600		7,737
Hankyu Hanshin REIT Inc.		55		81,167
Health Care & Medical Investment Corp.		26		35,998
Heiwa Real Estate Co. Ltd.		2,500		86,729
Heiwa Real Estate REIT Inc.		74		109,060
Hoshino Resorts REIT Inc.		18		118,624
Hulic Co. Ltd.		39,500		439,892
Hulic Reit Inc.		95		149,335
Ichigo Hotel REIT Investment Corp.		19		16,052
Ichigo Inc.		18,800		61,848
Ichigo Office REIT Investment Corp.		122		98,446
Industrial & Infrastructure Fund Investment Corp.		165		300,632
Invesco Office J-Reit Inc.		695		140,935
Invincible Investment Corp.		485		190,009
Itochu Advance Logistics Investment Corp.		45		62,783
Japan Excellent Inc.		102		124,899
Japan Hotel REIT Investment Corp.		351		210,713
Japan Logistics Fund Inc.		72		214,134
Japan Metropolitan Fund Invest		553		530,994
Japan Prime Realty Investment Corp.		76		275,335
Japan Property Management Center Co. Ltd.		1,000		10,754
Japan Real Estate Investment Corp.		110		659,807
Katitas Co. Ltd.		4,000		140,993
Keihanshin Building Co. Ltd.		3,700		46,730
Kenedix Office Investment Corp.		34		233,703

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^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kenedix Residential Next Investment Corp.		78	$	152,222
Kenedix Retail REIT Corp.		45		116,694
LaSalle Logiport REIT		142		239,229
Leopalace21 Corp.(b)		13,300		29,561
Marimo Regional Revitalization REIT Inc.		12		13,974
Mirai Corp.		134		64,656
Mirainovate Co. Ltd.(b)		3,180		7,029
Mitsubishi Estate Co. Ltd.		110,100		1,753,100
Mitsubishi Estate Logistics REIT Investment Corp.		31		136,174
Mitsui Fudosan Co. Ltd.		76,456		1,816,203
Mitsui Fudosan Logistics Park Inc.		41		217,350
Mori Hills REIT Investment Corp.		129		174,799
Mori Trust Hotel Reit Inc.		25		30,833
Mori Trust Sogo REIT Inc.		77		102,171
Nippon Accommodations Fund Inc.		40		224,628
Nippon Building Fund Inc.		131		851,077
Nippon Commercial Development Co. Ltd.		900		14,028
Nippon Prologis REIT Inc.		204		681,778
Nippon REIT Investment Corp.		35		136,110
Nomura Real Estate Holdings Inc.		9,300		241,786
Nomura Real Estate Master Fund Inc.		373		536,849
NTT UD REIT Investment Corp.		105		144,299
One REIT Inc.		18		47,853
Ooedo Onsen Reit Investment Corp.		20		14,353
Orix JREIT Inc.		217		377,660
SAMTY Co. Ltd.		2,700		56,448
Samty Residential Investment Corp.		57		59,851
Sankei Real Estate Inc.		28		30,634
Sekisui House Reit Inc.		340		281,505
Shinoken Group Co. Ltd.		1,700		17,676
SOSiLA Logistics REIT Inc.		47		69,850
SRE Holdings Corp.(b)		500		35,467
Star Asia Investment Corp.		143		73,489
Star Mica Holdings Co. Ltd.		1,100		15,175
Starts Corp. Inc.		2,500		59,488
Starts Proceed Investment Corp.		18		40,051
Sumitomo Realty & Development Co. Ltd.		37,700		1,377,978
Sun Frontier Fudousan Co. Ltd.		2,000		19,954
Takara Leben Co. Ltd.		7,200		20,786
Takara Leben Real Estate Investment Corp.		36		35,194
TKP Corp.(b)		1,100		18,546
TOC Co. Ltd.		4,000		23,572
Tokyo Rakutenchi Co. Ltd.		200		7,392
Tokyo Tatemono Co. Ltd.		16,500		261,313
Tokyu Fudosan Holdings Corp.		47,700		293,570
Tokyu REIT Inc.		73		121,036
Tosei Corp.		2,300		24,763
Tosei Reit Investment Corp.		24		29,539
United Urban Investment Corp.		247		333,838
XYMAX REIT Investment Corp.		17		17,159
				21,226,197
Malta — 0.0%
BGP Holdings PLC(d)		1,986,852		23
Netherlands — 0.4%
Brack Capital Properties NV(b)		190		20,433
CTP NV(c)		4,761		103,680
Eurocommercial Properties NV		3,056		65,290
NSI NV		1,360		50,411
Vastned Retail NV		1,374		36,928

Security	Shares		Value
Netherlands (continued)
Wereldhave NV		3,127	$	44,427
				321,169
New Zealand — 0.7%
Argosy Property Ltd.		66,052		73,548
Goodman Property Trust		83,829		139,532
Kiwi Property Group Ltd.		123,469		98,146
Precinct Properties New Zealand Ltd.		94,221		109,107
Vital Healthcare Property Trust		30,848		65,197
				485,530
Norway — 0.4%
Entra ASA(c)		14,396		308,777
Selvaag Bolig ASA		3,302		20,586
				329,363
Singapore — 7.1%
AIMS APAC REIT(a)		34,085		36,148
ARA LOGOS Logistics Trust		107,046		72,418
Ascendas India Trust		58,500		61,360
Ascendas REIT		265,692		585,631
Ascott Residence Trust		145,760		98,700
CapitaLand China Trust		82,626		75,183
CapitaLand Integrated Commercial Trust		394,910		588,044
Capitaland Investment Ltd./Singapore(b)		197,700		495,051
CDL Hospitality Trusts		61,100		46,422
City Developments Ltd.		37,100		187,766
Cromwell European Real Estate Investment Trust		24,620		74,433
Eagle Hospitality Trust(b)(d)		53,200		1
EC World Real Estate Investment Trust		20,900		12,314
ESR-REIT		217,589		74,517
Far East Hospitality Trust		82,500		37,498
First REIT(a)		86,000		16,151
Fortune REIT		113,000		112,352
Frasers Centrepoint Trust		85,606		142,473
Frasers Logistics & Commercial Trust		229,872		256,449
IREIT Global		38,300		18,053
Keppel DC REIT		99,603		181,806
Keppel Pacific Oak US REIT		58,800		46,158
Keppel REIT		155,700		121,213
Lendlease Global Commercial REIT		72,000		46,036
Manulife US Real Estate Investment Trust		114,550		79,843
Mapletree Commercial Trust		172,412		261,286
Mapletree Industrial Trust		154,732		316,202
Mapletree Logistics Trust		227,691		340,383
Mapletree North Asia Commercial Trust		168,000		119,399
OUE Commercial Real Estate Investment Trust		191,000		64,004
OUE Ltd.		24,600		24,328
Parkway Life REIT		30,500		104,452
Prime U.S. REIT		44,600		38,108
Sasseur Real Estate Investment Trust(a)		38,900		24,426
SPH REIT(a)		75,000		51,802
Starhill Global REIT		114,200		52,454
Suntec REIT(a)		169,700		176,597
Tuan Sing Holdings Ltd.(a)		40,400		14,594
UOL Group Ltd.		37,700		189,577
Wing Tai Holdings Ltd.(a)		38,700		51,589
				5,295,221
South Korea — 0.3%
ESR Kendall Square REIT Co. Ltd.		7,595		40,787
IGIS Value Plus REIT Co. Ltd.		2,208		10,816
JR Reit XXVII		9,142		42,900

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) (continued) September 30, 2021 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Koramco Energy Plus Reit		2,371	$	12,716
Korea REIT & Trust Co. Ltd.		11,952		24,576
LOTTE Reit Co. Ltd.		10,024		46,815
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		6,896		27,811
Shinhan Alpha REIT Co. Ltd.		3,351		22,962
SK D&D Co. Ltd.		559		15,965
				245,348
Spain — 0.8%
Aedas Homes SA(c)		1,520		44,017
Inmobiliaria Colonial Socimi SA		21,208		205,865
Lar Espana Real Estate Socimi SA		4,825		30,013
Merlin Properties Socimi SA		26,311		270,395
Metrovacesa SA(c)		3,424		29,271
				579,561
Sweden — 5.0%
Akelius Residential Property AB, Class D		16,760		31,540
Annehem Fastigheter AB, Class B(b)		3,182		12,722
Atrium Ljungberg AB, Class B		3,773		78,952
Castellum AB		17,997		439,348
Catena AB		2,342		126,806
Cibus Nordic Real Estate AB		3,219		76,114
Dios Fastigheter AB		6,783		66,169
Fabege AB		21,471		323,846
Fastighets AB Balder, Class B(b)		8,325		500,304
Hufvudstaden AB, Class A		9,249		138,134
K-Fast Holding AB(b)		4,806		39,856
Kungsleden AB		13,103		172,873
NP3 Fastigheter AB		2,238		58,287
Nyfosa AB		13,196		186,611
Platzer Fastigheter Holding AB, Class B		4,861		73,295
Sagax AB, Class B		13,212		412,003
Sagax AB, Class D		8,695		31,981
Samhallsbyggnadsbolaget i Norden AB		81,529		451,490
Samhallsbyggnadsbolaget i Norden AB, Class D, New		11,428		39,449
Wallenstam AB, Class B		16,569		244,879
Wihlborgs Fastigheter AB		10,680		212,284
				3,716,943
Switzerland — 2.0%
Allreal Holding AG, Registered		1,142		226,697
Intershop Holding AG		100		62,343
Mobimo Holding AG, Registered		523		173,601
PSP Swiss Property AG, Registered		3,622		436,390
Swiss Prime Site AG, Registered		6,014		587,453
				1,486,484
United Kingdom — 9.6%
AEW UK REIT PLC		13,857		19,117
Assura PLC		211,902		204,287
Big Yellow Group PLC		13,622		256,042
BMO Commercial Property Trust Ltd.		62,512		81,112
British Land Co. PLC (The)		74,249		492,688
Capital & Counties Properties PLC		68,117		152,448
Civitas Social Housing PLC		50,144		59,005
CLS Holdings PLC		14,940		44,569
Custodian REIT PLC		34,054		42,718
Derwent London PLC		8,880		411,454
Empiric Student Property PLC(b)		47,308		56,476
GCP Student Living PLC		35,575		101,380
Grainger PLC		58,675		240,760
Great Portland Estates PLC		19,956		200,300

Security	Shares		Value
United Kingdom (continued)
Hammerson PLC		334,723	$	144,430
Helical PLC		8,340		49,748
Home Reit PLC		19,286		28,195
Impact Healthcare REIT PLC		28,344		42,068
Intu Properties PLC(a)(d)		47,783		1
Land Securities Group PLC		59,473		554,308
LondonMetric Property PLC		72,059		231,650
LXI REIT PLC		55,978		103,686
NewRiver REIT PLC		25,455		28,570
Phoenix Spree Deutschland Ltd.		8,169		42,377
Picton Property Income Ltd. (The)		43,792		56,055
Primary Health Properties PLC		104,870		212,772
PRS REIT PLC (The)		37,241		50,179
Regional REIT Ltd.(c)		34,007		40,477
Safestore Holdings PLC		16,688		235,872
Schroder REIT Ltd.		42,870		28,420
Segro PLC		95,011		1,526,241
Shaftesbury PLC		22,599		184,499
Standard Life Investment Property Income Trust Ltd.		32,902		31,653
Supermarket Income REIT PLC		64,443		101,158
Triple Point Social Housing REIT PLC(c)		29,709		37,828
Tritax Big Box REIT PLC		136,211		389,464
UK Commercial Property REIT Ltd.		68,602		67,669
UNITE Group PLC (The)		31,584		463,012
Workspace Group PLC		10,012		111,294
				7,123,982
Total Common Stocks — 99.4% (Cost: $81,195,847)				73,739,168
Rights
Austria — 0.0%
BUWOG AG (a)(b)(d)		463		—
Total Rights — 0.0% (Cost: $0)				—
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(e)(f)(g)		905,429		905,882
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		30,000		30,000
				935,882
Total Short-Term Investments — 1.3% (Cost: $935,659)				935,882
Total Investments in Securities — 100.7% (Cost: $82,131,506)				74,675,050
Other Assets, Less Liabilities — (0.7)%				(513,035	)
Net Assets — 100.0%			$	74,162,015

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

^(b) Non-income producing security.

^(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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^® International Developed Property ETF

^(e) Affiliate of the Fund.

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

^(g) 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 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	$	385,445	$	520,397	(a)	$	—	$	140	$	(100	)	$	905,882		905,429	$	14,193	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		0	(a)		—		—		—			30,000		30,000		1			—
								$	140	$	(100	)	$	935,882			$	14,194		$	—

^(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
Mini TOPIX Index		10		12/09/21	$	181	$	(2,116	)
Dow Jones U.S. Real Estate Index		6		12/17/21		238		(9,359	)
							$	(11,475	)

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)	$	11,475

^(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	$	76,430
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(19,736	)

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 (unaudited) (continued) September 30, 2021 iShares^® International Developed Property ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	524,538

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	$	15,801,109		$	57,938,034		$	25	$	73,739,168
Rights		—			—			—		—
Money Market Funds		935,882			—			—		935,882
	$	16,736,991		$	57,938,034		$	25	$	74,675,050
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(9,359	)	$	(2,116	)	$	—	$	(11,475	)

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

See notes to financial statements.

28 2 0 2 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^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.8%
Abacus Property Group		9,837	$	24,926
Accent Group Ltd.		6,940		11,239
Arena REIT		7,100		21,501
AUB Group Ltd.		1,496		25,384
Australian Pharmaceutical Industries Ltd.		8,188		8,731
Aventus Group		9,180		21,085
Bapcor Ltd.		7,330		39,538
Bega Cheese Ltd.		6,366		24,452
Brickworks Ltd.		1,282		22,807
BWP Trust		10,634		30,387
BWX Ltd.		2,666		9,336
Centuria Industrial REIT		9,940		26,429
Centuria Office REIT		10,633		19,135
Charter Hall Long Wale REIT		11,630		41,107
Charter Hall Retail REIT		10,415		29,530
Charter Hall Social Infrastructure REIT		7,172		18,391
Data#3 Ltd.		3,300		11,353
Elders Ltd.		3,266		28,533
Emeco Holdings Ltd.		12,636		9,497
Estia Health Ltd.		4,832		7,952
Gold Road Resources Ltd.		23,537		20,314
Growthpoint Properties Australia Ltd.		6,124		17,936
GUD Holdings Ltd.		2,204		16,083
GWA Group Ltd.		6,012		11,769
Healius Ltd.		12,486		42,620
Imdex Ltd.		9,025		15,061
Ingenia Communities Group		6,548		30,815
Link Administration Holdings Ltd.		11,337		35,551
McMillan Shakespeare Ltd.		1,106		11,526
Monadelphous Group Ltd.		1,876		12,110
National Storage REIT		24,829		40,746
New Hope Corp. Ltd.		5,440		9,384
NIB Holdings Ltd.		10,024		49,379
Pendal Group Ltd.		6,035		35,114
Premier Investments Ltd.		1,762		37,881
Regis Resources Ltd.		17,134		24,844
Reliance Worldwide Corp. Ltd.		17,156		62,384
Sandfire Resources Ltd.		3,658		14,271
Sandfire Resources Ltd.		3,658		14,492
Select Harvests Ltd.		2,633		15,604
Senex Energy Ltd.		3,312		8,783
SmartGroup Corp. Ltd.		1,992		13,593
Steadfast Group Ltd.		18,767		64,787
Super Retail Group Ltd.		3,543		30,830
Tassal Group Ltd.		5,188		13,114
Virtus Health Ltd.		1,244		5,273
Waypoint REIT		16,940		33,228
				1,118,805
Austria — 1.4%
EVN AG		799		21,241
Oesterreichische Post AG		720		30,525
Strabag SE		351		15,968
UNIQA Insurance Group AG		2,405		21,415
Vienna Insurance Group AG Wiener Versicherung Gruppe		816		23,536
Wienerberger AG		2,464		82,733
				195,418
Belgium — 2.2%
Befimmo SA		469		18,824

Security	Shares		Value
Belgium (continued)
Bekaert SA		859	$	35,736
bpost SA(a)		2,174		19,171
Cofinimmo SA		652		98,870
Euronav NV		4,452		42,193
KBC Ancora		768		39,401
Montea NV		266		35,249
Orange Belgium SA		329		7,401
Tessenderlo Group SA(a)		566		21,062
				317,907
Canada — 20.5%
Aecon Group Inc.		1,365		20,659
Alamos Gold Inc., Class A		9,212		66,257
Allied Properties REIT		2,813		89,325
AltaGas Ltd.		6,232		122,957
ARC Resources Ltd.		14,440		135,325
Canadian Apartment Properties REIT		3,744		174,726
Canadian Western Bank		1,859		53,821
Canfor Corp.(a)		1,320		28,993
Capital Power Corp.		2,408		81,198
Cascades Inc.		2,081		25,746
Celestica Inc.(a)		2,574		22,862
Choice Properties REIT		5,604		63,048
CI Financial Corp.		4,190		85,050
Dream Office REIT		1,017		18,468
Finning International Inc.		3,639		89,783
Granite REIT		1,269		90,251
Home Capital Group Inc.(a)		1,166		34,163
iA Financial Corp. Inc.		2,371		134,518
Kinross Gold Corp.		28,459		152,563
Kirkland Lake Gold Ltd.		5,962		248,346
Laurentian Bank of Canada		1,016		32,246
Linamar Corp.		1,040		54,003
Lundin Mining Corp.		14,665		105,478
Maple Leaf Foods Inc.		1,871		38,023
Martinrea International Inc.		2,200		19,541
Mullen Group Ltd.		2,016		20,501
North West Co. Inc. (The)		1,072		28,624
Onex Corp.		1,723		121,804
Parex Resources Inc.		2,779		50,551
PrairieSky Royalty Ltd.		4,747		50,633
Russel Metals Inc.		1,396		33,473
Tourmaline Oil Corp.		6,045		211,188
TransAlta Corp.		5,127		54,160
Transcontinental Inc., Class A		1,769		28,101
West Fraser Timber Co. Ltd.		2,462		207,363
Westshore Terminals Investment Corp.		834		16,099
Yamana Gold Inc.		29,900		118,033
				2,927,880
China — 0.1%
Asia Cement China Holdings Corp.		10,000		7,853
Pou Sheng International Holdings Ltd.(a)		44,000		7,427
				15,280
Denmark — 1.4%
FLSmidth & Co. A/S		1,088		37,819
NKT A/S(a)		945		41,038
Scandinavian Tobacco Group A/S, Class A(b)		1,334		26,328
Schouw & Co. A/S		272		26,125
Spar Nord Bank A/S		1,813		21,095

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Denmark (continued)
Topdanmark A/S		932	$	48,086
				200,491
Finland — 2.6%
Cargotec OYJ, Class B		1,054		53,355
Kemira OYJ		1,973		30,285
Konecranes OYJ		1,577		63,100
Metsa Board OYJ		3,746		35,066
Outokumpu OYJ(a)		6,784		41,215
Sanoma OYJ		1,598		25,063
Terveystalo Oyj(b)		1,339		16,751
TietoEVRY OYJ		1,870		56,319
Uponor OYJ		1,183		29,319
YIT OYJ		3,590		18,968
				369,441
France — 3.4%
APERAM SA		1,063		58,930
Coface SA(a)		2,298		28,784
Fnac Darty SA		364		23,830
IPSOS		833		37,854
Mersen SA		313		11,532
Metropole Television SA		1,409		29,313
Nexans SA		649		60,515
Nexity SA		929		44,176
Peugeot Invest		108		14,906
Rothschild & Co.		608		26,340
Sopra Steria Group SACA		313		57,990
SPIE SA		2,732		61,837
Television Francaise 1		2,204		21,606
Vicat SA		341		15,160
				492,773
Germany — 3.0%
alstria office REIT-AG		3,901		70,761
Aurubis AG		822		61,730
Bilfinger SE		608		21,121
Deutsche EuroShop AG		1,144		23,276
Freenet AG		2,802		73,314
Hamburger Hafen und Logistik AG		592		13,303
Hornbach Holding AG & Co. KGaA		188		24,376
Kloeckner & Co. SE(a)		1,611		20,050
Salzgitter AG(a)		832		27,871
Sirius Real Estate Ltd.		21,200		37,363
Suedzucker AG		1,679		26,914
Takkt AG		722		11,412
Wacker Neuson SE		542		15,627
				427,118
Hong Kong — 0.1%
Chow Sang Sang Holdings International Ltd.		4,000		5,967
CITIC Telecom International Holdings Ltd.		32,000		10,884
				16,851
Ireland — 0.7%
Grafton Group PLC		4,788		81,372
Hibernia REIT PLC		14,056		19,017
				100,389
Israel — 0.7%
Clal Insurance Enterprises Holdings Ltd.(a)		1,016		21,643
FIBI Holdings Ltd.		356		14,993
Formula Systems 1985 Ltd.		164		15,999
Isracard Ltd.		4,032		16,778

Security	Shares		Value
Israel (continued)
Menora Mivtachim Holdings Ltd.		468	$	9,652
Oil Refineries Ltd.(a)		33,617		7,578
Summit Real Estate Holdings Ltd.(a)		884		15,458
Tera Light Ltd.(a)		468		1,453
				103,554
Italy — 1.4%
Banca IFIS SpA		546		10,518
Banca Popolare di Sondrio SCPA		9,855		41,868
BPER Banca		23,504		52,322
Credito Emiliano SpA		1,599		11,153
Societa Cattolica Di Assicurazione SPA(a)		2,552		20,807
Unipol Gruppo SpA		10,468		60,838
				197,506
Japan — 15.7%
Adeka Corp.		2,000		44,941
Aichi Steel Corp.		400		9,514
Aisan Industry Co. Ltd.		800		5,988
Alconix Corp.		400		5,779
Alpen Co. Ltd.		400		11,119
AOKI Holdings Inc.		800		5,190
Arata Corp.		400		15,766
Arcs Co. Ltd.		800		16,249
Autobacs Seven Co. Ltd.		1,200		15,939
Awa Bank Ltd. (The)		800		15,643
Axial Retailing Inc.		400		13,556
Bank of Okinawa Ltd. (The)(a)		400		10,031
Bunka Shutter Co. Ltd.		1,200		12,097
C.I. Takiron Corp.		800		4,534
Canon Electronics Inc.		400		5,989
Cawachi Ltd.		400		8,100
Central Glass Co. Ltd.		800		14,866
Chubu Shiryo Co. Ltd.		400		4,088
Chudenko Corp.		400		8,078
Chugoku Marine Paints Ltd.		1,200		8,984
Chuo Spring Co. Ltd.		400		3,966
Daibiru Corp.		800		11,759
DCM Holdings Co. Ltd.		2,000		19,374
Digital Holdings Inc.		400		6,619
Doshisha Co. Ltd.		400		6,278
DyDo Group Holdings Inc.		180		9,180
Eagle Industry Co. Ltd.		400		4,421
EDION Corp.		2,000		18,852
Exedy Corp.		800		12,206
FCC Co. Ltd.		800		11,270
Feed One Co. Ltd.		800		5,385
Fudo Tetra Corp.		400		6,435
Fuji Seal International Inc.		800		17,263
Fujibo Holdings Inc.		400		15,108
Furukawa Co. Ltd.		800		8,720
Furuno Electric Co. Ltd.		400		4,517
Futaba Industrial Co. Ltd.		1,600		6,802
Geo Holdings Corp.		400		4,510
Goldcrest Co. Ltd.		400		6,065
Gunze Ltd.		400		15,574
H2O Retailing Corp.		2,000		17,287
Hakuto Co. Ltd.		400		6,500
Hamakyorex Co. Ltd.		400		12,006
Hanwa Co. Ltd.		800		24,726
Heiwado Co. Ltd.		800		15,540

30 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^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
HI-LEX Corp.		400	$	6,327
Hitachi Zosen Corp.		3,600		27,522
Hokuetsu Corp.		3,200		19,597
Hokuto Corp.		400		7,047
Honeys Holdings Co. Ltd.		400		3,950
Hosiden Corp.		1,200		10,342
Inabata & Co. Ltd.		800		12,380
Iseki & Co. Ltd.(a)		400		5,931
Ishihara Sangyo Kaisha Ltd.		800		9,063
Itochu Enex Co. Ltd.		800		7,191
Japan Petroleum Exploration Co. Ltd.		800		14,978
Japan Wool Textile Co. Ltd. (The)		1,200		10,890
Joshin Denki Co. Ltd.		400		9,052
Joyful Honda Co. Ltd.		1,200		16,611
JVCKenwood Corp.		4,000		7,494
Kaga Electronics Co. Ltd.		400		10,783
Kanamoto Co. Ltd.		400		9,359
Kanematsu Corp.		1,600		19,788
Kanto Denka Kogyo Co. Ltd.		800		7,619
Katakura Industries Co. Ltd.		400		6,115
Kato Sangyo Co. Ltd.		400		11,845
Keiyo Co. Ltd.		800		5,811
Kintetsu World Express Inc.		800		20,261
Kissei Pharmaceutical Co. Ltd.		800		17,218
Kitz Corp.		1,600		11,263
Kiyo Bank Ltd. (The)		1,200		16,981
Kohnan Shoji Co. Ltd.		400		13,160
Kojima Co. Ltd.		400		2,408
Komeri Co. Ltd.		800		19,404
Kurabo Industries Ltd.		400		7,348
Kureha Corp.		400		26,986
Kyoei Steel Ltd.		800		9,881
Kyokuto Kaihatsu Kogyo Co. Ltd.		800		11,686
LEC Inc.		400		3,877
Life Corp.		400		16,030
Macnica Fuji Electronics Holdings Inc.		1,200		27,927
Makino Milling Machine Co. Ltd.		400		15,378
Marusan Securities Co. Ltd.		1,200		6,837
Maxell Holdings Ltd.		800		9,562
Megachips Corp.		400		11,984
Meidensha Corp.		800		17,627
Mimasu Semiconductor Industry Co. Ltd.		400		8,758
Mirait Holdings Corp.		2,000		39,594
Mixi Inc.		800		17,994
Mizuno Corp.		400		9,515
Modec Inc.		400		6,345
Nachi-Fujikoshi Corp.		400		16,339
Nichiha Corp.		800		22,811
Nihon Chouzai Co. Ltd.		400		6,120
Nihon Parkerizing Co. Ltd.		2,000		20,524
Nikkon Holdings Co. Ltd.		1,200		24,693
Nippn Corp., New		1,200		17,511
Nippon Densetsu Kogyo Co. Ltd.		800		13,551
Nippon Light Metal Holdings Co. Ltd.		1,600		27,857
Nippon Soda Co. Ltd.		400		12,855
Nippon Steel Trading Corp.		400		18,081
Nippon Suisan Kaisha Ltd.		5,600		32,541
Nippon Yakin Kogyo Co. Ltd.		400		9,411
Nishio Rent All Co. Ltd.		400		10,518
Nissha Co. Ltd.		800		12,718

Security	Shares		Value
Japan (continued)
Nisshinbo Holdings Inc.		2,800	$	21,103
Nitta Corp.		400		9,798
Nitto Kogyo Corp.		400		6,262
Nojima Corp.		800		20,580
Noritake Co. Ltd./Nagoya Japan		400		17,829
Noritsu Koki Co. Ltd.		400		9,063
Noritz Corp.		800		13,054
Obara Group Inc.		400		13,928
Okamura Corp.		1,600		23,283
Oki Electric Industry Co. Ltd.		2,000		17,489
Okuwa Co. Ltd.		400		4,234
Oyo Corp.		400		5,246
Pacific Industrial Co. Ltd.		800		8,441
Pacific Metals Co. Ltd.		400		6,629
Pasona Group Inc.		400		11,314
Press Kogyo Co. Ltd.		2,000		6,110
Pressance Corp.		400		6,566
Prima Meat Packers Ltd.		800		20,266
Qol Holdings Co. Ltd.		400		5,412
Raito Kogyo Co. Ltd.		800		14,103
Restar Holdings Corp.		400		6,641
Retail Partners Co. Ltd.		800		8,880
Ryobi Ltd.		400		4,517
S Foods Inc.		400		10,996
Sakai Chemical Industry Co. Ltd.		400		8,437
Sakata INX Corp.		800		8,395
Sankyo Tateyama Inc.		400		2,789
Sanyo Chemical Industries Ltd.		400		20,875
Sanyo Special Steel Co. Ltd.		400		6,425
Sekisui Jushi Corp.		400		7,594
Shin-Etsu Polymer Co. Ltd.		800		7,474
Shinmaywa Industries Ltd.		1,200		9,991
Shizuoka Gas Co. Ltd.		1,200		14,468
Siix Corp.		800		8,577
Sinfonia Technology Co. Ltd.		400		4,345
Sintokogio Ltd.		1,200		8,386
Sodick Co. Ltd.		800		6,512
Starts Corp. Inc.		800		19,036
Stella Chemifa Corp.		400		10,603
Sumitomo Mitsui Construction Co. Ltd.		3,200		14,264
Sumitomo Riko Co. Ltd.		800		5,454
Sumitomo Warehouse Co. Ltd. (The)		1,200		19,597
Sun Frontier Fudousan Co. Ltd.		400		3,991
Suruga Bank Ltd.		4,400		16,352
SWCC Showa Holdings Co. Ltd.		400		8,023
Tachibana Eletech Co. Ltd.		400		5,484
Taihei Dengyo Kaisha Ltd.		400		10,099
Taikisha Ltd.		400		12,023
Takaoka Toko Co. Ltd.		400		5,208
Takasago International Corp.		400		10,666
Takasago Thermal Engineering Co. Ltd.		1,200		22,707
Tamron Co. Ltd.		400		9,485
Tekken Corp.		400		6,500
Toa Corp./Tokyo		400		8,790
Toagosei Co. Ltd.		2,800		32,492
Toho Holdings Co. Ltd.		1,200		19,491
Tokyo Steel Manufacturing Co. Ltd.		1,600		16,428
Tokyu Construction Co. Ltd.		1,600		11,217
Tomy Co. Ltd.		2,000		20,402
Toppan Forms Co. Ltd.		800		7,324

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Topre Corp.		800	$	9,448
Towa Pharmaceutical Co. Ltd.		400		11,341
Toyo Ink SC Holdings Co. Ltd.		800		15,040
Toyo Tanso Co. Ltd.		400		10,570
Toyobo Co. Ltd.		2,000		24,954
TPR Co. Ltd.		400		5,340
Tsubakimoto Chain Co.		800		24,717
United Super Markets Holdings Inc.		1,200		11,824
Valor Holdings Co. Ltd.		800		17,283
Valqua Ltd.		400		7,685
Vital KSK Holdings Inc.		800		5,691
VT Holdings Co. Ltd.		2,000		9,813
Wakita & Co. Ltd.		800		7,775
Warabeya Nichiyo Holdings Co. Ltd.		400		9,128
YAMABIKO Corp.		800		8,836
Yamazen Corp.		1,200		11,511
Yellow Hat Ltd.		800		13,955
Yodogawa Steel Works Ltd.		400		8,720
Yondoshi Holdings Inc.		400		6,556
Yuasa Trading Co. Ltd.		400		10,817
				2,252,715
Luxembourg — 0.1%
Kernel Holding SA		1,134		17,136
Netherlands — 2.4%
Accell Group NV(a)		468		20,790
Arcadis NV		1,593		79,567
Boskalis Westminster		1,715		52,207
Flow Traders(b)		596		23,003
Mediaset NV		6,120		17,501
PostNL NV		10,239		49,403
Rhi Magnesita NV		655		28,930
Sligro Food Group NV(a)		736		20,082
TKH Group NV		900		50,395
Vastned Retail NV		348		9,353
				351,231
New Zealand — 1.4%
Genesis Energy Ltd.		11,189		25,452
Goodman Property Trust		23,800		39,615
Kathmandu Holdings Ltd.		12,628		13,851
Oceania Healthcare Ltd.		14,746		15,074
Precinct Properties New Zealand Ltd.(c)		22,796		26,397
Summerset Group Holdings Ltd.		4,960		51,872
Z Energy Ltd.		10,126		23,878
				196,139
Norway — 2.6%
Atea ASA		1,841		31,842
Austevoll Seafood ASA		1,920		22,736
Bank Norwegian ASA		3,432		41,027
Elkem ASA(b)		5,784		24,945
Entra ASA(b)		3,708		79,532
Kongsberg Gruppen ASA		1,666		46,463
Norway Royal Salmon ASA		332		6,806
Storebrand ASA		10,236		97,448
Veidekke ASA		2,378		29,070
				379,869
Poland — 0.1%
Grupa Azoty SA(a)		1,132		7,969

Security	Shares		Value
Singapore — 1.1%
CapitaLand China Trust		22,400	$	20,382
CDL Hospitality Trusts		17,200		13,068
COSCO Shipping International Singapore Co. Ltd.(a)(c)		24,000		4,914
Cromwell European Real Estate Investment Trust		6,920		20,921
First Resources Ltd.(c)		12,400		14,831
Haw Par Corp. Ltd.		3,200		27,129
Manulife US Real Estate Investment Trust		31,200		21,747
Raffles Medical Group Ltd.		20,400		21,844
Sheng Siong Group Ltd.(c)		8,800		9,555
				154,391
Sweden — 8.6%
AFRY AB		2,146		65,347
Arjo AB, Class B		4,893		60,258
Atrium Ljungberg AB, Class B		990		20,716
Axfood AB		2,280		54,511
Betsson AB, Class B		2,631		21,879
Bilia AB, Class A		1,683		30,373
BillerudKorsnas AB		3,845		73,241
Bonava AB, Class B		1,862		16,930
Bravida Holding AB(b)		4,424		59,709
Bure Equity AB		1,196		49,432
Cloetta AB, Class B		4,745		14,657
Dometic Group AB(b)		7,087		107,018
Fabege AB		5,659		85,354
Granges AB		2,336		28,151
Hexpol AB		5,422		61,659
Hufvudstaden AB, Class A		2,373		35,441
Lindab International AB		1,498		38,158
Loomis AB		1,650		44,782
Medicover AB		1,268		33,956
Mekonomen AB(a)		905		16,127
Munters Group AB(b)		2,307		18,921
NCC AB, Class B		2,129		33,538
Nobia AB		2,596		17,108
Nordic Entertainment Group AB, Class B(a)		1,660		89,635
Peab AB, Class B		4,357		45,055
Ratos AB, Class B		4,253		24,896
Resurs Holding AB(b)		3,885		17,993
SSAB AB, Class B(a)		14,400		61,380
				1,226,225
Switzerland — 6.3%
ALSO Holding AG, Registered		64		18,460
Arbonia AG		984		19,170
Bobst Group SA, Registered(a)		188		16,320
Bossard Holding AG, Class A, Registered		55		17,180
Bucher Industries AG, Registered		142		67,423
Burckhardt Compression Holding AG		67		27,103
Bystronic AG, Registered		28		37,797
Emmi AG, Registered		46		47,533
Forbo Holding AG, Registered		23		45,430
Galenica AG(b)		1,106		78,024
Huber + Suhner AG, Registered		429		33,282
Interroll Holding AG, Registered		12		50,861
Kardex Holding AG, Registered		128		36,042
Komax Holding AG, Registered(a)		76		19,981
Landis+Gyr Group AG		602		38,664
Schweiter Technologies AG, Bearer		24		34,508
SFS Group AG		364		49,458
Softwareone Holding AG		2,329		50,927

32 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^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
St. Galler Kantonalbank AG, Class A, Registered		65	$	29,014
Swissquote Group Holding SA, Registered		192		35,370
u-blox Holding AG(a)		162		10,751
Valiant Holding AG, Registered		396		37,619
Vetropack Holding AG, Registered		264		16,402
Vontobel Holding AG, Registered		616		51,826
Ypsomed Holding AG, Registered		69		11,357
Zehnder Group AG, Registered		215		22,748
				903,250
United Kingdom — 15.2%
AG Barr PLC(a)		1,735		12,086
Assura PLC		57,678		55,605
Balfour Beatty PLC		14,571		52,909
Bank of Georgia Group PLC(a)		819		17,149
Beazley PLC(a)		13,137		67,121
Big Yellow Group PLC		3,546		66,651
BMO Commercial Property Trust Ltd.		11,497		14,918
Bodycote PLC		4,055		47,513
Brewin Dolphin Holdings PLC		6,353		32,785
Chemring Group PLC		6,118		26,296
Close Brothers Group PLC		3,292		68,619
CLS Holdings PLC		3,325		9,919
Currys PLC		22,018		39,606
Drax Group PLC		8,717		56,589
Endeavour Mining PLC		4,234		96,598
Essentra PLC		6,572		23,687
Ferrexpo PLC		6,366		28,066
Frasers Group PLC(a)		4,081		37,319
Hays PLC		33,930		73,925
IG Group Holdings PLC		7,984		86,277
IP Group PLC		21,983		41,468
Jupiter Fund Management PLC		9,502		32,007
Keller Group PLC		1,577		20,229
LondonMetric Property PLC		19,335		62,157
Man Group PLC		30,978		85,274
Mediclinic International PLC(a)		8,696		36,604
Morgan Advanced Materials PLC		6,156		29,902
Ninety One PLC		7,152		24,805
OSB Group PLC		8,266		55,744
Paragon Banking Group PLC		5,581		41,021
Petropavlovsk PLC(a)		77,231		21,353
Picton Property Income Ltd. (The)		11,619		14,873
Playtech PLC(a)		6,631		41,921
Plus500 Ltd.		2,157		40,398
PZ Cussons PLC		4,019		12,211
QinetiQ Group PLC		12,287		53,184
Rathbone Brothers PLC		1,258		34,051
Redde Northgate PLC		5,279		28,594
Redrow PLC		5,002		44,920

Security	Shares		Value
United Kingdom (continued)
Safestore Holdings PLC		4,495	$	63,533
Savills PLC		2,900		52,790
Serco Group PLC		26,118		47,050
TBC Bank Group PLC		766		14,966
TI Fluid Systems PLC(b)		6,505		22,033
Tritax Big Box REIT PLC		37,698		107,789
UK Commercial Property REIT Ltd.		17,024		16,792
Ultra Electronics Holdings PLC		1,528		66,624
Vesuvius PLC		4,588		29,925
Vistry Group PLC		4,871		80,202
Workspace Group PLC		2,952		32,815
				2,168,873
Total Common Stocks — 98.8% (Cost: $14,090,186)				14,141,211
Preferred Stocks
Germany — 0.2%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		196		16,063
Schaeffler AG, Preference Shares, NVS		1,696		12,955
				29,018
Italy — 0.1%
Danieli & C Officine Meccaniche SpA, Preference Shares		863		16,494
Total Preferred Stocks — 0.3% (Cost: $47,710)				45,512
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		56,387		56,415
Total Short-Term Investments — 0.4% (Cost: $56,415)				56,415
Total Investments in Securities — 99.5% (Cost: $14,194,311)				14,243,138
Other Assets, Less Liabilities — 0.5%				66,283
Net Assets — 100.0%			$	14,309,421

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(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.

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® International Developed Small Cap 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	$	—	$	56,414	(a)	$	—	$	1	$	—	$	56,415		56,387		$	83	(b)	$	—

^(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
Mini TOPIX Index		5		12/09/21	$	91	$	(1,266	)

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)	$	1,266

^(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	$	3,945
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,223	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	53,558

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.

34 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^® International Developed Small Cap Value Factor 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	$	5,604,068	$	8,537,143		$	—	$	14,141,211
Preferred Stocks		32,557		12,955			—		45,512
Money Market Funds		56,415		—			—		56,415
	$	5,693,040	$	8,550,098		$	—	$	14,243,138
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(1,266	)	$	—	$	(1,266	)

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

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) September 30, 2021 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.0%
Altium Ltd.		3,168	$	79,927
Appen Ltd.		3,240		20,569
AUB Group Ltd.		3,816		64,749
Bapcor Ltd.		19,728		106,412
Breville Group Ltd.		2,952		60,773
Cleanaway Waste Management Ltd.		66,672		130,846
Codan Ltd./Australia		4,752		43,137
Collins Foods Ltd.		3,816		33,180
Computershare Ltd.		31,608		408,724
CSL Ltd.		8,496		1,775,079
Domino’s Pizza Enterprises Ltd.		1,440		164,705
Evolution Mining Ltd.		117,432		296,929
JB Hi-Fi Ltd.		15,048		489,280
Nick Scali Ltd.		7,992		65,636
Northern Star Resources Ltd.		50,256		307,800
Pro Medicus Ltd.		288		11,173
Sonic Healthcare Ltd.		20,448		590,930
Technology One Ltd.		5,328		43,018
				4,692,867
Austria — 0.1%
CA Immobilien Anlagen AG		3,456		146,356
Wienerberger AG		4,824		161,975
				308,331
Belgium — 0.3%
Barco NV		3,096		67,206
Elia Group SA/NV		1,440		172,080
Etablissements Franz Colruyt NV		3,528		179,971
UCB SA		3,528		395,056
				814,313
Canada — 19.5%
Agnico Eagle Mines Ltd.		12,600		653,676
Alimentation Couche-Tard Inc., Class B		11,736		449,018
Atco Ltd., Class I, NVS		7,128		228,652
Badger Infrastructure Solutions Ltd.		1,872		50,029
Bank of Montreal		44,856		4,478,163
Brookfield Asset Management Inc., Class A		28,368		1,520,082
Canadian Imperial Bank of Commerce		37,656		4,191,928
Canadian National Railway Co.		22,968		2,661,648
Canadian Pacific Railway Ltd.		11,520		752,265
Canadian Tire Corp. Ltd., Class A, NVS		2,952		413,084
Canadian Western Bank		5,904		170,930
Cargojet Inc.		216		34,518
Cogeco Communications Inc.		1,152		102,376
Cogeco Inc.		504		35,892
Dollarama Inc.		2,304		99,938
Empire Co. Ltd., Class A, NVS		5,112		155,790
Enghouse Systems Ltd.		936		41,065
Equitable Group Inc.		288		32,493
Finning International Inc.		8,856		218,498
First National Financial Corp.		1,872		64,292
FirstService Corp.		504		91,123
Fortis Inc.		34,272		1,520,404
Franco-Nevada Corp.		3,024		392,862
George Weston Ltd.		2,376		256,284
goeasy Ltd.		360		57,445
iA Financial Corp. Inc.		6,048		343,131
Intact Financial Corp.		5,832		771,154
Loblaw Companies Ltd.		4,680		321,163

Security	Shares		Value
Canada (continued)
Magna International Inc.		12,168	$	915,722
Manulife Financial Corp.		185,616		3,572,808
Maple Leaf Foods Inc.		4,176		84,865
Metro Inc.		7,704		376,441
National Bank of Canada		20,808		1,598,139
North West Co. Inc. (The)		4,464		119,195
Open Text Corp.		8,352		407,643
Parkland Corp./Canada		10,368		291,329
Premium Brands Holdings Corp.		1,728		176,729
Quebecor Inc., Class B		11,232		271,444
Ritchie Bros Auctioneers Inc.		3,528		217,708
Royal Bank of Canada		69,984		6,963,590
Saputo Inc.		10,152		258,168
Stantec Inc.		2,736		128,527
Stella-Jones Inc.		1,728		58,187
Sun Life Financial Inc.		39,672		2,042,172
TMX Group Ltd.		2,160		232,934
Toromont Industries Ltd.		2,404		200,675
Toronto-Dominion Bank (The)		108,792		7,202,123
Wheaton Precious Metals Corp.		11,016		414,687
				45,640,989
China — 5.8%
China Communications Services Corp. Ltd., Class H		288,000		159,270
China Gas Holdings Ltd.		129,600		382,766
China Medical System Holdings Ltd.		72,000		131,219
China Merchants Bank Co. Ltd., Class A		79,200		616,953
China Overseas Land & Investment Ltd.		504,000		1,140,608
China Railway Group Ltd., Class A		100,800		88,122
China Resources Gas Group Ltd.		36,000		189,141
CIFI Holdings Group Co. Ltd.		576,000		391,023
CSPC Pharmaceutical Group Ltd.		288,000		343,686
Foshan Haitian Flavouring & Food Co. Ltd., Class A		7,200		122,356
Guangdong Investment Ltd.		288,000		375,818
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		7,200		20,460
Haier Smart Home Co. Ltd., Class H		72,000		251,702
Kweichow Moutai Co. Ltd., Class A		2,500		707,200
Longfor Group Holdings Ltd.(a)		144,000		657,949
Luxshare Precision Industry Co. Ltd., Class A		7,200		39,588
Metallurgical Corp. of China Ltd., Class A		36,000		24,207
New China Life Insurance Co. Ltd., Class A		14,400		89,285
New China Life Insurance Co. Ltd., Class H		108,000		317,971
Ping An Insurance Group Co. of China Ltd., Class A		64,800		484,276
Ping An Insurance Group Co. of China Ltd., Class H		504,000		3,447,044
Shanghai International Airport Co. Ltd., Class A(b)		7,200		49,097
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		21,600		38,155
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		72,000		139,550
Shengyi Technology Co. Ltd., Class A		7,200		24,062
Shenzhou International Group Holdings Ltd.		14,400		305,618
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		14,400		39,940
Suofeiya Home Collection Co. Ltd., Class A		7,200		18,507
Tencent Holdings Ltd.		40,600		2,423,768
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		7,200		23,359
Wuliangye Yibin Co. Ltd., Class A		11,300		383,295
Zhejiang Supor Co. Ltd., Class A		7,200		52,112
				13,478,107

36 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^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Colombia — 0.3%
Bancolombia SA		16,776	$	145,212
Grupo Argos SA		37,872		110,996
Grupo Nutresa SA		16,632		94,608
Interconexion Electrica SA ESP		39,528		235,644
Promigas SA ESP		19,224		36,855
				623,315
Denmark — 0.7%
Coloplast A/S, Class B		3,960		619,195
DSV A/S		1,008		241,279
GN Store Nord A/S		864		59,757
Novozymes A/S, Class B		4,536		310,949
Ringkjoebing Landbobank A/S		720		83,103
Rockwool International A/S, Class B		216		92,251
ROCKWOOL International A/S, Class A		72		26,299
Royal Unibrew A/S		1,512		181,866
SimCorp A/S		864		102,085
				1,716,784
Finland — 0.6%
Huhtamaki OYJ		5,976		268,735
Neste OYJ		14,256		804,214
Olvi Oyj, Class A		648		37,588
Uponor OYJ		2,232		55,316
Valmet OYJ		7,272		262,549
				1,428,402
France — 6.1%
Danone SA		47,160		3,215,270
Dassault Systemes SE		3,456		181,874
Iliad SA		504		106,083
Pharmagest Interactive		144		15,925
Rubis SCA		11,016		381,408
Sanofi		69,984		6,736,940
Schneider Electric SE		19,584		3,261,791
Teleperformance		720		283,201
				14,182,492
Germany — 11.7%
Allianz SE, Registered		30,456		6,823,532
Atoss Software AG		72		14,946
Bechtle AG		1,296		88,640
Brenntag SE		4,968		461,501
Cewe Stiftung & Co. KGaA		216		28,974
Deutsche Boerse AG		8,280		1,343,567
Deutsche Wohnen SE		14,688		898,091
DIC Asset AG		4,392		77,635
Encavis AG(c)		4,513		78,648
Fresenius Medical Care AG & Co. KGaA		8,784		616,147
Fresenius SE & Co. KGaA		17,280		827,110
FUCHS PETROLUB SE		1,800		65,845
Gerresheimer AG		799		78,180
LANXESS AG		2,952		199,509
LEG Immobilien SE		4,536		640,727
Nemetschek SE		432		45,122
New Work SE		72		17,681
Nexus AG		144		11,926
Rheinmetall AG		2,520		246,149
SAP SE		34,200		4,624,836
Siemens AG, Registered		42,120		6,888,768
Sirius Real Estate Ltd.		68,472		120,675
Software AG		1,944		90,353
Stratec SE		144		20,417

Security	Shares		Value
Germany (continued)
Symrise AG		2,016	$	264,239
TAG Immobilien AG		9,720		284,197
Talanx AG(b)		5,184		220,528
Vib Vermoegen AG		1,224		52,601
Vonovia SE		38,088		2,289,788
				27,420,332
Greece — 0.2%
Hellenic Telecommunications Organization SA		19,080		358,155
Sarantis SA		2,291		23,566
				381,721
Hong Kong — 3.3%
AIA Group Ltd.		360,000		4,141,584
CLP Holdings Ltd.		144,000		1,386,492
Henderson Land Development Co. Ltd.		179,852		686,750
K Wah International Holdings Ltd.		144,000		58,126
MTR Corp. Ltd.		87,500		470,918
Swire Properties Ltd.		86,400		216,648
Techtronic Industries Co. Ltd.		36,000		711,415
				7,671,933
India — 2.7%
Aegis Logistics Ltd.		3,024		9,229
Asian Paints Ltd.		4,680		204,005
Balkrishna Industries Ltd.		1,368		46,498
Berger Paints India Ltd.		1,584		17,217
Infosys Ltd.		123,624		2,771,678
LIC Housing Finance Ltd.		13,608		77,959
Page Industries Ltd.		144		61,335
Power Grid Corp. of India Ltd.		411,264		1,048,630
Reliance Industries Ltd.		5,832		197,383
Reliance Industries Ltd., GDR(a)		6,480		441,288
Schaeffler India Ltd.		70		7,089
Sundaram Finance Ltd.		1,152		37,886
Tata Consultancy Services Ltd.		23,328		1,182,222
UltraTech Cement Ltd.		1,008		100,020
				6,202,439
Indonesia — 1.0%
Bank Central Asia Tbk PT		369,400		899,754
Bank Mandiri Persero Tbk PT		1,389,600		593,897
Bank Rakyat Indonesia Persero Tbk PT		3,031,222		807,962
Mayora Indah Tbk PT		180,000		29,680
				2,331,293
Ireland — 1.1%
CRH PLC		35,352		1,668,432
Kerry Group PLC, Class A		2,376		319,260
Smurfit Kappa Group PLC		12,960		682,323
				2,670,015
Italy — 3.1%
ACEA SpA		4,327		92,425
Buzzi Unicem SpA		1,080		24,531
DiaSorin SpA		216		45,233
Enel SpA		770,184		5,911,330
Interpump Group SpA		720		46,403
Iren SpA		45,792		135,721
Recordati Industria Chimica e Farmaceutica SpA		4,104		237,866
Reply SpA		144		26,433
Terna - Rete Elettrica Nazionale		116,784		828,793
Zignago Vetro SpA		432		8,522
				7,357,257

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan — 13.5%
Aeon Delight Co. Ltd.		100	$	3,177
Aeon Mall Co. Ltd.		7,200		110,782
Aica Kogyo Co. Ltd .		7,200		246,304
Alfresa Holdings Corp.		14,400		215,113
Astellas Pharma Inc.		86,400		1,422,062
Chiba Bank Ltd. (The)		43,200		279,945
COMSYS Holdings Corp.		8,200		216,307
Dai-ichi Life Holdings Inc.		64,800		1,417,244
DCM Holdings Co. Ltd.		7,200		69,748
Fuji Oil Holdings Inc.		7,200		168,858
Fujicco Co. Ltd.		7,200		124,934
Hakuhodo DY Holdings Inc.		7,200		123,904
Hankyu Hanshin Holdings Inc.		7,200		226,609
Hikari Tsushin Inc.		700		118,313
Itochu Techno-Solutions Corp.		1,300		42,217
Japan Material Co. Ltd.		7,200		83,467
Kandenko Co. Ltd.		12,500		103,345
Kansai Paint Co. Ltd.		8,200		203,415
Kao Corp.		21,600		1,285,493
KDDI Corp.		108,000		3,555,696
Kobayashi Pharmaceutical Co. Ltd.		200		15,857
Kurita Water Industries Ltd.		2,600		125,108
Kyowa Exeo Corp.		8,600		210,815
Lasertec Corp.		600		136,594
MCJ Co. Ltd.		7,200		77,583
Medipal Holdings Corp.		7,200		135,505
Mizuho Leasing Co. Ltd.		1,300		42,174
MonotaRO Co. Ltd.		1,000		22,410
Morinaga & Co. Ltd./Japan		1,500		55,322
Murata Manufacturing Co. Ltd.		14,400		1,273,715
NEC Networks & System Integration Corp.		3,100		58,465
Nichias Corp.		7,200		175,671
Nihon Unisys Ltd.		7,200		186,463
Nippon Gas Co. Ltd.		7,200		98,896
Nippon Telegraph & Telephone Corp.		86,400		2,394,070
Nissan Chemical Corp.		5,600		327,523
Nisshin Seifun Group Inc.		14,400		238,618
Nitori Holdings Co. Ltd.		800		157,658
Nitto Denko Corp.		8,600		612,204
Nomura Co. Ltd.		7,200		64,766
Nomura Real Estate Holdings Inc.		8,200		213,188
Nomura Research Institute Ltd.		8,600		316,108
NSD Co. Ltd.		7,200		131,192
NTT Data Corp.		14,400		278,413
Obic Co. Ltd.		1,000		190,158
Okinawa Electric Power Co. Inc. (The)		7,200		92,740
Otsuka Corp.		7,200		370,244
Paltac Corp.		200		9,058
Pan Pacific International Holdings Corp.		14,400		297,120
Penta-Ocean Construction Co. Ltd.		21,800		147,989
Raito Kogyo Co. Ltd.		7,200		126,929
Sanwa Holdings Corp.		7,200		93,606
SBI Holdings Inc.		21,600		529,036
SCSK Corp.		2,700		57,107
Sekisui House Ltd.		45,800		959,096
Seven & i Holdings Co. Ltd.		28,800		1,311,104
Shimizu Corp.		43,200		323,367
Shin-Etsu Chemical Co. Ltd.		11,000		1,856,457
Shin-Etsu Polymer Co. Ltd.		7,200		67,268
Shionogi & Co. Ltd.		8,600		588,492

Security	Shares		Value
Japan (continued)
Ship Healthcare Holdings Inc.		7,200	$	185,453
Sohgo Security Services Co. Ltd.		400		17,983
Sony Group Corp.		13,300		1,476,548
Star Micronics Co. Ltd.		7,200		99,738
Sugi Holdings Co. Ltd.		400		29,162
Sundrug Co. Ltd.		7,200		219,629
Takuma Co. Ltd.		2,200		30,604
TechnoPro Holdings Inc.		7,200		216,529
Terumo Corp.		8,600		406,078
TIS Inc.		8,200		223,812
Tokio Marine Holdings Inc.		52,900		2,835,704
Tokyo Century Corp.		800		45,040
Tokyo Tatemono Co. Ltd.		14,400		228,055
Unicharm Corp.		8,200		363,358
USS Co. Ltd.		16,400		279,166
Yakult Honsha Co. Ltd.		800		40,497
Yamaguchi Financial Group Inc.		21,600		128,300
Yamaha Corp.		4,100		257,898
				31,468,576
Malaysia — 0.5%
Allianz Malaysia Bhd		2,000		6,105
My EG Services Bhd		144,000		31,546
Top Glove Corp. Bhd		1,814,400		1,248,172
				1,285,823
Mexico — 0.5%
America Movil SAB de CV, Series L, NVS		1,008,000		891,702
Arca Continental SAB de CV		36,000		219,542
Bolsa Mexicana de Valores SAB de CV		43,200		83,129
Grupo Comercial Chedraui SA de CV		14,400		24,724
				1,219,097
Netherlands — 0.1%
Aalberts NV		2,520		145,457
IMCD NV		720		137,793
				283,250
New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		13,464		296,150
Mainfreight Ltd.		1,800		120,185
Ryman Healthcare Ltd.		14,487		150,746
Summerset Group Holdings Ltd.		5,328		55,720
				622,801
Norway — 0.1%
Borregaard ASA		2,736		66,369
Tomra Systems ASA		1,886		98,661
				165,030
Philippines — 0.1%
Ayala Land Inc.		79,200		52,013
International Container Terminal Services Inc.		29,520		112,849
				164,862
Poland — 0.0%
Neuca SA		72		16,347
Russia — 0.3%
Polymetal International PLC		38,376		648,413
South Korea — 0.2%
AfreecaTV Co. Ltd.		72		9,057
Douzone Bizon Co. Ltd.		216		17,352
KIWOOM Securities Co. Ltd.		864		79,097
LEENO Industrial Inc.		216		31,883

38 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^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
LG Household & Health Care Ltd.		151	$	170,241
NICE Information Service Co. Ltd.		1,224		20,973
SK Gas Ltd.		216		29,120
				357,723
Spain — 2.3%
Cie. Automotive SA		4,032		101,723
Elecnor SA		504		5,646
Iberdrola SA		496,368		4,993,674
Vidrala SA		504		54,995
Viscofan SA		2,736		179,221
				5,335,259
Sweden — 1.1%
AAK AB		4,824		103,768
Assa Abloy AB, Class B		28,872		837,479
Atrium Ljungberg AB, Class B		2,592		54,239
Castellum AB		12,816		312,868
Fabege AB		13,502		203,650
Hexpol AB		12,888		146,563
ICA Gruppen AB		8,208		376,579
Lifco AB, Class B		2,232		59,950
Platzer Fastigheter Holding AB, Class B		2,808		42,339
Swedish Match AB		62,784		549,783
				2,687,218
Switzerland — 8.0%
ALSO Holding AG, Registered		216		62,302
Berner Kantonalbank AG		360		80,082
Chocoladefabriken Lindt & Spruengli AG, Registered		1		117,925
Coca-Cola HBC AG, Class DI		9,072		292,338
DKSH Holding AG		2,258		176,619
EMS-Chemie Holding AG, Registered		216		204,082
Geberit AG, Registered		1,224		898,663
Givaudan SA, Registered		216		984,763
Liechtensteinische Landesbank AG		936		52,779
Logitech International SA, Registered		3,096		275,442
Nestle SA, Registered		58,824		7,087,705
Novartis AG, Registered		82,656		6,777,722
Roche Holding AG, Bearer		1,368		561,460
Siegfried Holding AG, Registered		72		64,149
Sika AG, Registered		2,304		728,462
Straumann Holding AG, Registered		72		129,129
Temenos AG, Registered		974		132,159
				18,625,781
Taiwan — 1.1%
Advantech Co. Ltd.		17,000		221,545
Chailease Holding Co. Ltd.		72,950		640,654
E.Sun Financial Holding Co. Ltd.		792,059		745,339
Shanghai Commercial & Savings Bank Ltd. (The)		432,000		686,459
Voltronic Power Technology Corp.		3,000		182,939
				2,476,936
Thailand — 0.1%
CP ALL PCL, NVS		151,200		282,634
Krungthai Card PCL, NVS		28,800		46,342
Vibhavadi Medical Center PCL, NVDR(c)		316,800		19,962
				348,938
Turkey — 0.2%
BIM Birlesik Magazalar AS		56,016		402,499
United Arab Emirates — 0.1%
Aldar Properties PJSC		286,416		316,584

Security	Shares		Value
United Arab Emirates (continued)
National Central Cooling Co. PJSC		38,664	$	28,315
				344,899
United Kingdom — 12.5%
Ashtead Group PLC		6,912		522,502
Avon Protection PLC		1,224		32,028
B&M European Value Retail SA		50,040		396,988
BAE Systems PLC		292,464		2,215,138
Bunzl PLC		14,112		465,618
CareTech Holdings PLC		3,672		31,712
Clarkson PLC		1,440		73,730
Clinigen Group PLC		3,672		31,418
Cranswick PLC		2,016		97,028
Croda International PLC		2,880		329,982
DCC PLC		5,256		438,171
Dechra Pharmaceuticals PLC		1,728		112,923
Diageo PLC		100,080		4,845,374
Diploma PLC		3,960		150,580
EMIS Group PLC		3,249		60,958
Experian PLC		20,592		862,602
Ferguson PLC		9,576		1,329,358
Focusrite PLC		648		14,494
Games Workshop Group PLC		1,224		169,375
Gamma Communications PLC		792		19,423
Genus PLC		792		57,900
Grainger PLC		24,480		100,448
Halma PLC		5,040		192,243
Hargreaves Lansdown PLC		14,616		280,636
HomeServe PLC		15,336		186,903
Impax Asset Management Group PLC		1,944		30,175
Intertek Group PLC		6,624		442,929
Learning Technologies Group PLC		7,560		21,921
Liontrust Asset Management PLC		2,736		78,338
London Stock Exchange Group PLC		6,408		642,134
Reckitt Benckiser Group PLC		46,224		3,631,366
RELX PLC		90,864		2,615,633
RWS Holdings PLC		8,424		71,111
Sage Group PLC (The)		54,144		515,540
Sanne Group PLC		6,624		80,594
Smith & Nephew PLC		36,576		630,125
Spectris PLC		4,464		231,680
Spirax-Sarco Engineering PLC		1,080		217,302
Ultra Electronics Holdings PLC		2,880		125,573
Unilever PLC		128,808		6,973,450
				29,325,403
Total Common Stocks — 99.5% (Cost: $227,919,642)				232,699,445
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		120,688		120,748

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		280,000	$	280,000
				400,748
Total Short-Term Investments — 0.2% (Cost: $400,748)				400,748
Total Investments in Securities — 99.7% (Cost: $228,320,390)				233,100,193
Other Assets, Less Liabilities — 0.3%				650,702
Net Assets — 100.0%			$	233,750,895

^(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b) Non-income producing security.

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

^(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 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	$	56,251	$	64,595	(a)	$	—	$	(98	)	$	—	$	120,748		120,688	$	4,322	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		120,000		160,000	(a)		—		—			—		280,000		280,000		13			—
								$	(98	)	$	—	$	400,748			$	4,335		$	—

^(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
MSCI EAFE Index		8		12/17/21	$	907	$	(19,469	)

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)	$	19,469

^(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).

40 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^® International Dividend Growth ETF

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	$	57,242
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(15,299	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	883,900

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	$	56,227,056		$	176,472,389	$	—	$	232,699,445
Money Market Funds		400,748			—		—		400,748
	$	56,627,804		$	176,472,389	$	—	$	233,100,193
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(19,469	)	$	—	$	—	$	(19,469	)

^(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 41

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Latin America 40 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 41.7%
Ambev SA, ADR		13,641,590	$	37,650,788
B3 SA - Brasil, Bolsa, Balcao		18,960,032		44,355,838
Banco do Brasil SA		4,434,247		23,532,064
BRF SA, ADR(a)(b)		1,533,749		7,699,420
CCR SA		3,438,556		7,387,615
Lojas Renner SA		2,780,891		17,576,692
Magazine Luiza SA		8,468,908		22,300,719
Natura & Co. Holding SA(a)		2,603,560		21,786,573
Pagseguro Digital Ltd., Class A(a)(b)		623,004		32,221,767
Petroleo Brasileiro SA, ADR		5,758,618		59,544,110
Rede D’Or Sao Luiz SA(c)		2,302,179		28,708,805
StoneCo Ltd., Class A(a)(b)		717,429		24,909,135
Vale SA, ADR		12,430,183		173,401,053
WEG SA		4,546,760		33,087,839
				534,162,418
Chile — 6.8%
Banco de Chile		134,421,138		12,411,976
Banco Santander Chile, ADR		481,097		9,511,288
Cencosud SA		4,164,415		8,053,531
Empresas CMPC SA		3,404,143		6,406,126
Empresas COPEC SA		1,048,549		8,703,422
Enel Americas SA, ADR(b)		1,195,260		6,992,271
Enel Chile SA		74,916,826		3,554,576
Falabella SA		2,251,578		7,886,632
Sociedad Quimica y Minera de Chile SA, ADR		442,026		23,745,637
				87,265,459
Colombia — 2.4%
Bancolombia SA, ADR		349,784		12,109,522
Ecopetrol SA, ADR		763,425		10,955,149
Interconexion Electrica SA ESP		1,371,162		8,174,110
				31,238,781
Mexico — 24.6%
America Movil SAB de CV, Series L, NVS		71,889,600		63,595,383
Cemex SAB de CV, NVS(a)		46,850,615		33,796,268
Fibra Uno Administracion SA de CV		9,167,700		10,392,858
Fomento Economico Mexicano SAB de CV		5,685,500		49,367,157
Grupo Financiero Banorte SAB de CV, Class O		7,585,700		48,719,146
Grupo Mexico SAB de CV, Series B		9,637,900		38,469,422
Grupo Televisa SAB, CPO		7,830,700		17,268,777
Wal-Mart de Mexico SAB de CV		15,672,500		53,247,701
				314,856,712
Peru — 2.8%
Credicorp Ltd.		195,716		21,712,733

Security	Shares		Value
Peru (continued)
Southern Copper Corp.		263,177	$	14,774,757
				36,487,490
Total Common Stocks — 78.3% (Cost: $1,148,023,067)				1,004,010,860
Preferred Stocks
Brazil — 19.8%
Banco Bradesco SA, Preference Shares, ADR		15,006,157		57,473,581
Gerdau SA, Preference Shares, ADR		3,546,978		17,451,132
Itau Unibanco Holding SA, Preference Shares, ADR		14,997,940		79,039,144
Itausa SA, Preference Shares, NVS		14,011,734		28,662,850
Petroleo Brasileiro SA, Preference Shares, ADR		7,108,737		71,087,370
				253,714,077
Total Preferred Stocks — 19.8% (Cost: $375,743,002)				253,714,077
Short-Term Investments
Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		44,178,686		44,200,775
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		60,000		60,000
				44,260,775
Total Short-Term Investments — 3.5% (Cost: $44,249,185)				44,260,775
Total Investments in Securities —101.6% (Cost: $1,568,015,254)				1,301,985,712
Other Assets, Less Liabilities — (1.6)%				(19,926,933	)
Net Assets — 100.0%			$	1,282,058,779

^(a) Non-income producing security.

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

^(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(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.

42 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^® Latin America 40 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	$	54,526,143	$	—	$	(10,317,626	)(a)	$	(6,549	)	$	(1,193	)	$	44,200,775		44,178,686	$	548,948	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,240,000		—		(7,180,000	)(a)		—			—			60,000		60,000		156			—
								$	(6,549	)	$	(1,193	)	$	44,260,775			$	549,104		$	—

^(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
MEX BOLSA Index		265		12/17/21	$	6,612	$	(18,806	)
MSCI Brazil Index		329		12/17/21		14,831		(752,221	)
							$	(771,027	)

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)	$	771,027

^(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	$	662,686
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(841,752	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,378,481

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 43

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Latin America 40 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	$	981,638,182		$	22,372,678	$	—	$	1,004,010,860
Preferred Stocks		253,714,077			—		—		253,714,077
Money Market Funds		44,260,775			—		—		44,260,775
	$	1,279,613,034		$	22,372,678	$	—	$	1,301,985,712
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(771,027	)	$	—	$	—	$	(771,027	)

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

See notes to financial statements.

44 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

Statements of Assets and Liabilities (unaudited)

September 30, 2021

	iShares Asia 50 ETF		iShares Emerging Markets Infrastructure ETF			iShares Europe ETF			iShares International Developed Property ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	2,453,271,575	$	16,113,224		$	2,041,251,479		$	73,739,168
Affiliated(c)		20,394,393		1,432,474			5,128,003			935,882
Cash		9,536		585			6,138			4,696
Foreign currency, at value(d)		1,892,273		30,336			3,485,538			87,492
Cash pledged:
Futures contracts		505,000		4,000			—			16,000
Foreign currency collateral pledged:
Futures contracts(e)		—		—			1,022,425			4,492
Receivables:
Investments sold		—		588,854			—			—
Securities lending income — Affiliated		10,296		394			92			734
Variation margin on futures contracts		53,980		490			—			—
Dividends		3,238,179		78,161			1,698,927			275,441
Tax reclaims		—		—			9,104,043			54,557
Total assets		2,479,375,232		18,248,518			2,061,696,645			75,118,462
LIABILITIES
Collateral on securities loaned, at value		16,431,996		1,413,136			3,421,451			906,065
Deferred foreign capital gain tax		—		—			—			11,516
Payables:
Investments purchased		—		592,565			—			—
Variation margin on futures contracts		—		—			76,466			6,754
Investment advisory fees		1,057,646		7,947			1,014,073			30,800
Professional fees		—		—			435,773			—
Foreign taxes		—		—			—			1,312
IRS compliance fee for foreign withholding tax claims		—		—			1,407,151			—
Total liabilities		17,489,642		2,013,648			6,354,914			956,447
NET ASSETS	$	2,461,885,590	$	16,234,870		$	2,055,341,731		$	74,162,015
NET ASSETS CONSIST OF:
Paid-in capital	$	2,107,316,356	$	47,407,336		$	2,309,740,292		$	113,560,538
Accumulated earnings (loss)		354,569,234		(31,172,466	)		(254,398,561	)		(39,398,523	)
NET ASSETS	$	2,461,885,590	$	16,234,870		$	2,055,341,731		$	74,162,015
Shares outstanding		31,300,000		650,000			39,400,000			2,000,000
Net asset value	$	78.65	$	24.98		$	52.17		$	37.08
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a)  Securities loaned, at value	$	15,509,455	$	1,339,168		$	3,203,850		$	739,625
(b)  Investments, at cost — Unaffiliated	$	2,050,915,849	$	14,835,658		$	1,960,712,550		$	81,195,847
(c)  Investments, at cost — Affiliated	$	20,390,419	$	1,432,381		$	5,127,756		$	935,659
(d)  Foreign currency, at cost	$	1,893,479	$	30,534		$	3,523,148		$	87,486
(e)  Foreign currency collateral pledged, at cost	$	—	$	—		$	1,077,300		$	4,646

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares International Developed Small Cap Value Factor ETF		iShares International Dividend Growth ETF		iShares Latin America 40 ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	14,186,723	$	232,699,445	$	1,257,724,937
Affiliated(c)		56,415		400,748		44,260,775
Cash		4,253		19,553		5,852
Foreign currency, at value(d)		72,743		132,782		1,303,707
Cash pledged:
Futures contracts		4,000		34,000		2,438,000
Foreign currency collateral pledged:
Futures contracts(e)		—		—		534,263
Receivables:
Investments sold		103,437		—		—
Securities lending income — Affiliated		30		308		8,344
Variation margin on futures contracts		—		—		26,679
Dividends		54,104		583,187		20,402,026
Tax reclaims		3,270		184,212		—
Total assets		14,484,975		234,054,235		1,326,704,583
LIABILITIES
Collateral on securities loaned, at value		56,417		120,847		44,116,377
Deferred foreign capital gain tax		—		148,975		—
Payables:
Investments purchased		113,657		—		—
Variation margin on futures contracts		1,821		3,536		—
Bank borrowings		—		47		—
Investment advisory fees		3,659		29,935		529,427
Total liabilities		175,554		303,340		44,645,804
NET ASSETS	$	14,309,421	$	233,750,895	$	1,282,058,779
NET ASSETS CONSIST OF:
Paid-in capital	$	14,178,031	$	230,176,403	$	2,296,414,021
Accumulated earnings (loss)		131,390		3,574,492		(1,014,355,242	)
NET ASSETS	$	14,309,421	$	233,750,895	$	1,282,058,779
Shares outstanding		400,000		3,600,000		48,250,000
Net asset value	$	35.77	$	64.93	$	26.57
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a)  Securities loaned, at value	$	53,969	$	96,283	$	42,555,331
(b)  Investments, at cost — Unaffiliated	$	14,137,896	$	227,919,642	$	1,523,766,069
(c)  Investments, at cost — Affiliated	$	56,415	$	400,748	$	44,249,185
(d)  Foreign currency, at cost	$	73,405	$	132,928	$	1,311,887
(e)  Foreign currency collateral pledged, at cost	$	—	$	—	$	551,075

See notes to financial statements.

46 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

Statements of Operations (unaudited)

Six Months Ended September 30, 2021

	iShares Asia 50 ETF			iShares Emerging Markets Infrastructure ETF				iShares Europe ETF				iShares International Developed Property ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	35,411,780			$	641,013			$	32,867,620			$	1,624,540
Dividends — Affiliated		131				1				36				1
Non-cash dividends — Unaffiliated		—				—				1,824,882				—
Interest — Unaffiliated		55				—				—				—
Securities lending income — Affiliated — net		109,385				4,108				27,780				14,193
Other income — Unaffiliated		—				—				5,817				—
Foreign taxes withheld		(3,783,638	)			(23,868	)			(4,392,634	)			(127,434	)
Foreign withholding tax claims		—				—				6,410,811				—
IRS Compliance fee for foreign withholding tax claims		—				—				(1,198,771	)			—
Total investment income		31,737,713				621,254				35,545,541				1,511,300
EXPENSES
Investment advisory fees		7,298,496				47,872				5,611,881				199,427
Commitment fees		12,798				136				—				—
Professional fees		—				—				644,152				—
Total expenses		7,311,294				48,008				6,256,033				199,427
Net investment income		24,426,419				573,246				29,289,508				1,311,873
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		12,999,252				(716,651	)			(17,998,347	)			(930,162	)
Investments — Affiliated		(3,537	)			(96	)			515				140
In-kind redemptions — Unaffiliated		62,949,094				—				—				291,910
Futures contracts		(227,434	)			(13,687	)			869,902				76,430
Foreign currency transactions		(342,900	)			11				158,389				(4,749	)
Net realized gain (loss)		75,374,475				(730,423	)			(16,969,541	)			(566,431	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(478,759,539	)			755,046				67,390,716				3,403,331
Investments — Affiliated		(120	)			(41	)			(970	)			(100	)
Futures contracts		(376,347	)			(3,120	)			(314,862	)			(19,736	)
Foreign currency translations		381,828				(263	)			(194,562	)			2,671
Net change in unrealized appreciation (depreciation)		(478,754,178	)			751,622				66,880,322				3,386,166
Net realized and unrealized gain (loss)		(403,379,703	)			21,199				49,910,781				2,819,735
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(378,953,284	)		$	594,445			$	79,200,289			$	4,131,608
(a)  Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—			$	—			$	—			$	1,312
(b)  Net of increase in deferred foreign capital gain tax of	$	—			$	—			$	—			$	(5,736	)

See notes to financial statements.

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

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares International Developed Small Cap Value Factor ETF				iShares International Dividend Growth ETF			iShares Latin America 40 ETF
INVESTMENT INCOME
Dividends — Unaffiliated		$	226,592		$	4,054,453		$	55,713,132
Dividends — Affiliated			—			13			156
Securities lending income — Affiliated — net			83			4,322			548,948
Foreign taxes withheld			(26,863	)		(396,441	)		(1,723,946	)
Total investment income			199,812			3,662,347			54,538,290
EXPENSES
Investment advisory fees			26,369			177,127			4,038,987
Commitment fees			—			591			12,798
Interest expense			—			229			—
Total expenses			26,369			177,947			4,051,785
Less:
Investment advisory fees waived			(6,592	)		—			—
Total expenses after fees waived			19,777			177,947			4,051,785
Net investment income			180,035			3,484,400			50,486,505
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)			(23,151	)		421,217			(84,062,634	)
Investments — Affiliated			1			(98	)		(6,549	)
In-kind redemptions — Unaffiliated			—			4,731,943			81,159,914
Futures contracts			3,945			57,242			662,686
Foreign currency transactions			(1,252	)		(186	)		94,150
Net realized gain (loss)			(20,457	)		5,210,118			(2,152,433	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)			80,432			(5,898,347	)		(32,074,526	)
Investments — Affiliated			—			—			(1,193	)
Futures contracts			(1,223	)		(15,299	)		(841,752	)
Foreign currency translations			(1,095	)		(1,856	)		(33,380	)
Net change in unrealized appreciation (depreciation)			78,114			(5,915,502	)		(32,950,851	)
Net realized and unrealized gain (loss)			57,657			(705,384	)		(35,103,284	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	237,692		$	2,779,016		$	15,383,221
(a)  Net of foreign capital gain tax and capital gain tax refund, if applicable		$	—		$	73,589		$	—
(b)  Net of increase in deferred foreign capital gain tax of		$	—		$	(93,606	)	$	—

See notes to financial statements.

48 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

Statements of Changes in Net Assets

	iShares Asia 50 ETF						iShares Emerging Markets Infrastructure ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	24,426,419		$	32,964,049			$	573,246		$	425,682
Net realized gain (loss)		75,374,475			(56,118,297	)			(730,423	)		(1,584,038	)
Net change in unrealized appreciation (depreciation)		(478,754,178	)		882,048,095				751,622			4,775,752
Net increase (decrease) in net assets resulting from operations		(378,953,284	)		858,893,847				594,445			3,617,396
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(15,010,795	)		(26,020,775	)			(442,168	)		(404,832	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(316,820,207	)		1,280,508,150				—			—
NET ASSETS
Total increase (decrease) in net assets		(710,784,286	)		2,113,381,222				152,277			3,212,564
Beginning of period		3,172,669,876			1,059,288,654				16,082,593			12,870,029
End of period	$	2,461,885,590		$	3,172,669,876			$	16,234,870		$	16,082,593

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 49

Statements of Changes in Net Assets (continued)

	iShares Europe ETF						iShares International Developed Property ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	29,289,508		$	28,195,816			$	1,311,873		$	2,546,539
Net realized loss		(16,969,541	)		(49,679,049	)			(566,431	)		(470,547	)
Net change in unrealized appreciation (depreciation)		66,880,322			542,303,419				3,386,166			24,431,424
Net increase in net assets resulting from operations		79,200,289			520,820,186				4,131,608			26,507,416
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(30,391,082	)		(27,830,960	)			(1,609,225	)		(1,993,212	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		340,588,052			(79,151,475	)			(11,745,011	)		(19,458,302	)
NET ASSETS
Total increase (decrease) in net assets		389,397,259			413,837,751				(9,222,628	)		5,055,902
Beginning of period		1,665,944,472			1,252,106,721				83,384,643			78,328,741
End of period	$	2,055,341,731		$	1,665,944,472			$	74,162,015		$	83,384,643

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

See notes to financial statements.

50 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

Statements of Changes in Net Assets (continued)

	iShares International Developed Small Cap Value Factor ETF						iShares International Dividend Growth ETF
		Six Months Ended 09/30/21 (unaudited	)		Period From 03/23/21 to 03/31/21	(a)		Six Months Ended 09/30/21 (unaudited	)		Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	180,035		$	27,146		$	3,484,400		$	3,073,259
Net realized gain (loss)		(20,457	)		(4	)		5,210,118			8,076,946
Net change in unrealized appreciation (depreciation)		78,114			(31,682	)		(5,915,502	)		24,946,116
Net increase (decrease) in net assets resulting from operations		237,692			(4,540	)		2,779,016			36,096,321
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(101,762	)		—			(3,058,482	)		(3,199,818	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		7,298,930			6,879,101			44,175,034			77,315,151
NET ASSETS
Total increase in net assets		7,434,860			6,874,561			43,895,568			110,211,654
Beginning of period		6,874,561			—			189,855,327			79,643,673
End of period	$	14,309,421		$	6,874,561		$	233,750,895		$	189,855,327

^(a) Commencement of operations.

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 51

Statements of Changes in Net Assets (continued)

	iShares Latin America 40 ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	50,486,505		$	31,050,991
Net realized loss		(2,152,433	)		(259,401,223	)
Net change in unrealized appreciation (depreciation)		(32,950,851	)		581,656,255
Net increase in net assets resulting from operations		15,383,221			353,306,023
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(23,338,721	)		(24,930,898	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(480,576,156	)		644,338,355
NET ASSETS
Total increase (decrease) in net assets		(488,531,656	)		972,713,480
Beginning of period		1,770,590,435			797,876,955
End of period	$	1,282,058,779		$	1,770,590,435

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

See notes to financial statements.

52 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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Asia 50 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	90.91			$	56.05			$	61.05			$	67.20			$	52.54			$	43.58
Net investment income(a)			0.74				1.31				1.42				1.48				1.06				1.04
Net realized and unrealized gain (loss)(b)			(12.55	)			34.52				(4.94	)			(6.25	)			14.56				8.98
Net increase (decrease) from investment operations			(11.81	)			35.83				(3.52	)			(4.77	)			15.62				10.02
Distributions(c)
From net investment income			(0.45	)			(0.97	)			(1.48	)			(1.38	)			(0.96	)			(1.06	)
Total distributions			(0.45	)			(0.97	)			(1.48	)			(1.38	)			(0.96	)			(1.06	)
Net asset value, end of period		$	78.65			$	90.91			$	56.05			$	61.05			$	67.20			$	52.54
Total Return(d)
Based on net asset value			(13.04	)%(e)			64.22	%			(6.00	)%			(6.94	)%			29.86	%			23.38	%
Ratios to Average Net Assets
Total expenses			0.50	%(f)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			1.67	%(f)			1.66	%			2.32	%			2.43	%			1.67	%			2.20	%
Supplemental Data
Net assets, end of period (000)		$	2,461,886			$	3,172,670			$	1,059,289			$	1,089,745			$	947,500			$	346,766
Portfolio turnover rate(g)			9	%(e)			46	%			6	%			10	%			16	%			12	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Emerging Markets Infrastructure ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	24.74			$	19.80			$	28.64			$	32.07			$	31.49			$	29.66
Net investment income(a)			0.88				0.65				0.75				0.75				0.66				0.90
Net realized and unrealized gain (loss)(b)			0.04				4.91				(8.94	)			(3.45	)			0.77				1.82
Net increase (decrease) from investment operations			0.92				5.56				(8.19	)			(2.70	)			1.43				2.72
Distributions(c)
From net investment income			(0.68	)			(0.62	)			(0.65	)			(0.73	)			(0.85	)			(0.89	)
Total distributions			(0.68	)			(0.62	)			(0.65	)			(0.73	)			(0.85	)			(0.89	)
Net asset value, end of period		$	24.98			$	24.74			$	19.80			$	28.64			$	32.07			$	31.49
Total Return(d)
Based on net asset value			3.68	%(e)			28.33	%			(29.33	)%			(8.35	)%			4.55	%			9.46	%
Ratios to Average Net Assets
Total expenses			0.60	%(f)			0.60	%			0.75	%			0.75	%			0.75	%			0.75	%
Net investment income			7.18	%(f)			2.90	%			2.60	%			2.56	%			2.02	%			3.03	%
Supplemental Data
Net assets, end of period (000)		$	16,235			$	16,083			$	12,870			$	25,773			$	41,686			$	47,235
Portfolio turnover rate(g)			10	%(e)			27	%			18	%			25	%			21	%			24	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

54 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Europe ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	50.25			$	35.42			$	43.40			$	46.48			$	41.82			$	39.32
Net investment income(a)			0.82	(b)			0.85				1.24				1.42				1.10				1.24	(b)
Net realized and unrealized gain (loss)(c)			1.97				14.82				(7.78	)			(3.16	)			4.69				2.46
Net increase (decrease) from investment operations			2.79				15.67				(6.54	)			(1.74	)			5.79				3.70
Distributions(d)
From net investment income			(0.87	)			(0.84	)			(1.44	)			(1.34	)			(1.13	)			(1.20	)
Total distributions			(0.87	)			(0.84	)			(1.44	)			(1.34	)			(1.13	)			(1.20	)
Net asset value, end of period		$	52.17			$	50.25			$	35.42			$	43.40			$	46.48			$	41.82
Total Return(e)
Based on net asset value			5.42	%(b)(f)			44.70	%			(15.61	)%			(3.73	)%			13.96	%			9.65	%(b)
Ratios to Average Net Assets
Total expenses			0.65	%(g)			0.60	%			0.59	%			0.59	%			0.59	%			0.60	%
Total expenses excluding professional fees for foreign withholding tax claims			0.58	%(g)			0.59	%			0.59	%			0.59	%			N/A				0.60	%
Net investment income			3.05	%(b)(g)			1.94	%			2.84	%			3.23	%			2.39	%			3.17	%(b)
Supplemental Data
Net assets, end of period (000)		$	2,055,342			$	1,665,944			$	1,252,107			$	2,002,860			$	2,765,550			$	2,471,335
Portfolio turnover rate(h)			2	%(f)			5	%			5	%			7	%			3	%			5	%

^(a) Based on average shares outstanding.

^(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six month ended September 30, 2021 and year ended March 31, 2017:

• Net investment income per share by $0.15 and $0.02, respectively.

• Total return by 0.31% and 0.05%, respectively.

• Ratio of net investment income to average net assets by 0.56% and 0.04%, respectively.

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

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

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 55

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Developed Property ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	36.25			$	27.97			$	38.79			$	38.95			$	35.50			$	36.74
Net investment income(a)			0.61				0.94				1.14				1.19				1.17				1.09
Net realized and unrealized gain (loss)(b)			0.99				8.19				(9.31	)			0.23				3.96				(0.43	)
Net increase (decrease) from investment operations			1.60				9.13				(8.17	)			1.42				5.13				0.66
Distributions(c)
From net investment income			(0.77	)			(0.85	)			(2.65	)			(1.58	)			(1.68	)			(1.87	)
Return of capital			—				—				—				—				—				(0.03	)
Total distributions			(0.77	)			(0.85	)			(2.65	)			(1.58	)			(1.68	)			(1.90	)
Net asset value, end of period		$	37.08			$	36.25			$	27.97			$	38.79			$	38.95			$	35.50
Total Return(d)
Based on net asset value			4.34	%(e)			32.96	%			(22.52	)%			3.91	%			14.58	%			1.97	%
Ratios to Average Net Assets
Total expenses			0.48	%(f)			0.48	%			0.48	%			0.48	%			0.48	%			0.48	%
Net investment income			3.16	%(f)			2.92	%			3.01	%			3.16	%			3.04	%			3.00	%
Supplemental Data
Net assets, end of period (000)		$	74,162			$	83,385			$	78,329			$	131,871			$	155,780			$	131,339
Portfolio turnover rate(g)			5	%(e)			16	%			8	%			9	%			11	%			8	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

56 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Developed Small Cap Value Factor  ETF
	Six Months Ended					Period From
		09/30/21						03/23/21	(a)
	(unaudited)					to 03/31/21
Net asset value, beginning of period			$	34.37			$	34.52
Net investment income(b)				0.50				0.16
Net realized and unrealized gain (loss)(c)				1.15				(0.31	)
Net increase (decrease) from investment operations				1.65				(0.15	)
Distributions
From net investment income				(0.25	)			—
Total distributions				(0.25	)			—
Net asset value, end of period			$	35.77			$	34.37
Total Return(d)
Based on net asset value				4.78	%(e)			(0.43	)%(e)
Ratios to Average Net Assets
Total expenses				0.40	%(f)			0.40	%(f)
Total expenses after fees waived				0.30	%(f)			0.30	%(f)
Net investment income				2.73	%(f)			17.96	%(f)
Supplemental Data
Net assets, end of period (000)			$	14,309			$	6,875
Portfolio turnover rate(g)				42	%(e)			0	%(e)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 57

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Dividend Growth ETF
	Six Months Ended																									Period From
		09/30/21					Year Ended					Year Ended					Year Ended					Year Ended						05/17/16	(a)
	(unaudited)					03/31/21					03/31/20					03/31/19					03/31/18					to 03/31/17
Net asset value, beginning of period			$	64.36				$	45.51				$	53.81				$	56.40				$	51.23			$	48.33
Net investment income(b)				1.00					1.53					1.56					1.51					1.27				1.09
Net realized and unrealized gain (loss)(c)				0.44					18.87					(8.24	)				(2.58	)				5.31				2.70
Net increase (decrease) from investment operations				1.44					20.40					(6.68	)				(1.07	)				6.58				3.79
Distributions(d)
From net investment income				(0.87	)				(1.55	)				(1.62	)				(1.52	)				(1.41	)			(0.89	)
Total distributions				(0.87	)				(1.55	)				(1.62	)				(1.52	)				(1.41	)			(0.89	)
Net asset value, end of period			$	64.93				$	64.36				$	45.51				$	53.81				$	56.40			$	51.23
Total Return(e)
Based on net asset value				2.19	%(f)				45.29	%				(12.75	)%				(1.88	)%				12.93	%			7.92	%(f)
Ratios to Average Net Assets
Total expenses				0.15	%(g)				0.19	%				0.22	%				0.22	%				0.22	%			0.22	%(g)
Net investment income				2.95	%(g)				2.66	%				2.81	%				2.80	%				2.26	%			2.56	%(g)
Supplemental Data
Net assets, end of period (000)			$	233,751				$	189,855				$	79,644				$	75,329				$	56,397			$	20,490
Portfolio turnover rate(h)				10	%(f)				66	%				35	%				34	%				42	%			42	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Latin America 40 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	27.56			$	18.34			$	33.24			$	37.28			$	31.58			$	25.23
Net investment income(a)			0.87				0.68				0.98				0.88				0.83				0.53
Net realized and unrealized gain (loss)(b)			(1.48	)			9.09				(14.83	)			(3.96	)			5.49				6.26
Net increase (decrease) from investment operations			(0.61	)			9.77				(13.85	)			(3.08	)			6.32				6.79
Distributions(c)
From net investment income			(0.38	)			(0.55	)			(1.05	)			(0.96	)			(0.62	)			(0.44	)
Total distributions			(0.38	)			(0.55	)			(1.05	)			(0.96	)			(0.62	)			(0.44	)
Net asset value, end of period		$	26.57			$	27.56			$	18.34			$	33.24			$	37.28			$	31.58
Total Return(d)
Based on net asset value			(2.41	)%(e)			53.62	%			(43.05	)%			(7.93	)%			20.38	%			27.27	%
Ratios to Average Net Assets
Total expenses			0.47	%(f)			0.48	%			0.48	%			0.48	%			0.48	%			0.49	%
Net investment income			5.86	%(f)			2.78	%			3.08	%			2.68	%			2.43	%			1.87	%
Supplemental Data
Net assets, end of period (000)		$	1,282,059			$	1,770,590			$	797,877			$	1,529,164			$	1,770,599			$	1,081,491
Portfolio turnover rate(g)			8	%(e)			20	%			22	%			20	%			16	%			13	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 59

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
Asia 50	Non-diversified
Emerging Markets Infrastructure	Non-diversified
Europe	Diversified
International Developed Property	Diversified
International Developed Small Cap Value Factor	Non-diversified
International Dividend Growth	Diversified
Latin America 40	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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

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

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

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

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

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

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

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Asia 50
Morgan Stanley	$	15,509,455	$	15,509,455		$	—	$	—
Emerging Markets Infrastructure
Barclays Bank PLC	$	556,668	$	556,668		$	—	$	—
BNP Paribas SA		1,974		1,974			—		—
HSBC Bank PLC		80,805		80,805			—		—
J.P. Morgan Securities LLC		35,532		35,532			—		—
Morgan Stanley		628,122		628,122			—		—
Nomura Securities International, Inc.		19,424		19,424			—		—
State Street Bank & Trust Co.		16,643		16,591			—		(52	)(b)
	$	1,339,168	$	1,339,116		$	—	$	(52	)
Europe
BofA Securities, Inc.	$	975,776	$	975,776		$	—	$	—
J.P. Morgan Securities LLC		484,264		484,264			—		—
Jefferies LLC		87,663		87,663			—		—
UBS AG		1,656,147		1,656,147			—		—
	$	3,203,850	$	3,203,850		$	—	$	—
International Developed Property
BofA Securities, Inc.	$	235,911	$	235,911		$	—	$	—
Credit Suisse Securities (USA) LLC		71,406		71,406			—		—
HSBC Bank PLC		186,345		186,345			—		—
Macquarie Bank Ltd.		57,125		57,125			—		—
Morgan Stanley		107,191		107,191			—		—
SG Americas Securities LLC		33,256		33,256			—		—
UBS AG		48,391		48,391			—		—
	$	739,625	$	739,625		$	—	$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
International Developed Small Cap Value Factor
BofA Securities, Inc.	$	9,077	$	9,077		$	—	$	—
Credit Suisse Securities (USA) LLC		18,758		18,758			—		—
Goldman Sachs & Co. LLC		26,134		26,134			—		—
	$	53,969	$	53,969		$	—	$	—
International Dividend Growth
Credit Suisse AG	$	2,126	$	2,126		$	—	$	—
J.P. Morgan Securities LLC		94,157		94,157			—		—
	$	96,283	$	96,283		$	—	$	—
Latin America 40
BNP Paribas SA	$	2,675,790	$	2,675,790		$	—	$	—
Citigroup Global Markets, Inc.		29,778,981		29,778,981			—		—
J.P. Morgan Securities LLC		7,299,272		7,299,272			—		—
Morgan Stanley		680,768		680,768			—		—
Wells Fargo Bank N.A		2,120,520		2,120,520			—		—
	$	42,555,331	$	42,555,331		$	—	$	—

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

^(b)  The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Asia 50		0.50	%
Emerging Markets Infrastructure		0.60
International Developed Property		0.48
International Developed Small Cap Value Factor		0.40
International Dividend Growth		0.15

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $12 billion		0.6000	%
Over $12 billion, up to and including $18 billion		0.5700
Over $18 billion, up to and including $24 billion		0.5415
Over $24 billion, up to and including $30 billion		0.5145
Over $30 billion		0.4888

For its investment advisory services to the iShares Latin America 40 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion, up to and including $171 billion		0.4073
Over $171 billion		0.3869

Prior to July 14, 2021, for its investment advisory services to the iShares Latin America 40 ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion		0.4073

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Emerging Markets Infrastructure ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2022 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds. For the iShares International Developed Small Cap Value Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through March 31, 2023 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.30% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended September 30, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
International Developed Small Cap Value Factor	$	6,592

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the

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Notes to Financial Statements (unaudited) (continued)

“collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Asia 50	$	30,476
Emerging Markets Infrastructure		1,196
Europe		6,610
International Developed Property		3,208
International Developed Small Cap Value Factor		24
International Dividend Growth		1,032
Latin America 40		130,502

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

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

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Asia 50	$	42,911,767	$	25,780,426	$	(6,035,209	)
Emerging Markets Infrastructure		—		42,075		(21,885	)
Europe		7,069,996		1,198,186		(356,016	)
International Developed Property		764,453		3,999		(326	)
International Developed Small Cap Value Factor		24,513		—		—
International Dividend Growth		6,249,380		2,096,097		106,574
Latin America 40		543,516		3,299,599		(2,596,283	)

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

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

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

Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Asia 50	$	255,268,676	$	322,105,917
Emerging Markets Infrastructure		1,576,312		1,509,034
Europe		73,172,236		35,111,945
International Developed Property		4,444,131		4,498,826
International Developed Small Cap Value Factor		5,564,873		5,447,845
International Dividend Growth		32,383,661		24,001,620
Latin America 40		141,234,732		234,514,416

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Asia 50	$	1,244,925	$	194,956,710
Europe		306,780,261		—
International Developed Property		—		11,168,497
International Developed Small Cap Value Factor		7,172,834		—
International Dividend Growth		57,575,967		21,647,277
Latin America 40		—		374,248,610

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Asia 50	$	79,782,422
Emerging Markets Infrastructure		31,007,433
Europe		302,262,836
International Developed Property		28,214,572
International Dividend Growth		6,354,796
Latin America 40		713,234,299

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
Asia 50	$	2,135,048,641	$	623,343,816	$	(284,999,153	)	$	338,344,663
Emerging Markets Infrastructure		17,172,915		4,009,537		(3,639,874	)		369,663
Europe		1,998,545,027		422,606,306		(374,966,358	)		47,639,948
International Developed Property		84,871,073		6,039,608		(16,247,106	)		(10,207,498	)
International Developed Small Cap Value Factor		14,202,441		755,686		(716,255	)		39,431
International Dividend Growth		228,623,681		17,798,028		(13,340,985	)		4,457,043
Latin America 40		1,639,254,144		48,025,866		(386,065,325	)		(338,039,459	)

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Notes to Financial Statements (unaudited) (continued)

9. LINE OF CREDIT

The iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended September 30, 2021, the iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF and iShares Latin America 40 ETF did not borrow under the Credit Agreement or Syndicated Credit Agreement. For the six months ended September 30, 2021, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
International Dividend Growth	$	1,000,000	$	41,284		1.15	%

10. PRINCIPAL RISKS

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

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

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 67

Notes to Financial Statements (unaudited) (continued)

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Asia 50
Shares sold		450,000		$	42,768,016			16,500,000		$	1,320,555,253
Shares redeemed		(4,050,000	)		(359,588,223	)		(500,000	)		(40,047,103	)
Net increase (decrease)		(3,600,000	)	$	(316,820,207	)		16,000,000		$	1,280,508,150
Europe
Shares sold		6,250,000		$	340,588,052			2,250,000		$	86,142,285
Shares redeemed		—			—			(4,450,000	)		(165,293,760	)
Net increase (decrease)		6,250,000		$	340,588,052			(2,200,000	)	$	(79,151,475	)
International Developed Property
Shares sold		—		$	—			2,800,000		$	86,165,116
Shares redeemed		(300,000	)		(11,745,011	)		(3,300,000	)		(105,623,418	)
Net decrease		(300,000	)	$	(11,745,011	)		(500,000	)	$	(19,458,302	)

	Six Months Ended 09/30/21				Period Ended 03/31/21
iShares ETF	Shares		Amount		Shares		Amount
International Developed Small Cap Value Factor Shares sold		200,000	$	7,298,930		200,000	$	6,879,101

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
International Dividend Growth
Shares sold		1,000,000		$	67,694,980			2,150,000		$	132,833,399
Shares redeemed		(350,000	)		(23,519,946	)		(950,000	)		(55,518,248	)
Net increase		650,000		$	44,175,034			1,200,000		$	77,315,151
Latin America 40
Shares sold		—		$	170,522			37,000,000		$	972,094,694
Shares redeemed		(16,000,000	)		(480,746,678	)		(16,250,000	)		(327,756,339)
Net increase (decrease)		(16,000,000	)	$	(480,576,156	)		20,750,000		$	644,338,355

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 69

Notes to Financial Statements (unaudited) (continued)

may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares Europe ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. SUBSEQUENT EVENTS

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

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Board Review and Approval of Investment Advisory Contract

iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract   (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Europe ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

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Board Review and Approval of Investment Advisory Contract   (continued)

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares International Developed Property ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to

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evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares International Developed Small Cap Value Factor ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 10-11, 2020, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by

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BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue

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to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

iShares International Dividend Growth ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided

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Board Review and Approval of Investment Advisory Contract   (continued)

information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract   (continued)

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Latin America 40 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract   (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 81

Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
International Dividend Growth	$	0.865223	$	—	$	—	$	0.865223		100	%		—	%		—	%		100	%

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 83

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-304-0921

            

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Currency Hedged JPX-Nikkei 400 ETF  |  HJPX  |  NYSE Arca

· iShares JPX-Nikkei 400 ETF  |  JPXN  |  NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Trust

Rob Kapito

President, BlackRock, Inc.

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.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		19
Notes to Financial Statements		21
Board Review and Approval of Investment Advisory Contract		29
Supplemental Information		31
General Information		32
Glossary of Terms Used in this Report		33

Fund Summary  as of September 30, 2021  iShares^® Currency Hedged JPX-Nikkei 400 ETF

Investment Objective

The iShares Currency Hedged JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of an index composed of broad-based Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the JPX-Nikkei 400 Net Total Return USD Hedged 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares JPX-Nikkei 400 ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.32	%		25.65	%		11.83	%		9.17	%		25.65	%		74.91	%		69.36	%
Fund Market		3.35			25.41			11.65			9.16			25.41			73.49			69.27
Index		4.77			27.61			12.64			10.05			27.61			81.36			77.64

The inception date of the Fund was 9/29/15. The first day of secondary market trading was 10/1/15.

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 6 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)(b)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        1,033.20	$        0.00			$        1,000.00	$        1,025.10	$       0.00		0.00	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  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 6 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		100.2	%
Short-term Investments		0.0	(a)
Forward foreign currency exchange contracts, net cumulative appreciation		1.2
Other assets less liabilities		(1.4	)

^(a) Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials		23.8	%
Consumer Discretionary		15.3
Information Technology		13.5
Health Care		11.4
Financials		10.2
Consumer Staples		8.3
Communication Services		7.0
Materials		5.5
Real Estate		3.0
Utilities		1.2
Energy		0.8

^(a) Excludes money market funds.

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Fund Summary  as of September 30, 2021 iShares^® JPX-Nikkei 400 ETF

Investment Objective

The iShares JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of a broad-based benchmark composed of Japanese equities, as represented by the JPX-Nikkei Index 400 (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		2.99	%		19.52	%		8.60	%		7.96	%		19.52	%		51.05	%		115.05	%
Fund Market		2.74			19.00			8.48			8.23			19.00			50.23			120.59
Index		3.74			20.50			9.06			8.29			20.50			54.31			121.75

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through September 3, 2015 reflects the performance of the S&P/TOPIX 150TM. Index performance beginning on September 4, 2015 reflects the performance of the JPX-Nikkei Index 400.

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 6 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	$        1,029.90	$        2.44			$        1,000.00	$        1,022.70	$       2.43		0.48	%

^(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 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Industrials	23.8%
Consumer Discretionary	15.3
Information Technology	13.5
Health Care	11.4
Financials	10.2
Consumer Staples	8.3
Communication Services	7.0
Materials	5.5
Real Estate	3.0
Utilities	1.2
Energy	0.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Recruit Holdings Co. Ltd.	1.8%
Keyence Corp.	1.7
Hoya Corp.	1.7
Sony Group Corp.	1.7
Mitsubishi UFJ Financial Group Inc.	1.6
Daikin Industries Ltd.	1.6
Nippon Telegraph & Telephone Corp.	1.5
Hitachi Ltd.	1.5
KDDI Corp.	1.4
Toyota Motor Corp.	1.4

F U N D  S U M M A R Y 5

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.

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Schedule of Investments  (unaudited) September 30, 2021 iShares^® Currency Hedged JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.2%
iShares JPX-Nikkei 400 ETF(a)		48,466	$	3,635,919
Total Investment Companies — 100.2% (Cost: $2,899,669)				3,635,919
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		1,000		1,000
Total Short-Term Investments — 0.0% (Cost: $1,000)				1,000
Total Investments in Securities — 100.2% (Cost: $2,900,669)				3,636,919
Other Assets, Less Liabilities — (0.2)%				(8,033	)
Net Assets — 100.0%			$	3,628,886

^(a) Affiliate of the Fund.

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

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: Treasury, SL Agency Shares	$	1,000	$	0	(a)	$	—		$	—		$	—	$	1,000		1,000	$	—	$	—
iShares JPX-Nikkei 400 ETF		3,532,614		147,281			(110,787	)		(2,708	)		69,519		3,635,919		48,466		27,485		—
									$	(2,708	)	$	69,519	$	3,636,919			$	27,485	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
JPY	380,384,000	USD	3,409,272	MS	10/05/21	$	8,548
USD	3,473,164	JPY	381,461,000	MS	10/05/21		45,666
							54,214
JPY	1,077,000	USD	9,796	MS	10/05/21		(119	)
USD	3,676,662	JPY	410,143,000	MS	11/04/21		(9,287	)
							(9,406	)
	Net unrealized appreciation					$	44,808

S C H E D U L E    O F    I N V  E S T M E N T S 7

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Currency Hedged JPX-Nikkei 400 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:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	54,214
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	9,406

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	106,513
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(86,162	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	3,409,427
Average amounts sold — in USD	$	7,070,367

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	54,214	$	9,406
Total derivative assets and liabilities in the Statement of Assets and Liabilities		54,214		9,406
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		54,214		9,406

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
Morgan Stanley & Co. International PLC	$	54,214	$	(9,406	)	$	—	$	—	$	44,808

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	9,406	$	(9,406	)	$	—	$	—	$	—

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Currency Hedged JPX-Nikkei 400 ETF

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

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
Investment Companies	$	3,635,919	$	—		$	—	$	3,635,919
Money Market Funds		1,000		—			—		1,000
Derivative financial instruments(a)	$	3,636,919	$	—		$	—	$	3,636,919
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	54,214		$	—	$	54,214
Liabilities
Forward Foreign Currency Exchange Contracts		—		(9,406	)		—		(9,406	)
	$	—	$	44,808		$	—	$	44,808

^(a) Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange 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 9

Schedule of Investments  (unaudited)  September 30, 2021 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.5%
Kintetsu World Express Inc.		800	$	20,261
Maruwa Unyu Kikan Co. Ltd.		800		11,506
SG Holdings Co. Ltd.		8,800		248,961
Yamato Holdings Co. Ltd.		6,400		161,986
				442,714
Auto Components — 3.0%
Aisin Corp.		3,200		115,958
Bridgestone Corp.		14,400		681,281
Denso Corp.		11,200		731,330
Koito Manufacturing Co. Ltd.		3,200		192,426
NGK Spark Plug Co. Ltd.		4,000		62,235
Nifco Inc./Japan		1,600		49,722
Stanley Electric Co. Ltd.		3,200		80,826
Sumitomo Electric Industries Ltd.		17,600		234,039
Sumitomo Rubber Industries Ltd.		4,000		50,750
Toyo Tire Corp.		2,400		42,776
Toyoda Gosei Co. Ltd.		1,600		32,002
Toyota Boshoku Corp.		1,600		28,304
Toyota Industries Corp.		4,000		329,120
TS Tech Co. Ltd.		2,400		30,838
Yokohama Rubber Co. Ltd. (The)		3,200		57,429
				2,719,036
Automobiles — 4.0%
Honda Motor Co. Ltd.		39,200		1,205,157
Isuzu Motors Ltd.		13,600		176,939
Subaru Corp.		14,400		266,108
Suzuki Motor Corp.		9,600		428,919
Toyota Motor Corp.		72,420		1,290,335
Yamaha Motor Co. Ltd.		6,700		186,527
				3,553,985
Banks — 5.2%
Aozora Bank Ltd.		3,200		78,251
Chiba Bank Ltd. (The)		16,800		108,867
Concordia Financial Group Ltd.		29,600		116,521
Fukuoka Financial Group Inc.		4,000		71,566
Mebuki Financial Group Inc.		26,400		57,840
Mitsubishi UFJ Financial Group Inc.		242,400		1,432,906
Mizuho Financial Group Inc.		66,050		934,420
Resona Holdings Inc.		56,000		224,001
Seven Bank Ltd.		15,200		33,892
Shinsei Bank Ltd.		4,000		67,067
Sumitomo Mitsui Financial Group Inc.		33,600		1,182,027
Sumitomo Mitsui Trust Holdings Inc.		9,604		330,762
				4,638,120
Beverages — 1.3%
Asahi Group Holdings Ltd.		12,000		579,064
Ito En Ltd.		1,600		106,136
Kirin Holdings Co. Ltd.		18,400		341,502
Suntory Beverage & Food Ltd.		3,200		132,657
				1,159,359
Biotechnology — 0.1%
PeptiDream Inc.(a)		2,400		78,346
Building Products — 2.2%
AGC Inc.		4,800		247,355
Aica Kogyo Co. Ltd.		1,600		54,734
Daikin Industries Ltd.		6,400		1,395,445

Security	Shares		Value
Building Products (continued)
Nichias Corp.		1,600	$	39,038
Sanwa Holdings Corp.		4,000		52,003
TOTO Ltd.		3,200		152,373
				1,940,948
Capital Markets — 1.2%
Daiwa Securities Group Inc.		36,800		214,498
GMO Financial Holdings Inc.		800		6,078
JAFCO Group Co. Ltd.		800		51,064
Japan Exchange Group Inc.		13,600		337,280
Nomura Holdings Inc.		74,400		366,785
SBI Holdings Inc.		5,600		137,157
				1,112,862
Chemicals — 4.8%
Air Water Inc.		4,800		76,727
Asahi Kasei Corp.		32,000		342,914
Daicel Corp.		6,400		49,832
Denka Co. Ltd.		1,600		55,878
DIC Corp.		2,400		67,695
Kansai Paint Co. Ltd.		5,600		138,917
Kuraray Co. Ltd.		7,200		69,185
Mitsubishi Chemical Holdings Corp.		32,800		298,603
Mitsubishi Gas Chemical Co. Inc.		4,800		94,654
Mitsui Chemicals Inc.		4,000		133,636
Nippon Paint Holdings Co. Ltd.		18,400		200,379
Nippon Sanso Holdings Corp.		4,000		100,244
Nissan Chemical Corp.		2,400		140,367
Nitto Denko Corp.		3,200		227,797
NOF Corp.		1,600		90,075
Shin-Etsu Chemical Co. Ltd.		7,600		1,282,643
Showa Denko KK		4,000		97,332
Sumitomo Chemical Co. Ltd.		38,400		199,306
Teijin Ltd.		4,800		68,226
Tokai Carbon Co. Ltd.		4,000		51,134
Tokuyama Corp.		1,600		30,524
Toray Industries Inc.		35,200		223,667
Tosoh Corp.		8,000		144,974
Ube Industries Ltd.		2,400		46,925
Zeon Corp.		4,000		56,308
				4,287,942
Commercial Services & Supplies — 0.6%
Aeon Delight Co. Ltd.		800		25,419
Japan Elevator Service Holdings Co. Ltd.		1,600		36,794
Pilot Corp.		800		30,417
Secom Co. Ltd.		4,800		347,175
Sohgo Security Services Co. Ltd.		1,600		71,931
				511,736
Construction & Engineering — 1.2%
COMSYS Holdings Corp.		2,400		63,309
Hazama Ando Corp.		4,800		34,417
Kajima Corp.		11,200		143,523
Kandenko Co. Ltd.		2,400		19,842
Kumagai Gumi Co. Ltd.		800		20,702
Kyowa Exeo Corp.		2,400		58,832
Kyudenko Corp.		800		26,406
Maeda Corp.(a)		4,000		32,311
Mirait Holdings Corp.		2,400		47,513
Nippo Corp.		1,600		57,339
Nishimatsu Construction Co. Ltd.		900		27,844
Obayashi Corp.		16,000		131,884

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

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Penta-Ocean Construction Co. Ltd.		6,400	$	43,447
Shimizu Corp.		14,400		107,789
Sumitomo Mitsui Construction Co. Ltd.		3,220		14,353
Taisei Corp.		4,800		153,801
Toda Corp.		6,400		44,687
Tokyu Construction Co. Ltd.		1,600		11,217
				1,039,216
Construction Materials — 0.1%
Taiheiyo Cement Corp.		2,400		49,585
Consumer Finance — 0.1%
Acom Co. Ltd.		8,800		32,157
AEON Financial Service Co. Ltd.		3,200		40,519
Orient Corp.		12,000		17,741
				90,417
Containers & Packaging — 0.1%
FP Corp.		800		29,729
Rengo Co. Ltd.		4,800		37,501
				67,230
Distributors — 0.0%
Paltac Corp.		800		36,231
Diversified Financial Services — 1.0%
Financial Products Group Co. Ltd.		1,600		10,189
Fuyo General Lease Co. Ltd.		800		55,030
Mitsubishi HC Capital Inc.		16,800		87,845
Mizuho Leasing Co. Ltd.		800		25,953
ORIX Corp.		29,600		553,861
Tokyo Century Corp.		800		45,040
Zenkoku Hosho Co. Ltd.		1,600		78,077
				855,995
Diversified Telecommunication Services — 1.6%
Nippon Telegraph & Telephone Corp.		49,600		1,374,374
Usen-Next Holdings Co. Ltd.		800		24,982
				1,399,356
Electric Utilities — 0.7%
Chubu Electric Power Co. Inc.		15,200		179,645
Chugoku Electric Power Co. Inc. (The)		7,200		65,677
Hokkaido Electric Power Co. Inc.		4,000		19,046
Kansai Electric Power Co. Inc. (The)		19,200		186,051
Kyushu Electric Power Co. Inc.		11,200		85,082
Tohoku Electric Power Co. Inc.		11,200		82,333
				617,834
Electrical Equipment — 2.3%
Fuji Electric Co. Ltd.		3,200		145,619
Mitsubishi Electric Corp.		49,600		689,320
Nidec Corp.		11,200		1,234,688
				2,069,627
Electronic Equipment, Instruments & Components — 5.5%
Anritsu Corp.(b)		3,200		57,105
Azbil Corp.		3,200		137,778
Daiwabo Holdings Co. Ltd.		2,800		44,831
Hamamatsu Photonics KK		4,000		247,435
Horiba Ltd.		800		55,812
Keyence Corp.		2,544		1,518,440
Kyocera Corp.		7,200		450,081
Murata Manufacturing Co. Ltd.		14,400		1,273,715
Omron Corp.		4,000		395,810
Shimadzu Corp.		6,400		281,063

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Taiyo Yuden Co. Ltd.		2,400	$	140,578
TDK Corp.		7,200		259,652
Yokogawa Electric Corp.		5,600		97,673
				4,959,973
Entertainment — 2.0%
Akatsuki Inc.		200		5,713
Capcom Co. Ltd.		4,000		111,144
GungHo Online Entertainment Inc.		1,690		30,988
Koei Tecmo Holdings Co. Ltd.		1,040		49,366
Konami Holdings Corp.		1,600		100,287
Nexon Co. Ltd.		11,200		179,766
Nintendo Co. Ltd.		2,200		1,051,342
Square Enix Holdings Co. Ltd.		1,900		101,547
Toei Animation Co. Ltd.		200		36,895
Toho Co. Ltd.		3,200		150,756
				1,817,804
Food & Staples Retailing — 1.9%
Ain Holdings Inc.		800		49,844
Cosmos Pharmaceutical Corp.		400		67,933
Create SD Holdings Co. Ltd.		800		26,886
Kobe Bussan Co. Ltd.		4,000		130,695
Kusuri no Aoki Holdings Co. Ltd.		500		34,360
Lawson Inc.		1,600		78,596
Matsumotokiyoshi Holdings Co. Ltd.		2,400		107,724
Seven & i Holdings Co. Ltd.		19,200		874,069
Sugi Holdings Co. Ltd.		800		58,325
Sundrug Co. Ltd.		1,600		48,807
Tsuruha Holdings Inc.		1,000		123,322
Welcia Holdings Co. Ltd.		2,400		86,502
Yaoko Co. Ltd.		800		49,225
				1,736,288
Food Products — 2.0%
Ajinomoto Co. Inc.		12,000		354,598
Ariake Japan Co. Ltd.		800		50,355
Calbee Inc.		2,400		58,407
Kagome Co. Ltd.		2,400		61,867
Kewpie Corp.		3,200		77,566
Kikkoman Corp.		3,200		260,392
MEIJI Holdings Co. Ltd.		3,200		206,888
Morinaga & Co. Ltd./Japan		900		33,193
Morinaga Milk Industry Co. Ltd.		800		49,971
NH Foods Ltd.		1,600		60,423
Nichirei Corp.		2,400		62,892
Nippon Suisan Kaisha Ltd.		6,400		37,189
Nissin Foods Holdings Co. Ltd.		1,900		152,465
Prima Meat Packers Ltd.		800		20,266
Toyo Suisan Kaisha Ltd.		2,400		106,271
Yakult Honsha Co. Ltd.		3,200		161,987
				1,754,730
Gas Utilities — 0.4%
Osaka Gas Co. Ltd.		8,800		160,803
Tokyo Gas Co. Ltd.		9,600		178,630
				339,433
Health Care Equipment & Supplies — 3.9%
Asahi Intecc Co. Ltd.		5,600		153,376
Hoya Corp.		9,700		1,513,381
Japan Lifeline Co. Ltd.		1,600		19,648
Nihon Kohden Corp.		1,600		54,388
Olympus Corp.		26,400		577,843

S C H E D U L E    O F    I N V E S T  M E N T S 11

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Sysmex Corp.		4,000	$	496,834
Terumo Corp.		15,200		717,719
				3,533,189
Health Care Providers & Services — 0.2%
Alfresa Holdings Corp.		4,800		71,704
Medipal Holdings Corp.		4,800		90,336
Ship Healthcare Holdings Inc.		1,600		41,212
				203,252
Health Care Technology — 0.6%
M3 Inc.		8,000		570,146
Hotels, Restaurants & Leisure — 1.3%
Food & Life Companies Ltd.		3,200		147,145
KOMEDA Holdings Co. Ltd.		800		15,870
McDonald’s Holdings Co. Japan Ltd.(b)		2,600		122,664
Oriental Land Co. Ltd.		5,000		808,879
Zensho Holdings Co. Ltd.		2,400		59,535
				1,154,093
Household Durables — 3.5%
Casio Computer Co. Ltd.		4,000		66,224
ES-Con Japan Ltd.		800		5,795
Haseko Corp.		4,800		64,088
Iida Group Holdings Co. Ltd.		4,000		102,887
Open House Co. Ltd.		1,600		94,140
Panasonic Corp.		52,800		654,477
Pressance Corp.		800		13,132
Rinnai Corp.		800		87,833
Sekisui Chemical Co. Ltd.		10,400		178,695
Sekisui House Ltd.		16,800		351,808
Sony Group Corp.		13,300		1,476,548
Sumitomo Forestry Co. Ltd.		4,000		75,974
				3,171,601
Household Products — 0.7%
Lion Corp.		6,400		103,515
Pigeon Corp.		3,200		74,393
Unicharm Corp.		9,600		425,395
				603,303
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		4,000		57,349
eRex Co. Ltd.		800		17,768
RENOVA Inc.(a)		800		32,820
				107,937
Industrial Conglomerates — 1.5%
Hitachi Ltd.		22,400		1,325,200
TOKAI Holdings Corp.		2,400		19,284
				1,344,484
Insurance — 2.6%
Dai-ichi Life Holdings Inc.		24,000		524,905
MS&AD Insurance Group Holdings Inc.		12,000		401,361
Sompo Holdings Inc.		8,800		381,788
T&D Holdings Inc.		14,400		197,537
Tokio Marine Holdings Inc.		16,000		857,680
				2,363,271
Interactive Media & Services — 0.7%
Dip Corp.		800		30,525
Kakaku.com Inc.		3,200		103,338
Mixi Inc.		1,700		38,236

Security	Shares		Value
Interactive Media & Services (continued)
Z Holdings Corp.		67,200	$	430,084
				602,183
Internet & Direct Marketing Retail — 0.1%
ZOZO Inc.		3,200		119,888
IT Services — 3.0%
Bell System24 Holdings Inc.		800		11,902
Digital Garage Inc.		800		36,497
Fujitsu Ltd.		4,400		795,126
GMO Payment Gateway Inc.		800		101,009
Infocom Corp.		800		17,059
Information Services International-Dentsu Ltd.		800		30,205
Itochu Techno-Solutions Corp.		2,400		77,939
NEC Corp.		6,400		346,822
NEC Networks & System Integration Corp.		1,600		30,175
Nihon Unisys Ltd.		1,600		41,436
Nomura Research Institute Ltd.		8,864		325,811
NS Solutions Corp.		800		27,143
NTT Data Corp.		13,600		262,945
Obic Co. Ltd.		1,600		304,253
Otsuka Corp.		2,400		123,415
SCSK Corp.		2,400		50,762
TIS Inc.		4,800		131,012
				2,713,511
Leisure Products — 1.2%
Bandai Namco Holdings Inc.		4,000		300,710
Shimano Inc.		2,000		584,374
Yamaha Corp.		3,200		201,287
				1,086,371
Machinery — 6.3%
Amada Co. Ltd.		7,200		74,269
Daifuku Co. Ltd.		2,400		225,086
DMG Mori Co. Ltd.		3,200		59,728
Ebara Corp.		2,400		118,039
Fanuc Corp.		4,300		942,826
Fuji Corp./Aichi		1,600		40,629
Hino Motors Ltd.		6,400		59,430
Hitachi Construction Machinery Co. Ltd.		2,400		67,427
Hoshizaki Corp.		1,600		145,526
IHI Corp.		3,200		80,895
Japan Steel Works Ltd. (The)		1,600		41,412
Komatsu Ltd.		22,400		536,445
Kubota Corp.		24,000		510,783
Makita Corp.		6,400		351,889
Minebea Mitsumi Inc.		8,800		224,117
Misumi Group Inc.		6,400		272,314
Mitsubishi Heavy Industries Ltd.		8,000		214,352
Miura Co. Ltd.		2,400		95,939
Nabtesco Corp.		3,200		120,991
NGK Insulators Ltd.		5,600		94,926
NSK Ltd.		10,400		70,473
OSG Corp.		2,400		41,079
SMC Corp.		1,400		873,474
Sumitomo Heavy Industries Ltd.		3,200		83,398
Takeuchi Manufacturing Co. Ltd.		800		18,424
Yaskawa Electric Corp.		5,600		268,904
				5,632,775
Marine — 0.5%
Mitsui OSK Lines Ltd.		2,400		161,058

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

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Marine (continued)
Nippon Yusen KK		4,000	$	299,713
				460,771
Media — 0.1%
Hakuhodo DY Holdings Inc.		6,400		110,137
Metals & Mining — 0.3%
Asahi Holdings Inc.		1,600		28,965
Mitsui Mining & Smelting Co. Ltd.		1,600		44,414
Sumitomo Metal Mining Co. Ltd.		6,400		231,428
				304,807
Multiline Retail — 0.5%
Izumi Co. Ltd.		800		26,616
Marui Group Co. Ltd.		4,000		77,214
Pan Pacific International Holdings Corp.		9,600		198,080
Ryohin Keikaku Co. Ltd.		5,600		124,562
Seria Co. Ltd.		1,600		55,924
				482,396
Oil, Gas & Consumable Fuels — 0.8%
Cosmo Energy Holdings Co. Ltd.		1,600		36,223
ENEOS Holdings Inc.		74,400		302,239
Idemitsu Kosan Co. Ltd.		5,600		147,317
Inpex Corp.		26,400		205,560
Iwatani Corp.		900		52,607
				743,946
Paper & Forest Products — 0.2%
Daio Paper Corp.		2,400		44,938
Oji Holdings Corp.		22,400		112,868
				157,806
Personal Products — 1.8%
Fancl Corp.		1,600		52,806
Kao Corp.		11,200		666,552
Kobayashi Pharmaceutical Co. Ltd.		1,300		103,067
Kose Corp.		800		95,676
Pola Orbis Holdings Inc.		2,400		55,243
Rohto Pharmaceutical Co. Ltd.		2,400		73,608
Shiseido Co. Ltd.		9,100		611,606
				1,658,558
Pharmaceuticals — 6.4%
Astellas Pharma Inc.		43,240		711,689
Chugai Pharmaceutical Co. Ltd.		15,200		556,227
Daiichi Sankyo Co. Ltd.		38,809		1,031,588
Eisai Co. Ltd.		5,200		389,519
JCR Pharmaceuticals Co. Ltd.		1,600		40,027
Kaken Pharmaceutical Co. Ltd.		800		32,919
Kyowa Kirin Co. Ltd.		5,600		201,881
Nippon Shinyaku Co. Ltd.		1,600		132,997
Ono Pharmaceutical Co. Ltd.		11,200		255,402
Otsuka Holdings Co. Ltd.		10,400		444,732
Santen Pharmaceutical Co. Ltd.		8,800		123,764
Sawai Group Holdings Co. Ltd.		800		37,220
Shionogi & Co. Ltd.		6,400		437,948
Sumitomo Dainippon Pharma Co. Ltd.		4,000		71,496
Takeda Pharmaceutical Co. Ltd.		38,400		1,266,538
Towa Pharmaceutical Co. Ltd.		800		22,682
				5,756,629
Professional Services — 2.8%
BayCurrent Consulting Inc.		300		150,216
Benefit One Inc.		1,600		75,429

Security	Shares		Value
Professional Services (continued)
en Japan Inc.		800	$	28,899
IR Japan Holdings Ltd.		200		22,028
Meitec Corp.		800		44,061
Nihon M&A Center Inc.		8,000		234,915
Outsourcing Inc.		2,400		43,013
Persol Holdings Co. Ltd.		4,800		119,659
Recruit Holdings Co. Ltd.		26,400		1,613,722
SMS Co. Ltd.		1,600		58,287
TechnoPro Holdings Inc.		3,200		96,235
UT Group Co. Ltd.		800		23,888
				2,510,352
Real Estate Management & Development — 3.0%
Aeon Mall Co. Ltd.		2,400		36,927
Daito Trust Construction Co. Ltd.		1,600		187,693
Daiwa House Industry Co. Ltd.		14,400		480,024
Hulic Co. Ltd.		10,400		115,820
Ichigo Inc.		4,800		15,791
Katitas Co. Ltd.		1,600		56,397
Mitsubishi Estate Co. Ltd.		32,000		509,530
Mitsui Fudosan Co. Ltd.		22,400		532,109
Nomura Real Estate Holdings Inc.		3,200		83,195
Relo Group Inc.		2,400		49,534
SAMTY Co. Ltd.		800		16,725
Starts Corp. Inc.		800		19,036
Sumitomo Realty & Development Co. Ltd.		11,200		409,373
Tokyo Tatemono Co. Ltd.		4,800		76,019
Tokyu Fudosan Holdings Corp.		13,600		83,701
				2,671,874
Road & Rail — 1.3%
Central Japan Railway Co.		4,000		638,495
Hankyu Hanshin Holdings Inc.		6,400		201,431
Hitachi Transport System Ltd.		800		35,538
Kyushu Railway Co.		4,000		96,241
Nippon Express Co. Ltd.		1,600		110,192
Sankyu Inc.		1,600		73,586
Senko Group Holdings Co. Ltd.		2,400		21,965
				1,177,448
Semiconductors & Semiconductor Equipment — 3.2%
Advantest Corp.		3,400		302,972
Disco Corp.		700		196,061
Japan Material Co. Ltd.		2,400		27,822
Lasertec Corp.		2,100		478,081
Optorun Co. Ltd.		800		16,683
Renesas Electronics Corp.(a)		27,200		334,760
SCREEN Holdings Co. Ltd.		800		68,527
SUMCO Corp.		6,400		127,684
Tokyo Electron Ltd.		2,900		1,281,158
Tokyo Seimitsu Co. Ltd.		800		32,833
Ulvac Inc.		800		45,554
				2,912,135
Software — 0.4%
Justsystems Corp.		800		44,985
Oracle Corp. Japan		800		70,277
Rakus Co. Ltd.		2,400		85,033
Systena Corp.		1,600		32,204
Trend Micro Inc.		2,400		133,652
				366,151
Specialty Retail — 1.4%
ABC-Mart Inc.		800		44,938

S C H E D U L E    O F    I N V E S T  M E N T S 13

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Bic Camera Inc.		3,200	$	30,503
Fast Retailing Co. Ltd.		700		516,261
Hikari Tsushin Inc.		500		84,510
Kohnan Shoji Co. Ltd.		800		26,320
K’s Holdings Corp.		4,000		41,329
Nitori Holdings Co. Ltd.		1,900		374,437
Nojima Corp.		800		20,580
T-Gaia Corp.		800		14,201
USS Co. Ltd.		4,800		81,707
Workman Co. Ltd.		800		50,611
				1,285,397
Technology Hardware, Storage & Peripherals — 1.2%
Brother Industries Ltd.		6,400		140,833
Elecom Co. Ltd.		1,600		25,709
FUJIFILM Holdings Corp.		8,800		759,878
MCJ Co. Ltd.		1,600		17,241
Seiko Epson Corp.		6,400		129,216
Wacom Co. Ltd.		4,000		25,437
				1,098,314
Textiles, Apparel & Luxury Goods — 0.1%
Goldwin Inc.		800		52,176
Tobacco — 0.6%
Japan Tobacco Inc.		26,400		517,288
Trading Companies & Distributors — 4.5%
Itochu Corp.		34,400		1,001,934
Kanamoto Co. Ltd.		800		18,717
Kanematsu Corp.		1,600		19,788
Marubeni Corp.		48,000		397,115
Mitsubishi Corp.		29,600		929,512
Mitsui & Co. Ltd.		39,100		854,999
MonotaRO Co. Ltd.		6,400		143,425
Sojitz Corp.		5,120		83,622

Security	Shares		Value
Trading Companies & Distributors (continued)
Sumitomo Corp.		30,400	$	428,242
Toyota Tsusho Corp.		4,800		201,568
				4,078,922
Wireless Telecommunication Services — 2.6%
KDDI Corp.		39,200		1,290,586
SoftBank Group Corp.		18,400		1,063,249
				2,353,835
Total Common Stocks — 99.2% (Cost: $69,765,635)				89,183,713
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		132,861		132,928
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		40,000		40,000
				172,928
Total Short-Term Investments — 0.2% (Cost: $172,926)				172,928
Total Investments in Securities — 99.4% (Cost: $69,938,561)				89,356,641
Other Assets, Less Liabilities — 0.6%				524,926
Net Assets — 100.0%			$	89,881,567

^(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 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	$	149,088	$	—		$	(16,152	)(a)	$	(8	)	$	—	$	132,928		132,861	$	642	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		10,000	(a)		—			—			—		40,000		40,000		1			—
									$	(8	)	$	—	$	172,928			$	643		$	—

^(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.

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® JPX-Nikkei 400 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
Mini TOPIX Index		38		12/09/21	$	688	$	(7,586	)

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)	$	7,586

^(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	$	5,557
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,349	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	634,553

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	$	—	$	89,183,713		$	—	$	89,183,713
Money Market Funds		172,928		—			—		172,928
	$	172,928	$	89,183,713		$	—	$	89,356,641
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(7,586	)	$	—	$	(7,586	)

^(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 15

Statements of Assets and Liabilities  (unaudited) 

September 30, 2021

	iShares Currency Hedged JPX-Nikkei 400 ETF		iShares JPX-Nikkei 400 ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	—	$	89,183,713
Affiliated(c)		3,636,919		172,928
Cash		730		1,252
Foreign currency, at value(d)		—		25,432
Foreign currency collateral pledged:
Futures contracts(e)		—		2,246
Receivables:
Securities lending income — Affiliated		—		49
Dividends		—		673,422
Unrealized appreciation on:
Forward foreign currency exchange contracts		54,214		—
Total assets		3,691,863		90,059,042
LIABILITIES
Collateral on securities loaned, at value		—		132,538
Payables:
Investments purchased		53,571		—
Variation margin on futures contracts		—		8,340
Investment advisory fees		—		36,597
Unrealized depreciation on:
Forward foreign currency exchange contracts		9,406		—
Total liabilities		62,977		177,475
NET ASSETS	$	3,628,886	$	89,881,567
NET ASSETS CONSIST OF:
Paid-in capital	$	3,264,497	$	93,382,252
Accumulated earnings (loss)		364,389		(3,500,685	)
NET ASSETS	$	3,628,886	$	89,881,567
Shares outstanding		100,000		1,200,000
Net asset value	$	36.29	$	74.90
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	—	$	126,473
(b) Investments, at cost — Unaffiliated	$	—	$	69,765,635
(c) Investments, at cost — Affiliated	$	2,900,669	$	172,926
(d) Foreign currency, at cost	$	—	$	25,386
(e) Foreign currency collateral pledged, at cost	$	—	$	2,370

See notes to financial statements.

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Statements of Operations  (unaudited) 

Six Months Ended September 30, 2021

	iShares Currency Hedged JPX-Nikkei 400 ETF			iShares JPX-Nikkei 400 ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	929,041
Dividends — Affiliated		27,485			1
Securities lending income — Affiliated — net		—			642
Foreign taxes withheld		—			(92,765	)
Total investment income		27,485			836,919
EXPENSES
Investment advisory fees		10,386			212,195
Total expenses		10,386			212,195
Less:
Investment advisory fees waived		(10,386	)		—
Total expenses after fees waived		—			212,195
Net investment income		27,485			624,724
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(1,573,568	)
Investments — Affiliated		(2,708	)		(8	)
Futures contracts		—			5,557
Forward foreign currency exchange contracts		106,513			—
Foreign currency transactions		—			(2,811	)
Net realized gain (loss)		103,805			(1,570,830	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		—			3,558,412
Investments — Affiliated		69,519			—
Futures contracts		—			(6,349	)
Forward foreign currency exchange contracts		(86,162	)		—
Foreign currency translations		—			7,146
Net change in unrealized appreciation (depreciation)		(16,643	)		3,559,209
Net realized and unrealized gain		87,162			1,988,379
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	114,647		$	2,613,103

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 17

Statements of Changes in Net Assets

	iShares Currency Hedged JPX-Nikkei 400 ETF								iShares JPX-Nikkei 400 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	27,485			$	41,854			$	624,724			$	1,222,320
Net realized gain (loss)			103,805				(74,291	)			(1,570,830	)			6,677,923
Net change in unrealized appreciation (depreciation)			(16,643	)			1,146,786				3,559,209				21,774,283
Net increase in net assets resulting from operations			114,647				1,114,349				2,613,103				29,674,526
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(28,498	)			(40,843	)			(693,735	)			(1,305,691	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			—				—				—				(20,685,841	)
NET ASSETS
Total increase in net assets			86,149				1,073,506				1,919,368				7,682,994
Beginning of period			3,542,737				2,469,231				87,962,199				80,279,205
End of period		$	3,628,886			$	3,542,737			$	89,881,567			$	87,962,199

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged JPX-Nikkei 400 ETF
	Six Months Ended                    09/30/21                    (unaudited)				Year Ended     03/31/21				Year Ended      03/31/20				Year Ended      03/31/19				Year Ended     03/31/18				Year Ended     03/31/17
Net asset value, beginning of period		$	35.43			$	24.69			$	27.81			$	29.22			$	25.57			$	23.03
Net investment income(a)			0.27				0.42				0.58				0.41				0.48				0.47
Net realized and unrealized gain (loss)(b)			0.87				10.73				(3.12	)			(1.41	)			3.63				2.57
Net increase (decrease) from investment operations			1.14				11.15				(2.54	)			(1.00	)			4.11				3.04
Distributions(c)
From net investment income			(0.28	)			(0.41	)			(0.58	)			(0.41	)			(0.46	)			(0.50	)
Total distributions			(0.28	)			(0.41	)			(0.58	)			(0.41	)			(0.46	)			(0.50	)
Net asset value, end of period		$	36.29			$	35.43			$	24.69			$	27.81			$	29.22			$	25.57
Total Return(d)
Based on net asset value			3.32	%(e)			45.49	%			(9.49	)%			(3.36	)%			16.08	%			13.44	%
Ratios to Average Net Assets
Total expenses(f)			0.59	%(g)			0.60	%			0.59	%			0.59	%			0.59	%			0.59	%
Total expenses after fees waived(f)			0.00	%(g)			0.01	%			0.00	%			0.00	%			0.00	%			0.00	%
Net investment income			1.56	%(g)			1.39	%			2.05	%			1.43	%			1.69	%			1.98	%
Supplemental Data
Net assets, end of period (000)		$	3,629			$	3,543			$	2,469			$	2,781			$	2,922			$	2,557
Portfolio turnover rate(h)(i)			3	%(e)			8	%			9	%			5	%			11	%			20	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

^(f)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested (“acquired fund fees and expenses”). This ratio does not include these acquired fund fees and expenses.

^(g)  Annualized.

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

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 19

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares JPX-Nikkei 400 ETF
	Six Months Ended         09/30/21         (unaudited)				Year Ended     03/31/21				Year Ended      03/31/20				Year Ended      03/31/19				Year Ended     03/31/18				Year Ended     03/31/17
Net asset value, beginning of period		$	73.30			$	53.52			$	58.88			$	65.42			$	55.69			$	49.94
Net investment income(a)			0.52				0.88				0.96				1.06				0.95				0.70
Net realized and unrealized gain (loss)(b)			1.66				19.82				(5.10	)			(6.73	)			9.76				6.15
Net increase (decrease) from investment operations			2.18				20.70				(4.14	)			(5.67	)			10.71				6.85
Distributions(c)
From net investment income			(0.58	)			(0.92	)			(1.22	)			(0.87	)			(0.98	)			(1.10	)
Total distributions			(0.58	)			(0.92	)			(1.22	)			(0.87	)			(0.98	)			(1.10	)
Net asset value, end of period		$	74.90			$	73.30			$	53.52			$	58.88			$	65.42			$	55.69
Total Return(d)
Based on net asset value			2.99	%(e)			38.91	%			(7.29	)%			(8.67	)%			19.32	%			13.84	%
Ratios to Average Net Assets
Total expenses			0.48	%(f)			0.48	%			0.48	%			0.48	%			0.48	%			0.48	%
Net investment income			1.41	%(f)			1.36	%			1.61	%			1.73	%			1.54	%			1.32	%
Supplemental Data
Net assets, end of period (000)		$	89,882			$	87,962			$	80,279			$	114,817			$	107,940			$	83,535
Portfolio turnover rate(g)			9	%(e)			10	%			7	%			11	%			8	%			7	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
Currency Hedged JPX-Nikkei 400	Diversified
JPX-Nikkei 400	Diversified

Currently the iShares Currency Hedged JPX-Nikkei 400 ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares JPX-Nikkei 400 ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged JPX-Nikkei 400 ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 21

Notes to Financial Statements  (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

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

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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

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

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

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
JPX-Nikkei 400
Morgan Stanley	$	42,401	$	42,401		$	—	$	—
State Street Bank & Trust Co.		84,072		84,072			—		—
	$	126,473	$	126,473		$	—	$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Currency Hedged JPX-Nikkei 400		0.59	%
JPX-Nikkei 400		0.48

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged JPX-Nikkei 400 ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares JPX-Nikkei 400 ETF (“JPXN”), after taking into account any fee waivers by JPXN.

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Notes to Financial Statements  (unaudited) (continued)

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended September 30, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Currency Hedged JPX-Nikkei 400	$	10,386

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

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

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
JPX-Nikkei 400	$	172

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

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

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
JPX-Nikkei 400	$	—	$	253,275	$	42,858

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

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

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged JPX-Nikkei 400	$	147,281	$	110,787
JPX-Nikkei 400		7,744,700		7,664,978

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Notes to Financial Statements  (unaudited) (continued)

There were no in-kind transactions for the six months ended September 30, 2021.

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Currency Hedged JPX-Nikkei 400	$	361,000
JPX-Nikkei 400		21,100,759

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
Currency Hedged JPX-Nikkei 400	$	2,929,174	$	790,464	$	(37,911	)	$	752,553
JPX-Nikkei 400		70,782,531		25,247,668		(6,681,144	)		18,566,524

9. PRINCIPAL RISKS

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

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit

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Notes to Financial Statements  (unaudited) (continued)

risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21				Year Ended 03/31/21
iShares ETF	Shares		Amount		Shares			Amount
JPX-Nikkei 400
Shares redeemed		—	$	—		(300,000	)	$	(20,685,841	)

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

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

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Notes to Financial Statements  (unaudited) (continued)

11. SUBSEQUENT EVENTS

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

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Board Review and Approval of Investment Advisory Contract

iShares Currency Hedged JPX-Nikkei 400 ETF, iShares JPX-Nikkei 400 ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract  (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged JPX-Nikkei 400(a)	$	0.267153	$	—	$	0.017828	$	0.284981		94	%		—	%		6	%		100	%
JPX-Nikkei 400(a)		0.540612		—		0.037500		0.578112		94			—			6			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Counterparty Abbreviations
MS	Morgan Stanley & Co. International PLC

Currency Abbreviations
JPY	Japanese Yen
USD	United States Dollar

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Want to know more?

iShares.com    |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by the Japan Exchange Group, Inc., Tokyo Stock Exchange or Nikkei, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-310-0921

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares India 50 ETF | INDY | NASDAQ

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

Rob Kapito

President, BlackRock, Inc.

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.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		5
Shareholder Expenses		5
Consolidated Schedule of Investments		6
Consolidated Financial Statements
Consolidated Statement of Assets and Liabilities		9
Consolidated Statement of Operations		10
Consolidated Statements of Changes in Net Assets		11
Consolidated Financial Highlights		12
Notes to Consolidated Financial Statements		13
Board Review and Approval of Investment Advisory Contract		19
Supplemental Information		21
General Information		22

Fund Summary as of September 30, 2021 iShares^® India 50 ETF

Investment Objective

The iShares India 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Indian equities, as represented by the Nifty 50 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		15.77	%(a)		49.10	%		12.11	%		8.87	%		49.10	%		77.13	%		133.86	%
Fund Market		14.99			48.14			11.97			9.21			48.14			76.02			141.42
Index		19.00			57.59			14.31			10.27			57.59			95.15			165.72

^(a) The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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 5 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	$      1,157.70	$      4.81			$      1,000.00	$      1,020.60	$      4.51		0.89	%

^(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 5 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	37.2	%
Information Technology	17.4
Energy	12.8
Consumer Staples	8.0
Materials	8.0
Consumer Discretionary	5.9
Industrials	3.4
Health Care	3.4
Communication Services	2.2
Utilities	1.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Reliance Industries Ltd.	10.7	%
HDFC Bank Ltd.	9.1
Infosys Ltd.	8.1
Housing Development Finance Corp. Ltd.	6.5
ICICI Bank Ltd.	6.4
Tata Consultancy Services Ltd.	5.1
Kotak Mahindra Bank Ltd.	3.8
Hindustan Unilever Ltd.	3.2
ITC Ltd.	2.7
Larsen & Toubro Ltd.	2.7

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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 the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

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 5

Consolidated Schedule of Investments (unaudited) September 30, 2021 iShares^® India 50 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 4.7%
Bajaj Auto Ltd.		92,416	$	4,761,494
Eicher Motors Ltd.		99,363		3,716,869
Hero MotoCorp Ltd.		92,237		3,517,400
Mahindra & Mahindra Ltd.		680,473		7,327,801
Maruti Suzuki India Ltd.		94,471		9,318,035
Tata Motors Ltd.(a)		1,274,451		5,664,126
				34,305,725
Banks — 25.0%
Axis Bank Ltd.(a)		1,831,758		18,778,954
HDFC Bank Ltd.		3,109,803		66,482,145
ICICI Bank Ltd.		4,930,567		46,331,111
IndusInd Bank Ltd.		429,130		6,371,644
Kotak Mahindra Bank Ltd.		1,043,004		28,069,773
State Bank of India		2,730,656		16,552,789
Yes Bank Ltd., (Acquired 03/16/20, Cost: $3,310,481)(b)		1,741,097		250,710
Yes Bank Ltd.(a)		46,465		7,806
				182,844,932
Chemicals — 2.4%
Asian Paints Ltd.		320,476		13,969,820
UPL Ltd.		390,742		3,714,226
				17,684,046
Construction & Engineering — 2.7%
Larsen & Toubro Ltd.		858,733		19,641,955
Construction Materials — 2.4%
Grasim Industries Ltd.		270,871		6,068,367
Shree Cement Ltd.		9,520		3,701,627
UltraTech Cement Ltd.		82,162		8,152,604
				17,922,598
Consumer Finance — 2.7%
Bajaj Finance Ltd.		188,794		19,426,592
Diversified Financial Services — 1.4%
Bajaj Finserv Ltd.		42,956		10,268,722
Electric Utilities — 0.8%
Power Grid Corp. of India Ltd.		2,425,312		6,183,995
Food Products — 2.1%
Britannia Industries Ltd.		83,863		4,453,030
Nestle India Ltd.		25,329		6,617,932
Tata Consumer Products Ltd.		427,085		4,667,425
				15,738,387
Household Products — 3.1%
Hindustan Unilever Ltd.		634,696		23,078,932
Independent Power and Renewable Electricity Producers — 0.9%
NTPC Ltd.		3,385,724		6,448,410
Insurance — 1.6%
HDFC Life Insurance Co. Ltd.(c)		661,564		6,423,480
SBI Life Insurance Co. Ltd.(c)		312,277		5,108,925
				11,532,405
IT Services — 17.3%
HCL Technologies Ltd.		771,624		13,234,465
Infosys Ltd.		2,635,410		59,086,487
Tata Consultancy Services Ltd.		736,272		37,312,980
Tech Mahindra Ltd.		441,178		8,167,977

Security	Shares		Value
IT Services (continued)
Wipro Ltd.		1,053,428	$	8,948,246
				126,750,155
Life Sciences Tools & Services — 0.8%
Divi’s Laboratories Ltd.		90,490		5,842,512
Metals & Mining — 3.1%
Hindalco Industries Ltd.		1,039,022		6,801,009
JSW Steel Ltd.		704,514		6,294,346
Tata Steel Ltd.		555,526		9,560,115
				22,655,470
Oil, Gas & Consumable Fuels — 12.8%
Bharat Petroleum Corp. Ltd.		678,504		3,933,969
Coal India Ltd.		1,492,654		3,709,270
Indian Oil Corp. Ltd.		1,809,069		3,035,855
Oil & Natural Gas Corp. Ltd.		2,588,654		5,004,628
Reliance Industries Ltd.		2,298,322		77,786,213
				93,469,935
Pharmaceuticals — 2.6%
Cipla Ltd.		360,653		4,768,283
Dr. Reddy’s Laboratories Ltd.		86,532		5,676,510
Sun Pharmaceutical Industries Ltd.		767,526		8,446,311
				18,891,104
Textiles, Apparel & Luxury Goods — 1.2%
Titan Co. Ltd.		296,851		8,615,499
Thrifts & Mortgage Finance — 6.5%
Housing Development Finance Corp. Ltd.		1,283,014		47,417,478
Tobacco — 2.7%
ITC Ltd.		6,218,279		19,715,356
Transportation Infrastructure — 0.7%
Adani Ports & Special Economic Zone Ltd.		522,249		5,171,227
Wireless Telecommunication Services — 2.1%
Bharti Airtel Ltd.		1,678,768		15,518,571
Total Common Stocks — 99.6% (Cost: $269,913,785)				729,124,006
Rights
Wireless Telecommunication Services — 0.0%
Bharti Airtel Ltd., (Expires 10/21/21)(a)		120,449		248,760
Total Rights — 0.0% (Cost: $0)				248,760
Short-Term Investments
Money Market Funds — 3.5%
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.00%(d)(e)		25,470,000		25,470,000
Total Short-Term Investments — 3.5% (Cost: $25,470,000)				25,470,000
Total Investments in Securities — 103.1% (Cost: $295,383,785)				754,842,766
Other Assets, Less Liabilities — (3.1)%				(22,446,871	)
Net Assets — 100.0%			$	732,395,895

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Consolidated Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® India 50 ETF

^(a)  Non-income producing security.

^(b)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $250,710, representing less than 0.05% of its net assets as of period end, and an original cost of $3,310,481.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

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

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: Treasury, SL Agency Shares	$	9,980,000	$	15,490,000	(a)	$	—	$	—	$	—	$	25,470,000		25,470,000	$	680	$	—

^(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
SGX Nifty 50 Index		54		10/28/21	$	1,893	$	(32,558	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	32,558

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statement 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 Consolidated Statement of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	176,782
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(32,749	)

S C H E D U L E   O F   I N V E S T M E N T S 7

Consolidated Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® India 50 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	819,197

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated 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 Consolidated 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	$	—	$	729,124,006		$	—	$	729,124,006
Rights		—		248,760			—		248,760
Money Market Funds		25,470,000		—			—		25,470,000
	$	25,470,000	$	729,372,766		$	—	$	754,842,766
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(32,558	)	$	—	$	(32,558	)

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

See notes to consolidated financial statements.

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

Consolidated Statement of Assets and Liabilities (unaudited)

September 30, 2021

	iShares India 50 ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	729,372,766
Affiliated(b)		25,470,000
Cash		58,212
Foreign currency, at value(c)		3,171,619
Cash pledged:
Futures contracts		84,000
Receivables:
Investments sold		1,208,823
Dividends		613,388
Total assets		759,978,808
LIABILITIES
Deferred foreign capital gain tax		26,026,123
Payables:
Investments purchased		994,916
Variation margin on futures contracts		22,468
Investment advisory fees		539,406
Total liabilities		27,582,913
NET ASSETS	$	732,395,895
NET ASSETS CONSIST OF:
Paid-in capital	$	342,877,926
Accumulated earnings		389,517,969
NET ASSETS	$	732,395,895
Shares outstanding		14,200,000
Net asset value	$	51.58
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — Unaffiliated	$	269,913,785
(b) Investments, at cost — Affiliated	$	25,470,000
(c)  Foreign currency, at cost	$	3,171,619

See notes to consolidated financial statements.

F I N A N C I A L   S T A T E M E N T S 9

Consolidated Statement of Operations (unaudited)

Six Months Ended September 30, 2021

	iShares India 50 ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	5,601,930
Dividends — Affiliated		680
Interest — Unaffiliated		447
Foreign taxes withheld		(1,179,511	)
Total investment income		4,423,546
EXPENSES
Investment advisory fees		3,062,125
Mauritius income taxes		291
Total expenses		3,062,416
Net investment income		1,361,130
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		33,935,818
Futures contracts		176,782
Foreign currency transactions		(261,973	)
Net realized gain		33,850,627
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		62,951,642
Futures contracts		(32,749	)
Foreign currency translations		4,916
Net change in unrealized appreciation (depreciation)		62,923,809
Net realized and unrealized gain		96,774,436
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	98,135,566
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	26,268
(b) Net of increase in deferred foreign capital gain tax of	$	(12,122,932	)

See notes to consolidated financial statements.

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

Consolidated Statement of Changes in Net Assets

	iShares India 50 ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,361,130		$	333,331
Net realized gain		33,850,627			29,664,191
Net change in unrealized appreciation (depreciation)		62,923,809			282,365,983
Net increase in net assets resulting from operations		98,135,566			312,363,505
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(101,923	)		(570,041	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(56,921,634	)		(104,350,309	)
NET ASSETS
Total increase in net assets		41,112,009			207,443,155
Beginning of period		691,283,886			483,840,731
End of period	$	732,395,895		$	691,283,886

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

See notes to consolidated financial statements.

F I N A N C I A L   S T A T E M E N T S 11

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares India 50 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period		$	44.60		$	25.87		$	37.92		$	35.00		$	32.27		$	26.81
Net investment income(a)			0.09			0.02			0.19			0.16			0.15			0.12
Net realized and unrealized gain (loss)(b)			6.90			18.74			(12.01	)		2.97			2.68			5.47
Net increase (decrease) from investment operations			6.99			18.76			(11.82	)		3.13			2.83			5.59
Distributions(c)
From net investment income			(0.01	)		(0.03	)		(0.23	)		(0.21	)		(0.10	)		(0.13	)
Total distributions			(0.01	)		(0.03	)		(0.23	)		(0.21	)		(0.10	)		(0.13	)
Net asset value, end of period		$	51.58		$	44.60		$	25.87		$	37.92		$	35.00		$	32.27
Total Return(d)
Based on net asset value			15.67	%(e)		72.59	%		(31.41	)%		9.04	%		8.76	%		20.94	%
Ratios to Average Net Assets
Total expenses			0.89	%(f)		0.90	%		0.93	%		0.94	%		0.92	%		0.93	%
Net investment income			0.40	%(f)		0.06	%		0.51	%		0.45	%		0.42	%		0.43	%
Supplemental Data
Net assets, end of period (000)		$	732,396		$	691,284		$	483,841		$	828,545		$	1,120,132		$	846,994
Portfolio turnover rate(g)			1	%(e)		8	%		26	%		24	%		14	%		11	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to consolidated financial statements.

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

Notes to Consolidated Financial Statements (unaudited)

1.     ORGANIZATION

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

These consolidated financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification     Classification
India 50	Non-diversified

Basis of Consolidation: The accompanying consolidated financial statements for the Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $705,272,153, which is 96.3% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

2.     SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

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

The Fund has conducted its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary

N O T E S   T O   C O N S O L I D A T E D    F I N A N C I A L   S T A T E M E N T S 13

Notes to Consolidated Financial Statements (unaudited) (continued)

substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statement of Operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

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

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

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

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

3.     INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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

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Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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

4.     DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

5.     INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.89%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

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

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

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

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

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Notes to Consolidated Financial Statements (unaudited) (continued)

6.     PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
India 50	$	5,062,662	$	76,430,436

There were no in-kind transactions for the six months ended September 30, 2021.

7.     INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements.

As of March 31, 2021, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $53,304,225.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
India 50	$	320,949,401	$	464,774,163	$	(30,913,356	)	$	433,860,807

8.     LINE OF CREDIT

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

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

During the six months ended September 30, 2021, the Fund did not borrow under the Credit Agreement or Syndicated Credit Agreement.

Effective August 26, 2021, iShares India 50 ETF, along with certain other iShares funds (“Mauritius Participating Funds”), is a party to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete. During the six months ended September 30, 2021, the Fund did not borrow under the Uncommitted Liquidity Facility.

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Notes to Consolidated Financial Statements (unaudited) (continued)

9.     PRINCIPAL RISKS

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

The Fund invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund’s investments.

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Notes to Consolidated Financial Statements (unaudited) (continued)

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Consolidated Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

10.     CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
India 50
Shares sold		—		$	188,156			—		$	249,464
Shares redeemed		(1,300,000	)		(57,109,790	)		(3,200,000	)		(104,599,773	)
Net decrease		(1,300,000	)	$	(56,921,634	)		(3,200,000	)	$	(104,350,309	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Consolidated Statement of Assets and Liabilities.

11.     SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares India 50 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

S U P P L E M E N T A L    I N F O R M A T I O N 21

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Want to know more?

iShares.com    |    1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by India Index Services & Products Ltd., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-307-0921

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Russell Top 200 ETF | IWL | NYSE Arca

·  iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

·  iShares Russell Top 200 Value ETF | IWX | NYSE Arca

·  iShares Russell 1000 ETF | IWB | NYSE Arca

·  iShares Russell 1000 Growth ETF | IWF | NYSE Arca

·  iShares Russell 1000 Value ETF | IWD | NYSE Arca

·  iShares Russell 2000 ETF | IWM | NYSE Arca

·  iShares Russell 2000 Growth ETF | IWO | NYSE Arca

·  iShares Russell 2000 Value ETF | IWN | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Trust

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.18%	30.00%
U.S. small cap equities (Russell 2000® Index)	(0.25)	47.68
International equities (MSCI Europe, Australasia, Far East Index)	4.70	25.73
Emerging market equities (MSCI Emerging Markets Index)	(3.45)	18.20
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	2.92	(6.22)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.88	(0.90)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.24	2.71
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	3.65	11.27
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		13
Shareholder Expenses		13
Schedules of Investments		14
Financial Statements
Statements of Assets and Liabilities		108
Statements of Operations		111
Statements of Changes in Net Assets		114
Financial Highlights		119
Notes to Financial Statements		128
Board Review and Approval of Investment Advisory Contract		141
Supplemental Information		157
General Information		158
Glossary of Terms Used in this Report		159

Fund Summary as of September 30, 2021  iShares^® Russell Top 200 ETF

Investment Objective

The iShares Russell Top 200 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.53	%		28.45	%		17.99	%		17.04	%		28.45	%		128.72	%		382.20	%
Fund Market		9.43			28.58			18.01			17.03			28.58			128.83			382.04
Index		9.61			28.63			18.17			17.23			28.63			130.42			390.14

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$       1,095.30	$       0.79			$       1,000.00	$       1,024.30	$       0.76		0.15	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	31.3	%
Health Care	13.6
Communication Services	12.9
Consumer Discretionary	12.0
Financials	11.3
Industrials	6.3
Consumer Staples	6.2
Energy	2.2
Utilities	1.6
Real Estate	1.5
Materials	1.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	7.4	%
Microsoft Corp.	7.1
Amazon.com Inc.	4.7
Facebook Inc., Class A	2.7
Alphabet Inc., Class A	2.7
Alphabet Inc., Class C	2.5
Tesla Inc.	2.1
Berkshire Hathaway Inc., Class B	1.7
NVIDIA Corp.	1.6
JPMorgan Chase & Co.	1.6

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2021  iShares^® Russell Top 200 Growth ETF

Investment Objective

The iShares Russell Top 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Top 200^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		13.84	%		26.52	%		23.64	%		20.11	%		26.52	%		188.89	%		524.96	%
Fund Market		13.80			26.60			23.64			20.11			26.60			188.98			524.81
Index		13.96			26.77			23.86			20.35			26.77			191.56			537.60

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$       1,138.40	$       1.07			$       1,000.00	$       1,024.10	$       1.01		0.20	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	46.8	%
Consumer Discretionary	18.9
Communication Services	14.6
Health Care	7.2
Consumer Staples	4.3
Industrials	3.9
Financials	1.9
Real Estate	1.6
Other (each representing less than 1%)	0.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	12.9	%
Microsoft Corp.	12.3
Amazon.com Inc.	8.3
Facebook Inc., Class A	4.7
Alphabet Inc., Class A	4.0
Alphabet Inc., Class C	3.7
Tesla Inc.	3.6
NVIDIA Corp.	2.9
Visa Inc., Class A	2.2
Home Depot Inc. (The)	2.0

^(a) Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of September 30, 2021  iShares^® Russell Top 200 Value ETF

Investment Objective

The iShares Russell Top 200 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell Top 200^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.17	%		30.99	%		10.86	%		13.07	%		30.99	%		67.41	%		241.68	%
Fund Market		4.02			31.05			10.86			13.08			31.05			67.46			241.75
Index		4.27			31.27			11.07			13.32			31.27			69.03			249.13

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$       1,041.70	$       1.02			$       1,000.00	$       1,024.10	$       1.01		0.20	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	23.9	%
Health Care	22.2
Communication Services	10.6
Information Technology	10.4
Industrials	9.5
Consumer Staples	8.7
Energy	5.1
Utilities	3.7
Consumer Discretionary	2.9
Materials	1.7
Real Estate	1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway Inc., Class B	3.9	%
JPMorgan Chase & Co.	3.8
Johnson & Johnson	3.3
UnitedHealth Group Inc.	2.7
Procter & Gamble Co. (The)	2.7
Bank of America Corp.	2.4
Walt Disney Co. (The)	2.3
Comcast Corp., Class A	2.0
Exxon Mobil Corp.	1.9
Pfizer Inc.	1.9

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2021  iShares^® Russell 1000 ETF

Investment Objective

The iShares Russell 1000 ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Russell 1000^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.67	%		30.77	%		16.96	%		16.61	%		30.77	%		118.84	%		364.81	%
Fund Market		8.60			30.80			16.96			16.60			30.80			118.83			364.56
Index		8.76			30.96			17.11			16.76			30.96			120.31			370.94

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$       1,086.70	$       0.78			$       1,000.00	$       1,024.30	$       0.76		0.15	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	28.0	%
Health Care	13.1
Consumer Discretionary	12.3
Financials	11.6
Communication Services	10.6
Industrials	8.7
Consumer Staples	5.4
Real Estate	3.1
Energy	2.6
Utilities	2.4
Materials	2.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	5.4	%
Microsoft Corp.	5.2
Amazon.com Inc.	3.5
Facebook Inc., Class A	2.0
Alphabet Inc., Class A	2.0
Alphabet Inc., Class C	1.8
Tesla Inc.	1.5
Berkshire Hathaway Inc., Class B	1.2
NVIDIA Corp.	1.2
JPMorgan Chase & Co.	1.2

^(a) Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of September 30, 2021  iShares^® Russell 1000 Growth ETF

Investment Objective

The iShares Russell 1000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 1000^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		13.12	%		27.09	%		22.60	%		19.45	%		27.09	%		177.00	%		491.24	%
Fund Market		13.07			27.09			22.59			19.44			27.09			176.88			490.70
Index		13.23			27.32			22.84			19.68			27.32			179.66			502.63

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$       1,131.20	$       0.96			$       1,000.00	$       1,024.20	$       0.91		0.18	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	44.4	%
Consumer Discretionary	18.4
Communication Services	12.8
Health Care	9.2
Industrials	5.9
Consumer Staples	3.8
Financials	2.5
Real Estate	1.7
Materials	1.0
Other (each representing less than 1%)	0.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	10.4	%
Microsoft Corp.	10.0
Amazon.com Inc.	6.7
Facebook Inc., Class A	3.8
Alphabet Inc., Class A	3.3
Alphabet Inc., Class C	3.0
Tesla Inc.	2.9
NVIDIA Corp.	2.3
Visa Inc., Class A	1.8
Home Depot Inc. (The)	1.6

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2021  iShares^® Russell 1000 Value ETF

Investment Objective

The iShares Russell 1000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 1000^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.30	%		34.77	%		10.76	%		13.31	%		34.77	%		66.69	%		248.78	%
Fund Market		4.18			34.80			10.76			13.30			34.80			66.68			248.50
Index		4.39			35.01			10.94			13.51			35.01			68.03			255.22

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$       1,043.00	$       0.92			$      1,000.00	$       1,024.20	$       0.91		0.18	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	21.4	%
Health Care	17.4
Industrials	11.6
Information Technology	10.2
Communication Services	8.3
Consumer Staples	7.2
Consumer Discretionary	5.6
Energy	5.1
Utilities	4.9
Real Estate	4.7
Materials	3.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway Inc., Class B	2.6	%
JPMorgan Chase & Co.	2.5
Johnson & Johnson	2.2
UnitedHealth Group Inc.	1.7
Procter & Gamble Co. (The)	1.7
Bank of America Corp.	1.6
Walt Disney Co. (The)	1.5
Comcast Corp., Class A	1.3
Exxon Mobil Corp.	1.3
Pfizer Inc.	1.2

^(a) Excludes money market funds.

F U N D   S U M M A R Y 9

Fund Summary as of September 30, 2021  iShares^® Russell 2000 ETF

Investment Objective

The iShares Russell 2000 ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Russell 2000^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.34	)%		47.47	%		13.39	%		14.62	%		47.47	%		87.45	%		291.52	%
Fund Market		(0.54	)		47.43			13.42			14.63			47.43			87.68			291.80
Index		(0.25	)		47.68			13.45			14.63			47.68			87.94			291.75

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$          996.60	$       0.95			$       1,000.00	$       1,024.10	$       0.96		0.19	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	20.2	%
Financials	15.4
Industrials	14.5
Information Technology	14.1
Consumer Discretionary	11.5
Real Estate	6.9
Energy	4.5
Materials	3.8
Communication Services	3.5
Consumer Staples	3.2
Utilities	2.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
AMC Entertainment Holdings Inc., Class A	0.7	%
Intellia Therapeutics Inc.	0.3
Crocs Inc.	0.3
Lattice Semiconductor Corp.	0.3
Ovintiv Inc.	0.3
Tetra Tech Inc.	0.3
Zurn Water Solutions Corp.	0.3
Biohaven Pharmaceutical Holding Co. Ltd.	0.3
Asana Inc., Class A	0.3
Scientific Games Corp./DE, Class A	0.3

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2021  iShares^® Russell 2000 Growth ETF

Investment Objective

The iShares Russell 2000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 2000^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.02	)%		33.11	%		15.31	%		15.80	%		33.11	%		103.86	%		333.75	%
Fund Market		(2.24	)		32.97			15.32			15.80			32.97			103.96			333.75
Index		(1.96	)		33.27			15.34			15.74			33.27			104.10			331.38

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$          979.80	$       1.14			$       1,000.00	$       1,023.90	$       1.17		0.23	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	28.9	%
Information Technology	22.6
Consumer Discretionary	14.8
Industrials	14.1
Financials	5.1
Consumer Staples	3.7
Materials	2.9
Real Estate	2.8
Communication Services	2.7
Energy	2.1
Utilities	0.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Intellia Therapeutics Inc.	0.6	%
Crocs Inc.	0.6
Lattice Semiconductor Corp.	0.6
Tetra Tech Inc.	0.5
Scientific Games Corp./DE, Class A	0.5
Asana Inc., Class A	0.5
Shockwave Medical Inc.	0.5
WillScot Mobile Mini Holdings Corp.	0.5
EastGroup Properties Inc.	0.5
Varonis Systems Inc.	0.4

^(a) Excludes money market funds.

F U N D   S U M M A R Y 11

Fund Summary as of September 30, 2021  iShares^® Russell 2000 Value ETF

Investment Objective

The iShares Russell 2000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 2000^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.33	%		63.54	%		10.88	%		13.08	%		63.54	%		67.63	%		241.76	%
Fund Market		1.19			63.69			10.91			13.09			63.69			67.84			242.17
Index		1.44			63.92			11.03			13.22			63.92			68.73			246.07

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$       1,013.30	$       1.16			$       1,000.00	$       1,023.90	$       1.17		0.23	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	26.2	%
Industrials	14.8
Health Care	11.2
Real Estate	11.1
Consumer Discretionary	8.0
Energy	7.0
Information Technology	5.4
Materials	4.6
Utilities	4.6
Communication Services	4.3
Consumer Staples	2.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
AMC Entertainment Holdings Inc., Class A	1.4	%
Ovintiv Inc.	0.6
Macy’s Inc.	0.5
STAG Industrial Inc.	0.5
Tenet Healthcare Corp.	0.4
Chesapeake Energy Corp.	0.4
Avis Budget Group Inc.	0.4
EMCOR Group Inc.	0.4
Range Resources Corp.	0.4
Valley National Bancorp.	0.4

^(a) Excludes money market funds.

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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 13

Schedule of Investments (unaudited) September 30, 2021 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Boeing Co. (The)(a)		15,914	$	3,500,125
General Dynamics Corp.		7,388		1,448,270
L3Harris Technologies Inc.		5,974		1,315,714
Lockheed Martin Corp.		7,357		2,538,901
Northrop Grumman Corp.		4,484		1,614,912
Raytheon Technologies Corp.		45,020		3,869,919
				14,287,841
Air Freight & Logistics — 0.6%
FedEx Corp.		7,287		1,597,966
United Parcel Service Inc., Class B		21,503		3,915,697
				5,513,663
Automobiles — 2.5%
Ford Motor Co.(a)		116,312		1,646,978
General Motors Co.(a)		40,871		2,154,310
Tesla Inc.(a)		23,689		18,370,346
				22,171,634
Banks — 4.6%
Bank of America Corp.		220,023		9,339,976
Citigroup Inc.		60,146		4,221,046
JPMorgan Chase & Co.		88,213		14,439,586
PNC Financial Services Group Inc. (The)		12,607		2,466,434
Truist Financial Corp.		39,900		2,340,135
U.S. Bancorp		39,875		2,370,170
Wells Fargo & Co.		122,907		5,704,114
				40,881,461
Beverages — 1.7%
Coca-Cola Co. (The)		115,358		6,052,834
Constellation Brands Inc., Class A		4,723		995,089
Keurig Dr Pepper Inc.		20,737		708,376
Monster Beverage Corp.(a)		10,952		972,866
PepsiCo Inc.		41,051		6,174,481
				14,903,646
Biotechnology — 2.2%
AbbVie Inc.		52,493		5,662,420
Amgen Inc.		16,852		3,583,578
Biogen Inc.(a)		4,398		1,244,590
Gilead Sciences Inc.		37,298		2,605,265
Moderna Inc.(a)		10,051		3,868,228
Regeneron Pharmaceuticals Inc.(a)		2,981		1,804,041
Vertex Pharmaceuticals Inc.(a)		7,705		1,397,610
				20,165,732
Building Products — 0.2%
Johnson Controls International PLC		21,276		1,448,470
Capital Markets — 3.0%
Bank of New York Mellon Corp. (The)		23,432		1,214,715
BlackRock Inc.(b)		4,255		3,568,498
Blackstone Inc., NVS		20,227		2,353,209
Charles Schwab Corp. (The)		44,569		3,246,406
CME Group Inc.		10,660		2,061,431
Goldman Sachs Group Inc. (The)		9,803		3,705,828
Intercontinental Exchange Inc.		16,530		1,897,975
Moody’s Corp.		4,820		1,711,630
Morgan Stanley		40,408		3,932,102
S&P Global Inc.		7,159		3,041,788
				26,733,582

Security	Shares		Value
Chemicals — 0.8%
Air Products & Chemicals Inc.		6,569	$	1,682,387
Dow Inc.		22,162		1,275,645
DuPont de Nemours Inc.		15,577		1,059,080
Ecolab Inc.		7,427		1,549,421
Sherwin-Williams Co. (The)		7,246		2,026,923
				7,593,456
Commercial Services & Supplies — 0.2%
Waste Management Inc.		12,537		1,872,526
Communications Equipment — 0.8%
Cisco Systems Inc.		125,561		6,834,285
Consumer Finance — 0.6%
American Express Co.		19,110		3,201,498
Capital One Financial Corp.		13,198		2,137,680
				5,339,178
Diversified Financial Services — 1.7%
Berkshire Hathaway Inc., Class B(a)		55,162		15,055,916
Diversified Telecommunication Services — 1.4%
AT&T Inc.		212,235		5,732,468
Verizon Communications Inc.		123,124		6,649,927
				12,382,395
Electric Utilities — 1.3%
American Electric Power Co. Inc.		14,883		1,208,202
Duke Energy Corp.		22,858		2,230,712
Exelon Corp.		29,009		1,402,295
NextEra Energy Inc.		58,264		4,574,889
Southern Co. (The)		31,445		1,948,647
				11,364,745
Electrical Equipment — 0.4%
Eaton Corp. PLC		11,835		1,767,084
Emerson Electric Co.		17,733		1,670,448
				3,437,532
Energy Equipment & Services — 0.1%
Schlumberger NV		41,581		1,232,461
Entertainment — 2.2%
Activision Blizzard Inc.		22,956		1,776,565
Electronic Arts Inc.		8,356		1,188,641
Netflix Inc.(a)		12,832		7,831,883
Walt Disney Co. (The)(a)		53,947		9,126,214
				19,923,303
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.		13,409		3,558,883
Crown Castle International Corp.		12,804		2,219,189
Digital Realty Trust Inc.		8,326		1,202,691
Equinix Inc.		2,655		2,097,795
Prologis Inc.		21,914		2,748,673
Public Storage		4,477		1,330,117
				13,157,348
Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		13,135		5,902,212
Sysco Corp.		14,485		1,137,073
Walgreens Boots Alliance Inc.		21,311		1,002,683
Walmart Inc.		42,622		5,940,654
				13,982,622
Food Products — 0.5%
General Mills Inc.		18,037		1,078,973

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Kraft Heinz Co. (The)		19,501	$	718,027
Mondelez International Inc., Class A		41,428		2,410,281
				4,207,281
Health Care Equipment & Supplies — 3.5%
Abbott Laboratories		51,607		6,096,335
Align Technology Inc.(a)		2,344		1,559,768
Baxter International Inc.		14,939		1,201,544
Becton Dickinson and Co.		8,505		2,090,699
Boston Scientific Corp.(a)		42,175		1,829,973
Danaher Corp.		18,838		5,735,041
Edwards Lifesciences Corp.(a)		18,363		2,078,875
Intuitive Surgical Inc.(a)		3,509		3,488,472
Medtronic PLC		39,891		5,000,337
Stryker Corp.		10,361		2,732,403
				31,813,447
Health Care Providers & Services — 2.6%
Anthem Inc.		7,281		2,714,357
Centene Corp.(a)(c)		17,151		1,068,679
Cigna Corp.		9,867		1,974,979
CVS Health Corp.		39,135		3,320,996
HCA Healthcare Inc.		7,440		1,805,837
Humana Inc.		3,833		1,491,612
UnitedHealth Group Inc.		27,952		10,921,964
				23,298,424
Hotels, Restaurants & Leisure — 1.5%
Booking Holdings Inc.(a)		1,219		2,893,748
Las Vegas Sands Corp.(a)		9,829		359,741
Marriott International Inc./MD, Class A(a)		8,115		1,201,750
McDonald’s Corp.		22,190		5,350,231
Starbucks Corp.		35,010		3,861,953
				13,667,423
Household Products — 1.5%
Colgate-Palmolive Co.		24,817		1,875,669
Kimberly-Clark Corp.		10,015		1,326,387
Procter & Gamble Co. (The)		72,342		10,113,411
				13,315,467
Industrial Conglomerates — 1.4%
3M Co.		17,196		3,016,522
General Electric Co.		32,369		3,334,978
Honeywell International Inc.		20,646		4,382,733
Roper Technologies Inc.		3,112		1,388,357
				12,122,590
Insurance — 1.4%
Allstate Corp. (The)		8,733		1,111,798
American International Group Inc.		25,512		1,400,354
Aon PLC, Class A		6,653		1,901,228
Chubb Ltd.		13,014		2,257,669
Marsh & McLennan Companies Inc.		15,092		2,285,381
MetLife Inc.		21,616		1,334,356
Progressive Corp. (The)		17,363		1,569,441
Travelers Companies Inc. (The)		7,465		1,134,755
				12,994,982
Interactive Media & Services — 7.8%
Alphabet Inc., Class A(a)		8,937		23,893,248
Alphabet Inc., Class C, NVS(a)		8,338		22,223,355
Facebook Inc., Class A(a)		71,111		24,134,362
				70,250,965

Security	Shares		Value
Internet & Direct Marketing Retail — 4.9%
Amazon.com Inc.(a)		12,896	$	42,363,876
eBay Inc.		19,370		1,349,508
				43,713,384
IT Services — 6.1%
Accenture PLC, Class A		18,895		6,044,888
Automatic Data Processing Inc.		12,642		2,527,389
Cognizant Technology Solutions Corp., Class A		15,653		1,161,609
Fidelity National Information Services Inc.		18,418		2,241,102
Fiserv Inc.(a)		17,717		1,922,295
Global Payments Inc.		8,717		1,373,625
International Business Machines Corp.		26,568		3,691,092
Mastercard Inc., Class A		25,998		9,038,985
PayPal Holdings Inc.(a)		34,913		9,084,712
Snowflake Inc., Class A(a)		5,818		1,759,538
Square Inc., Class A(a)		11,798		2,829,632
Twilio Inc., Class A(a)		4,949		1,578,978
Visa Inc., Class A		50,294		11,202,988
				54,456,833
Life Sciences Tools & Services — 0.9%
Illumina Inc.(a)		4,335		1,758,319
Thermo Fisher Scientific Inc.		11,673		6,669,135
				8,427,454
Machinery — 0.9%
Caterpillar Inc.		16,289		3,127,000
Deere & Co.		8,384		2,809,227
Illinois Tool Works Inc.		9,348		1,931,577
				7,867,804
Media — 1.2%
Charter Communications Inc., Class A(a)		3,818		2,777,824
Comcast Corp., Class A		135,506		7,578,851
				10,356,675
Metals & Mining — 0.3%
Freeport-McMoRan Inc.		43,484		1,414,534
Newmont Corp.		23,827		1,293,806
Southern Copper Corp.		2,504		140,575
				2,848,915
Multi-Utilities — 0.3%
Dominion Energy Inc.		23,943		1,748,318
Sempra Energy		9,523		1,204,659
				2,952,977
Multiline Retail — 0.5%
Dollar General Corp.		7,033		1,491,981
Target Corp.		14,781		3,381,449
				4,873,430
Oil, Gas & Consumable Fuels — 2.0%
Chevron Corp.		57,481		5,831,448
ConocoPhillips		40,107		2,718,051
EOG Resources Inc.		17,331		1,391,159
Exxon Mobil Corp.		125,827		7,401,144
Kinder Morgan Inc.		57,834		967,563
				18,309,365
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		6,805		2,041,024
Pharmaceuticals — 4.2%
Bristol-Myers Squibb Co.		66,371		3,927,172
Eli Lilly & Co.		25,185		5,818,994
Johnson & Johnson		78,286		12,643,189

S C H E D U L E   O F   I N V E S  T M E N T S 15

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Merck & Co. Inc.		75,272	$	5,653,680
Pfizer Inc.		165,869		7,134,026
Zoetis Inc.		14,118		2,740,869
				37,917,930
Road & Rail — 1.1%
CSX Corp.		67,272		2,000,669
Norfolk Southern Corp.		7,272		1,739,826
Uber Technologies Inc.(a)		47,967		2,148,922
Union Pacific Corp.		19,343		3,791,421
				9,680,838
Semiconductors & Semiconductor Equipment — 6.0%
Advanced Micro Devices Inc.(a)		35,958		3,700,078
Analog Devices Inc.		15,941		2,669,799
Applied Materials Inc.		27,199		3,501,327
Broadcom Inc.		11,861		5,751,755
Intel Corp.		120,095		6,398,662
KLA Corp.		4,559		1,525,031
Lam Research Corp.		4,222		2,402,951
Micron Technology Inc.		33,317		2,364,841
NVIDIA Corp.		71,084		14,725,761
NXP Semiconductors NV		7,817		1,531,116
QUALCOMM Inc.		33,516		4,322,894
Texas Instruments Inc.		27,443		5,274,819
				54,169,034
Software — 10.9%
Adobe Inc.(a)		14,186		8,167,164
Atlassian Corp. PLC, Class A(a)		4,019		1,573,117
Autodesk Inc.(a)		6,541		1,865,297
Intuit Inc.		7,583		4,091,104
Microsoft Corp.		223,925		63,128,936
Oracle Corp.		50,036		4,359,637
salesforce.com Inc.(a)		27,458		7,447,159
ServiceNow Inc.(a)		5,856		3,644,013
VMware Inc., Class A(a)(c)		2,406		357,772
Workday Inc., Class A(a)		5,598		1,398,884
Zoom Video Communications Inc., Class A(a)		6,353		1,661,310
				97,694,393
Specialty Retail — 2.0%
Home Depot Inc. (The)		31,596		10,371,703
Lowe’s Companies Inc.		21,003		4,260,669
Ross Stores Inc.		10,404		1,132,475

Security	Shares		Value
Specialty Retail (continued)
TJX Companies Inc. (The)		35,827	$	2,363,865
				18,128,712
Technology Hardware, Storage & Peripherals — 7.5%
Apple Inc.		466,495		66,009,043
Dell Technologies Inc., Class C(a)		8,010		833,360
				66,842,403
Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		36,811		5,346,062
Tobacco — 0.8%
Altria Group Inc.		55,011		2,504,101
Philip Morris International Inc.		46,265		4,385,459
				6,889,560
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		17,511		2,237,205
Total Common Stocks — 99.8% (Cost: $693,777,002)				894,706,373
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(b)(d)(e)		685,775		686,118
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)		1,195,000		1,195,000
				1,881,118
Total Short-Term Investments — 0.2% (Cost: $1,881,118)				1,881,118
Total Investments in Securities — 100.0% (Cost: $695,658,120)				896,587,491
Other Assets, Less Liabilities — (0.0)%				(251,484	)
Net Assets — 100.0%			$	896,336,007

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

^(c) All or a portion of this security is on loan.

^(d) Annualized 7-day yield as of period end.

^(e) All or a portion of this security was purchased with the cash collateral from loaned securities.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Top 200 ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	379,310	$	308,557	(a)	$	—		$	(1,749	)	$	—	$	686,118		685,775	$	2,811	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,115,000		80,000	(a)		—			—			—		1,195,000		1,195,000		60			—
BlackRock Inc.		3,510,438		430,128			(758,583	)		283,167			103,348		3,568,498		4,255		38,388			—
									$	281,418		$	103,348	$	5,449,616			$	41,259		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		7		12/17/21	$	1,504	$	(54,740	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	54,740

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	238,434
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(68,409	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,536,081

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E   O F   I N V E S  T M E N T S 17

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Top 200 ETF     

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	894,706,373		$	—	$	—	$	894,706,373
Money Market Funds		1,881,118			—		—		1,881,118
	$	896,587,491		$	—	$	—	$	896,587,491
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(54,740	)	$	—	$	—	$	(54,740	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited)  September 30, 2021 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Lockheed Martin Corp.		50,903	$	17,566,625
Northrop Grumman Corp.		3,099		1,116,105
				18,682,730
Air Freight & Logistics — 0.9%
FedEx Corp.		25,145		5,514,047
United Parcel Service Inc., Class B		170,557		31,058,430
				36,572,477
Automobiles — 3.6%
Tesla Inc.(a)		187,811		145,643,674
Beverages — 2.0%
Coca-Cola Co. (The)		646,150		33,903,490
Monster Beverage Corp.(a)		81,224		7,215,128
PepsiCo Inc.		269,870		40,591,147
				81,709,765
Biotechnology — 2.6%
AbbVie Inc.		415,949		44,868,419
Amgen Inc.		110,288		23,452,743
Moderna Inc.(a)		79,735		30,686,812
Regeneron Pharmaceuticals Inc.(a)		2,533		1,532,921
Vertex Pharmaceuticals Inc.(a)		24,439		4,432,990
				104,973,885
Capital Markets — 1.2%
Blackstone Inc., NVS		160,184		18,635,807
Goldman Sachs Group Inc. (The)		4,280		1,617,968
Moody’s Corp.		36,260		12,876,289
S&P Global Inc.		40,073		17,026,617
				50,156,681
Chemicals — 0.7%
Dow Inc.		12,693		730,609
Ecolab Inc.		51,488		10,741,427
Sherwin-Williams Co. (The)		57,325		16,035,522
				27,507,558
Commercial Services & Supplies — 0.0%
Waste Management Inc.		15,830		2,364,369
Consumer Finance — 0.4%
American Express Co.		96,707		16,201,324
Entertainment — 1.6%
Netflix Inc.(a)		101,737		62,094,161
Walt Disney Co. (The)(a)		21,841		3,694,842
				65,789,003
Equity Real Estate Investment Trusts (REITs) — 1.6%
American Tower Corp.		106,353		28,227,150
Crown Castle International Corp.		101,336		17,563,555
Equinix Inc.		14,919		11,787,949
Public Storage		27,147		8,065,374
				65,644,028
Food & Staples Retailing — 1.3%
Costco Wholesale Corp.		97,302		43,722,654
Sysco Corp.		114,868		9,017,138
				52,739,792
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		204,527		24,160,774
Align Technology Inc.(a)		18,560		12,350,381
Danaher Corp.		7,783		2,369,457

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corp.(a)		145,252	$	16,443,979
Intuitive Surgical Inc.(a)		27,816		27,653,276
Stryker Corp.		35,110		9,259,209
				92,237,076
Health Care Providers & Services — 0.5%
HCA Healthcare Inc.		59,425		14,423,636
UnitedHealth Group Inc.		15,315		5,984,183
				20,407,819
Hotels, Restaurants & Leisure — 1.8%
Booking Holdings Inc.(a)		9,646		22,898,350
Las Vegas Sands Corp.(a)		77,923		2,851,982
Marriott International Inc./MD, Class A(a)		64,101		9,492,717
McDonald’s Corp.		31,357		7,560,486
Starbucks Corp.		277,662		30,628,895
				73,432,430
Household Products — 0.3%
Colgate-Palmolive Co.		104,337		7,885,790
Kimberly-Clark Corp.		39,975		5,294,289
				13,180,079
Industrial Conglomerates — 0.3%
3M Co.		19,910		3,492,612
Honeywell International Inc.		35,393		7,513,226
				11,005,838
Insurance — 0.3%
Aon PLC, Class A		31,067		8,878,016
Marsh & McLennan Companies Inc.		14,127		2,139,252
				11,017,268
Interactive Media & Services — 12.4%
Alphabet Inc., Class A(a)		61,006		163,100,761
Alphabet Inc., Class C, NVS(a)		56,915		151,696,119
Facebook Inc., Class A(a)		563,779		191,340,955
				506,137,835
Internet & Direct Marketing Retail — 8.5%
Amazon.com Inc.(a)		102,245		335,878,915
eBay Inc.		153,257		10,677,415
				346,556,330
IT Services — 8.1%
Accenture PLC, Class A		120,557		38,568,595
Automatic Data Processing Inc.		92,021		18,396,838
Fiserv Inc.(a)		9,591		1,040,624
Mastercard Inc., Class A		206,118		71,663,106
PayPal Holdings Inc.(a)		276,801		72,026,388
Snowflake Inc., Class A(a)		43,413		13,129,394
Square Inc., Class A(a)(b)		93,394		22,399,617
Twilio Inc., Class A(a)		11,030		3,519,122
Visa Inc., Class A		398,743		88,820,003
				329,563,687
Life Sciences Tools & Services — 0.5%
Illumina Inc.(a)		34,273		13,901,472
Thermo Fisher Scientific Inc.		8,346		4,768,320
				18,669,792
Machinery — 1.4%
Caterpillar Inc.		111,186		21,344,376
Deere & Co.		66,365		22,236,921
Illinois Tool Works Inc.		66,659		13,773,749
				57,355,046

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^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 0.5%
Charter Communications Inc., Class A(a)(b)		28,619	$	20,822,040
Metals & Mining — 0.1%
Freeport-McMoRan Inc.		101,055		3,287,319
Southern Copper Corp.		18,088		1,015,461
				4,302,780
Multiline Retail — 0.4%
Dollar General Corp.		23,743		5,036,840
Target Corp.		52,515		12,013,857
				17,050,697
Oil, Gas & Consumable Fuels — 0.0%
EOG Resources Inc.		16,368		1,313,859
Personal Products — 0.4%
Estee Lauder Companies Inc. (The), Class A		53,800		16,136,234
Pharmaceuticals — 1.4%
Eli Lilly & Co.		157,908		36,484,644
Zoetis Inc.		105,924		20,564,085
				57,048,729
Road & Rail — 0.8%
Uber Technologies Inc.(a)		324,430		14,534,464
Union Pacific Corp.		97,234		19,058,836
				33,593,300
Semiconductors & Semiconductor Equipment — 8.0%
Advanced Micro Devices Inc.(a)		285,156		29,342,552
Analog Devices Inc.		50,409		8,442,499
Applied Materials Inc.		215,692		27,766,031
Broadcom Inc.		93,980		45,573,722
KLA Corp.		36,136		12,087,853
Lam Research Corp.		33,513		19,073,924
Micron Technology Inc.		36,458		2,587,789
NVIDIA Corp.		563,568		116,748,747
NXP Semiconductors NV		19,186		3,757,962
QUALCOMM Inc.		265,951		34,302,360
Texas Instruments Inc.		134,871		25,923,555
				325,606,994
Software — 17.7%
Adobe Inc.(a)		112,468		64,750,077
Atlassian Corp. PLC, Class A(a)		32,128		12,575,542
Autodesk Inc.(a)		51,712		14,746,711
Intuit Inc.		60,153		32,453,145
Microsoft Corp.		1,775,319		500,497,933
Oracle Corp.		369,664		32,208,824
salesforce.com Inc.(a)		41,910		11,366,830
ServiceNow Inc.(a)		46,431		28,892,618

Security	Shares		Value
Software (continued)
VMware Inc., Class A(a)		7,023	$	1,044,320
Workday Inc., Class A(a)		44,282		11,065,629
Zoom Video Communications Inc., Class A(a)(b)		50,111		13,104,027
				722,705,656
Specialty Retail — 3.5%
Home Depot Inc. (The)		250,498		82,228,474
Lowe’s Companies Inc.		166,483		33,772,741
Ross Stores Inc.		82,545		8,985,023
TJX Companies Inc. (The)		283,716		18,719,582
				143,705,820
Technology Hardware, Storage & Peripherals — 12.9%
Apple Inc.		3,698,456		523,331,524
Dell Technologies Inc., Class C(a)		30,632		3,186,953
				526,518,477
Textiles, Apparel & Luxury Goods — 1.0%
Nike Inc., Class B		291,702		42,363,881
Tobacco — 0.3%
Altria Group Inc.		242,691		11,047,294
Total Common Stocks — 99.8% (Cost: $2,664,206,794)				4,069,764,247
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		46,365,705		46,388,888
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		5,236,000		5,236,000
				51,624,888
Total Short-Term Investments — 1.3% (Cost: $51,624,888)				51,624,888
Total Investments in Securities — 101.1% (Cost: $2,715,831,682)				4,121,389,135
Other Assets, Less Liabilities — (1.1)%				(45,686,758	)
Net Assets — 100.0%			$	4,075,702,377

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period end.

^(e) All or a portion of this security was purchased with the cash collateral from loaned securities.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Top 200 Growth ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$10,766,773	$	35,619,800	(a)	$	—	$	2,315	$	—	$	46,388,888		46,365,705	$	16,227	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,416,000		820,000	(a)		—		—		—		5,236,000		5,236,000		205			—
								$	2,315	$	—	$	51,624,888			$	16,432		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		25		12/17/21	$	5,372	$	(223,366	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	223,366

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	689,487
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(271,240	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,093,129

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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) (continued) September 30, 2021 iShares^® Russell Top 200 Growth ETF     

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,069,764,247		$	—	$	—	$	4,069,764,247
Money Market Funds		51,624,888			—		—		51,624,888
	$	4,121,389,135		$	—	$	—	$	4,121,389,135
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(223,366	)	$	—	$	—	$	(223,366	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

22 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^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.1%
Boeing Co. (The)(a)		49,182	$	10,817,089
General Dynamics Corp.		22,824		4,474,189
L3Harris Technologies Inc.		18,367		4,045,148
Lockheed Martin Corp.		2,850		983,535
Northrop Grumman Corp.		12,639		4,551,936
Raytheon Technologies Corp.		139,165		11,962,623
				36,834,520
Air Freight & Logistics — 0.2%
FedEx Corp.		12,714		2,788,053
Automobiles — 1.0%
Ford Motor Co.(a)		358,826		5,080,976
General Motors Co.(a)		126,246		6,654,427
				11,735,403
Banks — 10.7%
Bank of America Corp.		680,127		28,871,391
Citigroup Inc.		186,121		13,061,972
JPMorgan Chase & Co.		272,681		44,635,153
PNC Financial Services Group Inc. (The)		38,962		7,622,526
Truist Financial Corp.		123,338		7,233,774
U.S. Bancorp		123,261		7,326,634
Wells Fargo & Co.		379,926		17,632,365
				126,383,815
Beverages — 1.2%
Coca-Cola Co. (The)		104,838		5,500,850
Constellation Brands Inc., Class A		14,630		3,082,395
Keurig Dr Pepper Inc.		64,441		2,201,305
Monster Beverage Corp.(a)		2,442		216,923
PepsiCo Inc.		21,572		3,244,644
				14,246,117
Biotechnology — 1.8%
Amgen Inc.		9,278		1,972,967
Biogen Inc.(a)		13,663		3,866,492
Gilead Sciences Inc.		115,294		8,053,286
Regeneron Pharmaceuticals Inc.(a)		8,219		4,973,975
Vertex Pharmaceuticals Inc.(a)		14,316		2,596,779
				21,463,499
Building Products — 0.4%
Johnson Controls International PLC		65,689		4,472,107
Capital Markets — 5.3%
Bank of New York Mellon Corp. (The)		72,449		3,755,756
BlackRock Inc.(b)		13,128		11,009,929
Charles Schwab Corp. (The)		138,131		10,061,462
CME Group Inc.		32,918		6,365,683
Goldman Sachs Group Inc. (The)		28,641		10,827,157
Intercontinental Exchange Inc.		51,058		5,862,480
Moody’s Corp.		768		272,724
Morgan Stanley		125,037		12,167,350
S&P Global Inc.		6,474		2,750,738
				63,073,279
Chemicals — 1.1%
Air Products & Chemicals Inc.		20,358		5,213,887
Dow Inc.		63,666		3,664,615
DuPont de Nemours Inc.		47,949		3,260,052
Ecolab Inc.		2,809		586,014
				12,724,568

Security	Shares		Value
Commercial Services & Supplies — 0.4%
Waste Management Inc.		32,570	$	4,864,655
Communications Equipment — 1.8%
Cisco Systems Inc.		388,130		21,125,916
Consumer Finance — 0.9%
American Express Co.		21,505		3,602,733
Capital One Financial Corp.		40,667		6,586,834
				10,189,567
Diversified Financial Services — 3.9%
Berkshire Hathaway Inc., Class B(a)		170,516		46,540,637
Diversified Telecommunication Services — 3.2%
AT&T Inc.		656,052		17,719,964
Verizon Communications Inc.		380,596		20,555,990
				38,275,954
Electric Utilities — 3.0%
American Electric Power Co. Inc.		45,944		3,729,734
Duke Energy Corp.		70,659		6,895,612
Exelon Corp.		89,610		4,331,747
NextEra Energy Inc.		180,103		14,141,688
Southern Co. (The)		97,136		6,019,518
				35,118,299
Electrical Equipment — 0.9%
Eaton Corp. PLC		36,555		5,458,027
Emerson Electric Co.		54,935		5,174,877
				10,632,904
Energy Equipment & Services — 0.3%
Schlumberger NV		128,343		3,804,087
Entertainment — 3.1%
Activision Blizzard Inc.		70,908		5,487,570
Electronic Arts Inc.		26,136		3,717,846
Walt Disney Co. (The)(a)		158,256		26,772,168
				35,977,584
Equity Real Estate Investment Trusts (REITs) — 1.3%
Digital Realty Trust Inc.		25,755		3,720,310
Equinix Inc.		2,398		1,894,732
Prologis Inc.		67,690		8,490,357
Public Storage		3,246		964,386
				15,069,785
Food & Staples Retailing — 1.9%
Costco Wholesale Corp.		2,619		1,176,848
Walgreens Boots Alliance Inc.		65,969		3,103,841
Walmart Inc.		131,751		18,363,454
				22,644,143
Food Products — 1.1%
General Mills Inc.		56,092		3,355,423
Kraft Heinz Co. (The)		60,590		2,230,924
Mondelez International Inc., Class A		128,060		7,450,531
				13,036,878
Health Care Equipment & Supplies — 5.3%
Abbott Laboratories		79,764		9,422,521
Baxter International Inc.		46,149		3,711,764
Becton Dickinson and Co.		26,208		6,442,451
Boston Scientific Corp.(a)		130,258		5,651,895
Danaher Corp.		55,204		16,806,306
Medtronic PLC		123,310		15,456,908

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) (continued) September 30, 2021 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Stryker Corp.		18,327	$	4,833,196
				62,325,041
Health Care Providers & Services — 5.4%
Anthem Inc.		22,493		8,385,390
Centene Corp.(a)		53,102		3,308,786
Cigna Corp.		30,668		6,138,507
CVS Health Corp.		120,883		10,258,131
Humana Inc.		11,825		4,601,699
UnitedHealth Group Inc.		80,441		31,431,516
				64,124,029
Hotels, Restaurants & Leisure — 1.2%
McDonald’s Corp.		56,383		13,594,505
Household Products — 3.1%
Colgate-Palmolive Co.		36,105		2,728,816
Kimberly-Clark Corp.		15,463		2,047,920
Procter & Gamble Co. (The)		223,620		31,262,076
				36,038,812
Industrial Conglomerates — 2.8%
3M Co.		45,365		7,957,928
General Electric Co.		100,294		10,333,291
Honeywell International Inc.		50,034		10,621,217
Roper Technologies Inc.		9,622		4,292,663
				33,205,099
Insurance — 3.0%
Allstate Corp. (The)		27,017		3,439,534
American International Group Inc.		78,759		4,323,081
Aon PLC, Class A		8,481		2,423,615
Chubb Ltd.		40,104		6,957,242
Marsh & McLennan Companies Inc.		41,146		6,230,739
MetLife Inc.		66,500		4,105,045
Progressive Corp. (The)		53,569		4,842,102
Travelers Companies Inc. (The)		23,061		3,505,503
				35,826,861
Interactive Media & Services — 1.7%
Alphabet Inc., Class A(a)		3,840		10,266,317
Alphabet Inc., Class C, NVS(a)		3,583		9,549,806
				19,816,123
IT Services — 3.4%
Accenture PLC, Class A		11,448		3,662,444
Automatic Data Processing Inc.		3,110		621,751
Cognizant Technology Solutions Corp., Class A		48,351		3,588,128
Fidelity National Information Services Inc.		56,894		6,922,862
Fiserv Inc.(a)		51,325		5,568,762
Global Payments Inc.		26,886		4,236,696
International Business Machines Corp.		82,073		11,402,402
Snowflake Inc., Class A(a)		1,065		322,088
Twilio Inc., Class A(a)		10,971		3,500,298
				39,825,431
Life Sciences Tools & Services — 1.6%
Thermo Fisher Scientific Inc.		32,837		18,760,763
Machinery — 0.2%
Caterpillar Inc.		7,015		1,346,669
Illinois Tool Works Inc.		2,955		610,592
				1,957,261
Media — 2.0%
Charter Communications Inc., Class A(a)		607		441,629

Security	Shares		Value
Media (continued)
Comcast Corp., Class A		418,872	$	23,427,511
				23,869,140
Metals & Mining — 0.6%
Freeport-McMoRan Inc.		94,962		3,089,114
Newmont Corp.		73,524		3,992,353
Southern Copper Corp.		677		38,007
				7,119,474
Multi-Utilities — 0.8%
Dominion Energy Inc.		73,966		5,400,997
Sempra Energy		29,307		3,707,336
				9,108,333
Multiline Retail — 0.7%
Dollar General Corp.		12,465		2,644,325
Target Corp.		25,204		5,765,919
				8,410,244
Oil, Gas & Consumable Fuels — 4.8%
Chevron Corp.		177,682		18,025,839
ConocoPhillips		123,977		8,401,921
EOG Resources Inc.		47,167		3,786,095
Exxon Mobil Corp.		388,951		22,878,098
Kinder Morgan Inc.		178,937		2,993,616
				56,085,569
Pharmaceuticals — 8.0%
Bristol-Myers Squibb Co.		205,164		12,139,554
Eli Lilly & Co.		16,347		3,776,974
Johnson & Johnson		241,993		39,081,870
Merck & Co. Inc.		232,679		17,476,520
Pfizer Inc.		512,728		22,052,431
Zoetis Inc.		2,251		437,009
				94,964,358
Road & Rail — 1.4%
CSX Corp.		207,948		6,184,374
Norfolk Southern Corp.		22,630		5,414,227
Uber Technologies Inc.(a)		21,210		950,208
Union Pacific Corp.		22,025		4,317,120
				16,865,929
Semiconductors & Semiconductor Equipment — 3.4%
Analog Devices Inc.		29,634		4,963,102
Intel Corp.		371,235		19,779,401
Micron Technology Inc.		88,695		6,295,571
NXP Semiconductors NV		16,827		3,295,904
Texas Instruments Inc.		32,236		6,196,082
				40,530,060
Software — 1.7%
Oracle Corp.		10,528		917,305
salesforce.com Inc.(a)		68,577		18,599,454
VMware Inc., Class A(a)		4,613		685,953
				20,202,712
Technology Hardware, Storage & Peripherals — 0.1%
Dell Technologies Inc., Class C(a)		12,840		1,335,874
Tobacco — 1.4%
Altria Group Inc.		75,502		3,436,851
Philip Morris International Inc.		143,013		13,556,202
				16,993,053

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^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services — 0.6%
T-Mobile U.S. Inc.(a)(c)		54,100	$	6,911,816
Total Common Stocks — 99.8% (Cost: $990,720,159)				1,178,872,257
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(b)(d)(e)		5,475,688		5,478,426
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)		1,610,000		1,610,000
				7,088,426
Total Short-Term Investments — 0.6% (Cost: $7,088,426)				7,088,426
Total Investments in Securities — 100.4% (Cost: $997,808,585)				1,185,960,683
Other Assets, Less Liabilities — (0.4)%				(4,587,198	)
Net Assets — 100.0%			$	1,181,373,485

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

^(c) All or a portion of this security is on loan.

^(d) Annualized 7-day yield as of period end.

^(e) All or a portion of this security was purchased with the cash collateral from loaned securities.

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	$	144,852	$	5,333,574	(a)	$	—		$	—	$	—	$	5,478,426		5,475,688	$	195	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,620,000		—			(10,000	)(a)		—		—		1,610,000		1,610,000		64			—
BlackRock Inc.		10,425,759		2,333,556			(2,917,496	)		786,391		381,719		11,009,929		13,128		107,566			—
									$	786,391	$	381,719	$	18,098,355			$	107,825		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		10		12/17/21	$	2,149	$	(76,628	)

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) (continued) September 30, 2021 iShares^® Russell Top 200 Value 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)	$	76,628

^(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	$	392,746
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(93,787	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,954,692

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	$	1,178,872,257		$	—	$	—	$	1,178,872,257
Money Market Funds		7,088,426			—		—		7,088,426
	$	1,185,960,683		$	—	$	—	$	1,185,960,683
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(76,628	)	$	—	$	—	$	(76,628	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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) September 30, 2021 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Axon Enterprise Inc.(a)		45,612	$	7,983,012
Boeing Co. (The)(a)		385,529		84,793,248
BWX Technologies Inc.		67,314		3,625,532
Curtiss-Wright Corp.		29,488		3,720,796
General Dynamics Corp.		179,621		35,211,105
HEICO Corp.(b)		31,647		4,173,290
HEICO Corp., Class A		55,364		6,556,758
Hexcel Corp.(a)		62,983		3,740,560
Howmet Aerospace Inc.		275,749		8,603,369
Huntington Ingalls Industries Inc.		28,458		5,494,101
L3Harris Technologies Inc.		144,622		31,851,549
Lockheed Martin Corp.		178,266		61,519,597
Mercury Systems Inc.(a)		39,917		1,892,864
Northrop Grumman Corp.		108,684		39,142,543
Raytheon Technologies Corp.		1,090,886		93,772,560
Spirit AeroSystems Holdings Inc., Class A(b)		80,624		3,562,775
Textron Inc.		164,181		11,461,476
TransDigm Group Inc.(a)		37,142		23,197,779
Virgin Galactic Holdings Inc.(a)(b)		128,977		3,263,118
				433,566,032
Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.		97,295		8,464,665
Expeditors International of Washington Inc.		123,218		14,678,961
FedEx Corp.		176,155		38,629,030
GXO Logistics Inc.(a)		69,612		5,460,365
United Parcel Service Inc., Class B		521,041		94,881,566
				162,114,587
Airlines — 0.2%
Alaska Air Group Inc.(a)		86,271		5,055,481
American Airlines Group Inc.(a)		448,515		9,203,528
Copa Holdings SA, Class A, NVS(a)		21,967		1,787,674
Delta Air Lines Inc.(a)		459,445		19,576,951
JetBlue Airways Corp.(a)(b)		229,735		3,512,648
Southwest Airlines Co.(a)		424,524		21,833,269
United Airlines Holdings Inc.(a)		233,052		11,086,284
				72,055,835
Auto Components — 0.2%
Aptiv PLC(a)		193,716		28,857,873
BorgWarner Inc.		177,839		7,684,423
Gentex Corp.		178,262		5,879,081
Lear Corp.		43,982		6,882,303
QuantumScape Corp.(a)(b)		148,444		3,642,816
				52,946,496
Automobiles — 1.8%
Ford Motor Co.(a)		2,816,451		39,880,946
General Motors Co.(a)		988,428		52,100,040
Harley-Davidson Inc.		107,121		3,921,700
Tesla Inc.(a)		574,013		445,135,601
Thor Industries Inc.		39,500		4,849,020
				545,887,307
Banks — 4.2%
Bank of America Corp.		5,331,404		226,318,100
Bank of Hawaii Corp.		27,174		2,232,888
Bank OZK		88,760		3,814,905
BOK Financial Corp.		18,845		1,687,570
Citigroup Inc.		1,458,967		102,390,304
Citizens Financial Group Inc.		311,187		14,619,565

Security	Shares		Value
Banks (continued)
Comerica Inc.		96,476	$	7,766,318
Commerce Bancshares Inc.		78,642		5,479,775
Cullen/Frost Bankers Inc.		40,435		4,796,400
East West Bancorp. Inc.		103,154		7,998,561
Fifth Third Bancorp		496,808		21,084,532
First Citizens BancShares Inc./NC, Class A(b)		4,340		3,659,358
First Hawaiian Inc.		94,303		2,767,793
First Horizon Corp.		401,401		6,538,822
First Republic Bank/CA		128,957		24,873,226
FNB Corp.		230,631		2,679,932
Huntington Bancshares Inc./OH		1,041,201		16,096,967
JPMorgan Chase & Co.		2,137,501		349,887,539
KeyCorp.		677,752		14,652,998
M&T Bank Corp.		93,547		13,970,309
PacWest Bancorp		77,264		3,501,604
People’s United Financial Inc.		307,884		5,378,733
Pinnacle Financial Partners Inc.		52,985		4,984,829
PNC Financial Services Group Inc. (The)		305,408		59,750,021
Popular Inc.		57,110		4,435,734
Prosperity Bancshares Inc.		62,857		4,471,018
Regions Financial Corp.		700,046		14,917,980
Signature Bank/New York NY		42,796		11,652,495
Sterling Bancorp./DE		143,065		3,570,902
SVB Financial Group(a)		40,843		26,420,520
Synovus Financial Corp.		103,505		4,542,834
Truist Financial Corp.		967,013		56,715,312
U.S. Bancorp		969,866		57,648,835
Umpqua Holdings Corp.		166,686		3,375,392
Webster Financial Corp.		63,618		3,464,636
Wells Fargo & Co.		2,978,175		138,217,102
Western Alliance Bancorp		71,158		7,743,414
Wintrust Financial Corp.		40,291		3,238,188
Zions Bancorp. NA		111,755		6,916,517
				1,254,261,928
Beverages — 1.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)		6,289		3,205,818
Brown-Forman Corp., Class A		33,089		2,073,688
Brown-Forman Corp., Class B, NVS		132,507		8,879,294
Coca-Cola Co. (The)		2,795,267		146,667,659
Constellation Brands Inc., Class A		114,716		24,169,514
Keurig Dr Pepper Inc.		510,587		17,441,652
Molson Coors Beverage Co., Class B		126,479		5,866,096
Monster Beverage Corp.(a)		267,923		23,799,600
PepsiCo Inc.		994,707		149,613,880
				381,717,201
Biotechnology — 2.1%
AbbVie Inc.		1,273,573		137,380,320
Acceleron Pharma Inc.(a)(b)		36,556		6,291,288
Alnylam Pharmaceuticals Inc.(a)		85,205		16,087,556
Amgen Inc.		408,858		86,943,654
Biogen Inc.(a)(b)		106,922		30,257,857
BioMarin Pharmaceutical Inc.(a)		129,814		10,033,324
CureVac NV(a)(b)		34,297		1,873,302
Exact Sciences Corp.(a)		125,524		11,981,266
Exelixis Inc.(a)		223,730		4,729,652
Gilead Sciences Inc.		902,457		63,036,621
Horizon Therapeutics PLC(a)		156,726		17,167,766
Incyte Corp.(a)		135,486		9,318,727
Ionis Pharmaceuticals Inc.(a)(b)		96,831		3,247,712

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 (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Iovance Biotherapeutics Inc.(a)(b)		107,390	$	2,648,237
Mirati Therapeutics Inc.(a)		28,204		4,989,570
Moderna Inc.(a)		243,273		93,626,047
Natera Inc.(a)		61,790		6,885,878
Neurocrine Biosciences Inc.(a)		65,151		6,248,632
Novavax Inc.(a)(b)		53,042		10,996,137
Regeneron Pharmaceuticals Inc.(a)		72,149		43,663,132
Sage Therapeutics Inc.(a)		40,449		1,792,295
Sarepta Therapeutics Inc.(a)(b)		55,092		5,094,908
Seagen Inc.(a)		95,953		16,292,819
Ultragenyx Pharmaceutical Inc.(a)		46,313		4,176,970
United Therapeutics Corp.(a)		31,283		5,774,216
Vertex Pharmaceuticals Inc.(a)		186,483		33,826,151
				634,364,037
Building Products — 0.6%
A O Smith Corp.		98,716		6,028,586
Advanced Drainage Systems Inc.		44,202		4,781,330
Allegion PLC		62,967		8,322,978
Armstrong World Industries Inc.		33,181		3,167,790
AZEK Co. Inc. (The)(a)		76,285		2,786,691
Builders FirstSource Inc.(a)		143,474		7,423,345
Carlisle Companies Inc.		36,935		7,342,309
Carrier Global Corp.		625,500		32,375,880
Fortune Brands Home & Security Inc.		100,854		9,018,365
Johnson Controls International PLC		515,831		35,117,774
Lennox International Inc.		23,382		6,878,283
Masco Corp.		176,354		9,796,465
Owens Corning		71,535		6,116,243
Trane Technologies PLC		171,333		29,580,642
Trex Co. Inc.(a)		84,483		8,611,352
				177,348,033
Capital Markets — 3.2%
Affiliated Managers Group Inc.		28,522		4,309,389
Ameriprise Financial Inc.		82,055		21,672,367
Apollo Global Management Inc.		134,506		8,284,225
Ares Management Corp., Class A		102,596		7,574,663
Bank of New York Mellon Corp. (The)		570,826		29,591,620
BlackRock Inc.(c)		103,077		86,446,557
Blackstone Inc., NVS		490,460		57,060,116
Carlyle Group Inc. (The)		112,515		5,319,709
Cboe Global Markets Inc.		76,405		9,463,523
Charles Schwab Corp. (The)		1,086,305		79,126,456
CME Group Inc.		257,446		49,784,907
Evercore Inc., Class A		27,434		3,667,103
FactSet Research Systems Inc.		27,262		10,762,492
Franklin Resources Inc.		205,144		6,096,880
Goldman Sachs Group Inc. (The)		237,573		89,809,721
Interactive Brokers Group Inc., Class A		57,952		3,612,728
Intercontinental Exchange Inc.		399,565		45,878,053
Invesco Ltd.		230,954		5,568,301
Janus Henderson Group PLC		84,876		3,507,925
Jefferies Financial Group Inc.		161,850		6,009,490
KKR & Co. Inc.		401,442		24,439,789
Lazard Ltd., Class A		72,142		3,304,104
LPL Financial Holdings Inc.		56,859		8,913,217
MarketAxess Holdings Inc.		27,023		11,368,306
Moody’s Corp.		116,598		41,405,116
Morgan Stanley		980,148		95,378,202
Morningstar Inc.		15,936		4,127,902

Security	Shares		Value
Capital Markets (continued)
MSCI Inc.		57,587	$	35,032,476
Nasdaq Inc.		83,955		16,204,994
Northern Trust Corp.		148,269		15,984,881
Raymond James Financial Inc.		134,158		12,380,146
S&P Global Inc.		173,304		73,635,137
SEI Investments Co.		73,466		4,356,534
State Street Corp.		263,411		22,316,180
Stifel Financial Corp.		77,439		5,262,754
T Rowe Price Group Inc.		161,804		31,826,847
Tradeweb Markets Inc., Class A		75,339		6,085,884
Virtu Financial Inc., Class A		57,740		1,410,588
				946,979,282
Chemicals — 1.3%
Air Products & Chemicals Inc.		159,125		40,753,504
Albemarle Corp.		83,063		18,188,305
Ashland Global Holdings Inc.		40,996		3,653,564
Axalta Coating Systems Ltd.(a)(b)		148,537		4,335,795
Celanese Corp.		78,848		11,877,663
CF Industries Holdings Inc.		156,559		8,739,123
Chemours Co. (The)		123,986		3,603,033
Corteva Inc.		532,279		22,398,300
Diversey Holdings Ltd.(a)(b)		22,756		365,006
Dow Inc.		536,980		30,908,569
DuPont de Nemours Inc.		378,066		25,704,707
Eastman Chemical Co.		99,479		10,021,515
Ecolab Inc.		179,612		37,470,656
Element Solutions Inc.		168,016		3,642,587
FMC Corp.		94,314		8,635,390
Huntsman Corp.		143,077		4,233,648
International Flavors & Fragrances Inc.		178,710		23,897,101
LyondellBasell Industries NV, Class A		187,024		17,552,202
Mosaic Co. (The)		242,570		8,664,600
NewMarket Corp.		4,717		1,597,978
Olin Corp.		103,966		5,016,360
PPG Industries Inc.		169,832		24,287,674
RPM International Inc.		91,804		7,128,581
Scotts Miracle-Gro Co. (The)		29,520		4,320,547
Sherwin-Williams Co. (The)		175,601		49,120,868
Valvoline Inc.		134,551		4,195,300
Westlake Chemical Corp.		21,025		1,916,219
				382,228,795
Commercial Services & Supplies — 0.4%
ADT Inc.		100,819		815,626
Cintas Corp.		63,039		23,996,426
Clean Harbors Inc.(a)		36,470		3,788,139
Copart Inc.(a)		150,248		20,842,403
Driven Brands Holdings Inc.(a)		45,824		1,323,855
IAA Inc.(a)		92,168		5,029,608
MSA Safety Inc.		26,552		3,868,626
Republic Services Inc.		153,342		18,410,240
Rollins Inc.		156,663		5,534,904
Stericycle Inc.(a)		64,895		4,410,913
Waste Management Inc.		304,074		45,416,493
				133,437,233
Communications Equipment — 0.8%
Arista Networks Inc.(a)		43,305		14,881,330
Ciena Corp.(a)		109,300		5,612,555
Cisco Systems Inc.		3,042,493		165,602,894
CommScope Holding Co. Inc.(a)		145,645		1,979,315

28 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^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
F5 Networks Inc.(a)		44,224	$	8,790,847
Juniper Networks Inc.		239,834		6,600,232
Lumentum Holdings Inc.(a)		54,518		4,554,434
Motorola Solutions Inc.		119,341		27,725,301
Ubiquiti Inc.		4,709		1,406,437
Viasat Inc.(a)(b)		50,157		2,762,146
				239,915,491
Construction & Engineering — 0.1%
AECOM(a)		98,429		6,215,791
MasTec Inc.(a)		40,116		3,461,209
Quanta Services Inc.		99,877		11,368,000
Valmont Industries Inc.		15,392		3,618,967
				24,663,967
Construction Materials — 0.1%
Eagle Materials Inc.		28,107		3,686,514
Martin Marietta Materials Inc.		45,386		15,507,488
Vulcan Materials Co.		96,410		16,308,716
				35,502,718
Consumer Finance — 0.7%
Ally Financial Inc.		259,811		13,263,352
American Express Co.		464,009		77,735,428
Capital One Financial Corp.		319,831		51,803,027
Credit Acceptance Corp.(a)(b)		6,292		3,682,708
Discover Financial Services		215,963		26,531,054
OneMain Holdings Inc.		70,016		3,873,985
Santander Consumer USA Holdings Inc.		43,342		1,807,361
SLM Corp.		213,697		3,761,067
Synchrony Financial		410,147		20,047,985
Upstart Holdings Inc.(a)		32,547		10,299,173
				212,805,140
Containers & Packaging — 0.4%
Amcor PLC		1,089,968		12,632,729
AptarGroup Inc.		46,662		5,569,110
Ardagh Group SA		11,976		305,268
Avery Dennison Corp.		60,564		12,549,467
Ball Corp.		230,224		20,713,253
Berry Global Group Inc.(a)(b)		99,707		6,070,162
Crown Holdings Inc.		89,554		9,025,252
Graphic Packaging Holding Co.		194,966		3,712,153
International Paper Co.		285,786		15,981,153
Packaging Corp. of America		67,326		9,253,285
Sealed Air Corp.		111,468		6,107,332
Silgan Holdings Inc.		57,001		2,186,558
Sonoco Products Co.		74,947		4,465,342
Westrock Co.		191,056		9,520,321
				118,091,385
Distributors — 0.1%
Genuine Parts Co.		102,013		12,367,036
LKQ Corp.(a)		194,935		9,809,129
Pool Corp.		27,625		12,000,576
				34,176,741
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.(a)		44,011		6,136,014
Chegg Inc.(a)		105,947		7,206,515
frontdoor Inc.(a)		59,883		2,509,098
Grand Canyon Education Inc.(a)(b)		30,546		2,686,826
H&R Block Inc.		128,425		3,210,625
Mister Car Wash Inc.(a)		29,650		541,112

Security	Shares		Value
Diversified Consumer Services (continued)
Service Corp. International		121,357	$	7,312,973
Terminix Global Holdings Inc.(a)		84,879		3,536,908
				33,140,071
Diversified Financial Services — 1.3%
Berkshire Hathaway Inc., Class B(a)		1,336,644		364,823,614
Equitable Holdings Inc.		264,891		7,851,369
Voya Financial Inc.		81,306		4,991,375
				377,666,358
Diversified Telecommunication Services — 1.0%
AT&T Inc.		5,142,685		138,903,922
Lumen Technologies Inc.		806,834		9,996,673
Verizon Communications Inc.		2,988,622		161,415,474
				310,316,069
Electric Utilities — 1.5%
Alliant Energy Corp.		183,415		10,267,572
American Electric Power Co. Inc.		358,604		29,111,473
Avangrid Inc.		41,587		2,021,128
Duke Energy Corp.		552,796		53,947,362
Edison International		267,843		14,857,251
Entergy Corp.		145,414		14,441,064
Evergy Inc.		165,433		10,289,933
Eversource Energy		250,124		20,450,138
Exelon Corp.		702,472		33,957,497
FirstEnergy Corp.		396,335		14,117,453
Hawaiian Electric Industries Inc.		73,133		2,986,020
IDACORP Inc.		36,111		3,733,155
NextEra Energy Inc.		1,411,796		110,854,222
NRG Energy Inc.		170,427		6,958,534
OGE Energy Corp.		142,139		4,684,901
PG&E Corp.(a)		1,062,904		10,203,878
Pinnacle West Capital Corp.		83,226		6,022,233
PPL Corp.		561,517		15,655,094
Southern Co. (The)		761,815		47,209,676
Xcel Energy Inc.		384,395		24,024,688
				435,793,272
Electrical Equipment — 0.7%
Acuity Brands Inc.		26,397		4,576,448
AMETEK Inc.		167,910		20,822,519
ChargePoint Holdings Inc.(a)(b)		75,537		1,509,985
Eaton Corp. PLC		286,669		42,802,548
Emerson Electric Co.		428,570		40,371,294
Generac Holdings Inc.(a)		44,444		18,162,930
Hubbell Inc.		39,035		7,052,453
nVent Electric PLC		120,192		3,885,807
Plug Power Inc.(a)(b)		374,844		9,573,516
Regal Beloit Corp.		27,419		4,122,172
Rockwell Automation Inc.		83,317		24,498,531
Sensata Technologies Holding PLC(a)		112,234		6,141,445
Shoals Technologies Group Inc., Class A(a)(b)		73,421		2,046,977
Sunrun Inc.(a)(b)		137,747		6,060,868
Vertiv Holdings Co.		192,347		4,633,639
				196,261,132
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		420,058		30,760,847
Arrow Electronics Inc.(a)		50,623		5,684,457
Avnet Inc.		69,297		2,561,910
CDW Corp./DE		98,906		18,002,870
Cognex Corp.(b)		121,494		9,746,249
Coherent Inc.(a)		17,581		4,396,832

S C H E D U L E   O F   I N V E S  T M E N T S 29

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Corning Inc.		547,355	$	19,972,984
IPG Photonics Corp.(a)		24,987		3,957,941
Jabil Inc.		102,261		5,968,975
Keysight Technologies Inc.(a)		133,770		21,977,073
Littelfuse Inc.		16,835		4,600,500
National Instruments Corp.		91,365		3,584,249
SYNNEX Corp.		27,716		2,885,236
Teledyne Technologies Inc.(a)		33,585		14,427,444
Trimble Inc.(a)(b)		181,896		14,960,946
Vontier Corp.		121,012		4,066,003
Zebra Technologies Corp., Class A(a)		38,788		19,992,111
				187,546,627
Energy Equipment & Services — 0.2%
Baker Hughes Co.		541,545		13,392,408
Halliburton Co.		635,885		13,747,834
NOV Inc.(a)		271,926		3,564,950
Schlumberger NV		1,002,996		29,728,801
				60,433,993
Entertainment — 1.9%
Activision Blizzard Inc.		555,603		42,998,116
Electronic Arts Inc.		204,687		29,116,726
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		15,593		733,651
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		142,539		7,327,930
Live Nation Entertainment Inc.(a)		96,538		8,797,508
Madison Square Garden Sports Corp.(a)		12,499		2,324,189
Netflix Inc.(a)		310,940		189,779,120
Playtika Holding Corp.(a)		74,942		2,070,647
Roku Inc.(a)		84,025		26,329,234
Skillz Inc.(a)(b)		211,768		2,079,562
Spotify Technology SA(a)		97,809		22,040,280
Take-Two Interactive Software Inc.(a)		83,594		12,879,328
Walt Disney Co. (The)(a)		1,307,201		221,139,193
World Wrestling Entertainment Inc., Class A		35,598		2,002,743
Zynga Inc., Class A(a)(b)		688,125		5,181,581
				574,799,808
Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities Inc.		111,312		21,268,384
American Campus Communities Inc.		93,806		4,544,901
American Homes 4 Rent, Class A		198,692		7,574,139
American Tower Corp.		324,920		86,237,017
Americold Realty Trust		189,986		5,519,093
Apartment Income REIT Corp.		107,342		5,239,363
AvalonBay Communities Inc.		100,268		22,223,400
Boston Properties Inc.		113,803		12,330,555
Brixmor Property Group Inc.		211,851		4,684,026
Camden Property Trust		70,182		10,349,740
CoreSite Realty Corp.		31,550		4,370,937
Cousins Properties Inc.		105,235		3,924,213
Crown Castle International Corp.		310,060		53,739,599
CubeSmart		142,214		6,890,268
CyrusOne Inc.		92,060		7,126,365
Digital Realty Trust Inc.		201,646		29,127,765
Douglas Emmett Inc.		112,800		3,565,608
Duke Realty Corp.		270,252		12,936,963
EPR Properties		53,665		2,649,978
Equinix Inc.		64,219		50,741,358
Equity LifeStyle Properties Inc.		127,299		9,942,052

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Equity Residential		266,991	$	21,604,912
Essex Property Trust Inc.		47,473		15,179,017
Extra Space Storage Inc.		93,864		15,768,213
Federal Realty Investment Trust		56,509		6,667,497
First Industrial Realty Trust Inc.		92,143		4,798,807
Gaming and Leisure Properties Inc.		153,392		7,105,117
Healthcare Trust of America Inc., Class A		149,263		4,427,141
Healthpeak Properties Inc.		394,256		13,199,691
Highwoods Properties Inc.		78,179		3,428,931
Host Hotels & Resorts Inc.(a)		512,829		8,374,498
Hudson Pacific Properties Inc.		113,816		2,989,946
Invitation Homes Inc.		418,525		16,042,063
Iron Mountain Inc.		202,731		8,808,662
JBG SMITH Properties		85,051		2,518,360
Kilroy Realty Corp.		83,804		5,548,663
Kimco Realty Corp.		408,659		8,479,674
Lamar Advertising Co., Class A		62,323		7,070,544
Life Storage Inc.		54,418		6,243,921
Medical Properties Trust Inc.		426,329		8,556,423
Mid-America Apartment Communities Inc.		83,781		15,646,102
National Retail Properties Inc.		125,594		5,424,405
Omega Healthcare Investors Inc.		165,915		4,970,813
Park Hotels & Resorts Inc.(a)		163,110		3,121,925
Prologis Inc.		530,483		66,538,483
Public Storage		108,460		32,223,466
Rayonier Inc.		101,134		3,608,461
Realty Income Corp.		281,118		18,233,313
Regency Centers Corp.		124,753		8,399,619
Rexford Industrial Realty Inc.		95,910		5,442,893
SBA Communications Corp.		77,814		25,722,974
Simon Property Group Inc.		234,618		30,493,301
SL Green Realty Corp.		48,255		3,418,384
Spirit Realty Capital Inc.		89,442		4,117,910
STORE Capital Corp.		169,403		5,425,978
Sun Communities Inc.		82,646		15,297,775
UDR Inc.		212,367		11,251,204
Ventas Inc.		283,432		15,648,281
VEREIT Inc.		160,207		7,246,163
VICI Properties Inc.		423,600		12,034,476
Vornado Realty Trust		121,098		5,087,327
Welltower Inc.		305,080		25,138,592
Weyerhaeuser Co.		533,703		18,983,816
WP Carey Inc.		133,794		9,772,314
				885,045,779
Food & Staples Retailing — 1.3%
Albertsons Companies Inc., Class A		103,014		3,206,826
Casey’s General Stores Inc.		25,248		4,757,986
Costco Wholesale Corp.		318,282		143,020,017
Grocery Outlet Holding Corp.(a)(b)		62,710		1,352,655
Kroger Co. (The)		539,482		21,811,257
Sysco Corp.		350,249		27,494,546
U.S. Foods Holding Corp.(a)		156,692		5,430,945
Walgreens Boots Alliance Inc.		516,211		24,287,727
Walmart Inc.		1,032,772		143,947,761
				375,309,720
Food Products — 0.9%
Archer-Daniels-Midland Co.		399,703		23,986,177
Beyond Meat Inc.(a)(b)		41,211		4,337,870
Bunge Ltd.		98,817		8,035,798

30 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^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Campbell Soup Co.		135,095	$	5,648,322
Conagra Brands Inc.		336,553		11,399,050
Darling Ingredients Inc.(a)		119,990		8,627,281
Flowers Foods Inc.		144,383		3,411,770
Freshpet Inc.(a)(b)		27,644		3,944,522
General Mills Inc.		438,652		26,240,163
Hain Celestial Group Inc. (The)(a)		64,334		2,752,209
Hershey Co. (The)		105,642		17,879,909
Hormel Foods Corp.		204,562		8,387,042
Ingredion Inc.		48,381		4,306,393
JM Smucker Co. (The)		74,402		8,930,472
Kellogg Co.		184,175		11,772,466
Kraft Heinz Co. (The)		472,063		17,381,360
Lamb Weston Holdings Inc.		105,708		6,487,300
McCormick & Co. Inc./MD, NVS		179,312		14,529,651
Mondelez International Inc., Class A		1,003,567		58,387,528
Pilgrim’s Pride Corp.(a)		34,455		1,001,951
Post Holdings Inc.(a)		44,071		4,854,861
Seaboard Corp.		119		487,899
Tyson Foods Inc., Class A		208,733		16,477,383
				269,267,377
Gas Utilities — 0.1%
Atmos Energy Corp.		90,384		7,971,869
National Fuel Gas Co.		65,708		3,450,984
UGI Corp.		150,737		6,424,411
				17,847,264
Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		1,250,505		147,722,156
ABIOMED Inc.(a)		32,174		10,473,280
Align Technology Inc.(a)		56,788		37,788,439
Baxter International Inc.		361,763		29,096,598
Becton Dickinson and Co.		204,931		50,376,138
Boston Scientific Corp.(a)		1,021,077		44,304,531
Cooper Companies Inc. (The)		35,448		14,651,013
Danaher Corp.		456,478		138,970,162
DENTSPLY SIRONA Inc.		160,108		9,294,269
Dexcom Inc.(a)(b)		69,234		37,861,305
Edwards Lifesciences Corp.(a)		444,737		50,348,676
Envista Holdings Corp.(a)		116,428		4,867,855
Figs Inc., Class A(a)(b)		27,337		1,015,296
Globus Medical Inc., Class A(a)		53,821		4,123,765
Hill-Rom Holdings Inc.		48,031		7,204,650
Hologic Inc.(a)		178,118		13,146,890
ICU Medical Inc.(a)		14,242		3,323,798
IDEXX Laboratories Inc.(a)		61,097		37,996,224
Insulet Corp.(a)		48,033		13,652,420
Integra LifeSciences Holdings Corp.(a)		50,672		3,470,019
Intuitive Surgical Inc.(a)		85,019		84,521,639
Masimo Corp.(a)		35,089		9,498,943
Medtronic PLC		965,815		121,064,910
Novocure Ltd.(a)(b)		73,760		8,568,699
Penumbra Inc.(a)		24,008		6,398,132
Quidel Corp.(a)		24,982		3,526,209
ResMed Inc.		103,829		27,364,133
STERIS PLC		61,555		12,574,455
Stryker Corp.		250,944		66,178,952
Tandem Diabetes Care Inc.(a)(b)		45,207		5,396,812
Teleflex Inc.		33,614		12,657,352
West Pharmaceutical Services Inc.		52,818		22,423,354

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings Inc.		152,026	$	22,250,525
				1,062,111,599
Health Care Providers & Services — 2.4%
Acadia Healthcare Co. Inc.(a)(b)		61,867		3,945,877
agilon health Inc.(a)(b)		49,105		1,287,042
Amedisys Inc.(a)		23,014		3,431,387
AmerisourceBergen Corp.		108,981		13,017,780
Anthem Inc.		176,804		65,912,531
Cardinal Health Inc.		213,514		10,560,402
Centene Corp.(a)		415,793		25,908,062
Chemed Corp.		10,976		5,105,157
Cigna Corp.		241,187		48,275,990
CVS Health Corp.		947,588		80,412,318
DaVita Inc.(a)		48,578		5,647,678
Encompass Health Corp.		70,198		5,267,658
Guardant Health Inc.(a)(b)		62,810		7,851,878
HCA Healthcare Inc.		181,930		44,158,050
Henry Schein Inc.(a)		102,898		7,836,712
Humana Inc.		92,809		36,116,622
Laboratory Corp. of America Holdings(a)		69,454		19,547,134
McKesson Corp.		111,817		22,294,074
Molina Healthcare Inc.(a)		41,403		11,233,048
Oak Street Health Inc.(a)(b)		68,754		2,924,108
Premier Inc., Class A		88,432		3,427,624
Quest Diagnostics Inc.		87,968		12,782,630
Signify Health Inc., Class A(a)(b)		45,482		812,763
UnitedHealth Group Inc.		677,302		264,648,984
Universal Health Services Inc., Class B		53,213		7,363,083
				709,768,592
Health Care Technology — 0.2%
Cerner Corp.		213,367		15,046,641
Certara Inc.(a)(b)		59,852		1,981,101
Change Healthcare Inc.(a)		181,380		3,798,097
Teladoc Health Inc.(a)(b)		109,018		13,824,573
Veeva Systems Inc., Class A(a)		98,536		28,395,119
				63,045,531
Hotels, Restaurants & Leisure — 2.1%
Aramark		158,436		5,206,207
Booking Holdings Inc.(a)		29,507		70,045,782
Boyd Gaming Corp.(a)		55,331		3,500,239
Caesars Entertainment Inc.(a)		147,128		16,519,532
Carnival Corp.(a)		615,187		15,385,827
Chipotle Mexican Grill Inc.(a)		20,151		36,624,846
Choice Hotels International Inc.		26,090		3,296,993
Churchill Downs Inc.		26,505		6,363,320
Darden Restaurants Inc.		94,997		14,389,196
Domino’s Pizza Inc.		26,492		12,635,624
DraftKings Inc., Class A(a)(b)		214,785		10,344,046
Expedia Group Inc.(a)		104,649		17,151,971
Hilton Worldwide Holdings Inc.(a)		196,767		25,994,888
Hyatt Hotels Corp., Class A(a)		34,040		2,624,484
Las Vegas Sands Corp.(a)		245,126		8,971,612
Marriott International Inc./MD, Class A(a)		194,443		28,795,064
Marriott Vacations Worldwide Corp.		28,497		4,483,433
McDonald’s Corp.		537,159		129,514,407
MGM Resorts International		287,580		12,409,077
Norwegian Cruise Line Holdings Ltd.(a)(b)		261,647		6,988,591
Penn National Gaming Inc.(a)		109,315		7,920,965
Planet Fitness Inc., Class A(a)		60,071		4,718,577

S C H E D U L E   O F   I N V E S  T M E N T S 31

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Royal Caribbean Cruises Ltd.(a)		157,533	$	14,012,560
Six Flags Entertainment Corp.(a)		53,836		2,288,030
Starbucks Corp.		849,482		93,706,359
Travel + Leisure Co.		61,474		3,352,177
Vail Resorts Inc.(a)		28,873		9,645,026
Wendy’s Co. (The)		128,690		2,789,999
Wyndham Hotels & Resorts Inc.		63,149		4,874,471
Wynn Resorts Ltd.(a)		78,829		6,680,758
Yum China Holdings Inc.		307,569		17,872,835
Yum! Brands Inc.		215,068		26,304,967
				625,411,863
Household Durables — 0.4%
DR Horton Inc.		241,735		20,298,488
Garmin Ltd.		109,826		17,073,550
Leggett & Platt Inc.		94,148		4,221,596
Lennar Corp., Class A		197,254		18,478,755
Lennar Corp., Class B		11,447		888,173
Mohawk Industries Inc.(a)		40,605		7,203,327
Newell Brands Inc.		264,414		5,854,126
NVR Inc.(a)		2,307		11,059,942
PulteGroup Inc.		181,580		8,338,154
Tempur Sealy International Inc.		136,464		6,333,294
Toll Brothers Inc.		80,010		4,423,753
TopBuild Corp.(a)(b)		22,811		4,671,921
Whirlpool Corp.		43,963		8,962,297
				117,807,376
Household Products — 1.2%
Church & Dwight Co. Inc.		179,891		14,853,600
Clorox Co. (The)		87,522		14,494,518
Colgate-Palmolive Co.		599,888		45,339,535
Kimberly-Clark Corp.		242,161		32,071,803
Procter & Gamble Co. (The)		1,752,921		245,058,356
Reynolds Consumer Products Inc.		31,579		863,370
Spectrum Brands Holdings Inc.		27,575		2,638,100
				355,319,282
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		483,069		11,028,465
Brookfield Renewable Corp., Class A		86,799		3,368,669
Vistra Corp.		357,155		6,107,351
				20,504,485
Industrial Conglomerates — 1.0%
3M Co.		417,045		73,158,034
General Electric Co.		785,817		80,962,725
Honeywell International Inc.		500,267		106,196,679
Roper Technologies Inc.		75,291		33,589,574
				293,907,012
Insurance — 2.1%
Aflac Inc.		478,288		24,933,153
Alleghany Corp.(a)		9,707		6,061,148
Allstate Corp. (The)		212,896		27,103,790
American Financial Group Inc./OH		47,112		5,928,103
American International Group Inc.		616,788		33,855,493
Aon PLC, Class A		161,202		46,066,696
Arch Capital Group Ltd.(a)		275,870		10,532,717
Arthur J Gallagher & Co.		147,822		21,973,740
Assurant Inc.		41,781		6,590,953
Assured Guaranty Ltd.		55,773		2,610,734
Athene Holding Ltd., Class A(a)		83,679		5,762,973
Axis Capital Holdings Ltd.		59,725		2,749,739

Security	Shares		Value
Insurance (continued)
Brighthouse Financial Inc.(a)		53,635	$	2,425,911
Brown & Brown Inc.		169,421		9,394,394
Chubb Ltd.		315,399		54,715,419
Cincinnati Financial Corp.		109,485		12,505,377
CNA Financial Corp.		18,020		756,119
Erie Indemnity Co., Class A, NVS		17,730		3,163,387
Everest Re Group Ltd.		27,620		6,926,544
Fidelity National Financial Inc.		197,298		8,945,491
First American Financial Corp.		76,516		5,130,398
Globe Life Inc.		69,481		6,185,893
GoHealth Inc., Class A(a)		55,406		278,692
Hanover Insurance Group Inc. (The)		23,713		3,073,679
Hartford Financial Services Group Inc. (The)		250,196		17,576,269
Kemper Corp.		39,237		2,620,639
Lemonade Inc.(a)(b)		24,076		1,613,333
Lincoln National Corp.		131,390		9,033,062
Loews Corp.		152,956		8,248,917
Markel Corp.(a)		9,946		11,886,763
Marsh & McLennan Companies Inc.		365,555		55,355,994
Mercury General Corp.		19,605		1,091,410
MetLife Inc.		523,660		32,325,532
Old Republic International Corp.		201,162		4,652,877
Primerica Inc.		29,080		4,467,560
Principal Financial Group Inc.		188,248		12,123,171
Progressive Corp. (The)		420,461		38,005,470
Prudential Financial Inc.		278,846		29,334,599
Reinsurance Group of America Inc.		48,785		5,427,819
RenaissanceRe Holdings Ltd.		33,100		4,614,140
Travelers Companies Inc. (The)		180,489		27,436,133
Unum Group		148,449		3,720,132
W R Berkley Corp.		102,097		7,471,458
White Mountains Insurance Group Ltd.(b)		2,137		2,285,757
Willis Towers Watson PLC		93,539		21,744,076
				608,705,654
Interactive Media & Services — 6.1%
Alphabet Inc., Class A(a)		216,558		578,972,144
Alphabet Inc., Class C, NVS(a)		202,036		538,488,571
Facebook Inc., Class A(a)		1,723,095		584,801,212
IAC/InterActiveCorp.(a)(b)		54,262		7,069,796
Match Group Inc.(a)(b)		199,414		31,306,004
Pinterest Inc., Class A(a)		400,165		20,388,407
TripAdvisor Inc.(a)		74,930		2,536,380
Twitter Inc.(a)		561,104		33,885,070
Vimeo Inc.(a)		104,188		3,060,002
Zillow Group Inc., Class A(a)		40,996		3,631,426
Zillow Group Inc., Class C, NVS(a)(b)		122,157		10,766,918
				1,814,905,930
Internet & Direct Marketing Retail — 3.8%
Amazon.com Inc.(a)		312,495		1,026,558,575
DoorDash Inc., Class A(a)		104,054		21,433,043
eBay Inc.		469,197		32,688,955
Etsy Inc.(a)		92,352		19,205,522
Qurate Retail Inc., Series A		284,358		2,897,608
Wayfair Inc., Class A(a)(b)		54,405		13,901,021
				1,116,684,724
IT Services — 5.4%
Accenture PLC, Class A		457,846		146,474,092
Akamai Technologies Inc.(a)(b)		116,073		12,140,075
Alliance Data Systems Corp.		34,064		3,436,717

32 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^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Amdocs Ltd.		90,295	$	6,836,234
Automatic Data Processing Inc.		305,579		61,091,354
Broadridge Financial Solutions Inc.		83,480		13,911,107
Cloudflare Inc., Class A(a)		186,428		21,001,114
Cognizant Technology Solutions Corp., Class A		378,439		28,083,958
Concentrix Corp.(a)		30,321		5,366,817
DXC Technology Co.(a)		176,344		5,926,922
EPAM Systems Inc.(a)		38,829		22,151,168
Euronet Worldwide Inc.(a)		37,898		4,823,657
Fastly Inc., Class A(a)(b)		70,456		2,849,241
Fidelity National Information Services Inc.		445,929		54,260,641
Fiserv Inc.(a)		430,194		46,676,049
FleetCor Technologies Inc.(a)		59,680		15,592,594
Gartner Inc.(a)		58,708		17,840,187
Genpact Ltd.		128,637		6,111,544
Global Payments Inc.		211,041		33,255,841
Globant SA(a)(b)		29,159		8,193,971
GoDaddy Inc., Class A(a)		124,256		8,660,643
International Business Machines Corp.		643,365		89,382,699
Jack Henry & Associates Inc.		53,035		8,700,922
Mastercard Inc., Class A		629,966		219,026,579
MongoDB Inc.(a)(b)		44,717		21,084,513
Okta Inc.(a)		89,581		21,261,155
Paychex Inc.		231,349		26,015,195
PayPal Holdings Inc.(a)		845,991		220,135,318
Paysafe Ltd.(a)(b)		300,370		2,327,868
Sabre Corp.(a)		231,635		2,742,558
Shift4 Payments Inc., Class A(a)(b)		27,824		2,156,917
Snowflake Inc., Class A(a)		140,338		42,442,421
SolarWinds Corp.(b)		24,958		417,547
Square Inc., Class A(a)(b)		284,785		68,302,834
StoneCo Ltd., Class A(a)		160,151		5,560,443
Switch Inc., Class A		82,265		2,088,708
Twilio Inc., Class A(a)		120,182		38,344,067
VeriSign Inc.(a)		71,226		14,602,042
Visa Inc., Class A		1,218,686		271,462,307
Western Union Co. (The)		301,461		6,095,541
WEX Inc.(a)		32,927		5,799,762
Wix.com Ltd.(a)(b)		38,283		7,502,320
				1,600,135,642
Leisure Products — 0.1%
Brunswick Corp./DE		57,758		5,502,605
Hasbro Inc.		93,342		8,327,973
Hayward Holdings Inc.(a)		16,014		356,151
Mattel Inc.(a)		250,433		4,648,036
Peloton Interactive Inc., Class A(a)		189,893		16,530,186
Polaris Inc.		39,641		4,743,442
YETI Holdings Inc.(a)		59,465		5,095,556
				45,203,949
Life Sciences Tools & Services — 1.5%
10X Genomics Inc., Class A(a)		60,105		8,750,086
Adaptive Biotechnologies Corp.(a)(b)		78,112		2,655,027
Agilent Technologies Inc.		218,685		34,449,448
Avantor Inc.(a)(b)		411,800		16,842,620
Bio-Rad Laboratories Inc., Class A(a)		14,972		11,168,363
Bio-Techne Corp.		28,045		13,589,766
Bruker Corp.		73,757		5,760,422
Charles River Laboratories International Inc.(a)		35,832		14,786,791
Illumina Inc.(a)		104,992		42,585,805

Security	Shares		Value
Life Sciences Tools & Services (continued)
IQVIA Holdings Inc.(a)		137,002	$	32,817,459
Maravai LifeSciences Holdings Inc., Class A(a)		73,284		3,596,779
Mettler-Toledo International Inc.(a)(b)		16,482		22,701,647
PerkinElmer Inc.		80,083		13,877,583
PPD Inc.(a)		110,444		5,167,675
QIAGEN NV(a)(b)		162,621		8,404,253
Repligen Corp.(a)		38,596		11,153,858
Sotera Health Co.(a)		71,698		1,874,903
Syneos Health Inc.(a)		72,235		6,319,118
Thermo Fisher Scientific Inc.		282,862		161,607,546
Waters Corp.(a)(b)		43,736		15,626,873
				433,736,022
Machinery — 1.6%
AGCO Corp.		44,787		5,487,751
Allison Transmission Holdings Inc.		70,466		2,488,859
Caterpillar Inc.		394,495		75,731,205
Colfax Corp.(a)(b)		84,362		3,872,216
Crane Co.		35,281		3,344,992
Cummins Inc.		103,564		23,256,332
Deere & Co.		202,813		67,956,552
Donaldson Co. Inc.		91,208		5,236,251
Dover Corp.		102,937		16,006,703
Flowserve Corp.		90,589		3,140,721
Fortive Corp.		238,734		16,847,458
Gates Industrial Corp. PLC(a)		64,887		1,055,711
Graco Inc.		121,102		8,473,507
IDEX Corp.		55,550		11,496,072
Illinois Tool Works Inc.		226,389		46,778,759
Ingersoll Rand Inc.(a)		292,610		14,750,470
ITT Inc.		59,156		5,077,951
Lincoln Electric Holdings Inc.		40,766		5,250,253
Middleby Corp. (The)(a)		39,609		6,753,731
Nordson Corp.		41,664		9,922,282
Oshkosh Corp.		50,496		5,169,275
Otis Worldwide Corp.		309,881		25,497,009
PACCAR Inc.		247,718		19,549,905
Parker-Hannifin Corp.		92,138		25,763,627
Pentair PLC		116,254		8,443,528
Snap-on Inc.		39,292		8,210,063
Stanley Black & Decker Inc.		116,389		20,404,156
Timken Co. (The)		44,878		2,935,919
Toro Co. (The)		79,400		7,734,354
Westinghouse Air Brake Technologies Corp.		130,189		11,223,594
Woodward Inc.		39,603		4,483,060
Xylem Inc./NY		130,837		16,181,920
				488,524,186
Marine — 0.0%
Kirby Corp.(a)		40,923		1,962,667
Media — 1.3%
Altice USA Inc., Class A(a)		153,376		3,177,951
Cable One Inc.		3,863		7,004,121
Charter Communications Inc., Class A(a)		92,118		67,021,372
Comcast Corp., Class A		3,283,460		183,643,918
Discovery Inc., Class A(a)(b)		111,912		2,840,327
Discovery Inc., Class C, NVS(a)		224,302		5,443,810
DISH Network Corp., Class A(a)(b)		179,303		7,792,508
Fox Corp., Class A, NVS		225,560		9,047,212
Fox Corp., Class B		116,098		4,309,558
Interpublic Group of Companies Inc. (The)		281,123		10,308,780

S C H E D U L E   O F   I N V E S  T M E N T S 33

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Liberty Broadband Corp., Class A(a)		18,691	$	3,146,630
Liberty Broadband Corp., Class C, NVS(a)		104,375		18,025,562
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		52,764		2,488,878
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		116,488		5,529,685
New York Times Co. (The), Class A		118,659		5,846,329
News Corp., Class A, NVS		277,161		6,521,598
News Corp., Class B		81,979		1,904,372
Nexstar Media Group Inc., Class A		27,265		4,143,189
Omnicom Group Inc.		155,399		11,260,212
Sirius XM Holdings Inc.(b)		611,151		3,728,021
ViacomCBS Inc., Class A		6,785		285,445
ViacomCBS Inc., Class B, NVS		418,645		16,540,664
				380,010,142
Metals & Mining — 0.4%
Alcoa Corp.(a)		140,029		6,853,019
Cleveland-Cliffs Inc.(a)(b)		318,118		6,301,918
Freeport-McMoRan Inc.		1,048,999		34,123,937
Newmont Corp.		576,932		31,327,408
Nucor Corp.		212,002		20,880,077
Reliance Steel & Aluminum Co.		46,459		6,616,691
Royal Gold Inc.		45,089		4,305,549
Southern Copper Corp.		58,368		3,276,779
Steel Dynamics Inc.		137,907		8,064,801
United States Steel Corp.(b)		183,929		4,040,920
				125,791,099
Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		391,243		6,169,902
Annaly Capital Management Inc.		1,037,450		8,735,329
New Residential Investment Corp.		326,949		3,596,439
Starwood Property Trust Inc.		205,228		5,009,616
				23,511,286
Multi-Utilities — 0.7%
Ameren Corp.		182,904		14,815,224
CenterPoint Energy Inc.		429,527		10,566,364
CMS Energy Corp.		206,927		12,359,750
Consolidated Edison Inc.		255,503		18,546,963
Dominion Energy Inc.		579,818		42,338,310
DTE Energy Co.		140,896		15,739,492
MDU Resources Group Inc.		149,881		4,446,969
NiSource Inc.		282,310		6,840,371
Public Service Enterprise Group Inc.		367,111		22,357,060
Sempra Energy		228,931		28,959,772
WEC Energy Group Inc.		229,218		20,217,028
				197,187,303
Multiline Retail — 0.5%
Dollar General Corp.		170,557		36,181,962
Dollar Tree Inc.(a)		169,852		16,258,234
Kohl’s Corp.		115,371		5,432,820
Nordstrom Inc.(a)(b)		79,754		2,109,493
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		43,525		2,623,687
Target Corp.		358,001		81,899,889
				144,506,085
Oil, Gas & Consumable Fuels — 2.4%
Antero Midstream Corp.		221,669		2,309,791
APA Corp.		281,151		6,025,066
Cabot Oil & Gas Corp.		283,590		6,170,918
Cheniere Energy Inc.(a)		167,705		16,379,747
Chevron Corp.		1,392,819		141,301,488

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cimarex Energy Co.		69,199	$	6,034,153
ConocoPhillips		972,006		65,872,847
Continental Resources Inc./OK		46,674		2,154,005
Devon Energy Corp.		487,422		17,308,355
Diamondback Energy Inc.		129,890		12,296,686
DTE Midstream LLC(a)		75,555		3,493,663
EOG Resources Inc.		419,729		33,691,647
EQT Corp.(a)		200,353		4,099,222
Exxon Mobil Corp.		3,048,927		179,337,886
Hess Corp.		202,706		15,833,366
HollyFrontier Corp.		108,239		3,585,958
Kinder Morgan Inc.		1,398,099		23,390,196
Marathon Oil Corp.		577,470		7,894,015
Marathon Petroleum Corp.		460,108		28,439,275
New Fortress Energy Inc.		19,012		527,583
Occidental Petroleum Corp.		602,464		17,820,885
ONEOK Inc.		323,136		18,738,657
Phillips 66		314,650		22,034,940
Pioneer Natural Resources Co.		155,601		25,909,123
Targa Resources Corp.		165,706		8,154,392
Texas Pacific Land Corp.(b)		4,230		5,115,593
Valero Energy Corp.		293,230		20,693,241
Williams Companies Inc. (The)		885,037		22,957,860
				717,570,558
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		68,459		4,201,329
Personal Products — 0.2%
Coty Inc., Class A(a)		247,333		1,944,037
Estee Lauder Companies Inc. (The), Class A		164,473		49,330,387
Herbalife Nutrition Ltd.(a)(b)		69,782		2,957,361
				54,231,785
Pharmaceuticals — 3.3%
Bristol-Myers Squibb Co.		1,608,243		95,159,738
Catalent Inc.(a)		118,630		15,786,094
Elanco Animal Health Inc.(a)(b)		312,844		9,976,595
Eli Lilly & Co.		610,258		141,000,111
Jazz Pharmaceuticals PLC(a)		41,437		5,395,512
Johnson & Johnson		1,896,947		306,356,941
Merck & Co. Inc.		1,823,930		136,995,382
Nektar Therapeutics(a)(b)		121,859		2,188,588
Organon & Co.		175,808		5,764,744
Perrigo Co. PLC		100,267		4,745,637
Pfizer Inc.		4,019,193		172,865,491
Royalty Pharma PLC, Class A		234,377		8,470,385
Viatris Inc.		888,333		12,036,912
Zoetis Inc.		341,752		66,347,733
				983,089,863
Professional Services — 0.6%
Booz Allen Hamilton Holding Corp.		96,094		7,625,059
CACI International Inc., Class A(a)		17,823		4,671,408
Clarivate PLC(a)		313,603		6,867,906
CoStar Group Inc.(a)		282,385		24,302,053
Dun & Bradstreet Holdings Inc.(a)(b)		101,450		1,705,374
Equifax Inc.		86,901		22,022,451
FTI Consulting Inc.(a)(b)		24,071		3,242,364
IHS Markit Ltd.		268,558		31,319,234
Jacobs Engineering Group Inc.		94,639		12,542,507
Legalzoomcom Inc.(a)(b)		13,595		358,908

34 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^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Leidos Holdings Inc.		99,003	$	9,517,158
ManpowerGroup Inc.		37,202		4,028,233
Nielsen Holdings PLC		259,040		4,970,978
Robert Half International Inc.		77,040		7,729,423
Science Applications International Corp.		38,973		3,334,530
TransUnion		138,339		15,536,853
Verisk Analytics Inc.		114,024		22,835,586
				182,610,025
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		239,687		23,335,926
Howard Hughes Corp. (The)(a)		27,764		2,437,957
Jones Lang LaSalle Inc.(a)		35,410		8,784,867
Opendoor Technologies Inc.(a)(b)		324,380		6,659,521
				41,218,271
Road & Rail — 1.1%
AMERCO		6,491		4,193,381
CSX Corp.		1,630,073		48,478,371
JB Hunt Transport Services Inc.		61,239		10,240,386
Kansas City Southern		66,180		17,910,955
Knight-Swift Transportation Holdings Inc.		115,480		5,906,802
Landstar System Inc.		27,668		4,366,564
Lyft Inc., Class A(a)		207,385		11,113,762
Norfolk Southern Corp.		176,712		42,278,346
Old Dominion Freight Line Inc.		73,790		21,102,464
Ryder System Inc.		36,976		3,058,285
Schneider National Inc., Class B		43,390		986,689
TuSimple Holdings Inc., Class A(a)(b)		19,825		736,102
Uber Technologies Inc.(a)(b)		1,159,164		51,930,547
Union Pacific Corp.		469,490		92,024,735
XPO Logistics Inc.(a)		69,612		5,539,723
				319,867,112
Semiconductors & Semiconductor Equipment — 5.2%
Advanced Micro Devices Inc.(a)(b)		871,312		89,658,005
Allegro MicroSystems Inc.(a)		28,943		925,018
Analog Devices Inc.		385,851		64,622,325
Applied Materials Inc.		659,058		84,840,536
Broadcom Inc.		287,406		139,371,792
Brooks Automation Inc.		52,637		5,387,397
Cirrus Logic Inc.(a)		39,333		3,239,073
Enphase Energy Inc.(a)(b)		94,765		14,211,907
Entegris Inc.		98,210		12,364,639
First Solar Inc.(a)		74,288		7,091,532
Intel Corp.		2,910,047		155,047,304
KLA Corp.		110,222		36,870,361
Lam Research Corp.		102,549		58,365,763
Marvell Technology Inc.		591,129		35,650,990
Microchip Technology Inc.		194,211		29,809,446
Micron Technology Inc.		805,404		57,167,576
MKS Instruments Inc.		38,837		5,860,892
Monolithic Power Systems Inc.		31,845		15,434,635
NVIDIA Corp.		1,722,444		356,821,499
NXP Semiconductors NV		191,325		37,474,828
ON Semiconductor Corp.(a)		306,016		14,006,352
Qorvo Inc.(a)		79,411		13,276,725
QUALCOMM Inc.		811,306		104,642,248
Skyworks Solutions Inc.		120,178		19,802,931
Teradyne Inc.		121,410		13,254,330
Texas Instruments Inc.		665,881		127,988,987
Universal Display Corp.(b)		31,286		5,348,655

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Xilinx Inc.		176,617	$	26,667,401
				1,535,203,147
Software — 10.2%
Adobe Inc.(a)		343,739		197,897,417
Alteryx Inc., Class A(a)		42,611		3,114,864
Anaplan Inc.(a)		99,467		6,056,546
ANSYS Inc.(a)		62,639		21,325,448
Aspen Technology Inc.(a)(b)		46,968		5,767,670
Atlassian Corp. PLC, Class A(a)		98,365		38,502,028
Autodesk Inc.(a)(b)		158,228		45,121,879
Avalara Inc.(a)(b)		60,906		10,644,542
Bentley Systems Inc., Class B(b)		101,123		6,132,099
Bill.com Holdings Inc.(a)		56,797		15,161,959
Black Knight Inc.(a)		111,914		8,057,808
C3.ai Inc., Class A(a)(b)		24,689		1,144,088
Cadence Design Systems Inc.(a)		197,392		29,893,044
CDK Global Inc.		92,776		3,947,619
Ceridian HCM Holding Inc.(a)		92,808		10,452,037
Citrix Systems Inc.		91,029		9,773,784
Coupa Software Inc.(a)(b)		52,571		11,522,512
Crowdstrike Holdings Inc., Class A(a)		142,249		34,961,959
Datadog Inc., Class A(a)		167,576		23,686,868
Datto Holding Corp.(a)(b)		17,375		415,263
DocuSign Inc.(a)		137,195		35,318,109
Dolby Laboratories Inc., Class A		47,891		4,214,408
DoubleVerify Holdings Inc.(a)(b)		10,940		373,710
Dropbox Inc., Class A(a)		212,101		6,197,591
Duck Creek Technologies Inc.(a)		46,585		2,060,920
Dynatrace Inc.(a)		141,947		10,073,979
Elastic NV(a)		51,159		7,622,179
Everbridge Inc.(a)(b)		29,050		4,387,712
Fair Isaac Corp.(a)		19,266		7,666,519
Five9 Inc.(a)		48,018		7,670,395
Fortinet Inc.(a)		96,323		28,130,169
Guidewire Software Inc.(a)		62,057		7,376,716
HubSpot Inc.(a)		32,164		21,745,759
Intuit Inc.		183,985		99,261,747
Jamf Holding Corp.(a)(b)		37,030		1,426,396
Mandiant Inc.		160,387		2,854,889
Manhattan Associates Inc.(a)		44,222		6,767,293
McAfee Corp., Class A		51,982		1,149,322
Medallia Inc.(a)		76,514		2,591,529
Microsoft Corp.		5,425,954		1,529,684,952
N-Able Inc.(a)		27,837		345,457
nCino Inc.(a)(b)		42,296		3,004,285
NCR Corp.(a)		95,220		3,690,727
New Relic Inc.(a)		35,548		2,551,280
NortonLifeLock Inc.		394,647		9,984,569
Nuance Communications Inc.(a)		208,318		11,465,823
Nutanix Inc., Class A(a)(b)		134,037		5,053,195
Oracle Corp.		1,213,478		105,730,338
Palantir Technologies Inc., Class A(a)(b)		1,168,436		28,089,201
Palo Alto Networks Inc.(a)		68,449		32,787,071
Paycom Software Inc.(a)		36,451		18,070,583
Paycor HCM Inc.(a)		14,782		519,735
Paylocity Holding Corp.(a)		26,425		7,409,570
Pegasystems Inc.(b)		27,529		3,498,936
Procore Technologies Inc.(a)(b)		7,305		652,629
PTC Inc.(a)		75,684		9,066,186
RingCentral Inc., Class A(a)		57,749		12,560,407

S C H E D U L E   O F   I N V E S  T M E N T S 35

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
salesforce.com Inc.(a)		665,346	$	180,455,142
ServiceNow Inc.(a)		141,886		88,291,401
Smartsheet Inc., Class A(a)		84,436		5,810,886
Splunk Inc.(a)		118,361		17,128,020
SS&C Technologies Holdings Inc.		160,876		11,164,794
Synopsys Inc.(a)		108,964		32,624,911
Teradata Corp.(a)		78,840		4,521,474
Trade Desk Inc. (The), Class A(a)		308,006		21,652,822
Tyler Technologies Inc.(a)		28,613		13,123,352
Unity Software Inc.(a)		108,847		13,741,934
VMware Inc., Class A(a)(b)		56,123		8,345,490
Wolfspeed Inc.		80,229		6,476,887
Workday Inc., Class A(a)		135,574		33,878,587
Zendesk Inc.(a)		83,745		9,747,081
Zoom Video Communications Inc., Class A(a)		153,632		40,174,768
Zscaler Inc.(a)		54,813		14,373,065
				3,026,144,334
Specialty Retail — 2.3%
Advance Auto Parts Inc.		48,330		10,095,654
AutoNation Inc.(a)		32,574		3,966,210
AutoZone Inc.(a)		15,532		26,373,181
Bath & Body Works Inc.		175,996		11,093,028
Best Buy Co. Inc.		180,418		19,071,987
Burlington Stores Inc.(a)		47,085		13,351,893
CarMax Inc.(a)(b)		118,285		15,135,749
Carvana Co.(a)(b)		56,303		16,977,607
Dick’s Sporting Goods Inc.		45,353		5,431,929
Five Below Inc.(a)		39,851		7,046,055
Floor & Decor Holdings Inc., Class A(a)		71,623		8,651,342
Foot Locker Inc.		59,827		2,731,701
GameStop Corp., Class A(a)(b)		46,329		8,129,350
Gap Inc. (The)		144,669		3,283,986
Home Depot Inc. (The)		765,602		251,316,513
Leslie’s Inc.(a)(b)		108,159		2,221,586
Lithia Motors Inc.		21,726		6,888,011
Lowe’s Companies Inc.		509,264		103,309,295
O’Reilly Automotive Inc.(a)		49,021		29,954,772
Penske Automotive Group Inc.		23,204		2,334,322
Petco Health & Wellness Co. Inc.(a)(b)		39,890		841,679
RH(a)(b)		12,327		8,221,000
Ross Stores Inc.		251,960		27,425,846
TJX Companies Inc. (The)		868,182		57,282,648
Tractor Supply Co.		83,098		16,836,486
Ulta Beauty Inc.(a)		38,395		13,857,523
Victoria’s Secret & Co.(a)		51,974		2,872,083
Vroom Inc.(a)(b)		72,442		1,598,795
Williams-Sonoma Inc.		53,846		9,548,511
				685,848,742
Technology Hardware, Storage & Peripherals — 5.7%
Apple Inc.		11,303,684		1,599,471,286
Dell Technologies Inc., Class C(a)		194,915		20,278,957
Hewlett Packard Enterprise Co.		918,473		13,088,240
HP Inc.		867,418		23,732,556
NetApp Inc.		161,423		14,489,328
Pure Storage Inc., Class A(a)		185,541		4,668,212
Western Digital Corp.(a)		224,890		12,692,792
Xerox Holdings Corp.		92,023		1,856,104
				1,690,277,475

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		102,217	$	4,948,325
Carter’s Inc.		30,284		2,944,816
Columbia Sportswear Co.		28,658		2,746,583
Deckers Outdoor Corp.(a)		19,309		6,955,102
Hanesbrands Inc.		236,445		4,057,396
Lululemon Athletica Inc.(a)		81,945		33,163,142
Nike Inc., Class B		891,967		129,540,367
PVH Corp.(a)		50,027		5,142,275
Ralph Lauren Corp.		33,437		3,712,845
Skechers U.S.A. Inc., Class A(a)		94,716		3,989,438
Tapestry Inc.		201,032		7,442,205
Under Armour Inc., Class A(a)		136,962		2,763,893
Under Armour Inc., Class C, NVS(a)		140,008		2,452,940
VF Corp.		235,798		15,796,108
				225,655,435
Thrifts & Mortgage Finance — 0.0%
MGIC Investment Corp.		242,975		3,634,906
New York Community Bancorp. Inc.		334,838		4,309,365
Rocket Companies Inc., Class A(b)		115,971		1,860,175
TFS Financial Corp.		28,343		540,218
UWM Holdings Corp.		55,896		388,477
				10,733,141
Tobacco — 0.6%
Altria Group Inc.		1,332,731		60,665,915
Philip Morris International Inc.		1,123,186		106,466,801
				167,132,716
Trading Companies & Distributors — 0.3%
Air Lease Corp.		73,769		2,902,072
Core & Main Inc., Class A(a)(b)		25,246		661,698
Fastenal Co.		416,388		21,489,785
MSC Industrial Direct Co. Inc., Class A		34,625		2,776,579
SiteOne Landscape Supply Inc.(a)(b)		31,692		6,321,603
United Rentals Inc.(a)		52,400		18,388,732
Univar Solutions Inc.(a)		126,220		3,006,560
Watsco Inc.		22,660		5,996,289
WW Grainger Inc.		34,113		13,408,456
				74,951,774
Water Utilities — 0.1%
American Water Works Co. Inc.		130,375		22,038,590
Essential Utilities Inc.		156,684		7,219,999
				29,258,589
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		423,749		54,138,172
Total Common Stocks — 99.8% (Cost: $20,827,471,792)				29,596,362,575
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		260,495,613		260,625,861

36 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^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		38,650,000	$	38,650,000
				299,275,861
Total Short-Term Investments — 1.0% (Cost: $299,070,685)				299,275,861
Total Investments in Securities — 100.8% (Cost: $21,126,542,477)				29,895,638,436
Other Assets, Less Liabilities — (0.8)%				(243,741,788	)
Net Assets — 100.0%			$	29,651,896,648

^(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 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	$	259,515,588	$	1,140,941	(a)	$	—		$	(11,833	)	$	(18,835	)	$	260,625,861		260,495,613	$	530,643	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		21,460,000		17,190,000	(a)		—			—			—			38,650,000		38,650,000		1,676			—
BlackRock Inc.		80,120,313		7,678,751			(10,505,598	)		3,865,466			5,287,625			86,446,557		103,077		869,501			—
									$	3,853,633		$	5,268,790		$	385,722,418			$	1,401,820		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 400 E-Mini Index		16		12/17/21	$	4,213	$	(93,535	)
S&P 500 E-Mini Index		236		12/17/21		50,714		(1,922,337	)
							$	(2,015,872	)

S C H E D U L E   O F   I N V E S  T M E N T S 37

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 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)	$	2,015,872

^(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	$	7,399,173
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,359,600	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	50,811,253

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	$	29,596,362,575		$	—	$	—	$	29,596,362,575
Money Market Funds		299,275,861			—		—		299,275,861
	$	29,895,638,436		$	—	$	—	$	29,895,638,436
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(2,015,872	)	$	—	$	—	$	(2,015,872	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

38 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^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Axon Enterprise Inc.(a)		216,923	$	37,965,863
BWX Technologies Inc.		238,118		12,825,036
HEICO Corp.(b)		47,986		6,327,914
HEICO Corp., Class A		84,276		9,980,807
Howmet Aerospace Inc.		73,071		2,279,815
Lockheed Martin Corp.		724,466		250,013,217
Northrop Grumman Corp.		43,674		15,729,191
Spirit AeroSystems Holdings Inc., Class A(b)		101,817		4,499,293
TransDigm Group Inc.(a)		49,683		31,030,511
Virgin Galactic Holdings Inc.(a)(b)		549,897		13,912,394
				384,564,041
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		86,625		7,536,375
Expeditors International of Washington Inc.		408,111		48,618,263
FedEx Corp.		354,840		77,812,864
GXO Logistics Inc.(a)		276,210		21,665,912
United Parcel Service Inc., Class B		2,418,759		440,456,014
				596,089,428
Airlines — 0.1%
Delta Air Lines Inc.(a)		2,124,494		90,524,689
Auto Components — 0.1%
Aptiv PLC(a)		169,364		25,230,155
QuantumScape Corp.(a)(b)		491,042		12,050,171
				37,280,326
Automobiles — 2.9%
Tesla Inc.(a)(b)		2,665,044		2,066,688,321
Thor Industries Inc.		72,117		8,853,083
				2,075,541,404
Banks — 0.0%
Citizens Financial Group Inc.		250,358		11,761,819
Sterling Bancorp./DE		50,273		1,254,814
Synovus Financial Corp.		14		615
Western Alliance Bancorp		184,060		20,029,409
				33,046,657
Beverages — 1.7%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		31,035		15,820,091
Brown-Forman Corp., Class A		75,116		4,707,520
Brown-Forman Corp., Class B, NVS		313,463		21,005,156
Coca-Cola Co. (The)		9,162,375		480,749,816
Monster Beverage Corp.(a)		1,147,495		101,931,981
PepsiCo Inc.		3,833,147		576,543,640
				1,200,758,204
Biotechnology — 2.8%
AbbVie Inc.		5,905,450		637,020,891
Acceleron Pharma Inc.(a)(b)		176,098		30,306,466
Alnylam Pharmaceuticals Inc.(a)(b)		398,462		75,233,610
Amgen Inc.		1,561,724		332,100,609
CureVac NV(a)(b)		176,812		9,657,471
Exact Sciences Corp.(a)(b)		523,955		50,011,505
Exelixis Inc.(a)		918,556		19,418,274
Horizon Therapeutics PLC(a)		135,878		14,884,076
Incyte Corp.(a)(b)		536,630		36,909,411
Ionis Pharmaceuticals Inc.(a)(b)		429,959		14,420,825
Iovance Biotherapeutics Inc.(a)(b)		146,894		3,622,406
Mirati Therapeutics Inc.(a)(b)		108,992		19,281,775
Moderna Inc.(a)		1,130,692		435,158,123

Security	Shares		Value
Biotechnology (continued)
Natera Inc.(a)		261,515	$	29,143,232
Neurocrine Biosciences Inc.(a)		319,144		30,609,101
Novavax Inc.(a)(b)		246,038		51,006,138
Regeneron Pharmaceuticals Inc.(a)		35,766		21,644,868
Sarepta Therapeutics Inc.(a)(b)		254,510		23,537,085
Seagen Inc.(a)		396,136		67,263,893
Ultragenyx Pharmaceutical Inc.(a)		159,621		14,396,218
Vertex Pharmaceuticals Inc.(a)		344,909		62,563,043
				1,978,189,020
Building Products — 0.4%
Advanced Drainage Systems Inc.		202,201		21,872,082
Allegion PLC		223,486		29,540,379
Armstrong World Industries Inc.		76,465		7,300,114
AZEK Co. Inc. (The)(a)		219,326		8,011,979
Carlisle Companies Inc.		65,527		13,026,112
Carrier Global Corp.		1,356,436		70,209,127
Fortune Brands Home & Security Inc.		117,331		10,491,738
Trane Technologies PLC		386,898		66,797,940
Trex Co. Inc.(a)(b)		392,086		39,965,326
				267,214,797
Capital Markets — 1.6%
Ameriprise Financial Inc.		212,624		56,158,251
Apollo Global Management Inc.		606,115		37,330,623
Ares Management Corp., Class A		403,849		29,816,172
Blackstone Inc., NVS		2,273,464		264,494,802
FactSet Research Systems Inc.		110,633		43,675,696
Goldman Sachs Group Inc. (The)		62,402		23,589,828
LPL Financial Holdings Inc.		270,160		42,350,281
MarketAxess Holdings Inc.		124,068		52,194,167
Moody’s Corp.		514,938		182,859,633
Morningstar Inc.		68,207		17,667,659
MSCI Inc.		189,515		115,289,555
Raymond James Financial Inc.		31,342		2,892,240
S&P Global Inc.		568,946		241,739,466
T Rowe Price Group Inc.		248,235		48,827,824
				1,158,886,197
Chemicals — 0.8%
Axalta Coating Systems Ltd.(a)(b)		97,248		2,838,669
Celanese Corp.		131,519		19,812,022
Chemours Co. (The)		282,078		8,197,187
Diversey Holdings Ltd.(a)(b)		83,604		1,341,008
Dow Inc.		179,248		10,317,515
Ecolab Inc.		733,847		153,095,161
FMC Corp.		108,533		9,937,281
LyondellBasell Industries NV, Class A		107,690		10,106,706
Olin Corp.		36,364		1,754,563
PPG Industries Inc.		332,199		47,507,779
RPM International Inc.		257,701		20,010,483
Scotts Miracle-Gro Co. (The)		141,772		20,749,750
Sherwin-Williams Co. (The)		816,349		228,357,306
Westlake Chemical Corp.		22,035		2,008,270
				536,033,700
Commercial Services & Supplies — 0.4%
Cintas Corp.		273,812		104,229,276
Copart Inc.(a)		696,244		96,582,968
IAA Inc.(a)		449,474		24,527,796
MSA Safety Inc.		35,049		5,106,639
Rollins Inc.		719,586		25,422,974

S C H E D U L E   O F   I N V E S  T M E N T S 39

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Waste Management Inc.		228,445	$	34,120,545
				289,990,198
Communications Equipment — 0.1%
Arista Networks Inc.(a)		178,895		61,475,478
CommScope Holding Co. Inc.(a)(b)		667,932		9,077,196
Ubiquiti Inc.		19,446		5,807,937
				76,360,611
Consumer Finance — 0.5%
American Express Co.		1,372,425		229,922,360
Credit Acceptance Corp.(a)(b)		2,100		1,229,130
Discover Financial Services		550,600		67,641,210
Synchrony Financial		345,632		16,894,492
Upstart Holdings Inc.(a)(b)		150,737		47,699,217
				363,386,409
Containers & Packaging — 0.1%
Avery Dennison Corp.		149,669		31,012,914
Ball Corp.		324,885		29,229,903
Crown Holdings Inc.		49,873		5,026,201
Graphic Packaging Holding Co.		266,298		5,070,314
Sealed Air Corp.		261,066		14,303,806
				84,643,138
Distributors — 0.1%
Pool Corp.		129,535		56,271,299
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.(a)(b)		161,756		22,552,022
Chegg Inc.(a)		365,535		24,863,691
frontdoor Inc.(a)(b)		194,906		8,166,561
H&R Block Inc.		473,160		11,829,000
Mister Car Wash Inc.(a)(b)		109,820		2,004,215
				69,415,489
Electric Utilities — 0.0%
NRG Energy Inc.		367,716		15,013,844
Electrical Equipment — 0.3%
Generac Holdings Inc.(a)(b)		204,284		83,484,742
Plug Power Inc.(a)(b)		1,724,795		44,051,265
Rockwell Automation Inc.		234,746		69,024,714
Vertiv Holdings Co.		937,081		22,574,281
				219,135,002
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		1,382,913		101,270,719
CDW Corp./DE		459,051		83,556,463
Cognex Corp.		577,424		46,320,953
Coherent Inc.(a)		71,733		17,939,706
Corning Inc.		875,807		31,958,197
IPG Photonics Corp.(a)		7,117		1,127,333
Jabil Inc.		370,156		21,606,006
Keysight Technologies Inc.(a)		275,167		45,207,186
Vontier Corp.		304,393		10,227,605
Zebra Technologies Corp., Class A(a)		177,283		91,375,204
				450,589,372
Energy Equipment & Services — 0.0%
Halliburton Co.		156,366		3,380,633
Entertainment — 1.7%
Live Nation Entertainment Inc.(a)(b)		171,177		15,599,360
Madison Square Garden Sports Corp.(a)(b)		24,160		4,492,552
Netflix Inc.(a)(b)		1,443,634		881,107,576

Security	Shares		Value
Entertainment (continued)
Playtika Holding Corp.(a)		347,283	$	9,595,429
Roku Inc.(a)		389,481		122,043,871
Skillz Inc.(a)(b)		980,078		9,624,366
Spotify Technology SA(a)(b)		454,535		102,424,917
Take-Two Interactive Software Inc.(a)		80,614		12,420,199
Walt Disney Co. (The)(a)		308,671		52,217,873
World Wrestling Entertainment Inc., Class A		127,979		7,200,098
Zynga Inc., Class A(a)(b)		1,582,520		11,916,376
				1,228,642,617
Equity Real Estate Investment Trusts (REITs) — 1.7%
American Tower Corp.		1,508,546		400,383,194
CoreSite Realty Corp.		115,803		16,043,347
Crown Castle International Corp.		1,438,143		249,258,945
Equinix Inc.		212,424		167,842,575
Equity LifeStyle Properties Inc.		314,494		24,561,981
Extra Space Storage Inc.		38,797		6,517,508
Iron Mountain Inc.		688,057		29,896,077
Lamar Advertising Co., Class A		251,104		28,487,749
Public Storage		383,508		113,940,227
SBA Communications Corp.		60,351		19,950,230
Simon Property Group Inc.		943,359		122,608,369
				1,179,490,202
Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		1,381,667		620,852,066
Sysco Corp.		1,622,388		127,357,458
				748,209,524
Food Products — 0.2%
Beyond Meat Inc.(a)(b)		174,064		18,321,977
Darling Ingredients Inc.(a)		28,445		2,045,195
Freshpet Inc.(a)		136,213		19,436,233
Hershey Co. (The)		417,701		70,695,894
Kellogg Co.		383,830		24,534,413
Lamb Weston Holdings Inc.		143,872		8,829,425
Pilgrim’s Pride Corp.(a)		65,009		1,890,462
				145,753,599
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		2,901,846		342,795,068
ABIOMED Inc.(a)		147,451		47,998,250
Align Technology Inc.(a)		263,425		175,290,898
Danaher Corp.		112,187		34,154,210
Dexcom Inc.(a)(b)		321,267		175,688,072
Edwards Lifesciences Corp.(a)(b)		2,062,101		233,450,454
Figs Inc., Class A(a)(b)		24,256		900,868
Globus Medical Inc., Class A(a)		13,173		1,009,315
IDEXX Laboratories Inc.(a)		283,046		176,026,307
Insulet Corp.(a)		220,044		62,543,106
Intuitive Surgical Inc.(a)		394,677		392,368,140
Masimo Corp.(a)		123,478		33,426,729
Novocure Ltd.(a)(b)		337,929		39,257,212
Penumbra Inc.(a)		115,054		30,661,891
ResMed Inc.		431,393		113,693,625
STERIS PLC		39,029		7,972,844
Stryker Corp.		496,051		130,818,570
Tandem Diabetes Care Inc.(a)(b)		191,125		22,816,503
Teleflex Inc.		27,504		10,356,631
West Pharmaceutical Services Inc.		244,923		103,979,610
				2,135,208,303
Health Care Providers & Services — 0.6%
agilon health Inc.(a)(b)		213,450		5,594,524

40 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^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Amedisys Inc.(a)		98,759	$	14,724,967
Cardinal Health Inc.		585,737		28,970,552
Chemed Corp.		12,160		5,655,859
DaVita Inc.(a)		157,510		18,312,113
Encompass Health Corp.		186,177		13,970,722
Guardant Health Inc.(a)(b)		304,762		38,098,298
HCA Healthcare Inc.		843,340		204,695,485
McKesson Corp.		72,882		14,531,213
Molina Healthcare Inc.(a)(b)		29,229		7,930,120
Oak Street Health Inc.(a)(b)		296,405		12,606,105
UnitedHealth Group Inc.		216,279		84,508,856
				449,598,814
Health Care Technology — 0.2%
Certara Inc.(a)(b)		157,732		5,220,929
Veeva Systems Inc., Class A(a)		455,840		131,359,413
				136,580,342
Hotels, Restaurants & Leisure — 2.5%
Booking Holdings Inc.(a)		136,902		324,987,551
Boyd Gaming Corp.(a)		58,165		3,679,518
Caesars Entertainment Inc.(a)(b)		423,503		47,550,917
Chipotle Mexican Grill Inc.(a)		93,895		170,656,040
Choice Hotels International Inc.		115,871		14,642,618
Churchill Downs Inc.		123,021		29,534,882
Darden Restaurants Inc.		293,772		44,497,645
Domino’s Pizza Inc.		83,508		39,829,976
DraftKings Inc., Class A(a)(b)		1,010,845		48,682,295
Expedia Group Inc.(a)		484,988		79,489,533
Hilton Worldwide Holdings Inc.(a)		611,064		80,727,665
Las Vegas Sands Corp.(a)		1,094,609		40,062,689
Marriott International Inc./MD, Class A(a)(b)		905,629		134,114,599
McDonald’s Corp.		442,962		106,802,568
Penn National Gaming Inc.(a)(b)		32,700		2,369,442
Planet Fitness Inc., Class A(a)		190,786		14,986,240
Six Flags Entertainment Corp.(a)		98,331		4,179,068
Starbucks Corp.		3,938,159		434,418,319
Travel + Leisure Co.		187,548		10,226,992
Vail Resorts Inc.(a)		133,217		44,501,139
Wendy’s Co. (The)		593,074		12,857,844
Wyndham Hotels & Resorts Inc.		192,564		14,864,015
Wynn Resorts Ltd.(a)(b)		360,470		30,549,833
Yum China Holdings Inc.		102,065		5,930,997
Yum! Brands Inc.		84,784		10,369,931
				1,750,512,316
Household Durables — 0.2%
DR Horton Inc.		465,859		39,118,180
NVR Inc.(a)		7,222		34,622,846
PulteGroup Inc.		237,979		10,927,996
Tempur Sealy International Inc.		606,487		28,147,062
Toll Brothers Inc.		151,425		8,372,288
TopBuild Corp.(a)		94,256		19,304,571
				140,492,943
Household Products — 0.3%
Church & Dwight Co. Inc.		43,260		3,571,978
Clorox Co. (The)		332,908		55,132,894
Colgate-Palmolive Co.		1,473,345		111,355,415
Kimberly-Clark Corp.		564,563		74,770,724
				244,831,011
Independent Power and Renewable Electricity Producers — 0.0%
Brookfield Renewable Corp., Class A		106,623		4,138,039

Security	Shares		Value
Industrial Conglomerates — 0.2%
3M Co.		281,012	$	49,295,125
Honeywell International Inc.		500,049		106,150,402
				155,445,527
Insurance — 0.3%
Alleghany Corp.(a)		4,851		3,029,013
Aon PLC, Class A		439,368		125,558,193
Arch Capital Group Ltd.(a)(b)		290,034		11,073,498
Brown & Brown Inc.		43,623		2,418,895
Erie Indemnity Co., Class A, NVS		57,778		10,308,751
Everest Re Group Ltd.		29,987		7,520,140
GoHealth Inc., Class A(a)(b)		136,679		687,495
Lemonade Inc.(a)(b)		13,281		889,960
Lincoln National Corp.		89,269		6,137,244
Markel Corp.(a)		8,085		9,662,626
Marsh & McLennan Companies Inc.		204,442		30,958,652
RenaissanceRe Holdings Ltd.		67,011		9,341,334
				217,585,801
Interactive Media & Services — 10.5%
Alphabet Inc., Class A(a)		865,668		2,314,380,711
Alphabet Inc., Class C, NVS(a)		807,619		2,152,554,997
Facebook Inc., Class A(a)		7,999,992		2,715,117,285
Match Group Inc.(a)(b)		924,309		145,107,270
Pinterest Inc., Class A(a)		1,854,851		94,504,659
TripAdvisor Inc.(a)		200,806		6,797,283
Twitter Inc.(a)(b)		273,308		16,505,070
Vimeo Inc.(a)(b)		442,274		12,989,587
Zillow Group Inc., Class A(a)(b)		205,881		18,236,939
Zillow Group Inc., Class C, NVS(a)(b)		566,218		49,906,455
				7,526,100,256
Internet & Direct Marketing Retail — 7.2%
Amazon.com Inc.(a)		1,450,822		4,766,008,303
DoorDash Inc., Class A(a)(b)		424,233		87,383,513
eBay Inc.		2,174,994		151,531,832
Etsy Inc.(a)(b)		421,976		87,754,129
Wayfair Inc., Class A(a)(b)		141,963		36,272,966
				5,128,950,743
IT Services — 7.7%
Accenture PLC, Class A		1,709,063		546,763,435
Automatic Data Processing Inc.		1,306,128		261,121,110
Broadridge Financial Solutions Inc.		349,379		58,220,517
Cloudflare Inc., Class A(a)		814,870		91,795,105
EPAM Systems Inc.(a)		179,313		102,294,480
Euronet Worldwide Inc.(a)		119,318		15,186,795
Fiserv Inc.(a)(b)		135,519		14,703,811
FleetCor Technologies Inc.(a)		62,159		16,240,282
Gartner Inc.(a)		272,140		82,697,903
Genpact Ltd.		30,495		1,448,817
Globant SA(a)		135,153		37,979,345
GoDaddy Inc., Class A(a)(b)		57,003		3,973,109
Jack Henry & Associates Inc.		64,110		10,517,887
Mastercard Inc., Class A		2,924,789		1,016,890,639
MongoDB Inc.(a)(b)		207,247		97,719,033
Okta Inc.(a)(b)		413,379		98,111,372
Paychex Inc.		934,935		105,133,441
PayPal Holdings Inc.(a)		3,927,776		1,022,046,593
Sabre Corp.(a)		1,056,237		12,505,846
Shift4 Payments Inc., Class A(a)(b)		142,841		11,073,034
Snowflake Inc., Class A(a)(b)		616,007		186,298,997
Square Inc., Class A(a)(b)		1,322,584		317,208,547

S C H E D U L E   O F   I N V E S  T M E N T S 41

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
StoneCo Ltd., Class A(a)(b)		703,777	$	24,435,137
Switch Inc., Class A		381,405		9,683,873
Twilio Inc., Class A(a)		156,534		49,942,173
Visa Inc., Class A		5,658,126		1,260,347,566
Western Union Co. (The)		337,316		6,820,530
WEX Inc.(a)(b)		99,701		17,561,334
Wix.com Ltd.(a)(b)		176,345		34,558,330
				5,513,279,041
Leisure Products — 0.2%
Brunswick Corp./DE		33,107		3,154,104
Mattel Inc.(a)(b)		1,196,933		22,215,076
Peloton Interactive Inc., Class A(a)(b)		877,640		76,398,562
Polaris Inc.		127,113		15,210,342
YETI Holdings Inc.(a)(b)		292,192		25,037,932
				142,016,016
Life Sciences Tools & Services — 1.4%
10X Genomics Inc., Class A(a)(b)		277,406		40,384,766
Adaptive Biotechnologies Corp.(a)(b)		322,706		10,968,777
Agilent Technologies Inc.		908,178		143,065,280
Avantor Inc.(a)		1,931,947		79,016,632
Bio-Techne Corp.		129,004		62,511,468
Bruker Corp.		349,318		27,281,736
Charles River Laboratories International Inc.(a)		155,570		64,199,072
Illumina Inc.(a)		488,143		197,995,682
IQVIA Holdings Inc.(a)		313,691		75,141,542
Maravai LifeSciences Holdings Inc., Class A(a)(b)		339,586		16,666,881
Mettler-Toledo International Inc.(a)		76,483		105,344,625
PPD Inc.(a)(b)		218,072		10,203,589
Repligen Corp.(a)		171,781		49,642,991
Sotera Health Co.(a)(b)		332,259		8,688,573
Syneos Health Inc.(a)		43,631		3,816,840
Thermo Fisher Scientific Inc.		117,942		67,383,803
Waters Corp.(a)(b)		189,554		67,727,644
				1,030,039,901
Machinery — 1.4%
AGCO Corp.		20,361		2,494,833
Allison Transmission Holdings Inc.		253,131		8,940,587
Caterpillar Inc.		1,577,480		302,828,836
Deere & Co.		941,687		315,531,063
Donaldson Co. Inc.		47,981		2,754,589
Graco Inc.		356,906		24,972,713
Illinois Tool Works Inc.		944,353		195,131,660
Lincoln Electric Holdings Inc.		191,114		24,613,572
Middleby Corp. (The)(a)		55,234		9,417,949
Nordson Corp.		32,996		7,857,998
Parker-Hannifin Corp.		71,162		19,898,319
Toro Co. (The)		345,435		33,648,823
Xylem Inc./NY		392,651		48,563,076
				996,654,018
Media — 0.5%
Altice USA Inc., Class A(a)		498,154		10,321,751
Cable One Inc.		9,528		17,275,503
Charter Communications Inc., Class A(a)		405,174		294,788,395
Nexstar Media Group Inc., Class A		4		608
				322,386,257
Metals & Mining — 0.1%
Freeport-McMoRan Inc.		1,428,100		46,456,093
Southern Copper Corp.		255,557		14,346,970

Security	Shares		Value
Metals & Mining (continued)
Steel Dynamics Inc.		113,324	$	6,627,188
				67,430,251
Multiline Retail — 0.4%
Dollar General Corp.		338,381		71,784,145
Nordstrom Inc.(a)(b)		310,098		8,202,092
Target Corp.		745,698		170,593,332
				250,579,569
Oil, Gas & Consumable Fuels — 0.3%
Cabot Oil & Gas Corp.		155,516		3,384,028
Cheniere Energy Inc.(a)		779,678		76,151,150
Cimarex Energy Co.		66,944		5,837,517
Continental Resources Inc./OK(b)		22,253		1,026,976
Diamondback Energy Inc.		285,520		27,030,178
EOG Resources Inc.		241,149		19,357,030
Hess Corp.		62,781		4,903,824
New Fortress Energy Inc.		88,162		2,446,496
Occidental Petroleum Corp.		357,429		10,572,750
Pioneer Natural Resources Co.		320,812		53,418,406
Texas Pacific Land Corp.(b)		19,632		23,742,156
				227,870,511
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		12,415		761,909
Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		763,789		229,083,235
Herbalife Nutrition Ltd.(a)(b)		41,157		1,744,233
				230,827,468
Pharmaceuticals — 1.2%
Catalent Inc.(a)		127,063		16,908,273
Eli Lilly & Co.		2,238,329		517,165,915
Royalty Pharma PLC, Class A		660,668		23,876,542
Zoetis Inc.		1,503,243		291,839,596
				849,790,326
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		442,350		35,100,473
CoStar Group Inc.(a)		1,011,541		87,053,218
Equifax Inc.		156,888		39,758,557
Legalzoomcom Inc.(a)(b)		37,513		990,343
Robert Half International Inc.		327,954		32,903,625
TransUnion		435,166		48,873,493
Verisk Analytics Inc.		336,929		67,476,771
				312,156,480
Real Estate Management & Development — 0.0%
CBRE Group Inc., Class A(a)		58,882		5,732,752
Opendoor Technologies Inc.(a)(b)		283,238		5,814,876
				11,547,628
Road & Rail — 1.0%
JB Hunt Transport Services Inc.		252,914		42,292,279
Kansas City Southern		83,188		22,514,000
Landstar System Inc.		112,717		17,788,997
Lyft Inc., Class A(a)(b)		961,466		51,524,963
Old Dominion Freight Line Inc.(b)		314,923		90,061,679
TuSimple Holdings Inc., Class A(a)		6		223
Uber Technologies Inc.(a)		4,607,502		206,416,090
Union Pacific Corp.		1,376,163		269,741,710
XPO Logistics Inc.(a)(b)		284,131		22,611,145
				722,951,086

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 7.4%
Advanced Micro Devices Inc.(a)		4,044,967	$	416,227,104
Allegro MicroSystems Inc.(a)		134,236		4,290,183
Analog Devices Inc.		712,198		119,278,921
Applied Materials Inc.		3,059,625		393,865,526
Broadcom Inc.		1,334,348		647,065,376
Brooks Automation Inc.		201,352		20,608,377
Enphase Energy Inc.(a)(b)		438,182		65,714,154
Entegris Inc.		448,524		56,469,172
KLA Corp.		513,074		171,628,384
Lam Research Corp.		475,604		270,690,017
Microchip Technology Inc.		757,921		116,333,294
Micron Technology Inc.		525,451		37,296,512
MKS Instruments Inc.		153,025		23,093,003
Monolithic Power Systems Inc.		149,516		72,467,415
NVIDIA Corp.		7,996,976		1,656,653,548
NXP Semiconductors NV		272,276		53,330,700
ON Semiconductor Corp.(a)		777,765		35,598,304
QUALCOMM Inc.		3,770,625		486,335,212
Skyworks Solutions Inc.		263,470		43,414,587
Teradyne Inc.		552,473		60,313,477
Texas Instruments Inc.		1,913,589		367,810,942
Universal Display Corp.		144,118		24,638,413
Xilinx Inc.		819,422		123,724,528
				5,266,847,149
Software — 17.9%
Adobe Inc.(a)		1,595,906		918,795,002
Alteryx Inc., Class A(a)(b)		195,695		14,305,305
Anaplan Inc.(a)		467,566		28,470,094
ANSYS Inc.(a)		122,629		41,749,043
Aspen Technology Inc.(a)		231,814		28,466,759
Atlassian Corp. PLC, Class A(a)(b)		455,941		178,464,426
Autodesk Inc.(a)(b)		736,774		210,105,842
Avalara Inc.(a)(b)		286,027		49,988,939
Bentley Systems Inc., Class B(b)		461,374		27,977,719
Bill.com Holdings Inc.(a)		263,748		70,407,529
C3.ai Inc., Class A(a)(b)		31,406		1,455,354
Cadence Design Systems Inc.(a)		915,790		138,687,238
CDK Global Inc.		54,479		2,318,081
Citrix Systems Inc.		146,656		15,746,455
Coupa Software Inc.(a)(b)		243,161		53,296,028
Crowdstrike Holdings Inc., Class A(a)(b)		659,227		162,024,812
Datadog Inc., Class A(a)		776,748		109,793,330
DocuSign Inc.(a)(b)		638,007		164,242,142
DoubleVerify Holdings Inc.(a)(b)		50,752		1,733,688
Dropbox Inc., Class A(a)(b)		1,038,940		30,357,827
Duck Creek Technologies Inc.(a)(b)		53,188		2,353,037
Dynatrace Inc.(a)		619,104		43,937,811
Elastic NV(a)(b)		232,784		34,682,488
Everbridge Inc.(a)(b)		129,750		19,597,440
Fair Isaac Corp.(a)		91,196		36,289,624
Five9 Inc.(a)		222,556		35,551,095
Fortinet Inc.(a)		446,250		130,322,850
HubSpot Inc.(a)		148,506		100,403,422
Intuit Inc.		853,063		460,236,019
Jamf Holding Corp.(a)(b)		149,148		5,745,181
Mandiant Inc.		228,564		4,068,439
Manhattan Associates Inc.(a)		112,349		17,192,767
McAfee Corp., Class A		174,057		3,848,400
Medallia Inc.(a)(b)		210,692		7,136,138
Microsoft Corp.		25,191,624		7,102,022,638

Security	Shares		Value
Software (continued)
nCino Inc.(a)(b)		187,598	$	13,325,086
NCR Corp.(a)(b)		144,246		5,590,975
New Relic Inc.(a)		172,273		12,364,033
NortonLifeLock Inc.		484,837		12,266,376
Nuance Communications Inc.(a)		360,570		19,845,773
Nutanix Inc., Class A(a)(b)		658,520		24,826,204
Oracle Corp.		5,250,845		457,506,125
Palantir Technologies Inc., Class A(a)(b)		5,407,010		129,984,520
Palo Alto Networks Inc.(a)(b)		317,597		152,128,963
Paycom Software Inc.(a)		169,130		83,846,198
Paycor HCM Inc.(a)(b)		49,338		1,734,724
Paylocity Holding Corp.(a)		124,936		35,032,054
Pegasystems Inc.(b)		125,067		15,896,016
Procore Technologies Inc.(a)(b)		24,390		2,179,003
PTC Inc.(a)(b)		349,693		41,889,724
RingCentral Inc., Class A(a)		266,385		57,938,738
salesforce.com Inc.(a)		594,508		161,242,460
ServiceNow Inc.(a)		658,709		409,894,849
Smartsheet Inc., Class A(a)		400,453		27,559,175
Splunk Inc.(a)(b)		545,422		78,928,018
Synopsys Inc.(a)		320,664		96,010,008
Teradata Corp.(a)(b)		310,890		17,829,542
Trade Desk Inc. (The), Class A(a)(b)		1,425,042		100,180,453
Tyler Technologies Inc.(a)(b)		115,918		53,165,791
Unity Software Inc.(a)(b)		496,876		62,730,595
VMware Inc., Class A(a)(b)		99,266		14,760,854
Workday Inc., Class A(a)		628,424		157,036,873
Zendesk Inc.(a)		396,879		46,192,747
Zoom Video Communications Inc., Class A(a)		713,847		186,670,991
Zscaler Inc.(a)		257,624		67,554,165
				12,797,883,995
Specialty Retail — 3.7%
AutoZone Inc.(a)		15,403		26,154,140
Bath & Body Works Inc.		473,443		29,841,112
Best Buy Co. Inc.		198,374		20,970,115
Burlington Stores Inc.(a)(b)		207,559		58,857,506
CarMax Inc.(a)(b)		46,903		6,001,708
Carvana Co.(a)		256,788		77,431,853
Five Below Inc.(a)(b)		187,438		33,140,913
Floor & Decor Holdings Inc., Class A(a)		344,559		41,619,282
GameStop Corp., Class A(a)(b)		214,726		37,677,971
Home Depot Inc. (The)		3,554,530		1,166,810,018
Leslie’s Inc.(a)(b)		354,692		7,285,374
Lithia Motors Inc.		8,802		2,790,586
Lowe’s Companies Inc.		2,364,429		479,648,067
O’Reilly Automotive Inc.(a)		69,553		42,501,056
Petco Health & Wellness Co. Inc.(a)(b)		14		295
RH(a)(b)		58,210		38,820,831
Ross Stores Inc.		1,165,333		126,846,497
TJX Companies Inc. (The)		4,026,641		265,677,773
Tractor Supply Co.		382,972		77,593,957
Ulta Beauty Inc.(a)		177,890		64,204,059
Victoria’s Secret & Co.(a)		138,395		7,647,708
Vroom Inc.(a)(b)		95,728		2,112,717
Williams-Sonoma Inc.		193,476		34,309,099
				2,647,942,637
Technology Hardware, Storage & Peripherals — 10.6%
Apple Inc.		52,480,757		7,426,027,116
Dell Technologies Inc., Class C(a)		437,294		45,496,068

S C H E D U L E   O F   I N V E S  T M E N T S 43

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
HP Inc.		1,395,267	$	38,174,505
NetApp Inc.		499,200		44,808,192
Pure Storage Inc., Class A(a)		830,471		20,894,650
				7,575,400,531
Textiles, Apparel & Luxury Goods — 1.2%
Columbia Sportswear Co.		4		383
Deckers Outdoor Corp.(a)		10,848		3,907,450
Hanesbrands Inc.		690,679		11,852,052
Lululemon Athletica Inc.(a)		381,651		154,454,160
Nike Inc., Class B		4,141,237		601,431,849
Skechers U.S.A. Inc., Class A(a)		49,048		2,065,902
Tapestry Inc.		92,918		3,439,824
VF Corp.		691,448		46,320,101
				823,471,721
Thrifts & Mortgage Finance — 0.0%
Rocket Companies Inc., Class A		495,143		7,942,094
UWM Holdings Corp.		177,891		1,236,342
				9,178,436
Tobacco — 0.2%
Altria Group Inc.		3,446,913		156,903,480
Trading Companies & Distributors — 0.3%
Core & Main Inc., Class A(a)(b)		60,201		1,577,868
Fastenal Co.		1,694,107		87,432,862
SiteOne Landscape Supply Inc.(a)(b)		76,468		15,253,072
United Rentals Inc.(a)		83,612		29,341,959
WW Grainger Inc.		128,207		50,393,044
				183,998,805
Total Common Stocks — 99.8% (Cost: $42,776,950,627)				71,317,771,710

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		830,078,537	$	830,493,576
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		91,100,000		91,100,000
				921,593,576
Total Short-Term Investments — 1.3% (Cost: $920,970,484)				921,593,576
Total Investments in Securities — 101.1% (Cost: $43,697,921,111)				72,239,365,286
Other Assets, Less Liabilities — (1.1)%				(816,752,988	)
Net Assets — 100.0%			$	71,422,612,298

^(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 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	$	986,160,919	$	—		$	(155,602,189	)(a)	$	92,737	$	(157,891	)	$	830,493,576		830,078,537	$	1,698,988	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		77,470,000		13,630,000	(a)		—			—		—			91,100,000		91,100,000		3,854			—
									$	92,737	$	(157,891	)	$	921,593,576			$	1,702,842		$	—

^(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.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Growth 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
NASDAQ 100 E-Mini Index		243		12/17/21	$	71,357	$	(4,158,539	)
S&P 500 E-Mini Index		80		12/17/21		17,191		(713,629	)
							$	(4,872,168	)

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)	$	4,872,168

^(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	$	17,038,580
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,807,088	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	100,318,620

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	$	71,317,771,710		$	—	$	—	$	71,317,771,710
Money Market Funds		921,593,576			—		—		921,593,576
	$	72,239,365,286		$	—	$	—	$	72,239,365,286
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(4,872,168	)	$	—	$	—	$	(4,872,168	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.    

S C H E D U L E   O F   I N V E S  T M E N T S 45

Schedule of Investments (unaudited) September 30, 2021 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.5%
Boeing Co. (The)(a)		1,436,921	$	316,036,405
BWX Technologies Inc.		62,479		3,365,119
Curtiss-Wright Corp.		108,886		13,739,235
General Dynamics Corp.		665,921		130,540,494
HEICO Corp.(b)		77,858		10,267,134
HEICO Corp., Class A(b)		146,801		17,385,642
Hexcel Corp.(a)		222,752		13,229,241
Howmet Aerospace Inc.		959,283		29,929,630
Huntington Ingalls Industries Inc.		107,641		20,781,171
L3Harris Technologies Inc.		535,882		118,022,652
Lockheed Martin Corp.		83,685		28,879,694
Mercury Systems Inc.(a)		147,164		6,978,517
Northrop Grumman Corp.		369,668		133,135,930
Raytheon Technologies Corp.		4,065,884		349,503,389
Spirit AeroSystems Holdings Inc., Class A		197,834		8,742,284
Textron Inc.		601,401		41,983,804
TransDigm Group Inc.(a)		98,674		61,628,820
Virgin Galactic Holdings Inc.(a)(b)		38,767		980,805
				1,305,129,966
Air Freight & Logistics — 0.2%
CH Robinson Worldwide Inc.		282,547		24,581,589
Expeditors International of Washington Inc.		118,604		14,129,294
FedEx Corp.		371,502		81,466,674
GXO Logistics Inc.(a)		36,858		2,891,142
				123,068,699
Airlines — 0.4%
Alaska Air Group Inc.(a)		334,413		19,596,602
American Airlines Group Inc.(a)		1,691,321		34,705,907
Copa Holdings SA, Class A, NVS(a)		79,731		6,488,509
JetBlue Airways Corp.(a)(b)		844,163		12,907,252
Southwest Airlines Co.(a)		1,583,652		81,447,222
United Airlines Holdings Inc.(a)(b)		866,522		41,220,452
				196,365,944
Auto Components — 0.3%
Aptiv PLC(a)		594,330		88,537,340
BorgWarner Inc.		638,218		27,577,400
Gentex Corp.		626,349		20,656,990
Lear Corp.		159,939		25,027,255
QuantumScape Corp.(a)(b)		149,663		3,672,730
				165,471,715
Automobiles — 0.7%
Ford Motor Co.(a)		10,497,149		148,639,630
General Motors Co.(a)		3,688,431		194,417,198
Harley-Davidson Inc.		421,831		15,443,233
Thor Industries Inc.		84,074		10,320,924
				368,820,985
Banks — 8.7%
Bank of America Corp.		19,870,760		843,513,762
Bank of Hawaii Corp.		102,693		8,438,284
Bank OZK		338,765		14,560,120
BOK Financial Corp.		87,036		7,794,074
Citigroup Inc.		5,437,731		381,619,962
Citizens Financial Group Inc.		931,589		43,766,051
Comerica Inc.		360,405		29,012,602
Commerce Bancshares Inc.		291,451		20,308,306
Cullen/Frost Bankers Inc.		150,226		17,819,808
East West Bancorp. Inc.		375,871		29,145,037

Security	Shares		Value
Banks (continued)
Fifth Third Bancorp		1,854,553	$	78,707,229
First Citizens BancShares Inc./NC, Class A(b)		16,094		13,569,978
First Hawaiian Inc.		338,938		9,947,830
First Horizon Corp.		1,457,005		23,734,611
First Republic Bank/CA		479,715		92,527,429
FNB Corp.		848,109		9,855,027
Huntington Bancshares Inc./OH		3,929,072		60,743,453
JPMorgan Chase & Co.		7,966,723		1,304,072,888
KeyCorp		2,567,492		55,509,177
M&T Bank Corp.		341,703		51,029,926
PacWest Bancorp		311,009		14,094,928
People’s United Financial Inc.		1,166,165		20,372,903
Pinnacle Financial Partners Inc.		203,808		19,174,257
PNC Financial Services Group Inc. (The)		1,138,351		222,706,990
Popular Inc.		213,176		16,557,380
Prosperity Bancshares Inc.		246,004		17,498,264
Regions Financial Corp.		2,562,012		54,596,476
Signature Bank/New York NY		159,762		43,499,997
Sterling Bancorp./DE		468,568		11,695,457
SVB Financial Group(a)		152,457		98,621,384
Synovus Financial Corp.		349,623		15,344,953
Truist Financial Corp.		3,603,447		211,342,167
U.S. Bancorp		3,601,231		214,057,171
Umpqua Holdings Corp.		609,352		12,339,378
Webster Financial Corp.		250,464		13,640,269
Wells Fargo & Co.		11,100,012		515,151,557
Western Alliance Bancorp		132,735		14,444,223
Wintrust Financial Corp.		150,973		12,133,700
Zions Bancorp. NA		429,849		26,603,355
				4,649,550,363
Beverages — 0.9%
Brown-Forman Corp., Class A		52,868		3,313,238
Brown-Forman Corp., Class B, NVS		253,922		17,015,313
Coca-Cola Co. (The)		3,062,974		160,714,246
Constellation Brands Inc., Class A		427,434		90,056,070
Keurig Dr Pepper Inc.		1,873,571		64,001,185
Molson Coors Beverage Co., Class B		487,127		22,592,950
Monster Beverage Corp.(a)		71,222		6,326,650
PepsiCo Inc.		633,453		95,277,666
				459,297,318
Biotechnology — 1.5%
Amgen Inc.		271,083		57,645,800
Biogen Inc.(a)		397,917		112,606,532
BioMarin Pharmaceutical Inc.(a)		485,331		37,511,233
Exact Sciences Corp.(a)(b)		34,100		3,254,845
Exelixis Inc.(a)		118,688		2,509,064
Gilead Sciences Inc.		3,368,469		235,287,560
Horizon Therapeutics PLC(a)		477,981		52,358,039
Incyte Corp.(a)		70,606		4,856,281
Ionis Pharmaceuticals Inc.(a)(b)		29,501		989,463
Iovance Biotherapeutics Inc.(a)(b)		291,845		7,196,898
Mirati Therapeutics Inc.(a)		15,192		2,687,617
Natera Inc.(a)		18,720		2,086,157
Regeneron Pharmaceuticals Inc.(a)		240,114		145,312,190
Sage Therapeutics Inc.(a)(b)		128,983		5,715,237
Seagen Inc.(a)		35,550		6,036,390
Ultragenyx Pharmaceutical Inc.(a)(b)		43,930		3,962,047
United Therapeutics Corp.(a)		117,368		21,663,785

46 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^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Vertex Pharmaceuticals Inc.(a)(b)		417,009	$	75,641,262
				777,320,400
Building Products — 0.8%
A O Smith Corp.		352,086		21,501,892
Allegion PLC		54,541		7,209,229
Armstrong World Industries Inc.		65,556		6,258,631
AZEK Co. Inc. (The)(a)		146,622		5,356,102
Builders FirstSource Inc.(a)(b)		545,514		28,224,894
Carlisle Companies Inc.		82,554		16,410,910
Carrier Global Corp.		1,240,256		64,195,651
Fortune Brands Home & Security Inc.		274,123		24,512,079
Johnson Controls International PLC		1,919,781		130,698,691
Lennox International Inc.		89,490		26,325,273
Masco Corp.		660,451		36,688,053
Owens Corning		275,072		23,518,656
Trane Technologies PLC		328,259		56,673,916
				447,573,977
Capital Markets — 4.9%
Affiliated Managers Group Inc.(b)		110,524		16,699,071
Ameriprise Financial Inc.		135,081		35,677,594
Ares Management Corp., Class A		44,300		3,270,669
Bank of New York Mellon Corp. (The)		2,120,156		109,908,887
BlackRock Inc.(c)		383,535		321,655,463
Carlyle Group Inc. (The)		432,527		20,449,877
Cboe Global Markets Inc.		284,787		35,273,718
Charles Schwab Corp. (The)		4,035,661		293,957,547
CME Group Inc.		961,769		185,986,889
Evercore Inc., Class A		102,073		13,644,098
FactSet Research Systems Inc.		14,034		5,540,343
Franklin Resources Inc.		770,778		22,907,522
Goldman Sachs Group Inc. (The)		836,764		316,321,895
Interactive Brokers Group Inc., Class A		222,650		13,880,001
Intercontinental Exchange Inc.		1,491,741		171,281,702
Invesco Ltd.		889,055		21,435,116
Janus Henderson Group PLC		388,557		16,059,061
Jefferies Financial Group Inc.		582,667		21,634,426
KKR & Co. Inc.		1,490,151		90,720,393
Lazard Ltd., Class A		268,754		12,308,933
Moody’s Corp.		21,549		7,652,265
Morgan Stanley		3,653,143		355,487,345
Morningstar Inc.		7,512		1,945,833
MSCI Inc.		62,261		37,875,857
Nasdaq Inc.		313,393		60,491,117
Northern Trust Corp.		550,306		59,328,490
Raymond James Financial Inc.		468,682		43,249,975
S&P Global Inc.		188,617		80,141,477
SEI Investments Co.		282,539		16,754,563
State Street Corp.		983,312		83,306,193
Stifel Financial Corp.		270,868		18,408,189
T Rowe Price Group Inc.		404,069		79,480,372
Tradeweb Markets Inc., Class A		279,480		22,576,394
Virtu Financial Inc., Class A		225,854		5,517,613
				2,600,828,888
Chemicals — 1.9%
Air Products & Chemicals Inc.		593,071		151,891,414
Albemarle Corp.		310,686		68,030,913
Ashland Global Holdings Inc.		146,244		13,033,265
Axalta Coating Systems Ltd.(a)		438,872		12,810,674
Celanese Corp.		190,384		28,679,446

Security	Shares		Value
Chemicals (continued)
CF Industries Holdings Inc.		580,727	$	32,416,181
Chemours Co. (The)		210,208		6,108,645
Corteva Inc.		1,978,538		83,256,879
Diversey Holdings Ltd.(a)(b)		31,129		499,309
Dow Inc.		1,860,698		107,101,777
DuPont de Nemours Inc.		1,406,085		95,599,719
Eastman Chemical Co.		361,432		36,410,660
Ecolab Inc.		81,985		17,103,711
Element Solutions Inc.		600,333		13,015,219
FMC Corp.		261,924		23,981,761
Huntsman Corp.		556,542		16,468,078
International Flavors & Fragrances Inc.		666,996		89,190,705
LyondellBasell Industries NV, Class A		617,984		57,997,798
Mosaic Co. (The)		919,862		32,857,471
NewMarket Corp.		17,885		6,058,901
Olin Corp.		364,709		17,597,209
PPG Industries Inc.		366,817		52,458,499
RPM International Inc.		141,523		10,989,261
Valvoline Inc.		482,114		15,032,315
Westlake Chemical Corp.		70,484		6,423,912
				995,013,722
Commercial Services & Supplies — 0.5%
ADT Inc.		361,908		2,927,836
Cintas Corp.		13,591		5,173,550
Clean Harbors Inc.(a)		135,007		14,023,177
Driven Brands Holdings Inc.(a)		142,343		4,112,289
MSA Safety Inc.		69,496		10,125,567
Republic Services Inc.		561,560		67,420,894
Rollins Inc.		28,157		994,805
Stericycle Inc.(a)		251,454		17,091,328
Waste Management Inc.		952,239		142,226,417
				264,095,863
Communications Equipment — 1.6%
Arista Networks Inc.(a)		16,953		5,825,729
Ciena Corp.(a)		420,787		21,607,413
Cisco Systems Inc.		11,339,712		617,220,524
F5 Networks Inc.(a)(b)		162,218		32,245,694
Juniper Networks Inc.		883,295		24,308,278
Lumentum Holdings Inc.(a)(b)		207,774		17,357,440
Motorola Solutions Inc.		445,526		103,504,600
Viasat Inc.(a)		187,237		10,311,142
				832,380,820
Construction & Engineering — 0.2%
AECOM(a)		364,074		22,991,273
MasTec Inc.(a)		155,366		13,404,979
Quanta Services Inc.		369,960		42,108,847
Valmont Industries Inc.		57,708		13,568,305
				92,073,404
Construction Materials — 0.3%
Eagle Materials Inc.		113,309		14,861,608
Martin Marietta Materials Inc.		166,017		56,724,689
Vulcan Materials Co.		353,145		59,738,008
				131,324,305
Consumer Finance — 0.9%
Ally Financial Inc.		970,381		49,537,950
American Express Co.		629,380		105,440,031
Capital One Financial Corp.		1,188,153		192,445,142
Credit Acceptance Corp.(a)(b)		21,753		12,732,031
Discover Financial Services		362,771		44,566,417

S C H E D U L E   O F   I N V E S  T M E N T S 47

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
OneMain Holdings Inc.		276,968	$	15,324,640
Santander Consumer USA Holdings Inc.		160,782		6,704,609
SLM Corp.		820,776		14,445,658
Synchrony Financial		1,244,732		60,842,500
				502,038,978
Containers & Packaging — 0.7%
Amcor PLC		4,106,571		47,595,158
AptarGroup Inc.		179,252		21,393,726
Ardagh Group SA		42,212		1,075,984
Avery Dennison Corp.		105,843		21,931,728
Ball Corp.		603,203		54,270,174
Berry Global Group Inc.(a)		368,206		22,416,381
Crown Holdings Inc.		298,324		30,065,093
Graphic Packaging Holding Co.		539,566		10,273,337
International Paper Co.		1,049,076		58,664,330
Packaging Corp. of America		249,835		34,337,323
Sealed Air Corp.		175,822		9,633,287
Silgan Holdings Inc.		217,962		8,361,022
Sonoco Products Co.		258,450		15,398,451
Westrock Co.		714,945		35,625,709
				371,041,703
Distributors — 0.2%
Genuine Parts Co.		376,077		45,591,815
LKQ Corp.(a)		729,112		36,688,916
				82,280,731
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.(a)		32,679		4,556,106
Chegg Inc.(a)(b)		96,180		6,542,164
frontdoor Inc.(a)		72,391		3,033,183
Grand Canyon Education Inc.(a)		115,904		10,194,916
H&R Block Inc.		72,326		1,808,150
Mister Car Wash Inc.(a)		29,070		530,527
Service Corp. International		435,587		26,248,473
Terminix Global Holdings Inc.(a)		329,800		13,742,766
				66,656,285
Diversified Financial Services — 2.7%
Berkshire Hathaway Inc., Class B(a)		4,981,819		1,359,737,679
Equitable Holdings Inc.		994,402		29,474,075
Voya Financial Inc.		303,511		18,632,540
				1,407,844,294
Diversified Telecommunication Services — 2.2%
AT&T Inc.		19,167,395		517,711,339
Lumen Technologies Inc.		2,930,494		36,308,821
Verizon Communications Inc.		11,119,595		600,569,326
				1,154,589,486
Electric Utilities — 3.0%
Alliant Energy Corp.		666,178		37,292,644
American Electric Power Co. Inc.		1,342,320		108,969,538
Avangrid Inc.		147,309		7,159,217
Duke Energy Corp.		2,064,402		201,464,991
Edison International		999,684		55,452,472
Entergy Corp.		537,243		53,353,602
Evergy Inc.		608,841		37,869,910
Eversource Energy		920,226		75,237,678
Exelon Corp.		2,618,151		126,561,419
FirstEnergy Corp.		1,458,330		51,945,715
Hawaiian Electric Industries Inc.		280,731		11,462,247
IDACORP Inc.		139,296		14,400,421

Security	Shares		Value
Electric Utilities (continued)
NextEra Energy Inc.		5,261,943	$	413,167,764
NRG Energy Inc.		366,175		14,950,925
OGE Energy Corp.		547,291		18,038,711
PG&E Corp.(a)(b)		4,024,123		38,631,581
Pinnacle West Capital Corp.		307,501		22,250,772
PPL Corp.		2,065,962		57,599,021
Southern Co. (The)		2,837,947		175,867,576
Xcel Energy Inc.		1,442,210		90,138,125
				1,611,814,329
Electrical Equipment — 1.0%
Acuity Brands Inc.		95,070		16,482,286
AMETEK Inc.		618,062		76,645,869
ChargePoint Holdings Inc.(a)(b)		273,125		5,459,769
Eaton Corp. PLC		1,067,988		159,461,288
Emerson Electric Co.		1,600,366		150,754,477
Hubbell Inc.		144,076		26,030,211
nVent Electric PLC		432,405		13,979,654
Regal Beloit Corp.		111,659		16,786,814
Rockwell Automation Inc.		122,100		35,902,284
Sensata Technologies Holding PLC(a)		423,732		23,186,615
Shoals Technologies Group Inc., Class A(a)(b)		264,030		7,361,156
Sunrun Inc.(a)(b)		543,620		23,919,280
				555,969,703
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		449,918		32,947,495
Arrow Electronics Inc.(a)		190,683		21,411,794
Avnet Inc.		257,856		9,532,936
Coherent Inc.(a)		5,221		1,305,720
Corning Inc.		1,350,492		49,279,453
IPG Photonics Corp.(a)(b)		92,537		14,657,861
Jabil Inc.		71,607		4,179,701
Keysight Technologies Inc.(a)(b)		281,249		46,206,398
Littelfuse Inc.		62,999		17,215,737
National Instruments Corp.		344,615		13,519,246
SYNNEX Corp.		115,138		11,985,866
Teledyne Technologies Inc.(a)		123,148		52,901,918
Trimble Inc.(a)		671,239		55,209,408
Vontier Corp.(b)		206,019		6,922,238
				337,275,771
Energy Equipment & Services — 0.4%
Baker Hughes Co.		1,968,215		48,673,957
Halliburton Co.		2,236,139		48,345,325
NOV Inc.(a)		1,076,616		14,114,436
Schlumberger NV		3,752,380		111,220,543
				222,354,261
Entertainment — 2.2%
Activision Blizzard Inc.		2,071,676		160,327,006
Electronic Arts Inc.		759,868		108,091,223
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		56,738		2,669,523
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		538,907		27,705,209
Live Nation Entertainment Inc.(a)(b)		226,922		20,679,402
Madison Square Garden Sports Corp.(a)(b)		28,949		5,383,067
Take-Two Interactive Software Inc.(a)		250,249		38,555,863
Walt Disney Co. (The)(a)		4,623,642		782,181,517
World Wrestling Entertainment Inc., Class A		16,109		906,292
Zynga Inc., Class A(a)(b)		1,391,406		10,477,287
				1,156,976,389

48 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^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 4.4%
Alexandria Real Estate Equities Inc.		411,868	$	78,695,619
American Campus Communities Inc.		375,544		18,195,107
American Homes 4 Rent, Class A		766,959		29,236,477
Americold Realty Trust		692,570		20,119,158
Apartment Income REIT Corp.		417,530		20,379,639
AvalonBay Communities Inc.		373,697		82,826,203
Boston Properties Inc.		415,624		45,032,860
Brixmor Property Group Inc.		811,371		17,939,413
Camden Property Trust		259,571		38,278,935
CoreSite Realty Corp.		28,361		3,929,133
Cousins Properties Inc.		395,012		14,729,997
CubeSmart		536,636		26,000,014
CyrusOne Inc.		332,136		25,710,648
Digital Realty Trust Inc.		752,452		108,691,691
Douglas Emmett Inc.		459,608		14,528,209
Duke Realty Corp.		992,947		47,532,373
EPR Properties		205,969		10,170,749
Equinix Inc.		69,515		54,925,887
Equity LifeStyle Properties Inc.		224,997		17,572,266
Equity Residential		987,995		79,948,555
Essex Property Trust Inc.		173,710		55,542,035
Extra Space Storage Inc.		320,227		53,794,934
Federal Realty Investment Trust		210,042		24,782,856
First Industrial Realty Trust Inc.		352,645		18,365,752
Gaming and Leisure Properties Inc.		586,616		27,172,053
Healthcare Trust of America Inc., Class A		597,224		17,713,664
Healthpeak Properties Inc.		1,430,190		47,882,761
Highwoods Properties Inc.		273,751		12,006,719
Host Hotels & Resorts Inc.(a)		1,894,826		30,942,509
Hudson Pacific Properties Inc.		411,274		10,804,168
Invitation Homes Inc.		1,543,867		59,176,422
Iron Mountain Inc.		226,035		9,821,221
JBG SMITH Properties		319,526		9,461,165
Kilroy Realty Corp.		317,414		21,015,981
Kimco Realty Corp.		1,546,542		32,090,746
Lamar Advertising Co., Class A		25,702		2,915,892
Life Storage Inc.		211,428		24,259,249
Medical Properties Trust Inc.		1,596,052		32,032,764
Mid-America Apartment Communities Inc.		310,755		58,033,496
National Retail Properties Inc.		476,370		20,574,420
Omega Healthcare Investors Inc.		638,082		19,116,937
Park Hotels & Resorts Inc.(a)		647,498		12,393,112
Prologis Inc.		1,977,632		248,054,382
Public Storage		95,372		28,335,021
Rayonier Inc.		363,359		12,964,649
Realty Income Corp.		1,038,763		67,374,168
Regency Centers Corp.		449,705		30,278,638
Rexford Industrial Realty Inc.		373,592		21,201,346
SBA Communications Corp.		241,912		79,968,850
Simon Property Group Inc.		114,001		14,816,710
SL Green Realty Corp.		176,184		12,480,875
Spirit Realty Capital Inc.		316,114		14,553,889
STORE Capital Corp.		666,240		21,339,667
Sun Communities Inc.		304,828		56,423,663
UDR Inc.		786,230		41,654,465
Ventas Inc.		1,051,542		58,055,634
VEREIT Inc.		611,595		27,662,442
VICI Properties Inc.		1,569,201		44,581,000
Vornado Realty Trust		480,404		20,181,772
Welltower Inc.		1,130,460		93,149,904

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Weyerhaeuser Co.		2,008,615	$	71,446,435
WP Carey Inc.		487,332		35,594,729
				2,354,460,028
Food & Staples Retailing — 1.5%
Albertsons Companies Inc., Class A		431,111		13,420,485
Casey’s General Stores Inc.		100,996		19,032,696
Costco Wholesale Corp.		77,069		34,630,955
Grocery Outlet Holding Corp.(a)		231,417		4,991,665
Kroger Co. (The)		2,004,623		81,046,908
U.S. Foods Holding Corp.(a)		604,586		20,954,951
Walgreens Boots Alliance Inc.		1,918,378		90,259,685
Walmart Inc.		3,849,281		536,512,786
				800,850,131
Food Products — 1.7%
Archer-Daniels-Midland Co.		1,500,899		90,068,949
Beyond Meat Inc.(a)(b)		13,832		1,455,956
Bunge Ltd.		364,114		29,609,750
Campbell Soup Co.		532,058		22,245,345
Conagra Brands Inc.		1,246,256		42,210,691
Darling Ingredients Inc.(a)		407,741		29,316,578
Flowers Foods Inc.		522,650		12,350,220
General Mills Inc.		1,629,632		97,484,586
Hain Celestial Group Inc. (The)(a)(b)		223,565		9,564,111
Hershey Co. (The)		55,364		9,370,357
Hormel Foods Corp.		751,016		30,791,656
Ingredion Inc.		174,275		15,512,218
JM Smucker Co. (The)		278,985		33,486,570
Kellogg Co.		381,349		24,375,828
Kraft Heinz Co. (The)		1,780,090		65,542,914
Lamb Weston Holdings Inc.		282,640		17,345,617
McCormick & Co. Inc./MD, NVS		668,813		54,193,917
Mondelez International Inc., Class A		3,741,419		217,675,757
Pilgrim’s Pride Corp.(a)		87,968		2,558,109
Post Holdings Inc.(a)		162,100		17,856,936
Seaboard Corp.		551		2,259,095
Tyson Foods Inc., Class A		769,931		60,778,353
				886,053,513
Gas Utilities — 0.1%
Atmos Energy Corp.		346,396		30,552,127
National Fuel Gas Co.		240,950		12,654,694
UGI Corp.		566,305		24,135,919
				67,342,740
Health Care Equipment & Supplies — 4.2%
Abbott Laboratories		2,330,388		275,288,734
Baxter International Inc.		1,348,296		108,443,447
Becton Dickinson and Co.		765,692		188,222,407
Boston Scientific Corp.(a)		3,805,643		165,126,850
Cooper Companies Inc. (The)		129,736		53,621,186
Danaher Corp.		1,612,861		491,019,403
DENTSPLY SIRONA Inc.		578,610		33,588,310
Envista Holdings Corp.(a)		440,853		18,432,064
Figs Inc., Class A(a)		76,390		2,837,125
Globus Medical Inc., Class A(a)		201,972		15,475,095
Hill-Rom Holdings Inc.		180,774		27,116,100
Hologic Inc.(a)		675,763		49,878,067
ICU Medical Inc.(a)		53,025		12,374,975
Integra LifeSciences Holdings Corp.(a)(b)		189,912		13,005,174
Masimo Corp.(a)		36,705		9,936,411
Medtronic PLC		3,602,618		451,588,166

S C H E D U L E   O F   I N V E S  T M E N T S 49

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Quidel Corp.(a)		96,327	$	13,596,556
ResMed Inc.		37,154		9,791,937
STERIS PLC		198,339		40,516,691
Stryker Corp.		535,997		141,353,129
Tandem Diabetes Care Inc.(a)(b)		9,751		1,164,074
Teleflex Inc.		102,447		38,576,418
Zimmer Biomet Holdings Inc.		559,434		81,878,760
				2,242,831,079
Health Care Providers & Services — 4.3%
Acadia Healthcare Co. Inc.(a)		236,456		15,081,164
agilon health Inc.(a)		12,992		340,520
Amedisys Inc.(a)		7,403		1,103,787
AmerisourceBergen Corp.		400,028		47,783,345
Anthem Inc.		657,178		244,995,959
Cardinal Health Inc.		326,729		16,160,016
Centene Corp.(a)		1,551,426		96,669,354
Chemed Corp.		29,761		13,842,436
Cigna Corp.		896,008		179,344,961
CVS Health Corp.		3,531,749		299,704,220
DaVita Inc.(a)		51,139		5,945,420
Encompass Health Corp.		111,132		8,339,345
Henry Schein Inc.(a)(b)		375,130		28,569,901
Humana Inc.		345,916		134,613,211
Laboratory Corp. of America Holdings(a)		259,742		73,101,789
McKesson Corp.		357,312		71,240,867
Molina Healthcare Inc.(a)		130,242		35,335,957
Oak Street Health Inc.(a)(b)		15,982		679,715
Premier Inc., Class A		335,303		12,996,344
Quest Diagnostics Inc.		328,365		47,714,718
Signify Health Inc., Class A(a)(b)		169,839		3,035,023
UnitedHealth Group Inc.		2,350,203		918,318,320
Universal Health Services Inc., Class B		198,642		27,486,094
				2,282,402,466
Health Care Technology — 0.2%
Cerner Corp.		796,483		56,167,981
Certara Inc.(a)		96,300		3,187,530
Change Healthcare Inc.(a)		682,179		14,284,828
Teladoc Health Inc.(a)(b)		406,959		51,606,471
				125,246,810
Hotels, Restaurants & Leisure — 1.7%
Aramark		627,186		20,609,332
Boyd Gaming Corp.(a)		172,684		10,923,990
Caesars Entertainment Inc.(a)		206,449		23,180,094
Carnival Corp.(a)		2,283,260		57,104,333
Darden Restaurants Inc.		108,781		16,477,058
Domino’s Pizza Inc.		31,291		14,924,555
Hilton Worldwide Holdings Inc.(a)		241,173		31,861,365
Hyatt Hotels Corp., Class A(a)		126,843		9,779,595
Marriott Vacations Worldwide Corp.		108,458		17,063,697
McDonald’s Corp.		1,647,261		397,171,100
MGM Resorts International		1,075,202		46,394,966
Norwegian Cruise Line Holdings Ltd.(a)(b)		983,571		26,271,181
Penn National Gaming Inc.(a)(b)		389,556		28,227,228
Planet Fitness Inc., Class A(a)(b)		69,385		5,450,192
Royal Caribbean Cruises Ltd.(a)		584,698		52,008,887
Six Flags Entertainment Corp.(a)		127,179		5,405,108
Travel + Leisure Co.		75,586		4,121,705
Wyndham Hotels & Resorts Inc.		90,268		6,967,787
Yum China Holdings Inc.		1,040,186		60,445,208

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Yum! Brands Inc.		731,766	$	89,502,299
				923,889,680
Household Durables — 0.6%
DR Horton Inc.		521,769		43,812,943
Garmin Ltd.		405,787		63,083,647
Leggett & Platt Inc.		365,607		16,393,818
Lennar Corp., Class A		727,579		68,159,601
Lennar Corp., Class B		36,798		2,855,157
Mohawk Industries Inc.(a)		150,348		26,671,735
Newell Brands Inc.		1,012,761		22,422,528
NVR Inc.(a)		2,845		13,639,158
PulteGroup Inc.		489,769		22,490,192
Toll Brothers Inc.		187,034		10,341,110
TopBuild Corp.(a)(b)		15,110		3,094,679
Whirlpool Corp.		166,559		33,954,718
				326,919,286
Household Products — 2.1%
Church & Dwight Co. Inc.		622,924		51,434,835
Clorox Co. (The)		59,750		9,895,198
Colgate-Palmolive Co.		1,052,771		79,568,432
Kimberly-Clark Corp.		449,362		59,513,503
Procter & Gamble Co. (The)		6,533,344		913,361,491
Reynolds Consumer Products Inc.		124,983		3,417,035
Spectrum Brands Holdings Inc.		117,230		11,215,394
				1,128,405,888
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		1,758,736		40,151,943
Brookfield Renewable Corp., Class A		267,769		10,392,115
Vistra Corp.		1,304,980		22,315,158
				72,859,216
Industrial Conglomerates — 1.8%
3M Co.		1,325,395		232,500,791
General Electric Co.		2,930,180		301,896,445
Honeywell International Inc.		1,461,804		310,311,753
Roper Technologies Inc.		281,215		125,458,448
				970,167,437
Insurance — 3.9%
Aflac Inc.		1,785,431		93,074,518
Alleghany Corp.(a)		32,221		20,119,115
Allstate Corp. (The)		790,632		100,655,360
American Financial Group Inc./OH		180,435		22,704,136
American International Group Inc.		2,302,570		126,388,067
Aon PLC, Class A		246,657		70,487,171
Arch Capital Group Ltd.(a)(b)		781,545		29,839,388
Arthur J Gallagher & Co.		551,802		82,025,367
Assurant Inc.		156,454		24,680,618
Assured Guaranty Ltd.		187,491		8,776,454
Athene Holding Ltd., Class A(a)		315,194		21,707,411
Axis Capital Holdings Ltd.		198,152		9,122,918
Brighthouse Financial Inc.(a)		217,068		9,817,986
Brown & Brown Inc.		588,545		32,634,820
Chubb Ltd.		1,171,691		203,264,955
Cincinnati Financial Corp.		398,947		45,567,726
CNA Financial Corp.		65,203		2,735,918
Erie Indemnity Co., Class A, NVS(b)		20,576		3,671,170
Everest Re Group Ltd.		83,766		21,006,837
Fidelity National Financial Inc.		728,968		33,051,409
First American Financial Corp.		284,599		19,082,363
Globe Life Inc.		269,659		24,007,741

50 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^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Hanover Insurance Group Inc. (The)		95,092	$	12,325,825
Hartford Financial Services Group Inc. (The)		933,948		65,609,847
Kemper Corp.		154,099		10,292,272
Lemonade Inc.(a)(b)		84,851		5,685,865
Lincoln National Corp.		427,125		29,364,844
Loews Corp.		583,873		31,488,271
Markel Corp.(a)		29,987		35,838,363
Marsh & McLennan Companies Inc.		1,202,132		182,038,849
Mercury General Corp.		66,442		3,698,826
MetLife Inc.		1,945,371		120,087,752
Old Republic International Corp.		768,553		17,776,631
Primerica Inc.		107,999		16,591,886
Principal Financial Group Inc.		714,065		45,985,786
Progressive Corp. (The)		1,567,095		141,649,717
Prudential Financial Inc.		1,035,570		108,941,964
Reinsurance Group of America Inc.		185,468		20,635,170
RenaissanceRe Holdings Ltd.		69,155		9,640,207
Travelers Companies Inc. (The)		673,765		102,419,018
Unum Group		541,456		13,568,887
W R Berkley Corp.		367,514		26,894,675
White Mountains Insurance Group Ltd.(b)		7,675		8,209,257
Willis Towers Watson PLC		344,333		80,043,649
				2,093,209,009
Interactive Media & Services — 1.4%
Alphabet Inc., Class A(a)		112,203		299,976,964
Alphabet Inc., Class C, NVS(a)		104,654		278,935,353
IAC/InterActiveCorp.(a)(b)		207,650		27,054,718
TripAdvisor Inc.(a)		101,393		3,432,153
Twitter Inc.(a)		1,871,715		113,032,869
Vimeo Inc.(a)(b)		42,634		1,252,161
				723,684,218
Internet & Direct Marketing Retail — 0.1%
DoorDash Inc., Class A(a)		45,751		9,423,791
Qurate Retail Inc., Series A		1,041,710		10,615,025
Wayfair Inc., Class A(a)(b)		89,366		22,833,907
				42,872,723
IT Services — 2.9%
Accenture PLC, Class A		334,457		106,999,483
Akamai Technologies Inc.(a)(b)		432,636		45,249,399
Alliance Data Systems Corp.		128,786		12,993,220
Amdocs Ltd.		344,544		26,085,426
Automatic Data Processing Inc.		91,624		18,317,470
Broadridge Financial Solutions Inc.		28,334		4,721,578
Cloudflare Inc., Class A(a)(b)		35,602		4,010,565
Cognizant Technology Solutions Corp., Class A		1,412,644		104,832,311
Concentrix Corp.(a)		111,156		19,674,612
DXC Technology Co.(a)		675,707		22,710,512
Euronet Worldwide Inc.(a)		36,352		4,626,883
Fastly Inc., Class A(a)(b)		281,535		11,385,275
Fidelity National Information Services Inc.		1,662,230		202,260,146
Fiserv Inc.(a)(b)		1,495,550		162,267,175
FleetCor Technologies Inc.(a)		170,211		44,471,028
Genpact Ltd.		474,118		22,525,346
Global Payments Inc.		786,572		123,948,016
GoDaddy Inc., Class A(a)(b)		400,405		27,908,229
International Business Machines Corp.		2,397,879		333,137,330
Jack Henry & Associates Inc.		148,547		24,370,621
Paychex Inc.		109,918		12,360,279
Paysafe Ltd.(a)(b)		1,121,356		8,690,509

Security	Shares		Value
IT Services (continued)
Snowflake Inc., Class A(a)		30,549	$	9,238,934
SolarWinds Corp.		92,915		1,554,468
StoneCo Ltd., Class A(a)		40,634		1,410,813
Twilio Inc., Class A(a)		321,500		102,574,575
VeriSign Inc.(a)		264,305		54,185,168
Western Union Co. (The)		843,091		17,047,300
WEX Inc.(a)		39,134		6,893,063
				1,536,449,734
Leisure Products — 0.1%
Brunswick Corp./DE		186,260		17,744,990
Hasbro Inc.		340,782		30,404,570
Hayward Holdings Inc.(a)(b)		74,825		1,664,108
Polaris Inc.		42,516		5,087,465
				54,901,133
Life Sciences Tools & Services — 1.5%
Adaptive Biotechnologies Corp.(a)(b)		31,581		1,073,438
Agilent Technologies Inc.		87,454		13,776,629
Bio-Rad Laboratories Inc., Class A(a)(b)		56,579		42,205,105
Charles River Laboratories International Inc.(a)(b)		8,359		3,449,508
IQVIA Holdings Inc.(a)		257,886		61,774,012
PerkinElmer Inc.		298,731		51,767,095
PPD Inc.(a)		252,386		11,809,141
QIAGEN NV(a)(b)		605,015		31,267,175
Repligen Corp.(a)(b)		7,535		2,177,540
Syneos Health Inc.(a)		241,798		21,152,489
Thermo Fisher Scientific Inc.		959,361		548,111,720
Waters Corp.(a)		10,582		3,780,949
				792,344,801
Machinery — 1.9%
AGCO Corp.		151,265		18,534,501
Allison Transmission Holdings Inc.		55,046		1,944,225
Caterpillar Inc.		201,536		38,688,866
Colfax Corp.(a)(b)		311,086		14,278,847
Crane Co.		129,030		12,233,334
Cummins Inc.		385,045		86,465,705
Donaldson Co. Inc.		303,368		17,416,357
Dover Corp.		384,688		59,818,984
Flowserve Corp.		361,461		12,531,853
Fortive Corp.		875,794		61,804,783
Gates Industrial Corp. PLC(a)		242,356		3,943,132
Graco Inc.		176,580		12,355,303
IDEX Corp.		202,096		41,823,767
Illinois Tool Works Inc.		88,844		18,357,836
Ingersoll Rand Inc.(a)		1,085,685		54,729,381
ITT Inc.		235,445		20,210,599
Middleby Corp. (The)(a)		105,674		18,018,474
Nordson Corp.		128,968		30,713,729
Oshkosh Corp.		183,093		18,743,230
Otis Worldwide Corp.		1,151,783		94,768,705
PACCAR Inc.		913,496		72,093,104
Parker-Hannifin Corp.		287,612		80,422,067
Pentair PLC		440,191		31,971,072
Snap-on Inc.		142,114		29,694,720
Stanley Black & Decker Inc.		432,699		75,856,462
Timken Co. (The)		168,025		10,992,196
Toro Co. (The)		15,449		1,504,887
Westinghouse Air Brake Technologies Corp.		483,653		41,695,725
Woodward Inc.		157,332		17,809,982

S C H E D U L E   O F   I N V E S  T M E N T S 51

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Xylem Inc./NY		166,670	$	20,613,746
				1,020,035,572
Marine — 0.0%
Kirby Corp.(a)		167,594		8,037,808
Media — 2.2%
Altice USA Inc., Class A(a)		170,792		3,538,810
Cable One Inc.		6,768		12,271,264
Charter Communications Inc., Class A(a)(b)		17,864		12,997,132
Comcast Corp., Class A		12,237,871		684,464,125
Discovery Inc., Class A(a)(b)		429,973		10,912,715
Discovery Inc., Class C, NVS(a)(b)		861,155		20,900,232
DISH Network Corp., Class A(a)		661,023		28,728,060
Fox Corp., Class A, NVS		858,264		34,424,969
Fox Corp., Class B		405,907		15,067,268
Interpublic Group of Companies Inc. (The)		1,046,297		38,367,711
Liberty Broadband Corp., Class A(a)(b)		65,655		11,053,019
Liberty Broadband Corp., Class C, NVS(a)		389,609		67,285,474
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		215,125		10,147,446
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)(b)		426,320		20,237,410
New York Times Co. (The), Class A		450,426		22,192,489
News Corp., Class A, NVS		1,062,929		25,010,719
News Corp., Class B		311,556		7,237,446
Nexstar Media Group Inc., Class A		98,445		14,959,702
Omnicom Group Inc.		566,943		41,080,690
Sirius XM Holdings Inc.(b)		2,401,487		14,649,071
ViacomCBS Inc., Class A		30,521		1,284,019
ViacomCBS Inc., Class B, NVS		1,559,065		61,598,658
				1,158,408,429
Metals & Mining — 0.8%
Alcoa Corp.(a)		507,858		24,854,570
Cleveland-Cliffs Inc.(a)(b)		1,210,814		23,986,225
Freeport-McMoRan Inc.		2,774,421		90,251,915
Newmont Corp.		2,150,273		116,759,824
Nucor Corp.		788,066		77,616,620
Reliance Steel & Aluminum Co.		172,317		24,541,387
Royal Gold Inc.		179,418		17,132,625
Southern Copper Corp.		19,727		1,107,474
Steel Dynamics Inc.		424,477		24,823,415
United States Steel Corp.(b)		733,214		16,108,712
				417,182,767
Mortgage Real Estate Investment — 0.2%
AGNC Investment Corp.		1,396,096		22,016,434
Annaly Capital Management Inc.		3,721,834		31,337,842
New Residential Investment Corp.		1,153,893		12,692,823
Starwood Property Trust Inc.		752,269		18,362,886
				84,409,985
Multi-Utilities — 1.4%
Ameren Corp.		682,318		55,267,758
CenterPoint Energy Inc.		1,591,313		39,146,300
CMS Energy Corp.		769,738		45,976,451
Consolidated Edison Inc.		946,401		68,699,248
Dominion Energy Inc.		2,161,027		157,798,191
DTE Energy Co.		514,056		57,425,196
MDU Resources Group Inc.		548,610		16,277,259
NiSource Inc.		1,034,423		25,064,069
Public Service Enterprise Group Inc.		1,352,129		82,344,656
Sempra Energy		852,412		107,830,118

Security	Shares		Value
Multi-Utilities (continued)
WEC Energy Group Inc.		846,078	$	74,624,080
				730,453,326
Multiline Retail — 0.6%
Dollar General Corp.		361,664		76,723,401
Dollar Tree Inc.(a)		621,033		59,445,279
Kohl’s Corp.		427,328		20,122,875
Nordstrom Inc.(a)(b)		25,959		686,616
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		181,596		10,946,607
Target Corp.		736,342		168,452,959
				336,377,737
Oil, Gas & Consumable Fuels — 4.7%
Antero Midstream Corp.		888,658		9,259,816
APA Corp.		1,030,960		22,093,473
Cabot Oil & Gas Corp.		948,382		20,636,792
Chevron Corp.		5,191,197		526,646,936
Cimarex Energy Co.		221,000		19,271,200
ConocoPhillips		3,622,139		245,472,360
Continental Resources Inc./OK(b)		155,550		7,178,633
Devon Energy Corp.		1,798,883		63,878,335
Diamondback Energy Inc.		253,412		23,990,514
DTE Midstream LLC(a)		248,777		11,503,449
EOG Resources Inc.		1,377,824		110,597,933
EQT Corp.(a)		764,958		15,651,041
Exxon Mobil Corp.		11,363,721		668,414,069
Hess Corp.		692,897		54,122,185
HollyFrontier Corp.		399,326		13,229,670
Kinder Morgan Inc.		5,215,595		87,256,904
Marathon Oil Corp.		2,131,308		29,134,980
Marathon Petroleum Corp.		1,708,370		105,594,350
Occidental Petroleum Corp.		1,977,964		58,508,175
ONEOK Inc.		1,189,279		68,966,289
Phillips 66		1,169,534		81,902,466
Pioneer Natural Resources Co.		318,929		53,104,868
Targa Resources Corp.		596,878		29,372,366
Valero Energy Corp.		1,097,276		77,434,767
Williams Companies Inc. (The)		3,258,718		84,531,145
				2,487,752,716
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		236,910		14,539,167
Personal Products — 0.0%
Coty Inc., Class A(a)		873,291		6,864,067
Herbalife Nutrition Ltd.(a)(b)		225,834		9,570,845
				16,434,912
Pharmaceuticals — 5.6%
Bristol-Myers Squibb Co.		5,994,106		354,671,252
Catalent Inc.(a)		331,679		44,136,524
Elanco Animal Health Inc.(a)(b)		1,183,878		37,753,869
Eli Lilly & Co.		477,634		110,357,336
Jazz Pharmaceuticals PLC(a)		161,922		21,083,864
Johnson & Johnson		7,070,148		1,141,828,902
Merck & Co. Inc.		6,798,022		510,599,432
Nektar Therapeutics(a)(b)		456,247		8,194,196
Organon & Co.		691,716		22,681,368
Perrigo Co. PLC		367,780		17,407,027
Pfizer Inc.		14,979,997		644,289,671
Royalty Pharma PLC, Class A		367,746		13,290,340
Viatris Inc.		3,217,801		43,601,204

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Zoetis Inc.		65,854	$	12,784,896
				2,982,679,881
Professional Services — 0.8%
CACI International Inc., Class A(a)		64,052		16,788,029
Clarivate PLC(a)		1,163,113		25,472,175
CoStar Group Inc.(a)		235,760		20,289,506
Dun & Bradstreet Holdings Inc.(a)(b)		426,091		7,162,590
Equifax Inc.		202,210		51,244,058
FTI Consulting Inc.(a)(b)		89,321		12,031,539
IHS Markit Ltd.		1,000,911		116,726,241
Jacobs Engineering Group Inc.		344,249		45,623,320
Legalzoomcom Inc.(a)(b)		20,507		541,385
Leidos Holdings Inc.		375,220		36,069,898
ManpowerGroup Inc.		149,213		16,156,784
Nielsen Holdings PLC		978,794		18,783,057
Robert Half International Inc.		35,980		3,609,873
Science Applications International Corp.		160,517		13,733,834
TransUnion		166,226		18,668,842
Verisk Analytics Inc.		153,523		30,746,051
				433,647,182
Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A(a)		847,675		82,529,638
Howard Hughes Corp. (The)(a)		106,929		9,389,435
Jones Lang LaSalle Inc.(a)		134,508		33,370,090
Opendoor Technologies Inc.(a)(b)		945,934		19,420,025
				144,709,188
Road & Rail — 1.2%
AMERCO		24,648		15,923,348
CSX Corp.		6,075,441		180,683,615
JB Hunt Transport Services Inc.		25,073		4,192,707
Kansas City Southern		179,531		48,588,270
Knight-Swift Transportation Holdings Inc.		438,481		22,428,303
Landstar System Inc.		11,499		1,814,772
Norfolk Southern Corp.		659,955		157,894,234
Old Dominion Freight Line Inc.		21,594		6,175,452
Ryder System Inc.		145,149		12,005,274
Schneider National Inc., Class B		137,857		3,134,868
TuSimple Holdings Inc., Class A(a)(b)		70,713		2,625,574
Uber Technologies Inc.(a)		618,678		27,716,774
Union Pacific Corp.		642,603		125,956,614
XPO Logistics Inc.(a)(b)		36,848		2,932,364
				612,072,169
Semiconductors & Semiconductor Equipment — 2.8%
Analog Devices Inc.		866,305		145,088,762
Brooks Automation Inc.		34,303		3,510,912
Cirrus Logic Inc.(a)		160,159		13,189,094
First Solar Inc.(a)(b)		287,440		27,439,022
Intel Corp.		10,846,101		577,880,261
Marvell Technology Inc.		2,190,441		132,105,497
Microchip Technology Inc.		113,435		17,411,138
Micron Technology Inc.		2,591,333		183,932,816
MKS Instruments Inc.		22,967		3,465,950
NXP Semiconductors NV		493,238		96,610,527
ON Semiconductor Corp.(a)		528,704		24,198,782
Qorvo Inc.(a)		296,605		49,589,390
Skyworks Solutions Inc.		231,681		38,176,395
Texas Instruments Inc.		941,825		181,028,183
				1,493,626,729

Security	Shares		Value
Software — 1.9%
ANSYS Inc.(a)(b)		135,541	$	46,144,933
Black Knight Inc.(a)		404,048		29,091,456
C3.ai Inc., Class A(a)(b)		63,992		2,965,389
CDK Global Inc.		274,536		11,681,507
Ceridian HCM Holding Inc.(a)		344,331		38,778,557
Citrix Systems Inc.		217,274		23,328,709
Datto Holding Corp.(a)(b)		63,462		1,516,742
Dolby Laboratories Inc., Class A		172,763		15,203,144
Duck Creek Technologies Inc.(a)(b)		148,245		6,558,359
Dynatrace Inc.(a)		36,586		2,596,508
Guidewire Software Inc.(a)(b)		223,327		26,546,881
Jamf Holding Corp.(a)(b)		21,548		830,029
Mandiant Inc.		441,036		7,850,441
Manhattan Associates Inc.(a)		78,717		12,046,063
McAfee Corp., Class A		54,835		1,212,402
Medallia Inc.(a)		141,039		4,776,991
N-Able Inc.(a)		133,244		1,653,558
NCR Corp.(a)		224,033		8,683,519
NortonLifeLock Inc.		1,075,371		27,206,886
Nuance Communications Inc.(a)		480,357		26,438,849
Oracle Corp.		309,022		26,925,087
Paycor HCM Inc.(a)		17,597		618,711
Pegasystems Inc.		6,081		772,895
Procore Technologies Inc.(a)(b)		7,607		679,609
salesforce.com Inc.(a)		2,003,583		543,411,781
SS&C Technologies Holdings Inc.		596,508		41,397,655
Synopsys Inc.(a)		148,210		44,375,556
Teradata Corp.(a)		42,320		2,427,052
Tyler Technologies Inc.(a)		13,597		6,236,264
VMware Inc., Class A(a)		135,798		20,193,163
Wolfspeed Inc.		304,937		24,617,564
				1,006,766,260
Specialty Retail — 0.8%
Advance Auto Parts Inc.		174,032		36,353,544
AutoNation Inc.(a)(b)		119,952		14,605,356
AutoZone Inc.(a)		45,345		76,995,357
Bath & Body Works Inc.		275,133		17,341,633
Best Buy Co. Inc.		516,093		54,556,191
Burlington Stores Inc.(a)		10,246		2,905,458
CarMax Inc.(a)(b)		402,473		51,500,445
Dick’s Sporting Goods Inc.		166,493		19,940,867
Foot Locker Inc.		239,421		10,931,963
Gap Inc. (The)		558,889		12,686,780
Leslie’s Inc.(a)(b)		57,234		1,175,586
Lithia Motors Inc.		72,281		22,915,968
O’Reilly Automotive Inc.(a)		126,744		77,448,189
Penske Automotive Group Inc.		82,816		8,331,290
Petco Health & Wellness Co. Inc.(a)(b)		131,384		2,772,202
Victoria’s Secret & Co.(a)		79,579		4,397,536
Vroom Inc.(a)(b)		229,500		5,065,065
Williams-Sonoma Inc.		48,016		8,514,677
				428,438,107
Technology Hardware, Storage & Peripherals — 0.4%
Dell Technologies Inc., Class C(a)		372,793		38,785,384
Hewlett Packard Enterprise Co.		3,501,273		49,893,140
HP Inc.		2,101,380		57,493,757
NetApp Inc.		205,599		18,454,566
Pure Storage Inc., Class A(a)		45,427		1,142,943
Western Digital Corp.(a)		822,700		46,433,188

S C H E D U L E   O F   I N V E S  T M E N T S 53

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Xerox Holdings Corp.		381,736	$	7,699,615
				219,902,593
Textiles, Apparel & Luxury Goods — 0.4%
Capri Holdings Ltd.(a)(b)		403,798		19,547,861
Carter’s Inc.		119,335		11,604,135
Columbia Sportswear Co.		105,096		10,072,401
Deckers Outdoor Corp.(a)		63,391		22,833,438
Hanesbrands Inc.		371,103		6,368,127
PVH Corp.(a)		194,012		19,942,493
Ralph Lauren Corp.		130,844		14,528,918
Skechers U.S.A. Inc., Class A(a)		323,511		13,626,283
Tapestry Inc.		668,743		24,756,866
Under Armour Inc., Class A(a)		523,131		10,556,784
Under Armour Inc., Class C, NVS(a)		556,307		9,746,499
VF Corp.		315,815		21,156,447
				184,740,252
Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		935,392		13,993,464
New York Community Bancorp. Inc.		1,244,068		16,011,155
TFS Financial Corp.		121,225		2,310,549
UWM Holdings Corp.		134,831		937,075
				33,252,243
Tobacco — 0.9%
Altria Group Inc.		2,205,883		100,411,794
Philip Morris International Inc.		4,178,308		396,061,815
				496,473,609
Trading Companies & Distributors — 0.2%
Air Lease Corp.		297,255		11,694,012
Core & Main Inc., Class A(a)(b)		45,719		1,198,295
Fastenal Co.		172,845		8,920,530
MSC Industrial Direct Co. Inc., Class A		119,569		9,588,238
SiteOne Landscape Supply Inc.(a)		54,538		10,878,695
United Rentals Inc.(a)(b)		125,929		44,192,264
Univar Solutions Inc.(a)		465,923		11,098,286
Watsco Inc.		88,922		23,530,540

Security	Shares		Value
Trading Companies & Distributors (continued)
WW Grainger Inc.		20,117	$	7,907,188
				129,008,048
Water Utilities — 0.2%
American Water Works Co. Inc.		486,782		82,285,629
Essential Utilities Inc.		596,421		27,483,080
				109,768,709
Wireless Telecommunication Services — 0.4%
T-Mobile U.S. Inc.(a)		1,580,619		201,939,883
Total Common Stocks — 99.8% (Cost: $43,625,620,800)				53,052,705,463
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		376,437,591		376,625,809
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		74,480,000		74,480,000
				451,105,809
Total Short-Term Investments — 0.8% (Cost: $450,874,658)				451,105,809
Total Investments in Securities — 100.6% (Cost: $44,076,495,458)				53,503,811,272
Other Assets, Less Liabilities — (0.6)%				(325,920,115	)
Net Assets — 100.0%			$	53,177,891,157

^(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 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	$	337,957,467	$	38,693,879	(a)	$	—		$	39,038	$	(64,575	)	$	376,625,809		376,437,591	$	570,172	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		70,950,000		3,530,000	(a)		—			—		—			74,480,000		74,480,000		3,695			—
BlackRock Inc.		297,510,354		38,964,431			(48,794,335	)		12,868,520		21,106,493			321,655,463		383,535		3,215,549			—
									$	12,907,558	$	21,041,918		$	772,761,272			$	3,789,416		$	—

^(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.

54 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^® Russell 1000 Value 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
CBOT E-Mini DJIA Index		369		12/17/21	$	62,217	$	(1,698,357	)
S&P 400 E-Mini Index		146		12/17/21		38,445		(908,054	)
S&P 500 E-Mini Index		57		12/17/21		12,248		(466,150	)
							$	(3,072,561	)

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)	$	3,072,561

^(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	$	10,951,178
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,557,357	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	110,051,556

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.

S C H E D U L E   O F   I N V E S  T M E N T S 55

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 1000 Value 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	$	53,052,705,463		$	—	$	—	$	53,052,705,463
Money Market Funds		451,105,809			—		—		451,105,809
	$	53,503,811,272		$	—	$	—	$	53,503,811,272
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(3,072,561	)	$	—	$	—	$	(3,072,561	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.    

See notes to financial statements.    

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Schedule of Investments (unaudited) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.7%
AAR Corp.(a)		792,182	$	25,690,462
Aerojet Rocketdyne Holdings Inc.		1,707,666		74,368,854
Aerovironment Inc.(a)(b)		512,788		44,263,860
AerSale Corp.(a)(b)		208,385		3,542,545
Astronics Corp.(a)(b)		539,502		7,585,398
Byrna Technologies Inc.(a)(b)		421,836		9,221,335
Ducommun Inc.(a)(b)		248,183		12,496,014
Kaman Corp.		656,510		23,417,712
Kratos Defense & Security Solutions Inc.(a)(b)		2,797,898		62,421,104
Maxar Technologies Inc.(b)		1,635,690		46,322,741
Moog Inc., Class A		660,206		50,327,503
National Presto Industries Inc.		120,200		9,866,016
PAE Inc.(a)(b)		1,600,865		9,573,173
Park Aerospace Corp.		450,480		6,162,567
Parsons Corp.(a)(b)		610,375		20,606,260
Triumph Group Inc.(a)		1,455,017		27,106,967
Vectrus Inc.(a)		259,168		13,030,967
				446,003,478
Air Freight & Logistics — 0.3%
Air Transport Services Group Inc.(a)(b)		1,346,033		34,741,112
Atlas Air Worldwide Holdings Inc.(a)(b)		669,059		54,648,739
Echo Global Logistics Inc.(a)		600,749		28,661,735
Forward Air Corp.		619,907		51,464,679
Hub Group Inc., Class A(a)		771,807		53,061,731
Radiant Logistics Inc.(a)(b)		858,866		5,488,154
				228,066,150
Airlines — 0.4%
Allegiant Travel Co.(a)		352,169		68,841,996
Frontier Group Holdings Inc.(a)(b)		793,860		12,535,049
Hawaiian Holdings Inc.(a)		1,166,912		25,275,314
Mesa Air Group Inc.(a)(b)		862,433		6,606,237
SkyWest Inc.(a)		1,155,172		56,996,187
Spirit Airlines Inc.(a)(b)		2,242,812		58,178,543
Sun Country Airlines Holdings Inc.(a)(b)		386,570		12,965,558
				241,398,884
Auto Components — 1.3%
Adient PLC(a)(b)		2,160,446		89,550,487
American Axle & Manufacturing Holdings Inc.(a)		2,600,669		22,911,894
Cooper-Standard Holdings Inc.(a)(b)		373,533		8,184,108
Dana Inc.		3,315,631		73,739,633
Dorman Products Inc.(a)(b)		610,098		57,757,978
Fox Factory Holding Corp.(a)(b)		963,348		139,242,320
Gentherm Inc.(a)(b)		758,553		61,389,694
Goodyear Tire & Rubber Co. (The)(a)		6,303,999		111,580,782
LCI Industries		565,238		76,097,992
Modine Manufacturing Co.(a)(b)		1,133,094		12,837,955
Motorcar Parts of America Inc.(a)(b)		413,592		8,065,044
Patrick Industries Inc.		518,228		43,168,392
Standard Motor Products Inc.		482,117		21,073,334
Stoneridge Inc.(a)(b)		588,788		12,005,387
Tenneco Inc., Class A(a)		1,551,406		22,138,564
Visteon Corp.(a)(b)		633,422		59,788,703
XL Fleet Corp.(a)(b)		795,758		4,901,869
XPEL Inc.(a)(b)		409,514		31,065,732
				855,499,868
Automobiles — 0.3%
Arcimoto Inc.(a)(b)		624,079		7,133,223

Security	Shares		Value
Automobiles (continued)
Canoo Inc.(a)(b)		2,430,660	$	18,691,775
Fisker Inc.(a)(b)		3,692,933		54,101,468
Lordstown Motors Corp., Class A(a)(b)		2,189,211		17,469,904
Winnebago Industries Inc.		737,975		53,466,289
Workhorse Group Inc.(a)(b)		2,752,769		21,058,683
				171,921,342
Banks — 8.0%
1st Source Corp.		391,041		18,472,777
Allegiance Bancshares Inc.		416,103		15,874,329
Altabancorp		425,343		18,783,147
Amalgamated Financial Corp.		326,549		5,166,005
Amerant Bancorp Inc.(a)(b)		499,160		12,349,218
American National Bankshares Inc.		246,531		8,145,384
Ameris Bancorp		1,532,312		79,496,347
Arrow Financial Corp.		322,075		11,066,481
Associated Banc-Corp.		3,498,272		74,932,986
Atlantic Capital Bancshares Inc.(a)(b)		444,633		11,778,328
Atlantic Union Bankshares Corp.		1,778,597		65,541,299
Banc of California Inc.		1,029,439		19,034,327
BancFirst Corp.		418,251		25,145,250
Bancorp. Inc. (The)(a)(b)		1,143,268		29,096,171
BancorpSouth Bank		2,226,983		66,319,554
Bank First Corp.		155,372		11,011,214
Bank of Marin Bancorp., Class A		381,706		14,409,402
Bank of NT Butterfield & Son Ltd. (The)		1,154,161		40,984,257
BankUnited Inc.		2,023,486		84,622,185
Banner Corp.		688,510		38,012,637
Bar Harbor Bankshares		340,761		9,558,346
Berkshire Hills Bancorp. Inc.		974,265		26,285,670
Blue Ridge Bankshares Inc.(b)		403,656		7,100,309
Brookline Bancorp. Inc.		1,705,863		26,031,469
Bryn Mawr Bank Corp.		457,461		21,020,333
Business First Bancshares Inc.		447,614		10,469,691
Byline Bancorp Inc.		602,314		14,792,832
Cadence BanCorp.		2,684,781		58,957,791
Cambridge Bancorp		158,577		13,954,776
Camden National Corp.		344,004		16,477,792
Capital Bancorp Inc./MD(b)		197,439		4,750,382
Capital City Bank Group Inc.		314,426		7,778,899
Capstar Financial Holdings Inc.		479,837		10,191,738
Carter Bankshares Inc.(a)		612,914		8,715,637
Cathay General Bancorp.		1,747,418		72,325,631
CBTX Inc.		430,678		11,361,286
Central Pacific Financial Corp.		550,458		14,135,761
Century Bancorp. Inc./MA, Class A, NVS		64,643		7,449,459
CIT Group Inc.		2,282,016		118,550,731
Citizens & Northern Corp.		357,688		9,035,199
City Holding Co.		331,877		25,856,537
Civista Bancshares Inc.		332,020		7,712,825
CNB Financial Corp./PA		373,153		9,082,544
Coastal Financial Corp./WA(a)(b)		220,501		7,025,162
Columbia Banking System Inc.		1,567,956		59,566,648
Community Bank System Inc.		1,171,617		80,162,035
Community Trust Bancorp. Inc.		368,204		15,501,388
ConnectOne Bancorp. Inc.		863,433		25,911,624
CrossFirst Bankshares Inc.(a)(b)		1,088,057		14,144,741
Customers Bancorp. Inc.(a)(b)		695,110		29,903,632
CVB Financial Corp.		2,963,372		60,363,888
Dime Community Bancshares Inc.		789,238		25,776,513
Eagle Bancorp. Inc.		703,132		40,430,090

S C H E D U L E   O F   I N V E S  T M E N T S 57

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Eastern Bankshares Inc.		3,968,736	$	80,565,341
Enterprise Bancorp. Inc./MA		205,493		7,387,473
Enterprise Financial Services Corp.		820,201		37,138,701
Equity Bancshares Inc., Class A(b)		321,394		10,728,132
Farmers National Banc Corp.		602,415		9,463,940
FB Financial Corp.		773,527		33,168,838
Fidelity D&D Bancorp. Inc.(b)		98,373		4,960,950
Financial Institutions Inc.		361,093		11,067,500
First Bancorp. Inc. (The)		239,168		6,969,356
First BanCorp./Puerto Rico		4,413,807		58,041,562
First Bancorp./Southern Pines NC		616,521		26,516,568
First Bancshares Inc. (The)		472,371		18,318,547
First Bank/Hamilton NJ		364,504		5,135,861
First Busey Corp.		1,175,109		28,942,935
First Commonwealth Financial Corp.		2,010,661		27,405,309
First Community Bankshares Inc.		387,812		12,301,397
First Financial Bancorp		2,068,012		48,412,161
First Financial Bankshares Inc.		2,982,367		137,039,764
First Financial Corp./IN		270,475		11,373,474
First Foundation Inc.		922,591		24,264,143
First Internet Bancorp.		214,412		6,685,366
First Interstate BancSystem Inc., Class A		970,098		39,056,146
First Merchants Corp.		1,254,529		52,489,493
First Mid Bancshares Inc.		387,740		15,920,604
First Midwest Bancorp. Inc.		2,498,690		47,500,097
First of Long Island Corp. (The)		533,274		10,985,444
Five Star Bancorp		131,751		3,154,119
Flushing Financial Corp.		693,498		15,673,055
Fulton Financial Corp.		3,690,365		56,388,777
German American Bancorp. Inc.		574,296		22,185,054
Glacier Bancorp. Inc.		2,203,588		121,968,596
Great Southern Bancorp. Inc.		244,176		13,383,287
Great Western Bancorp. Inc.		1,210,649		39,636,648
Guaranty Bancshares Inc./TX		184,255		6,605,542
Hancock Whitney Corp.		2,005,822		94,514,333
Hanmi Financial Corp.		640,061		12,839,624
Harborone Bancorp. Inc.		1,153,007		16,188,218
HBT Financial Inc.		213,740		3,323,657
Heartland Financial USA Inc.		931,587		44,790,703
Heritage Commerce Corp.		1,347,641		15,673,065
Heritage Financial Corp./WA		775,166		19,766,733
Hilltop Holdings Inc.		1,480,862		48,379,762
Home BancShares Inc./AR		3,543,587		83,380,602
HomeTrust Bancshares Inc.		363,333		10,166,057
Hope Bancorp Inc.		2,581,570		37,277,871
Horizon Bancorp Inc./IN		987,589		17,944,492
Howard Bancorp. Inc.(a)(b)		320,383		6,497,367
Independent Bank Corp.		720,110		54,836,377
Independent Bank Corp./MI		481,747		10,347,926
Independent Bank Group Inc.		871,693		61,925,071
International Bancshares Corp.		1,261,915		52,546,141
Investors Bancorp. Inc.		5,218,610		78,853,197
Lakeland Bancorp. Inc.		1,160,820		20,465,257
Lakeland Financial Corp.		533,159		37,982,247
Live Oak Bancshares Inc.(b)		743,239		47,292,298
Macatawa Bank Corp.		605,732		4,864,028
Mercantile Bank Corp.		370,476		11,866,346
Metrocity Bankshares Inc.		448,186		9,398,460
Metropolitan Bank Holding Corp.(a)(b)		187,160		15,777,588
Mid Penn Bancorp. Inc.		226,651		6,244,235

Security	Shares		Value
Banks (continued)
Midland States Bancorp. Inc.		490,063	$	12,119,258
MidWestOne Financial Group Inc.		338,054		10,195,709
MVB Financial Corp.		226,836		9,715,386
National Bank Holdings Corp., Class A		654,777		26,505,373
NBT Bancorp. Inc.		932,209		33,671,389
Nicolet Bankshares Inc.(a)(b)		250,376		18,572,892
Northrim Bancorp. Inc.		138,795		5,900,175
OceanFirst Financial Corp.		1,372,832		29,392,333
OFG Bancorp		1,125,348		28,381,277
Old National Bancorp./IN		3,593,889		60,916,419
Old Second Bancorp. Inc.		639,905		8,357,159
Origin Bancorp Inc.		510,013		21,599,051
Orrstown Financial Services Inc.		251,050		5,874,570
Pacific Premier Bancorp. Inc.		1,918,130		79,487,307
Park National Corp.		332,287		40,522,400
Peapack Gladstone Financial Corp.		433,065		14,447,048
Peoples Bancorp. Inc./OH		601,633		19,017,619
Peoples Financial Services Corp.		162,379		7,399,611
Preferred Bank/Los Angeles CA		301,251		20,087,417
Primis Financial Corp.		569,682		8,237,602
QCR Holdings Inc.		354,823		18,252,095
RBB Bancorp		335,316		8,453,316
Red River Bancshares Inc.		106,294		5,298,756
Reliant Bancorp Inc.		359,572		11,358,879
Renasant Corp.		1,225,642		44,184,394
Republic Bancorp. Inc./KY, Class A		229,051		11,601,433
Republic First Bancorp. Inc.(a)(b)		953,349		2,936,315
S&T Bancorp. Inc.		846,890		24,957,848
Sandy Spring Bancorp. Inc.		1,084,887		49,709,522
Seacoast Banking Corp. of Florida(b)		1,178,059		39,830,175
ServisFirst Bancshares Inc.(b)		1,150,515		89,510,067
Sierra Bancorp		326,775		7,934,097
Silvergate Capital Corp., Class A(a)(b)		558,186		64,470,483
Simmons First National Corp., Class A		2,317,965		68,519,045
SmartFinancial Inc.		318,282		8,227,590
South Plains Financial Inc.		249,095		6,072,936
South State Corp.		1,606,126		119,929,428
Southern First Bancshares Inc.(a)(b)		174,760		9,349,660
Southside Bancshares Inc.		680,863		26,070,244
Spirit of Texas Bancshares Inc.		300,555		7,273,431
Stock Yards Bancorp. Inc.		558,155		32,735,791
Summit Financial Group Inc.		262,806		6,441,375
Texas Capital Bancshares Inc.(a)		1,172,969		70,401,599
Tompkins Financial Corp.		325,971		26,374,314
Towne Bank/Portsmouth VA		1,549,436		48,202,954
TriCo Bancshares		638,314		27,702,828
TriState Capital Holdings Inc.(a)(b)		660,598		13,971,648
Triumph Bancorp. Inc.(a)(b)		550,983		55,169,928
Trustmark Corp.		1,358,441		43,768,969
UMB Financial Corp.		1,008,555		97,537,354
United Bankshares Inc./WV		2,894,203		105,291,105
United Community Banks Inc./GA		1,659,960		54,479,887
Univest Financial Corp.		675,506		18,502,109
Valley National Bancorp		9,205,579		122,526,257
Veritex Holdings Inc.		1,073,467		42,251,661
Washington Trust Bancorp. Inc.		403,474		21,376,053
WesBanco Inc.		1,485,049		50,610,470
West Bancorp. Inc.		374,878		11,257,586
Westamerica Bancorp		580,660		32,667,932
				5,360,208,021

58 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^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Beverages — 0.4%
Celsius Holdings Inc.(a)(b)		1,231,282	$	110,926,195
Coca-Cola Consolidated Inc.(b)		107,369		42,322,712
Duckhorn Portfolio Inc. (The)(a)(b)		465,332		10,651,450
MGP Ingredients Inc.		326,782		21,273,508
National Beverage Corp.		532,633		27,957,906
NewAge Inc.(a)(b)		3,069,599		4,266,743
Primo Water Corp.		3,587,084		56,388,961
Zevia PBC, Class A(a)(b)		235,747		2,713,448
				276,500,923
Biotechnology — 9.8%
4D Molecular Therapeutics Inc.(a)(b)		479,517		12,932,573
89bio Inc.(a)(b)		225,157		4,410,826
ACADIA Pharmaceuticals Inc.(a)(b)		2,729,506		45,337,095
Acumen Pharmaceuticals Inc.(a)(b)		220,168		3,271,696
Adagio Therapeutics Inc.(a)		485,021		20,487,287
Adicet Bio Inc.(a)(b)		482,187		3,780,346
Adverum Biotechnologies Inc.(a)(b)		1,834,965		3,981,874
Aeglea BioTherapeutics Inc.(a)(b)		921,173		7,323,325
Aerovate Therapeutics Inc.(a)(b)		231,458		4,855,989
Affimed NV(a)(b)		2,694,771		16,653,685
Agenus Inc.(a)(b)		4,592,634		24,111,328
Agios Pharmaceuticals Inc.(a)(b)		1,344,769		62,061,089
Akebia Therapeutics Inc.(a)(b)		3,979,995		11,462,386
Akero Therapeutics Inc.(a)(b)		593,429		13,263,138
Akouos Inc.(a)(b)		564,406		6,552,754
Albireo Pharma Inc.(a)(b)		381,533		11,903,830
Aldeyra Therapeutics Inc.(a)(b)		1,123,297		9,862,548
Alector Inc.(a)(b)		1,341,742		30,618,552
Aligos Therapeutics Inc.(a)(b)		482,027		7,476,239
Alkermes PLC(a)		3,658,256		112,820,615
Allakos Inc.(a)(b)		796,922		84,370,132
Allogene Therapeutics Inc.(a)(b)		1,550,564		39,849,495
Allovir Inc.(a)(b)		681,454		17,077,237
Alpine Immune Sciences Inc.(a)(b)		267,798		2,857,405
Altimmune Inc.(a)(b)		904,826		10,233,582
ALX Oncology Holdings Inc.(a)(b)		404,260		29,858,644
Amicus Therapeutics Inc.(a)(b)		5,997,031		57,271,646
AnaptysBio Inc.(a)(b)		446,761		12,116,158
Anavex Life Sciences Corp.(a)(b)		1,472,122		26,424,590
Anika Therapeutics Inc.(a)(b)		326,049		13,876,645
Annexon Inc.(a)(b)		719,116		13,382,749
Apellis Pharmaceuticals Inc.(a)(b)		1,481,135		48,818,210
Applied Molecular Transport Inc.(a)(b)		569,569		14,734,750
Applied Therapeutics Inc.(a)		408,337		6,778,394
AquaBounty Technologies Inc.(a)(b)		1,210,607		4,927,170
Arbutus Biopharma Corp.(a)(b)		1,807,127		7,752,575
Arcturus Therapeutics Holdings Inc.(a)(b)		481,454		23,003,872
Arcus Biosciences Inc.(a)(b)		1,033,247		36,029,323
Arcutis Biotherapeutics Inc.(a)(b)		638,310		15,249,226
Ardelyx Inc.(a)(b)		1,950,413		2,574,545
Arena Pharmaceuticals Inc.(a)(b)		1,394,598		83,048,311
Arrowhead Pharmaceuticals Inc.(a)(b)		2,311,686		144,318,557
Atara Biotherapeutics Inc.(a)(b)		1,878,405		33,623,449
Athenex Inc.(a)(b)		1,996,141		6,008,384
Athersys Inc.(a)(b)		4,634,169		6,163,445
Atossa Therapeutics Inc.(a)(b)		2,699,231		8,799,493
Atreca Inc., Class A(a)(b)		562,630		3,505,185
Avid Bioservices Inc.(a)(b)		1,371,034		29,573,203
Avidity Biosciences Inc.(a)(b)		860,041		21,182,810
Avita Medical Inc.(a)(b)		550,403		9,753,141

Security	Shares		Value
Biotechnology (continued)
Avrobio Inc.(a)(b)		834,879	$	4,658,625
Beam Therapeutics Inc.(a)(b)		1,137,230		98,950,382
Beyondspring Inc.(a)(b)		520,843		8,208,486
BioAtla Inc.(a)(b)		354,552		10,438,011
BioCryst Pharmaceuticals Inc.(a)(b)		4,054,664		58,265,522
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		1,270,545		176,491,406
Biomea Fusion Inc.(a)(b)		198,616		2,377,434
Bioxcel Therapeutics Inc.(a)(b)		393,454		11,941,329
Black Diamond Therapeutics Inc.(a)(b)		525,487		4,445,620
Bluebird Bio Inc.(a)(b)		1,533,019		29,295,993
Blueprint Medicines Corp.(a)(b)		1,334,383		137,187,916
Bolt Biotherapeutics Inc.(a)(b)		523,604		6,623,591
Bridgebio Pharma Inc.(a)(b)		2,454,235		115,029,994
Brooklyn ImmunoTherapeutics Inc.(a)(b)		677,554		6,301,252
C4 Therapeutics Inc.(a)(b)		881,696		39,394,177
Cardiff Oncology Inc.(a)		835,304		5,563,125
CareDx Inc.(a)(b)		1,153,983		73,127,903
Caribou Biosciences Inc.(a)(b)		440,381		10,511,894
Catalyst Pharmaceuticals Inc.(a)(b)		2,179,706		11,552,442
Celcuity Inc.(a)(b)		220,754		3,973,572
Celldex Therapeutics Inc.(a)(b)		1,049,878		56,682,913
CEL-SCI Corp.(a)(b)		823,848		9,054,090
Century Therapeutics Inc.(a)(b)		271,104		6,820,977
Cerevel Therapeutics Holdings Inc.(a)(b)		914,906		26,989,727
ChemoCentryx Inc.(a)(b)		1,231,018		21,050,408
Chimerix Inc.(a)(b)		1,689,444		10,457,658
Chinook Therapeutics Inc.(a)(b)		726,702		9,272,718
Clene Inc.(a)(b)		435,550		2,974,807
Clovis Oncology Inc.(a)(b)		2,574,689		11,483,113
Codiak Biosciences Inc.(a)(b)		361,995		5,911,378
Cogent Biosciences Inc.(a)(b)		858,708		7,221,734
Coherus Biosciences Inc.(a)(b)		1,479,155		23,770,021
Cortexyme Inc.(a)(b)		454,848		41,691,368
Crinetics Pharmaceuticals Inc.(a)		845,239		17,792,281
Cue Biopharma Inc.(a)(b)		696,355		10,145,892
Cullinan Oncology Inc.(a)(b)		592,198		13,365,909
Curis Inc.(a)(b)		2,010,198		15,739,850
Cytokinetics Inc.(a)(b)		1,808,665		64,641,687
CytomX Therapeutics Inc.(a)(b)		1,503,870		7,654,698
Day One Biopharmaceuticals Inc.(a)(b)		253,078		6,005,541
Deciphera Pharmaceuticals Inc.(a)(b)		893,400		30,357,732
Denali Therapeutics Inc.(a)(b)		2,074,765		104,671,894
Dermtech Inc.(a)(b)		550,208		17,667,179
Design Therapeutics Inc.(a)(b)		310,704		4,564,242
Dicerna Pharmaceuticals Inc.(a)(b)		1,599,642		32,248,783
Dynavax Technologies Corp.(a)(b)		2,458,641		47,230,494
Dyne Therapeutics Inc.(a)(b)		692,352		11,243,796
Eagle Pharmaceuticals Inc./DE(a)(b)		267,845		14,940,394
Editas Medicine Inc.(a)(b)		1,559,635		64,069,806
Eiger BioPharmaceuticals Inc.(a)(b)		766,117		5,117,662
Eliem Therapeutics Inc.(a)(b)		161,912		2,911,178
Emergent BioSolutions Inc.(a)(b)		1,117,403		55,948,368
Enanta Pharmaceuticals Inc.(a)(b)		435,568		24,744,618
Epizyme Inc.(a)(b)		2,069,920		10,597,990
Erasca Inc.(a)(b)		474,889		10,077,145
Evelo Biosciences Inc.(a)(b)		702,407		4,944,945
Fate Therapeutics Inc.(a)(b)		1,851,183		109,719,616
FibroGen Inc.(a)(b)		1,941,656		19,843,724
Finch Therapeutics Group Inc.(a)(b)		174,587		2,269,631
Flexion Therapeutics Inc.(a)(b)		1,110,162		6,771,988

S C H E D U L E   O F   I N V E S  T M E N T S 59

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Foghorn Therapeutics Inc.(a)(b)		450,965	$	6,281,942
Forma Therapeutics Holdings Inc.(a)(b)		774,992		17,972,064
Forte Biosciences Inc.(a)(b)		258,605		765,471
Fortress Biotech Inc.(a)(b)		1,651,706		5,318,493
Frequency Therapeutics Inc.(a)(b)		738,507		5,213,859
G1 Therapeutics Inc.(a)(b)		907,712		12,181,495
Gemini Therapeutics Inc.(a)(b)		505,046		2,040,386
Generation Bio Co.(a)(b)		992,861		24,891,025
Geron Corp.(a)(b)		6,951,729		9,523,869
Global Blood Therapeutics Inc.(a)(b)		1,364,843		34,776,200
Gossamer Bio Inc.(a)(b)		1,438,544		18,082,498
Graphite Bio Inc.(a)(b)		373,162		6,116,125
Greenwich Lifesciences Inc.(a)(b)		93,040		3,635,073
Gritstone bio Inc.(a)(b)		940,227		10,154,452
GT Biopharma Inc.(a)(b)		403,728		2,721,127
Halozyme Therapeutics Inc.(a)(b)		3,213,892		130,741,127
Harpoon Therapeutics Inc.(a)(b)		431,547		3,409,221
Heron Therapeutics Inc.(a)(b)		2,078,820		22,222,586
Homology Medicines Inc.(a)(b)		968,471		7,621,867
Hookipa Pharma Inc.(a)(b)		442,519		2,606,437
Humanigen Inc.(a)(b)		1,040,891		6,172,484
iBio Inc.(a)(b)		4,970,421		5,268,646
Icosavax Inc.(a)(b)		307,155		9,088,716
Ideaya Biosciences Inc.(a)(b)		747,728		19,059,587
IGM Biosciences Inc.(a)(b)		186,807		12,284,428
Imago Biosciences Inc.(a)		224,016		4,487,040
Immuneering Corp., Class A(a)(b)		189,883		5,041,394
Immunic Inc.(a)(b)		357,564		3,164,441
ImmunityBio Inc.(a)(b)		1,552,860		15,124,856
ImmunoGen Inc.(a)(b)		4,569,510		25,909,122
Immunovant Inc.(a)		904,567		7,860,687
Impel Neuropharma Inc.(a)(b)		124,249		1,513,353
Infinity Pharmaceuticals Inc.(a)(b)		2,042,233		6,984,437
Inhibrx Inc.(a)(b)		645,880		21,514,263
Inovio Pharmaceuticals Inc.(a)(b)		4,715,024		33,759,572
Inozyme Pharma Inc.(a)(b)		331,722		3,844,658
Insmed Inc.(a)(b)		2,624,111		72,268,017
Instil Bio Inc.(a)(b)		401,848		7,183,033
Intellia Therapeutics Inc.(a)(b)		1,571,089		210,761,589
Intercept Pharmaceuticals Inc.(a)(b)		646,438		9,599,604
Invitae Corp.(a)(b)		4,569,949		129,923,650
Ironwood Pharmaceuticals Inc.(a)(b)		3,313,234		43,270,836
iTeos Therapeutics Inc.(a)(b)		468,240		12,642,480
IVERIC bio Inc.(a)(b)		2,382,436		38,690,761
Janux Therapeutics Inc.(a)(b)		303,958		6,574,612
Jounce Therapeutics Inc.(a)(b)		765,302		5,686,194
Kadmon Holdings Inc.(a)(b)		3,951,975		34,421,702
KalVista Pharmaceuticals Inc.(a)(b)		435,668		7,602,407
Karuna Therapeutics Inc.(a)(b)		506,423		61,950,726
Karyopharm Therapeutics Inc.(a)(b)		1,576,672		9,176,231
Keros Therapeutics Inc.(a)(b)		360,063		14,244,092
Kezar Life Sciences Inc.(a)(b)		789,828		6,824,114
Kiniksa Pharmaceuticals Ltd., Class A(a)(b)		615,266		7,007,880
Kinnate Biopharma Inc.(a)(b)		588,774		13,553,577
Kodiak Sciences Inc.(a)(b)		763,860		73,315,283
Kronos Bio Inc.(a)(b)		896,082		18,781,879
Krystal Biotech Inc.(a)(b)		414,671		21,649,973
Kura Oncology Inc.(a)(b)		1,449,033		27,140,388
Kymera Therapeutics Inc.(a)(b)		784,413		46,076,420
Lexicon Pharmaceuticals Inc.(a)(b)		1,569,486		7,549,228

Security	Shares		Value
Biotechnology (continued)
Ligand Pharmaceuticals Inc.(a)(b)		343,926	$	47,915,770
Lineage Cell Therapeutics Inc.(a)(b)		2,797,724		7,050,264
Lyell Immunopharma Inc.(a)(b)		542,770		8,032,996
MacroGenics Inc.(a)(b)		1,372,530		28,740,778
Madrigal Pharmaceuticals Inc.(a)(b)		262,546		20,948,545
Magenta Therapeutics Inc.(a)(b)		689,739		5,021,300
MannKind Corp.(a)(b)		5,601,224		24,365,324
MaxCyte Inc.(a)		359,888		4,394,232
MEI Pharma Inc.(a)(b)		2,403,076		6,632,490
MeiraGTx Holdings PLC(a)(b)		686,719		9,050,956
Mersana Therapeutics Inc.(a)(b)		1,598,677		15,075,524
MiMedx Group Inc.(a)(b)		2,557,095		15,495,996
Mirum Pharmaceuticals Inc.(a)		83,128		1,655,910
Molecular Templates Inc.(a)(b)		852,406		5,719,644
Monte Rosa Therapeutics Inc.(a)(b)		265,602		5,917,613
Morphic Holding Inc.(a)		472,094		26,739,404
Mustang Bio Inc.(a)(b)		1,604,496		4,316,094
Myriad Genetics Inc.(a)(b)		1,767,528		57,073,479
Neoleukin Therapeutics Inc.(a)(b)		811,758		5,869,010
NexImmune Inc.(a)(b)		404,322		6,121,435
Nkarta Inc.(a)(b)		321,733		8,947,395
Nurix Therapeutics Inc.(a)		714,201		21,397,462
Nuvalent Inc., Class A(a)(b)		245,901		5,545,068
Ocugen Inc.(a)(b)		4,204,966		30,191,656
Olema Pharmaceuticals Inc.(a)(b)		576,533		15,889,249
Omega Therapeutics Inc.(a)(b)		169,873		3,202,106
Oncocyte Corp.(a)(b)		1,370,615		4,879,389
Oncorus Inc.(a)(b)		470,850		4,397,739
Oncternal Therapeutics Inc.(a)		1,020,281		4,254,572
Oncternal Therapeutics Inc. New(b)(c)		13,273		13,605
OPKO Health Inc.(a)(b)		9,160,995		33,437,632
Organogenesis Holdings Inc., Class A(a)(b)		885,266		12,606,188
ORIC Pharmaceuticals Inc.(a)(b)		721,403		15,084,537
Outlook Therapeutics Inc.(a)(b)		2,019,022		4,381,278
Oyster Point Pharma Inc.(a)(b)		256,161		3,035,508
Passage Bio Inc.(a)		856,360		8,529,346
PDL BioPharma Inc.(a)(c)		11,823		24,822
PMV Pharmaceuticals Inc.(a)(b)		606,858		18,084,368
Portage Biotech Inc.(a)(b)		83,128		1,689,161
Poseida Therapeutics Inc.(a)(b)		663,027		4,833,467
Praxis Precision Medicines Inc.(a)(b)		740,119		13,684,800
Precigen Inc.(a)(b)		2,197,661		10,966,328
Precision BioSciences Inc.(a)(b)		1,132,964		13,074,405
Prelude Therapeutics Inc.(a)(b)		249,633		7,801,031
Prometheus Biosciences Inc.(a)(b)		260,592		6,178,636
Protagonist Therapeutics Inc.(a)(b)		1,020,749		18,087,672
Prothena Corp. PLC(a)(b)		799,529		56,950,451
PTC Therapeutics Inc.(a)(b)		1,584,012		58,941,087
Puma Biotechnology Inc.(a)		769,730		5,395,807
Radius Health Inc.(a)(b)		1,088,054		13,502,750
Rallybio Corp.(a)(b)		165,253		2,905,148
RAPT Therapeutics Inc.(a)(b)		486,634		15,109,986
Recursion Pharmaceuticals Inc., Class A(a)(b)		642,763		14,789,977
REGENXBIO Inc.(a)		900,130		37,733,450
Relay Therapeutics Inc.(a)(b)		1,361,934		42,941,779
Reneo Pharmaceuticals Inc.(a)(b)		145,410		1,083,305
Replimune Group Inc.(a)(b)		678,640		20,114,890
REVOLUTION Medicines Inc.(a)(b)		1,354,303		37,256,876
Rhythm Pharmaceuticals Inc.(a)(b)		1,016,204		13,271,624
Rigel Pharmaceuticals Inc.(a)(b)		3,944,142		14,317,235

60 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^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Rocket Pharmaceuticals Inc.(a)(b)		924,104	$	27,621,469
Rubius Therapeutics Inc.(a)(b)		1,048,969		18,755,566
Sana Biotechnology Inc.(a)(b)		1,978,213		44,549,357
Sangamo Therapeutics Inc.(a)(b)		2,728,446		24,583,298
Scholar Rock Holding Corp.(a)(b)		626,448		20,685,313
Selecta Biosciences Inc.(a)(b)		2,065,907		8,594,173
Sensei Biotherapeutics Inc.(a)(b)		478,602		5,034,893
Sera Prognostics Inc., Class A(a)(b)		108,706		1,207,724
Seres Therapeutics Inc.(a)(b)		1,608,572		11,195,661
Sesen Bio Inc.(a)(b)		3,951,871		3,134,624
Shattuck Labs Inc.(a)(b)		613,314		12,499,339
Sigilon Therapeutics Inc.(a)(b)		347,985		1,966,115
Silverback Therapeutics Inc.(a)(b)		468,953		4,680,151
Solid Biosciences Inc.(a)(b)		1,374,654		3,285,423
Sorrento Therapeutics Inc.(a)(b)		6,355,028		48,488,864
Spectrum Pharmaceuticals Inc.(a)(b)		3,566,592		7,775,171
Spero Therapeutics Inc.(a)(b)		559,132		10,293,620
SpringWorks Therapeutics Inc.(a)(b)		665,888		42,243,935
Spruce Biosciences Inc.(a)(b)		200,230		1,203,382
SQZ Biotechnologies Co.(a)(b)		524,861		7,568,496
Stoke Therapeutics Inc.(a)(b)		440,068		11,195,330
Summit Therapeutics Inc.(a)(b)		518,210		2,596,232
Surface Oncology Inc.(a)(b)		767,058		5,806,629
Sutro Biopharma Inc.(a)(b)		973,274		18,385,146
Syndax Pharmaceuticals Inc.(a)(b)		1,008,311		19,268,823
Syros Pharmaceuticals Inc.(a)(b)		1,328,787		5,939,678
Talaris Therapeutics Inc.(a)(b)		205,355		2,784,614
Taysha Gene Therapies Inc.(a)(b)		513,223		9,556,212
TCR2 Therapeutics Inc.(a)		708,778		6,031,701
Tenaya Therapeutics Inc.(a)		319,768		6,603,209
TG Therapeutics Inc.(a)(b)		2,923,331		97,288,456
Tonix Pharmaceuticals Holding Corp.(a)		7,531,480		4,527,173
Travere Therapeutics Inc.(a)(b)		1,329,340		32,236,495
Trevena Inc.(a)(b)		3,770,176		4,637,316
Trillium Therapeutics Inc.(a)(b)		2,297,626		40,346,313
Turning Point Therapeutics Inc.(a)(b)		1,048,478		69,650,394
Twist Bioscience Corp.(a)(b)		1,076,730		115,177,808
UroGen Pharma Ltd.(a)(b)		434,320		7,305,262
Vanda Pharmaceuticals Inc.(a)		1,246,104		21,358,223
Vaxart Inc.(a)(b)		2,689,318		21,380,078
Vaxcyte Inc.(a)(b)		921,579		23,380,459
VBI Vaccines Inc.(a)(b)		4,333,429		13,476,964
Vera Therapeutics Inc.(a)(b)		162,387		2,817,414
Veracyte Inc.(a)(b)		1,538,877		71,480,837
Verastem Inc.(a)(b)		3,979,546		12,257,002
Vericel Corp.(a)(b)		1,060,173		51,736,442
Verve Therapeutics Inc.(a)		362,776		17,050,472
Viking Therapeutics Inc.(a)(b)		1,510,034		9,483,014
Vincerx Pharma Inc.(a)		298,795		4,831,515
Vir Biotechnology Inc.(a)(b)		1,370,878		59,660,611
Viracta Therapeutics Inc.(a)(b)		835,819		6,703,268
VistaGen Therapeutics Inc.(a)(b)		4,424,349		12,122,716
Vor BioPharma Inc.(a)(b)		433,953		6,804,383
Werewolf Therapeutics Inc.(a)(b)		174,587		2,995,913
XBiotech Inc.		353,850		4,582,357
Xencor Inc.(a)(b)		1,289,423		42,112,555
XOMA Corp.(a)(b)		139,459		3,451,610
Y-mAbs Therapeutics Inc.(a)(b)		809,162		23,093,483
Zentalis Pharmaceuticals Inc.(a)(b)		819,163		54,589,022

Security	Shares		Value
Biotechnology (continued)
ZIOPHARM Oncology Inc.(a)(b)		4,832,599	$	8,795,330
				6,532,119,389
Building Products — 1.1%
AAON Inc.(b)		956,387		62,490,327
American Woodmark Corp.(a)		390,075		25,499,203
Apogee Enterprises Inc.		584,046		22,053,577
Caesarstone Ltd.		536,888		6,668,149
Cornerstone Building Brands Inc.(a)(b)		1,270,920		18,568,141
CSW Industrials Inc.		338,712		43,253,522
Gibraltar Industries Inc.(a)(b)		748,225		52,113,871
Griffon Corp.		1,070,487		26,333,980
Insteel Industries Inc.		431,531		16,419,755
JELD-WEN Holding Inc.(a)		1,915,851		47,953,750
Masonite International Corp.(a)(b)		550,438		58,417,985
PGT Innovations Inc.(a)		1,314,541		25,107,733
Quanex Building Products Corp.		780,382		16,707,979
Resideo Technologies Inc.(a)		3,297,828		81,753,156
Simpson Manufacturing Co. Inc.		993,610		106,286,462
UFP Industries Inc.		1,373,281		93,355,642
View Inc.(a)(b)		2,239,793		12,139,678
				715,122,910
Capital Markets — 1.6%
Artisan Partners Asset Management Inc., Class A		1,338,898		65,498,890
Assetmark Financial Holdings Inc.(a)		417,538		10,384,170
Associated Capital Group Inc., Class A		38,850		1,453,379
B. Riley Financial Inc.		469,069		27,693,834
BGC Partners Inc., Class A		7,743,597		40,344,140
Blucora Inc.(a)		1,133,256		17,667,461
BrightSphere Investment Group Inc.(b)		1,328,775		34,720,891
Cohen & Steers Inc.		567,337		47,525,820
Cowen Inc., Class A		671,718		23,046,645
Diamond Hill Investment Group Inc.		70,816		12,439,539
Donnelley Financial Solutions Inc.(a)		666,465		23,073,018
Federated Hermes Inc.		2,203,239		71,605,268
Focus Financial Partners Inc., Class A(a)(b)		1,360,030		71,224,771
GAMCO Investors Inc., Class A(b)		134,251		3,541,541
GCM Grosvenor Inc., Class A(b)		982,909		11,323,112
Greenhill & Co. Inc.		354,861		5,188,068
Hamilton Lane Inc., Class A		776,017		65,821,762
Houlihan Lokey Inc.		1,164,835		107,281,303
Moelis & Co., Class A		1,403,660		86,844,444
Open Lending Corp., Class A(a)(b)		2,378,200		85,781,674
Oppenheimer Holdings Inc., Class A, NVS		223,608		10,127,206
Piper Sandler Cos.		405,892		56,199,806
PJT Partners Inc., Class A		559,410		44,254,925
Pzena Investment Management Inc., Class A		360,607		3,548,373
Sculptor Capital Management Inc.		525,857		14,666,152
StepStone Group Inc., Class A		922,897		39,352,328
StoneX Group Inc.(a)		386,195		25,450,251
Value Line Inc.		26,051		892,507
Virtus Investment Partners Inc.		159,456		49,482,386
WisdomTree Investments Inc.		3,030,551		17,183,224
				1,073,616,888
Chemicals — 1.9%
AdvanSix Inc.(a)		624,332		24,817,197
American Vanguard Corp.		658,301		9,907,430
Amyris Inc.(a)(b)		3,914,176		53,741,637
Avient Corp.		2,076,312		96,237,061
Balchem Corp.		735,384		106,682,157

S C H E D U L E   O F   I N V E S  T M E N T S 61

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Cabot Corp.		1,279,871	$	64,147,135
Chase Corp.		169,639		17,328,624
Danimer Scientific Inc.(a)(b)		1,518,196		24,807,323
Ecovyst Inc.		1,191,579		13,893,811
Ferro Corp.(a)		1,871,100		38,058,174
FutureFuel Corp.		574,369		4,095,251
GCP Applied Technologies Inc.(a)(b)		1,134,409		24,866,245
Hawkins Inc.		438,285		15,287,381
HB Fuller Co.		1,189,280		76,779,917
Ingevity Corp.(a)(b)		906,283		64,681,418
Innospec Inc.		559,357		47,109,047
Intrepid Potash Inc.(a)(b)		232,615		7,187,804
Koppers Holdings Inc.(a)(b)		466,048		14,568,660
Kraton Corp.(a)		716,538		32,702,794
Kronos Worldwide Inc.		507,056		6,292,565
Livent Corp.(a)(b)		3,697,767		85,455,395
Marrone Bio Innovations Inc.(a)(b)		2,309,795		2,081,125
Minerals Technologies Inc.(b)		766,722		53,547,864
Orion Engineered Carbons SA(a)		1,397,221		25,471,339
PureCycle Technologies Inc.(a)(b)		760,800		10,103,424
Quaker Chemical Corp.(b)		307,563		73,113,876
Rayonier Advanced Materials Inc.(a)(b)		1,379,763		10,348,223
Sensient Technologies Corp.		964,793		87,873,346
Stepan Co.		491,520		55,512,269
Tredegar Corp.		574,002		6,991,344
Trinseo SA		887,686		47,917,290
Tronox Holdings PLC, Class A		2,614,011		64,435,371
Valhi Inc.		55,661		1,298,571
Zymergen Inc.(a)(b)		432,116		5,690,968
				1,273,032,036
Commercial Services & Supplies — 1.8%
ABM Industries Inc.		1,536,819		69,172,223
ACCO Brands Corp.		2,157,282		18,531,052
Brady Corp., Class A, NVS		1,075,954		54,550,868
BrightView Holdings Inc.(a)(b)		933,885		13,784,143
Brink’s Co. (The)(b)		1,109,858		70,254,011
Casella Waste Systems Inc., Class A(a)(b)		1,122,060		85,209,237
CECO Environmental Corp.(a)(b)		704,685		4,960,982
Cimpress PLC(a)(b)		384,968		33,426,772
CompX International Inc.		41,138		854,848
CoreCivic Inc.(a)		2,749,788		24,473,113
Covanta Holding Corp.		2,732,431		54,976,512
Deluxe Corp.		960,132		34,459,138
Ennis Inc.		602,691		11,360,725
Harsco Corp.(a)		1,781,647		30,198,917
Healthcare Services Group Inc.		1,709,562		42,721,954
Heritage-Crystal Clean Inc.(a)		358,233		10,381,592
Herman Miller Inc.		1,696,130		63,876,256
HNI Corp.		1,002,950		36,828,324
Interface Inc.(b)		1,341,025		20,316,529
KAR Auction Services Inc.(a)		2,731,388		44,767,449
Kimball International Inc., Class B		798,880		8,947,456
Matthews International Corp., Class A		698,575		24,233,567
Montrose Environmental Group Inc.(a)(b)		520,010		32,105,417
NL Industries Inc.		207,692		1,196,306
Pitney Bowes Inc.		3,824,565		27,575,114
RR Donnelley & Sons Co.(a)		1,639,887		8,429,019
SP Plus Corp.(a)(b)		527,454		16,177,014
Steelcase Inc., Class A		2,045,021		25,930,866
Team Inc.(a)		607,582		1,828,822

Security	Shares		Value
Commercial Services & Supplies (continued)
Tetra Tech Inc.		1,229,962	$	183,682,525
U.S. Ecology Inc.(a)		727,337		23,529,352
UniFirst Corp./MA		343,948		73,130,224
Viad Corp.(a)		471,257		21,399,780
VSE Corp.		244,037		11,755,262
				1,185,025,369
Communications Equipment — 0.7%
ADTRAN Inc.		1,110,449		20,832,023
Aviat Networks Inc.(a)(b)		158,858		5,220,074
CalAmp Corp.(a)(b)		819,741		8,156,423
Calix Inc.(a)(b)		1,258,668		62,215,959
Cambium Networks Corp.(a)(b)		242,821		8,787,692
Casa Systems Inc.(a)(b)		667,175		4,523,446
Clearfield Inc.(a)(b)		257,817		11,382,620
Comtech Telecommunications Corp.		580,892		14,876,644
Digi International Inc.(a)(b)		781,050		16,417,671
DZS Inc.(a)		388,960		4,768,650
EMCORE Corp.(a)(b)		844,329		6,315,581
Extreme Networks Inc.(a)		2,815,107		27,728,804
Harmonic Inc.(a)(b)		2,073,493		18,143,064
Infinera Corp.(a)(b)		4,144,317		34,480,717
Inseego Corp.(a)(b)		1,935,588		12,891,016
KVH Industries Inc.(a)(b)		311,068		2,995,585
NETGEAR Inc.(a)(b)		711,126		22,692,031
NetScout Systems Inc.(a)(b)		1,600,706		43,139,027
Plantronics Inc.(a)		964,004		24,784,543
Ribbon Communications Inc.(a)(b)		1,557,664		9,314,831
Viavi Solutions Inc.(a)(b)		5,214,119		82,070,233
				441,736,634
Construction & Engineering — 1.3%
Ameresco Inc., Class A(a)(b)		704,681		41,174,511
API Group Corp.(a)(b)(d)		4,522,137		92,025,488
Arcosa Inc.		1,105,268		55,451,295
Argan Inc.		340,292		14,860,552
Comfort Systems USA Inc.		813,258		58,001,560
Concrete Pumping Holdings Inc.(a)(b)		545,372		4,657,477
Construction Partners Inc., Class A(a)(b)		655,927		21,888,284
Dycom Industries Inc.(a)(b)		681,512		48,550,915
EMCOR Group Inc.		1,215,740		140,272,081
Fluor Corp.(a)		3,239,274		51,731,206
Granite Construction Inc.		1,043,645		41,276,160
Great Lakes Dredge & Dock Corp.(a)(b)		1,476,770		22,284,459
IES Holdings Inc.(a)		199,652		9,122,100
Infrastructure and Energy Alternatives Inc.(a)(b)		626,497		7,160,861
INNOVATE Corp.(a)(b)		997,771		4,090,861
Matrix Service Co.(a)(b)		580,830		6,075,482
MYR Group Inc.(a)(b)		376,717		37,483,341
Northwest Pipe Co.(a)(b)		232,517		5,510,653
NV5 Global Inc.(a)(b)		297,998		29,373,663
Primoris Services Corp.		1,218,306		29,836,314
Sterling Construction Co. Inc.(a)(b)		626,313		14,198,516
Tutor Perini Corp.(a)(b)		951,794		12,354,286
WillScot Mobile Mini Holdings Corp.(a)(b)		4,773,502		151,415,483
				898,795,548
Construction Materials — 0.2%
Forterra Inc.(a)		674,281		15,886,061
Summit Materials Inc., Class A(a)(b)		2,708,735		86,598,258
United State Lime & Minerals Inc.		47,684		5,760,227
				108,244,546

62 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^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance — 0.9%
Atlanticus Holdings Corp.(a)(b)		124,206	$	6,590,370
Curo Group Holdings Corp.		488,589		8,467,247
Encore Capital Group Inc.(a)(b)		702,100		34,592,467
Enova International Inc.(a)		843,279		29,135,289
EZCORP Inc., Class A, NVS(a)(b)		1,195,001		9,046,158
FirstCash Inc.		905,516		79,232,650
Green Dot Corp., Class A(a)		1,226,697		61,739,660
LendingClub Corp.(a)(b)		2,231,744		63,024,451
LendingTree Inc.(a)(b)		264,989		37,053,412
Navient Corp.		3,800,369		74,981,280
Nelnet Inc., Class A		387,077		30,671,981
Oportun Financial Corp.(a)(b)		488,403		12,224,727
PRA Group Inc.(a)(b)		1,035,655		43,642,502
PROG Holdings Inc.		1,528,768		64,223,544
Regional Management Corp.		185,909		10,816,186
World Acceptance Corp.(a)(b)		99,335		18,831,929
				584,273,853
Containers & Packaging — 0.3%
Greif Inc., Class A, NVS		604,436		39,046,566
Greif Inc., Class B		132,876		8,610,365
Myers Industries Inc.		829,447		16,232,278
O-I Glass Inc.(a)		3,626,627		51,751,967
Pactiv Evergreen Inc.		993,352		12,436,767
Ranpak Holdings Corp.(a)(b)		858,044		23,012,740
TriMas Corp.(a)(b)		982,967		31,808,812
UFP Technologies Inc.(a)		159,614		9,830,626
				192,730,121
Distributors — 0.0%
Funko Inc., Class A(a)(b)		616,565		11,227,649
Greenlane Holdings Inc., Class A(a)(b)		376,472		892,238
				12,119,887
Diversified Consumer Services — 0.7%
2U Inc.(a)(b)		1,635,955		54,919,009
Adtalem Global Education Inc.(a)(b)		1,129,407		42,702,879
American Public Education Inc.(a)(b)		428,916		10,984,539
Carriage Services Inc.		375,170		16,728,830
Coursera Inc.(a)(b)		1,323,753		41,896,782
European Wax Center Inc., Class A(a)(b)		233,354		6,536,246
Graham Holdings Co., Class B		88,239		51,986,889
Houghton Mifflin Harcourt Co.(a)(b)		2,899,607		38,941,722
Laureate Education Inc., Class A(a)(b)		2,263,598		38,458,530
OneSpaWorld Holdings Ltd.(a)		1,226,867		12,231,864
Perdoceo Education Corp.(a)		1,600,707		16,903,466
PowerSchool Holdings Inc., Class A(a)(b)		989,204		24,344,310
Regis Corp.(a)(b)		551,491		1,919,189
StoneMor Inc.(a)(b)		741,701		1,832,002
Strategic Education Inc.		556,138		39,207,729
Stride Inc.(a)(b)		918,728		33,019,084
Vivint Smart Home Inc.(a)(b)		2,125,565		20,086,589
WW International Inc.(a)(b)		1,192,500		21,763,125
				474,462,784
Diversified Financial Services — 0.1%
Alerus Financial Corp.		352,948		10,546,086
A-Mark Precious Metals Inc.		201,399		12,087,968
Banco Latinoamericano de Comercio Exterior SA, Class E		721,566		12,656,268
Cannae Holdings Inc.(a)(b)		1,932,603		60,123,279
Marlin Business Services Corp.		196,275		4,363,193
				99,776,794

Security	Shares		Value
Diversified Telecommunication Services — 0.6%
Anterix Inc.(a)(b)		263,900	$	16,018,730
ATN International Inc.		256,323		12,008,732
Bandwidth Inc., Class A(a)(b)		531,262		47,962,333
Cogent Communications Holdings Inc.		972,768		68,910,885
Consolidated Communications Holdings Inc.(a)		1,681,088		15,449,199
EchoStar Corp., Class A(a)(b)		914,992		23,341,446
Globalstar Inc.(a)(b)		14,046,802		23,458,159
IDT Corp., Class B(a)(b)		453,406		19,020,382
Iridium Communications Inc.(a)(b)		2,693,961		107,354,346
Liberty Latin America Ltd., Class A(a)(b)		992,554		12,982,606
Liberty Latin America Ltd., Class C, NVS(a)(b)		3,524,866		46,246,242
Ooma Inc.(a)(b)		502,818		9,357,443
Radius Global Infrastructure Inc., Class A(a)(b)		1,347,008		21,996,641
				424,107,144
Electric Utilities — 0.6%
ALLETE Inc.		1,197,579		71,279,902
MGE Energy Inc.		830,903		61,071,371
Otter Tail Corp.		938,371		52,520,625
PNM Resources Inc.		1,952,787		96,623,901
Portland General Electric Co.		2,053,151		96,477,565
Via Renewables Inc.		288,938		2,944,278
				380,917,642
Electrical Equipment — 1.0%
Advent Technologies Holdings Inc.(a)(b)		393,610		3,424,407
Allied Motion Technologies Inc.(b)		268,238		8,390,485
American Superconductor Corp.(a)(b)		619,890		9,037,996
Array Technologies Inc.(a)(b)		2,913,000		53,948,760
Atkore Inc.(a)(b)		1,051,589		91,404,116
AZZ Inc.		565,300		30,073,960
Babcock & Wilcox Enterprises Inc.(a)(b)		1,291,039		8,275,560
Beam Global(a)(b)		203,105		5,558,984
Blink Charging Co.(a)(b)		825,800		23,626,138
Bloom Energy Corp., Class A(a)(b)		3,175,898		59,452,811
Encore Wire Corp.		458,899		43,517,392
EnerSys		978,185		72,816,091
Eos Energy Enterprises Inc.(a)(b)		984,215		13,808,536
FTC Solar Inc.(a)(b)		438,564		3,416,414
FuelCell Energy Inc.(a)(b)		7,415,841		49,611,976
GrafTech International Ltd.(b)		4,648,617		47,973,727
Powell Industries Inc.		211,616		5,199,405
Preformed Line Products Co.		72,079		4,688,018
Romeo Power Inc.(a)(b)		2,885,924		14,285,324
Stem Inc.(a)(b)		1,103,229		26,356,141
Thermon Group Holdings Inc.(a)(b)		739,623		12,802,874
TPI Composites Inc.(a)(b)		831,522		28,063,868
Vicor Corp.(a)(b)		481,402		64,584,892
				680,317,875
Electronic Equipment, Instruments & Components — 2.2%
908 Devices Inc.(a)(b)		295,606		9,613,107
Advanced Energy Industries Inc.		877,490		76,999,748
Aeva Technologies Inc.(a)(b)		1,757,312		13,953,057
Akoustis Technologies Inc.(a)(b)		1,002,177		9,721,117
Arlo Technologies Inc.(a)		1,898,098		12,166,808
Badger Meter Inc.		666,175		67,376,940
Belden Inc.(b)		1,009,068		58,788,302
Benchmark Electronics Inc.		830,297		22,177,233
CTS Corp.		736,897		22,777,486
Daktronics Inc.(a)		846,749		4,597,847
ePlus Inc.(a)		303,144		31,105,606

S C H E D U L E   O F   I N V E S  T M E N T S 63

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Fabrinet(a)(b)		843,282	$	86,444,838
FARO Technologies Inc.(a)(b)		413,192		27,192,166
Identiv Inc.(a)(b)		477,579		8,997,588
II-VI Inc.(a)(b)		2,385,650		141,612,184
Insight Enterprises Inc.(a)(b)		786,746		70,870,080
Iteris Inc.(a)(b)		966,230		5,101,694
Itron Inc.(a)(b)		1,031,902		78,042,748
Kimball Electronics Inc.(a)(b)		555,019		14,302,840
Knowles Corp.(a)(b)		2,030,114		38,044,336
Luna Innovations Inc.(a)(b)		734,936		6,981,892
Methode Electronics Inc.		870,618		36,609,487
MicroVision Inc.(a)(b)		3,709,081		40,985,345
Napco Security Technologies Inc.(a)(b)		334,256		14,399,748
nLight Inc.(a)(b)		980,660		27,644,805
Novanta Inc.(a)(b)		804,908		124,358,286
OSI Systems Inc.(a)(b)		391,124		37,078,555
Ouster Inc.(a)(b)		670,424		4,907,504
PAR Technology Corp.(a)(b)		551,857		33,944,724
PC Connection Inc.		255,802		11,262,962
Plexus Corp.(a)(b)		637,928		57,037,142
Rogers Corp.(a)(b)		426,891		79,606,634
Sanmina Corp.(a)(b)		1,464,905		56,457,439
ScanSource Inc.(a)(b)		566,465		19,707,317
TTM Technologies Inc.(a)(b)		2,441,988		30,695,789
Velodyne Lidar Inc.(a)(b)		1,631,703		9,659,682
Vishay Intertechnology Inc.		3,041,295		61,099,617
Vishay Precision Group Inc.(a)		274,098		9,530,387
				1,461,853,040
Energy Equipment & Services — 0.8%
Archrock Inc.		3,118,446		25,727,179
Aspen Aerogels Inc.(a)(b)		502,097		23,101,483
Bristow Group Inc.(a)(b)		542,259		17,260,104
Cactus Inc., Class A		1,244,619		46,947,029
ChampionX Corp.(a)(b)		4,625,949		103,436,220
DMC Global Inc.(a)		428,610		15,819,995
Dril-Quip Inc.(a)(b)		809,570		20,384,973
Frank’s International NV(a)		3,847,192		11,310,744
FTS International Inc., Class A(a)(b)		205,168		5,047,133
Helix Energy Solutions Group Inc.(a)(b)		3,256,552		12,635,422
Helmerich & Payne Inc.		2,401,774		65,832,625
Liberty Oilfield Services Inc., Class A(a)		2,020,694		24,511,018
Nabors Industries Ltd.(a)(b)		160,837		15,517,554
National Energy Services Reunited Corp.(a)(b)		867,330		10,858,972
Newpark Resources Inc.(a)		2,125,630		7,014,579
NexTier Oilfield Solutions Inc.(a)(b)		3,996,665		18,384,659
Oceaneering International Inc.(a)		2,271,541		30,256,926
Oil States International Inc.(a)(b)		1,421,107		9,080,874
Patterson-UTI Energy Inc.		4,254,435		38,289,915
ProPetro Holding Corp.(a)(b)		1,974,596		17,080,255
RPC Inc.(a)(b)		1,557,705		7,570,446
Select Energy Services Inc., Class A(a)(b)		1,411,287		7,324,579
Solaris Oilfield Infrastructure Inc., Class A		721,053		6,013,582
TETRA Technologies Inc.(a)(b)		2,841,124		8,864,307
Tidewater Inc.(a)		936,737		11,297,048
U.S. Silica Holdings Inc.(a)		1,702,517		13,603,111
				573,170,732
Entertainment — 1.0%
AMC Entertainment Holdings Inc., Class A(a)(b)		11,747,384		447,105,435
Chicken Soup For The Soul Entertainment Inc.(a)(b)		161,780		3,699,909

Security	Shares		Value
Entertainment (continued)
Cinemark Holdings Inc.(a)(b)		2,464,798	$	47,348,770
CuriosityStream Inc.(a)(b)		599,913		6,323,083
Eros STX Global Corp.(a)(b)		7,323,859		6,734,288
IMAX Corp.(a)(b)		1,136,035		21,561,944
Liberty Media Corp.-Liberty Braves, Class A(a)(b)		223,724		6,020,413
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)(b)		828,635		21,892,537
Lions Gate Entertainment Corp., Class A(a)(b)		1,364,191		19,357,870
Lions Gate Entertainment Corp., Class B, NVS(a)(b)		2,680,944		34,852,272
Madison Square Garden Entertainment Corp.(a)(b)		595,758		43,293,734
Marcus Corp. (The)(a)		539,271		9,410,279
				667,600,534
Equity Real Estate Investment Trusts (REITs) — 6.1%
Acadia Realty Trust		1,998,458		40,788,528
Agree Realty Corp.		1,551,732		102,771,210
Alexander & Baldwin Inc.		1,652,634		38,737,741
Alexander’s Inc.		48,829		12,725,814
American Assets Trust Inc.		1,138,897		42,617,526
American Finance Trust Inc.		2,702,490		21,728,020
Apartment Investment & Management Co., Class A		3,445,669		23,602,833
Apple Hospitality REIT Inc.		4,917,022		77,344,756
Armada Hoffler Properties Inc.		1,394,872		18,649,439
Ashford Hospitality Trust Inc.(a)		388,868		5,724,137
Braemar Hotels & Resorts Inc.(a)		1,204,030		5,839,546
Brandywine Realty Trust		3,870,893		51,947,384
Broadstone Net Lease Inc.		3,530,885		87,601,257
BRT Apartments Corp.		253,412		4,885,783
CareTrust REIT Inc.		2,140,236		43,489,596
CatchMark Timber Trust Inc., Class A		1,127,711		13,385,930
Centerspace		317,436		29,997,702
Chatham Lodging Trust(a)		1,070,581		13,114,617
City Office REIT Inc.		973,859		17,393,122
Clipper Realty Inc.		281,309		2,278,603
Columbia Property Trust Inc.		2,615,094		49,739,088
Community Healthcare Trust Inc.		538,187		24,320,671
CorePoint Lodging Inc.(a)		878,709		13,619,990
Corporate Office Properties Trust		2,576,608		69,516,884
CTO Realty Growth Inc.		133,170		7,159,219
DiamondRock Hospitality Co.(a)		4,770,726		45,083,361
DigitalBridge Group Inc.(a)(b)		11,138,691		67,166,307
Diversified Healthcare Trust		5,352,524		18,145,056
Easterly Government Properties Inc.		1,922,906		39,727,238
EastGroup Properties Inc.		906,782		151,097,085
Empire State Realty Trust Inc., Class A		3,261,649		32,714,339
Equity Commonwealth(a)		2,675,299		69,504,268
Essential Properties Realty Trust Inc.		2,670,026		74,547,126
Farmland Partners Inc.		626,880		7,516,291
Four Corners Property Trust Inc.		1,735,361		46,611,796
Franklin Street Properties Corp., Class C		2,410,263		11,183,620
GEO Group Inc. (The)(b)		2,595,671		19,389,662
Getty Realty Corp.		917,479		26,891,309
Gladstone Commercial Corp.		819,207		17,227,923
Gladstone Land Corp.		654,585		14,904,900
Global Medical REIT Inc.		1,367,624		20,104,073
Global Net Lease Inc.		2,304,003		36,910,128
Healthcare Realty Trust Inc.		3,311,853		98,626,982
Hersha Hospitality Trust, Class A(a)		747,285		6,972,169
Independence Realty Trust Inc.		2,410,358		49,050,785
Indus Realty Trust Inc.		100,733		7,061,383
Industrial Logistics Properties Trust		1,481,871		37,654,342

64 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^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Innovative Industrial Properties Inc.		540,459	$	124,937,907
iStar Inc.		1,604,626		40,244,020
Kite Realty Group Trust		1,902,360		38,732,050
Lexington Realty Trust		6,257,943		79,788,773
LTC Properties Inc.		887,830		28,135,333
Macerich Co. (The)		4,880,392		81,551,350
Mack-Cali Realty Corp.(a)		2,003,114		34,293,312
Monmouth Real Estate Investment Corp.		2,172,750		40,521,788
National Health Investors Inc.		997,885		53,386,847
National Storage Affiliates Trust		1,853,491		97,845,790
NETSTREIT Corp.		900,519		21,297,274
NexPoint Residential Trust Inc.		507,578		31,408,927
Office Properties Income Trust		1,092,276		27,667,351
One Liberty Properties Inc.		367,283		11,198,459
Outfront Media Inc.		3,319,647		83,655,104
Paramount Group Inc.		4,257,919		38,278,692
Pebblebrook Hotel Trust(b)		2,965,262		66,451,521
Phillips Edison & Co. Inc.		430,348		13,215,987
Physicians Realty Trust		4,918,771		86,668,745
Piedmont Office Realty Trust Inc., Class A		2,828,467		49,300,180
Plymouth Industrial REIT Inc.		675,058		15,357,570
Postal Realty Trust Inc., Class A		277,826		5,178,677
PotlatchDeltic Corp.		1,506,310		77,695,470
Preferred Apartment Communities Inc.		1,154,028		14,113,762
PS Business Parks Inc.		458,237		71,824,067
Retail Opportunity Investments Corp.		2,710,995		47,225,533
Retail Properties of America Inc., Class A		4,893,164		63,023,952
Retail Value Inc.		385,631		10,153,664
RLJ Lodging Trust		3,806,286		56,561,410
RPT Realty		1,830,414		23,356,083
Ryman Hospitality Properties Inc.(a)(b)		1,226,937		102,694,627
Sabra Health Care REIT Inc.		5,026,513		73,990,271
Safehold Inc.(b)		408,213		29,346,433
Saul Centers Inc.		269,731		11,884,348
Seritage Growth Properties, Class A(a)(b)		847,560		12,569,315
Service Properties Trust		3,789,141		42,476,271
SITE Centers Corp.		3,952,228		61,022,400
STAG Industrial Inc.		3,725,034		146,207,584
Summit Hotel Properties Inc.(a)		2,355,364		22,682,155
Sunstone Hotel Investors Inc.(a)		4,966,563		59,300,762
Tanger Factory Outlet Centers Inc.		2,319,025		37,800,108
Terreno Realty Corp.		1,585,658		100,261,155
UMH Properties Inc.		953,947		21,845,386
Uniti Group Inc.		4,435,843		54,871,378
Universal Health Realty Income Trust		299,334		16,544,190
Urban Edge Properties		2,641,205		48,360,464
Urstadt Biddle Properties Inc., Class A		674,280		12,764,120
Ventas Inc.		1		55
Washington REIT		1,931,161		47,796,235
Whitestone REIT		974,060		9,526,307
Xenia Hotels & Resorts Inc.(a)		2,599,014		46,106,508
				4,108,189,209
Food & Staples Retailing — 0.9%
Andersons Inc. (The)		717,350		22,115,900
BJ’s Wholesale Club Holdings Inc.(a)(b)		3,126,231		171,692,606
Chefs’ Warehouse Inc. (The)(a)(b)		710,390		23,137,402
HF Foods Group Inc.(a)(b)		765,513		4,631,354
Ingles Markets Inc., Class A		326,328		21,547,438
MedAvail Holdings Inc.(a)(b)		270,180		788,926
Natural Grocers by Vitamin Cottage Inc.		229,153		2,571,097

Security	Shares		Value
Food & Staples Retailing (continued)
Performance Food Group Co.(a)(b)		3,457,760	$	160,647,530
PriceSmart Inc.		534,028		41,413,871
Rite Aid Corp.(a)(b)		1,247,189		17,710,084
SpartanNash Co.		838,056		18,353,426
Sprouts Farmers Market Inc.(a)(b)		2,616,792		60,631,071
United Natural Foods Inc.(a)(b)		1,272,668		61,622,584
Village Super Market Inc., Class A		189,838		4,115,688
Weis Markets Inc.		384,483		20,204,582
				631,183,559
Food Products — 0.9%
AppHarvest Inc.(a)(b)		1,594,719		10,397,568
B&G Foods Inc.(b)		1,461,064		43,671,203
Calavo Growers Inc.		398,824		15,251,030
Cal-Maine Foods Inc.(b)		810,891		29,321,819
Fresh Del Monte Produce Inc.		779,533		25,116,553
Hostess Brands Inc.(a)(b)		2,988,195		51,904,947
J&J Snack Foods Corp.		336,303		51,393,825
John B Sanfilippo & Son Inc.		202,396		16,539,801
Laird Superfood Inc.(a)(b)		142,875		2,726,055
Lancaster Colony Corp.		433,146		73,119,376
Landec Corp.(a)(b)		570,955		5,264,205
Limoneira Co.		361,671		5,848,220
Mission Produce Inc.(a)		854,964		15,714,238
Sanderson Farms Inc.		463,434		87,218,279
Seneca Foods Corp., Class A(a)		152,408		7,349,114
Simply Good Foods Co. (The)(a)(b)		1,941,709		66,969,543
Tattooed Chef Inc.(a)(b)		1,086,558		20,025,264
Tootsie Roll Industries Inc.		359,903		10,951,848
TreeHouse Foods Inc.(a)(b)		1,185,928		47,294,809
Utz Brands Inc.		1,304,714		22,349,751
Vital Farms Inc.(a)(b)		571,617		10,043,311
Whole Earth Brands Inc.(a)(b)		861,615		9,951,653
				628,422,412
Gas Utilities — 0.8%
Brookfield Infrastructure Corp., Class A(b)		1,223,420		73,258,390
Chesapeake Utilities Corp.		376,592		45,209,870
New Jersey Resources Corp.		2,203,854		76,716,158
Northwest Natural Holding Co.		693,349		31,887,120
ONE Gas Inc.		1,203,063		76,238,102
South Jersey Industries Inc.		2,349,764		49,955,983
Southwest Gas Holdings Inc.		1,350,470		90,319,433
Spire Inc.		1,156,982		70,784,159
				514,369,215
Health Care Equipment & Supplies — 3.6%
Accelerate Diagnostics Inc.(a)(b)		760,522		4,433,843
Accuray Inc.(a)(b)		2,055,728		8,120,126
Acutus Medical Inc.(a)(b)		436,422		3,857,970
Alphatec Holdings Inc.(a)(b)		1,596,867		19,465,809
AngioDynamics Inc.(a)		839,128		21,766,980
Apyx Medical Corp.(a)(b)		720,159		9,974,202
Asensus Surgical Inc.(a)(b)		5,433,001		10,051,052
Aspira Women’s Health Inc.(a)(b)		1,676,056		5,447,182
AtriCure Inc.(a)(b)		1,021,707		71,059,722
Atrion Corp.		31,739		22,137,952
Avanos Medical Inc.(a)(b)		1,097,524		34,242,749
Axogen Inc.(a)(b)		879,372		13,894,078
Axonics Inc.(a)(b)		1,045,785		68,070,146
BioLife Solutions Inc.(a)(b)		554,083		23,448,793
Bioventus Inc., Class A(a)(b)		367,435		5,202,880

S C H E D U L E   O F   I N V E S  T M E N T S 65

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Butterfly Network Inc.(a)(b)		4,188,787	$	43,730,936
Cardiovascular Systems Inc.(a)(b)		895,124		29,386,921
Cerus Corp.(a)(b)		3,835,568		23,358,609
ClearPoint Neuro Inc.(a)(b)		433,809		7,700,110
CONMED Corp.		662,173		86,632,094
CryoLife Inc.(a)(b)		877,324		19,555,552
CryoPort Inc.(a)(b)		924,953		61,518,624
Cutera Inc.(a)		401,190		18,695,454
CVRx Inc.(a)(b)		186,814		3,089,904
CytoSorbents Corp.(a)(b)		901,187		7,317,638
DarioHealth Corp.(a)(b)		310,796		4,242,365
Eargo Inc.(a)(b)		445,054		2,995,213
Glaukos Corp.(a)(b)		1,025,118		49,379,934
Haemonetics Corp.(a)		1,150,558		81,217,889
Heska Corp.(a)		223,102		57,680,791
Inari Medical Inc.(a)(b)		775,268		62,874,235
Inogen Inc.(a)(b)		439,531		18,939,391
Integer Holdings Corp.(a)		749,085		66,923,254
Intersect ENT Inc.(a)		759,244		20,651,437
Invacare Corp.(a)		733,953		3,493,616
iRadimed Corp.(a)(b)		146,219		4,911,496
iRhythm Technologies Inc.(a)(b)		672,857		39,402,506
Lantheus Holdings Inc.(a)(b)		1,536,264		39,451,260
LeMaitre Vascular Inc.		430,847		22,873,667
LivaNova PLC(a)(b)		1,219,291		96,555,654
Meridian Bioscience Inc.(a)(b)		972,427		18,709,495
Merit Medical Systems Inc.(a)(b)		1,170,562		84,046,352
Mesa Laboratories Inc.(b)		113,542		34,330,559
Misonix Inc.(a)		275,407		6,967,797
Natus Medical Inc.(a)(b)		778,956		19,536,216
Neogen Corp.(a)		2,455,163		106,627,729
Neuronetics Inc.(a)(b)		575,859		3,777,635
NeuroPace Inc.(a)(b)		160,539		2,544,543
Nevro Corp.(a)(b)		789,035		91,827,893
NuVasive Inc.(a)(b)		1,181,459		70,710,321
OraSure Technologies Inc.(a)		1,662,390		18,801,631
Ortho Clinical Diagnostics Holdings PLC(a)		2,527,960		46,716,701
Orthofix Medical Inc.(a)(b)		430,949		16,427,776
OrthoPediatrics Corp.(a)(b)		319,838		20,952,587
Outset Medical Inc.(a)(b)		1,043,487		51,589,997
PAVmed Inc.(a)(b)		1,668,314		14,247,402
Pulmonx Corp.(a)(b)		585,655		21,071,867
Pulse Biosciences Inc.(a)(b)		301,587		6,514,279
Quotient Ltd.(a)(b)		1,809,111		4,233,320
Retractable Technologies Inc.(a)(b)		401,398		4,427,420
RxSight Inc.(a)(b)		191,096		2,421,186
SeaSpine Holdings Corp.(a)		732,043		11,515,036
Senseonics Holdings Inc.(a)(b)		9,860,009		33,425,431
Shockwave Medical Inc.(a)(b)		769,586		158,442,366
SI-BONE Inc.(a)(b)		740,856		15,869,136
Sientra Inc.(a)(b)		1,325,468		7,594,932
Sight Sciences Inc.(a)(b)		255,956		5,810,201
Silk Road Medical Inc.(a)(b)		773,404		42,560,422
Soliton Inc.(a)(b)		266,440		5,424,718
STAAR Surgical Co.(a)(b)		1,083,814		139,302,613
Stereotaxis Inc.(a)		1,144,173		6,155,651
Surmodics Inc.(a)(b)		311,814		17,336,858
Tactile Systems Technology Inc.(a)(b)		442,010		19,647,345
Talis Biomedical Corp.(a)(b)		333,040		2,081,500
TransMedics Group Inc.(a)(b)		600,819		19,881,101

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Treace Medical Concepts Inc.(a)(b)		252,123	$	6,782,109
Utah Medical Products Inc.		75,589		7,017,683
Vapotherm Inc.(a)(b)		526,881		11,733,640
Varex Imaging Corp.(a)(b)		866,764		24,442,745
ViewRay Inc.(a)(b)		3,153,021		22,733,281
Zynex Inc.(a)(b)		448,639		5,109,998
				2,403,101,506
Health Care Providers & Services — 3.0%
1Life Healthcare Inc.(a)(b)		2,659,287		53,850,562
Accolade Inc.(a)(b)		1,148,114		48,415,967
AdaptHealth Corp.(a)(b)		1,633,265		38,038,742
Addus HomeCare Corp.(a)		350,913		27,985,312
Agiliti Inc.(a)(b)		524,408		9,984,728
Alignment Healthcare Inc.(a)(b)		607,258		9,703,983
AMN Healthcare Services Inc.(a)		1,075,274		123,387,692
Apollo Medical Holdings Inc.(a)(b)		860,060		78,308,463
Apria Inc.(a)(b)		345,200		12,824,180
Aveanna Healthcare Holdings Inc.(a)(b)		889,655		7,135,033
Biodesix Inc.(a)(b)		283,136		2,327,378
Brookdale Senior Living Inc.(a)(b)		4,201,413		26,468,902
Castle Biosciences Inc.(a)(b)		485,772		32,303,838
Community Health Systems Inc.(a)(b)		2,830,452		33,116,288
CorVel Corp.(a)(b)		201,169		37,461,691
Covetrus Inc.(a)		2,360,471		42,818,944
Cross Country Healthcare Inc.(a)		817,593		17,365,675
Ensign Group Inc. (The)		1,198,527		89,757,687
Exagen Inc.(a)(b)		249,787		3,397,103
Fulgent Genetics Inc.(a)(b)		476,245		42,838,238
Hanger Inc.(a)(b)		852,634		18,723,843
HealthEquity Inc.(a)(b)		1,865,698		120,822,603
InfuSystem Holdings Inc.(a)(b)		413,254		5,384,700
Innovage Holding Corp.(a)		422,588		2,793,307
Joint Corp. (The)(a)(b)		319,682		31,335,230
LHC Group Inc.(a)(b)		696,635		109,308,998
LifeStance Health Group Inc.(a)(b)		1,066,091		15,458,320
Magellan Health Inc.(a)		548,128		51,825,502
MEDNAX Inc.(a)		1,736,212		49,360,507
ModivCare Inc.(a)(b)		283,291		51,451,311
National HealthCare Corp.		289,868		20,284,963
National Research Corp.		311,631		13,141,479
Ontrak Inc.(a)(b)		202,257		2,030,660
Option Care Health Inc.(a)(b)		3,417,185		82,900,908
Owens & Minor Inc.(b)		1,654,257		51,761,702
Patterson Companies Inc.		1,954,250		58,901,095
Pennant Group Inc. (The)(a)(b)		591,875		16,625,769
PetIQ Inc.(a)(b)		608,520		15,194,744
Privia Health Group Inc.(a)(b)		453,184		10,677,015
Progyny Inc.(a)(b)		1,438,715		80,568,040
R1 RCM Inc.(a)(b)		2,707,655		59,595,487
RadNet Inc.(a)		1,041,094		30,514,465
Select Medical Holdings Corp.		2,520,135		91,153,283
Sharps Compliance Corp.(a)(b)		330,061		2,729,604
SOC Telemed Inc.(a)		1,388,310		3,137,581
Surgery Partners Inc.(a)(b)		722,807		30,603,648
Tenet Healthcare Corp.(a)(b)		2,422,344		160,940,535
Tivity Health Inc.(a)(b)		990,035		22,830,207
Triple-S Management Corp.(a)		526,917		18,637,054
U.S. Physical Therapy Inc.(b)		291,479		32,237,577

66 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^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Viemed Healthcare Inc.(a)(b)		837,835	$	4,649,984
			2,003,070,527
Health Care Technology — 1.3%
Allscripts Healthcare Solutions Inc.(a)(b)		2,824,266		37,760,436
American Well Corp., Class A(a)(b)		4,174,021		38,025,331
Castlight Health Inc., Class B(a)(b)		2,755,137		4,325,565
Computer Programs & Systems Inc.(b)		325,024		11,525,351
Convey Holding Parent Inc.(a)		309,173		2,597,053
Evolent Health Inc., Class A(a)(b)		1,767,687		54,798,297
Forian Inc.(a)(b)		418,388		4,317,764
Health Catalyst Inc.(a)(b)		1,144,393		57,231,094
HealthStream Inc.(a)(b)		583,507		16,676,630
Icad Inc.(a)(b)		504,949		5,428,202
Inovalon Holdings Inc., Class A(a)(b)		1,722,996		69,419,509
Inspire Medical Systems Inc.(a)(b)		613,255		142,814,824
Multiplan Corp.(a)(b)		5,150,673		28,998,289
NantHealth Inc.(a)(b)		653,901		1,052,781
NextGen Healthcare Inc.(a)(b)		1,273,087		17,950,527
Omnicell Inc.(a)(b)		981,166		145,634,469
OptimizeRx Corp.(a)(b)		391,474		33,490,601
Phreesia Inc.(a)(b)		1,116,324		68,877,191
Schrodinger Inc.(a)(b)		1,033,494		56,511,452
Simulations Plus Inc.(b)		352,760		13,934,020
Tabula Rasa HealthCare Inc.(a)(b)		518,229		13,582,782
Vocera Communications Inc.(a)(b)		794,646		36,363,001
			861,315,169
Hotels, Restaurants & Leisure — 2.4%
Accel Entertainment Inc.(a)(b)		1,298,547		15,764,361
Bally’s Corp.(a)		744,588		37,333,642
Biglari Holdings Inc., Class B, NVS(a)(b)		18,682		3,209,754
BJ’s Restaurants Inc.(a)		508,473		21,233,833
Bloomin’ Brands Inc.(a)		2,020,430		50,510,750
Bluegreen Vacations Holding Corp.(a)		326,583		8,425,841
Brinker International Inc.(a)		1,036,074		50,819,430
Carrols Restaurant Group Inc.		770,679		2,820,685
Century Casinos Inc.(a)(b)		611,507		8,236,999
Cheesecake Factory Inc. (The)(a)		1,051,377		49,414,719
Chuy’s Holdings Inc.(a)(b)		463,182		14,604,128
Cracker Barrel Old Country Store Inc.		540,878		75,636,380
Dave & Buster’s Entertainment Inc.(a)		985,701		37,781,919
Del Taco Restaurants Inc.		688,467		6,010,317
Denny’s Corp.(a)(b)		1,444,604		23,604,829
Dine Brands Global Inc.(a)		370,695		30,104,141
Drive Shack Inc.(a)(b)		1,910,498		5,368,499
El Pollo Loco Holdings Inc.(a)(b)		447,194		7,557,579
Esports Technologies Inc.(a)(b)		254,114		8,530,607
Everi Holdings Inc.(a)(b)		1,945,667		47,046,228
F45 Training Holdings Inc.(a)(b)		470,799		7,043,153
Fiesta Restaurant Group Inc.(a)(b)		387,910		4,251,494
Full House Resorts Inc.(a)(b)		751,474		7,973,139
GAN Ltd.(a)(b)		932,771		13,870,305
Golden Entertainment Inc.(a)(b)		398,932		19,583,572
Golden Nugget Online Gaming Inc.(a)		911,146		15,826,606
Hall of Fame Resort & Entertainment Co.(a)(b)		1,270,295		3,366,282
Hilton Grand Vacations Inc.(a)(b)		1,951,534		92,834,472
International Game Technology PLC(a)		2,280,630		60,026,182
Jack in the Box Inc.		497,439		48,415,738
Krispy Kreme Inc.(a)(b)		504,304		7,060,256
Kura Sushi USA Inc., Class A(a)(b)		81,337		3,552,800

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Lindblad Expeditions Holdings Inc.(a)(b)		708,707	$	10,340,035
Monarch Casino & Resort Inc.(a)(b)		301,818		20,218,788
Nathan’s Famous Inc.		62,617		3,830,282
NEOGAMES SA(a)(b)		133,256		4,893,160
Noodles & Co.(a)(b)		937,616		11,063,869
ONE Group Hospitality Inc. (The)(a)(b)		451,165		4,822,954
Papa John’s International Inc.		754,392		95,800,240
PlayAGS Inc.(a)(b)		633,503		4,992,004
RCI Hospitality Holdings Inc.(b)		190,349		13,040,810
Red Robin Gourmet Burgers Inc.(a)(b)		369,858		8,528,926
Red Rock Resorts Inc., Class A(a)		1,406,204		72,025,769
Rush Street Interactive Inc.(a)(b)		1,212,758		23,297,081
Ruth’s Hospitality Group Inc.(a)		780,295		16,159,909
Scientific Games Corp./DE, Class A(a)(b)		2,075,697		172,428,150
SeaWorld Entertainment Inc.(a)		1,174,723		64,985,676
Shake Shack Inc., Class A(a)		853,804		66,989,462
Target Hospitality Corp.(a)(b)		575,216		2,145,556
Texas Roadhouse Inc.		1,596,659		145,822,866
Wingstop Inc.(b)		680,652		111,579,282
Xponential Fitness Inc., Class A(a)(b)		213,278		2,706,498
			1,643,489,957
Household Durables — 1.8%
Aterian Inc.(a)(b)		592,954		6,421,692
Bassett Furniture Industries Inc.		215,639		3,905,222
Beazer Homes USA Inc.(a)(b)		679,672		11,724,342
Casper Sleep Inc.(a)(b)		669,424		2,858,440
Cavco Industries Inc.(a)		210,522		49,838,978
Century Communities Inc.		684,808		42,081,452
Ethan Allen Interiors Inc.		533,311		12,639,471
Flexsteel Industries Inc.		154,242		4,762,993
GoPro Inc., Class A(a)(b)		2,908,592		27,224,421
Green Brick Partners Inc.(a)(b)		701,139		14,387,372
Hamilton Beach Brands Holding Co., Class A		171,182		2,682,422
Helen of Troy Ltd.(a)(b)		549,777		123,523,896
Hooker Furniture Corp.		262,233		7,077,669
Hovnanian Enterprises Inc., Class A(a)(b)		117,981		11,372,189
Installed Building Products Inc.		541,033		57,971,686
iRobot Corp.(a)(b)		637,875		50,073,187
KB Home		1,908,318		74,271,737
Landsea Homes Corp.(a)(b)		245,642		2,127,260
La-Z-Boy Inc.		1,042,034		33,584,756
Legacy Housing Corp.(a)(b)		187,877		3,376,150
LGI Homes Inc.(a)(b)		499,643		70,904,338
Lifetime Brands Inc.		296,295		5,389,606
Lovesac Co. (The)(a)(b)		291,352		19,255,454
M/I Homes Inc.(a)(b)		651,901		37,679,878
MDC Holdings Inc.		1,304,227		60,933,485
Meritage Homes Corp.(a)		855,065		82,941,305
Purple Innovation Inc., Class A(a)(b)		1,314,748		27,636,003
Skyline Champion Corp.(a)(b)		1,198,285		71,968,997
Snap One Holdings Corp.(a)(b)		304,995		5,084,267
Sonos Inc.(a)(b)		2,742,465		88,746,167
Taylor Morrison Home Corp.(a)(b)		2,781,957		71,718,851
Traeger Inc.(a)(b)		518,162		10,845,131
TRI Pointe Homes Inc.(a)		2,576,722		54,162,696
Tupperware Brands Corp.(a)(b)		1,130,190		23,869,613
Universal Electronics Inc.(a)		297,810		14,667,142
VOXX International Corp.(a)(b)		372,994		4,270,781
Vuzix Corp.(a)(b)		1,338,171		13,997,269

S C H E D U L E   O F   I N V E S  T M E N T S 67

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Weber Inc., Class A(a)(b)		390,747	$	6,873,240
				1,212,849,558
Household Products — 0.3%
Central Garden & Pet Co.(a)(b)		223,992		10,751,616
Central Garden & Pet Co., Class A, NVS(a)		922,946		39,686,678
Energizer Holdings Inc.		1,552,648		60,630,905
Oil-Dri Corp. of America		122,753		4,296,355
WD-40 Co.(b)		311,657		72,142,362
				187,507,916
Independent Power and Renewable Electricity Producers — 0.3%
Clearway Energy Inc., Class A		809,846		22,837,657
Clearway Energy Inc., Class C		1,871,535		56,651,364
Ormat Technologies Inc.(b)		1,033,777		68,859,886
Sunnova Energy International Inc.(a)(b)		1,962,770		64,653,644
				213,002,551
Industrial Conglomerates — 0.3%
Raven Industries Inc.(a)		813,461		46,863,488
Zurn Water Solutions Corp.		2,767,907		177,948,741
				224,812,229
Insurance — 1.9%
Ambac Financial Group Inc.(a)		1,037,671		14,859,449
American Equity Investment Life Holding Co.		1,909,888		56,475,388
American National Group Inc.		177,862		33,621,254
AMERISAFE Inc.		443,769		24,922,067
Argo Group International Holdings Ltd.		735,362		38,400,604
Bright Health Group Inc.(a)(b)		1,218,820		9,945,571
BRP Group Inc., Class A(a)(b)		1,076,724		35,844,142
Citizens Inc./TX(a)(b)		1,200,614		7,455,813
CNO Financial Group Inc.		2,950,194		69,447,567
Crawford & Co., Class A, NVS		374,277		3,357,265
Donegal Group Inc., Class A		335,783		4,865,496
eHealth Inc.(a)(b)		567,515		22,984,357
Employers Holdings Inc.		627,467		24,778,672
Enstar Group Ltd.(a)(b)		288,843		67,800,117
Genworth Financial Inc., Class A(a)		11,078,471		41,544,266
Goosehead Insurance Inc., Class A		403,858		61,503,535
Greenlight Capital Re Ltd., Class A(a)(b)		585,549		4,327,207
HCI Group Inc.		128,471		14,230,733
Heritage Insurance Holdings Inc.		633,444		4,313,754
Horace Mann Educators Corp.		911,757		36,278,811
Independence Holding Co.		99,806		4,949,380
Investors Title Co.		29,627		5,409,890
James River Group Holdings Ltd.		795,254		30,004,933
Kinsale Capital Group Inc.(b)		490,462		79,307,705
Maiden Holdings Ltd.(a)		1,610,072		5,087,828
MBIA Inc.(a)(b)		1,112,417		14,294,558
MetroMile Inc.(a)(b)		854,187		3,032,364
National Western Life Group Inc., Class A		61,388		12,927,699
NI Holdings Inc.(a)(b)		204,228		3,586,244
Palomar Holdings Inc.(a)(b)		560,564		45,310,388
ProAssurance Corp.		1,159,638		27,576,192
RLI Corp.		912,689		91,515,326
Safety Insurance Group Inc.		328,513		26,034,655
Selective Insurance Group Inc.		1,368,696		103,377,609
Selectquote Inc.(a)(b)		3,056,860		39,525,200
SiriusPoint Ltd.(a)(b)		2,047,532		18,960,146
State Auto Financial Corp.		404,109		20,589,354
Stewart Information Services Corp.		583,144		36,889,689
Tiptree Inc.		530,857		5,319,187

Security	Shares		Value
Insurance (continued)
Trean Insurance Group Inc.(a)(b)		406,625	$	4,208,569
Trupanion Inc.(a)(b)		870,799		67,634,958
United Fire Group Inc.		486,596		11,240,368
United Insurance Holdings Corp.		490,996		1,782,315
Universal Insurance Holdings Inc.		636,959		8,305,945
				1,243,826,570
Interactive Media & Services — 0.5%
Cargurus Inc.(a)(b)		2,163,018		67,940,396
Cars.com Inc.(a)(b)		1,551,546		19,627,057
Eventbrite Inc., Class A(a)(b)		1,707,763		32,293,798
EverQuote Inc., Class A(a)(b)		435,752		8,118,060
fuboTV Inc.(a)(b)		2,999,056		71,857,382
Liberty TripAdvisor Holdings Inc., Class A(a)(b)		1,729,004		5,342,622
MediaAlpha Inc., Class A(a)(b)		477,524		8,920,148
Outbrain Inc.(a)(b)		185,329		2,742,869
QuinStreet Inc.(a)		1,144,451		20,096,560
TrueCar Inc.(a)(b)		2,104,551		8,754,932
Yelp Inc.(a)		1,632,241		60,784,655
				306,478,479
Internet & Direct Marketing Retail — 0.8%
1-800-Flowers.com Inc., Class A(a)(b)		621,203		18,952,904
1stdibs.com Inc.(a)(b)		154,625		1,917,350
CarParts.com Inc.(a)(b)		1,103,463		17,225,057
Duluth Holdings Inc., Class B(a)(b)		279,945		3,815,650
Groupon Inc.(a)(b)		541,762		12,357,591
Lands’ End Inc.(a)(b)		333,811		7,857,911
Liquidity Services Inc.(a)(b)		602,975		13,030,290
Overstock.com Inc.(a)(b)		980,416		76,394,015
PetMed Express Inc.		440,701		11,841,636
Porch Group Inc.(a)(b)		1,768,374		31,264,852
Quotient Technology Inc.(a)(b)		2,073,513		12,067,846
RealReal Inc. (The)(a)(b)		1,777,752		23,430,771
Revolve Group Inc.(a)(b)		819,032		50,591,607
Shutterstock Inc.		533,653		60,473,558
Stamps.com Inc.(a)(b)		404,632		133,443,587
Stitch Fix Inc., Class A(a)(b)		1,347,488		53,832,146
Xometry Inc., Class A(a)(b)		185,109		10,675,236
				539,172,007
IT Services — 1.6%
BigCommerce Holdings Inc., Series 1(a)(b)		1,098,564		55,631,281
Brightcove Inc.(a)(b)		899,416		10,379,261
Cantaloupe Inc.(a)(b)		1,343,784		14,485,992
Cass Information Systems Inc.		328,183		13,734,459
Conduent Inc.(a)(b)		3,835,100		25,273,309
CSG Systems International Inc.		742,344		35,780,981
DigitalOcean Holdings Inc.(a)(b)		1,135,750		88,168,272
EVERTEC Inc.		1,381,510		63,162,637
Evo Payments Inc., Class A(a)(b)		1,090,807		25,830,310
ExlService Holdings Inc.(a)		748,908		92,205,553
Flywire Corp.(a)		278,104		12,192,079
GreenBox POS(a)(b)		402,563		3,337,247
GreenSky Inc., Class A(a)(b)		1,660,717		18,566,816
Grid Dynamics Holdings Inc.(a)(b)		962,727		28,130,883
Hackett Group Inc. (The)		574,348		11,268,708
I3 Verticals Inc., Class A(a)(b)		476,368		11,532,869
IBEX Holdings Ltd.(a)(b)		130,590		2,220,030
International Money Express Inc.(a)(b)		738,139		12,326,921
Limelight Networks Inc.(a)(b)		2,876,330		6,845,665
LiveRamp Holdings Inc.(a)(b)		1,503,742		71,021,735

68 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^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Maximus Inc.		1,398,957	$	116,393,222
MoneyGram International Inc.(a)(b)		2,044,032		16,393,137
Paya Holdings Inc., Class A(a)(b)		1,895,477		20,603,835
Perficient Inc.(a)(b)		742,256		85,879,019
Priority Technology Holdings Inc.(a)(b)		230,041		1,536,674
Rackspace Technology Inc.(a)(b)		1,245,220		17,707,028
Repay Holdings Corp.(a)(b)		1,977,061		45,531,715
StarTek Inc.(a)(b)		386,724		2,130,849
TTEC Holdings Inc.		421,632		39,435,241
Tucows Inc., Class A(a)(b)		216,863		17,121,334
Unisys Corp.(a)(b)		1,497,255		37,640,991
Verra Mobility Corp.(a)(b)		3,058,165		46,086,547
				1,048,554,600
Leisure Products — 0.5%
Acushnet Holdings Corp.		782,026		36,520,614
American Outdoor Brands Inc.(a)(b)		334,781		8,222,222
AMMO Inc.(a)(b)		1,966,720		12,095,328
Callaway Golf Co.(a)		2,639,562		72,931,098
Clarus Corp.		542,824		13,912,579
Escalade Inc.		230,291		4,354,803
Genius Brands International Inc.(a)(b)		6,515,853		8,861,560
Johnson Outdoors Inc., Class A		118,416		12,528,413
Latham Group Inc.(a)(b)		535,525		8,782,610
Malibu Boats Inc., Class A(a)(b)		472,100		33,037,558
Marine Products Corp.		186,636		2,334,816
MasterCraft Boat Holdings Inc.(a)(b)		435,295		10,917,199
Nautilus Inc.(a)(b)		705,796		6,570,961
Smith & Wesson Brands Inc.		1,121,174		23,275,572
Sturm Ruger & Co. Inc.		396,232		29,233,997
Vista Outdoor Inc.(a)(b)		1,327,207		53,499,714
				337,079,044
Life Sciences Tools & Services — 1.0%
Absci Corp.(a)(b)		318,665		3,706,074
Akoya Biosciences Inc.(a)(b)		176,076		2,458,021
Alpha Teknova Inc.(a)(b)		159,862		3,978,965
Berkeley Lights Inc.(a)(b)		1,100,717		21,530,025
BioNano Genomics Inc.(a)(b)		6,414,276		35,278,518
ChromaDex Corp.(a)(b)		1,081,326		6,779,914
Codex DNA Inc.(a)(b)		178,042		1,981,607
Codexis Inc.(a)(b)		1,372,606		31,926,816
Contra Aduro Biotech I(a)(b)(c)		272,340		817,020
Cytek Biosciences Inc.(a)		368,697		7,893,803
Fluidigm Corp.(a)(b)		1,738,393		11,456,010
Harvard Bioscience Inc.(a)(b)		889,307		6,207,363
Inotiv Inc.(a)(b)		298,581		8,730,508
Medpace Holdings Inc.(a)(b)		661,247		125,160,832
NanoString Technologies Inc.(a)(b)		1,034,486		49,665,673
NeoGenomics Inc.(a)(b)		2,585,966		124,747,000
Pacific Biosciences of California Inc.(a)(b)		4,434,949		113,312,947
Personalis Inc.(a)(b)		823,820		15,850,297
Quanterix Corp.(a)(b)		703,693		35,036,874
Rapid Micro Biosystems Inc., Cass A(a)		183,566		3,390,464
Seer Inc.(a)(b)		953,319		32,918,105
Singular Genomics Systems Inc.(a)(b)		271,743		3,040,804
				645,867,640
Machinery — 3.6%
AgEagle Aerial Systems Inc.(a)(b)		1,538,893		4,632,068
Alamo Group Inc.		226,774		31,641,776
Albany International Corp., Class A		701,965		53,960,050

Security	Shares		Value
Machinery (continued)
Altra Industrial Motion Corp.		1,478,000	$	81,807,300
Astec Industries Inc.		515,390		27,733,136
Barnes Group Inc.		1,080,026		45,069,485
Blue Bird Corp.(a)(b)		366,943		7,654,431
Chart Industries Inc.(a)(b)		832,932		159,181,635
CIRCOR International Inc.(a)(b)		426,856		14,090,517
Columbus McKinnon Corp./NY(b)		631,975		30,555,991
Commercial Vehicle Group Inc.(a)(b)		739,018		6,991,110
Desktop Metal Inc., Class A(a)(b)		3,449,549		24,733,266
Douglas Dynamics Inc.		520,846		18,906,710
Energy Recovery Inc.(a)(b)		972,652		18,509,568
Enerpac Tool Group Corp.		1,371,502		28,431,236
EnPro Industries Inc.		470,920		41,026,550
ESCO Technologies Inc.		583,254		44,910,558
Evoqua Water Technologies Corp.(a)(b)		2,639,429		99,136,953
ExOne Co. (The)(a)		388,692		9,087,619
Federal Signal Corp.		1,374,527		53,084,233
Franklin Electric Co. Inc.		1,057,717		84,458,702
Gorman-Rupp Co. (The)		523,658		18,752,193
Greenbrier Companies Inc. (The)		733,189		31,519,795
Helios Technologies Inc.		737,666		60,569,755
Hillenbrand Inc.		1,663,886		70,964,738
Hydrofarm Holdings Group Inc.(a)(b)		892,250		33,771,662
Hyliion Holdings Corp.(a)(b)		2,673,355		22,456,182
Hyster-Yale Materials Handling Inc.		230,580		11,588,951
Ideanomics Inc.(a)(b)		9,499,341		18,713,702
John Bean Technologies Corp.(b)		715,842		100,611,593
Kadant Inc.		262,740		53,625,234
Kennametal Inc.		1,906,901		65,273,221
Lindsay Corp.		248,770		37,760,798
Luxfer Holdings PLC		628,149		12,330,565
Lydall Inc.(a)		397,755		24,696,608
Manitowoc Co. Inc. (The)(a)(b)		805,768		17,259,551
Mayville Engineering Co. Inc.(a)(b)		206,535		3,882,858
Meritor Inc.(a)(b)		1,547,334		32,973,688
Miller Industries Inc./TN		251,176		8,550,031
Mueller Industries Inc.		1,281,371		52,664,348
Mueller Water Products Inc., Class A		3,592,369		54,675,856
Nikola Corp.(a)(b)		5,135,828		54,799,285
NN Inc.(a)(b)		1,010,466		5,304,946
Omega Flex Inc.		71,560		10,210,896
Park-Ohio Holdings Corp.		185,003		4,721,277
Proto Labs Inc.(a)(b)		633,907		42,218,206
RBC Bearings Inc.(a)(b)		636,088		134,977,874
REV Group Inc.		666,718		11,440,881
Shyft Group Inc. (The)(b)		789,160		29,995,972
SPX Corp.(a)		1,000,512		53,477,366
SPX FLOW Inc.		947,931		69,293,756
Standex International Corp.		278,673		27,563,546
Tennant Co.		420,263		31,078,449
Terex Corp.		1,560,750		65,707,575
Titan International Inc.(a)		1,164,592		8,338,479
Trinity Industries Inc.		1,796,220		48,803,297
Wabash National Corp.		1,138,901		17,231,572
Watts Water Technologies Inc., Class A		627,651		105,501,857
Welbilt Inc.(a)		2,981,767		69,296,265
				2,408,205,722
Marine — 0.2%
Costamare Inc.		1,203,802		18,646,893
Eagle Bulk Shipping Inc.(a)(b)		201,625		10,165,932

S C H E D U L E   O F   I N V E S  T M E N T S 69

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Marine (continued)
Genco Shipping & Trading Ltd.		740,112	$	14,898,455
Matson Inc.		982,334		79,284,177
Safe Bulkers Inc.(a)(b)		1,420,669		7,344,859
				130,340,316
Media — 1.2%
Advantage Solutions Inc.(a)(b)		1,770,609		15,315,768
AMC Networks Inc., Class A(a)(b)		663,452		30,910,229
Boston Omaha Corp., Class A(a)(b)		402,765		15,619,227
Cardlytics Inc.(a)(b)		729,106		61,201,158
Clear Channel Outdoor Holdings Inc.(a)(b)		8,175,189		22,154,762
comScore Inc.(a)(b)		1,591,402		6,206,468
Daily Journal Corp.(a)(b)		28,166		9,023,541
Digital Media Solutions Inc., Class A(a)(b)		69,418		503,280
Emerald Holding Inc.(a)		610,429		2,649,262
Entercom Communications Corp.(a)		2,652,485		9,761,145
Entravision Communications Corp., Class A		1,371,787		9,739,688
EW Scripps Co. (The), Class A		1,321,829		23,872,232
Fluent Inc.(a)(b)		1,015,127		2,304,338
Gannett Co. Inc.(a)		3,180,098		21,243,055
Gray Television Inc.		1,949,211		44,480,995
Hemisphere Media Group Inc.(a)		367,449		4,475,529
Iheartmedia Inc., Class A(a)(b)		2,554,487		63,913,265
Integral Ad Science Holding Corp.(a)		389,953		8,044,730
John Wiley & Sons Inc., Class A		984,202		51,385,186
Loral Space & Communications Inc.		298,089		12,820,808
Magnite Inc.(a)(b)		2,965,626		83,037,528
Meredith Corp.(a)		909,977		50,685,719
National CineMedia Inc.		1,356,916		4,830,621
Scholastic Corp.		600,936		21,423,368
Sinclair Broadcast Group Inc., Class A		1,047,442		33,182,962
Stagwell Inc.(a)		1,453,718		11,150,017
TechTarget Inc.(a)(b)		581,931		47,962,753
TEGNA Inc.		5,044,907		99,485,566
Thryv Holdings Inc.(a)(b)		175,054		5,258,622
WideOpenWest Inc.(a)(b)		1,195,181		23,485,307
				796,127,129
Metals & Mining — 1.2%
Allegheny Technologies Inc.(a)(b)		2,905,395		48,316,719
Arconic Corp.(a)		2,518,040		79,418,982
Carpenter Technology Corp.		1,090,845		35,714,265
Century Aluminum Co.(a)(b)		1,166,574		15,690,420
Coeur Mining Inc.(a)(b)		5,838,721		36,024,909
Commercial Metals Co.		2,772,361		84,446,116
Compass Minerals International Inc.		780,262		50,248,873
Constellium SE(a)(b)		2,799,986		52,583,737
Ferroglobe PLC(a)(c)		1,289,900		13
Gatos Silver Inc.(a)(b)		1,059,914		12,326,800
Haynes International Inc.		285,236		10,625,041
Hecla Mining Co.		12,125,091		66,688,000
Kaiser Aluminum Corp.		360,531		39,283,458
Materion Corp.		464,679		31,895,567
MP Materials Corp.(a)(b)		1,663,795		53,624,113
NovaGold Resources Inc.(a)(b)		5,410,027		37,220,986
Olympic Steel Inc.		223,525		5,445,069
Perpetua Resources Corp.(a)(b)		617,878		3,077,032
PolyMet Mining Corp.(a)(b)		665,608		2,030,104
Ryerson Holding Corp.(b)		376,013		8,373,809
Schnitzer Steel Industries Inc., Class A		614,849		26,936,535
SunCoke Energy Inc.		1,955,104		12,278,053

Security	Shares		Value
Metals & Mining (continued)
TimkenSteel Corp.(a)(b)		1,096,915	$	14,347,648
Warrior Met Coal Inc.		1,169,101		27,204,980
Worthington Industries Inc.		783,454		41,288,026
				795,089,255
Mortgage Real Estate Investment — 1.3%
AFC Gamma Inc.(b)		203,025		4,381,279
Angel Oak Mortgage Inc.(b)		186,580		3,158,799
Apollo Commercial Real Estate Finance Inc.		3,200,540		47,464,008
Arbor Realty Trust Inc.		3,101,926		57,478,689
Ares Commercial Real Estate Corp.		999,057		15,065,780
ARMOUR Residential REIT Inc.		1,883,031		20,299,074
Blackstone Mortgage Trust Inc., Class A		3,374,871		102,326,089
BrightSpire Capital Inc.		1,921,748		18,045,214
Broadmark Realty Capital Inc.		2,921,902		28,809,954
Capstead Mortgage Corp.		2,222,987		14,871,783
Chimera Investment Corp.		5,372,382		79,779,873
Dynex Capital Inc.		777,345		13,432,522
Ellington Financial Inc.		1,065,345		19,485,160
Granite Point Mortgage Trust Inc.		1,269,068		16,713,625
Great Ajax Corp.		519,336		7,005,843
Hannon Armstrong Sustainable Infrastructure Capital Inc.		1,748,961		93,534,434
Invesco Mortgage Capital Inc.		6,662,334		20,986,352
KKR Real Estate Finance Trust Inc.		746,499		15,751,129
Ladder Capital Corp.		2,582,435		28,535,907
MFA Financial Inc.		10,097,340		46,144,844
New York Mortgage Trust Inc.		8,659,045		36,887,532
Orchid Island Capital Inc.		2,823,742		13,808,098
PennyMac Mortgage Investment Trust		2,235,108		44,009,276
Ready Capital Corp.		1,345,870		19,420,904
Redwood Trust Inc.		2,575,850		33,202,706
TPG RE Finance Trust Inc.		1,389,049		17,196,427
Two Harbors Investment Corp.		7,159,651		45,392,187
				863,187,488
Multi-Utilities — 0.3%
Avista Corp.		1,515,164		59,273,216
Black Hills Corp.		1,438,164		90,259,173
NorthWestern Corp.		1,183,603		67,820,452
Unitil Corp.		350,961		15,014,111
				232,366,952
Multiline Retail — 0.3%
Big Lots Inc.(b)		800,789		34,722,211
Dillard’s Inc., Class A(b)		137,382		23,701,143
Franchise Group Inc.		658,021		23,300,523
Macy’s Inc.		6,593,162		149,005,461
				230,729,338
Oil, Gas & Consumable Fuels — 3.7%
Aemetis Inc.(a)(b)		617,098		11,280,551
Alto Ingredients Inc.(a)(b)		1,845,822		9,118,361
Altus Midstream Co., Class A		75,145		5,187,259
Antero Resources Corp.(a)(b)		6,526,675		122,766,757
Arch Resources Inc.(a)		344,701		31,971,018
Berry Corp.		1,555,380		11,214,290
Bonanza Creek Energy Inc.		702,849		33,666,467
Brigham Minerals Inc., Class A		1,019,456		19,532,777
California Resources Corp.(a)		1,884,264		77,254,824
Callon Petroleum Co.(a)(b)		909,995		44,662,555
Centennial Resource Development Inc./DE, Class A(a)(b)		4,094,910		27,435,897

70 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^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Centrus Energy Corp., Class A(a)(b)		218,125	$	8,432,712
Chesapeake Energy Corp.		2,253,304		138,780,993
Clean Energy Fuels Corp.(a)(b)		3,540,746		28,857,080
CNX Resources Corp.(a)(b)		4,936,498		62,298,605
Comstock Resources Inc.(a)(b)		2,111,415		21,853,145
CONSOL Energy Inc.(a)(b)		795,565		20,700,601
Contango Oil & Gas Co.(a)(b)		3,392,210		15,502,400
CVR Energy Inc.		773,449		12,885,660
Delek U.S. Holdings Inc.		1,557,483		27,987,969
Denbury Inc.(a)(b)		1,150,672		80,834,708
DHT Holdings Inc.		3,219,274		21,021,859
Dorian LPG Ltd.		688,883		8,549,038
Earthstone Energy Inc., Class A(a)(b)		552,484		5,082,853
Energy Fuels Inc./Canada(a)(b)		3,370,589		23,661,535
Equitrans Midstream Corp.		9,328,255		94,588,506
Escrow PetroCorp.(a)(c)		26,106		0	(e)
Extraction Oil & Gas Inc.(a)(b)		362,213		20,446,924
Falcon Minerals Corp.		890,554		4,185,604
Frontline Ltd./Bermuda		2,749,783		25,765,467
Gevo Inc.(a)(b)		4,450,576		29,551,825
Golar LNG Ltd.(a)(b)		2,387,866		30,970,622
Green Plains Inc.(a)(b)		800,530		26,137,304
HighPeak Energy Inc.(b)		114,928		1,034,352
International Seaways Inc.		1,049,461		19,121,179
Kosmos Energy Ltd.(a)		9,411,580		27,858,277
Laredo Petroleum Inc.(a)(b)		292,650		23,725,135
Magnolia Oil & Gas Corp., Class A(b)		3,175,323		56,488,996
Matador Resources Co.(b)		2,525,817		96,082,079
Murphy Oil Corp.		3,361,575		83,938,528
Nordic American Tankers Ltd.		3,599,678		9,215,176
Northern Oil and Gas Inc.		1,194,760		25,567,864
Oasis Petroleum Inc.		440,885		43,832,787
Ovintiv Inc.		5,978,538		196,574,329
Par Pacific Holdings Inc.(a)(b)		1,021,494		16,057,886
PBF Energy Inc., Class A(a)		2,181,278		28,291,176
PDC Energy Inc.(b)		2,267,731		107,467,772
Peabody Energy Corp.(a)		1,837,904		27,182,600
Penn Virginia Corp.(a)(b)		341,980		9,120,607
Range Resources Corp.(a)		5,453,187		123,405,622
Renewable Energy Group Inc.(a)(b)		1,021,222		51,265,344
REX American Resources Corp.(a)(b)		129,167		10,316,568
Riley Exploration Permian Inc.(b)		52,581		1,234,602
Scorpio Tankers Inc.		1,126,838		20,891,577
SFL Corp. Ltd.		2,424,280		20,315,466
SM Energy Co.		2,735,119		72,152,439
Southwestern Energy Co.(a)(b)		15,457,323		85,633,569
Talos Energy Inc.(a)		857,152		11,802,983
Teekay Corp.(a)(b)		1,601,212		5,860,436
Teekay Tankers Ltd., Class A(a)		549,824		7,988,943
Tellurian Inc.(a)(b)		8,221,427		32,145,780
Uranium Energy Corp.(a)(b)		5,266,393		16,062,499
Ur-Energy Inc.(a)(b)		4,171,654		7,175,245
Vine Energy Inc., Class A(a)		569,858		9,385,561
W&T Offshore Inc.(a)(b)		2,114,971		7,867,692
Whiting Petroleum Corp.(a)(b)		902,449		52,712,046
World Fuel Services Corp.		1,464,152		49,224,790
				2,459,186,071
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)(b)		372,285		14,269,684
Domtar Corp.(a)		1,160,344		63,285,162

Security	Shares		Value
Paper & Forest Products (continued)
Glatfelter Corp.		1,003,511	$	14,149,505
Neenah Inc.		384,563		17,924,482
Schweitzer-Mauduit International Inc.		724,767		25,120,424
Verso Corp., Class A		616,099		12,784,054
				147,533,311
Personal Products — 0.5%
Beauty Health Co. (The)(a)(b)		1,995,449		51,821,810
BellRing Brands Inc., Class A(a)(b)		908,197		27,927,058
Edgewell Personal Care Co.		1,243,331		45,132,915
elf Beauty Inc.(a)(b)		1,099,483		31,939,981
Honest Co. Inc. (The)(a)(b)		572,521		5,942,768
Inter Parfums Inc.		406,089		30,363,275
Medifast Inc.		265,518		51,149,387
Nature’s Sunshine Products Inc.		273,455		4,006,116
Nu Skin Enterprises Inc., Class A		1,144,653		46,324,107
Revlon Inc., Class A(a)(b)		163,701		1,655,017
USANA Health Sciences Inc.(a)(b)		284,199		26,203,148
Veru Inc.(a)(b)		1,464,320		12,490,650
				334,956,232
Pharmaceuticals — 1.6%
9 Meters Biopharma Inc.(a)(b)		4,899,566		6,369,436
Aclaris Therapeutics Inc.(a)		1,164,316		20,957,688
Aerie Pharmaceuticals Inc.(a)(b)		976,452		11,131,553
Amneal Pharmaceuticals Inc.(a)(b)		2,215,761		11,832,164
Amphastar Pharmaceuticals Inc.(a)(b)		840,249		15,973,133
Ampio Pharmaceuticals Inc.(a)(b)		4,386,076		7,280,886
Angion Biomedica Corp.(a)(b)		499,124		4,876,441
ANI Pharmaceuticals Inc.(a)(b)		213,777		7,016,161
Antares Pharma Inc.(a)(b)		3,842,823		13,987,876
Arvinas Inc.(a)(b)		995,495		81,809,779
Atea Pharmaceuticals Inc.(a)(b)		1,472,917		51,640,470
Athira Pharma Inc.(a)		744,877		6,986,946
Avalo Therapeutics Inc.(a)		1,217,248		2,653,601
Axsome Therapeutics Inc.(a)(b)		641,087		21,130,228
BioDelivery Sciences International Inc.(a)(b)		2,147,160		7,751,248
Cara Therapeutics Inc.(a)(b)		987,729		15,260,413
Cassava Sciences Inc.(a)(b)		872,603		54,171,194
Citius Pharmaceuticals Inc.(a)(b)		2,631,818		5,342,591
Collegium Pharmaceutical Inc.(a)(b)		797,418		15,741,031
Corcept Therapeutics Inc.(a)(b)		2,204,776		43,389,992
CorMedix Inc.(a)(b)		874,903		4,068,299
Cymabay Therapeutics Inc.(a)(b)		1,500,511		5,476,865
Cyteir Therapeutics Inc.(a)(b)		191,911		3,368,038
Durect Corp.(a)(b)		5,215,809		6,676,236
Edgewise Therapeutics Inc.(a)(b)		284,701		4,726,037
Endo International PLC(a)		5,273,344		17,085,635
Esperion Therapeutics Inc.(a)(b)		564,903		6,807,081
Evolus Inc.(a)(b)		747,692		5,697,413
EyePoint Pharmaceuticals Inc.(a)(b)		488,254		5,087,607
Fulcrum Therapeutics Inc.(a)		608,205		17,157,463
Harmony Biosciences Holdings Inc.(a)(b)		518,832		19,886,831
Ikena Oncology Inc.(a)(b)		209,032		2,637,984
Innoviva Inc.(a)(b)		985,824		16,473,119
Intra-Cellular Therapies Inc.(a)(b)		1,611,599		60,080,411
Kala Pharmaceuticals Inc.(a)(b)		1,114,709		2,920,538
Kaleido Biosciences Inc.(a)(b)		446,603		2,438,452
KemPharm Inc.(a)(b)		659,210		6,150,429
Landos Biopharma Inc.(a)(b)		104,591		1,527,029
Marinus Pharmaceuticals Inc.(a)(b)		851,504		9,690,116

S C H E D U L E   O F   I N V E S  T M E N T S 71

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Mind Medicine MindMed Inc.(a)(b)		7,939,512	$	18,499,063
NGM Biopharmaceuticals Inc.(a)(b)		731,568		15,377,559
Nuvation Bio Inc.(a)(b)		1,526,712		15,175,517
Ocular Therapeutix Inc.(a)(b)		1,774,401		17,744,010
Omeros Corp.(a)(b)		1,374,949		18,960,547
Oramed Pharmaceuticals Inc.(a)(b)		691,844		15,206,731
Pacira BioSciences Inc.(a)(b)		995,606		55,753,936
Paratek Pharmaceuticals Inc.(a)(b)		1,063,607		5,169,130
Phathom Pharmaceuticals Inc.(a)(b)		467,458		15,005,402
Phibro Animal Health Corp., Class A		471,312		10,152,060
Pliant Therapeutics Inc.(a)(b)		537,139		9,066,906
Prestige Consumer Healthcare Inc.(a)(b)		1,142,380		64,098,942
Provention Bio Inc.(a)(b)		1,284,240		8,219,136
Rain Therapeutics Inc.(a)(b)		171,067		2,559,162
Reata Pharmaceuticals Inc., Class A(a)(b)		625,986		62,980,451
Relmada Therapeutics Inc.(a)(b)		345,894		9,065,882
Revance Therapeutics Inc.(a)(b)		1,600,904		44,601,185
Seelos Therapeutics Inc.(a)(b)		2,244,035		5,408,124
SIGA Technologies Inc.(a)(b)		1,141,560		8,436,128
Supernus Pharmaceuticals Inc.(a)(b)		1,117,523		29,804,338
Tarsus Pharmaceuticals Inc.(a)(b)		194,365		4,188,566
Terns Pharmaceuticals Inc.(a)(b)		313,542		3,267,108
TherapeuticsMD Inc.(a)(b)		8,424,601		6,245,999
Theravance Biopharma Inc.(a)(b)		1,369,528		10,134,507
Verrica Pharmaceuticals Inc.(a)(b)		277,083		3,463,537
WaVe Life Sciences Ltd.(a)		865,238		4,239,666
Zogenix Inc.(a)(b)		1,292,936		19,639,698
				1,085,721,704
Professional Services — 1.7%
Acacia Research Corp.(a)(b)		1,130,315		7,674,839
ASGN Inc.(a)(b)		1,185,465		134,123,510
Atlas Technical Consultants Inc.(a)(b)		310,403		3,156,799
Barrett Business Services Inc.		172,431		13,149,588
CBIZ Inc.(a)(b)		1,141,322		36,910,353
CRA International Inc.		164,561		16,347,490
Exponent Inc.		1,184,628		134,040,658
First Advantage Corp.(a)(b)		679,656		12,947,447
Forrester Research Inc.(a)		250,935		12,361,058
Franklin Covey Co.(a)(b)		287,452		11,725,167
GP Strategies Corp.(a)(b)		279,389		5,783,352
Heidrick & Struggles International Inc.		436,245		19,469,614
HireQuest Inc.(b)		117,250		2,266,442
Huron Consulting Group Inc.(a)(b)		503,942		26,204,984
ICF International Inc.		421,936		37,674,665
Insperity Inc.		828,577		91,756,617
KBR Inc.		3,225,150		127,070,910
Kelly Services Inc., Class A, NVS		814,140		15,370,963
Kforce Inc.		462,354		27,574,793
Korn Ferry		1,246,407		90,190,011
ManTech International Corp./VA, Class A		625,365		47,477,711
Mistras Group Inc.(a)		460,438		4,678,050
Resources Connection Inc.		735,441		11,605,259
TriNet Group Inc.(a)(b)		924,494		87,438,643
TrueBlue Inc.(a)(b)		791,360		21,430,029
Upwork Inc.(a)(b)		2,691,336		121,190,860
Willdan Group Inc.(a)(b)		252,109		8,972,559
				1,128,592,371
Real Estate Management & Development — 0.7%
Cushman & Wakefield PLC(a)(b)		3,167,958		58,955,698

Security	Shares		Value
Real Estate Management & Development (continued)
eXp World Holdings Inc.(b)		1,442,743	$	57,377,889
Fathom Holdings Inc.(a)(b)		120,248		3,210,622
Forestar Group Inc.(a)(b)		398,783		7,429,327
FRP Holdings Inc.(a)(b)		158,328		8,853,702
Kennedy-Wilson Holdings Inc.		2,739,128		57,302,558
Marcus & Millichap Inc.(a)(b)		541,239		21,985,128
Newmark Group Inc., Class A(b)		3,403,259		48,700,636
Rafael Holdings Inc., Class B(a)(b)		226,133		6,949,067
RE/MAX Holdings Inc., Class A		422,082		13,152,075
Realogy Holdings Corp.(a)(b)		2,623,401		46,014,454
Redfin Corp.(a)(b)		2,320,190		116,241,519
RMR Group Inc. (The), Class A		338,039		11,307,405
St Joe Co. (The)(b)		758,169		31,918,915
Tejon Ranch Co.(a)(b)		446,862		7,936,269
				497,335,264
Road & Rail — 0.7%
ArcBest Corp.		584,493		47,793,993
Avis Budget Group Inc.(a)(b)		1,110,969		129,438,998
Covenant Logistics Group Inc., Class A(a)		292,957		8,100,261
Daseke Inc.(a)(b)		901,196		8,300,015
Heartland Express Inc.		1,100,019		17,622,304
HyreCar Inc.(a)(b)		397,892		3,382,082
Marten Transport Ltd.		1,370,235		21,498,987
PAM Transportation Services Inc.(a)(b)		79,471		3,574,606
Saia Inc.(a)		605,210		144,058,136
U.S. Xpress Enterprises Inc., Class A(a)(b)		622,450		5,371,744
Universal Logistics Holdings Inc.		171,161		3,436,913
Werner Enterprises Inc.		1,430,899		63,345,899
Yellow Corp.(a)(b)		1,176,170		6,645,360
				462,569,298
Semiconductors & Semiconductor Equipment — 3.0%
Alpha & Omega Semiconductor Ltd.(a)(b)		486,872		15,273,175
Ambarella Inc.(a)(b)		797,054		124,133,190
Amkor Technology Inc.		2,328,489		58,095,801
Atomera Inc.(a)(b)		462,939		10,689,262
Axcelis Technologies Inc.(a)		759,527		35,720,555
AXT Inc.(a)(b)		888,347		7,399,931
CEVA Inc.(a)		513,657		21,917,744
CMC Materials Inc.		666,373		82,117,145
Cohu Inc.(a)		1,093,140		34,914,892
Diodes Inc.(a)(b)		994,481		90,090,034
DSP Group Inc.(a)		514,180		11,265,684
FormFactor Inc.(a)(b)		1,773,674		66,211,250
Ichor Holdings Ltd.(a)		630,456		25,905,437
Impinj Inc.(a)(b)		425,664		24,318,184
Kopin Corp.(a)(b)		1,793,087		9,198,536
Kulicke & Soffa Industries Inc.		1,396,450		81,385,106
Lattice Semiconductor Corp.(a)(b)		3,095,413		200,118,450
MACOM Technology Solutions Holdings Inc.(a)(b)		1,110,729		72,052,990
MaxLinear Inc.(a)		1,617,237		79,648,922
Meta Materials Inc.(a)(b)		5,024,921		29,044,043
NeoPhotonics Corp.(a)(b)		1,148,270		10,001,432
NVE Corp.		110,765		7,085,637
Onto Innovation Inc.(a)(b)		1,110,861		80,259,707
PDF Solutions Inc.(a)(b)		676,700		15,591,168
Photronics Inc.(a)		1,374,105		18,729,051
Power Integrations Inc.		1,377,089		136,318,040
Rambus Inc.(a)(b)		2,473,457		54,910,745
Semtech Corp.(a)		1,475,166		115,018,693

72 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^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Silicon Laboratories Inc.(a)		1,013,049	$	141,988,948
SiTime Corp.(a)(b)		297,114		60,661,765
SkyWater Technology Inc.(a)(b)		181,270		4,930,544
SMART Global Holdings Inc.(a)(b)		400,041		17,801,824
SunPower Corp.(a)(b)		1,824,019		41,368,751
Synaptics Inc.(a)(b)		804,978		144,678,696
Ultra Clean Holdings Inc.(a)(b)		1,012,008		43,111,541
Veeco Instruments Inc.(a)(b)		1,135,780		25,225,674
				1,997,182,547
Software — 6.4%
8x8 Inc.(a)(b)		2,531,337		59,207,972
A10 Networks Inc.(a)(b)		1,370,161		18,469,770
ACI Worldwide Inc.(a)		2,691,202		82,700,637
Agilysys Inc.(a)		441,868		23,136,208
Alarm.com Holdings Inc.(a)(b)		1,078,405		84,320,487
Alkami Technology Inc.(a)(b)		160,516		3,961,535
Altair Engineering Inc., Class A(a)(b)		1,060,849		73,134,930
American Software Inc./GA, Class A		710,174		16,866,633
Appfolio Inc., Class A(a)(b)		427,420		51,461,368
Appian Corp.(a)(b)		897,242		83,003,857
Asana Inc., Class A(a)(b)		1,686,740		175,151,082
Avaya Holdings Corp.(a)(b)		1,882,303		37,250,776
Benefitfocus Inc.(a)(b)		575,782		6,391,180
Blackbaud Inc.(a)		1,103,691		77,644,662
Blackline Inc.(a)(b)		1,223,570		144,454,674
Bottomline Technologies DE Inc.(a)(b)		1,009,682		39,660,309
Box Inc., Class A(a)(b)		3,249,844		76,923,807
BTRS Holdings Inc.(a)(b)		1,478,872		15,735,198
Cerence Inc.(a)(b)		863,040		82,946,774
ChannelAdvisor Corp.(a)(b)		680,317		17,164,398
Cleanspark Inc.(a)(b)		752,267		8,718,775
Cloudera Inc.(a)		5,278,962		84,305,023
CommVault Systems Inc.(a)		1,045,841		78,762,286
Cornerstone OnDemand Inc.(a)(b)		1,436,603		82,259,888
Couchbase Inc.(a)(b)		222,153		6,911,180
CS Disco Inc.(a)(b)		297,156		14,245,659
Digimarc Corp.(a)(b)		295,329		10,171,131
Digital Turbine Inc.(a)(b)		2,072,038		142,452,613
Domo Inc., Class B(a)(b)		628,622		53,080,842
E2open Parent Holdings Inc.(a)(b)		3,720,425		42,040,803
Ebix Inc.(b)		616,436		16,600,621
eGain Corp.(a)(b)		472,186		4,816,297
Envestnet Inc.(a)(b)		1,178,862		94,591,887
EverCommerce Inc.(a)(b)		381,684		6,293,969
GTY Technology Holdings Inc.(a)(b)		743,540		5,591,421
Instructure Holdings Inc.(a)(b)		275,216		6,217,129
Intapp Inc.(a)(b)		231,260		5,957,258
Intelligent Systems Corp.(a)(b)		173,723		7,054,891
InterDigital Inc.		705,541		47,849,791
J2 Global Inc.(a)(b)		991,291		135,430,176
JFrog Ltd.(a)(b)		1,201,039		40,234,807
Kaltura Inc.(a)		399,710		4,113,016
LivePerson Inc.(a)(b)		1,478,808		87,175,732
LivePerson Inc.		1,220,951		3,650,643
Marathon Digital Holdings Inc.(a)(b)		2,177,326		68,759,955
MeridianLink Inc.(a)(b)		290,412		6,493,612
MicroStrategy Inc., Class A(a)(b)		178,959		103,509,886
Mimecast Ltd.(a)		1,392,078		88,536,161
Mitek Systems Inc.(a)(b)		975,589		18,048,397
Model N Inc.(a)(b)		809,016		27,102,036

Security	Shares		Value
Software (continued)
Momentive Global Inc.(a)		2,981,499	$	58,437,380
ON24 Inc.(a)(b)		616,335		12,289,720
OneSpan Inc.(a)(b)		812,012		15,249,585
Pagerduty Inc.(a)(b)		1,841,185		76,261,883
Ping Identity Holding Corp.(a)(b)		1,131,451		27,799,751
Progress Software Corp.		1,002,964		49,335,799
PROS Holdings Inc.(a)(b)		911,648		32,345,271
Q2 Holdings Inc.(a)(b)		1,247,136		99,945,479
QAD Inc., Class A		277,668		24,265,407
Qualys Inc.(a)(b)		777,561		86,534,764
Rapid7 Inc.(a)(b)		1,267,679		143,273,081
Rekor Systems Inc.(a)(b)		731,507		8,405,015
Rimini Street Inc.(a)(b)		1,019,069		9,834,016
Riot Blockchain Inc.(a)(b)		1,922,808		49,416,166
SailPoint Technologies Holdings Inc.(a)(b)		2,087,038		89,492,189
Sapiens International Corp. NV		697,045		20,060,955
SecureWorks Corp., Class A(a)(b)		233,381		4,639,614
ShotSpotter Inc.(a)(b)		201,134		7,315,244
Smith Micro Software Inc.(a)(b)		1,025,406		4,962,965
Sprout Social Inc., Class A(a)(b)		1,020,424		124,440,707
SPS Commerce Inc.(a)(b)		822,679		132,706,349
Sumo Logic Inc.(a)(b)		1,957,235		31,550,628
Telos Corp.(a)(b)		914,008		25,976,107
Tenable Holdings Inc.(a)		2,069,303		95,477,640
Upland Software Inc.(a)(b)		659,419		22,050,971
Varonis Systems Inc.(a)(b)		2,415,537		146,985,426
Verint Systems Inc.(a)(b)		1,469,444		65,816,397
Veritone Inc.(a)(b)		658,603		15,734,026
Viant Technology Inc., Class A(a)(b)		256,391		3,133,098
VirnetX Holding Corp.(a)(b)		1,523,666		5,972,771
Vonage Holdings Corp.(a)(b)		5,513,113		88,871,382
Workiva Inc.(a)(b)		976,828		137,693,675
Xperi Holding Corp.		2,393,886		45,100,812
Yext Inc.(a)(b)		2,530,232		30,438,691
Zix Corp.(a)(b)		1,233,560		8,721,269
Zuora Inc., Class A(a)(b)		2,543,726		42,174,977
				4,313,271,352
Specialty Retail — 2.5%
Aaron’s Co. Inc. (The)		768,552		21,165,922
Abercrombie & Fitch Co., Class A(a)		1,408,160		52,989,061
Academy Sports & Outdoors Inc.(a)(b)		1,774,751		71,025,535
American Eagle Outfitters Inc.		3,471,245		89,558,121
America’s Car-Mart Inc./TX(a)(b)		140,356		16,390,774
Arko Corp.(a)(b)		2,769,532		27,972,273
Asbury Automotive Group Inc.(a)(b)		441,500		86,860,710
Barnes & Noble Education Inc.(a)(b)		902,931		9,020,281
Bed Bath & Beyond Inc.(a)		2,410,101		41,634,495
Big 5 Sporting Goods Corp.(b)		487,485		11,231,654
Boot Barn Holdings Inc.(a)(b)		671,810		59,703,755
Buckle Inc. (The)		679,034		26,882,956
Caleres Inc.		860,853		19,128,154
Camping World Holdings Inc., Class A		973,477		37,839,051
CarLotz Inc.(a)(b)		1,637,107		6,237,378
Cato Corp. (The), Class A		467,618		7,734,402
Chico’s FAS Inc.(a)		2,820,843		12,665,585
Children’s Place Inc. (The)(a)		324,368		24,411,936
Citi Trends Inc.(a)		201,837		14,726,027
Conn’s Inc.(a)(b)		411,455		9,393,518
Container Store Group Inc. (The)(a)(b)		731,214		6,961,157
Designer Brands Inc. , Class A(a)		1,359,149		18,932,945

S C H E D U L E   O F   I N V E S  T M E N T S 73

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Genesco Inc.(a)(b)		339,912	$	19,623,120
Group 1 Automotive Inc.		401,232		75,383,468
GrowGeneration Corp.(a)(b)		1,229,524		30,332,357
Guess? Inc.		921,093		19,352,164
Haverty Furniture Companies Inc.		387,517		13,063,198
Hibbett Inc.		366,308		25,912,628
JOANN Inc.(b)		270,020		3,008,023
Kirkland’s Inc.(a)(b)		328,552		6,311,484
Lazydays Holdings Inc.(a)(b)		169,873		3,625,090
Lumber Liquidators Holdings Inc.(a)(b)		643,609		12,022,616
MarineMax Inc.(a)(b)		481,525		23,363,593
Monro Inc.		756,983		43,534,092
Murphy USA Inc.		551,266		92,204,751
National Vision Holdings Inc.(a)(b)		1,861,714		105,689,504
ODP Corp. (The)(a)		1,095,783		44,006,645
OneWater Marine Inc., Class A		238,419		9,586,828
Party City Holdco Inc.(a)(b)		2,578,943		18,310,495
Rent-A-Center Inc./TX		1,503,713		84,523,708
Sally Beauty Holdings Inc.(a)(b)		2,570,529		43,313,414
Shift Technologies Inc.(a)(b)		1,430,931		9,930,661
Shoe Carnival Inc.		422,647		13,702,216
Signet Jewelers Ltd.		1,189,218		93,900,653
Sleep Number Corp.(a)(b)		526,835		49,248,536
Sonic Automotive Inc., Class A		499,290		26,232,696
Sportsman’s Warehouse Holdings Inc.(a)		992,564		17,469,126
Tilly’s Inc., Class A		527,519		7,390,541
Torrid Holdings Inc.(a)(b)		293,220		4,524,385
TravelCenters of America Inc.(a)(b)		290,223		14,450,203
Urban Outfitters Inc.(a)(b)		1,575,517		46,777,100
Winmark Corp.		78,104		16,794,703
Zumiez Inc.(a)(b)		507,080		20,161,501
				1,666,215,189
Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.(a)(b)		2,769,151		76,345,493
Avid Technology Inc.(a)(b)		814,949		23,568,325
Corsair Gaming Inc.(a)(b)		625,288		16,213,718
Diebold Nixdorf Inc.(a)(b)		1,679,085		16,975,549
Eastman Kodak Co.(a)(b)		1,041,047		7,089,530
Quantum Corp.(a)(b)		1,280,018		6,630,493
Super Micro Computer Inc.(a)(b)		993,699		36,339,573
Turtle Beach Corp.(a)(b)		345,196		9,603,353
				192,766,034
Textiles, Apparel & Luxury Goods — 0.8%
Crocs Inc.(a)		1,408,436		202,082,397
Fossil Group Inc.(a)(b)		1,115,039		13,213,212
G-III Apparel Group Ltd.(a)(b)		1,044,356		29,555,275
Kontoor Brands Inc.		1,183,096		59,095,645
Movado Group Inc.		364,522		11,478,798
Oxford Industries Inc.		366,565		33,053,166
PLBY Group Inc.(a)(b)		539,421		12,714,153
Rocky Brands Inc.		151,879		7,230,959
Steven Madden Ltd.		1,871,028		75,140,485
Superior Group of Companies Inc.		265,287		6,178,534
Unifi Inc.(a)		298,452		6,545,053
Vera Bradley Inc.(a)		629,393		5,922,588
Wolverine World Wide Inc.		1,854,842		55,348,485
				517,558,750
Thrifts & Mortgage Finance — 1.6%
Axos Financial Inc.(a)(b)		1,322,638		68,168,763

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Blue Foundry Bancorp(a)(b)		690,206	$	9,517,941
Bridgewater Bancshares Inc.(a)(b)		497,226		8,706,427
Capitol Federal Financial Inc.		2,963,702		34,052,936
Columbia Financial Inc.(a)(b)		904,044		16,724,814
Essent Group Ltd.		2,546,049		112,051,617
Federal Agricultural Mortgage Corp., Class C, NVS		216,026		23,443,142
Finance of America Companies Inc., Class A(a)(b)		769,870		3,810,857
Flagstar Bancorp. Inc.		1,138,947		57,835,729
FS Bancorp. Inc.		170,546		5,902,597
Hingham Institution For Savings (The)		33,695		11,345,107
Home Bancorp. Inc.		174,486		6,749,118
Home Point Capital Inc.		168,685		694,982
HomeStreet Inc.		434,743		17,889,674
Kearny Financial Corp./MD		1,688,990		20,994,146
Luther Burbank Corp.		363,638		4,876,386
Merchants Bancorp./IN		234,433		9,253,071
Meridian Bancorp. Inc.		1,107,991		23,001,893
Meta Financial Group Inc.		709,290		37,223,539
Mr Cooper Group Inc.(a)(b)		1,617,872		66,607,790
NMI Holdings Inc., Class A(a)		1,915,097		43,300,343
Northfield Bancorp. Inc.		1,040,344		17,852,303
Northwest Bancshares Inc.		2,643,639		35,107,526
Ocwen Financial Corp.(a)		188,384		5,299,242
PCSB Financial Corp.		302,796		5,583,558
PennyMac Financial Services Inc.		769,003		47,009,153
Pioneer Bancorp. Inc./NY(a)(b)		268,251		3,390,693
Premier Financial Corp.		851,336		27,106,538
Provident Bancorp. Inc.		349,799		5,603,780
Provident Financial Services Inc.		1,658,436		38,923,493
Radian Group Inc.		4,252,017		96,605,826
Southern Missouri Bancorp. Inc.		178,369		8,006,984
TrustCo Bank Corp. NY		411,892		13,168,187
Velocity Financial Inc.(a)(b)		198,090		2,606,864
Walker & Dunlop Inc.		680,974		77,290,549
Washington Federal Inc.		1,573,881		53,999,857
Waterstone Financial Inc.		507,662		10,401,994
WSFS Financial Corp.		1,027,204		52,705,837
				1,082,813,256
Tobacco — 0.1%
22nd Century Group Inc.(a)(b)		3,509,083		10,386,886
Turning Point Brands Inc.(b)		335,852		16,036,933
Universal Corp./VA		552,652		26,709,671
Vector Group Ltd.		3,275,898		41,767,699
				94,901,189
Trading Companies & Distributors — 1.4%
Alta Equipment Group Inc.(a)(b)		435,868		5,984,468
Applied Industrial Technologies Inc.		885,366		79,798,038
Beacon Roofing Supply Inc.(a)(b)		1,272,800		60,788,928
BlueLinx Holdings Inc.(a)(b)		209,203		10,225,843
Boise Cascade Co.		907,156		48,968,281
CAI International Inc.		378,019		21,135,042
Custom Truck One Source Inc.(a)(b)		1,059,207		9,882,401
DXP Enterprises Inc./TX(a)		410,951		12,151,821
EVI Industries Inc.(a)(b)		131,737		3,583,246
GATX Corp.		805,596		72,149,178
Global Industrial Co.		281,435		10,663,572
GMS Inc.(a)		974,910		42,701,058
H&E Equipment Services Inc.		733,492		25,459,507
Herc Holdings Inc.(a)(b)		569,200		93,041,432

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Karat Packaging Inc.(a)(b)		105,672	$	2,222,282
Lawson Products Inc./DE(a)(b)		112,152		5,608,722
McGrath RentCorp.		550,831		39,632,290
MRC Global Inc.(a)		1,799,817		13,210,657
NOW Inc.(a)(b)		2,549,278		19,501,977
Rush Enterprises Inc., Class A		968,953		43,757,918
Rush Enterprises Inc., Class B		151,664		6,941,661
Textainer Group Holdings Ltd.(a)(b)		1,093,264		38,165,846
Titan Machinery Inc.(a)(b)		448,529		11,621,386
Transcat Inc.(a)(b)		163,109		10,517,268
Triton International Ltd.		1,522,474		79,229,547
Veritiv Corp.(a)(b)		338,385		30,305,761
WESCO International Inc.(a)(b)		1,015,610		117,120,145
Willis Lease Finance Corp.(a)(b)		69,354		2,579,275
				916,947,550
Water Utilities — 0.4%
American States Water Co.		841,536		71,968,159
Artesian Resources Corp., Class A, NVS		189,612		7,237,490
Cadiz Inc.(a)(b)		504,390		3,550,906
California Water Service Group		1,180,253		69,552,309
Global Water Resources Inc.		291,629		5,459,295
Middlesex Water Co.		377,518		38,801,300
Pure Cycle Corp.(a)		443,782		5,906,738
SJW Group		631,157		41,694,231
York Water Co. (The)		300,292		13,116,755
				257,287,183
Wireless Telecommunication Services — 0.2%
Gogo Inc.(a)(b)		1,323,259		22,892,381
Shenandoah Telecommunications Co.		1,096,965		34,642,155
Telephone and Data Systems Inc.		2,305,007		44,947,636
U.S. Cellular Corp.(a)		352,476		11,240,460
				113,722,632
Total Common Stocks — 99.9% (Cost: $75,116,082,099)				66,835,520,673
Warrants
Oil, Gas & Consumable Fuels — 0.0%
Whiting Petroleum Corp., (Expires 09/01/24)(a)(b)		92,645		662,412
Whiting Petroleum Corp., (Expires 09/01/25)(a)(b)		46,322		334,445
				996,857
Total Warrants — 0.0% (Cost: $11,350,881)				996,857

Security	Par/ Shares		Value
Corporate Bonds & Notes
Capital Markets — 0.0%
GAMCO Investors Inc., 4.00%, 06/15/23(b)(f)		264,000	$	262,700
Total Corporate Bonds & Notes — 0.0% (Cost: $264,000)				262,700
Short-Term Investments
Money Market Funds — 10.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(g)(h)(i)		6,831,804,633		6,835,220,535
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(g)(h)		78,380,000		78,380,000
				6,913,600,535
Total Short-Term Investments — 10.3% (Cost: $6,910,823,638)				6,913,600,535
Total Investments in Securities — 110.2% (Cost: $82,038,520,618)				73,750,380,765
Other Assets, Less Liabilities — (10.2)%				(6,851,939,502	)
Net Assets — 100.0%			$	66,898,441,263

^(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) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e) Rounds to less than $1.

^(f) Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(g) Affiliate of the Fund.

^(h) Annualized 7-day yield as of period end.

⁽ⁱ⁾ All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E   O F   I N V E S  T M E N T S 75

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 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	$	5,965,909,856	$	870,001,345	(a)	$	—		$	(233,310	)	$	(457,356	)	$	6,835,220,535		6,831,804,633	$	17,637,824	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		85,040,000		—			(6,660,000	)(a)		—			—			78,380,000		78,380,000		5,673			—
									$	(233,310	)	$	(457,356	)	$	6,913,600,535			$	17,643,497		$	—

^(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
Russell 2000 E-Mini Index		517		12/17/21	$	56,891	$	527,607

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)	$	527,607

^(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	$	(4,667,014	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,342,428

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	140,127,917

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 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	$	66,834,665,213	$	—	$	855,460	$	66,835,520,673
Warrants		996,857		—		—		996,857
Corporate Bonds & Notes		—		262,700		—		262,700
Money Market Funds		6,913,600,535		—		—		6,913,600,535
	$	73,749,262,605	$	262,700	$	855,460	$	73,750,380,765
Derivative financial instruments(a)
Assets
Futures Contracts	$	527,607	$	—	$	—	$	527,607

^(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 77

Schedule of Investments (unaudited) September 30, 2021 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
Aerojet Rocketdyne Holdings Inc.		473,761	$	20,632,292
Aerovironment Inc.(a)(b)		178,714		15,426,592
Byrna Technologies Inc.(a)(b)		145,851		3,188,303
Kratos Defense & Security Solutions Inc.(a)(b)		219,902		4,906,014
PAE Inc.(a)(b)		558,889		3,342,156
				47,495,357
Air Freight & Logistics — 0.2%
Echo Global Logistics Inc.(a)		70,992		3,387,028
Forward Air Corp.		215,404		17,882,840
				21,269,868
Airlines — 0.3%
Allegiant Travel Co.(a)		122,020		23,852,470
Frontier Group Holdings Inc.(a)(b)		280,242		4,425,021
Sun Country Airlines Holdings Inc.(a)(b)		140,595		4,715,556
				32,993,047
Auto Components — 1.6%
Adient PLC(a)(b)		96,686		4,007,635
American Axle & Manufacturing Holdings Inc.(a)		449,520		3,960,271
Dana Inc.		620,728		13,804,991
Dorman Products Inc.(a)(b)		211,901		20,060,668
Fox Factory Holding Corp.(a)(b)		335,402		48,479,005
Gentherm Inc.(a)		263,823		21,351,195
LCI Industries		197,198		26,548,767
Modine Manufacturing Co.(a)		44,293		501,840
Patrick Industries Inc.		180,896		15,068,637
Stoneridge Inc.(a)		33,445		681,943
Tenneco Inc., Class A(a)		495,197		7,066,461
Visteon Corp.(a)(b)		220,362		20,799,969
XL Fleet Corp.(a)(b)		40,137		247,244
XPEL Inc.(a)(b)		142,407		10,802,995
				193,381,621
Automobiles — 0.4%
Arcimoto Inc.(a)(b)		220,382		2,518,966
Canoo Inc.(a)(b)		382,698		2,942,948
Fisker Inc.(a)(b)		1,191,992		17,462,683
Lordstown Motors Corp., Class A(a)(b)		71,486		570,458
Winnebago Industries Inc.		257,182		18,632,836
Workhorse Group Inc.(a)(b)		92,508		707,686
				42,835,577
Banks — 1.6%
Altabancorp		9,062		400,178
Cadence BanCorp.		342,632		7,524,199
Coastal Financial Corp./WA(a)(b)		52,094		1,659,715
CrossFirst Bankshares Inc.(a)		183,321		2,383,173
Customers Bancorp. Inc.(a)		19,649		845,300
Eastern Bankshares Inc.		291,120		5,909,736
FB Financial Corp.		24,204		1,037,867
First Financial Bankshares Inc.		960,790		44,148,300
Five Star Bancorp		16,339		391,156
Glacier Bancorp. Inc.		97,299		5,385,500
Great Western Bancorp. Inc.		14,639		479,281
Investors Bancorp. Inc.		667,169		10,080,924
Lakeland Financial Corp.		12,812		912,727
Live Oak Bancshares Inc.(b)		250,589		15,944,978
Metrocity Bankshares Inc.		37,434		784,991
Metropolitan Bank Holding Corp.(a)		3,174		267,568
Origin Bancorp Inc.		31,816		1,347,408

Security	Shares		Value
Banks (continued)
Pacific Premier Bancorp. Inc.		78,457	$	3,251,258
RBB Bancorp.		17,729		446,948
ServisFirst Bancshares Inc.		330,777		25,734,451
Silvergate Capital Corp., Class A(a)(b)		194,173		22,426,981
Southern First Bancshares Inc.(a)		20,139		1,077,436
Stock Yards Bancorp. Inc.		35,844		2,102,251
Texas Capital Bancshares Inc.(a)		152,038		9,125,321
Triumph Bancorp. Inc.(a)		174,673		17,490,007
Veritex Holdings Inc.		52,902		2,082,223
West Bancorp. Inc.		26,675		801,050
				184,040,927
Beverages — 0.6%
Celsius Holdings Inc.(a)(b)		428,097		38,567,259
Coca-Cola Consolidated Inc.(b)		37,412		14,747,062
Duckhorn Portfolio Inc. (The)(a)(b)		108,681		2,487,708
MGP Ingredients Inc.		95,496		6,216,790
National Beverage Corp.		186,409		9,784,608
NewAge Inc.(a)(b)		604,414		840,136
Zevia PBC, Class A(a)		49,846		573,727
				73,217,290
Biotechnology — 13.2%
4D Molecular Therapeutics Inc.(a)(b)		16,239		437,966
ACADIA Pharmaceuticals Inc.(a)(b)		951,234		15,799,997
Acumen Pharmaceuticals Inc.(a)(b)		41,288		613,540
Adagio Therapeutics Inc.(a)		96,646		4,082,327
Aerovate Therapeutics Inc.(a)(b)		43,148		905,245
Affimed NV(a)		924,186		5,711,469
Agenus Inc.(a)(b)		1,638,847		8,603,947
Akebia Therapeutics Inc.(a)(b)		591,835		1,704,485
Akero Therapeutics Inc.(a)(b)		152,534		3,409,135
Albireo Pharma Inc.(a)(b)		108,517		3,385,730
Aldeyra Therapeutics Inc.(a)(b)		387,237		3,399,941
Alector Inc.(a)(b)		463,950		10,587,339
Aligos Therapeutics Inc.(a)(b)		166,008		2,574,784
Alkermes PLC(a)(b)		1,273,330		39,269,497
Allakos Inc.(a)(b)		277,599		29,389,406
Allogene Therapeutics Inc.(a)(b)		217,870		5,599,259
Allovir Inc.(a)(b)		235,096		5,891,506
Alpine Immune Sciences Inc.(a)		93,499		997,634
ALX Oncology Holdings Inc.(a)(b)		140,854		10,403,476
Amicus Therapeutics Inc.(a)(b)		2,089,715		19,956,778
Anavex Life Sciences Corp.(a)(b)		506,071		9,083,974
Apellis Pharmaceuticals Inc.(a)(b)		515,981		17,006,734
Applied Molecular Transport Inc.(a)(b)		197,897		5,119,595
Applied Therapeutics Inc.(a)		107,355		1,782,093
AquaBounty Technologies Inc.(a)(b)		141,068		574,147
Arbutus Biopharma Corp.(a)		64,111		275,036
Arcutis Biotherapeutics Inc.(a)(b)		22,268		531,983
Ardelyx Inc.(a)(b)		516,827		682,212
Arena Pharmaceuticals Inc.(a)		47,850		2,849,467
Arrowhead Pharmaceuticals Inc.(a)(b)		804,947		50,252,841
Atara Biotherapeutics Inc.(a)(b)		55,870		1,000,073
Athenex Inc.(a)(b)		409,243		1,231,821
Athersys Inc.(a)(b)		1,391,467		1,850,651
Atossa Therapeutics Inc.(a)(b)		65,902		214,841
Avid Bioservices Inc.(a)(b)		452,271		9,755,485
Avidity Biosciences Inc.(a)(b)		50,252		1,237,707
Avita Medical Inc.(a)(b)		192,165		3,405,164
Beam Therapeutics Inc.(a)		395,706		34,430,379

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Beyondspring Inc.(a)(b)		178,210	$	2,808,590
BioAtla Inc.(a)(b)		122,650		3,610,816
BioCryst Pharmaceuticals Inc.(a)(b)		144,608		2,078,017
Biohaven Pharmaceutical Holding Co. Ltd.(a)		296,734		41,219,320
Biomea Fusion Inc.(a)(b)		69,457		831,400
Bioxcel Therapeutics Inc.(a)(b)		136,074		4,129,846
Blueprint Medicines Corp.(a)(b)		434,313		44,651,720
Bridgebio Pharma Inc.(a)(b)		573,948		26,900,943
Brooklyn ImmunoTherapeutics Inc.(a)(b)		203,878		1,896,065
C4 Therapeutics Inc.(a)		306,121		13,677,486
CareDx Inc.(a)(b)		401,932		25,470,431
Caribou Biosciences Inc.(a)		87,524		2,089,198
Celcuity Inc.(a)(b)		74,660		1,343,880
Celldex Therapeutics Inc.(a)		286,711		15,479,527
CEL-SCI Corp.(a)(b)		260,511		2,863,016
Century Therapeutics Inc.(a)(b)		52,644		1,324,523
Cerevel Therapeutics Holdings Inc.(a)		317,617		9,369,701
ChemoCentryx Inc.(a)(b)		29,114		497,849
Chimerix Inc.(a)(b)		421,283		2,607,742
Clene Inc.(a)		107,134		731,725
Clovis Oncology Inc.(a)(b)		894,050		3,987,463
Codiak Biosciences Inc.(a)		128,414		2,097,001
Cogent Biosciences Inc.(a)(b)		85,221		716,709
Coherus Biosciences Inc.(a)(b)		511,190		8,214,823
Cortexyme Inc.(a)		158,554		14,533,060
Crinetics Pharmaceuticals Inc.(a)		257,392		5,418,102
Cue Biopharma Inc.(a)(b)		239,662		3,491,875
Cullinan Oncology Inc.(a)(b)		12,656		285,646
Curis Inc.(a)(b)		607,166		4,754,110
Cytokinetics Inc.(a)(b)		584,362		20,885,098
CytomX Therapeutics Inc.(a)(b)		444,232		2,261,141
Day One Biopharmaceuticals Inc.(a)(b)		48,616		1,153,658
Deciphera Pharmaceuticals Inc.(a)(b)		270,121		9,178,712
Denali Therapeutics Inc.(a)(b)		722,484		36,449,318
Dermtech Inc.(a)(b)		190,809		6,126,877
Design Therapeutics Inc.(a)(b)		63,133		927,424
Dicerna Pharmaceuticals Inc.(a)(b)		552,807		11,144,589
Dynavax Technologies Corp.(a)(b)		856,688		16,456,976
Eagle Pharmaceuticals Inc./DE(a)		41,351		2,306,559
Editas Medicine Inc.(a)(b)		543,026		22,307,508
Eliem Therapeutics Inc.(a)(b)		30,662		551,303
Enanta Pharmaceuticals Inc.(a)		15,275		867,773
Epizyme Inc.(a)(b)		714,017		3,655,767
Erasca Inc.(a)(b)		93,109		1,975,773
Evelo Biosciences Inc.(a)(b)		235,917		1,660,856
Fate Therapeutics Inc.(a)(b)		644,506		38,199,871
FibroGen Inc.(a)(b)		625,732		6,394,981
Finch Therapeutics Group Inc.(a)		7,414		96,382
Flexion Therapeutics Inc.(a)(b)		379,488		2,314,877
Foghorn Therapeutics Inc.(a)(b)		23,452		326,686
Forte Biosciences Inc.(a)(b)		89,548		265,062
Fortress Biotech Inc.(a)(b)		564,459		1,817,558
G1 Therapeutics Inc.(a)(b)		184,089		2,470,474
Gemini Therapeutics Inc.(a)(b)		28,207		113,956
Generation Bio Co.(a)(b)		326,990		8,197,639
Global Blood Therapeutics Inc.(a)		475,968		12,127,665
Graphite Bio Inc.(a)(b)		72,955		1,195,732
Greenwich Lifesciences Inc.(a)(b)		32,482		1,269,072
GT Biopharma Inc.(a)(b)		146,648		988,407
Halozyme Therapeutics Inc.(a)(b)		1,119,104		45,525,151

Security	Shares		Value
Biotechnology (continued)
Harpoon Therapeutics Inc.(a)		150,546	$	1,189,313
Heron Therapeutics Inc.(a)(b)		734,970		7,856,829
Hookipa Pharma Inc.(a)(b)		93,484		550,621
Humanigen Inc.(a)(b)		368,315		2,184,108
Icosavax Inc.(a)		60,561		1,792,000
Ideaya Biosciences Inc.(a)(b)		61,854		1,576,658
IGM Biosciences Inc.(a)(b)		63,835		4,197,790
Imago Biosciences Inc.(a)(b)		42,844		858,165
Immuneering Corp., Class A(a)		36,301		963,792
ImmunityBio Inc.(a)(b)		60,293		587,254
ImmunoGen Inc.(a)		852,394		4,833,074
Immunovant Inc.(a)		208,771		1,814,220
Impel Neuropharma Inc.(a)(b)		29,074		354,121
Infinity Pharmaceuticals Inc.(a)(b)		633,378		2,166,153
Inhibrx Inc.(a)(b)		222,418		7,408,744
Insmed Inc.(a)(b)		911,795		25,110,834
Instil Bio Inc.(a)(b)		65,237		1,166,111
Intellia Therapeutics Inc.(a)(b)		546,898		73,366,367
Intercept Pharmaceuticals Inc.(a)(b)		223,145		3,313,703
Invitae Corp.(a)(b)		409,217		11,634,039
Ironwood Pharmaceuticals Inc.(a)(b)		1,155,633		15,092,567
IVERIC bio Inc.(a)(b)		165,616		2,689,604
Janux Therapeutics Inc.(a)(b)		59,225		1,281,037
Kadmon Holdings Inc.(a)(b)		1,376,780		11,991,754
KalVista Pharmaceuticals Inc.(a)(b)		153,652		2,681,227
Karuna Therapeutics Inc.(a)		176,496		21,590,756
Karyopharm Therapeutics Inc.(a)(b)		575,687		3,350,498
Keros Therapeutics Inc.(a)(b)		125,595		4,968,538
Kiniksa Pharmaceuticals Ltd., Class A(a)(b)		107,735		1,227,102
Kinnate Biopharma Inc.(a)		10,700		246,314
Kodiak Sciences Inc.(a)(b)		266,097		25,539,990
Kronos Bio Inc.(a)(b)		37,482		785,623
Krystal Biotech Inc.(a)(b)		51,675		2,697,952
Kymera Therapeutics Inc.(a)(b)		272,542		16,009,117
Lexicon Pharmaceuticals Inc.(a)(b)		219,655		1,056,541
Ligand Pharmaceuticals Inc.(a)(b)		13,854		1,930,139
Lyell Immunopharma Inc.(a)(b)		105,270		1,557,996
MacroGenics Inc.(a)(b)		438,752		9,187,467
Madrigal Pharmaceuticals Inc.(a)		90,241		7,200,329
Magenta Therapeutics Inc.(a)		215,042		1,565,506
MannKind Corp.(a)(b)		202,716		881,815
MaxCyte Inc.(a)		68,863		840,817
MEI Pharma Inc.(a)(b)		876,375		2,418,795
MeiraGTx Holdings PLC(a)		15,108		199,123
Mersana Therapeutics Inc.(a)(b)		399,785		3,769,973
MiMedx Group Inc.(a)(b)		593,370		3,595,822
Mirum Pharmaceuticals Inc.(a)		11,755		234,160
Molecular Templates Inc.(a)(b)		297,597		1,996,876
Monte Rosa Therapeutics Inc.(a)(b)		52,168		1,162,303
Morphic Holding Inc.(a)		164,768		9,332,459
Neoleukin Therapeutics Inc.(a)		66,311		479,429
NexImmune Inc.(a)(b)		89,312		1,352,184
Nurix Therapeutics Inc.(a)		226,941		6,799,152
Nuvalent Inc., Class A(a)(b)		48,207		1,087,068
Ocugen Inc.(a)(b)		1,466,588		10,530,102
Olema Pharmaceuticals Inc.(a)(b)		91,909		2,533,012
Omega Therapeutics Inc.(a)(b)		31,380		591,513
Oncocyte Corp.(a)(b)		364,790		1,298,652
Oncternal Therapeutics Inc. New(b)(c)		6,020		6,170
Organogenesis Holdings Inc., Class A(a)(b)		299,096		4,259,127

S C H E D U L E   O F   I N V E S  T M E N T S 79

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
ORIC Pharmaceuticals Inc.(a)(b)		33,246	$	695,174
Outlook Therapeutics Inc.(a)(b)		704,870		1,529,568
Oyster Point Pharma Inc.(a)		7,090		84,016
PMV Pharmaceuticals Inc.(a)		208,597		6,216,191
Portage Biotech Inc.(a)(b)		4,849		98,532
Praxis Precision Medicines Inc.(a)(b)		22,296		412,253
Precigen Inc.(a)(b)		660,138		3,294,089
Precision BioSciences Inc.(a)(b)		396,350		4,573,879
Prelude Therapeutics Inc.(a)(b)		87,112		2,722,250
Prometheus Biosciences Inc.(a)		13,718		325,254
Protagonist Therapeutics Inc.(a)		354,868		6,288,261
Prothena Corp. PLC(a)(b)		212,251		15,118,639
PTC Therapeutics Inc.(a)(b)		552,807		20,569,948
Puma Biotechnology Inc.(a)		257,160		1,802,692
Radius Health Inc.(a)(b)		373,986		4,641,166
Rallybio Corp.(a)(b)		27,525		483,889
RAPT Therapeutics Inc.(a)(b)		168,577		5,234,316
Recursion Pharmaceuticals Inc., Class A(a)(b)		148,859		3,425,246
REGENXBIO Inc.(a)		163,778		6,865,574
Relay Therapeutics Inc.(a)(b)		423,436		13,350,937
Reneo Pharmaceuticals Inc.(a)(b)		34,066		253,792
Replimune Group Inc.(a)(b)		164,466		4,874,772
REVOLUTION Medicines Inc.(a)(b)		67,392		1,853,954
Rigel Pharmaceuticals Inc.(a)(b)		1,361,768		4,943,218
Rocket Pharmaceuticals Inc.(a)(b)		323,965		9,683,314
Rubius Therapeutics Inc.(a)(b)		362,423		6,480,123
Sana Biotechnology Inc.(a)(b)		646,553		14,560,374
Sangamo Therapeutics Inc.(a)(b)		845,250		7,615,702
Scholar Rock Holding Corp.(a)(b)		185,851		6,136,800
Selecta Biosciences Inc.(a)(b)		72,611		302,062
Sera Prognostics Inc., Class A(a)		13,372		148,563
Seres Therapeutics Inc.(a)(b)		560,176		3,898,825
Sesen Bio Inc.(a)(b)		1,561,655		1,238,705
Shattuck Labs Inc.(a)(b)		175,567		3,578,055
Sorrento Therapeutics Inc.(a)(b)		1,994,817		15,220,454
Spectrum Pharmaceuticals Inc.(a)(b)		1,299,521		2,832,956
Spero Therapeutics Inc.(a)(b)		182,513		3,360,064
SpringWorks Therapeutics Inc.(a)		232,146		14,727,342
Stoke Therapeutics Inc.(a)(b)		149,722		3,808,928
Summit Therapeutics Inc.(a)		180,920		906,409
Sutro Biopharma Inc.(a)		23,721		448,090
Syndax Pharmaceuticals Inc.(a)(b)		88,297		1,687,356
Syros Pharmaceuticals Inc.(a)(b)		224,253		1,002,411
Talaris Therapeutics Inc.(a)		48,096		652,182
Taysha Gene Therapies Inc.(a)(b)		148,354		2,762,351
Tenaya Therapeutics Inc.(a)		61,957		1,279,412
TG Therapeutics Inc.(a)(b)		1,018,159		33,884,331
Travere Therapeutics Inc.(a)(b)		31,432		762,226
Trevena Inc.(a)(b)		443,562		545,581
Trillium Therapeutics Inc.(a)(b)		119,665		2,101,317
Turning Point Therapeutics Inc.(a)		39,517		2,625,114
Twist Bioscience Corp.(a)(b)		375,005		40,114,285
UroGen Pharma Ltd.(a)(b)		115,834		1,948,328
Vaxart Inc.(a)(b)		873,978		6,948,125
Vaxcyte Inc.(a)		92,445		2,345,330
VBI Vaccines Inc.(a)(b)		1,335,341		4,152,910
Vera Therapeutics Inc.(a)		29,638		514,219
Verastem Inc.(a)(b)		1,372,385		4,226,946
Vericel Corp.(a)(b)		369,353		18,024,426
Verve Therapeutics Inc.(a)(b)		72,362		3,401,014

Security	Shares		Value
Biotechnology (continued)
Vincerx Pharma Inc.(a)		100,352	$	1,622,692
Vir Biotechnology Inc.(a)(b)		477,373		20,775,273
Viracta Therapeutics Inc.(a)(b)		63,307		507,722
VistaGen Therapeutics Inc.(a)(b)		1,288,827		3,531,386
Vor BioPharma Inc.(a)(b)		16,758		262,765
Werewolf Therapeutics Inc.(a)(b)		40,886		701,604
Xencor Inc.(a)(b)		450,464		14,712,154
XOMA Corp.(a)		5,021		124,270
Y-mAbs Therapeutics Inc.(a)		278,018		7,934,634
Zentalis Pharmaceuticals Inc.(a)(b)		284,743		18,975,273
ZIOPHARM Oncology Inc.(a)(b)		1,674,937		3,048,385
				1,565,021,996
Building Products — 1.3%
AAON Inc.		332,386		21,718,101
Cornerstone Building Brands Inc.(a)		438,299		6,403,549
CSW Industrials Inc.		116,935		14,932,600
Gibraltar Industries Inc.(a)		74,551		5,192,477
Insteel Industries Inc.		12,901		490,883
JELD-WEN Holding Inc.(a)		266,037		6,658,906
Masonite International Corp.(a)(b)		191,877		20,363,906
PGT Innovations Inc.(a)		217,093		4,146,476
Resideo Technologies Inc.(a)		134,627		3,337,403
Simpson Manufacturing Co. Inc.		345,462		36,954,070
UFP Industries Inc.		432,431		29,396,660
				149,595,031
Capital Markets — 2.0%
Artisan Partners Asset Management Inc., Class A		465,262		22,760,617
Blucora Inc.(a)		144,477		2,252,396
BrightSphere Investment Group Inc.		460,157		12,023,902
Cohen & Steers Inc.		197,367		16,533,434
Donnelley Financial Solutions Inc.(a)		14,233		492,746
Focus Financial Partners Inc., Class A(a)		471,676		24,701,672
GAMCO Investors Inc., Class A(b)		39,325		1,037,393
GCM Grosvenor Inc., Class A		299,005		3,444,538
Greenhill & Co. Inc.		115,571		1,689,648
Hamilton Lane Inc., Class A		270,150		22,914,123
Houlihan Lokey Inc.		353,442		32,552,008
Moelis & Co., Class A		266,542		16,490,954
Open Lending Corp., Class A(a)		828,266		29,875,555
PJT Partners Inc., Class A		160,315		12,682,520
Pzena Investment Management Inc., Class A		135,949		1,337,738
StepStone Group Inc., Class A		319,869		13,639,214
StoneX Group Inc.(a)(b)		11,216		739,134
Value Line Inc.		8,253		282,748
Virtus Investment Partners Inc.		57,484		17,838,435
WisdomTree Investments Inc.		832,986		4,723,031
				238,011,806
Chemicals — 1.9%
American Vanguard Corp.		57,007		857,955
Amyris Inc.(a)(b)		157,002		2,155,638
Avient Corp.		79,581		3,688,579
Balchem Corp.		255,247		37,028,682
Cabot Corp.		447,630		22,435,216
Chase Corp.		15,496		1,582,916
Danimer Scientific Inc.(a)(b)		528,790		8,640,429
Ferro Corp.(a)		540,854		11,000,970
Hawkins Inc.		99,222		3,460,863
HB Fuller Co.		75,546		4,877,250
Ingevity Corp.(a)		315,503		22,517,449

80 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^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Innospec Inc.		59,369	$	5,000,057
Kronos Worldwide Inc.		25,976		322,362
Livent Corp.(a)(b)		1,284,740		29,690,342
Marrone Bio Innovations Inc.(a)(b)		806,389		726,557
Orion Engineered Carbons SA(a)		483,997		8,823,265
PureCycle Technologies Inc.(a)(b)		257,205		3,415,682
Quaker Chemical Corp.		107,059		25,450,066
Sensient Technologies Corp.		172,648		15,724,780
Stepan Co.		14,565		1,644,971
Tredegar Corp.		171,123		2,084,278
Trinseo SA		309,972		16,732,289
Zymergen Inc.(a)(b)		30,502		401,711
				228,262,307
Commercial Services & Supplies — 1.6%
Brink’s Co. (The)(b)		387,155		24,506,911
Casella Waste Systems Inc., Class A(a)(b)		359,673		27,313,568
Cimpress PLC(a)(b)		134,364		11,666,826
Covanta Holding Corp.		952,447		19,163,234
Harsco Corp.(a)		264,203		4,478,241
Healthcare Services Group Inc.		312,693		7,814,198
Heritage-Crystal Clean Inc.(a)		48,723		1,411,992
HNI Corp.		37,726		1,385,299
Interface Inc.(b)		105,082		1,591,992
Montrose Environmental Group Inc.(a)(b)		184,639		11,399,612
Pitney Bowes Inc.		583,168		4,204,641
SP Plus Corp.(a)(b)		185,494		5,689,101
Tetra Tech Inc.		427,835		63,892,879
U.S. Ecology Inc.(a)		27,877		901,821
Viad Corp.(a)		161,929		7,353,196
				192,773,511
Communications Equipment — 0.7%
ADTRAN Inc.		26,695		500,798
CalAmp Corp.(a)		280,754		2,793,502
Calix Inc.(a)		362,903		17,938,295
Cambium Networks Corp.(a)		83,952		3,038,223
Casa Systems Inc.(a)		266,822		1,809,053
Clearfield Inc.(a)		90,086		3,977,297
DZS Inc.(a)		64,127		786,197
EMCORE Corp.(a)(b)		39,794		297,659
Extreme Networks Inc.(a)		988,342		9,735,169
Harmonic Inc.(a)(b)		132,977		1,163,549
Infinera Corp.(a)(b)		1,440,548		11,985,360
Inseego Corp.(a)(b)		141,564		942,816
Plantronics Inc.(a)		139,830		3,595,029
Viavi Solutions Inc.(a)		1,619,448		25,490,112
				84,053,059
Construction & Engineering — 1.1%
Ameresco Inc., Class A(a)(b)		245,038		14,317,570
Comfort Systems USA Inc.		283,176		20,196,112
Construction Partners Inc., Class A(a)(b)		230,608		7,695,389
Dycom Industries Inc.(a)		193,503		13,785,154
EMCOR Group Inc.		41,540		4,792,885
IES Holdings Inc.(a)		66,913		3,057,255
Infrastructure and Energy Alternatives Inc.(a)(b)		87,504		1,000,171
MYR Group Inc.(a)		97,990		9,750,005
NV5 Global Inc.(a)(b)		24,752		2,439,805
Sterling Construction Co. Inc.(a)		44,824		1,016,160
WillScot Mobile Mini Holdings Corp.(a)		1,658,020		52,592,394
				130,642,900

Security	Shares		Value
Construction Materials — 0.1%
Forterra Inc.(a)		231,241	$	5,448,038
United State Lime & Minerals Inc.		48		5,798
				5,453,836
Consumer Finance — 0.2%
Atlanticus Holdings Corp.(a)		42,944		2,278,609
Curo Group Holdings Corp.		169,596		2,939,099
FirstCash Inc.		23,004		2,012,850
Green Dot Corp., Class A(a)		43,543		2,191,519
LendingTree Inc.(a)(b)		92,330		12,910,504
PROG Holdings Inc.		82,670		3,472,967
Regional Management Corp.		25,859		1,504,476
				27,310,024
Containers & Packaging — 0.2%
Greif Inc., Class A, NVS		29,470		1,903,762
Greif Inc., Class B		6,767		438,502
Myers Industries Inc.		132,020		2,583,631
O-I Glass Inc.(a)		1,255,807		17,920,366
Ranpak Holdings Corp.(a)(b)		47,819		1,282,506
UFP Technologies Inc.(a)(b)		3,675		226,343
			24,355,110
Distributors — 0.0%
Funko Inc., Class A(a)(b)		210,874		3,840,015
Greenlane Holdings Inc., Class A(a)(b)		131,313		311,212
				4,151,227
Diversified Consumer Services — 0.3%
2U Inc.(a)(b)		482,149		16,185,742
Carriage Services Inc.		25,303		1,128,261
European Wax Center Inc., Class A(a)		33,596		941,024
Houghton Mifflin Harcourt Co.(a)(b)		949,485		12,751,583
OneSpaWorld Holdings Ltd.(a)		210,580		2,099,483
PowerSchool Holdings Inc., Class A(a)(b)		61,578		1,515,435
Regis Corp.(a)		169,699		590,552
Stride Inc.(a)(b)		17,176		617,305
Vivint Smart Home Inc.(a)(b)		195,007		1,842,816
WW International Inc.(a)(b)		128,283		2,341,165
				40,013,366
Diversified Telecommunication Services — 0.7%
Anterix Inc.(a)(b)		26,875		1,631,312
Bandwidth Inc., Class A(a)(b)		183,274		16,545,977
Cogent Communications Holdings Inc.		338,920		24,009,093
Globalstar Inc.(a)(b)		4,213,485		7,036,520
IDT Corp., Class B(a)(b)		119,663		5,019,863
Iridium Communications Inc.(a)(b)		707,861		28,208,261
Ooma Inc.(a)		95,511		1,777,459
				84,228,485
Electric Utilities — 0.0%
Via Renewables Inc.		88,527		902,090
Electrical Equipment — 1.3%
Advent Technologies Holdings Inc.(a)(b)		104,312		907,514
Allied Motion Technologies Inc.		89,370		2,795,494
Array Technologies Inc.(a)(b)		237,683		4,401,889
Atkore Inc.(a)		366,159		31,826,540
Babcock & Wilcox Enterprises Inc.(a)(b)		132,236		847,633
Beam Global(a)(b)		60,728		1,662,125
Blink Charging Co.(a)(b)		289,865		8,293,038
Bloom Energy Corp., Class A(a)(b)		1,106,188		20,707,839
EnerSys		36,051		2,683,636
Eos Energy Enterprises Inc.(a)(b)		336,283		4,718,051

S C H E D U L E   O F   I N V E S  T M E N T S 81

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
FTC Solar Inc.(a)		153,101	$	1,192,657
FuelCell Energy Inc.(a)(b)		1,990,767		13,318,231
GrafTech International Ltd.(b)		1,425,729		14,713,523
Romeo Power Inc.(a)(b)		781,845		3,870,133
Stem Inc.(a)		384,740		9,191,439
TPI Composites Inc.(a)(b)		287,893		9,716,389
Vicor Corp.(a)(b)		167,370		22,454,359
				153,300,490
Electronic Equipment, Instruments & Components — 2.6%
908 Devices Inc.(a)(b)		101,603		3,304,130
Advanced Energy Industries Inc.		305,881		26,841,058
Akoustis Technologies Inc.(a)(b)		349,865		3,393,690
Arlo Technologies Inc.(a)		654,841		4,197,531
Badger Meter Inc.		232,120		23,476,617
CTS Corp.		57,305		1,771,298
Fabrinet(a)		252,694		25,903,662
FARO Technologies Inc.(a)		71,916		4,732,792
Identiv Inc.(a)		155,390		2,927,548
II-VI Inc.(a)(b)		772,124		45,833,281
Insight Enterprises Inc.(a)(b)		98,206		8,846,396
Iteris Inc.(a)(b)		335,741		1,772,712
Itron Inc.(a)		295,174		22,324,010
Kimball Electronics Inc.(a)(b)		16,035		413,222
Luna Innovations Inc.(a)(b)		245,221		2,329,599
MicroVision Inc.(a)(b)		1,306,562		14,437,510
Napco Security Technologies Inc.(a)(b)		116,685		5,026,790
nLight Inc.(a)(b)		338,776		9,550,095
Novanta Inc.(a)(b)		280,662		43,362,279
OSI Systems Inc.(a)(b)		13,885		1,316,298
Ouster Inc.(a)(b)		227,977		1,668,792
PAR Technology Corp.(a)(b)		193,306		11,890,252
Plexus Corp.(a)(b)		197,049		17,618,151
Rogers Corp.(a)(b)		130,743		24,380,955
Velodyne Lidar Inc.(a)(b)		606,909		3,592,901
Vishay Intertechnology Inc.		150,049		3,014,484
				313,926,053
Energy Equipment & Services — 0.4%
Aspen Aerogels Inc.(a)(b)		174,430		8,025,524
Cactus Inc., Class A		433,901		16,366,746
ChampionX Corp.(a)		294,051		6,574,980
DMC Global Inc.(a)		147,246		5,434,850
Frank’s International NV(a)		189,839		558,127
Liberty Oilfield Services Inc., Class A(a)		241,846		2,933,592
NexTier Oilfield Solutions Inc.(a)(b)		148,961		685,221
Solaris Oilfield Infrastructure Inc., Class A		68,478		571,107
TETRA Technologies Inc.(a)		751,671		2,345,213
				43,495,360
Entertainment — 0.2%
Chicken Soup For The Soul Entertainment Inc.(a)		16,140		369,122
Cinemark Holdings Inc.(a)		710,984		13,658,003
CuriosityStream Inc.(a)(b)		36,864		388,547
IMAX Corp.(a)(b)		38,900		738,322
Liberty Media Corp.-Liberty Braves, Class A(a)(b)		76,017		2,045,617
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		292,446		7,726,423
				24,926,034
Equity Real Estate Investment Trusts (REITs) — 1.9%
Alexander’s Inc.		17,672		4,605,677
American Finance Trust Inc.		69,024		554,953
CatchMark Timber Trust Inc., Class A		283,603		3,366,368

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Clipper Realty Inc.		86,814	$	703,193
Community Healthcare Trust Inc.		120,061		5,425,557
EastGroup Properties Inc.		314,519		52,408,301
Gladstone Commercial Corp.		87,833		1,847,128
Gladstone Land Corp.		133,064		3,029,867
Indus Realty Trust Inc.		25,739		1,804,304
Innovative Industrial Properties Inc.		98,374		22,741,118
Monmouth Real Estate Investment Corp.		109,236		2,037,251
National Storage Affiliates Trust		643,006		33,944,287
NexPoint Residential Trust Inc.		34,209		2,116,853
Outfront Media Inc.		240,598		6,063,070
Phillips Edison & Co. Inc.		17,204		528,335
PS Business Parks Inc.		134,692		21,111,624
Ryman Hospitality Properties Inc.(a)(b)		392,885		32,884,474
Safehold Inc.(b)		95,126		6,838,608
Saul Centers Inc.		91,531		4,032,856
Tanger Factory Outlet Centers Inc.		221,158		3,604,875
UMH Properties Inc.		289,998		6,640,954
Universal Health Realty Income Trust		93,911		5,190,461
				221,480,114
Food & Staples Retailing — 0.9%
Andersons Inc. (The)		102,495		3,159,921
BJ’s Wholesale Club Holdings Inc.(a)(b)		811,719		44,579,608
Chefs’ Warehouse Inc. (The)(a)		17,458		568,607
MedAvail Holdings Inc.(a)(b)		94,335		275,458
Performance Food Group Co.(a)(b)		1,097,451		50,987,573
PriceSmart Inc.		12,823		994,424
Sprouts Farmers Market Inc.(a)(b)		403,748		9,354,841
United Natural Foods Inc.(a)(b)		27,862		1,349,078
				111,269,510
Food Products — 0.8%
AppHarvest Inc.(a)(b)		549,832		3,584,905
Calavo Growers Inc.		134,936		5,159,953
J&J Snack Foods Corp.		116,677		17,830,579
John B Sanfilippo & Son Inc.		47,300		3,865,356
Laird Superfood Inc.(a)(b)		36,226		691,192
Lancaster Colony Corp.		132,069		22,294,568
Limoneira Co.		38,621		624,501
Mission Produce Inc.(a)		32,301		593,692
Sanderson Farms Inc.		138,083		25,987,221
Simply Good Foods Co. (The)(a)		38,305		1,321,139
Tattooed Chef Inc.(a)(b)		374,560		6,903,141
Tootsie Roll Industries Inc.		1		47
Utz Brands Inc.		454,629		7,787,795
Vital Farms Inc.(a)(b)		197,711		3,473,782
				100,117,871
Health Care Equipment & Supplies — 5.9%
Accelerate Diagnostics Inc.(a)(b)		265,511		1,547,929
Accuray Inc.(a)(b)		744,559		2,941,008
Acutus Medical Inc.(a)		149,825		1,324,453
Alphatec Holdings Inc.(a)(b)		518,957		6,326,086
Apyx Medical Corp.(a)(b)		251,026		3,476,710
Asensus Surgical Inc.(a)(b)		580,047		1,073,087
Aspira Women’s Health Inc.(a)(b)		585,134		1,901,686
AtriCure Inc.(a)		355,870		24,750,758
Atrion Corp.		11,075		7,724,812
Axogen Inc.(a)(b)		304,606		4,812,775
Axonics Inc.(a)(b)		363,174		23,638,996
BioLife Solutions Inc.(a)(b)		193,995		8,209,868

82 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^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Bioventus Inc., Class A(a)(b)		108,075	$	1,530,342
Butterfly Network Inc.(a)(b)		1,447,272		15,109,520
Cardiovascular Systems Inc.(a)(b)		312,475		10,258,554
Cerus Corp.(a)(b)		1,339,580		8,158,042
ClearPoint Neuro Inc.(a)(b)		151,316		2,685,859
CONMED Corp.		230,673		30,178,949
CryoLife Inc.(a)		267,040		5,952,322
CryoPort Inc.(a)(b)		322,074		21,421,142
Cutera Inc.(a)(b)		140,034		6,525,584
CVRx Inc.(a)		48,846		807,913
CytoSorbents Corp.(a)(b)		331,885		2,694,906
Eargo Inc.(a)(b)		155,372		1,045,654
Glaukos Corp.(a)(b)		356,996		17,196,497
Haemonetics Corp.(a)		273,547		19,309,683
Heska Corp.(a)(b)		77,535		20,045,899
Inari Medical Inc.(a)(b)		269,841		21,884,105
Inogen Inc.(a)		155,279		6,690,972
Intersect ENT Inc.(a)		264,631		7,197,963
iRadimed Corp.(a)(b)		49,641		1,667,441
iRhythm Technologies Inc.(a)(b)		234,443		13,728,982
Lantheus Holdings Inc.(a)(b)		78,613		2,018,782
LeMaitre Vascular Inc.		149,523		7,938,176
LivaNova PLC(a)(b)		341,899		27,074,982
Meridian Bioscience Inc.(a)(b)		38,449		739,759
Merit Medical Systems Inc.(a)(b)		362,803		26,049,255
Misonix Inc.(a)		52,780		1,335,334
Neogen Corp.(a)(b)		801,624		34,814,530
Neuronetics Inc.(a)(b)		188,430		1,236,101
NeuroPace Inc.(a)(b)		56,044		888,297
Nevro Corp.(a)		274,688		31,968,189
NuVasive Inc.(a)(b)		411,460		24,625,881
Ortho Clinical Diagnostics Holdings PLC(a)		873,660		16,145,237
OrthoPediatrics Corp.(a)(b)		113,339		7,424,838
Outset Medical Inc.(a)(b)		363,411		17,967,040
PAVmed Inc.(a)		573,190		4,895,043
Pulmonx Corp.(a)(b)		207,398		7,462,180
Pulse Biosciences Inc.(a)(b)		111,978		2,418,725
Quotient Ltd.(a)		644,382		1,507,854
Retractable Technologies Inc.(a)(b)		139,523		1,538,939
RxSight Inc.(a)(b)		47,615		603,282
SeaSpine Holdings Corp.(a)		129,325		2,034,282
Senseonics Holdings Inc.(a)(b)		3,430,762		11,630,283
Shockwave Medical Inc.(a)(b)		267,972		55,170,075
SI-BONE Inc.(a)(b)		256,331		5,490,610
Sientra Inc.(a)(b)		404,211		2,316,129
Sight Sciences Inc.(a)		69,414		1,575,698
Silk Road Medical Inc.(a)(b)		269,625		14,837,464
Soliton Inc.(a)(b)		92,275		1,878,719
STAAR Surgical Co.(a)		377,316		48,496,425
Stereotaxis Inc.(a)		382,332		2,056,946
Surmodics Inc.(a)		107,979		6,003,632
Tactile Systems Technology Inc.(a)(b)		152,878		6,795,427
TransMedics Group Inc.(a)(b)		206,319		6,827,096
Treace Medical Concepts Inc.(a)(b)		89,327		2,402,896
Utah Medical Products Inc		2,259		209,726
Vapotherm Inc.(a)(b)		181,319		4,037,974
Varex Imaging Corp.(a)(b)		41,044		1,157,441
ViewRay Inc.(a)		1,095,452		7,898,209
Zynex Inc.(a)(b)		156,640		1,784,130
				703,074,083

Security	Shares		Value
Health Care Providers & Services — 4.0%
1Life Healthcare Inc.(a)(b)		926,354	$	18,758,668
Accolade Inc.(a)(b)		400,269		16,879,344
Addus HomeCare Corp.(a)(b)		51,357		4,095,721
Agiliti Inc.(a)(b)		187,881		3,577,254
Alignment Healthcare Inc.(a)(b)		210,863		3,369,591
AMN Healthcare Services Inc.(a)(b)		374,315		42,952,646
Apollo Medical Holdings Inc.(a)(b)		299,169		27,239,337
Apria Inc.(a)		56,760		2,108,634
Aveanna Healthcare Holdings Inc.(a)		321,762		2,580,531
Biodesix Inc.(a)		98,847		812,522
Castle Biosciences Inc.(a)(b)		155,743		10,356,910
Community Health Systems Inc.(a)		859,323		10,054,079
CorVel Corp.(a)		69,916		13,019,758
Cross Country Healthcare Inc.(a)		35,698		758,226
Ensign Group Inc. (The)		417,630		31,276,311
Exagen Inc.(a)(b)		27,806		378,162
Fulgent Genetics Inc.(a)(b)		20,578		1,850,991
Hanger Inc.(a)		302,885		6,651,355
HealthEquity Inc.(a)(b)		650,196		42,106,693
InfuSystem Holdings Inc.(a)(b)		137,488		1,791,469
Innovage Holding Corp.(a)		147,526		975,147
Joint Corp. (The)(a)(b)		109,755		10,758,185
LHC Group Inc.(a)(b)		242,335		38,024,785
LifeStance Health Group Inc.(a)(b)		220,310		3,194,495
MEDNAX Inc.(a)		321,485		9,139,819
ModivCare Inc.(a)(b)		32,711		5,940,972
National Research Corp.		109,989		4,638,236
Ontrak Inc.(a)(b)		72,646		729,366
Owens & Minor Inc.(b)		476,010		14,894,353
Patterson Companies Inc.		174,097		5,247,284
Pennant Group Inc. (The)(a)		204,399		5,741,568
PetIQ Inc.(a)		212,184		5,298,234
Privia Health Group Inc.(a)(b)		163,049		3,841,434
Progyny Inc.(a)(b)		500,595		28,033,320
R1 RCM Inc.(a)		946,432		20,830,968
RadNet Inc.(a)		360,217		10,557,960
Select Medical Holdings Corp.		878,643		31,780,517
Sharps Compliance Corp.(a)(b)		121,108		1,001,563
SOC Telemed Inc.(a)(b)		364,989		824,875
Surgery Partners Inc.(a)(b)		252,177		10,677,174
Tenet Healthcare Corp.(a)(b)		100,770		6,695,159
Tivity Health Inc.(a)(b)		208,158		4,800,123
U.S. Physical Therapy Inc.		101,642		11,241,605
Viemed Healthcare Inc.(a)(b)		45,580		252,969
				475,738,313
Health Care Technology — 2.0%
Convey Holding Parent Inc.(a)(b)		61,184		513,946
Evolent Health Inc., Class A(a)(b)		124,318		3,853,858
Forian Inc.(a)(b)		134,103		1,383,943
Health Catalyst Inc.(a)(b)		397,164		19,862,172
Icad Inc.(a)		177,383		1,906,867
Inovalon Holdings Inc., Class A(a)(b)		600,038		24,175,531
Inspire Medical Systems Inc.(a)		213,573		49,736,880
Multiplan Corp.(a)(b)		287,111		1,616,435
NantHealth Inc.(a)(b)		118,112		190,160
Omnicell Inc.(a)(b)		341,597		50,703,243
OptimizeRx Corp.(a)(b)		136,596		11,685,788
Phreesia Inc.(a)(b)		387,352		23,899,618
Schrodinger Inc.(a)(b)		360,180		19,694,642
Simulations Plus Inc.(b)		120,318		4,752,561

S C H E D U L E   O F   I N V E S  T M E N T S 83

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
Tabula Rasa HealthCare Inc.(a)		179,170	$	4,696,046
Vocera Communications Inc.(a)(b)		274,547		12,563,271
				231,234,961
Hotels, Restaurants & Leisure — 4.3%
Accel Entertainment Inc.(a)(b)		455,740		5,532,684
Bally’s Corp.(a)		259,420		13,007,319
BJ’s Restaurants Inc.(a)		165,906		6,928,234
Bloomin’ Brands Inc.(a)		704,324		17,608,100
Brinker International Inc.(a)		360,794		17,696,946
Century Casinos Inc.(a)		219,230		2,953,028
Cheesecake Factory Inc. (The)(a)		364,959		17,153,073
Chuy’s Holdings Inc.(a)(b)		74,805		2,358,602
Cracker Barrel Old Country Store Inc.		188,433		26,350,471
Dave & Buster’s Entertainment Inc.(a)		158,306		6,067,869
Denny’s Corp.(a)(b)		383,797		6,271,243
Dine Brands Global Inc.(a)		129,608		10,525,466
Drive Shack Inc.(a)(b)		321,152		902,437
Esports Technologies Inc.(a)(b)		85,726		2,877,822
Everi Holdings Inc.(a)		676,144		16,349,162
F45 Training Holdings Inc.(a)		81,775		1,223,354
Full House Resorts Inc.(a)(b)		270,308		2,867,968
GAN Ltd.(a)(b)		34,217		508,807
Golden Entertainment Inc.(a)		136,191		6,685,616
Golden Nugget Online Gaming Inc.(a)(b)		316,397		5,495,816
Hilton Grand Vacations Inc.(a)(b)		678,809		32,290,944
International Game Technology PLC(a)		794,621		20,914,425
Jack in the Box Inc.		23,364		2,274,018
Krispy Kreme Inc.(a)(b)		115,303		1,614,242
Kura Sushi USA Inc., Class A(a)(b)		31,107		1,358,754
Lindblad Expeditions Holdings Inc.(a)(b)		238,095		3,473,806
Monarch Casino & Resort Inc.(a)(b)		84,802		5,680,886
Nathan’s Famous Inc.		17,466		1,068,395
NEOGAMES SA(a)		43,750		1,606,500
Noodles & Co.(a)(b)		327,349		3,862,718
ONE Group Hospitality Inc. (The)(a)(b)		157,958		1,688,571
Papa John’s International Inc.		262,509		33,336,018
PlayAGS Inc.(a)(b)		221,131		1,742,512
RCI Hospitality Holdings Inc.		67,210		4,604,557
Red Robin Gourmet Burgers Inc.(a)(b)		125,390		2,891,493
Red Rock Resorts Inc., Class A(a)		489,837		25,089,451
Rush Street Interactive Inc.(a)(b)		428,704		8,235,404
Ruth’s Hospitality Group Inc.(a)		264,770		5,483,387
Scientific Games Corp./DE, Class A(a)(b)		756,069		62,806,652
SeaWorld Entertainment Inc.(a)		225,505		12,474,936
Shake Shack Inc., Class A(a)		297,029		23,304,895
Target Hospitality Corp.(a)		137,078		511,301
Texas Roadhouse Inc.		554,894		50,678,469
Wingstop Inc.(b)		236,926		38,839,279
Xponential Fitness Inc., Class A(a)		32,777		415,940
				515,611,570
Household Durables — 2.0%
Aterian Inc.(a)(b)		206,077		2,231,814
Casper Sleep Inc.(a)(b)		233,715		997,963
Cavco Industries Inc.(a)		51,728		12,246,087
Century Communities Inc.		154,058		9,466,864
GoPro Inc., Class A(a)(b)		1,003,355		9,391,403
Green Brick Partners Inc.(a)		70,277		1,442,084
Hamilton Beach Brands Holding Co., Class A		26,043		408,094
Helen of Troy Ltd.(a)(b)		191,292		42,979,486

Security	Shares		Value
Household Durables (continued)
Hooker Furniture Corp.		6,890	$	185,961
Installed Building Products Inc.		188,422		20,189,417
iRobot Corp.(a)(b)		201,546		15,821,361
KB Home		120,073		4,673,241
LGI Homes Inc.(a)(b)		173,896		24,677,581
Lovesac Co. (The)(a)(b)		101,441		6,704,236
MDC Holdings Inc.		125,254		5,851,867
Meritage Homes Corp.(a)		17,175		1,665,975
Purple Innovation Inc., Class A(a)(b)		456,236		9,590,081
Skyline Champion Corp.(a)(b)		417,032		25,046,942
Snap One Holdings Corp.(a)		46,250		770,987
Sonos Inc.(a)		954,988		30,903,412
Taylor Morrison Home Corp.(a)(b)		116,844		3,012,238
Traeger Inc.(a)(b)		55,804		1,167,978
TRI Pointe Homes Inc.(a)		67,346		1,415,613
Vuzix Corp.(a)(b)		467,165		4,886,546
Weber Inc., Class A(a)(b)		40,197		707,065
				236,434,296
Household Products — 0.5%
Central Garden & Pet Co.(a)(b)		30,454		1,461,792
Central Garden & Pet Co., Class A, NVS(a)		125,082		5,378,526
Energizer Holdings Inc.		543,276		21,214,928
WD-40 Co.		108,414		25,095,673
				53,150,919
Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy Inc., Class A		75,345		2,124,729
Clearway Energy Inc., Class C		159,297		4,821,920
Sunnova Energy International Inc.(a)(b)		99,520		3,278,189
				10,224,838
Industrial Conglomerates — 0.1%
Raven Industries Inc.(a)		283,019		16,304,725
Insurance — 1.1%
Bright Health Group Inc.(a)		272,103		2,220,360
BRP Group Inc., Class A(a)(b)		371,890		12,380,218
eHealth Inc.(a)		58,860		2,383,830
Goosehead Insurance Inc., Class A		22,092		3,364,391
Heritage Insurance Holdings Inc.		14,980		102,014
Investors Title Co.		2,076		379,077
James River Group Holdings Ltd.		42,582		1,606,619
Kinsale Capital Group Inc.(b)		170,786		27,616,096
Palomar Holdings Inc.(a)(b)		195,229		15,780,360
RLI Corp.		293,621		29,441,378
Selectquote Inc.(a)(b)		1,065,196		13,772,984
Trupanion Inc.(a)(b)		303,383		23,563,758
				132,611,085
Interactive Media & Services — 0.8%
Cargurus Inc.(a)(b)		749,515		23,542,266
Cars.com Inc.(a)(b)		73,024		923,754
Eventbrite Inc., Class A(a)(b)		597,295		11,294,848
EverQuote Inc., Class A(a)		152,131		2,834,200
fuboTV Inc.(a)(b)		1,044,559		25,027,634
Liberty TripAdvisor Holdings Inc., Class A(a)		452,739		1,398,963
MediaAlpha Inc., Class A(a)(b)		156,817		2,929,342
Outbrain Inc.(a)		27,634		408,983
QuinStreet Inc.(a)		395,469		6,944,436
Yelp Inc.(a)		528,086		19,665,923
				94,970,349

84 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^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail — 1.4%
1-800-Flowers.com Inc., Class A(a)(b)		211,454	$	6,451,462
1stdibs.com Inc.(a)(b)		39,222		486,353
CarParts.com Inc.(a)(b)		388,091		6,058,101
Duluth Holdings Inc., Class B(a)(b)		97,735		1,332,128
Groupon Inc.(a)(b)		163,424		3,727,701
Liquidity Services Inc.(a)(b)		215,287		4,652,352
Overstock.com Inc.(a)(b)		341,440		26,605,005
PetMed Express Inc.		134,588		3,616,380
Porch Group Inc.(a)(b)		611,067		10,803,665
Quotient Technology Inc.(a)(b)		707,049		4,115,025
RealReal Inc. (The)(a)(b)		625,084		8,238,607
Revolve Group Inc.(a)		179,285		11,074,434
Shutterstock Inc.		185,829		21,058,142
Stamps.com Inc.(a)		95,406		31,463,945
Stitch Fix Inc., Class A(a)(b)		469,412		18,753,009
Xometry Inc., Class A(a)(b)		49,426		2,850,397
				161,286,706
IT Services — 2.5%
BigCommerce Holdings Inc., Series 1(a)(b)		385,426		19,517,973
Brightcove Inc.(a)(b)		322,006		3,715,949
Cantaloupe Inc.(a)(b)		466,670		5,030,703
Cass Information Systems Inc.		18,555		776,527
CSG Systems International Inc.		122,363		5,897,897
DigitalOcean Holdings Inc.(a)(b)		371,271		28,821,768
EVERTEC Inc.		480,615		21,973,718
Evo Payments Inc., Class A(a)(b)		377,801		8,946,328
ExlService Holdings Inc.(a)		260,194		32,035,085
Flywire Corp.(a)(b)		78,546		3,443,457
GreenBox POS(a)(b)		150,623		1,248,665
GreenSky Inc., Class A(a)		571,318		6,387,335
Grid Dynamics Holdings Inc.(a)(b)		333,321		9,739,640
Hackett Group Inc. (The)		181,988		3,570,605
I3 Verticals Inc., Class A(a)(b)		171,449		4,150,780
IBEX Holdings Ltd.(a)(b)		45,588		774,996
International Money Express Inc.(a)		252,253		4,212,625
Maximus Inc.		486,850		40,505,920
Paya Holdings Inc., Class A(a)(b)		656,842		7,139,872
Perficient Inc.(a)(b)		258,563		29,915,739
Priority Technology Holdings Inc.(a)		80,301		536,411
Rackspace Technology Inc.(a)(b)		310,052		4,408,939
Repay Holdings Corp.(a)(b)		301,609		6,946,055
TTEC Holdings Inc.		147,455		13,791,466
Tucows Inc., Class A(a)(b)		77,350		6,106,782
Unisys Corp.(a)(b)		411,414		10,342,948
Verra Mobility Corp.(a)(b)		1,072,807		16,167,201
				296,105,384
Leisure Products — 0.4%
Acushnet Holdings Corp.		80,155		3,743,238
AMMO Inc.(a)(b)		682,736		4,198,826
Clarus Corp.(b)		190,201		4,874,852
Escalade Inc.		21,379		404,277
Johnson Outdoors Inc., Class A		26,166		2,768,363
Latham Group Inc.(a)(b)		180,015		2,952,246
Malibu Boats Inc., Class A(a)(b)		164,657		11,522,697
Marine Products Corp.		67,401		843,187
MasterCraft Boat Holdings Inc.(a)		151,334		3,795,457
Nautilus Inc.(a)(b)		63,291		589,239
Smith & Wesson Brands Inc.		380,478		7,898,723

Security	Shares		Value
Leisure Products (continued)
Sturm Ruger & Co. Inc.		126,548	$	9,336,711
				52,927,816
Life Sciences Tools & Services — 1.5%
Absci Corp.(a)		61,435		714,489
Akoya Biosciences Inc.(a)(b)		61,469		858,107
Alpha Teknova Inc.(a)(b)		28,636		712,750
Berkeley Lights Inc.(a)(b)		385,741		7,545,094
BioNano Genomics Inc.(a)(b)		2,235,542		12,295,481
ChromaDex Corp.(a)(b)		387,518		2,429,738
Codex DNA Inc.(a)(b)		29,841		332,130
Codexis Inc.(a)(b)		478,730		11,135,260
Contra Aduro Biotech I(a)(c)		105,692		317,076
Cytek Biosciences Inc.(a)		97,562		2,088,802
Fluidigm Corp.(a)(b)		54,022		356,005
Harvard Bioscience Inc.(a)(b)		269,351		1,880,070
Inotiv Inc.(a)(b)		101,779		2,976,018
Medpace Holdings Inc.(a)(b)		230,104		43,554,085
NanoString Technologies Inc.(a)(b)		331,758		15,927,702
NeoGenomics Inc.(a)(b)		900,799		43,454,544
Pacific Biosciences of California Inc.(a)(b)		706,071		18,040,114
Personalis Inc.(a)(b)		22,057		424,377
Quanterix Corp.(a)(b)		245,405		12,218,715
Rapid Micro Biosystems Inc., Cass A(a)		33,052		610,470
Seer Inc.(a)(b)		126,456		4,366,526
Singular Genomics Systems Inc.(a)(b)		50,231		562,085
				182,799,638
Machinery — 4.0%
AgEagle Aerial Systems Inc.(a)(b)		342,734		1,031,629
Alamo Group Inc.		69,812		9,740,868
Albany International Corp., Class A		48,445		3,723,967
Blue Bird Corp.(a)(b)		57,367		1,196,676
Chart Industries Inc.(a)(b)		174,209		33,293,082
CIRCOR International Inc.(a)(b)		147,671		4,874,620
Commercial Vehicle Group Inc.(a)		95,456		903,014
Desktop Metal Inc., Class A(a)(b)		945,933		6,782,340
Douglas Dynamics Inc.		182,093		6,609,976
Energy Recovery Inc.(a)(b)		334,582		6,367,095
Enerpac Tool Group Corp.		487,844		10,113,006
ESCO Technologies Inc.		16,210		1,248,170
Evoqua Water Technologies Corp.(a)(b)		918,830		34,511,255
ExOne Co. (The)(a)		8,515		199,081
Federal Signal Corp.		477,619		18,445,646
Franklin Electric Co. Inc.		367,968		29,382,245
Gorman-Rupp Co. (The)		33,444		1,197,630
Helios Technologies Inc.		257,015		21,103,502
Hillenbrand Inc.		319,648		13,632,987
Hydrofarm Holdings Group Inc.(a)(b)		308,485		11,676,157
Hyliion Holdings Corp.(a)(b)		181,181		1,521,920
John Bean Technologies Corp.(b)		249,172		35,021,125
Kadant Inc.		91,485		18,672,088
Lindsay Corp.		78,077		11,851,308
Luxfer Holdings PLC		98,428		1,932,142
Lydall Inc.(a)		63,609		3,949,483
Meritor Inc.(a)(b)		458,422		9,768,973
Miller Industries Inc./TN		4,470		152,159
Mueller Industries Inc.		172,804		7,102,244
Mueller Water Products Inc., Class A		90,611		1,379,099
Nikola Corp.(a)(b)		1,784,845		19,044,296
Omega Flex Inc.		24,704		3,525,014

S C H E D U L E   O F   I N V E S  T M E N T S 85

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Proto Labs Inc.(a)(b)		34,046	$	2,267,464
RBC Bearings Inc.(a)(b)		31,527		6,690,029
REV Group Inc.		28,258		484,907
Rexnord Corp.		507,735		32,642,283
Shyft Group Inc. (The)(b)		274,345		10,427,853
SPX Corp.(a)		289,331		15,464,742
SPX FLOW Inc.		27,806		2,032,619
Tennant Co.		146,696		10,848,169
Terex Corp.		544,101		22,906,652
Titan International Inc.(a)		64,198		459,658
Wabash National Corp.		30,219		457,213
Watts Water Technologies Inc., Class A		121,569		20,434,533
Welbilt Inc.(a)		1,038,245		24,128,814
				479,197,733
Media — 0.9%
AMC Networks Inc., Class A(a)(b)		118,016		5,498,365
Cardlytics Inc.(a)(b)		253,928		21,314,716
Clear Channel Outdoor Holdings Inc.(a)(b)		251,411		681,324
Digital Media Solutions Inc., Class A(a)(b)		12,250		88,812
Iheartmedia Inc., Class A(a)(b)		406,146		10,161,773
Integral Ad Science Holding Corp.(a)		59,241		1,222,142
Loral Space & Communications Inc.		102,560		4,411,106
Magnite Inc.(a)(b)		1,031,030		28,868,840
Meredith Corp.(a)		200,662		11,176,873
National CineMedia Inc.		40,256		143,311
Sinclair Broadcast Group Inc., Class A		58,728		1,860,503
Stagwell Inc.(a)		43,758		335,624
TechTarget Inc.(a)(b)		202,999		16,731,178
Thryv Holdings Inc.(a)		48,718		1,463,489
WideOpenWest Inc.(a)(b)		261,352		5,135,567
				109,093,623
Metals & Mining — 0.8%
Allegheny Technologies Inc.(a)(b)		616,947		10,259,829
Century Aluminum Co.(a)(b)		22,735		305,786
Coeur Mining Inc.(a)(b)		1,380,854		8,519,869
Compass Minerals International Inc.		271,636		17,493,358
Gatos Silver Inc.(a)		306,323		3,562,537
Hecla Mining Co.		1,280,304		7,041,672
Kaiser Aluminum Corp.		14,931		1,626,882
Materion Corp.		62,105		4,262,887
MP Materials Corp.(a)(b)		578,910		18,658,269
NovaGold Resources Inc.(a)(b)		1,886,664		12,980,248
Perpetua Resources Corp.(a)		215,720		1,074,286
PolyMet Mining Corp.(a)(b)		78,534		239,529
Ryerson Holding Corp.		83,708		1,864,177
Schnitzer Steel Industries Inc., Class A		14,529		636,515
Warrior Met Coal Inc.		41,424		963,936
				89,489,780
Mortgage Real Estate Investment — 0.0%
Hannon Armstrong Sustainable Infrastructure Capital Inc.		35,227		1,883,940
PennyMac Mortgage Investment Trust		154,809		3,048,189
				4,932,129
Multiline Retail — 0.0%
Franchise Group Inc.		31,250		1,106,563
Oil, Gas & Consumable Fuels — 1.8%
Altus Midstream Co., Class A		2,796		193,008
Antero Resources Corp.(a)(b)		274,777		5,168,555

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Arch Resources Inc.(a)		24,648	$	2,286,102
Callon Petroleum Co.(a)(b)		274,596		13,477,172
Centennial Resource Development Inc./DE, Class A(a)		185,100		1,240,170
Contango Oil & Gas Co.(a)(b)		1,151,274		5,261,322
Denbury Inc.(a)(b)		400,570		28,140,042
Dorian LPG Ltd.		44,618		553,709
Earthstone Energy Inc., Class A(a)(b)		32,795		301,714
Energy Fuels Inc./Canada(a)(b)		1,005,666		7,059,775
Extraction Oil & Gas Inc.(a)(b)		50,074		2,826,677
Falcon Minerals Corp.		265,598		1,248,311
Kosmos Energy Ltd.(a)		3,231,211		9,564,385
Laredo Petroleum Inc.(a)(b)		27,442		2,224,723
Magnolia Oil & Gas Corp., Class A		1,104,982		19,657,630
Matador Resources Co.(b)		879,625		33,460,935
Oasis Petroleum Inc.		134,737		13,395,553
Ovintiv Inc.		117,053		3,848,703
Par Pacific Holdings Inc.(a)		304,309		4,783,737
Riley Exploration Permian Inc.		2,231		52,384
Southwestern Energy Co.(a)(b)		5,383,639		29,825,360
Talos Energy Inc.(a)		45,691		629,165
Tellurian Inc.(a)(b)		2,852,520		11,153,353
Uranium Energy Corp.(a)(b)		1,824,239		5,563,929
Ur-Energy Inc.(a)(b)		1,345,708		2,314,618
Vine Energy Inc., Class A(a)		197,973		3,260,615
				207,491,647
Personal Products — 0.7%
Beauty Health Co. (The)(a)		632,320		16,421,350
BellRing Brands Inc., Class A(a)(b)		208,689		6,417,187
elf Beauty Inc.(a)		380,804		11,062,356
Honest Co. Inc. (The)(a)(b)		141,904		1,472,963
Inter Parfums Inc.		142,101		10,624,892
Medifast Inc.		92,460		17,811,494
Nu Skin Enterprises Inc., Class A		176,402		7,138,989
Revlon Inc., Class A(a)(b)		8,810		89,069
USANA Health Sciences Inc.(a)(b)		98,748		9,104,566
Veru Inc.(a)(b)		364,209		3,106,703
				83,249,569
Pharmaceuticals — 2.3%
9 Meters Biopharma Inc.(a)(b)		1,710,515		2,223,669
Aclaris Therapeutics Inc.(a)		403,408		7,261,344
Aerie Pharmaceuticals Inc.(a)(b)		337,565		3,848,241
Amneal Pharmaceuticals Inc.(a)(b)		799,174		4,267,589
Amphastar Pharmaceuticals Inc.(a)(b)		91,964		1,748,236
Ampio Pharmaceuticals Inc.(a)(b)		1,530,935		2,541,352
Angion Biomedica Corp.(a)(b)		164,611		1,608,249
Antares Pharma Inc.(a)(b)		1,334,311		4,856,892
Arvinas Inc.(a)		346,607		28,484,163
Atea Pharmaceuticals Inc.(a)		46,151		1,618,054
Avalo Therapeutics Inc.(a)		401,901		876,144
Axsome Therapeutics Inc.(a)(b)		220,941		7,282,215
BioDelivery Sciences International Inc.(a)		749,619		2,706,125
Cassava Sciences Inc.(a)(b)		303,761		18,857,483
Collegium Pharmaceutical Inc.(a)(b)		280,355		5,534,208
Corcept Therapeutics Inc.(a)(b)		767,248		15,099,441
CorMedix Inc.(a)(b)		28,658		133,260
Cyteir Therapeutics Inc.(a)(b)		35,558		624,043
Durect Corp.(a)(b)		1,820,810		2,330,637
Edgewise Therapeutics Inc.(a)		99,312		1,648,579

86 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^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Esperion Therapeutics Inc.(a)(b)		213,112	$	2,568,000
Evolus Inc.(a)(b)		259,592		1,978,091
Harmony Biosciences Holdings Inc.(a)		177,723		6,812,122
Ikena Oncology Inc.(a)(b)		8,419		106,248
Innoviva Inc.(a)		40,171		671,257
Intra-Cellular Therapies Inc.(a)(b)		561,501		20,932,757
Kala Pharmaceuticals Inc.(a)(b)		259,960		681,095
Kaleido Biosciences Inc.(a)(b)		147,495		805,323
KemPharm Inc.(a)(b)		111,788		1,042,982
Landos Biopharma Inc.(a)		41,157		600,892
Marinus Pharmaceuticals Inc.(a)(b)		297,268		3,382,910
Mind Medicine MindMed Inc.(a)(b)		2,758,589		6,427,512
NGM Biopharmaceuticals Inc.(a)		24,090		506,372
Nuvation Bio Inc.(a)(b)		441,821		4,391,701
Ocular Therapeutix Inc.(a)(b)		616,975		6,169,750
Omeros Corp.(a)(b)		480,572		6,627,088
Oramed Pharmaceuticals Inc.(a)(b)		239,571		5,265,770
Pacira BioSciences Inc.(a)(b)		346,765		19,418,840
Paratek Pharmaceuticals Inc.(a)(b)		384,602		1,869,166
Phathom Pharmaceuticals Inc.(a)(b)		160,517		5,152,596
Phibro Animal Health Corp., Class A		168,511		3,629,727
Pliant Therapeutics Inc.(a)(b)		175,568		2,963,588
Rain Therapeutics Inc.(a)(b)		40,090		599,746
Reata Pharmaceuticals Inc., Class A(a)(b)		189,479		19,063,482
Relmada Therapeutics Inc.(a)(b)		125,314		3,284,480
Revance Therapeutics Inc.(a)(b)		558,624		15,563,265
Seelos Therapeutics Inc.(a)(b)		765,309		1,844,395
SIGA Technologies Inc.(a)(b)		398,541		2,945,218
Tarsus Pharmaceuticals Inc.(a)(b)		54,349		1,171,221
Terns Pharmaceuticals Inc.(a)		67,276		701,016
TherapeuticsMD Inc.(a)(b)		3,067,578		2,274,302
Theravance Biopharma Inc.(a)(b)		434,174		3,212,888
Verrica Pharmaceuticals Inc.(a)(b)		114,005		1,425,062
WaVe Life Sciences Ltd.(a)		308,033		1,509,362
				269,148,148
Professional Services — 2.2%
ASGN Inc.(a)(b)		369,350		41,788,259
Atlas Technical Consultants Inc.(a)(b)		18,848		191,684
CRA International Inc.		48,011		4,769,413
Exponent Inc.		411,945		46,611,577
First Advantage Corp.(a)(b)		215,495		4,105,180
Forrester Research Inc.(a)		90,836		4,474,581
Franklin Covey Co.(a)		101,642		4,145,977
Heidrick & Struggles International Inc.		66,537		2,969,546
HireQuest Inc.(b)		36,139		698,567
Huron Consulting Group Inc.(a)(b)		18,677		971,204
Insperity Inc.		288,732		31,974,182
KBR Inc.		984,452		38,787,409
Kforce Inc.		161,487		9,631,085
TriNet Group Inc.(a)(b)		321,601		30,417,022
Upwork Inc.(a)(b)		936,875		42,187,481
Willdan Group Inc.(a)(b)		69,992		2,491,015
				266,214,182
Real Estate Management & Development — 1.0%
Cushman & Wakefield PLC(a)(b)		1,098,664		20,446,137
eXp World Holdings Inc.(b)		498,294		19,817,152
Fathom Holdings Inc.(a)(b)		42,637		1,138,408
Forestar Group Inc.(a)(b)		35,059		653,149
Marcus & Millichap Inc.(a)		19,177		778,970

Security	Shares		Value
Real Estate Management & Development (continued)
Newmark Group Inc., Class A		1,187,324	$	16,990,607
Rafael Holdings Inc., Class B(a)(b)		75,070		2,306,901
Redfin Corp.(a)(b)		807,992		40,480,399
RMR Group Inc. (The), Class A		12,516		418,660
St Joe Co. (The)		271,081		11,412,510
				114,442,893
Road & Rail — 0.5%
Daseke Inc.(a)(b)		321,888		2,964,588
HyreCar Inc.(a)		141,084		1,199,214
PAM Transportation Services Inc.(a)(b)		5,244		235,875
Saia Inc.(a)(b)		210,463		50,096,508
Universal Logistics Holdings Inc.		48,210		968,057
Werner Enterprises Inc.		54,837		2,427,634
Yellow Corp.(a)(b)		22,687		128,182
				58,020,058
Semiconductors & Semiconductor Equipment — 5.0%
Alpha & Omega Semiconductor Ltd.(a)		138,335		4,339,569
Ambarella Inc.(a)		277,525		43,221,743
Amkor Technology Inc.		168,418		4,202,029
Atomera Inc.(a)(b)		159,520		3,683,317
Axcelis Technologies Inc.(a)		264,790		12,453,074
CEVA Inc.(a)		179,098		7,642,112
CMC Materials Inc.		232,360		28,633,723
Cohu Inc.(a)		331,052		10,573,801
Diodes Inc.(a)		267,924		24,271,235
FormFactor Inc.(a)(b)		540,661		20,182,875
Ichor Holdings Ltd.(a)		144,371		5,932,204
Impinj Inc.(a)(b)		148,901		8,506,714
Kopin Corp.(a)(b)		624,633		3,204,367
Kulicke & Soffa Industries Inc.		486,212		28,336,435
Lattice Semiconductor Corp.(a)(b)		1,077,654		69,670,331
MACOM Technology Solutions Holdings Inc.(a)(b)		388,060		25,173,452
MaxLinear Inc.(a)		563,843		27,769,268
Meta Materials Inc.(a)(b)		1,735,207		10,029,496
NVE Corp.		36,329		2,323,966
Onto Innovation Inc.(a)(b)		122,032		8,816,812
Power Integrations Inc.		479,368		47,452,638
Semtech Corp.(a)(b)		513,546		40,041,182
Silicon Laboratories Inc.(a)(b)		352,567		49,415,791
SiTime Corp.(a)(b)		103,421		21,115,466
SkyWater Technology Inc.(a)(b)		58,283		1,585,298
SMART Global Holdings Inc.(a)(b)		142,124		6,324,518
SunPower Corp.(a)(b)		504,735		11,447,390
Synaptics Inc.(a)(b)		281,622		50,615,922
Ultra Clean Holdings Inc.(a)(b)		352,675		15,023,955
				591,988,683
Software — 11.3%
8x8 Inc.(a)(b)		881,420		20,616,414
A10 Networks Inc.(a)(b)		398,930		5,377,576
ACI Worldwide Inc.(a)		938,429		28,837,923
Agilysys Inc.(a)		139,159		7,286,365
Alarm.com Holdings Inc.(a)(b)		375,978		29,397,720
Alkami Technology Inc.(a)(b)		53,452		1,319,195
Altair Engineering Inc., Class A(a)(b)		367,805		25,356,477
American Software Inc./GA, Class A		194,995		4,631,131
Appfolio Inc., Class A(a)(b)		148,911		17,928,884
Appian Corp.(a)(b)		312,435		28,903,362
Asana Inc., Class A(a)(b)		539,699		56,042,344
Avaya Holdings Corp.(a)(b)		657,684		13,015,566

S C H E D U L E   O F   I N V E S  T M E N T S 87

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Benefitfocus Inc.(a)		147,761	$	1,640,147
Blackbaud Inc.(a)		385,043		27,087,775
Blackline Inc.(a)(b)		426,531		50,356,250
Bottomline Technologies DE Inc.(a)(b)		62,012		2,435,831
Box Inc., Class A(a)(b)		1,133,216		26,823,223
BTRS Holdings Inc.(a)		509,013		5,415,898
Cerence Inc.(a)(b)		300,670		28,897,394
ChannelAdvisor Corp.(a)		164,052		4,139,032
Cloudera Inc.(a)(b)		1,123,449		17,941,481
CommVault Systems Inc.(a)(b)		362,859		27,326,911
Cornerstone OnDemand Inc.(a)		500,534		28,660,577
Couchbase Inc.(a)(b)		55,925		1,739,827
CS Disco Inc.(a)		44,765		2,146,034
Digimarc Corp.(a)(b)		98,842		3,404,118
Digital Turbine Inc.(a)(b)		721,000		49,568,750
Domo Inc., Class B(a)		219,122		18,502,662
eGain Corp.(a)(b)		80,275		818,805
Envestnet Inc.(a)(b)		398,743		31,995,138
EverCommerce Inc.(a)(b)		97,247		1,603,603
Instructure Holdings Inc.(a)(b)		16,151		364,851
Intapp Inc.(a)(b)		58,835		1,515,590
Intelligent Systems Corp.(a)(b)		55,958		2,272,454
InterDigital Inc.		99,020		6,715,536
J2 Global Inc.(a)		345,296		47,174,340
JFrog Ltd.(a)(b)		419,098		14,039,783
Kaltura Inc.(a)		67,009		689,523
LivePerson Inc.(a)(b)		515,240		30,373,398
LivePerson Inc.		462,612		1,383,210
Marathon Digital Holdings Inc.(a)(b)		46,099		1,455,806
MeridianLink Inc.(a)		73,822		1,650,660
MicroStrategy Inc., Class A(a)(b)		62,342		36,058,613
Mimecast Ltd.(a)		483,590		30,756,324
Mitek Systems Inc.(a)(b)		344,448		6,372,288
Model N Inc.(a)(b)		257,244		8,617,674
Momentive Global Inc.(a)		1,032,651		20,239,960
ON24 Inc.(a)(b)		138,509		2,761,869
OneSpan Inc.(a)		279,073		5,240,991
Pagerduty Inc.(a)(b)		641,707		26,579,504
Progress Software Corp.		351,226		17,276,807
PROS Holdings Inc.(a)(b)		318,847		11,312,692
Q2 Holdings Inc.(a)(b)		434,721		34,838,541
QAD Inc., Class A		84,323		7,368,987
Qualys Inc.(a)		270,733		30,129,876
Rapid7 Inc.(a)(b)		442,015		49,956,535
Rekor Systems Inc.(a)		164,174		1,886,359
Rimini Street Inc.(a)(b)		340,352		3,284,397
Riot Blockchain Inc.(a)(b)		669,648		17,209,954
SailPoint Technologies Holdings Inc.(a)(b)		727,287		31,186,067
Sapiens International Corp. NV		244,933		7,049,172
ShotSpotter Inc.(a)(b)		67,089		2,440,027
Sprout Social Inc., Class A(a)		355,448		43,346,884
SPS Commerce Inc.(a)		286,550		46,223,380
Sumo Logic Inc.(a)		681,336		10,983,136
Telos Corp.(a)(b)		316,098		8,983,505
Tenable Holdings Inc.(a)		720,873		33,261,080
Upland Software Inc.(a)(b)		235,191		7,864,787
Varonis Systems Inc.(a)(b)		841,743		51,220,062
Veritone Inc.(a)(b)		225,564		5,388,724
Viant Technology Inc., Class A(a)		95,936		1,172,338
Vonage Holdings Corp.(a)(b)		1,918,219		30,921,690

Security	Shares		Value
Software (continued)
Workiva Inc.(a)(b)		340,412	$	47,984,475
Yext Inc.(a)(b)		887,524		10,676,914
Zix Corp.(a)(b)		430,801		3,045,763
Zuora Inc., Class A(a)(b)		883,586		14,649,856
				1,343,140,795
Specialty Retail — 3.1%
Abercrombie & Fitch Co., Class A(a)		39,008		1,467,871
American Eagle Outfitters Inc.		1,208,373		31,176,023
America’s Car-Mart Inc./TX(a)		41,525		4,849,290
Arko Corp.(a)(b)		945,708		9,551,651
Asbury Automotive Group Inc.(a)(b)		153,779		30,254,480
Bed Bath & Beyond Inc.(a)(b)		93,621		1,617,303
Boot Barn Holdings Inc.(a)(b)		232,184		20,634,192
Buckle Inc. (The)		223,475		8,847,375
Caleres Inc.		293,985		6,532,347
Camping World Holdings Inc., Class A		339,259		13,186,997
Chico’s FAS Inc.(a)		207,220		930,418
Children’s Place Inc. (The)(a)		111,754		8,410,606
Citi Trends Inc.(a)		69,775		5,090,784
Designer Brands Inc. , Class A(a)		478,823		6,670,004
GrowGeneration Corp.(a)(b)		429,360		10,592,311
Guess? Inc.		43,671		917,528
Haverty Furniture Companies Inc.		61,091		2,059,378
Hibbett Inc.		105,462		7,460,382
JOANN Inc.(b)		93,391		1,040,376
Kirkland’s Inc.(a)(b)		112,782		2,166,542
MarineMax Inc.(a)		86,959		4,219,251
Monro Inc.		166,495		9,575,127
Murphy USA Inc.		191,877		32,093,347
National Vision Holdings Inc.(a)(b)		648,249		36,801,096
OneWater Marine Inc., Class A		82,595		3,321,145
Party City Holdco Inc.(a)(b)		879,931		6,247,510
Rent-A-Center Inc./TX		489,468		27,512,996
Sally Beauty Holdings Inc.(a)(b)		895,923		15,096,303
Shift Technologies Inc.(a)(b)		99,414		689,933
Shoe Carnival Inc.		126,267		4,093,576
Signet Jewelers Ltd.		322,607		25,473,049
Sleep Number Corp.(a)(b)		89,159		8,334,583
Sportsman’s Warehouse Holdings Inc.(a)		344,889		6,070,046
Torrid Holdings Inc.(a)		23,932		369,271
Urban Outfitters Inc.(a)		383,230		11,378,099
Winmark Corp.		10,227		2,199,112
				366,930,302
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)(b)		882,260		24,323,908
Avid Technology Inc.(a)		287,533		8,315,455
Corsair Gaming Inc.(a)(b)		223,913		5,806,064
Diebold Nixdorf Inc.(a)(b)		596,139		6,026,965
Eastman Kodak Co.(a)(b)		339,133		2,309,496
Turtle Beach Corp.(a)(b)		98,232		2,732,814
				49,514,702
Textiles, Apparel & Luxury Goods — 1.2%
Crocs Inc.(a)		490,418		70,365,175
Kontoor Brands Inc.		412,232		20,590,988
Oxford Industries Inc.		9,953		897,462
PLBY Group Inc.(a)(b)		186,389		4,393,189
Rocky Brands Inc.		2,925		139,259
Steven Madden Ltd.		650,801		26,136,168
Superior Group of Companies Inc.		15,826		368,587

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Wolverine World Wide Inc.		646,740	$	19,298,722
				142,189,550
Thrifts & Mortgage Finance — 0.1%
Axos Financial Inc.(a)(b)		44,326		2,284,562
Blue Foundry Bancorp(a)(b)		12,853		177,243
Bridgewater Bancshares Inc.(a)(b)		37,284		652,843
Columbia Financial Inc.(a)		117,962		2,182,297
Hingham Institution For Savings (The)		833		280,471
Kearny Financial Corp./MD		175,978		2,187,406
Luther Burbank Corp.		9,678		129,782
Meta Financial Group Inc.		71,927		3,774,729
NMI Holdings Inc., Class A(a)		40,759		921,561
Walker & Dunlop Inc.		23,856		2,707,656
Waterstone Financial Inc.		24,661		505,304
				15,803,854
Tobacco — 0.1%
22nd Century Group Inc.(a)(b)		1,272,054		3,765,280
Turning Point Brands Inc.(b)		116,373		5,556,811
Vector Group Ltd.		162,806		2,075,776
				11,397,867
Trading Companies & Distributors — 1.1%
Alta Equipment Group Inc.(a)(b)		27,687		380,142
Applied Industrial Technologies Inc.		308,588		27,813,036
Beacon Roofing Supply Inc.(a)(b)		332,663		15,887,985
BlueLinx Holdings Inc.(a)(b)		72,753		3,556,167
Boise Cascade Co.		65,919		3,558,308
CAI International Inc.		29,982		1,676,294
Custom Truck One Source Inc.(a)(b)		114,967		1,072,642
EVI Industries Inc.(a)(b)		48,307		1,313,950
Global Industrial Co.		78,941		2,991,074
H&E Equipment Services Inc.		259,451		9,005,544
Herc Holdings Inc.(a)		198,433		32,435,858
Karat Packaging Inc.(a)		36,904		776,091
Lawson Products Inc./DE(a)(b)		38,294		1,915,083
McGrath RentCorp.		132,228		9,513,805
Textainer Group Holdings Ltd.(a)		52,070		1,817,764
Transcat Inc.(a)(b)		55,096		3,552,590
WESCO International Inc.(a)(b)		62,708		7,231,487
Willis Lease Finance Corp.(a)		2,808		104,430
				124,602,250
Water Utilities — 0.2%
American States Water Co.		150,409		12,862,978
Cadiz Inc.(a)(b)		10,250		72,160
Global Water Resources Inc.		101,812		1,905,921
Middlesex Water Co.		49,281		5,065,101

Security	Shares/ Par		Value
Water Utilities (continued)
Pure Cycle Corp.(a)(b)		137,732	$	1,833,213
York Water Co. (The)		65,392		2,856,322
				24,595,695
Wireless Telecommunication Services — 0.0%
Gogo Inc.(a)(b)		33,782		584,429
Shenandoah Telecommunications Co.		131,880		4,164,770
				4,749,199
Total Common Stocks — 99.8% (Cost: $10,450,885,635)				11,858,297,772
Corporate Bonds & Notes
Capital Markets — 0.0%
GAMCO Investors Inc., 4.00%, 06/15/23(d)		87,000		86,572
Total Corporate Bonds & Notes — 0.0% (Cost: $87,000)				86,572
Short-Term Investments
Money Market Funds — 14.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(e)(f)(g)		1,655,442,457		1,656,270,178
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		19,810,000		19,810,000
				1,676,080,178
Total Short-Term Investments — 14.1% (Cost: $1,675,283,838)				1,676,080,178
Total Investments in Securities — 113.9% (Cost: $12,126,256,473)				13,534,464,522
Other Assets, Less Liabilities — (13.9)%				(1,654,083,820	)
Net Assets — 100.0%			$	11,880,380,702

^(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) Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(e) Affiliate of the Fund.

^(f) Annualized 7-day yield as of period end.

^(g) All or a portion of this security was purchased with the cash collateral from loaned securities.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Growth ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,625,108,435	$	31,346,831	(a)	$	—	$	(42,814	)	$	(142,274	)	$	1,656,270,178		1,655,442,457	$	4,161,526	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,470,000		9,340,000	(a)		—		—			—			19,810,000		19,810,000		750			—
								$	(42,814	)	$	(142,274	)	$	1,676,080,178			$	4,162,276		$	—

^(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
Russell 2000 E-Mini Index		211		12/17/21		$23,218	$	86,915

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)	$	86,915

^(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	$	(3,855	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	500,574

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	19,301,618

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Growth ETF     

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	11,857,974,526	$	—	$	323,246	$	11,858,297,772
Corporate Bonds & Notes		—		86,572		—		86,572
Money Market Funds		1,676,080,178		—		—		1,676,080,178
	$	13,534,054,704	$	86,572	$	323,246	$	13,534,464,522
Derivative financial instruments(a)
Assets
Futures Contracts	$	86,915	$	—	$	—	$	86,915

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
AAR Corp.(a)		372,450	$	12,078,553
Aerojet Rocketdyne Holdings Inc.		163,921		7,138,760
AerSale Corp.(a)(b)		95,792		1,628,464
Astronics Corp.(a)(b)		263,514		3,705,007
Ducommun Inc.(a)(b)		118,143		5,948,500
Kaman Corp.		300,584		10,721,831
Kratos Defense & Security Solutions Inc.(a)(b)		1,029,106		22,959,355
Maxar Technologies Inc.(b)		776,859		22,000,647
Moog Inc., Class A		313,235		23,877,904
National Presto Industries Inc.		55,426		4,549,366
Park Aerospace Corp.		207,686		2,841,144
Parsons Corp.(a)(b)		285,176		9,627,542
Triumph Group Inc.(a)		684,617		12,754,415
Vectrus Inc.(a)		124,910		6,280,475
				146,111,963
Air Freight & Logistics — 0.5%
Air Transport Services Group Inc.(a)		638,791		16,487,196
Atlas Air Worldwide Holdings Inc.(a)(b)		311,939		25,479,178
Echo Global Logistics Inc.(a)		188,740		9,004,785
Hub Group Inc., Class A(a)		357,335		24,566,781
Radiant Logistics Inc.(a)		432,873		2,766,058
				78,303,998
Airlines — 0.4%
Hawaiian Holdings Inc.(a)		548,216		11,874,358
Mesa Air Group Inc.(a)(b)		386,245		2,958,637
SkyWest Inc.(a)		538,493		26,569,245
Spirit Airlines Inc.(a)(b)		1,066,631		27,668,408
				69,070,648
Auto Components — 0.9%
Adient PLC(a)		895,388		37,113,833
American Axle & Manufacturing Holdings Inc.(a)		610,977		5,382,707
Cooper-Standard Holdings Inc.(a)(b)		183,160		4,013,036
Dana Inc.		730,453		16,245,275
Goodyear Tire & Rubber Co. (The)(a)		2,982,894		52,797,224
Modine Manufacturing Co.(a)(b)		477,145		5,406,053
Motorcar Parts of America Inc.(a)(b)		196,432		3,830,424
Standard Motor Products Inc.		225,723		9,866,352
Stoneridge Inc.(a)(b)		241,882		4,931,974
Tenneco Inc., Class A(a)		66,583		950,139
XL Fleet Corp.(a)(b)		328,797		2,025,389
				142,562,406
Automobiles — 0.1%
Canoo Inc.(a)(b)		623,064		4,791,362
Fisker Inc.(a)(b)		142,162		2,082,674
Lordstown Motors Corp., Class A(a)(b)		941,145		7,510,337
Workhorse Group Inc.(a)(b)		1,185,991		9,072,831
				23,457,204
Banks — 14.8%
1st Source Corp.		191,879		9,064,364
Allegiance Bancshares Inc.		212,955		8,124,233
Altabancorp		185,853		8,207,268
Amalgamated Financial Corp.		164,095		2,595,983
Amerant Bancorp Inc.(a)(b)		230,853		5,711,303
American National Bankshares Inc.		128,747		4,253,801
Ameris Bancorp		720,980		37,404,442
Arrow Financial Corp.		159,469		5,479,355
Associated Banc-Corp.		1,679,082		35,965,936

Security	Shares		Value
Banks (continued)
Atlantic Capital Bancshares Inc.(a)		212,449	$	5,627,774
Atlantic Union Bankshares Corp.		843,578		31,085,849
Banc of California Inc.		490,179		9,063,410
BancFirst Corp.		192,241		11,557,529
Bancorp. Inc. (The)(a)		566,751		14,423,813
BancorpSouth Bank		1,093,212		32,555,853
Bank First Corp.(b)		70,299		4,982,090
Bank of Marin Bancorp., Class A		174,743		6,596,548
Bank of NT Butterfield & Son Ltd. (The)		550,768		19,557,772
BankUnited Inc.		971,463		40,626,583
Banner Corp.		339,328		18,734,299
Bar Harbor Bankshares		163,182		4,577,255
Berkshire Hills Bancorp. Inc.		522,534		14,097,967
Blue Ridge Bankshares Inc.(b)		188,368		3,313,393
Brookline Bancorp. Inc.		763,687		11,653,864
Bryn Mawr Bank Corp.		225,357		10,355,154
Business First Bancshares Inc.		210,864		4,932,109
Byline Bancorp Inc.		273,234		6,710,627
Cadence BanCorp.		859,025		18,864,189
Cambridge Bancorp		73,807		6,495,016
Camden National Corp.		163,024		7,808,850
Capital Bancorp Inc./MD		89,269		2,147,812
Capital City Bank Group Inc.		155,058		3,836,135
Capstar Financial Holdings Inc.		230,368		4,893,016
Carter Bankshares Inc.(a)		286,251		4,070,489
Cathay General Bancorp		828,677		34,298,941
CBTX Inc.		204,271		5,388,669
Central Pacific Financial Corp.		249,654		6,411,115
Century Bancorp. Inc./MA, Class A, NVS		30,060		3,464,114
CIT Group Inc.		1,073,803		55,784,066
Citizens & Northern Corp.		178,707		4,514,139
City Holding Co.		158,774		12,370,082
Civista Bancshares Inc.		171,432		3,982,365
CNB Financial Corp./PA		183,108		4,456,849
Coastal Financial Corp./WA(a)(b)		38,452		1,225,081
Columbia Banking System Inc.		750,821		28,523,690
Community Bank System Inc.		563,575		38,559,802
Community Trust Bancorp. Inc.		173,367		7,298,751
ConnectOne Bancorp. Inc.		408,228		12,250,922
CrossFirst Bankshares Inc.(a)(b)		269,177		3,499,301
Customers Bancorp. Inc.(a)		295,687		12,720,455
CVB Financial Corp.		1,401,770		28,554,055
Dime Community Bancshares Inc.		379,844		12,405,705
Eagle Bancorp. Inc.		333,469		19,174,468
Eastern Bankshares Inc.		1,463,573		29,710,532
Enterprise Bancorp. Inc./MA		108,990		3,918,191
Enterprise Financial Services Corp.		384,707		17,419,533
Equity Bancshares Inc., Class A(b)		149,052		4,975,356
Farmers National Banc Corp.		289,592		4,549,490
FB Financial Corp.		328,952		14,105,462
Fidelity D&D Bancorp. Inc.(b)		46,448		2,342,373
Financial Institutions Inc.		175,765		5,387,197
First Bancorp. Inc. (The)		120,548		3,512,769
First BanCorp./Puerto Rico		2,113,744		27,795,734
First Bancorp./Southern Pines NC		280,006		12,043,058
First Bancshares Inc. (The)		224,525		8,707,080
First Bank/Hamilton NJ		184,532		2,600,056
First Busey Corp.		562,143		13,845,582
First Commonwealth Financial Corp.		944,088		12,867,919
First Community Bankshares Inc.		195,257		6,193,552

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
First Financial Bancorp		993,127	$	23,249,103
First Financial Bankshares Inc.		101,877		4,681,248
First Financial Corp./IN		127,407		5,357,464
First Foundation Inc.		441,148		11,602,192
First Internet Bancorp.		105,617		3,293,138
First Interstate BancSystem Inc., Class A		448,744		18,066,433
First Merchants Corp.		598,968		25,060,821
First Mid Bancshares Inc.		185,787		7,628,414
First Midwest Bancorp. Inc.		1,193,364		22,685,850
First of Long Island Corp. (The)		251,255		5,175,853
Five Star Bancorp.(b)		44,224		1,058,723
Flushing Financial Corp.		324,497		7,333,632
Fulton Financial Corp.		1,765,472		26,976,412
German American Bancorp. Inc.		275,041		10,624,834
Glacier Bancorp. Inc.		909,860		50,360,751
Great Southern Bancorp. Inc.		115,647		6,338,612
Great Western Bancorp. Inc.		561,370		18,379,254
Guaranty Bancshares Inc./TX		93,004		3,334,193
Hancock Whitney Corp.		943,482		44,456,872
Hanmi Financial Corp.		298,593		5,989,776
Harborone Bancorp. Inc.		551,929		7,749,083
HBT Financial Inc.		125,746		1,955,350
Heartland Financial USA Inc.		438,212		21,069,233
Heritage Commerce Corp.		635,076		7,385,934
Heritage Financial Corp./WA		366,704		9,350,952
Hilltop Holdings Inc.		689,716		22,533,022
Home BancShares Inc./AR		1,669,480		39,282,864
HomeTrust Bancshares Inc.		168,228		4,707,019
Hope Bancorp Inc.		1,231,980		17,789,791
Horizon Bancorp Inc./IN		473,688		8,606,911
Howard Bancorp. Inc.(a)		144,302		2,926,445
Independent Bank Corp.		343,602		26,165,292
Independent Bank Corp./MI		230,627		4,953,868
Independent Bank Group Inc.		411,070		29,202,413
International Bancshares Corp.		585,525		24,381,261
Investors Bancorp. Inc.		1,601,583		24,199,919
Lakeland Bancorp. Inc.		543,858		9,588,217
Lakeland Financial Corp.		246,177		17,537,649
Macatawa Bank Corp.		322,467		2,589,410
Mercantile Bank Corp.		178,535		5,718,476
Metrocity Bankshares Inc.		160,440		3,364,427
Metropolitan Bank Holding Corp.(a)(b)		78,451		6,613,419
Mid Penn Bancorp. Inc.		104,978		2,892,144
Midland States Bancorp. Inc.		240,802		5,955,033
MidWestOne Financial Group Inc.		164,715		4,967,804
MVB Financial Corp.		112,758		4,829,425
National Bank Holdings Corp., Class A		307,237		12,436,954
NBT Bancorp. Inc.		444,584		16,058,374
Nicolet Bankshares Inc.(a)		115,173		8,543,533
Northrim Bancorp. Inc.		69,776		2,966,178
OceanFirst Financial Corp.		645,224		13,814,246
OFG Bancorp		530,819		13,387,255
Old National Bancorp./IN		1,707,908		28,949,041
Old Second Bancorp. Inc.		317,977		4,152,780
Origin Bancorp Inc.		202,438		8,573,249
Orrstown Financial Services Inc.		126,683		2,964,382
Pacific Premier Bancorp. Inc.		860,203		35,646,812
Park National Corp.		157,449		19,200,906
Peapack Gladstone Financial Corp.		200,300		6,682,008
Peoples Bancorp. Inc./OH		289,535		9,152,201

Security	Shares		Value
Banks (continued)
Peoples Financial Services Corp.		78,380	$	3,571,777
Preferred Bank/Los Angeles CA		138,374		9,226,778
Primis Financial Corp.		274,788		3,973,434
QCR Holdings Inc.		165,897		8,533,742
RBB Bancorp		143,971		3,629,509
Red River Bancshares Inc.		53,934		2,688,610
Reliant Bancorp Inc.		167,433		5,289,208
Renasant Corp.		581,894		20,977,279
Republic Bancorp. Inc./KY, Class A		104,653		5,300,674
Republic First Bancorp. Inc.(a)(b)		522,805		1,610,239
S&T Bancorp. Inc.		391,147		11,527,102
Sandy Spring Bancorp. Inc.		513,385		23,523,301
Seacoast Banking Corp. of Florida		553,543		18,715,289
ServisFirst Bancshares Inc.		94,800		7,375,440
Sierra Bancorp		159,559		3,874,093
Simmons First National Corp., Class A		1,119,968		33,106,254
SmartFinancial Inc.		154,724		3,999,615
South Plains Financial Inc.		119,302		2,908,583
South State Corp.		758,637		56,647,425
Southern First Bancshares Inc.(a)(b)		59,749		3,196,572
Southside Bancshares Inc.		342,070		13,097,860
Spirit of Texas Bancshares Inc.		147,646		3,573,033
Stock Yards Bancorp. Inc.		223,719		13,121,119
Summit Financial Group Inc.		129,256		3,168,065
Texas Capital Bancshares Inc.(a)		343,198		20,598,744
Tompkins Financial Corp.		155,933		12,616,539
Towne Bank/Portsmouth VA		747,153		23,243,930
TriCo Bancshares		307,830		13,359,822
TriState Capital Holdings Inc.(a)(b)		318,414		6,734,456
Triumph Bancorp. Inc.(a)		18,699		1,872,331
Trustmark Corp.		673,511		21,700,524
UMB Financial Corp.		478,699		46,294,980
United Bankshares Inc./WV		1,357,691		49,392,799
United Community Banks Inc./GA		796,625		26,145,233
Univest Financial Corp.		323,546		8,861,925
Valley National Bancorp		4,360,367		58,036,485
Veritex Holdings Inc.		445,102		17,519,215
Washington Trust Bancorp. Inc.		189,422		10,035,578
WesBanco Inc.		696,750		23,745,240
West Bancorp. Inc.		151,981		4,563,989
Westamerica Bancorp		275,005		15,471,781
				2,303,555,962
Beverages — 0.2%
Duckhorn Portfolio Inc. (The)(a)(b)		74,837		1,713,019
MGP Ingredients Inc.		26,072		1,697,287
NewAge Inc.(a)(b)		613,873		853,284
Primo Water Corp.(b)		1,692,819		26,611,115
Zevia PBC, Class A(a)		20,279		233,411
				31,108,116
Biotechnology — 6.2%
4D Molecular Therapeutics Inc.(a)		204,482		5,514,880
89bio Inc.(a)(b)		110,456		2,163,833
Acumen Pharmaceuticals Inc.(a)(b)		39,277		583,656
Adagio Therapeutics Inc.(a)(b)		94,641		3,997,636
Adicet Bio Inc.(a)		217,831		1,707,795
Adverum Biotechnologies Inc.(a)(b)		944,805		2,050,227
Aeglea BioTherapeutics Inc.(a)		419,462		3,334,723
Aerovate Therapeutics Inc.(a)(b)		40,778		855,522
Agios Pharmaceuticals Inc.(a)		639,710		29,522,617

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Akebia Therapeutics Inc.(a)(b)		1,074,147	$	3,093,543
Akero Therapeutics Inc.(a)(b)		69,377		1,550,576
Akouos Inc.(a)(b)		263,743		3,062,056
Albireo Pharma Inc.(a)(b)		35,637		1,111,874
Allogene Therapeutics Inc.(a)(b)		440,265		11,314,811
Altimmune Inc.(a)(b)		427,936		4,839,956
AnaptysBio Inc.(a)(b)		212,208		5,755,081
Anika Therapeutics Inc.(a)		159,012		6,767,551
Annexon Inc.(a)(b)		341,093		6,347,741
Applied Therapeutics Inc.(a)		46,889		778,357
AquaBounty Technologies Inc.(a)(b)		376,374		1,531,842
Arbutus Biopharma Corp.(a)		770,309		3,304,626
Arcturus Therapeutics Holdings Inc.(a)(b)		229,115		10,947,115
Arcus Biosciences Inc.(a)(b)		491,406		17,135,327
Arcutis Biotherapeutics Inc.(a)(b)		267,447		6,389,309
Ardelyx Inc.(a)(b)		222,414		293,586
Arena Pharmaceuticals Inc.(a)		596,396		35,515,382
Atara Biotherapeutics Inc.(a)(b)		820,807		14,692,445
Athenex Inc.(a)		389,237		1,171,603
Athersys Inc.(a)(b)		311,033		413,674
Atossa Therapeutics Inc.(a)(b)		1,184,247		3,860,645
Atreca Inc., Class A(a)(b)		278,628		1,735,852
Avid Bioservices Inc.(a)(b)		40,911		882,450
Avidity Biosciences Inc.(a)		334,572		8,240,508
Avrobio Inc.(a)		404,798		2,258,773
BioCryst Pharmaceuticals Inc.(a)(b)		1,730,928		24,873,435
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		198,586		27,585,581
Black Diamond Therapeutics Inc.(a)(b)		247,737		2,095,855
Bluebird Bio Inc.(a)(b)		727,818		13,908,602
Blueprint Medicines Corp.(a)(b)		41,430		4,259,418
Bolt Biotherapeutics Inc.(a)(b)		241,896		3,059,984
Bridgebio Pharma Inc.(a)(b)		384,109		18,003,189
Brooklyn ImmunoTherapeutics Inc.(a)(b)		32,574		302,938
Cardiff Oncology Inc.(a)		408,185		2,718,512
Caribou Biosciences Inc.(a)		85,131		2,032,077
Catalyst Pharmaceuticals Inc.(a)(b)		1,044,192		5,534,218
Celldex Therapeutics Inc.(a)(b)		106,391		5,744,050
CEL-SCI Corp.(a)(b)		34,194		375,792
Century Therapeutics Inc.(a)(b)		50,636		1,274,002
ChemoCentryx Inc.(a)(b)		546,205		9,340,106
Chimerix Inc.(a)(b)		236,812		1,465,866
Chinook Therapeutics Inc.(a)(b)		357,990		4,567,952
Clene Inc.(a)(b)		78,252		534,461
Cogent Biosciences Inc.(a)		299,306		2,517,163
Crinetics Pharmaceuticals Inc.(a)		56,064		1,180,147
Cullinan Oncology Inc.(a)(b)		259,598		5,859,127
Curis Inc.(a)(b)		120,604		944,329
Cytokinetics Inc.(a)(b)		61,220		2,188,003
CytomX Therapeutics Inc.(a)		105,168		535,305
Day One Biopharmaceuticals Inc.(a)(b)		46,658		1,107,194
Deciphera Pharmaceuticals Inc.(a)(b)		61,698		2,096,498
Design Therapeutics Inc.(a)(b)		59,304		871,176
Dyne Therapeutics Inc.(a)(b)		330,498		5,367,288
Eagle Pharmaceuticals Inc./DE(a)(b)		68,219		3,805,256
Eiger BioPharmaceuticals Inc.(a)		338,526		2,261,354
Eliem Therapeutics Inc.(a)(b)		29,384		528,324
Emergent BioSolutions Inc.(a)(b)		530,868		26,580,561
Enanta Pharmaceuticals Inc.(a)		188,149		10,688,745
Erasca Inc.(a)(b)		90,273		1,915,593
FibroGen Inc.(a)(b)		84,589		864,500

Security	Shares		Value
Biotechnology (continued)
Finch Therapeutics Group Inc.(a)(b)		68,919	$	895,947
Foghorn Therapeutics Inc.(a)		172,115		2,397,562
Forma Therapeutics Holdings Inc.(a)(b)		365,927		8,485,847
Frequency Therapeutics Inc.(a)(b)		359,054		2,534,921
G1 Therapeutics Inc.(a)(b)		178,853		2,400,207
Gemini Therapeutics Inc.(a)(b)		188,257		760,558
Generation Bio Co.(a)(b)		33,835		848,243
Geron Corp.(a)(b)		3,359,267		4,602,196
Gossamer Bio Inc.(a)(b)		667,135		8,385,887
Graphite Bio Inc.(a)(b)		70,219		1,150,889
Gritstone bio Inc.(a)(b)		438,246		4,733,057
Homology Medicines Inc.(a)(b)		446,818		3,516,458
Hookipa Pharma Inc.(a)		76,754		452,081
iBio Inc.(a)(b)		2,307,673		2,446,133
Icosavax Inc.(a)(b)		58,476		1,730,305
Ideaya Biosciences Inc.(a)		268,206		6,836,571
Imago Biosciences Inc.(a)(b)		40,948		820,188
Immuneering Corp., Class A(a)		34,826		924,630
Immunic Inc.(a)		194,284		1,719,413
ImmunityBio Inc.(a)(b)		650,554		6,336,396
ImmunoGen Inc.(a)(b)		990,588		5,616,634
Immunovant Inc.(a)(b)		145,948		1,268,288
Impel Neuropharma Inc.(a)(b)		16,875		205,538
Infinity Pharmaceuticals Inc.(a)		87,996		300,946
Inovio Pharmaceuticals Inc.(a)(b)		2,240,898		16,044,830
Inozyme Pharma Inc.(a)		148,250		1,718,218
Instil Bio Inc.(a)(b)		100,267		1,792,273
Invitae Corp.(a)(b)		1,607,301		45,695,567
iTeos Therapeutics Inc.(a)		217,479		5,871,933
IVERIC bio Inc.(a)(b)		901,353		14,637,973
Janux Therapeutics Inc.(a)(b)		57,056		1,234,121
Jounce Therapeutics Inc.(a)		351,888		2,614,528
Kezar Life Sciences Inc.(a)		376,097		3,249,478
Kiniksa Pharmaceuticals Ltd., Class A(a)(b)		172,893		1,969,251
Kinnate Biopharma Inc.(a)		262,282		6,037,732
Kronos Bio Inc.(a)(b)		367,784		7,708,753
Krystal Biotech Inc.(a)		126,257		6,591,878
Kura Oncology Inc.(a)(b)		683,798		12,807,537
Lexicon Pharmaceuticals Inc.(a)(b)		432,488		2,080,267
Ligand Pharmaceuticals Inc.(a)(b)		143,996		20,061,523
Lineage Cell Therapeutics Inc.(a)(b)		1,340,976		3,379,260
Lyell Immunopharma Inc.(a)(b)		101,533		1,502,688
MacroGenics Inc.(a)(b)		49,658		1,039,839
Magenta Therapeutics Inc.(a)		50,255		365,856
MannKind Corp.(a)(b)		2,423,897		10,543,952
MaxCyte Inc.(a)(b)		65,293		797,228
MeiraGTx Holdings PLC(a)(b)		292,819		3,859,354
Mersana Therapeutics Inc.(a)(b)		222,719		2,100,240
MiMedx Group Inc.(a)(b)		411,059		2,491,018
Mirum Pharmaceuticals Inc.(a)		17,089		340,413
Monte Rosa Therapeutics Inc.(a)(b)		50,459		1,124,227
Mustang Bio Inc.(a)(b)		753,324		2,026,442
Myriad Genetics Inc.(a)(b)		842,018		27,188,761
Neoleukin Therapeutics Inc.(a)		283,920		2,052,742
NexImmune Inc.(a)(b)		56,849		860,694
Nkarta Inc.(a)(b)		156,962		4,365,113
Nurix Therapeutics Inc.(a)		33,708		1,009,892
Nuvalent Inc., Class A(a)(b)		46,618		1,051,236
Olema Pharmaceuticals Inc.(a)(b)		144,211		3,974,455
Omega Therapeutics Inc.(a)(b)		29,966		564,859

94 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^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Oncocyte Corp.(a)(b)		190,289	$	677,429
Oncorus Inc.(a)(b)		216,062		2,018,019
Oncternal Therapeutics Inc.(a)(b)		473,913		1,976,217
OPKO Health Inc.(a)(b)		4,335,705		15,825,323
ORIC Pharmaceuticals Inc.(a)(b)		292,870		6,123,912
Oyster Point Pharma Inc.(a)(b)		106,104		1,257,332
Passage Bio Inc.(a)(b)		410,399		4,087,574
Portage Biotech Inc.(a)(b)		41,247		838,139
Poseida Therapeutics Inc.(a)		304,685		2,221,154
Praxis Precision Medicines Inc.(a)(b)		318,339		5,886,088
Precigen Inc.(a)(b)		132,252		659,937
Prometheus Biosciences Inc.(a)(b)		111,721		2,648,905
Prothena Corp. PLC(a)		87,340		6,221,228
Rallybio Corp.(a)(b)		24,964		438,867
Recursion Pharmaceuticals Inc., Class A(a)(b)		99,005		2,278,105
REGENXBIO Inc.(a)(b)		205,815		8,627,765
Relay Therapeutics Inc.(a)(b)		73,067		2,303,803
Reneo Pharmaceuticals Inc.(a)(b)		22,185		165,278
Replimune Group Inc.(a)(b)		96,450		2,858,778
REVOLUTION Medicines Inc.(a)(b)		553,434		15,224,969
Rhythm Pharmaceuticals Inc.(a)(b)		483,428		6,313,570
Sana Biotechnology Inc.(a)(b)		49,764		1,120,685
Sangamo Therapeutics Inc.(a)(b)		135,927		1,224,702
Scholar Rock Holding Corp.(a)(b)		46,904		1,548,770
Selecta Biosciences Inc.(a)(b)		904,052		3,760,856
Sensei Biotherapeutics Inc.(a)(b)		211,502		2,225,001
Shattuck Labs Inc.(a)		52,347		1,066,832
Sigilon Therapeutics Inc.(a)(b)		135,356		764,761
Silverback Therapeutics Inc.(a)(b)		218,919		2,184,812
Solid Biosciences Inc.(a)(b)		640,736		1,531,359
Sorrento Therapeutics Inc.(a)(b)		290,239		2,214,524
Spero Therapeutics Inc.(a)(b)		18,819		346,458
Spruce Biosciences Inc.(a)(b)		86,600		520,466
SQZ Biotechnologies Co.(a)(b)		241,385		3,480,772
Surface Oncology Inc.(a)(b)		378,304		2,863,761
Sutro Biopharma Inc.(a)(b)		442,945		8,367,231
Syndax Pharmaceuticals Inc.(a)(b)		366,698		7,007,599
Syros Pharmaceuticals Inc.(a)(b)		323,859		1,447,650
Talaris Therapeutics Inc.(a)(b)		32,160		436,090
Taysha Gene Therapies Inc.(a)(b)		42,384		789,190
TCR2 Therapeutics Inc.(a)(b)		336,842		2,866,525
Tenaya Therapeutics Inc.(a)(b)		59,168		1,221,819
Tonix Pharmaceuticals Holding Corp.(a)		3,865,368		2,323,473
Travere Therapeutics Inc.(a)		589,728		14,300,904
Trevena Inc.(a)(b)		1,152,915		1,418,085
Trillium Therapeutics Inc.(a)(b)		915,105		16,069,244
Turning Point Therapeutics Inc.(a)(b)		443,364		29,452,671
UroGen Pharma Ltd.(a)(b)		65,846		1,107,530
Vanda Pharmaceuticals Inc.(a)(b)		589,054		10,096,386
Vaxart Inc.(a)(b)		103,144		819,995
Vaxcyte Inc.(a)(b)		311,233		7,895,981
VBI Vaccines Inc.(a)(b)		255,940		795,973
Vera Therapeutics Inc.(a)		27,868		483,510
Veracyte Inc.(a)(b)		731,387		33,972,926
Verve Therapeutics Inc.(a)		70,670		3,321,490
Viking Therapeutics Inc.(a)(b)		755,887		4,746,970
Viracta Therapeutics Inc.(a)(b)		314,871		2,525,265
VistaGen Therapeutics Inc.(a)(b)		317,828		870,849
Vor BioPharma Inc.(a)(b)		179,113		2,808,492
Werewolf Therapeutics Inc.(a)(b)		28,296		485,559

Security	Shares		Value
Biotechnology (continued)
XBiotech Inc.		172,640	$	2,235,688
XOMA Corp.(a)(b)		55,694		1,378,427
				962,586,872
Building Products — 0.9%
American Woodmark Corp.(a)		181,417		11,859,229
Apogee Enterprises Inc.		275,773		10,413,189
Caesarstone Ltd.		244,589		3,037,795
Gibraltar Industries Inc.(a)		253,218		17,636,634
Griffon Corp.		501,627		12,340,024
Insteel Industries Inc.(b)		186,664		7,102,565
JELD-WEN Holding Inc.(a)		545,939		13,664,853
PGT Innovations Inc.(a)		324,326		6,194,627
Quanex Building Products Corp.		361,938		7,749,093
Resideo Technologies Inc.(a)		1,383,239		34,290,495
UFP Industries Inc.		62,527		4,250,585
View Inc.(a)(b)		1,052,704		5,705,656
				134,244,745
Capital Markets — 1.2%
Assetmark Financial Holdings Inc.(a)		200,118		4,976,935
Associated Capital Group Inc., Class A		24,330		910,185
B. Riley Financial Inc.		220,194		13,000,254
BGC Partners Inc., Class A		3,581,798		18,661,168
Blucora Inc.(a)		331,886		5,174,103
Cowen Inc., Class A		302,419		10,375,996
Diamond Hill Investment Group Inc.		33,453		5,876,354
Donnelley Financial Solutions Inc.(a)		300,526		10,404,210
Federated Hermes Inc.		1,027,003		33,377,597
GCM Grosvenor Inc., Class A(b)		40,977		472,055
Houlihan Lokey Inc.		71,781		6,611,030
Moelis & Co., Class A		300,420		18,586,985
Oppenheimer Holdings Inc., Class A, NVS		101,002		4,574,381
Piper Sandler Cos		190,059		26,315,569
PJT Partners Inc., Class A		42,880		3,392,237
Sculptor Capital Management Inc.		236,098		6,584,773
StoneX Group Inc.(a)		166,951		11,002,071
Value Line Inc.		2,140		73,316
WisdomTree Investments Inc.		365,045		2,069,805
				182,439,024
Chemicals — 1.9%
AdvanSix Inc.(a)		295,714		11,754,631
American Vanguard Corp.		237,273		3,570,959
Amyris Inc.(a)(b)		1,639,382		22,508,715
Avient Corp.		885,485		41,042,230
Chase Corp.		59,814		6,110,000
Ecovyst Inc.		563,448		6,569,804
Ferro Corp.(a)		149,446		3,039,732
FutureFuel Corp.		300,485		2,142,458
GCP Applied Technologies Inc.(a)(b)		534,380		11,713,610
Hawkins Inc.		69,860		2,436,717
HB Fuller Co.		462,779		29,877,012
Innospec Inc.		183,476		15,452,349
Intrepid Potash Inc.(a)		107,168		3,311,491
Koppers Holdings Inc.(a)(b)		225,280		7,042,253
Kraton Corp.(a)		340,424		15,536,951
Kronos Worldwide Inc.		207,666		2,577,135
Minerals Technologies Inc.		363,559		25,390,961
Rayonier Advanced Materials Inc.(a)		665,983		4,994,872
Sensient Technologies Corp.		218,656		19,915,188
Stepan Co.		210,961		23,825,935

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Tredegar Corp.		58,787	$	716,026
Tronox Holdings PLC, Class A		1,241,502		30,603,024
Valhi Inc.		19,547		456,032
Zymergen Inc.(a)(b)		160,319		2,111,401
				292,699,486
Commercial Services & Supplies — 1.9%
ABM Industries Inc.		730,592		32,883,946
ACCO Brands Corp.		995,392		8,550,417
Brady Corp., Class A, NVS		511,310		25,923,417
BrightView Holdings Inc.(a)(b)		433,865		6,403,848
Casella Waste Systems Inc., Class A(a)(b)		39,167		2,974,342
CECO Environmental Corp.(a)		338,125		2,380,400
CompX International Inc.		11,771		244,601
CoreCivic Inc.(a)		1,299,593		11,566,378
Deluxe Corp.		454,642		16,317,101
Ennis Inc.		275,944		5,201,545
Harsco Corp.(a)(b)		496,724		8,419,472
Healthcare Services Group Inc.		385,482		9,633,195
Heritage-Crystal Clean Inc.(a)(b)		108,830		3,153,893
Herman Miller Inc.		806,136		30,359,082
HNI Corp.		423,381		15,546,550
Interface Inc.(b)		478,039		7,242,291
KAR Auction Services Inc.(a)		1,287,703		21,105,452
Kimball International Inc., Class B		394,457		4,417,918
Matthews International Corp., Class A		332,685		11,540,843
NL Industries Inc.		95,135		547,978
RR Donnelley & Sons Co.(a)		776,635		3,991,904
Steelcase Inc., Class A		958,490		12,153,653
Team Inc.(a)		289,337		870,904
U.S. Ecology Inc.(a)		302,471		9,784,937
UniFirst Corp./MA		163,481		34,759,330
VSE Corp.		114,799		5,529,868
				291,503,265
Communications Equipment — 0.6%
ADTRAN Inc.		487,309		9,141,917
Aviat Networks Inc.(a)(b)		94,251		3,097,088
Calix Inc.(a)(b)		104,990		5,189,656
Comtech Telecommunications Corp.		281,432		7,207,473
Digi International Inc.(a)(b)		362,759		7,625,194
DZS Inc.(a)		108,344		1,328,297
EMCORE Corp.(a)(b)		343,351		2,568,265
Harmonic Inc.(a)(b)		782,820		6,849,675
Inseego Corp.(a)(b)		728,451		4,851,484
KVH Industries Inc.(a)(b)		163,118		1,570,826
NETGEAR Inc.(a)(b)		325,326		10,381,153
NetScout Systems Inc.(a)		754,065		20,322,052
Plantronics Inc.(a)		264,958		6,812,070
Ribbon Communications Inc.(a)		766,121		4,581,404
Viavi Solutions Inc.(a)		278,605		4,385,243
				95,911,797
Construction & Engineering — 1.6%
API Group Corp.(a)(b)(c)		2,148,965		43,731,438
Arcosa Inc.		520,412		26,109,070
Argan Inc.		163,602		7,144,499
Concrete Pumping Holdings Inc.(a)(b)		274,276		2,342,317
Dycom Industries Inc.(a)(b)		59,669		4,250,820
EMCOR Group Inc.		518,053		59,772,955
Fluor Corp.(a)		1,539,149		24,580,210
Granite Construction Inc.		495,965		19,615,416

Security	Shares		Value
Construction & Engineering (continued)
Great Lakes Dredge & Dock Corp.(a)(b)		694,303	$	10,477,032
Infrastructure and Energy Alternatives Inc.(a)(b)		173,461		1,982,659
INNOVATE Corp.(a)(b)		510,025		2,091,102
Matrix Service Co.(a)(b)		281,268		2,942,063
MYR Group Inc.(a)(b)		45,445		4,521,777
Northwest Pipe Co.(a)(b)		99,298		2,353,363
NV5 Global Inc.(a)(b)		107,417		10,588,094
Primoris Services Corp.		577,220		14,136,118
Sterling Construction Co. Inc.(a)		245,118		5,556,825
Tutor Perini Corp.(a)		444,315		5,767,209
				247,962,967
Construction Materials — 0.3%
Summit Materials Inc., Class A(a)(b)		1,282,330		40,996,090
United State Lime & Minerals Inc.		21,904		2,646,003
				43,642,093
Consumer Finance — 1.5%
Encore Capital Group Inc.(a)(b)		326,687		16,095,868
Enova International Inc.(a)(b)		393,119		13,582,261
EZCORP Inc., Class A, NVS(a)(b)		536,724		4,063,001
FirstCash Inc.		398,201		34,842,587
Green Dot Corp., Class A(a)		516,410		25,990,915
LendingClub Corp.(a)		1,062,678		30,010,027
Navient Corp.		1,787,421		35,265,816
Nelnet Inc., Class A		183,000		14,500,920
Oportun Financial Corp.(a)(b)		225,721		5,649,797
PRA Group Inc.(a)(b)		491,545		20,713,706
PROG Holdings Inc.		605,076		25,419,243
Regional Management Corp.		54,437		3,167,145
World Acceptance Corp.(a)(b)		46,989		8,908,175
				238,209,461
Containers & Packaging — 0.4%
Greif Inc., Class A, NVS		234,830		15,170,018
Greif Inc., Class B		58,683		3,802,658
Myers Industries Inc.		206,804		4,047,154
Pactiv Evergreen Inc.		469,461		5,877,652
Ranpak Holdings Corp.(a)(b)		336,428		9,022,999
TriMas Corp.(a)(b)		463,499		14,998,828
UFP Technologies Inc.(a)(b)		67,984		4,187,135
				57,106,444
Diversified Consumer Services — 1.1%
2U Inc.(a)(b)		120,776		4,054,450
Adtalem Global Education Inc.(a)(b)		531,448		20,094,049
American Public Education Inc.(a)		197,676		5,062,483
Carriage Services Inc.		143,231		6,386,670
Coursera Inc.(a)(b)		623,278		19,726,749
European Wax Center Inc., Class A(a)(b)		55,936		1,566,767
Graham Holdings Co., Class B		41,982		24,734,115
Houghton Mifflin Harcourt Co.(a)(b)		89,046		1,195,888
Laureate Education Inc., Class A(a)		1,075,636		18,275,056
OneSpaWorld Holdings Ltd.(a)		302,265		3,013,582
Perdoceo Education Corp.(a)		745,757		7,875,194
PowerSchool Holdings Inc., Class A(a)(b)		381,043		9,377,468
Regis Corp.(a)(b)		38,898		135,365
StoneMor Inc.(a)(b)		297,598		735,067
Strategic Education Inc.		264,088		18,618,204
Stride Inc.(a)(b)		413,193		14,850,157
Vivint Smart Home Inc.(a)(b)		736,823		6,962,977
WW International Inc.(a)(b)		395,209		7,212,564
				169,876,805

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services — 0.3%
Alerus Financial Corp.		170,939	$	5,107,657
A-Mark Precious Metals Inc.		95,802		5,750,036
Banco Latinoamericano de Comercio Exterior SA, Class E		336,619		5,904,297
Cannae Holdings Inc.(a)		912,857		28,398,981
Marlin Business Services Corp.		90,241		2,006,058
				47,167,029
Diversified Telecommunication Services — 0.5%
Anterix Inc.(a)(b)		86,914		5,275,680
ATN International Inc.		119,977		5,620,923
Consolidated Communications Holdings Inc.(a)		792,110		7,279,491
EchoStar Corp., Class A(a)(b)		427,587		10,907,744
Globalstar Inc.(a)(b)		825,826		1,379,129
IDT Corp., Class B(a)(b)		55,088		2,310,942
Iridium Communications Inc.(a)(b)		313,455		12,491,182
Liberty Latin America Ltd., Class A(a)(b)		466,128		6,096,954
Liberty Latin America Ltd., Class C, NVS(a)(b)		1,653,225		21,690,312
Ooma Inc.(a)		97,290		1,810,567
Radius Global Infrastructure Inc., Class A(a)(b)		634,716		10,364,912
				85,227,836
Electric Utilities — 1.1%
ALLETE Inc.		569,974		33,924,852
MGE Energy Inc.		394,939		29,028,016
Otter Tail Corp.		443,077		24,799,020
PNM Resources Inc.		919,791		45,511,259
Portland General Electric Co.		974,813		45,806,463
Via Renewables Inc.		14,415		146,889
				179,216,499
Electrical Equipment — 0.7%
Advent Technologies Holdings Inc.(a)(b)		37,574		326,894
Allied Motion Technologies Inc.(b)		9,323		291,623
American Superconductor Corp.(a)(b)		302,231		4,406,528
Array Technologies Inc.(a)(b)		1,059,690		19,625,459
AZZ Inc.		268,246		14,270,687
Babcock & Wilcox Enterprises Inc.(a)		435,794		2,793,440
Beam Global(a)(b)		12,623		345,492
Encore Wire Corp.		217,933		20,666,586
EnerSys		413,420		30,774,985
FuelCell Energy Inc.(a)(b)		798,320		5,340,761
GrafTech International Ltd.(b)		248,006		2,559,422
Powell Industries Inc.		99,317		2,440,219
Preformed Line Products Co.		31,782		2,067,101
Romeo Power Inc.(a)(b)		279,430		1,383,178
Thermon Group Holdings Inc.(a)(b)		356,530		6,171,534
				113,463,909
Electronic Equipment, Instruments & Components — 1.7%
Aeva Technologies Inc.(a)(b)		820,376		6,513,785
Belden Inc.		479,362		27,927,630
Benchmark Electronics Inc.		384,977		10,282,736
CTS Corp.		271,467		8,391,045
Daktronics Inc.(a)		411,861		2,236,405
ePlus Inc.(a)(b)		144,455		14,822,528
Fabrinet(a)		54,271		5,563,320
FARO Technologies Inc.(a)		98,725		6,497,092
Identiv Inc.(a)		18,312		344,998
II-VI Inc.(a)(b)		78,811		4,678,221
Insight Enterprises Inc.(a)(b)		244,226		21,999,878
Itron Inc.(a)(b)		87,807		6,640,843
Kimball Electronics Inc.(a)(b)		247,688		6,382,920

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Knowles Corp.(a)(b)		944,084	$	17,692,134
Methode Electronics Inc.		413,479		17,386,792
OSI Systems Inc.(a)(b)		163,942		15,541,702
PC Connection Inc.		122,362		5,387,599
Plexus Corp.(a)(b)		34,598		3,093,407
Rogers Corp.(a)(b)		24,520		4,572,490
Sanmina Corp.(a)(b)		689,808		26,585,200
ScanSource Inc.(a)		272,718		9,487,859
TTM Technologies Inc.(a)		1,161,423		14,599,087
Vishay Intertechnology Inc.		1,244,905		25,010,142
Vishay Precision Group Inc.(a)(b)		132,186		4,596,107
				266,233,920
Energy Equipment & Services — 1.4%
Archrock Inc.		1,441,987		11,896,393
Bristow Group Inc.(a)		257,008		8,180,565
ChampionX Corp.(a)		1,799,706		40,241,426
Dril-Quip Inc.(a)(b)		379,969		9,567,619
Frank’s International NV(a)		1,556,954		4,577,445
FTS International Inc., Class A(a)		97,584		2,400,566
Helix Energy Solutions Group Inc.(a)(b)		1,554,420		6,031,150
Helmerich & Payne Inc.		1,144,167		31,361,618
Liberty Oilfield Services Inc., Class A(a)		646,464		7,841,608
Nabors Industries Ltd.(a)(b)		76,554		7,385,930
National Energy Services Reunited Corp.(a)(b)		413,147		5,172,601
Newpark Resources Inc.(a)		973,204		3,211,573
NexTier Oilfield Solutions Inc.(a)		1,651,705		7,597,843
Oceaneering International Inc.(a)		1,080,338		14,390,102
Oil States International Inc.(a)(b)		657,588		4,201,987
Patterson-UTI Energy Inc.		2,023,147		18,208,323
ProPetro Holding Corp.(a)		925,565		8,006,137
RPC Inc.(a)(b)		727,547		3,535,878
Select Energy Services Inc., Class A(a)(b)		650,512		3,376,157
Solaris Oilfield Infrastructure Inc., Class A		246,565		2,056,352
TETRA Technologies Inc.(a)(b)		315,705		985,000
Tidewater Inc.(a)(b)		438,614		5,289,685
U.S. Silica Holdings Inc.(a)		795,198		6,353,632
				211,869,590
Entertainment — 1.8%
AMC Entertainment Holdings Inc., Class A(a)(b)		5,579,640		212,361,098
Chicken Soup For The Soul Entertainment Inc.(a)		59,039		1,350,222
Cinemark Holdings Inc.(a)		198,185		3,807,134
CuriosityStream Inc.(a)(b)		228,678		2,410,266
Eros STX Global Corp.(a)(b)		3,469,609		3,190,305
IMAX Corp.(a)(b)		489,206		9,285,130
Lions Gate Entertainment Corp., Class A(a)(b)		645,749		9,163,178
Lions Gate Entertainment Corp., Class B, NVS(a)		1,255,426		16,320,538
Madison Square Garden Entertainment Corp.(a)(b)		283,247		20,583,560
Marcus Corp. (The)(a)		251,071		4,381,189
				282,852,620
Equity Real Estate Investment Trusts (REITs) — 10.6%
Acadia Realty Trust		941,949		19,225,179
Agree Realty Corp.		738,814		48,931,651
Alexander & Baldwin Inc.		784,689		18,393,110
American Assets Trust Inc.		541,220		20,252,452
American Finance Trust Inc.		1,198,419		9,635,289
Apartment Investment & Management Co., Class A		1,613,704		11,053,872
Apple Hospitality REIT Inc.		2,304,747		36,253,670
Armada Hoffler Properties Inc.		653,596		8,738,579
Ashford Hospitality Trust Inc.(a)(b)		182,027		2,679,437

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Braemar Hotels & Resorts Inc.(a)		560,093	$	2,716,451
Brandywine Realty Trust		1,837,415		24,658,109
Broadstone Net Lease Inc.		1,673,449		41,518,270
BRT Apartments Corp.		127,998		2,467,801
CareTrust REIT Inc.		1,027,140		20,871,485
CatchMark Timber Trust Inc., Class A		143,233		1,700,176
Centerspace		152,367		14,398,682
Chatham Lodging Trust(a)		507,758		6,220,036
City Office REIT Inc.		462,788		8,265,394
Clipper Realty Inc.		31,796		257,548
Columbia Property Trust Inc.		1,242,060		23,623,981
Community Healthcare Trust Inc.		92,902		4,198,241
CorePoint Lodging Inc.(a)		423,524		6,564,622
Corporate Office Properties Trust		1,226,085		33,079,773
CTO Realty Growth Inc.		63,513		3,414,459
DiamondRock Hospitality Co.(a)		2,278,531		21,532,118
DigitalBridge Group Inc.(a)		5,263,202		31,737,108
Diversified Healthcare Trust		2,597,529		8,805,623
Easterly Government Properties Inc.		906,470		18,727,670
Empire State Realty Trust Inc., Class A		1,548,985		15,536,320
Equity Commonwealth(a)		1,269,393		32,978,830
Essential Properties Realty Trust Inc.		1,269,821		35,453,402
Farmland Partners Inc.		309,823		3,714,778
Four Corners Property Trust Inc.		815,968		21,916,900
Franklin Street Properties Corp., Class C		1,145,289		5,314,141
GEO Group Inc. (The)		1,218,065		9,098,946
Getty Realty Corp.		422,811		12,392,590
Gladstone Commercial Corp.		287,223		6,040,300
Gladstone Land Corp.(b)		126,056		2,870,295
Global Medical REIT Inc.		637,463		9,370,706
Global Net Lease Inc.		1,094,681		17,536,790
Healthcare Realty Trust Inc.		1,570,505		46,769,639
Hersha Hospitality Trust, Class A(a)		342,237		3,193,071
Independence Realty Trust Inc.		1,134,286		23,082,720
Indus Realty Trust Inc.		11,909		834,821
Industrial Logistics Properties Trust		706,701		17,957,272
Innovative Industrial Properties Inc.		122,871		28,404,089
iStar Inc.		746,142		18,713,241
Kite Realty Group Trust		904,471		18,415,030
Lexington Realty Trust		2,964,301		37,794,838
LTC Properties Inc.		418,651		13,267,050
Macerich Co. (The)		2,315,613		38,693,893
Mack-Cali Realty Corp.(a)		949,568		16,256,604
Monmouth Real Estate Investment Corp.		874,022		16,300,510
National Health Investors Inc.		474,401		25,380,454
NETSTREIT Corp.		426,309		10,082,208
NexPoint Residential Trust Inc.		192,130		11,889,004
Office Properties Income Trust		517,343		13,104,298
One Liberty Properties Inc.		176,271		5,374,503
Outfront Media Inc.		1,265,588		31,892,818
Paramount Group Inc.		2,022,076		18,178,463
Pebblebrook Hotel Trust(b)		1,400,337		31,381,552
Phillips Edison & Co. Inc.(b)		177,408		5,448,200
Physicians Realty Trust		2,322,266		40,918,327
Piedmont Office Realty Trust Inc., Class A		1,342,771		23,404,499
Plymouth Industrial REIT Inc.		317,631		7,226,105
Postal Realty Trust Inc., Class A		130,998		2,441,803
PotlatchDeltic Corp.		712,395		36,745,334
Preferred Apartment Communities Inc.		557,898		6,823,093
PS Business Parks Inc.		33,077		5,184,489

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Retail Opportunity Investments Corp.		1,276,910	$	22,243,772
Retail Properties of America Inc., Class A		2,325,929		29,957,966
Retail Value Inc.		188,708		4,968,682
RLJ Lodging Trust		1,780,926		26,464,560
RPT Realty		874,546		11,159,207
Ryman Hospitality Properties Inc.(a)(b)		45,992		3,849,530
Sabra Health Care REIT Inc.		2,385,880		35,120,154
Safehold Inc.(b)		65,687		4,722,238
Saul Centers Inc.		12,001		528,764
Seritage Growth Properties, Class A(a)		403,446		5,983,104
Service Properties Trust		1,780,375		19,958,004
SITE Centers Corp.		1,878,311		29,001,122
STAG Industrial Inc.		1,763,435		69,214,824
Summit Hotel Properties Inc.(a)		1,124,366		10,827,645
Sunstone Hotel Investors Inc.(a)		2,342,601		27,970,656
Tanger Factory Outlet Centers Inc.		800,066		13,041,076
Terreno Realty Corp.		748,917		47,354,022
UMH Properties Inc.		65,091		1,490,584
Uniti Group Inc.		2,110,509		26,106,996
Universal Health Realty Income Trust		10,148		560,880
Urban Edge Properties		1,254,127		22,963,065
Urstadt Biddle Properties Inc., Class A		326,137		6,173,773
Washington REIT		919,024		22,745,844
Whitestone REIT		456,210		4,461,734
Xenia Hotels & Resorts Inc.(a)		1,236,172		21,929,691
				1,646,100,605
Food & Staples Retailing — 0.9%
Andersons Inc. (The)		203,764		6,282,044
BJ’s Wholesale Club Holdings Inc.(a)(b)		376,469		20,675,677
Chefs’ Warehouse Inc. (The)(a)(b)		320,497		10,438,587
HF Foods Group Inc.(a)(b)		396,234		2,397,216
Ingles Markets Inc., Class A		153,169		10,113,749
Natural Grocers by Vitamin Cottage Inc.		96,949		1,087,768
Performance Food Group Co.(a)		141,575		6,577,574
PriceSmart Inc.		236,520		18,342,126
Rite Aid Corp.(a)(b)		594,933		8,448,049
SpartanNash Co.		386,682		8,468,336
Sprouts Farmers Market Inc.(a)(b)		688,375		15,949,649
United Natural Foods Inc.(a)(b)		566,714		27,440,292
Village Super Market Inc., Class A		94,817		2,055,633
Weis Markets Inc.		177,651		9,335,560
				147,612,260
Food Products — 1.0%
B&G Foods Inc.		693,229		20,720,615
Cal-Maine Foods Inc.		385,736		13,948,214
Fresh Del Monte Produce Inc.		365,562		11,778,408
Hostess Brands Inc.(a)(b)		1,410,438		24,499,308
John B Sanfilippo & Son Inc.		31,582		2,580,881
Laird Superfood Inc.(a)(b)		15,569		297,057
Lancaster Colony Corp.		24,965		4,214,342
Landec Corp.(a)(b)		285,567		2,632,928
Limoneira Co.		133,678		2,161,573
Mission Produce Inc.(a)		357,422		6,569,416
Sanderson Farms Inc.		32,139		6,048,560
Seneca Foods Corp., Class A(a)		70,410		3,395,170
Simply Good Foods Co. (The)(a)		867,035		29,904,037
Tootsie Roll Industries Inc.(b)		168,082		5,114,735
TreeHouse Foods Inc.(a)(b)		562,324		22,425,481

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Whole Earth Brands Inc.(a)(b)		394,110	$	4,551,970
				160,842,695
Gas Utilities — 1.6%
Brookfield Infrastructure Corp., Class A(b)		581,350		34,811,238
Chesapeake Utilities Corp.		185,512		22,270,716
New Jersey Resources Corp.		1,048,036		36,482,133
Northwest Natural Holding Co.		330,427		15,196,338
ONE Gas Inc.		572,327		36,268,362
South Jersey Industries Inc.		1,116,433		23,735,365
Southwest Gas Holdings Inc.		639,084		42,741,938
Spire Inc.		549,130		33,595,773
				245,101,863
Health Care Equipment & Supplies — 1.2%
Alphatec Holdings Inc.(a)(b)		61,583		750,697
AngioDynamics Inc.(a)		403,497		10,466,712
Asensus Surgical Inc.(a)(b)		1,799,984		3,329,970
Avanos Medical Inc.(a)		521,295		16,264,404
Bioventus Inc., Class A(a)(b)		15,417		218,305
CryoLife Inc.(a)(b)		49,896		1,112,182
CVRx Inc.(a)(b)		12,807		211,828
DarioHealth Corp.(a)(b)		142,498		1,945,098
Haemonetics Corp.(a)		173,262		12,230,565
Integer Holdings Corp.(a)(b)		356,394		31,840,240
Invacare Corp.(a)		368,300		1,753,108
Lantheus Holdings Inc.(a)		619,716		15,914,307
LivaNova PLC(a)		112,855		8,936,987
Meridian Bioscience Inc.(a)(b)		407,785		7,845,783
Merit Medical Systems Inc.(a)		62,164		4,463,375
Mesa Laboratories Inc.		53,252		16,101,275
Misonix Inc.(a)		64,856		1,640,857
Natus Medical Inc.(a)(b)		368,330		9,237,716
Neogen Corp.(a)		68,880		2,991,458
Neuronetics Inc.(a)(b)		25,034		164,223
OraSure Technologies Inc.(a)(b)		782,991		8,855,628
Orthofix Medical Inc.(a)(b)		202,499		7,719,262
RxSight Inc.(a)		11,732		148,644
SeaSpine Holdings Corp.(a)(b)		176,005		2,768,559
Sientra Inc.(a)(b)		82,644		473,550
Sight Sciences Inc.(a)(b)		19,378		439,881
Talis Biomedical Corp.(a)(b)		152,209		951,306
Utah Medical Products Inc.		31,062		2,883,796
Varex Imaging Corp.(a)(b)		363,553		10,252,195
				181,911,911
Health Care Providers & Services — 1.9%
AdaptHealth Corp.(a)(b)		778,194		18,124,138
Addus HomeCare Corp.(a)(b)		96,435		7,690,691
Apria Inc.(a)(b)		82,722		3,073,122
Brookdale Senior Living Inc.(a)(b)		2,015,733		12,699,118
Castle Biosciences Inc.(a)(b)		18,694		1,243,151
Community Health Systems Inc.(a)		177,399		2,075,568
Covetrus Inc.(a)		1,122,103		20,354,948
Cross Country Healthcare Inc.(a)		339,118		7,202,866
Exagen Inc.(a)(b)		71,566		973,298
Fulgent Genetics Inc.(a)(b)		196,424		17,668,339
LifeStance Health Group Inc.(a)(b)		176,194		2,554,813
Magellan Health Inc.(a)		254,806		24,091,907
MEDNAX Inc.(a)		387,219		11,008,636
ModivCare Inc.(a)(b)		90,198		16,381,761
National HealthCare Corp.		136,868		9,578,023

Security	Shares		Value
Health Care Providers & Services (continued)
Option Care Health Inc.(a)		1,619,930	$	39,299,502
Owens & Minor Inc.		138,478		4,332,977
Patterson Companies Inc.		693,589		20,904,772
SOC Telemed Inc.(a)(b)		85,247		192,658
Tenet Healthcare Corp.(a)(b)		1,010,799		67,157,486
Tivity Health Inc.(a)(b)		197,026		4,543,420
Triple-S Management Corp.(a)		245,523		8,684,149
Viemed Healthcare Inc.(a)		309,595		1,718,252
				301,553,595
Health Care Technology — 0.6%
Allscripts Healthcare Solutions Inc.(a)(b)		1,345,936		17,995,164
American Well Corp., Class A(a)(b)		1,986,468		18,096,723
Castlight Health Inc., Class B(a)		1,296,036		2,034,777
Computer Programs & Systems Inc.		152,419		5,404,778
Convey Holding Parent Inc.(a)(b)		44,395		372,918
Evolent Health Inc., Class A(a)(b)		671,698		20,822,638
Forian Inc.(a)(b)		15,902		164,109
HealthStream Inc.(a)(b)		275,378		7,870,303
Multiplan Corp.(a)(b)		2,094,681		11,793,054
NantHealth Inc.(a)(b)		95,759		154,172
NextGen Healthcare Inc.(a)(b)		613,173		8,645,739
				93,354,375
Hotels, Restaurants & Leisure — 0.5%
Biglari Holdings Inc., Class B, NVS(a)(b)		8,840		1,518,800
BJ’s Restaurants Inc.(a)		19,364		808,640
Bluegreen Vacations Holding Corp.(a)		143,819		3,710,530
Carrols Restaurant Group Inc.		363,751		1,331,328
Chuy’s Holdings Inc.(a)		117,690		3,710,766
Dave & Buster’s Entertainment Inc.(a)		252,739		9,687,486
Del Taco Restaurants Inc.		316,471		2,762,792
Denny’s Corp.(a)(b)		164,148		2,682,178
Drive Shack Inc.(a)(b)		494,484		1,389,500
El Pollo Loco Holdings Inc.(a)(b)		206,286		3,486,233
F45 Training Holdings Inc.(a)		87,904		1,315,044
Fiesta Restaurant Group Inc.(a)(b)		191,908		2,103,312
GAN Ltd.(a)(b)		388,378		5,775,181
Hall of Fame Resort & Entertainment Co.(a)(b)		590,278		1,564,237
Jack in the Box Inc.		204,682		19,921,699
Krispy Kreme Inc.(a)(b)		62,774		878,836
Monarch Casino & Resort Inc.(a)(b)		26,522		1,776,709
Nathan’s Famous Inc.		10,522		643,631
SeaWorld Entertainment Inc.(a)(b)		252,081		13,945,121
Target Hospitality Corp.(a)(b)		81,440		303,771
Xponential Fitness Inc., Class A(a)(b)		35,214		446,866
				79,762,660
Household Durables — 1.6%
Bassett Furniture Industries Inc.		101,135		1,831,555
Beazer Homes USA Inc.(a)(b)		317,924		5,484,189
Cavco Industries Inc.(a)		29,440		6,969,626
Century Communities Inc.		114,979		7,065,459
Ethan Allen Interiors Inc.		244,948		5,805,268
Flexsteel Industries Inc.		72,281		2,232,037
Green Brick Partners Inc.(a)(b)		238,682		4,897,755
Hamilton Beach Brands Holding Co., Class A		47,974		751,753
Hooker Furniture Corp.		120,334		3,247,815
Hovnanian Enterprises Inc., Class A(a)		55,863		5,384,634
iRobot Corp.(a)(b)		28,098		2,205,693
KB Home		738,238		28,732,223
Landsea Homes Corp.(a)(b)		87,941		761,569

S C H E D U L E   O F   I N V E S  T M E N T S 99

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
La-Z-Boy Inc.		479,973	$	15,469,530
Legacy Housing Corp.(a)(b)		88,678		1,593,544
Lifetime Brands Inc.		134,512		2,446,773
M/I Homes Inc.(a)(b)		306,721		17,728,474
MDC Holdings Inc.		450,450		21,045,024
Meritage Homes Corp.(a)		382,133		37,066,901
Snap One Holdings Corp.(a)(b)		69,906		1,165,333
Taylor Morrison Home Corp.(a)		1,154,648		29,766,825
Traeger Inc.(a)(b)		165,719		3,468,499
TRI Pointe Homes Inc.(a)		1,130,782		23,769,038
Tupperware Brands Corp.(a)(b)		536,988		11,341,186
Universal Electronics Inc.(a)(b)		141,341		6,961,044
VOXX International Corp.(a)(b)		168,872		1,933,584
Weber Inc., Class A(a)(b)		125,882		2,214,264
				251,339,595
Household Products — 0.1%
Central Garden & Pet Co.(a)(b)		63,649		3,055,152
Central Garden & Pet Co., Class A, NVS(a)		272,160		11,702,880
Oil-Dri Corp. of America		57,283		2,004,905
				16,762,937
Independent Power and Renewable Electricity Producers — 0.6%
Clearway Energy Inc., Class A		288,190		8,126,958
Clearway Energy Inc., Class C		656,975		19,886,633
Ormat Technologies Inc.(b)		491,194		32,718,432
Sunnova Energy International Inc.(a)(b)		795,636		26,208,250
				86,940,273
Insurance — 2.6%
Ambac Financial Group Inc.(a)		492,457		7,051,984
American Equity Investment Life Holding Co.		896,091		26,497,411
American National Group Inc.		81,085		15,327,498
AMERISAFE Inc.		210,447		11,818,703
Argo Group International Holdings Ltd.		345,048		18,018,407
Bright Health Group Inc.(a)(b)		150,479		1,227,909
Citizens Inc./TX(a)(b)		553,534		3,437,446
CNO Financial Group Inc.		1,389,859		32,717,281
Crawford & Co., Class A, NVS		204,676		1,835,944
Donegal Group Inc., Class A		168,433		2,440,594
eHealth Inc.(a)(b)		185,460		7,511,130
Employers Holdings Inc.		285,549		11,276,330
Enstar Group Ltd.(a)(b)		134,997		31,687,846
Genworth Financial Inc., Class A(a)		5,458,074		20,467,777
Goosehead Insurance Inc., Class A		161,914		24,657,883
Greenlight Capital Re Ltd., Class A(a)		298,369		2,204,947
HCI Group Inc.		61,832		6,849,131
Heritage Insurance Holdings Inc.		286,904		1,953,816
Horace Mann Educators Corp.		426,627		16,975,488
Independence Holding Co.		47,046		2,333,011
Investors Title Co.		12,576		2,296,378
James River Group Holdings Ltd.		327,903		12,371,780
Maiden Holdings Ltd.(a)		728,635		2,302,487
MBIA Inc.(a)(b)		527,966		6,784,363
MetroMile Inc.(a)(b)		419,595		1,489,562
National Western Life Group Inc., Class A		28,335		5,967,068
NI Holdings Inc.(a)(b)		110,274		1,936,411
ProAssurance Corp.		555,987		13,221,371
RLI Corp.		33,722		3,381,305
Safety Insurance Group Inc.		157,282		12,464,598
Selective Insurance Group Inc.		646,379		48,821,006
SiriusPoint Ltd.(a)(b)		968,893		8,971,949

Security	Shares		Value
Insurance (continued)
State Auto Financial Corp.		191,574	$	9,760,695
Stewart Information Services Corp.		271,872		17,198,623
Tiptree Inc.		257,623		2,581,382
Trean Insurance Group Inc.(a)(b)		201,519		2,085,722
United Fire Group Inc.		231,591		5,349,752
United Insurance Holdings Corp.		271,820		986,707
Universal Insurance Holdings Inc.		295,370		3,851,625
				408,113,320
Interactive Media & Services — 0.1%
Cars.com Inc.(a)(b)		648,166		8,199,300
Liberty TripAdvisor Holdings Inc., Class A(a)(b)		197,063		608,925
MediaAlpha Inc., Class A(a)(b)		20,161		376,607
Outbrain Inc.(a)(b)		43,610		645,428
TrueCar Inc.(a)(b)		1,032,216		4,294,018
Yelp Inc.(a)		56,991		2,122,345
				16,246,623
Internet & Direct Marketing Retail — 0.2%
1stdibs.com Inc.(a)		13,147		163,023
Groupon Inc.(a)(b)		37,452		854,280
Lands’ End Inc.(a)(b)		159,221		3,748,062
PetMed Express Inc.		32,315		868,304
Revolve Group Inc.(a)		144,678		8,936,760
Stamps.com Inc.(a)		62,293		20,543,609
Xometry Inc., Class A(a)(b)		18,434		1,063,089
				36,177,127
IT Services — 0.6%
Cass Information Systems Inc.		129,664		5,426,438
Conduent Inc.(a)		1,814,467		11,957,338
CSG Systems International Inc.		187,575		9,041,115
DigitalOcean Holdings Inc.(a)		29,563		2,294,976
Flywire Corp.(a)(b)		18,982		832,171
Hackett Group Inc. (The)		16,075		315,391
Limelight Networks Inc.(a)(b)		1,381,452		3,287,856
LiveRamp Holdings Inc.(a)		713,390		33,693,410
MoneyGram International Inc.(a)(b)		966,554		7,751,763
Rackspace Technology Inc.(a)(b)		168,826		2,400,706
Repay Holdings Corp.(a)(b)		520,583		11,989,026
StarTek Inc.(a)(b)		190,347		1,048,812
Unisys Corp.(a)(b)		156,394		3,931,745
				93,970,747
Leisure Products — 0.6%
Acushnet Holdings Corp.		260,370		12,159,279
American Outdoor Brands Inc.(a)(b)		152,900		3,755,224
Callaway Golf Co.(a)		1,248,240		34,488,871
Escalade Inc.		85,652		1,619,679
Genius Brands International Inc.(a)(b)		3,038,205		4,131,959
Johnson Outdoors Inc., Class A		22,064		2,334,371
Nautilus Inc.(a)(b)		238,968		2,224,792
Sturm Ruger & Co. Inc.		14,437		1,065,162
Vista Outdoor Inc.(a)		623,360		25,127,642
				86,906,979
Life Sciences Tools & Services — 0.4%
Absci Corp.(a)		58,255		677,505
Alpha Teknova Inc.(a)(b)		32,662		812,957
Codex DNA Inc.(a)(b)		26,541		295,401
Contra Aduro Biotech I(a)(d)		19,180		57,540
Cytek Biosciences Inc.(a)		27,072		579,612
Fluidigm Corp.(a)(b)		742,316		4,891,862
Harvard Bioscience Inc.(a)(b)		64,699		451,599

100 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^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
NanoString Technologies Inc.(a)(b)		40,468	$	1,942,869
Pacific Biosciences of California Inc.(a)(b)		1,144,619		29,245,015
Personalis Inc.(a)(b)		362,713		6,978,598
Rapid Micro Biosystems Inc., Cass A(a)		31,531		582,378
Seer Inc.(a)(b)		275,538		9,514,327
Singular Genomics Systems Inc.(a)(b)		47,578		532,398
				56,562,061
Machinery — 3.7%
AgEagle Aerial Systems Inc.(a)(b)		256,459		771,942
Alamo Group Inc.		11,869		1,656,082
Albany International Corp., Class A		266,302		20,470,635
Altra Industrial Motion Corp.		701,966		38,853,818
Astec Industries Inc.		247,114		13,297,204
Barnes Group Inc.		510,945		21,321,735
Blue Bird Corp.(a)(b)		87,902		1,833,636
Chart Industries Inc.(a)(b)		157,930		30,182,002
Columbus McKinnon Corp./NY(b)		301,504		14,577,718
Commercial Vehicle Group Inc.(a)		222,720		2,106,931
Desktop Metal Inc., Class A(a)(b)		337,929		2,422,951
EnPro Industries Inc.		221,398		19,288,194
ESCO Technologies Inc.		253,872		19,548,144
ExOne Co. (The)(a)(b)		178,015		4,161,991
Gorman-Rupp Co. (The)		195,652		7,006,298
Greenbrier Companies Inc. (The)		345,139		14,837,526
Hillenbrand Inc.		356,403		15,200,588
Hyliion Holdings Corp.(a)(b)		1,040,166		8,737,394
Hyster-Yale Materials Handling Inc.		109,354		5,496,132
Ideanomics Inc.(a)(b)		4,498,218		8,861,489
Kennametal Inc.		905,429		30,992,835
Lindsay Corp.		10,496		1,593,188
Luxfer Holdings PLC		170,837		3,353,530
Lydall Inc.(a)		105,599		6,556,642
Manitowoc Co. Inc. (The)(a)(b)		376,755		8,070,092
Mayville Engineering Co. Inc.(a)		98,162		1,845,446
Meritor Inc.(a)(b)		109,714		2,338,005
Miller Industries Inc./TN		117,056		3,984,586
Mueller Industries Inc.		373,033		15,331,656
Mueller Water Products Inc., Class A		1,564,532		23,812,177
NN Inc.(a)(b)		461,408		2,422,392
Park-Ohio Holdings Corp.		92,404		2,358,150
Proto Labs Inc.(a)(b)		252,761		16,833,883
RBC Bearings Inc.(a)(b)		259,263		55,015,609
REV Group Inc.		262,978		4,512,703
Rexnord Corp.		617,125		39,674,966
SPX Corp.(a)		79,221		4,234,362
SPX FLOW Inc.		413,289		30,211,426
Standex International Corp.		128,426		12,702,616
Titan International Inc.(a)		462,676		3,312,760
Trinity Industries Inc.		854,079		23,205,326
Wabash National Corp.		500,186		7,567,814
Watts Water Technologies Inc., Class A		130,423		21,922,802
				572,485,376
Marine — 0.4%
Costamare Inc.		572,082		8,861,550
Eagle Bulk Shipping Inc.(a)		96,101		4,845,412
Genco Shipping & Trading Ltd.		354,144		7,128,919
Matson Inc.		465,948		37,606,663
Safe Bulkers Inc.(a)(b)		664,974		3,437,916
				61,880,460

Security	Shares		Value
Media — 1.5%
Advantage Solutions Inc.(a)(b)		833,631	$	7,210,908
AMC Networks Inc., Class A(a)(b)		154,225		7,185,343
Boston Omaha Corp., Class A(a)(b)		192,143		7,451,306
Clear Channel Outdoor Holdings Inc.(a)(b)		3,631,536		9,841,463
comScore Inc.(a)(b)		737,459		2,876,090
Daily Journal Corp.(a)(b)		12,659		4,055,564
Digital Media Solutions Inc., Class A(a)(b)		16,294		118,132
Emerald Holding Inc.(a)		292,495		1,269,428
Entercom Communications Corp.(a)		1,285,715		4,731,431
Entravision Communications Corp., Class A		646,482		4,590,022
EW Scripps Co. (The), Class A		619,263		11,183,890
Fluent Inc.(a)(b)		479,524		1,088,519
Gannett Co. Inc.(a)		1,523,829		10,179,178
Gray Television Inc.		917,277		20,932,261
Hemisphere Media Group Inc.(a)(b)		179,784		2,189,769
Iheartmedia Inc., Class A(a)(b)		660,099		16,515,677
Integral Ad Science Holding Corp.(a)		94,015		1,939,529
John Wiley & Sons Inc., Class A		467,590		24,412,874
Meredith Corp.(a)		160,705		8,951,269
National CineMedia Inc.		580,851		2,067,830
Scholastic Corp.		287,005		10,231,728
Sinclair Broadcast Group Inc., Class A		421,287		13,346,372
Stagwell Inc.(a)(b)		617,502		4,736,240
TEGNA Inc.		2,395,106		47,231,490
Thryv Holdings Inc.(a)(b)		17,162		515,546
WideOpenWest Inc.(a)		215,143		4,227,560
				229,079,419
Metals & Mining — 1.6%
Allegheny Technologies Inc.(a)(b)		537,457		8,937,910
Arconic Corp.(a)(b)		1,196,351		37,732,910
Carpenter Technology Corp.		515,517		16,878,027
Century Aluminum Co.(a)(b)		526,071		7,075,655
Coeur Mining Inc.(a)(b)		873,746		5,391,013
Commercial Metals Co.		1,293,254		39,392,517
Constellium SE(a)(b)		1,330,882		24,993,964
Ferroglobe PLC(a)(d)		532,035		5
Gatos Silver Inc.(a)		78,467		912,571
Haynes International Inc.		138,756		5,168,661
Hecla Mining Co.		4,059,522		22,327,371
Kaiser Aluminum Corp.		150,489		16,397,281
Materion Corp.		134,706		9,246,220
Olympic Steel Inc.		103,905		2,531,126
PolyMet Mining Corp.(a)(b)		177,303		540,774
Ryerson Holding Corp.		67,040		1,492,981
Schnitzer Steel Industries Inc., Class A		257,196		11,267,757
SunCoke Energy Inc.		904,382		5,679,519
TimkenSteel Corp.(a)(b)		505,157		6,607,454
Warrior Met Coal Inc.		499,460		11,622,434
Worthington Industries Inc.		365,887		19,282,245
				253,478,395
Mortgage Real Estate Investment — 2.6%
AFC Gamma Inc.		92,597		1,998,243
Angel Oak Mortgage Inc.		64,834		1,097,640
Apollo Commercial Real Estate Finance Inc.		1,526,259		22,634,421
Arbor Realty Trust Inc.		1,471,471		27,266,358
Ares Commercial Real Estate Corp.		467,302		7,046,914
ARMOUR Residential REIT Inc.		889,074		9,584,218
Blackstone Mortgage Trust Inc., Class A		1,603,263		48,610,934
BrightSpire Capital Inc.		919,348		8,632,678

S C H E D U L E   O F   I N V E S  T M E N T S 101

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Broadmark Realty Capital Inc.		1,398,182	$	13,786,074
Capstead Mortgage Corp.		1,012,109		6,771,009
Chimera Investment Corp.		2,555,939		37,955,694
Dynex Capital Inc.		358,493		6,194,759
Ellington Financial Inc.		503,973		9,217,666
Granite Point Mortgage Trust Inc.		582,504		7,671,578
Great Ajax Corp.		223,430		3,014,071
Hannon Armstrong Sustainable Infrastructure Capital Inc.		783,260		41,888,745
Invesco Mortgage Capital Inc.		3,148,820		9,918,783
KKR Real Estate Finance Trust Inc.		340,596		7,186,576
Ladder Capital Corp.		1,233,661		13,631,954
MFA Financial Inc.		4,799,392		21,933,221
New York Mortgage Trust Inc.		4,122,646		17,562,472
Orchid Island Capital Inc.		1,310,153		6,406,648
PennyMac Mortgage Investment Trust		854,145		16,818,115
Ready Capital Corp.		618,135		8,919,688
Redwood Trust Inc.		1,228,207		15,831,588
TPG RE Finance Trust Inc.		656,175		8,123,446
Two Harbors Investment Corp.		3,400,496		21,559,145
				401,262,638
Multi-Utilities — 0.7%
Avista Corp.		744,789		29,136,146
Black Hills Corp.		683,574		42,901,104
NorthWestern Corp.		562,538		32,233,427
Unitil Corp.		166,383		7,117,865
				111,388,542
Multiline Retail — 0.7%
Big Lots Inc.		370,675		16,072,468
Dillard’s Inc., Class A		65,367		11,277,115
Franchise Group Inc.		265,194		9,390,520
Macy’s Inc.		3,231,792		73,038,499
				109,778,602
Oil, Gas & Consumable Fuels — 5.7%
Aemetis Inc.(a)(b)		301,191		5,505,771
Alto Ingredients Inc.(a)(b)		823,088		4,066,055
Altus Midstream Co., Class A(b)		31,676		2,186,594
Antero Resources Corp.(a)(b)		2,725,042		51,258,040
Arch Resources Inc.(a)		130,929		12,143,665
Berry Corp.		748,955		5,399,966
Bonanza Creek Energy Inc.		333,778		15,987,966
Brigham Minerals Inc., Class A		474,026		9,082,338
California Resources Corp.(a)(b)		894,875		36,689,875
Callon Petroleum Co.(a)(b)		57,750		2,834,370
Centennial Resource Development Inc./DE, Class A(a)(b)		1,702,251		11,405,082
Centrus Energy Corp., Class A(a)		102,332		3,956,155
Chesapeake Energy Corp.		1,070,083		65,906,412
Clean Energy Fuels Corp.(a)(b)		1,679,755		13,690,003
CNX Resources Corp.(a)		2,335,943		29,479,601
Comstock Resources Inc.(a)(b)		990,589		10,252,596
CONSOL Energy Inc.(a)(b)		369,023		9,601,978
CVR Energy Inc.		345,585		5,757,446
Delek U.S. Holdings Inc.		733,916		13,188,471
DHT Holdings Inc.		1,542,648		10,073,491
Dorian LPG Ltd.		272,775		3,385,138
Earthstone Energy Inc., Class A(a)(b)		220,667		2,030,136
Energy Fuels Inc./Canada(a)(b)		223,896		1,571,750
Equitrans Midstream Corp.		4,415,164		44,769,763

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Escrow PetroCorp.(a)(d)		19,086	$	0	(e)
Extraction Oil & Gas Inc.(a)		101,636		5,737,352
Falcon Minerals Corp.		98,407		462,513
Frontline Ltd./Bermuda		1,288,478		12,073,039
Gevo Inc.(a)(b)		2,134,788		14,174,992
Golar LNG Ltd.(a)(b)		1,115,709		14,470,746
Green Plains Inc.(a)(b)		384,107		12,541,094
HighPeak Energy Inc.(b)		37,532		337,788
International Seaways Inc.		491,512		8,955,349
Laredo Petroleum Inc.(a)(b)		98,459		7,982,071
Murphy Oil Corp.		1,587,022		39,627,939
Nordic American Tankers Ltd.		1,651,988		4,229,089
Northern Oil and Gas Inc.		563,786		12,065,020
Oasis Petroleum Inc.		31,561		3,137,795
Ovintiv Inc.		2,676,818		88,013,776
Par Pacific Holdings Inc.(a)		90,943		1,429,624
PBF Energy Inc., Class A(a)		1,046,265		13,570,057
PDC Energy Inc.		1,071,467		50,776,821
Peabody Energy Corp.(a)		870,688		12,877,476
Penn Virginia Corp.(a)(b)		168,206		4,486,054
Range Resources Corp.(a)		2,590,341		58,619,417
Renewable Energy Group Inc.(a)(b)		485,002		24,347,100
REX American Resources Corp.(a)(b)		61,178		4,886,287
Riley Exploration Permian Inc.(b)		27,232		639,407
Scorpio Tankers Inc.		529,858		9,823,567
SFL Corp. Ltd.		1,133,187		9,496,107
SM Energy Co.		1,295,429		34,173,417
Talos Energy Inc.(a)(b)		336,506		4,633,688
Teekay Corp.(a)		713,766		2,612,384
Teekay Tankers Ltd., Class A(a)		249,439		3,624,349
Ur-Energy Inc.(a)		150,837		259,440
W&T Offshore Inc.(a)(b)		1,031,587		3,837,504
Whiting Petroleum Corp.(a)(b)		426,522		24,913,150
World Fuel Services Corp.		691,278		23,240,766
				882,277,840
Paper & Forest Products — 0.4%
Clearwater Paper Corp.(a)(b)		177,917		6,819,559
Domtar Corp.(a)		536,880		29,281,435
Glatfelter Corp.		469,885		6,625,379
Neenah Inc.		181,748		8,471,274
Schweitzer-Mauduit International Inc.		338,842		11,744,264
Verso Corp., Class A		293,371		6,087,448
				69,029,359
Personal Products — 0.3%
Beauty Health Co. (The)(a)(b)		79,516		2,065,030
BellRing Brands Inc., Class A(a)(b)		146,857		4,515,853
Edgewell Personal Care Co.		587,982		21,343,747
Honest Co. Inc. (The)(a)(b)		77,724		806,775
Nature’s Sunshine Products Inc.		119,889		1,756,374
Nu Skin Enterprises Inc., Class A		297,991		12,059,696
Revlon Inc., Class A(a)(b)		88,480		894,533
Veru Inc.(a)(b)		190,008		1,620,768
				45,062,776
Pharmaceuticals — 1.0%
Amphastar Pharmaceuticals Inc.(a)		281,289		5,347,304
ANI Pharmaceuticals Inc.(a)(b)		105,803		3,472,455
Atea Pharmaceuticals Inc.(a)		637,137		22,338,023
Athira Pharma Inc.(a)		361,199		3,388,047
Avalo Therapeutics Inc.(a)		46,021		100,326

102 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^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Cara Therapeutics Inc.(a)(b)		481,342	$	7,436,734
Citius Pharmaceuticals Inc.(a)(b)		1,273,046		2,584,283
CorMedix Inc.(a)(b)		387,577		1,802,233
Cymabay Therapeutics Inc.(a)(b)		770,937		2,813,920
Cyteir Therapeutics Inc.(a)(b)		33,733		592,014
Endo International PLC(a)(b)		2,512,267		8,139,745
EyePoint Pharmaceuticals Inc.(a)(b)		218,409		2,275,822
Fulcrum Therapeutics Inc.(a)		287,305		8,104,874
Ikena Oncology Inc.(a)(b)		97,634		1,232,141
Innoviva Inc.(a)(b)		407,220		6,804,646
Kala Pharmaceuticals Inc.(a)(b)		174,539		457,292
KemPharm Inc.(a)(b)		159,262		1,485,915
NGM Biopharmaceuticals Inc.(a)(b)		309,844		6,512,921
Nuvation Bio Inc.(a)(b)		110,278		1,096,163
Pliant Therapeutics Inc.(a)(b)		24,457		412,834
Prestige Consumer Healthcare Inc.(a)		543,429		30,491,801
Provention Bio Inc.(a)		601,127		3,847,213
Rain Therapeutics Inc.(a)(b)		26,145		391,129
Reata Pharmaceuticals Inc., Class A(a)(b)		39,203		3,944,214
Supernus Pharmaceuticals Inc.(a)(b)		532,424		14,199,748
Tarsus Pharmaceuticals Inc.(a)(b)		20,659		445,201
Terns Pharmaceuticals Inc.(a)(b)		37,850		394,397
Theravance Biopharma Inc.(a)		52,034		385,052
Zogenix Inc.(a)(b)		600,973		9,128,780
				149,625,227
Professional Services — 1.1%
Acacia Research Corp.(a)(b)		534,585		3,629,832
ASGN Inc.(a)(b)		59,986		6,786,816
Atlas Technical Consultants Inc.(a)(b)		123,472		1,255,710
Barrett Business Services Inc.		79,933		6,095,691
CBIZ Inc.(a)(b)		542,178		17,534,036
CRA International Inc.		12,477		1,239,465
First Advantage Corp.(a)(b)		20,955		399,193
GP Strategies Corp.(a)(b)		138,705		2,871,193
Heidrick & Struggles International Inc.		120,152		5,362,384
Huron Consulting Group Inc.(a)(b)		214,416		11,149,632
ICF International Inc.		200,061		17,863,447
KBR Inc.		188,886		7,442,108
Kelly Services Inc., Class A, NVS		386,816		7,303,086
Korn Ferry		594,583		43,024,026
ManTech International Corp./VA, Class A		297,505		22,586,580
Mistras Group Inc.(a)(b)		217,361		2,208,388
Resources Connection Inc.		345,045		5,444,810
TrueBlue Inc.(a)(b)		380,382		10,300,745
Willdan Group Inc.(a)(b)		24,529		872,987
				173,370,129
Real Estate Management & Development — 0.5%
Forestar Group Inc.(a)		141,106		2,628,805
FRP Holdings Inc.(a)(b)		73,279		4,097,762
Kennedy-Wilson Holdings Inc.		1,302,969		27,258,111
Marcus & Millichap Inc.(a)		230,291		9,354,420
RE/MAX Holdings Inc., Class A		202,022		6,295,006
Realogy Holdings Corp.(a)		1,247,819		21,886,745
RMR Group Inc. (The), Class A		151,870		5,080,051
Tejon Ranch Co.(a)		225,243		4,000,316
				80,601,216
Road & Rail — 0.9%
ArcBest Corp.		274,602		22,454,206
Avis Budget Group Inc.(a)(b)		527,703		61,482,676

Security	Shares		Value
Road & Rail (continued)
Covenant Logistics Group Inc., Class A(a)(b)		132,399	$	3,660,832
Heartland Express Inc.		511,148		8,188,591
Marten Transport Ltd.		638,196		10,013,295
PAM Transportation Services Inc.(a)(b)		32,825		1,476,468
U.S. Xpress Enterprises Inc., Class A(a)(b)		301,948		2,605,811
Universal Logistics Holdings Inc.		15,533		311,903
Werner Enterprises Inc.		595,481		26,361,944
Yellow Corp.(a)(b)		525,964		2,971,697
				139,527,423
Semiconductors & Semiconductor Equipment — 0.9%
Alpha & Omega Semiconductor Ltd.(a)(b)		41,324		1,296,334
Amkor Technology Inc.		877,366		21,890,282
AXT Inc.(a)(b)		434,854		3,622,334
Cohu Inc.(a)		65,726		2,099,288
Diodes Inc.(a)(b)		107,448		9,733,714
DSP Group Inc.(a)		242,571		5,314,731
FormFactor Inc.(a)(b)		104,609		3,905,054
Ichor Holdings Ltd.(a)		104,183		4,280,880
NeoPhotonics Corp.(a)(b)		553,370		4,819,853
NVE Corp.		1,700		108,749
Onto Innovation Inc.(a)		358,289		25,886,380
PDF Solutions Inc.(a)		320,811		7,391,486
Photronics Inc.(a)		649,002		8,845,897
Rambus Inc.(a)(b)		1,176,127		26,110,019
SkyWater Technology Inc.(a)(b)		5,302		144,214
SunPower Corp.(a)(b)		183,766		4,167,813
Veeco Instruments Inc.(a)(b)		541,330		12,022,939
				141,639,967
Software — 1.4%
A10 Networks Inc.(a)		111,146		1,498,248
Agilysys Inc.(a)		21,992		1,151,501
Alkami Technology Inc.(a)(b)		3,630		89,588
American Software Inc./GA, Class A		75,934		1,803,433
Asana Inc., Class A(a)(b)		65,217		6,772,133
Benefitfocus Inc.(a)(b)		72,179		801,187
Bottomline Technologies DE Inc.(a)		397,143		15,599,777
ChannelAdvisor Corp.(a)(b)		92,419		2,331,731
Cleanspark Inc.(a)(b)		367,552		4,259,928
Cloudera Inc.(a)		979,365		15,640,459
Couchbase Inc.(a)(b)		25,422		790,878
CS Disco Inc.(a)		76,645		3,674,361
E2open Parent Holdings Inc.(a)		1,764,034		19,933,584
Ebix Inc.		292,316		7,872,070
eGain Corp.(a)(b)		129,628		1,322,206
Envestnet Inc.(a)		35,967		2,885,992
EverCommerce Inc.(a)		40,513		668,059
GTY Technology Holdings Inc.(a)(b)		363,623		2,734,445
Instructure Holdings Inc.(a)(b)		107,933		2,438,206
Intapp Inc.(a)(b)		24,270		625,195
InterDigital Inc.		200,589		13,603,946
Kaltura Inc.(a)(b)		84,407		868,548
Marathon Digital Holdings Inc.(a)(b)		972,534		30,712,624
MeridianLink Inc.(a)(b)		29,408		657,563
Model N Inc.(a)		32,110		1,075,685
ON24 Inc.(a)		100,306		2,000,102
Ping Identity Holding Corp.(a)(b)		535,042		13,145,982
QAD Inc., Class A		16,549		1,446,217
Rekor Systems Inc.(a)(b)		121,134		1,391,830
SecureWorks Corp., Class A(a)		108,970		2,166,324

S C H E D U L E   O F   I N V E S  T M E N T S 103

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Smith Micro Software Inc.(a)(b)		459,896	$	2,225,897
Verint Systems Inc.(a)(b)		698,116		31,268,616
VirnetX Holding Corp.(a)(b)		670,360		2,627,811
Xperi Holding Corp.		1,136,976		21,420,628
				217,504,754
Specialty Retail — 1.8%
Aaron’s Co. Inc. (The)		351,934		9,692,262
Abercrombie & Fitch Co., Class A(a)		609,630		22,940,377
Academy Sports & Outdoors Inc.(a)(b)		839,335		33,590,187
America’s Car-Mart Inc./TX(a)(b)		10,351		1,208,790
Barnes & Noble Education Inc.(a)(b)		423,449		4,230,256
Bed Bath & Beyond Inc.(a)		1,012,165		17,485,150
Big 5 Sporting Goods Corp.		228,976		5,275,607
Buckle Inc. (The)		16,543		654,937
CarLotz Inc.(a)(b)		753,858		2,872,199
Cato Corp. (The), Class A		218,244		3,609,756
Chico’s FAS Inc.(a)		1,039,692		4,668,217
Conn’s Inc.(a)(b)		193,510		4,417,833
Container Store Group Inc. (The)(a)(b)		357,257		3,401,087
Genesco Inc.(a)(b)		160,050		9,239,686
Group 1 Automotive Inc.		190,476		35,786,631
Guess? Inc.		380,486		7,994,011
Haverty Furniture Companies Inc.		104,869		3,535,134
Hibbett Inc.		30,753		2,175,467
Lazydays Holdings Inc.(a)(b)		80,113		1,709,611
Lumber Liquidators Holdings Inc.(a)(b)		310,019		5,791,155
MarineMax Inc.(a)(b)		108,827		5,280,286
Monro Inc.		138,671		7,974,969
ODP Corp. (The)(a)		517,187		20,770,230
Rent-A-Center Inc./TX		47,876		2,691,110
Shift Technologies Inc.(a)(b)		535,130		3,713,802
Shoe Carnival Inc.		17,523		568,096
Signet Jewelers Ltd.		125,134		9,880,581
Sleep Number Corp.(a)(b)		128,827		12,042,748
Sonic Automotive Inc., Class A		237,842		12,496,219
Tilly’s Inc., Class A		255,057		3,573,349
Torrid Holdings Inc.(a)(b)		106,727		1,646,798
TravelCenters of America Inc.(a)(b)		137,466		6,844,432
Urban Outfitters Inc.(a)		220,599		6,549,584
Winmark Corp.		24,783		5,329,088
Zumiez Inc.(a)(b)		238,341		9,476,438
				289,116,083
Technology Hardware, Storage & Peripherals — 0.2%
3D Systems Corp.(a)(b)		116,979		3,225,111
Eastman Kodak Co.(a)(b)		27,122		184,701
Quantum Corp.(a)(b)		610,400		3,161,872
Super Micro Computer Inc.(a)(b)		465,049		17,006,842
Turtle Beach Corp.(a)(b)		30,180		839,607
				24,418,133
Textiles, Apparel & Luxury Goods — 0.3%
Fossil Group Inc.(a)(b)		524,419		6,214,365
G-III Apparel Group Ltd.(a)(b)		477,732		13,519,816
Movado Group Inc.		173,454		5,462,066
Oxford Industries Inc.		160,805		14,499,787
Rocky Brands Inc.		70,292		3,346,602
Superior Group of Companies Inc.		96,525		2,248,067
Unifi Inc.(a)		141,874		3,111,297
Vera Bradley Inc.(a)(b)		285,150		2,683,262
			51,085,262

Security	Shares		Value
Thrifts & Mortgage Finance — 3.2%
Axos Financial Inc.(a)		562,709	$	29,002,022
Blue Foundry Bancorp(a)(b)		277,696		3,829,428
Bridgewater Bancshares Inc.(a)(b)		186,578		3,266,981
Capitol Federal Financial Inc.		1,419,300		16,307,757
Columbia Financial Inc.(a)		275,281		5,092,699
Essent Group Ltd.		1,197,621		52,707,300
Federal Agricultural Mortgage Corp., Class C, NVS		98,237		10,660,679
Finance of America Companies Inc., Class A(a)(b)		374,645		1,854,493
Flagstar Bancorp. Inc.		561,869		28,531,708
FS Bancorp. Inc.		81,054		2,805,279
Hingham Institution For Savings (The)		14,958		5,036,359
Home Bancorp. Inc.		84,116		3,253,607
Home Point Capital Inc.		73,386		302,350
HomeStreet Inc.		190,074		7,821,545
Kearny Financial Corp./MD		563,012		6,998,239
Luther Burbank Corp.		169,857		2,277,782
Merchants Bancorp./IN		108,701		4,290,429
Meridian Bancorp. Inc.		508,574		10,557,996
Meta Financial Group Inc.		241,442		12,670,876
Mr Cooper Group Inc.(a)		764,370		31,469,113
NMI Holdings Inc., Class A(a)(b)		854,883		19,328,905
Northfield Bancorp. Inc.		494,019		8,477,366
Northwest Bancshares Inc.		1,273,051		16,906,117
Ocwen Financial Corp.(a)		89,527		2,518,395
PCSB Financial Corp.		156,021		2,877,027
PennyMac Financial Services Inc.		357,008		21,823,899
Pioneer Bancorp. Inc./NY(a)(b)		148,810		1,880,958
Premier Financial Corp.		401,152		12,772,680
Provident Bancorp. Inc.		173,704		2,782,738
Provident Financial Services Inc.		823,374		19,324,588
Radian Group Inc.		2,024,924		46,006,273
Southern Missouri Bancorp. Inc.		85,524		3,839,172
TrustCo Bank Corp. NY		193,759		6,194,475
Velocity Financial Inc.(a)(b)		80,695		1,061,946
Walker & Dunlop Inc.		285,149		32,364,412
Washington Federal Inc.		737,466		25,302,458
Waterstone Financial Inc.		234,081		4,796,320
WSFS Financial Corp.		508,639		26,098,267
				493,092,638
Tobacco — 0.2%
Universal Corp./VA		261,853		12,655,355
Vector Group Ltd.		1,336,613		17,041,816
				29,697,171
Trading Companies & Distributors — 1.7%
Alta Equipment Group Inc.(a)		164,153		2,253,821
Beacon Roofing Supply Inc.(a)(b)		151,030		7,213,193
Boise Cascade Co.		334,622		18,062,896
CAI International Inc.		135,426		7,571,668
Custom Truck One Source Inc.(a)(b)		331,983		3,097,401
DXP Enterprises Inc./TX(a)		195,335		5,776,056
GATX Corp.		378,722		33,918,342
Global Industrial Co.		33,401		1,265,564
GMS Inc.(a)		463,018		20,280,188
McGrath RentCorp.		80,737		5,809,027
MRC Global Inc.(a)		875,921		6,429,260
NOW Inc.(a)		1,203,480		9,206,622
Rush Enterprises Inc., Class A		449,830		20,314,323
Rush Enterprises Inc., Class B		81,500		3,730,255
Textainer Group Holdings Ltd.(a)(b)		449,026		15,675,498

104 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^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Titan Machinery Inc.(a)(b)		214,090	$	5,547,072
Triton International Ltd.		722,810		37,615,032
Veritiv Corp.(a)(b)		159,311		14,267,893
WESCO International Inc.(a)(b)		395,347		45,591,416
Willis Lease Finance Corp.(a)		27,110		1,008,221
				264,633,748
Water Utilities — 0.6%
American States Water Co.		192,048		16,423,945
Artesian Resources Corp., Class A, NVS		84,807		3,237,083
Cadiz Inc.(a)(b)		203,189		1,430,451
California Water Service Group		558,772		32,928,434
Middlesex Water Co.		116,296		11,952,903
Pure Cycle Corp.(a)		14,811		197,134
SJW Group		296,874		19,611,497
York Water Co. (The)		51,024		2,228,728
				88,010,175
Wireless Telecommunication Services — 0.3%
Gogo Inc.(a)(b)		591,901		10,239,887
Shenandoah Telecommunications Co.		344,754		10,887,331
Telephone and Data Systems Inc.		1,093,465		21,322,568
U.S. Cellular Corp.(a)(b)		166,268		5,302,287
				47,752,073
Total Common Stocks — 99.7% (Cost: $14,125,829,629)				15,531,441,691
Warrants
Oil, Gas & Consumable Fuels — 0.0%
Whiting Petroleum Corp., (Expires 09/01/24)(a)		42,563		304,325
Whiting Petroleum Corp., (Expires 09/01/25)(a)		21,281		153,649
				457,974
Total Warrants — 0.0% (Cost: $5,241,813)				457,974
Corporate Bonds & Notes
Capital Markets — 0.0%
GAMCO Investors Inc., 4.00%, 06/15/23(f)		28,000		27,862
Total Corporate Bonds & Notes — 0.0% (Cost: $28,000)				27,862

Security	Shares			Value
Short-Term Investments
Money Market Funds — 6.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(g)(h)(i)		1,025,117,887		$	1,025,630,446
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(g)(h)		27,960,000			27,960,000
					1,053,590,446
Total Short-Term Investments — 6.8% (Cost: $1,053,315,467)					1,053,590,446
Total Investments Before Investments Sold Short — 106.5% (Cost: $15,184,414,909)					16,585,517,973
Investments In Securities Sold Short
Common Stocks — (0.0%)
PDL BioPharma Inc.(a)(d)		(1,188	)		(2,494	)
Total Investments Sold Short (Proceeds $(2,907))					(2,494	)
Total Investments, Net of Investments Sold Short — 106.5% (Cost: $15,184,412,002)					16,585,515,479
Other Assets, Less Liabilities — (6.5)%					(1,014,841,100	)
Net Assets — 100.0%				$	15,570,674,379

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e) Rounds to less than $1.

^(f) Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(g) Affiliate of the Fund.

^(h) Annualized 7-day yield as of period end.

⁽ⁱ⁾ All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E   O F   I N V E S  T M E N T S 105

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value 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	$	911,918,766	$	113,789,165	(a)	$	—	$	(34,722	)	$	(42,763	)	$	1,025,630,446		1,025,117,887	$	2,960,567	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,210,000		22,750,000	(a)		—		—			—			27,960,000		27,960,000		1,090			—
								$	(34,722	)	$	(42,763	)	$	1,053,590,446			$	2,961,657		$	—

^(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
Russell 2000 E-Mini Index		378		12/17/21	$	41,595	$	(44,837	)

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)	$	44,837

^(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	$	7,820
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(52,034	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	40,186,195

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2000 Value 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	$	15,531,384,146		$	—	$	57,545		$	15,531,441,691
Warrants		457,974			—		—			457,974
Corporate Bonds & Notes		—			27,862		—			27,862
Money Market Funds		1,053,590,446			—		—			1,053,590,446
Liabilities
Common Stocks		—			—		(2,494	)		(2,494	)
	$	16,585,432,566		$	27,862	$	55,051		$	16,585,515,479
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(44,837	)	$	—	$	—		$	(44,837	)

^(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 107

Statements of Assets and Liabilities (unaudited)

September 30, 2021

	iShares Russell Top 200 ETF		iShares Russell Top 200 Growth ETF		iShares Russell Top 200 Value ETF		iShares Russell 1000 ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	891,137,875	$	4,069,764,247	$	1,167,862,328	$	29,509,916,018
Affiliated(c)		5,449,616		51,624,888		18,098,355		385,722,418
Cash		1,683		3,947		4,965		310,804
Cash pledged:
Futures contracts		82,000		291,000		117,000		2,851,000
Receivables:
Investments sold		—		3,430		—		—
Securities lending income — Affiliated		384		3,415		46		64,100
Dividends		493,464		1,177,254		991,134		18,957,669
Total assets		897,165,022		4,122,868,181		1,187,073,828		29,917,822,009
LIABILITIES
Collateral on securities loaned, at value		688,022		46,388,888		5,478,426		260,424,323
Payables:
Investments purchased		—		—		—		932,524
Variation margin on futures contracts		18,214		64,966		26,050		662,564
Capital shares redeemed		—		10,914		—		104,910
Investment advisory fees		122,779		701,036		195,867		3,801,040
Total liabilities		829,015		47,165,804		5,700,343		265,925,361
NET ASSETS	$	896,336,007	$	4,075,702,377	$	1,181,373,485	$	29,651,896,648
NET ASSETS CONSIST OF:
Paid-in capital	$	648,718,467	$	2,526,688,784	$	958,874,948	$	20,607,698,197
Accumulated earnings		247,617,540		1,549,013,593		222,498,537		9,044,198,451
NET ASSETS	$	896,336,007	$	4,075,702,377	$	1,181,373,485	$	29,651,896,648
Shares outstanding		8,700,000		26,700,000		18,000,000		122,650,000
Net asset value	$	103.03	$	152.65	$	65.63	$	241.76
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a)  Securities loaned, at value	$	663,436	$	45,691,486	$	5,353,144	$	249,178,847
(b)  Investments, at cost — Unaffiliated	$	691,337,618	$	2,664,206,794	$	983,270,132	$	20,775,072,391
(c)  Investments, at cost — Affiliated	$	4,320,502	$	51,624,888	$	14,538,453	$	351,470,086

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares Russell 1000 Growth ETF		iShares Russell 1000 Value ETF		iShares Russell 2000 ETF			iShares Russell 2000 Growth ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	71,317,771,710	$	52,731,050,000	$	66,836,780,230		$	11,858,384,344
Affiliated(c)		921,593,576		772,761,272		6,913,600,535			1,676,080,178
Cash		316,584		362,317		5,942			4,695
Cash pledged:
Futures contracts		5,611,840		6,607,740		5,236,000			1,192,000
Receivables:
Investments sold		4,000		—		720,427			1,845
Securities lending income — Affiliated		207,734		65,296		3,111,388			769,635
Capital shares sold		194,537		264,210		20,870,057			800,633
Dividends		19,458,864		54,616,977		49,195,387			1,785,133
Total assets		72,265,158,845		53,565,727,812		73,829,519,966			13,539,018,463
LIABILITIES
Collateral on securities loaned, at value		830,087,230		376,269,763		6,833,525,813			1,655,634,513
Payables:
Investments purchased		—		1,559,723		24,974,852			489,885
Variation margin on futures contracts		486,220		1,770,531		711,673			177,414
Capital shares redeemed		672,614		—		61,488,117			1,845
Investment advisory fees		11,300,483		8,236,638		10,378,248			2,334,104
Total liabilities		842,546,547		387,836,655		6,931,078,703			1,658,637,761
NET ASSETS	$	71,422,612,298	$	53,177,891,157	$	66,898,441,263		$	11,880,380,702
NET ASSETS CONSIST OF:
Paid-in capital	$	38,044,529,099	$	44,582,213,024	$	78,661,082,024		$	10,706,278,108
Accumulated earnings (loss)		33,378,083,199		8,595,678,133		(11,762,640,761	)		1,174,102,594
NET ASSETS	$	71,422,612,298	$	53,177,891,157	$	66,898,441,263		$	11,880,380,702
Shares outstanding		260,500,000		339,650,000		305,900,000			40,450,000
Net asset value	$	274.18	$	156.57	$	218.69		$	293.71
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a)  Securities loaned, at value	$	832,075,517	$	334,621,459	$	6,662,875,114		$	1,612,055,436
(b)   Investments, at cost — Unaffiliated	$	42,776,950,627	$	43,440,724,871	$	75,127,696,980		$	10,450,972,635
(c)  Investments, at cost — Affiliated	$	920,970,484	$	635,770,587	$	6,910,823,638		$	1,675,283,838

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 109

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares Russell 2000 Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	15,531,927,527
Affiliated(c)		1,053,590,446
Cash		4,641
Cash pledged:
Futures contracts		2,730,000
Receivables:
Investments sold		5,443
Securities lending income — Affiliated		466,886
Dividends		20,956,458
Total assets		16,609,681,401
LIABILITIES
Investments sold short at value(d)		2,494
Collateral on securities loaned, at value		1,025,276,228
Payables:
Investments purchased		10,324,599
Variation margin on futures contracts		398,780
Capital shares redeemed		4,270
Investment advisory fees		3,000,651
Total liabilities		1,039,007,022
NET ASSETS	$	15,570,674,379
NET ASSETS CONSIST OF:
Paid-in capital	$	14,061,074,758
Accumulated earnings		1,509,599,621
NET ASSETS	$	15,570,674,379
Shares outstanding		97,250,000
Net asset value	$	160.11
Shares authorized		Unlimited
Par value		None
(a)  Securities loaned, at value	$	1,003,998,019
(b)  Investments, at cost — Unaffiliated	$	14,131,099,442
(c)  Investments, at cost — Affiliated	$	1,053,315,467
(d)  Proceeds received from investments sold short	$	2,907

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended September 30, 2021

	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF			iShares Russell 1000 ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	6,387,745		$	15,529,606		$	12,210,407		$	199,246,834
Dividends — Affiliated		38,448			205			107,630			871,177
Securities lending income — Affiliated — net		2,811			16,227			195			530,643
Foreign taxes withheld		(758	)		(1,679	)		(1,452	)		(27,455	)
Total investment income		6,428,246			15,544,359			12,316,780			200,621,199
EXPENSES
Investment advisory fees		713,155			3,954,263			1,177,325			22,333,258
Total expenses		713,155			3,954,263			1,177,325			22,333,258
Net investment income		5,715,091			11,590,096			11,139,455			178,287,941
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,275,571	)		(7,950,855	)		(4,220,245	)		(31,100,496	)
Investments — Affiliated		(960	)		2,315			9,531			190,157
In-kind redemptions — Unaffiliated		59,298,861			228,447,398			80,770,558			1,048,022,117
In-kind redemptions — Affiliated		282,378			—			776,860			3,663,476
Futures contracts		238,434			689,487			392,746			7,399,173
Net realized gain		58,543,142			221,188,345			77,729,450			1,028,174,427
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		18,201,950			247,115,784			(40,430,503	)		1,167,959,362
Investments — Affiliated		103,348			—			381,719			5,268,790
Futures contracts		(68,409	)		(271,240	)		(93,787	)		(2,359,600	)
Net change in unrealized appreciation (depreciation)		18,236,889			246,844,544			(40,142,571	)		1,170,868,552
Net realized and unrealized gain		76,780,031			468,032,889			37,586,879			2,199,042,979
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	82,495,122		$	479,622,985		$	48,726,334		$	2,377,330,920

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 111

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares Russell 1000 Growth ETF			iShares Russell 1000 Value ETF			iShares Russell 2000 ETF			iShares Russell 2000 Growth ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	257,872,259		$	530,286,346		$	324,429,504		$	26,619,848
Dividends — Affiliated		3,854			3,219,244			5,673			750
Securities lending income — Affiliated — net		1,698,988			570,172			17,637,824			4,161,526
Foreign taxes withheld		(28,824	)		(77,100	)		(691,115	)		(56,849	)
Total investment income		259,546,277			533,998,662			341,381,886			30,725,275
EXPENSES
Investment advisory fees		64,608,002			49,980,192			63,382,201			14,068,591
Total expenses		64,608,002			49,980,192			63,382,201			14,068,591
Net investment income		194,938,275			484,018,470			277,999,685			16,656,684
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(111,202,608	)		630,443,817			(1,130,785,734	)		339,890,221
Investments — Affiliated		92,737			380,938			(233,310	)		(42,814	)
In-kind redemptions — Unaffiliated		6,485,434,795			2,053,375,448			6,539,918,725			799,141,157
In-kind redemptions — Affiliated		—			12,526,620			—			—
Futures contracts		17,038,580			10,951,178			(4,667,014	)		(3,855	)
Net realized gain		6,391,363,504			2,707,678,001			5,404,232,667			1,138,984,709
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,584,869,740			(990,010,016	)		(5,905,862,052	)		(1,414,554,813	)
Investments — Affiliated		(157,891	)		21,041,918			(457,356	)		(142,274	)
Futures contracts		(5,807,088	)		(3,557,357	)		2,342,428			500,574
Net change in unrealized appreciation (depreciation)		1,578,904,761			(972,525,455	)		(5,903,976,980	)		(1,414,196,513	)
Net realized and unrealized gain (loss)		7,970,268,265			1,735,152,546			(499,744,313	)		(275,211,804	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,165,206,540		$	2,219,171,016		$	(221,744,628	)	$	(258,555,120	)

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares Russell 2000 Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	121,696,938
Dividends — Affiliated		1,090
Securities lending income — Affiliated — net		2,960,567
Foreign taxes withheld		(253,864	)
Total investment income		124,404,731
EXPENSES
Investment advisory fees		19,157,831
Total expenses		19,157,831
Net investment income		105,246,900
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(10,150,524	)
Investments — Affiliated		(34,722	)
In-kind redemptions — Unaffiliated		1,895,966,474
Futures contracts		7,820
Net realized gain		1,885,789,048
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,756,821,151	)
Investments — Affiliated		(42,763	)
Futures contracts		(52,034	)
Short sales — Unaffiliated		441
Net change in unrealized appreciation (depreciation)		(1,756,915,507	)
Net realized and unrealized gain		128,873,541
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	234,120,441

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 113

Statements of Changes in Net Assets

	iShares Russell Top 200 ETF							iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	5,715,091		$	11,229,444		$	11,590,096		$	22,947,783
Net realized gain			58,543,142			69,341,229			221,188,345			257,612,587
Net change in unrealized appreciation (depreciation)			18,236,889			222,490,850			246,844,544			935,040,813
Net increase in net assets resulting from operations			82,495,122			303,061,523			479,622,985			1,215,601,183
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(5,592,549	)		(11,376,261	)		(11,408,059	)		(23,069,276	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(46,486,752	)		204,991,457			77,592,142			658,760,357
NET ASSETS
Total increase in net assets			30,415,821			496,676,719			545,807,068			1,851,292,264
Beginning of period			865,920,186			369,243,467			3,529,895,309			1,678,603,045
End of period		$	896,336,007		$	865,920,186		$	4,075,702,377		$	3,529,895,309

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Russell Top 200 Value ETF							iShares Russell 1000 ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	11,139,455		$	17,327,180		$	178,287,941		$	340,773,248
Net realized gain (loss)			77,729,450			(14,585,264	)		1,028,174,427			1,663,056,836
Net change in unrealized appreciation (depreciation)			(40,142,571	)		291,606,091			1,170,868,552			8,576,071,074
Net increase in net assets resulting from operations			48,726,334			294,348,007			2,377,330,920			10,579,901,158
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(10,876,921	)		(17,442,740	)		(169,410,245	)		(354,009,239	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(10,413,099	)		487,305,987			296,124,530			(1,002,936,822	)
NET ASSETS
Total increase in net assets			27,436,314			764,211,254			2,504,045,205			9,222,955,097
Beginning of period			1,153,937,171			389,725,917			27,147,851,443			17,924,896,346
End of period		$	1,181,373,485		$	1,153,937,171		$	29,651,896,648		$	27,147,851,443

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 115

Statements of Changes in Net Assets (continued)

	iShares Russell 1000 Growth ETF							iShares Russell 1000 Value ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	194,938,275		$	419,262,223		$	484,018,470		$	834,972,032
Net realized gain (loss)			6,391,363,504			8,071,587,640			2,707,678,001			(19,759,618	)
Net change in unrealized appreciation (depreciation)			1,578,904,761			17,672,083,409			(972,525,455	)		16,214,766,531
Net increase in net assets resulting from operations			8,165,206,540			26,162,933,272			2,219,171,016			17,029,978,945
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(194,578,814	)		(411,316,899	)		(474,194,584	)		(827,083,590	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			296,060,438			(5,430,037,516	)		324,350,047			3,729,878,540
NET ASSETS
Total increase in net assets			8,266,688,164			20,321,578,857			2,069,326,479			19,932,773,895
Beginning of period			63,155,924,134			42,834,345,277			51,108,564,678			31,175,790,783
End of period		$	71,422,612,298		$	63,155,924,134		$	53,177,891,157		$	51,108,564,678

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Russell 2000 ETF							iShares Russell 2000 Growth ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	277,999,685		$	479,566,961		$	16,656,684		$	41,988,208
Net realized gain			5,404,232,667			8,154,534,099			1,138,984,709			704,281,225
Net change in unrealized appreciation (depreciation)			(5,903,976,980	)		20,703,456,728			(1,414,196,513	)		5,187,588,362
Net increase (decrease) in net assets resulting from operations			(221,744,628	)		29,337,557,788			(258,555,120	)		5,933,857,795
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(314,861,868	)		(551,110,344	)		(17,162,646	)		(48,359,274	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(1,868,539,594	)		7,914,467,041			73,816,681			(740,112,140	)
NET ASSETS
Total increase (decrease) in net assets			(2,405,146,090	)		36,700,914,485			(201,901,085	)		5,145,386,381
Beginning of period			69,303,587,353			32,602,672,868			12,082,281,787			6,936,895,406
End of period		$	66,898,441,263		$	69,303,587,353		$	11,880,380,702		$	12,082,281,787

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 117

Statements of Changes in Net Assets (continued)

		iShares Russell 2000 Value ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	105,246,900			$	154,540,658
Net realized gain (loss)			1,885,789,048				(31,238,749	)
Net change in unrealized appreciation (depreciation)			(1,756,915,507	)			6,566,945,191
Net increase in net assets resulting from operations			234,120,441				6,690,247,100
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(114,779,915	)			(177,203,668	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(867,981,658	)			3,198,739,480
NET ASSETS
Total increase (decrease) in net assets			(748,641,132	)			9,711,782,912
Beginning of period			16,319,315,511				6,607,532,599
End of period		$	15,570,674,379			$	16,319,315,511

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Top 200 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	94.64			$	61.54			$	65.66			$	60.63			$	53.88			$	46.83
Net investment income(a)			0.62				1.23				1.28				1.21				1.08				1.00
Net realized and unrealized gain (loss)(b)			8.40				33.09				(3.94	)			4.97				6.71				7.06
Net increase (decrease) from investment operations			9.02				34.32				(2.66	)			6.18				7.79				8.06
Distributions(c)
From net investment income			(0.63	)			(1.22	)			(1.46	)			(1.15	)			(1.04	)			(1.01	)
Total distributions			(0.63	)			(1.22	)			(1.46	)			(1.15	)			(1.04	)			(1.01	)
Net asset value, end of period		$	103.03			$	94.64			$	61.54			$	65.66			$	60.63			$	53.88
Total Return(d)
Based on net asset value			9.53	%(e)			56.06	%			(4.24	)%			10.27	%			14.55	%			17.38	%
Ratios to Average Net Assets
Total expenses			0.15	%(f)			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%
Net investment income			1.20	%(f)			1.48	%			1.82	%			1.91	%			1.84	%			2.01	%
Supplemental Data
Net assets, end of period (000)		$	896,336			$	865,920			$	369,243			$	213,382			$	136,411			$	102,364
Portfolio turnover rate(g)			3	%(e)			5	%			5	%			5	%			5	%			7	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 119

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	134.47		$	84.14		$	82.24		$	73.61			$	61.44			$	53.74
Net investment income(a)			0.44			0.93			1.04			1.00				0.92				0.86
Net realized and unrealized gain(b)			18.17			50.31			1.90			8.60				12.18				7.69
Net increase from investment operations			18.61			51.24			2.94			9.60				13.10				8.55
Distributions(c)
From net investment income			(0.43	)		(0.91	)		(1.04	)		(0.97	)			(0.93	)			(0.85	)
Total distributions			(0.43	)		(0.91	)		(1.04	)		(0.97	)			(0.93	)			(0.85	)
Net asset value, end of period		$	152.65		$	134.47		$	84.14		$	82.24			$	73.61			$	61.44
Total Return(d)
Based on net asset value			13.84	%(e)		61.04	%		3.55	%		13.11	%			21.43	%			16.06	%
Ratios to Average Net Assets
Total expenses			0.20	%(f)		0.20	%		0.20	%		0.20	%			0.20	%			0.20	%
Net investment income			0.59	%(f)		0.77	%		1.16	%		1.27	%			1.33	%			1.52	%
Supplemental Data
Net assets, end of period (000)		$	4,075,702		$	3,529,895		$	1,678,603		$	1,377,486			$	978,981			$	847,921
Portfolio turnover rate(g)			9	%(e)		11	%		20	%		15	%			11	%			15	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Top 200 Value ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	63.58		$	44.04		$	52.57		$	50.39			$	48.20			$	41.57
Net investment income(a)			0.63			1.26			1.40			1.31				1.17				1.10
Net realized and unrealized gain (loss)(b)			2.03			19.49			(8.38	)		2.13				2.15				6.59
Net increase (decrease) from investment operations			2.66			20.75			(6.98	)		3.44				3.32				7.69
Distributions(c)
From net investment income			(0.61	)		(1.21	)		(1.55	)		(1.26	)			(1.13	)			(1.06	)
Total distributions			(0.61	)		(1.21	)		(1.55	)		(1.26	)			(1.13	)			(1.06	)
Net asset value, end of period		$	65.63		$	63.58		$	44.04		$	52.57			$	50.39			$	48.20
Total Return(d)
Based on net asset value			4.17	%(e)		47.63	%		(13.72	)%		6.92	%			6.93	%			18.68	%
Ratios to Average Net Assets
Total expenses			0.20	%(f)		0.20	%		0.20	%		0.20	%			0.20	%			0.20	%
Net investment income			1.89	%(f)		2.31	%		2.56	%		2.54	%			2.33	%			2.44	%
Supplemental Data
Net assets, end of period (000)		$	1,181,373		$	1,153,937		$	389,726		$	425,831			$	284,724			$	226,520
Portfolio turnover rate(g)			14	%(e)		17	%		17	%		14	%			13	%			14	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 121

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 1000 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period		$	223.72		$	141.59		$	157.27		$	146.79		$	131.25		$	114.08
Net investment income(a)			1.45			2.74			2.96			2.74			2.50			2.30
Net realized and unrealized gain (loss)(b)			17.97			82.26			(15.46	)		10.60			15.54			17.21
Net increase (decrease) from investment operations			19.42			85.00			(12.50	)		13.34			18.04			19.51
Distributions(c)
From net investment income			(1.38	)		(2.87	)		(3.18	)		(2.86	)		(2.50	)		(2.34	)
Total distributions			(1.38	)		(2.87	)		(3.18	)		(2.86	)		(2.50	)		(2.34	)
Net asset value, end of period		$	241.76		$	223.72		$	141.59		$	157.27		$	146.79		$	131.25
Total Return(d)
Based on net asset value			8.67	%(e)		60.37	%		(8.15	)%		9.18	%(f)		13.83	%		17.27	%
Ratios to Average Net Assets
Total expenses			0.15	%(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income			1.20	%(g)		1.44	%		1.78	%		1.80	%		1.77	%		1.89	%
Supplemental Data
Net assets, end of period (000)		$	29,651,897		$	27,147,851		$	17,924,896		$	19,312,905		$	19,353,884		$	17,502,746
Portfolio turnover rate(h)			4	%(e)		5	%		5	%		6	%		4	%		4	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 1000 Growth ETF
	Six Months Ended
	09/30/21				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)				03/31/21			03/31/20			03/31/19			03/31/18			03/31/17
Net asset value, beginning of period		$	243.05		$	150.69		$	151.33		$	136.02		$	113.76		$	99.82
Net investment income(a)			0.76			1.54			1.72			1.69			1.55			1.44
Net realized and unrealized gain (loss)(b)			31.13			92.34			(0.62	)		15.31			22.26			13.97
Net increase from investment operations			31.89			93.88			1.10			17.00			23.81			15.41
Distributions(c)
From net investment income			(0.76	)		(1.52	)		(1.74	)		(1.69	)		(1.55	)		(1.47	)
Total distributions			(0.76	)		(1.52	)		(1.74	)		(1.69	)		(1.55	)		(1.47	)
Net asset value, end of period		$	274.18		$	243.05		$	150.69		$	151.33		$	136.02		$	113.76
Total Return(d)
Based on net asset value			13.12	%(e)		62.44	%		0.68	%		12.57	%		21.02	%		15.56	%
Ratios to Average Net Assets
Total expenses			0.18	%(f)		0.19	%		0.19	%		0.19	%		0.20	%		0.20	%
Net investment income			0.56	%(f)		0.72	%		1.05	%		1.17	%		1.21	%		1.38	%
Supplemental Data
Net assets, end of period (000)		$	71,422,612		$	63,155,924		$	42,834,345		$	42,729,330		$	39,975,377		$	34,304,520
Portfolio turnover rate(g)			12	%(e)		14	%		18	%		12	%		13	%		14	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 123

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 1000 Value ETF
	Six Months Ended
	09/30/21				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)				03/31/21			03/31/20			03/31/19			03/31/18			03/31/17
Net asset value, beginning of period		$	151.43		$	99.22		$	123.48		$	119.95		$	114.90		$	98.82
Net investment income(a)			1.43			2.69			3.14			2.86			2.67			2.49
Net realized and unrealized gain (loss)(b)			5.11			52.15			(23.93	)		3.67			5.08			16.08
Net increase (decrease) from investment operations			6.54			54.84			(20.79	)		6.53			7.75			18.57
Distributions(c)
From net investment income			(1.40	)		(2.63	)		(3.47	)		(3.00	)		(2.70	)		(2.49	)
Total distributions			(1.40	)		(2.63	)		(3.47	)		(3.00	)		(2.70	)		(2.49	)
Net asset value, end of period		$	156.57		$	151.43		$	99.22		$	123.48		$	119.95		$	114.90
Total Return(d)
Based on net asset value			4.30	%(e)		55.84	%		(17.30	)%		5.53	%(f)		6.78	%		18.96	%
Ratios to Average Net Assets
Total expenses			0.18	%(g)		0.19	%		0.19	%		0.19	%		0.20	%		0.20	%
Net investment income			1.79	%(g)		2.15	%		2.46	%		2.36	%		2.23	%		2.32	%
Supplemental Data
Net assets, end of period (000)		$	53,177,891		$	51,108,565		$	31,175,791		$	37,877,550		$	36,217,697		$	36,504,958
Portfolio turnover rate(h)			15	%(e)		18	%		16	%		17	%		15	%		13	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 2000 ETF
	Six Months Ended
	09/30/21				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)				03/31/21			03/31/20			03/31/19			03/31/18			03/31/17
Net asset value, beginning of period		$	220.43		$	114.62		$	153.10		$	151.96		$	137.69		$	110.74
Net investment income(a)			0.92			1.73			1.83			1.89			1.79			1.78
Net realized and unrealized gain (loss)(b)			(1.63	)		106.10			(38.22	)		1.18			14.38			27.08
Net increase (decrease) from investment operations			(0.71	)		107.83			(36.39	)		3.07			16.17			28.86
Distributions(c)
From net investment income			(1.03	)		(2.02	)		(2.09	)		(1.93	)		(1.90	)		(1.91	)
Total distributions			(1.03	)		(2.02	)		(2.09	)		(1.93	)		(1.90	)		(1.91	)
Net asset value, end of period		$	218.69		$	220.43		$	114.62		$	153.10		$	151.96		$	137.69
Total Return(d)
Based on net asset value			(0.34	)%(e)		94.67	%		(24.04	)%		2.01	%		11.80	%		26.25	%
Ratios to Average Net Assets
Total expenses			0.19	%(f)		0.19	%		0.19	%		0.19	%		0.20	%		0.20	%
Net investment income			0.82	%(f)		1.01	%		1.19	%		1.21	%		1.23	%		1.42	%
Supplemental Data
Net assets, end of period (000)		$	66,898,441		$	69,303,587		$	32,602,673		$	43,174,723		$	41,918,598		$	38,092,960
Portfolio turnover rate(g)			17	%(e)		20	%		18	%		22	%		16	%		15	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 125

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 2000 Growth ETF
	Six Months Ended
	09/30/21				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)				03/31/21			03/31/20			03/31/19			03/31/18			03/31/17
Net asset value, beginning of period		$	300.18		$	158.74		$	196.60		$	190.63		$	161.84		$	132.79
Net investment income(a)			0.42			1.02			1.32			1.21			1.23			1.42
Net realized and unrealized gain (loss)(b)			(6.46	)		141.60			(37.65	)		6.04			28.91			29.18
Net increase (decrease) from investment operations			(6.04	)		142.62			(36.33	)		7.25			30.14			30.60
Distributions(c)
From net investment income			(0.43	)		(1.18	)		(1.53	)		(1.28	)		(1.35	)		(1.55	)
Total distributions			(0.43	)		(1.18	)		(1.53	)		(1.28	)		(1.35	)		(1.55	)
Net asset value, end of period		$	293.71		$	300.18		$	158.74		$	196.60		$	190.63		$	161.84
Total Return(d)
Based on net asset value			(2.02	)%(e)		90.06	%		(18.61	)%		3.81	%		18.68	%		23.16	%
Ratios to Average Net Assets
Total expenses			0.23	%(f)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income			0.28	%(f)		0.42	%		0.66	%		0.61	%		0.70	%		0.96	%
Supplemental Data
Net assets, end of period (000)		$	11,880,381		$	12,082,282		$	6,936,895		$	9,171,566		$	9,207,286		$	7,630,839
Portfolio turnover rate(g)			34	%(e)		35	%		33	%		35	%		26	%		28	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 2000 Value ETF
	Six Months Ended
	09/30/21				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)				03/31/21			03/31/20			03/31/19			03/31/18			03/31/17
Net asset value, beginning of period		$	159.14		$	82.34		$	119.84		$	122.00		$	118.27		$	93.28
Net investment income(a)			1.05			1.84			2.07			2.18			2.03			1.92
Net realized and unrealized gain (loss)(b)			1.08			77.01			(37.17	)		(2.10	)		3.93			25.16
Net increase (decrease) from investment operations			2.13			78.85			(35.10	)		0.08			5.96			27.08
Distributions(c)
From net investment income			(1.16	)		(2.05	)		(2.40	)		(2.24	)		(2.23	)		(2.09	)
Total distributions			(1.16	)		(2.05	)		(2.40	)		(2.24	)		(2.23	)		(2.09	)
Net asset value, end of period		$	160.11		$	159.14		$	82.34		$	119.84		$	122.00		$	118.27
Total Return(d)
Based on net asset value			1.33	%(e)		96.79	%		(29.79	)%		0.03	%		5.06	%		29.25	%
Ratios to Average Net Assets
Total expenses			0.23	%(f)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income			1.29	%(f)		1.57	%		1.74	%		1.73	%		1.67	%		1.79	%
Supplemental Data
Net assets, end of period (000)		$	15,570,674		$	16,319,316		$	6,607,533		$	9,107,939		$	8,838,621		$	8,787,608
Portfolio turnover rate(g)			28	%(e)		28	%		25	%		26	%		23	%		24	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 127

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
Russell Top 200	Diversified
Russell Top 200 Growth	Diversified
Russell Top 200 Value	Diversified
Russell 1000	Diversified
Russell 1000 Growth	Diversified
Russell 1000 Value	Diversified
Russell 2000	Diversified
Russell 2000 Growth	Diversified
Russell 2000 Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and short sales) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Short Positions: From time to time, in order to track the performance of its benchmark index, a fund may sell non-index securities that will be received through corporate actions occurring on the opening of market trading on the following business day. A fund may also experience temporary short positions due to the timing of portfolio securities trades and in-kind redemption transactions. Such short positions are valued consistent with how securities are valued as described under Investment Valuation and Fair Value Measurements. The obligation to deliver the securities is recorded as a liability in the Statements of Assets and Liabilities and is equal to the current fair value of the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealized appreciation (depreciation) in the Statements of Operations. Upon receipt of the securities related to the corporate actions or purchase of the securities related to the short position, a realized gain (loss) is recorded. Dividends or interest on securities sold short, if any, are reflected as an expense in the Statements of Operations. Details of the short positions, if any, are included in the schedules of Investments.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of  Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell Top 200
Barclays Bank PLC	$	121,339	$	121,339		$	—	$	—
BNP Paribas SA		542,097		542,097			—		—
	$	663,436	$	663,436		$	—	$	—
Russell Top 200 Growth
BNP Paribas SA	$	22,175,606	$	22,175,606		$	—	$	—
SG Americas Securities LLC		2,902,650		2,902,650			—		—
UBS AG		20,613,230		20,613,230			—		—
	$	45,691,486	$	45,691,486		$	—	$	—
Russell Top 200 Value
BofA Securities, Inc.	$	5,353,144	$	5,353,144		$	—	$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of  Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell 1000
Barclays Bank PLC	$	11,517,137	$	11,517,137		$	—	$	—
Barclays Capital, Inc.		3,297,773		3,297,773			—		—
BMO Capital Markets Corp.		17,096		17,096			—		—
BNP Paribas SA		30,146,819		30,146,819			—		—
BofA Securities, Inc.		7,355,571		7,355,571			—		—
Citadel Clearing LLC		2,615,319		2,607,849			—		(7,470	)(b)
Citigroup Global Markets, Inc.		7,592,288		7,592,288			—		—
Credit Suisse Securities (USA) LLC		13,630,105		13,630,105			—		—
Deutsche Bank Securities, Inc.		1,223,136		1,214,504			—		(8,632	)(b)
Goldman Sachs & Co. LLC		18,522,060		18,522,060			—		—
HSBC Bank PLC		3,068,237		3,068,237			—		—
J.P. Morgan Securities LLC		71,845,041		71,845,041			—		—
Morgan Stanley		37,165,651		37,111,271			—		(54,380	)(b)
National Financial Services LLC		4,775,764		4,716,849			—		(58,915	)(b)
Natixis S.A.		587,786		587,786			—		—
Scotia Capital (USA), Inc.		10,299,617		10,299,617			—		—
SG Americas Securities LLC		3,785,119		3,785,119			—		—
State Street Bank & Trust Co.		3,287,038		3,287,038			—		—
Toronto Dominion Bank		2,770,257		2,770,257			—		—
UBS AG		8,063,223		7,981,260			—		(81,963	)(b)
UBS Securities LLC		5,979,117		5,979,117			—		—
Wells Fargo Bank N.A.		720,420		720,420			—		—
Wells Fargo Securities LLC		914,273		914,273			—		—
	$	249,178,847	$	248,967,487		$	—	$	(211,360	)
Russell 1000 Growth
Barclays Bank PLC	$	113,880,310	$	112,651,550		$	—	$	(1,228,760	)(b)
Barclays Capital, Inc.		11,913,123		11,881,586			—		(31,537	)(b)
BMO Capital Markets Corp.		141,202		140,654			—		(548	)(b)
BNP Paribas SA		134,568,050		134,568,050			—		—
BofA Securities, Inc.		24,386,729		23,896,729			—		(490,000	)(b)
Citigroup Global Markets, Inc.		83,735,085		83,735,085			—		—
Credit Suisse Securities (USA) LLC		8,938,067		8,935,358			—		(2,709	)(b)
Deutsche Bank Securities, Inc.		2,863,639		2,843,303			—		(20,336	)(b)
Goldman Sachs & Co. LLC		76,077,204		74,714,125			—		(1,363,079	)(b)
HSBC Bank PLC		6,202,915		6,172,114			—		(30,801	)(b)
J.P. Morgan Securities LLC		152,893,717		152,044,216			—		(849,501	)(b)
Jefferies LLC		245,240		241,723			—		(3,517	)(b)
Morgan Stanley		103,142,069		102,070,196			—		(1,071,873	)(b)
National Financial Services LLC		26,426,583		25,402,388			—		(1,024,195	)(b)
Natixis S.A.		1,939,716		1,939,716			—		—
Nomura Securities International, Inc.		430,344		430,344			—		—
RBC Capital Markets LLC		132,241		132,241			—		—
Scotia Capital (USA), Inc.		2,977,679		2,977,679			—		—
SG Americas Securities LLC		2,444,043		2,444,043			—		—
State Street Bank & Trust Co.		10,267,292		10,012,347			—		(254,945	)(b)
Toronto Dominion Bank		4,980,656		4,980,656			—		—
UBS AG		45,411,235		44,927,243			—		(483,992	)(b)
UBS Securities LLC		5,590,899		5,451,102			—		(139,797	)(b)
Virtu Americas LLC		1,357,357		1,357,357			—		—
Wells Fargo Bank N.A.		7,097,220		7,050,756			—		(46,464	)(b)
Wells Fargo Securities LLC		4,032,902		4,032,902			—		—
	$	832,075,517	$	825,033,463		$	—	$	(7,042,054	)

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 131

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of  Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell 1000 Value
Barclays Bank PLC	$	19,883,613	$	19,883,613		$	—	$	—
Barclays Capital, Inc.		709,220		709,220			—		—
BMO Capital Markets Corp.		1,655,403		1,655,403			—		—
BNP Paribas SA		26,473,449		26,473,449			—		—
BofA Securities, Inc.		17,474,293		17,474,293			—		—
Citadel Clearing LLC		230,750		230,750			—		—
Citigroup Global Markets, Inc.		31,365,690		31,365,690			—		—
Credit Suisse Securities (USA) LLC		4,862,615		4,862,615			—		—
Deutsche Bank Securities, Inc.		2,607,219		2,607,219			—		—
Goldman Sachs & Co. LLC		19,097,369		19,097,369			—		—
HSBC Bank PLC		3,020		3,020			—		—
J.P. Morgan Securities LLC		74,261,015		74,261,015			—		—
Morgan Stanley		51,396,630		51,396,630			—		—
National Financial Services LLC		2,326,413		2,326,413			—		—
Natixis S.A.		208,178		208,178			—		—
Nomura Securities International, Inc.		19,863		19,863			—		—
RBC Capital Markets LLC		90,720		90,720			—		—
Scotia Capital (USA), Inc.		9,097,830		9,097,830			—		—
SG Americas Securities LLC		665,718		665,718			—		—
State Street Bank & Trust Co.		24,396,537		24,396,537			—		—
Toronto Dominion Bank		644,929		644,929			—		—
UBS AG		38,996,135		38,996,135			—		—
UBS Securities LLC		5,033,465		5,033,465			—		—
Virtu Americas LLC		610,500		610,500			—		—
Wells Fargo Securities LLC		2,510,885		2,510,885			—		—
	$	334,621,459	$	334,621,459		$	—	$	—
Russell 2000
Barclays Bank PLC	$	409,683,607	$	409,683,607		$	—	$	—
Barclays Capital, Inc.		76,042,185		76,042,185			—		—
BMO Capital Markets Corp.		6,009,860		6,009,860			—		—
BNP Paribas SA		556,180,858		556,180,858			—		—
BofA Securities, Inc.		437,627,444		437,627,444			—		—
Citadel Clearing LLC		1,109,098		1,109,098			—		—
Citigroup Global Markets, Inc.		419,558,729		419,558,729			—		—
Credit Suisse Securities (USA) LLC		169,423,770		169,423,770			—		—
Deutsche Bank Securities, Inc.		64,024,718		64,024,718			—		—
Goldman Sachs & Co. LLC		1,052,307,029		1,052,307,029			—		—
HSBC Bank PLC		44,488,570		44,488,570			—		—
ING Financial Markets LLC		2,677,015		2,677,015			—		—
J.P. Morgan Securities LLC		1,454,207,884		1,454,207,884			—		—
Jefferies LLC		8,725,214		8,725,214			—		—
Mizuho Securities USA LLC		239,419		239,419			—		—
Morgan Stanley		1,040,855,160		1,040,855,160			—		—
National Financial Services LLC		178,549,164		178,549,164			—		—
Natixis S.A.		43,957		43,957			—		—
Nomura Securities International, Inc.		5,503,490		5,503,490			—		—
Pershing LLC		11,016,295		11,016,295			—		—
RBC Capital Markets LLC		2,102,779		2,102,779			—		—
Scotia Capital (USA), Inc.		12,191,376		12,191,376			—		—
SG Americas Securities LLC		3,447,681		3,447,681			—		—
State Street Bank & Trust Co.		187,490,656		187,490,656			—		—
Toronto Dominion Bank		118,238,930		118,238,930			—		—
UBS AG		142,241,527		142,241,527			—		—
UBS Securities LLC		108,803,141		108,803,141			—		—
Virtu Americas LLC		8,996,131		8,996,131			—		—
Wells Fargo Bank N.A.		21,888,611		21,888,611			—		—
Wells Fargo Securities LLC		119,200,816		119,200,816			—		—
	$	6,662,875,114	$	6,662,875,114		$	—	$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of  Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell 2000 Growth
Barclays Bank PLC	$	100,935,700	$	100,935,700		$	—	$	—
Barclays Capital, Inc.		16,458,031		16,458,031			—		—
BMO Capital Markets Corp.		3,194,663		3,162,420			—		(32,243	)(b)
BNP Paribas SA		169,269,567		169,269,567			—		—
BofA Securities, Inc.		100,071,186		100,071,186			—		—
Citadel Clearing LLC		1,293,850		1,293,850			—		—
Citigroup Global Markets, Inc.		105,076,787		105,076,787			—		—
Credit Suisse Securities (USA) LLC		37,031,007		37,031,007			—		—
Deutsche Bank Securities, Inc.		19,581,367		19,581,367			—		—
Goldman Sachs & Co. LLC		295,400,525		295,400,525			—		—
HSBC Bank PLC		6,251,724		6,251,724			—		—
ING Financial Markets LLC		1,439,222		1,439,222			—		—
J.P. Morgan Securities LLC		313,745,094		313,745,094			—		—
Jefferies LLC		7,756,305		7,756,305			—		—
Morgan Stanley		249,655,509		249,655,509			—		—
National Financial Services LLC		40,808,688		40,808,688			—		—
Natixis S.A.		68,040		67,984			—		(56	)(b)
Nomura Securities International, Inc.		1,071,964		1,071,964			—		—
Pershing LLC		69,266		69,266			—		—
Scotia Capital (USA), Inc.		9,185,274		9,185,274			—		—
SG Americas Securities LLC		2,830,369		2,830,369			—		—
State Street Bank & Trust Co.		15,658,267		15,658,267			—		—
Toronto Dominion Bank		38,591,743		38,591,743			—		—
UBS AG		32,466,548		32,466,548			—		—
UBS Securities LLC		13,199,501		13,199,501			—		—
Virtu Americas LLC		1,318,972		1,318,972			—		—
Wells Fargo Bank N.A.		3,300,624		3,300,624			—		—
Wells Fargo Securities LLC		26,325,643		26,325,643			—		—
	$	1,612,055,436	$	1,612,023,137		$	—	$	(32,299	)
Russell 2000 Value
Barclays Bank PLC	$	62,090,384	$	62,090,384		$	—	$	—
Barclays Capital, Inc.		8,058,698		8,058,698			—		—
BMO Capital Markets Corp.		525,790		498,962			—		(26,828	)(b)
BNP Paribas SA		75,174,413		75,174,413			—		—
BofA Securities, Inc.		80,030,399		79,913,071			—		(117,328	)(b)
Citadel Clearing LLC		3,408,268		3,408,268			—		—
Citigroup Global Markets, Inc.		52,232,549		52,232,549			—		—
Credit Suisse Securities (USA) LLC		27,953,926		27,953,926			—		—
Deutsche Bank Securities, Inc.		6,468,368		6,468,368			—		—
Goldman Sachs & Co. LLC		170,073,738		170,073,738			—		—
HSBC Bank PLC		10,363,732		10,363,732			—		—
ING Financial Markets LLC		1,356,971		1,356,971			—		—
J.P. Morgan Securities LLC		180,430,872		180,430,872			—		—
Jefferies LLC		2,308,369		2,308,369			—		—
Mizuho Securities USA LLC		291,403		291,403			—		—
Morgan Stanley		193,903,534		193,903,534			—		—
National Financial Services LLC		28,193,744		28,193,744			—		—
Nomura Securities International, Inc.		123,791		123,791			—		—
Pershing LLC		537,300		537,300			—		—
Scotia Capital (USA), Inc.		2,610,129		2,610,129			—		—
SG Americas Securities LLC		374,293		374,293			—		—
State Street Bank & Trust Co.		6,844,651		6,844,651			—		—
Toronto Dominion Bank		13,794,614		13,794,614			—		—
UBS AG		33,328,535		33,328,535			—		—
UBS Securities LLC		5,874,000		5,874,000			—		—
Virtu Americas LLC		1,029,656		1,014,799			—		(14,857	)(b)
Wells Fargo Bank N.A.		6,686,214		6,686,214			—		—
Wells Fargo Securities LLC		29,929,678		29,810,254			—		(119,424	)(b)
	$	1,003,998,019	$	1,003,719,582		$	—	$	(278,437	)

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 133

Notes to Financial Statements (unaudited) (continued)

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b) The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Russell Top 200		0.15	%
Russell Top 200 Growth		0.20
Russell Top 200 Value		0.20
Russell 1000		0.15

For its investment advisory services to each of the iShares Russell 1000 Growth and iShares Russell 1000 Value ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.2000	%
Over $121 billion, up to and including $181 billion		0.1900
Over $181 billion, up to and including $231 billion		0.1805
Over $231 billion, up to and including $281 billion		0.1715
Over $281 billion		0.1630

134 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

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to the iShares Russell 2000 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.2000	%
Over $46 billion, up to and including $81 billion		0.1900
Over $81 billion, up to and including $111 billion		0.1805
Over $111 billion, up to and including $141 billion		0.1715
Over $141 billion, up to and including $171 billion		0.1630
Over $171 billion		0.1548

Prior to July 14, 2021, for its investment advisory services to the iShares Russell 2000 ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.2000	%
Over $46 billion, up to and including $81 billion		0.1900
Over $81 billion, up to and including $111 billion		0.1805
Over $111 billion, up to and including $141 billion		0.1715
Over $141 billion		0.1630

For its investment advisory services to each of the iShares Russell 2000 Growth and iShares Russell 2000 Value ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.2500	%
Over $46 billion, up to and including $81 billion		0.2375
Over $81 billion, up to and including $111 billion		0.2257
Over $111 billion, up to and including $141 billion		0.2144
Over $141 billion, up to and including $171 billion		0.2037
Over $171 billion		0.1935

Prior to July 14, 2021, for its investment advisory services to each of the iShares Russell 2000 Growth and iShares Russell 2000 Value ETFs, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.2500	%
Over $46 billion, up to and including $81 billion		0.2375
Over $81 billion, up to and including $111 billion		0.2257
Over $111 billion, up to and including $141 billion		0.2144
Over $141 billion		0.2037

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 135

Notes to Financial Statements (unaudited) (continued)

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Russell Top 200	$	1,088
Russell Top 200 Growth		6,334
Russell Top 200 Value		83
Russell 1000		211,013
Russell 1000 Growth		671,293
Russell 1000 Value		224,406
Russell 2000		6,592,852
Russell 2000 Growth		1,565,586
Russell 2000 Value		1,081,017

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Russell Top 200	$	13,063,620	$	7,602,506	$	(287,677	)
Russell Top 200 Growth		229,759,655		113,402,965		(4,015,985	)
Russell Top 200 Value		100,764,973		45,775,304		(390,323	)
Russell 1000		396,176,910		261,211,917		(42,164,907	)
Russell 1000 Growth		4,781,436,940		2,527,758,035		(114,769,883	)
Russell 1000 Value		4,944,668,861		4,358,892,215		532,412,883
Russell 2000		1,235,834,555		2,946,172,954		106,357,049
Russell 2000 Growth		1,807,403,522		2,256,881,745		116,044,355
Russell 2000 Value		1,849,583,924		1,606,347,511		47,086,163

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Russell Top 200	$	26,461,614	$	27,198,109
Russell Top 200 Growth		359,824,567		353,640,999
Russell Top 200 Value		162,731,146		164,886,014
Russell 1000		1,144,308,854		1,147,015,018
Russell 1000 Growth		8,290,764,249		8,276,375,248
Russell 1000 Value		7,915,240,920		7,920,699,064
Russell 2000		11,856,979,534		11,870,484,169
Russell 2000 Growth		4,045,973,806		4,079,799,576
Russell 2000 Value		4,624,214,956		4,514,346,935

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Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Russell Top 200	$	103,678,835	$	149,181,454
Russell Top 200 Growth		607,807,489		536,463,061
Russell Top 200 Value		221,091,960		228,745,151
Russell 1000		2,374,898,588		2,078,472,211
Russell 1000 Growth		12,760,412,612		12,478,586,070
Russell 1000 Value		5,314,633,744		4,968,495,630
Russell 2000		38,757,480,669		40,513,151,273
Russell 2000 Growth		2,126,773,936		2,053,339,283
Russell 2000 Value		3,065,236,237		4,051,994,575

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Russell Top 200	$	10,254,466
Russell Top 200 Growth		73,641,477
Russell Top 200 Value		39,591,117
Russell 1000		613,444,581
Russell 1000 Growth		1,417,611,778
Russell 1000 Value		3,119,799,282
Russell 2000		8,500,766,227
Russell 2000 Growth		1,322,036,379
Russell 2000 Value		1,580,502,649

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell Top 200	$	697,408,595	$	210,964,541	$	(11,840,385	)	$	199,124,156
Russell Top 200 Growth		2,719,889,910		1,419,509,754		(18,233,895	)		1,401,275,859
Russell Top 200 Value		1,002,057,410		196,798,335		(12,971,690	)		183,826,645
Russell 1000		21,272,687,927		9,667,456,489		(1,046,521,852	)		8,620,934,637
Russell 1000 Growth		43,845,508,218		29,103,938,979		(714,954,079	)		28,388,984,900
Russell 1000 Value		44,510,406,854		10,929,707,686		(1,939,375,829	)		8,990,331,857
Russell 2000		82,381,968,211		3,677,379,271		(12,308,439,110	)		(8,631,059,839	)
Russell 2000 Growth		12,177,304,870		2,436,060,787		(1,078,814,220	)		1,357,246,567
Russell 2000 Value		15,371,620,115		2,446,475,651		(1,232,622,217	)		1,213,853,434

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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Notes to Financial Statements (unaudited) (continued)

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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Notes to Financial Statements (unaudited) (continued)

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200
Shares sold		1,000,000		$	103,979,054			5,400,000		$	403,904,934
Shares redeemed		(1,450,000	)		(150,465,806	)		(2,250,000	)		(198,913,477	)
Net increase (decrease)		(450,000	)	$	(46,486,752	)		3,150,000		$	204,991,457
Russell Top 200 Growth
Shares sold		4,050,000		$	608,885,927			10,200,000		$	1,139,281,886
Shares redeemed		(3,600,000	)		(531,293,785	)		(3,900,000	)		(480,521,529	)
Net increase		450,000		$	77,592,142			6,300,000		$	658,760,357
Russell Top 200 Value
Shares sold		3,350,000		$	221,668,494			10,250,000		$	537,424,577
Shares redeemed		(3,500,000	)		(232,081,593	)		(950,000	)		(50,118,590	)
Net increase (decrease)		(150,000	)	$	(10,413,099	)		9,300,000		$	487,305,987
Russell 1000
Shares sold		9,800,000		$	2,381,441,705			18,700,000		$	3,608,974,020
Shares redeemed		(8,500,000	)		(2,085,317,175	)		(23,950,000	)		(4,611,910,842	)
Net increase (decrease)		1,300,000		$	296,124,530			(5,250,000	)	$	(1,002,936,822	)
Russell 1000 Growth
Shares sold		47,100,000		$	12,780,275,966			39,800,000		$	8,178,323,867
Shares redeemed		(46,450,000	)		(12,484,215,528	)		(64,200,000	)		(13,608,361,383	)
Net increase (decrease)		650,000		$	296,060,438			(24,400,000	)	$	(5,430,037,516	)
Russell 1000 Value
Shares sold		33,650,000		$	5,336,496,539			72,300,000		$	9,602,615,676
Shares redeemed		(31,500,000	)		(5,012,146,492	)		(49,000,000	)		(5,872,737,136	)
Net increase		2,150,000		$	324,350,047			23,300,000		$	3,729,878,540
Russell 2000
Shares sold		183,450,000		$	41,011,576,597			598,650,000		$	99,881,922,980
Shares redeemed		(191,950,000	)		(42,880,116,191	)		(568,700,000	)		(91,967,455,939	)
Net increase (decrease)		(8,500,000	)	$	(1,868,539,594	)		29,950,000		$	7,914,467,041
Russell 2000 Growth
Shares sold		7,150,000		$	2,152,355,075			10,750,000		$	2,590,349,644
Shares redeemed		(6,950,000	)		(2,078,538,394	)		(14,200,000	)		(3,330,461,784	)
Net increase (decrease)		200,000		$	73,816,681			(3,450,000	)	$	(740,112,140	)
Russell 2000 Value
Shares sold		20,500,000		$	3,401,568,158			48,050,000		$	6,188,984,235
Shares redeemed		(25,800,000	)		(4,269,549,816	)		(25,750,000	)		(2,990,244,755	)
Net increase (decrease)		(5,300,000	)	$	(867,981,658	)		22,300,000		$	3,198,739,480

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

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Notes to Financial Statements (unaudited) (continued)

11. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Russell 1000 ETF and iShares Russell 1000 Value ETF received proceeds of $750,618 and $4,187,372, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Russell Top 200 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract   (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Top 200 Growth ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

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Board Review and Approval of Investment Advisory Contract   (continued)

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract   (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Top 200 Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to

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Board Review and Approval of Investment Advisory Contract   (continued)

evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Board Review and Approval of Investment Advisory Contract   (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell 1000 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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Board Review and Approval of Investment Advisory Contract   (continued)

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and

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Board Review and Approval of Investment Advisory Contract   (continued)

the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund and have investment advisory fee rates and overall expenses (net of waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the Fund, the Board gave weight to management’s explanations of the relevant circumstances applicable to such mutual funds. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction

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Board Review and Approval of Investment Advisory Contract   (continued)

with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the

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Board Review and Approval of Investment Advisory Contract   (continued)

provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell 2000 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts

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Board Review and Approval of Investment Advisory Contract   (continued)

managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory

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Board Review and Approval of Investment Advisory Contract   (continued)

Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund and have investment advisory fee rates and overall expenses (net of waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the Fund, the Board gave weight to management’s explanations of the relevant circumstances applicable to such mutual funds. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell 2000 Growth ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the

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Board Review and Approval of Investment Advisory Contract   (continued)

expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 153

Board Review and Approval of Investment Advisory Contract   (continued)

Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell 2000 Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

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Board Review and Approval of Investment Advisory Contract   (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract   (continued)

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2021    

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Russell Top 200(a)	$	0.628069	$	—	$	0.002945	$	0.631014		100	%		—	%		0	%(b)		100	%
Russell Top 200 Growth(a)		0.428950		—		0.003671		0.432621		99			—			1			100
Russell Top 200 Value(a)		0.611994		—		0.001686		0.613680		100			—			0	(b)		100
Russell 1000(a)		1.360278		—		0.021712		1.381990		98			—			2			100
Russell 1000 Growth(a)		0.751611		—		0.008300		0.759911		99			—			1			100
Russell 1000 Value(a)		1.341965		—		0.056290		1.398255		96			—			4			100
Russell 2000(a)		0.897214		—		0.128913		1.026127		87			—			13			100
Russell 2000 Growth(a)		0.385522		—		0.043767		0.429289		90			—			10			100
Russell 2000 Value(a)		1.057191		—		0.106209		1.163400		91			—			9			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b) Rounds to less than 1%.

S U P P L E M E N T A L   I N F O R M A T I O N 157

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 159

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-305-0921

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Micro-Cap ETF | IWC | NYSE Arca

·  iShares Russell 2500 ETF | SMMD | Cboe BZX

·  iShares Russell 3000 ETF | IWV | NYSE Arca

·  iShares Russell Mid-Cap ETF | IWR | NYSE Arca

·  iShares Russell Mid-Cap Growth ETF | IWP | NYSE Arca

·  iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Trust

Rob Kapito

President, BlackRock, Inc.

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	10
Shareholder Expenses	10
Schedules of Investments	11
Financial Statements
Statements of Assets and Liabilities	89
Statements of Operations	91
Statements of Changes in Net Assets	93
Financial Highlights	96
Notes to Financial Statements	102
Board Review and Approval of Investment Advisory Contract	114
Supplemental Information	124
General Information	125
Glossary of Terms Used in this Report	126

Fund Summary as of September 30, 2021 iShares^® Micro-Cap ETF

Investment Objective

The iShares Micro-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of micro-capitalization U.S. equities, as represented by the Russell MicroCap^® 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		(1.34	)%		60.63	%		14.28	%		15.29	%		60.63	%		94.92	%		314.76	%
Fund Market		(1.53	)		60.64			14.30			15.32			60.64			95.07			315.82
Index		(1.05	)		61.07			14.47			15.42			61.07			96.53			319.40

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 10 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	$        986.60	$       2.99			$      1,000.00	$      1,022.10	$      3.04		0.60	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Health Care	29.4%
Financials	19.7
Industrials	11.4
Consumer Discretionary	11.3
Information Technology	9.4
Energy	6.2
Real Estate	3.7
Materials	3.2
Communication Services	3.1
Consumer Staples	2.1
Other (each representing less than 1%)	0.5

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Apollo Medical Holdings Inc.	0.7%
Prothena Corp. PLC	0.5
Celldex Therapeutics Inc.	0.5
Beauty Health Co. (The)	0.4
Everi Holdings Inc.	0.4
Dynavax Technologies Corp.	0.4
Trillium Therapeutics Inc.	0.3
Lantheus Holdings Inc.	0.3
Houghton Mifflin Harcourt Co.	0.3
IVERIC bio Inc.	0.3

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2021 iShares^® Russell 2500 ETF

Investment Objective

The iShares Russell 2500 ETF (the “Fund”) seeks to track the investment results of an index composed of mid- and small-capitalization U.S. equities, as represented by the Russell 2500^TM 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		2.51	%		44.90	%		14.09	%		44.90	%		74.81	%
Fund Market		2.66			45.23			14.14			45.23			75.16
Index		2.61			45.03			14.10			45.03			74.83

The inception date of the Fund was 7/6/17. The first day of secondary market trading was 7/7/17.

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 10 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)(b)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$      1,000.00	$      1,025.10	$       0.36			$        1,000.00	$      1,024.70	$       0.36		0.07	%

^(a) Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b) 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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Investment Companies	44.1%
Information Technology	10.4
Industrials	9.3
Financials	7.6
Consumer Discretionary	7.2
Health Care	6.7
Real Estate	5.2
Materials	3.5
Energy	1.8
Consumer Staples	1.6
Communication Services	1.3
Utilities	1.3

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
iShares Russell 2000 ETF	44.1%
MongoDB Inc.	0.4
Devon Energy Corp.	0.4
Avantor Inc.	0.4
Monolithic Power Systems Inc.	0.3
Catalent Inc.	0.3
Bill.com Holdings Inc.	0.3
Charles River Laboratories International Inc.	0.3
Enphase Energy Inc.	0.3
PerkinElmer Inc.	0.3

^(a) Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of September 30, 2021 iShares^® Russell 3000 ETF

Investment Objective

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.04	%		31.63	%		16.65	%		16.40	%		31.63	%		115.99	%		356.65	%
Fund Market		8.00			31.80			16.65			16.40			31.80			116.01			356.48
Index		8.13			31.88			16.85			16.60			31.88			117.85			364.64

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 10 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	$      1,080.40	$          1.04			$        1,000.00	$        1,024.10	$        1.01		0.20	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Information Technology	27.1%
Health Care	13.6
Consumer Discretionary	12.2
Financials	11.9
Communication Services	10.1
Industrials	9.0
Consumer Staples	5.3
Real Estate	3.4
Energy	2.7
Utilities	2.4
Materials	2.3

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Apple Inc.	5.1%
Microsoft Corp.	4.8
Amazon.com Inc.	3.3
Facebook Inc., Class A	1.9
Alphabet Inc., Class A	1.8
Alphabet Inc., Class C	1.7
Tesla Inc.	1.4
Berkshire Hathaway Inc., Class B	1.2
NVIDIA Corp.	1.1
JPMorgan Chase & Co.	1.1

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2021 iShares^® Russell Mid-Cap ETF

Investment Objective

The iShares Russell Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the Russell MidCap^® 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		6.38	%		37.85	%		14.22	%		15.34	%		37.85	%		94.38	%		316.73	%
Fund Market		6.36			37.87			14.21			15.34			37.87			94.33			316.52
Index		6.50			38.11			14.39			15.52			38.11			95.85			323.39

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 10 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	$       1,063.80	$         0.93			$      1,000.00	$       1,024.20	$         0.91		0.18	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Information Technology	18.9%
Industrials	15.1
Consumer Discretionary	12.8
Financials	12.5
Health Care	11.9
Real Estate	7.7
Materials	5.2
Utilities	4.5
Communication Services	4.3
Energy	3.8
Consumer Staples	3.3

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Dexcom Inc.	0.5%
IDEXX Laboratories Inc.	0.5
Chipotle Mexican Grill Inc.	0.5
Marvell Technology Inc.	0.4
DocuSign Inc.	0.4
MSCI Inc.	0.4
Crowdstrike Holdings Inc., Class A	0.4
Agilent Technologies Inc.	0.4
Twitter Inc.	0.4
Lululemon Athletica Inc.	0.4

^(a) Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of September 30, 2021 iShares^® Russell Mid-Cap Growth ETF

Investment Objective

The iShares Russell Mid-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell MidCap^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.11	%		30.17	%		19.01	%		17.30	%		30.17	%		138.70	%		393.31	%
Fund Market		9.99			30.04			18.99			17.30			30.04			138.57			393.00
Index		10.23			30.45			19.27			17.54			30.45			141.30			403.49

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 10 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	$       1,101.10	$        1.21			$       1,000.00	$      1,023.90	$          1.17		0.23	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Information Technology	34.3%
Health Care	17.8
Consumer Discretionary	16.3
Industrials	14.4
Financials	5.0
Communication Services	4.9
Real Estate	1.9
Consumer Staples	1.8
Materials	1.8
Energy	1.6
Utilities	0.2

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Dexcom Inc.	1.3%
IDEXX Laboratories Inc.	1.3
Chipotle Mexican Grill Inc.	1.3
DocuSign Inc.	1.2
Crowdstrike Holdings Inc., Class A	1.2
Lululemon Athletica Inc.	1.1
Palo Alto Networks Inc.	1.1
Match Group Inc.	1.1
Agilent Technologies Inc.	1.1
Cadence Design Systems Inc.	1.0

^(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^® Russell Mid-Cap Value ETF

Investment Objective

The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell MidCap^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.47	%		42.07	%		10.38	%		13.70	%		42.07	%		63.87	%		261.07	%
Fund Market		4.34			42.22			10.39			13.69			42.22			63.91			260.90
Index		4.59			42.40			10.59			13.93			42.40			65.44			268.57

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 10 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	$        1,044.70	$         1.18			$        1,000.00	$        1,023.90	$         1.17		0.23	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Financials	16.8%
Industrials	15.6
Real Estate	11.1
Consumer Discretionary	10.7
Information Technology	9.8
Health Care	8.4
Materials	7.2
Utilities	7.0
Energy	5.2
Consumer Staples	4.2
Communication Services	4.0

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Marvell Technology Inc.	0.7%
IHS Markit Ltd.	0.6
Twitter Inc.	0.6
Prudential Financial Inc.	0.6
Marathon Petroleum Corp.	0.6
Motorola Solutions Inc.	0.6
SVB Financial Group	0.5
Otis Worldwide Corp.	0.5
Welltower Inc.	0.5
Aflac Inc.	0.5

^(a) Excludes money market funds.

F U N D   S U M M A R Y 9

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.

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

Schedule of Investments (unaudited) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
AerSale Corp.(a)(b)		21,304	$	362,168
Air Industries Group(a)(b)		61,555		65,864
Astronics Corp.(a)		57,485		808,239
Astrotech Corp.(a)		112,892		118,537
Byrna Technologies Inc.(a)(b)		43,100		942,166
CPI Aerostructures Inc.(a)(b)		22,681		62,373
Ducommun Inc.(a)		25,667		1,292,333
Innovative Solutions & Support Inc.		29,987		214,407
National Presto Industries Inc.		12,232		1,004,003
PAE Inc.(a)(b)		163,472		977,563
Park Aerospace Corp.		46,373		634,383
SIFCO Industries Inc.(a)		8,604		73,994
Sigma Labs Inc.(a)(b)		27,084		82,877
Triumph Group Inc.(a)		150,929		2,811,807
Vectrus Inc.(a)		27,177		1,366,459
Virtra Inc.(a)(b)		18,202		184,568
				11,001,741
Air Freight & Logistics — 0.3%
Air T Inc.(a)		2,818		77,833
Echo Global Logistics Inc.(a)		62,215		2,968,278
Radiant Logistics Inc.(a)		92,668		592,148
				3,638,259
Airlines — 0.1%
Mesa Air Group Inc.(a)(b)		81,398		623,509
Auto Components — 0.5%
Cooper-Standard Holdings Inc.(a)(b)		39,574		867,066
Horizon Global Corp.(a)		52,683		370,361
Modine Manufacturing Co.(a)		117,434		1,330,527
Motorcar Parts of America Inc.(a)(b)		44,129		860,516
Stoneridge Inc.(a)(b)		62,079		1,265,791
Strattec Security Corp.(a)		8,795		342,126
Superior Industries International Inc.(a)		58,688		413,750
Sypris Solutions Inc.(a)		28,895		103,155
Unique Fabricating Inc.(a)(b)		21,556		71,135
XL Fleet Corp.(a)(b)		81,680		503,149
				6,127,576
Automobiles — 0.3%
Arcimoto Inc.(a)(b)		64,140		733,120
AYRO Inc.(a)(b)		78,649		268,193
Workhorse Group Inc.(a)(b)		285,812		2,186,462
				3,187,775
Banks — 12.0%
1st Constitution Bancorp.		21,470		508,195
ACNB Corp.		20,758		581,224
Affinity Bancshares Inc.(a)		13,844		194,785
Allegiance Bancshares Inc.		45,409		1,732,353
Amalgamated Financial Corp.		32,941		521,127
Amerant Bancorp Inc.(a)(b)		49,343		1,220,746
American National Bankshares Inc.		26,007		859,271
AmeriServ Financial Inc.		29,993		117,273
Ames National Corp.		21,238		493,996
Arrow Financial Corp.		33,205		1,140,924
Atlantic Capital Bancshares Inc.(a)		46,611		1,234,725
Auburn National Bancorp. Inc.		5,730		194,820
Bancorp. Inc. (The)(a)(b)		122,982		3,129,892
Bank First Corp.(b)		15,932		1,129,101
Bank of Marin Bancorp., Class A		38,063		1,436,878

Security	Shares		Value
Banks (continued)
Bank of Princeton (The)		13,602	$	408,604
Bank of South Carolina Corp.		8,478		170,493
Bank of the James Financial Group Inc.		9,308		135,897
Bank7 Corp.		5,939		127,273
BankFinancial Corp.		30,641		351,759
Bankwell Financial Group Inc.		13,987		411,637
Bar Harbor Bankshares		35,133		985,481
Baycom Corp.(a)		24,211		450,325
BCB Bancorp. Inc.		35,489		523,818
Blue Ridge Bankshares Inc.		40,573		713,679
Bryn Mawr Bank Corp.		47,074		2,163,050
Business First Bancshares Inc.		45,284		1,059,193
Byline Bancorp Inc.		59,421		1,459,380
C&F Financial Corp.		8,206		435,821
California Bancorp Inc.(a)		17,672		304,842
Cambridge Bancorp.		16,215		1,426,920
Camden National Corp.		35,502		1,700,546
Capital Bancorp Inc./MD(b)		18,570		446,794
Capital City Bank Group Inc.		32,334		799,943
Capstar Financial Holdings Inc.		48,423		1,028,504
Carter Bankshares Inc.(a)		61,680		877,090
CB Financial Services Inc.		11,892		273,873
CBTX Inc.		43,702		1,152,859
Central Pacific Financial Corp.		45,208		1,160,941
Central Valley Community Bancorp.		24,454		525,761
Century Bancorp. Inc./MA, Class A, NVS		6,371		734,194
Chemung Financial Corp.		8,353		378,391
ChoiceOne Financial Services Inc.		17,271		424,694
Citizens & Northern Corp.		38,121		962,936
Citizens Community Bancorp. Inc./WI		24,065		334,503
Citizens Holding Co.		11,812		220,766
Civista Bancshares Inc.		35,531		825,385
CNB Financial Corp./PA		38,871		946,120
Coastal Financial Corp./WA(a)		22,197		707,196
Codorus Valley Bancorp. Inc.		22,277		502,124
Colony Bankcorp Inc.		20,821		389,977
Community Bankers Trust Corp.		51,447		584,952
Community Financial Corp. (The)		12,508		461,170
Community Trust Bancorp. Inc.		37,993		1,599,505
Community West Bancshares		16,676		220,957
ConnectOne Bancorp. Inc.		88,586		2,658,466
Cortland Bancorp.		9,105		253,210
County Bancorp. Inc.(b)		10,860		395,847
CrossFirst Bankshares Inc.(a)		111,356		1,447,628
Customers Bancorp. Inc.(a)		70,553		3,035,190
Dime Community Bancshares Inc.		82,427		2,692,066
Eagle Bancorp. Montana Inc.		15,098		337,742
Emclaire Financial Corp.		6,010		159,205
Enterprise Bancorp. Inc./MA		22,307		801,937
Equity Bancshares Inc., Class A(b)		32,147		1,073,067
Esquire Financial Holdings Inc.(a)(b)		15,861		454,576
Evans Bancorp. Inc.		12,428		475,992
Farmers & Merchants Bancorp. Inc./Archbold OH		24,549		549,898
Farmers National Banc Corp.		62,112		975,779
Fidelity D&D Bancorp. Inc.		9,731		490,734
Financial Institutions Inc.		38,102		1,167,826
First Bancorp. Inc. (The)		25,090		731,123
First Bancshares Inc. (The)		48,426		1,877,960
First Bank/Hamilton NJ		37,118		522,993
First Business Financial Services Inc.		19,628		563,520

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
First Capital Inc.		7,839	$	319,674
First Community Bankshares Inc.		40,826		1,295,001
First Community Corp./SC		17,588		350,881
First Financial Corp./IN		28,544		1,200,275
First Financial Northwest Inc.		17,677		289,372
First Foundation Inc.		93,761		2,465,914
First Guaranty Bancshares Inc.		12,513		251,136
First Internet Bancorp.		21,994		685,773
First Mid Bancshares Inc.		39,473		1,620,761
First National Corp./VA(b)		9,879		227,711
First Northwest Bancorp.		19,478		342,034
First of Long Island Corp. (The)		54,641		1,125,605
First Savings Financial Group Inc.		13,454		378,326
First U.S. Bancshares Inc.		10,536		113,157
First United Corp.		15,761		293,155
First Western Financial Inc.(a)		15,153		439,285
Five Star Bancorp.		13,101		313,638
Flushing Financial Corp.		71,109		1,607,063
FNCB Bancorp Inc.		40,336		334,789
Franklin Financial Services Corp.		10,179		329,291
FVCBankcorp Inc.(a)(b)		27,799		555,702
German American Bancorp. Inc.		58,869		2,274,109
Glen Burnie Bancorp.		6,872		84,869
Great Southern Bancorp. Inc.		26,011		1,425,663
Guaranty Bancshares Inc./TX		19,068		683,588
Hanmi Financial Corp.		72,797		1,460,308
Harborone Bancorp. Inc.		118,248		1,660,202
Hawthorn Bancshares Inc.		14,043		325,236
HBT Financial Inc.		24,594		382,437
Heritage Commerce Corp.		138,834		1,614,639
HomeTrust Bancshares Inc.		35,807		1,001,880
Horizon Bancorp Inc./IN		101,966		1,852,722
Howard Bancorp. Inc.(a)		30,874		626,125
Independent Bank Corp./MI		50,207		1,078,446
Investar Holding Corp.		23,440		516,149
Lakeland Bancorp. Inc.		119,044		2,098,746
Landmark Bancorp. Inc./Manhattan KS		9,624		266,489
LCNB Corp.		29,276		516,429
Level One Bancorp. Inc.		11,741		345,420
Limestone Bancorp. Inc.(a)(b)		12,307		221,157
Macatawa Bank Corp.		67,709		543,703
MainStreet Bancshares Inc.(a)(b)		16,740		401,593
Malvern Bancorp. Inc.(a)(b)		17,228		292,704
Mercantile Bank Corp.		37,725		1,208,332
Meridian Corp.		12,750		365,542
Metrocity Bankshares Inc.		44,845		940,400
Metropolitan Bank Holding Corp.(a)(b)		18,210		1,535,103
Mid Penn Bancorp. Inc.		23,471		646,626
Middlefield Banc Corp.		14,181		341,337
Midland States Bancorp. Inc.		53,152		1,314,449
MidWestOne Financial Group Inc.		35,920		1,083,347
MVB Financial Corp.		23,480		1,005,648
National Bankshares Inc.		14,924		541,890
Nicolet Bankshares Inc.(a)		25,640		1,901,975
Northeast Bank		17,662		595,563
Northrim Bancorp. Inc.		14,630		621,921
Norwood Financial Corp.		17,998		462,729
Oak Valley Bancorp.		16,882		299,993
Ohio Valley Banc Corp.		10,483		285,976
Old Point Financial Corp.		9,453		202,672

Security	Shares		Value
Banks (continued)
Old Second Bancorp. Inc.		65,192	$	851,408
Orange County Bancorp Inc.		2,857		100,395
Origin Bancorp Inc.		52,198		2,210,585
Orrstown Financial Services Inc.		26,357		616,754
Pacific Mercantile Bancorp.(a)		45,393		418,070
Parke Bancorp. Inc.		23,916		524,478
Partners Bancorp.		20,259		167,542
Pathfinder Bancorp. Inc.		7,991		130,253
Patriot National Bancorp Inc.(a)		10,149		106,463
PCB Bancorp.		27,969		556,863
Peapack Gladstone Financial Corp.		42,778		1,427,074
Penns Woods Bancorp. Inc.		16,561		393,489
Peoples Bancorp. Inc./OH		61,705		1,950,495
Peoples Bancorp. of North Carolina Inc.		10,563		299,884
Peoples Financial Services Corp.		16,776		764,482
Plumas Bancorp.		11,374		356,347
Preferred Bank/Los Angeles CA		32,600		2,173,768
Primis Financial Corp.		57,917		837,480
Professional Holding Corp., Class A(a)		29,662		557,646
QCR Holdings Inc.		36,564		1,880,852
RBB Bancorp.		33,438		842,972
Red River Bancshares Inc.		10,919		544,312
Reliant Bancorp Inc.		35,927		1,134,934
Republic Bancorp. Inc./KY, Class A		22,756		1,152,591
Republic First Bancorp. Inc.(a)		106,420		327,774
Richmond Mutual Bancorp. Inc.		26,239		416,938
Riverview Financial Corp.(a)		21,297		280,694
Salisbury Bancorp. Inc.		6,307		331,117
SB Financial Group Inc.		15,631		282,921
Select Bancorp. Inc.(a)		35,413		610,874
Shore Bancshares Inc.		27,614		489,596
Sierra Bancorp		33,812		820,955
SmartFinancial Inc.		32,412		837,850
Sound Financial Bancorp. Inc.(b)		5,117		230,265
South Plains Financial Inc.		25,037		610,402
Southern First Bancshares Inc.(a)		17,503		936,410
Southern States Bancshares Inc.(a)(b)		4,942		94,244
Spirit of Texas Bancshares Inc.		30,128		729,098
Stock Yards Bancorp. Inc.		56,865		3,335,132
Summit Financial Group Inc.		27,262		668,192
Summit State Bank		11,280		223,344
TriState Capital Holdings Inc.(a)(b)		68,277		1,444,059
U.S. Century Bank(a)		9,014		109,791
Union Bankshares Inc./Morrisville VT		9,553		305,314
United Bancorp. Inc./OH		11,745		168,541
United Bancshares Inc./OH		6,570		200,385
United Security Bancshares/Fresno CA		33,743		269,944
Unity Bancorp. Inc.		16,876		394,898
Univest Financial Corp.		69,454		1,902,345
Village Bank and Trust Financial Corp.(a)		1,684		86,979
Virginia National Bankshares Corp.(b)		11,154		403,106
Washington Trust Bancorp. Inc.		41,157		2,180,498
West Bancorp. Inc.		38,336		1,151,230
				150,954,115
Beverages — 0.1%
Alkaline Water Co. Inc. (The)(a)(b)		198,925		316,291
NewAge Inc.(a)(b)		315,435		438,455
Reed’s Inc.(a)(b)		219,849		131,909
Willamette Valley Vineyards Inc.(a)(b)		11,252		143,125

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Beverages (continued)
Zevia PBC, Class A(a)(b)		22,815	$	262,601
				1,292,381
Biotechnology — 16.7%
180 Life Sciences Corp.(a)(b)		24,721		133,741
4D Molecular Therapeutics Inc.(a)		49,415		1,332,723
89bio Inc.(a)		22,932		449,238
Aadi Bioscience Inc.(a)		6,750		198,259
Abeona Therapeutics Inc.(a)(b)		202,902		227,250
Acorda Therapeutics Inc.(a)(b)		21,732		99,967
Actinium Pharmaceuticals Inc.(a)(b)		45,510		403,219
Acumen Pharmaceuticals Inc.(a)		22,203		329,937
Acurx Pharmaceuticals Inc.(a)(b)		5,868		30,162
Adamas Pharmaceuticals Inc.(a)		93,285		458,029
Adicet Bio Inc.(a)		49,234		385,995
Aditx Therapeutics Inc.(a)(b)		30,374		51,332
ADMA Biologics Inc.(a)(b)		283,524		320,382
Adverum Biotechnologies Inc.(a)		204,172		443,053
Aeglea BioTherapeutics Inc.(a)		94,978		755,075
Aerovate Therapeutics Inc.(a)		23,911		501,653
Affimed NV(a)		275,125		1,700,273
Agenus Inc.(a)(b)		487,250		2,558,063
AgeX Therapeutics Inc.(a)		58,894		55,360
Aileron Therapeutics Inc.(a)(b)		179,548		183,139
AIM ImmunoTech Inc.(a)(b)		114,024		230,328
Akebia Therapeutics Inc.(a)		413,719		1,191,511
Akero Therapeutics Inc.(a)(b)		60,353		1,348,890
Akouos Inc.(a)(b)		56,478		655,710
Albireo Pharma Inc.(a)		39,668		1,237,642
Aldeyra Therapeutics Inc.(a)		113,984		1,000,780
Aligos Therapeutics Inc.(a)(b)		49,420		766,504
Allena Pharmaceuticals Inc.(a)(b)		126,284		113,933
Alpine Immune Sciences Inc.(a)(b)		28,339		302,377
Altimmune Inc.(a)		94,017		1,063,332
AnaptysBio Inc.(a)(b)		45,271		1,227,750
Anavex Life Sciences Corp.(a)(b)		151,456		2,718,635
Anika Therapeutics Inc.(a)		33,994		1,446,785
Anixa Biosciences Inc.(a)(b)		64,604		308,161
Annexon Inc.(a)(b)		73,272		1,363,592
Annovis Bio Inc.(a)(b)		12,314		390,970
Applied Genetic Technologies Corp./DE(a)(b)		101,328		304,997
Applied Therapeutics Inc.(a)		41,686		691,988
Aprea Therapeutics Inc.(a)(b)		40,633		207,635
Aptevo Therapeutics Inc.(a)(b)		5,933		91,606
Aptinyx Inc., Class A(a)		106,081		248,230
AquaBounty Technologies Inc.(a)(b)		123,218		501,497
Aravive Inc.(a)		36,175		134,571
Arbutus Biopharma Corp.(a)		188,366		808,090
ARCA biopharma Inc.(a)(b)		35,607		105,397
Arcturus Therapeutics Holdings Inc.(a)(b)		49,958		2,386,993
Ardelyx Inc.(a)(b)		211,088		278,636
Aridis Pharmaceuticals Inc.(a)		23,543		86,638
Armata Pharmaceuticals Inc.(a)		18,570		67,223
Assembly Biosciences Inc.(a)		94,975		330,513
Astria Therapeutics Inc.(a)		9,250		81,770
Athenex Inc.(a)		203,368		612,138
Athersys Inc.(a)(b)		481,115		639,883
Atossa Therapeutics Inc.(a)(b)		274,590		895,163
Atreca Inc., Class A(a)(b)		61,205		381,307
aTyr Pharma Inc.(a)		37,060		336,505
AVEO Pharmaceuticals Inc.(a)(b)		71,694		443,069

Security	Shares		Value
Biotechnology (continued)
Avid Bioservices Inc.(a)(b)		142,492	$	3,073,552
Avidity Biosciences Inc.(a)		89,147		2,195,691
Avita Medical Inc.(a)		57,015		1,010,306
Avrobio Inc.(a)		90,439		504,650
Axcella Health Inc.(a)(b)		48,142		143,463
Aziyo Biologics Inc., Class A(a)		6,041		42,710
Benitec Biopharma Inc.(a)(b)		18,281		65,263
Beyondspring Inc.(a)		52,592		828,850
BioCardia Inc.(a)(b)		32,488		102,012
Biocept Inc.(a)		34,803		139,560
Biomea Fusion Inc.(a)(b)		21,028		251,705
Bio-Path Holdings Inc.(a)		18,252		93,633
BioVie Inc.(a)(b)		5,875		39,539
Bioxcel Therapeutics Inc.(a)(b)		41,009		1,244,623
Bolt Biotherapeutics Inc.(a)(b)		53,410		675,637
BrainStorm Cell Therapeutics Inc.(a)		74,416		245,573
Cabaletta Bio Inc.(a)		38,807		471,893
Caladrius Biosciences Inc.(a)		140,788		171,761
Calithera Biosciences Inc.(a)(b)		163,765		357,008
Calyxt Inc.(a)(b)		34,134		115,032
Candel Therapeutics Inc.(a)(b)		20,729		224,702
Capricor Therapeutics Inc.(a)(b)		50,166		201,667
Cardiff Oncology Inc.(a)		89,845		598,368
CASI Pharmaceuticals Inc.(a)(b)		255,600		304,164
Catalyst Biosciences Inc.(a)(b)		74,093		304,522
Catalyst Pharmaceuticals Inc.(a)(b)		228,259		1,209,773
Celcuity Inc.(a)		22,446		404,028
Celldex Therapeutics Inc.(a)		108,530		5,859,535
Cellectar Biosciences Inc.(a)		134,433		124,351
CEL-SCI Corp.(a)(b)		84,374		927,270
Celsion Corp.(a)(b)		197,396		182,473
Checkmate Pharmaceuticals Inc.(a)		19,944		79,178
Checkpoint Therapeutics Inc.(a)(b)		151,307		499,313
ChemoCentryx Inc.(a)		127,782		2,185,072
Chimerix Inc.(a)		171,270		1,060,161
Chinook Therapeutics Inc.(a)		78,606		1,003,013
Cidara Therapeutics Inc.(a)(b)		104,426		233,914
Clene Inc.(a)(b)		46,247		315,867
Clovis Oncology Inc.(a)(b)		264,575		1,180,005
Codiak Biosciences Inc.(a)(b)		37,340		609,762
Cogent Biosciences Inc.(a)		87,325		734,403
Cohbar Inc.(a)(b)		100,942		96,904
Concert Pharmaceuticals Inc.(a)(b)		73,752		241,169
ContraFect Corp.(a)(b)		93,084		376,990
Corbus Pharmaceuticals Holdings Inc.(a)(b)		282,200		287,844
Corvus Pharmaceuticals Inc.(a)(b)		66,862		323,612
Crinetics Pharmaceuticals Inc.(a)		87,887		1,850,021
CTI BioPharma Corp.(a)(b)		203,688		600,880
Cue Biopharma Inc.(a)(b)		72,237		1,052,493
Curis Inc.(a)(b)		203,339		1,592,144
Cyclacel Pharmaceuticals Inc.(a)(b)		23,862		125,753
Cyclerion Therapeutics Inc.(a)		72,210		221,685
Cyclo Therapeutics Inc.(a)		12,322		83,174
CytomX Therapeutics Inc.(a)(b)		152,675		777,116
Decibel Therapeutics Inc.(a)(b)		32,633		251,600
Dermtech Inc.(a)(b)		56,995		1,830,109
DiaMedica Therapeutics Inc.(a)		43,818		175,710
Dyadic International Inc.(a)(b)		46,842		260,442
Dynavax Technologies Corp.(a)(b)		254,135		4,881,933
Eagle Pharmaceuticals Inc./DE(a)(b)		27,612		1,540,197

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Eiger BioPharmaceuticals Inc.(a)		75,159	$	502,062
Eledon Pharmaceuticals Inc.(a)(b)		32,248		199,293
Elevation Oncology Inc.(a)(b)		15,553		121,158
Eliem Therapeutics Inc.(a)		16,358		294,117
Enochian Biosciences Inc.(a)(b)		37,184		250,248
Entasis Therapeutics Holdings Inc.(a)		24,440		81,630
Epizyme Inc.(a)(b)		210,903		1,079,823
Equillium Inc.(a)(b)		30,679		209,231
Evelo Biosciences Inc.(a)(b)		71,380		502,515
Exicure Inc.(a)(b)		141,932		170,318
Fennec Pharmaceuticals Inc.(a)(b)		41,840		394,133
Finch Therapeutics Group Inc.(a)(b)		18,568		241,384
Flexion Therapeutics Inc.(a)		112,961		689,062
Foghorn Therapeutics Inc.(a)(b)		45,930		639,805
Forte Biosciences Inc.(a)(b)		28,115		83,220
Fortress Biotech Inc.(a)		168,226		541,688
Frequency Therapeutics Inc.(a)(b)		75,269		531,399
G1 Therapeutics Inc.(a)		92,983		1,247,832
Gain Therapeutics Inc.(a)(b)		10,057		74,874
Galectin Therapeutics Inc.(a)		89,214		346,150
Galera Therapeutics Inc.(a)(b)		34,015		275,522
Gemini Therapeutics Inc.(a)(b)		54,095		218,544
Genocea Biosciences Inc.(a)(b)		98,144		188,436
Genprex Inc.(a)(b)		107,093		287,009
GeoVax Labs Inc.(a)(b)		16,619		71,794
Geron Corp.(a)(b)		708,348		970,437
GlycoMimetics Inc.(a)(b)		98,888		216,565
Gossamer Bio Inc.(a)		145,981		1,834,981
Graphite Bio Inc.(a)(b)		37,954		622,066
Greenwich Lifesciences Inc.(a)(b)		9,674		377,963
Gritstone bio Inc.(a)		94,805		1,023,894
GT Biopharma Inc.(a)		41,627		280,566
Harpoon Therapeutics Inc.(a)		43,931		347,055
HCW Biologics Inc.(a)(b)		15,099		48,166
Heat Biologics Inc.(a)(b)		57,313		341,012
Homology Medicines Inc.(a)(b)		98,429		774,636
Hookipa Pharma Inc.(a)		44,888		264,390
Humanigen Inc.(a)(b)		106,718		632,838
iBio Inc.(a)(b)		506,717		537,120
Icosavax Inc.(a)(b)		31,740		939,187
Ideaya Biosciences Inc.(a)		77,308		1,970,581
Idera Pharmaceuticals Inc.(a)(b)		110,282		113,590
Imago Biosciences Inc.(a)		22,637		453,419
Immucell Corp.(a)		12,963		119,778
Immuneering Corp., Class A(a)		19,648		521,654
Immunic Inc.(a)		43,514		385,099
ImmunoGen Inc.(a)		468,541		2,656,627
Immunome Inc.(a)(b)		20,624		502,194
Impel Neuropharma Inc.(a)(b)		12,595		153,407
IN8bio Inc.(a)		8,640		59,616
Infinity Pharmaceuticals Inc.(a)(b)		205,101		701,445
Inhibikase Therapeutics Inc.(a)(b)		42,512		80,773
Inhibrx Inc.(a)		65,925		2,195,962
Inmune Bio Inc.(a)(b)		21,545		418,404
Inozyme Pharma Inc.(a)		33,845		392,264
Intercept Pharmaceuticals Inc.(a)(b)		65,930		979,061
iTeos Therapeutics Inc.(a)		47,436		1,280,772
IVERIC bio Inc.(a)(b)		246,349		4,000,708
Janux Therapeutics Inc.(a)(b)		31,453		680,328
Jounce Therapeutics Inc.(a)		77,590		576,494

Security	Shares		Value
Biotechnology (continued)
Kadmon Holdings Inc.(a)(b)		409,306	$	3,565,055
KalVista Pharmaceuticals Inc.(a)(b)		46,768		816,102
Karyopharm Therapeutics Inc.(a)(b)		169,041		983,819
Keros Therapeutics Inc.(a)		36,683		1,451,180
Kezar Life Sciences Inc.(a)		80,276		693,585
Kintara Therapeutics Inc.(a)		68,281		58,735
Kiromic BioPharma Inc.(a)(b)		28,411		87,222
La Jolla Pharmaceutical Co.(a)(b)		40,178		160,310
Lantern Pharma Inc.(a)(b)		18,068		202,000
Larimar Therapeutics Inc.(a)		26,041		300,253
Leap Therapeutics Inc.(a)(b)		93,492		374,903
Lexicon Pharmaceuticals Inc.(a)(b)		159,414		766,781
Lineage Cell Therapeutics Inc.(a)		296,767		747,853
Lixte Biotechnology Holdings Inc.(a)(b)		13,122		27,294
LogicBio Therapeutics Inc.(a)(b)		50,799		232,659
Lumos Pharma Inc.(a)(b)		15,100		143,601
Magenta Therapeutics Inc.(a)		70,235		511,311
MannKind Corp.(a)		583,258		2,537,172
Marker Therapeutics Inc.(a)		144,742		244,614
MediciNova Inc.(a)		110,049		417,086
MEI Pharma Inc.(a)(b)		254,814		703,287
MeiraGTx Holdings PLC(a)		69,908		921,387
Merrimack Pharmaceuticals Inc.(a)		23,642		114,191
Mersana Therapeutics Inc.(a)		168,459		1,588,568
Metacrine Inc.(a)		37,212		127,637
MiMedx Group Inc.(a)(b)		260,980		1,581,539
Minerva Neurosciences Inc.(a)(b)		81,266		141,403
Mirum Pharmaceuticals Inc.(a)(b)		8,844		176,172
Molecular Templates Inc.(a)(b)		86,787		582,341
Moleculin Biotech Inc.(a)(b)		65,058		195,174
Monopar Therapeutics Inc.(a)(b)		10,854		52,533
Mustang Bio Inc.(a)(b)		163,467		439,726
NanoViricides Inc.(a)(b)		24,416		113,290
Navidea Biopharmaceuticals Inc.(a)		55,875		97,781
Neoleukin Therapeutics Inc.(a)		82,843		598,955
NeuBase Therapeutics Inc.(a)(b)		62,355		225,102
NeuroBo Pharmaceuticals Inc.(a)(b)		21,420		79,682
NexImmune Inc.(a)		41,838		633,427
NextCure Inc.(a)		43,948		296,210
Nkarta Inc.(a)(b)		33,171		922,486
Nuvalent Inc., Class A(a)(b)		25,015		564,088
Nymox Pharmaceutical Corp.(a)(b)		108,357		223,215
Olema Pharmaceuticals Inc.(a)		59,617		1,643,045
Omega Therapeutics Inc.(a)(b)		17,639		332,495
Oncocyte Corp.(a)		141,234		502,793
Oncorus Inc.(a)		48,011		448,423
OncoSec Medical Inc.(a)(b)		60,779		129,459
Oncternal Therapeutics Inc.(a)		103,701		432,433
Oncternal Therapeutics Inc. New(b)(c)		1,634		1,675
OpGen Inc.(a)(b)		89,921		258,972
Organovo Holdings Inc.(a)		20,568		139,862
Orgenesis Inc.(a)(b)		52,605		260,395
ORIC Pharmaceuticals Inc.(a)(b)		74,903		1,566,222
Outlook Therapeutics Inc.(a)		213,101		462,429
Ovid therapeutics Inc.(a)(b)		133,768		449,460
Oyster Point Pharma Inc.(a)(b)		26,211		310,600
Panbela Therapeutics Inc.(a)(b)		27,697		60,103
PDS Biotechnology Corp.(a)(b)		55,131		821,452
PhaseBio Pharmaceuticals Inc.(a)		84,130		261,644
Phio Pharmaceuticals Corp.(a)(b)		32,572		65,795

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Pieris Pharmaceuticals Inc.(a)		123,386	$	637,906
Plus Therapeutics Inc.(a)		29,347		56,053
Portage Biotech Inc.(a)		11,904		241,889
Poseida Therapeutics Inc.(a)(b)		67,551		492,447
Precision BioSciences Inc.(a)(b)		117,392		1,354,704
Prometheus Biosciences Inc.(a)(b)		26,589		630,425
Protagonist Therapeutics Inc.(a)		105,064		1,861,734
Protalix BioTherapeutics Inc.(a)(b)		103,131		137,164
Protara Therapeutics Inc.(a)(b)		25,444		176,072
Proteostasis Therapeutics Inc.(b)(c)		128,549		13,883
Prothena Corp. PLC(a)		82,534		5,878,897
Puma Biotechnology Inc.(a)		75,911		532,136
Qualigen Therapeutics Inc.(a)(b)		70,957		92,244
Rallybio Corp.(a)(b)		17,106		300,723
RAPT Therapeutics Inc.(a)		50,463		1,566,876
Reneo Pharmaceuticals Inc.(a)		15,448		115,088
Rezolute Inc.(a)		11,237		83,379
Rigel Pharmaceuticals Inc.(a)(b)		401,108		1,456,022
Salarius Pharmaceuticals Inc.(a)(b)		105,749		107,864
Savara Inc.(a)(b)		181,584		250,586
Scholar Rock Holding Corp.(a)(b)		65,453		2,161,258
Scopus Biopharma Inc.(a)		17,750		73,663
Selecta Biosciences Inc.(a)		212,977		885,984
SELLAS Life Sciences Group Inc.(a)		37,818		346,413
Sensei Biotherapeutics Inc.(a)(b)		49,417		519,867
Sera Prognostics Inc., Class A(a)(b)		11,009		122,310
Sesen Bio Inc.(a)(b)		462,769		367,068
Sierra Oncology Inc.(a)		15,239		334,039
Sigilon Therapeutics Inc.(a)		34,794		196,586
Sio Gene Therapies Inc.(a)		121,128		262,848
Soleno Therapeutics Inc.(a)		116,378		107,591
Solid Biosciences Inc.(a)(b)		139,806		334,136
Soligenix Inc.(a)(b)		91,762		97,268
Spectrum Pharmaceuticals Inc.(a)(b)		383,796		836,675
Spero Therapeutics Inc.(a)(b)		56,723		1,044,270
Spruce Biosciences Inc.(a)(b)		21,469		129,029
SQZ Biotechnologies Co.(a)(b)		53,509		771,600
Statera Biopharma Inc.(a)(b)		17,182		39,690
Summit Therapeutics Inc.(a)		61,175		306,487
Surface Oncology Inc.(a)		83,133		629,317
Sutro Biopharma Inc.(a)(b)		102,805		1,941,986
Syndax Pharmaceuticals Inc.(a)(b)		105,634		2,018,666
Synlogic Inc.(a)		77,177		235,390
Syros Pharmaceuticals Inc.(a)(b)		135,118		603,977
T2 Biosystems Inc.(a)(b)		334,450		306,089
Talaris Therapeutics Inc.(a)(b)		21,695		294,184
Taysha Gene Therapies Inc.(a)(b)		52,265		973,174
TCR2 Therapeutics Inc.(a)		71,694		610,116
Tenax Therapeutics Inc.(a)(b)		30,215		53,481
Tenaya Therapeutics Inc.(a)		33,071		682,916
Tonix Pharmaceuticals Holding Corp.(a)		844,348		507,538
Tracon Pharmaceuticals Inc.(a)		35,968		139,196
TransCode Therapeutics Inc.(a)(b)		14,981		44,793
Trevena Inc.(a)(b)		384,236		472,610
Trillium Therapeutics Inc.(a)(b)		234,293		4,114,185
TScan Therapeutics Inc., NVS(a)(b)		14,172		118,194
Tyme Technologies Inc.(a)(b)		160,164		164,969
Unicycive Therapeutics Inc.(a)(b)		10,142		28,702
UNITY Biotechnology Inc.(a)		100,005		300,015
UroGen Pharma Ltd.(a)(b)		45,821		770,709

Security	Shares		Value
Biotechnology (continued)
Vaccinex Inc.(a)(b)		42,398	$	91,580
Vanda Pharmaceuticals Inc.(a)(b)		129,830		2,225,286
Vaxart Inc.(a)(b)		280,694		2,231,517
Vaxcyte Inc.(a)		94,930		2,408,374
VBI Vaccines Inc.(a)(b)		437,204		1,359,704
Vera Therapeutics Inc.(a)		16,252		281,972
Verastem Inc.(a)(b)		404,675		1,246,399
Viking Therapeutics Inc.(a)(b)		160,422		1,007,450
Vincerx Pharma Inc.(a)		30,234		488,884
Viracta Therapeutics Inc.(a)(b)		85,299		684,098
Viridian Therapeutics Inc.(a)		20,556		338,146
Virios Therapeutics Inc.(a)(b)		14,517		76,795
VistaGen Therapeutics Inc.(a)		455,196		1,247,237
Vor BioPharma Inc.(a)(b)		45,117		707,435
Voyager Therapeutics Inc.(a)(b)		65,194		171,460
vTv Therapeutics Inc., Class A(a)(b)		53,471		81,811
Vyant Bio Inc.(a)(b)		72,590		169,135
Werewolf Therapeutics Inc.(a)		18,282		313,719
Windtree Therapeutics Inc.(a)(b)		45,648		94,035
X4 Pharmaceuticals Inc.(a)		55,858		295,489
XBiotech Inc.		35,673		461,965
XOMA Corp.(a)(b)		14,208		351,648
Yield10 Bioscience Inc.(a)		10,015		60,791
Yumanity Therapeutics Inc.(a)(b)		21,663		223,562
ZIOPHARM Oncology Inc.(a)(b)		492,828		896,947
				209,191,182
Building Products — 0.4%
Alpha Pro Tech Ltd.(a)(b)		27,945		188,070
Applied UV Inc.(a)(b)		10,274		72,945
Armstrong Flooring Inc.(a)(b)		50,609		158,406
Caesarstone Ltd.		53,163		660,285
Insteel Industries Inc.		44,111		1,678,424
Jewett-Cameron Trading Co. Ltd.(a)		6,917		81,482
Quanex Building Products Corp.		80,057		1,714,020
				4,553,632
Capital Markets — 1.2%
Ashford Inc.(a)		2,557		37,204
Associated Capital Group Inc., Class A		4,197		157,010
Blucora Inc.(a)		115,441		1,799,725
Cohen & Co. Inc.		1,629		31,472
Cowen Inc., Class A		66,314		2,275,233
Diamond Hill Investment Group Inc.		7,214		1,267,211
Donnelley Financial Solutions Inc.(a)		69,546		2,407,683
GAMCO Investors Inc., Class A		12,112		319,515
Greenhill & Co. Inc.		33,986		496,875
Hennessy Advisors Inc.		10,976		105,589
Heritage Global Inc.(a)(b)		54,484		106,789
Manning & Napier Inc.		32,610		297,729
Oppenheimer Holdings Inc., Class A, NVS		22,148		1,003,083
Pzena Investment Management Inc., Class A		41,181		405,221
Safeguard Scientifics Inc.(a)		47,533		422,093
Siebert Financial Corp.(a)		30,613		102,554
Silvercrest Asset Management Group Inc., Class A		23,345		363,715
StoneX Group Inc.(a)		39,861		2,626,840
Value Line Inc.		2,454		84,074
Westwood Holdings Group Inc.		17,712		336,528
				14,646,143
Chemicals — 1.0%
Advanced Emissions Solutions Inc.(a)		39,667		253,472

S C H E D U L E    O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
AdvanSix Inc.(a)		64,448	$	2,561,808
AgroFresh Solutions Inc.(a)		66,397		143,418
American Vanguard Corp.		68,938		1,037,517
Core Molding Technologies Inc.(a)		18,262		210,196
Crown ElectroKinetics Corp.(a)(b)		17,259		69,036
Flexible Solutions International Inc.(a)		18,392		66,211
Flotek Industries Inc.(a)(b)		159,011		200,354
FutureFuel Corp.		66,653		475,236
Hawkins Inc.		45,234		1,577,762
Intrepid Potash Inc.(a)(b)		23,380		722,442
Koppers Holdings Inc.(a)		49,602		1,550,558
LSB Industries Inc.(a)		47,435		484,311
Marrone Bio Innovations Inc.(a)(b)		244,345		220,155
Northern Technologies International Corp.		18,100		276,025
Rayonier Advanced Materials Inc.(a)		145,159		1,088,692
Trecora Resources(a)(b)		55,150		451,127
Tredegar Corp.		62,203		757,633
Valhi Inc.		6,080		141,846
				12,287,799
Commercial Services & Supplies — 1.6%
ACCO Brands Corp.		222,197		1,908,672
Acme United Corp.		5,340		174,832
Aqua Metals Inc.(a)(b)		160,838		332,935
ARC Document Solutions Inc.		85,852		253,263
BioHiTech Global Inc.(a)(b)		44,129		60,898
CECO Environmental Corp.(a)		73,147		514,955
Charah Solutions Inc.(a)(b)		35,026		161,120
CompX International Inc.		3,842		79,837
Document Security Systems Inc.(a)(b)		131,301		169,378
Ennis Inc.		61,586		1,160,896
Fuel Tech Inc.(a)		59,483		103,500
Heritage-Crystal Clean Inc.(a)		36,754		1,065,131
Interface Inc.		137,752		2,086,943
Kimball International Inc., Class B		86,415		967,848
Montrose Environmental Group Inc.(a)(b)		54,586		3,370,140
NL Industries Inc.		20,004		115,223
Odyssey Marine Exploration Inc.(a)		28,606		200,242
Performant Financial Corp.(a)		88,019		348,555
Perma-Fix Environmental Services Inc.(a)		25,552		169,921
Quad/Graphics Inc.(a)		80,606		342,575
Quest Resource Holding Corp.(a)		37,670		229,033
RR Donnelley & Sons Co.(a)		166,857		857,645
SP Plus Corp.(a)		54,892		1,683,538
Team Inc.(a)		62,167		187,123
TOMI Environmental Solutions Inc.(a)(b)		28,576		39,006
Viad Corp.(a)		48,226		2,189,943
Vidler Water Resouces Inc.(a)		38,753		441,009
Virco Mfg. Corp.(a)		25,432		87,740
VSE Corp.		24,964		1,202,516
				20,504,417
Communications Equipment — 1.3%
Applied Optoelectronics Inc.(a)(b)		61,959		444,866
Aviat Networks Inc.(a)(b)		22,665		744,772
BK Technologies Corp.		29,515		83,380
CalAmp Corp.(a)		81,322		809,154
Cambium Networks Corp.(a)		25,293		915,354
Casa Systems Inc.(a)		73,882		500,920
Clearfield Inc.(a)(b)		26,761		1,181,498
ClearOne Inc.(a)(b)		20,227		47,736

Security	Shares		Value
Communications Equipment (continued)
Communications Systems Inc.(a)		17,176	$	148,572
ComSovereign Holding Corp.(a)(b)		121,397		195,449
Comtech Telecommunications Corp.		60,093		1,538,982
Digi International Inc.(a)(b)		79,259		1,666,024
DZS Inc.(a)		39,447		483,620
EMCORE Corp.(a)		85,631		640,520
Franklin Wireless Corp.(a)(b)		15,904		115,622
Genasys Inc.(a)(b)		78,386		406,040
Harmonic Inc.(a)(b)		209,636		1,834,315
Inseego Corp.(a)(b)		195,852		1,304,374
KVH Industries Inc.(a)(b)		35,684		343,637
Lantronix Inc.(a)		51,715		300,981
Network-1 Technologies Inc.		29,936		88,811
Ondas Holdings Inc.(a)(b)		58,019		531,454
PCTEL Inc.		42,681		265,476
Resonant Inc.(a)(b)		134,076		324,464
Ribbon Communications Inc.(a)(b)		165,310		988,554
TESSCO Technologies Inc.(a)		17,002		94,871
Vislink Technologies Inc.(a)(b)		109,656		198,477
				16,197,923
Construction & Engineering — 1.5%
Argan Inc.		35,247		1,539,237
Bowman Consulting Group Ltd.(a)(b)		8,678		119,323
Concrete Pumping Holdings Inc.(a)(b)		60,448		516,226
Great Lakes Dredge & Dock Corp.(a)(b)		151,913		2,292,367
IES Holdings Inc.(a)		20,286		926,867
Infrastructure and Energy Alternatives Inc.(a)(b)		64,279		734,709
INNOVATE Corp.(a)(b)		111,428		456,855
iSun Inc.(a)		17,051		141,523
Limbach Holdings Inc.(a)		22,897		151,578
Matrix Service Co.(a)		61,803		646,459
Moving Image Technologies LLC(a)(b)		10,408		29,351
MYR Group Inc.(a)		38,941		3,874,630
Northwest Pipe Co.(a)		22,769		539,625
NV5 Global Inc.(a)(b)		31,151		3,070,554
Orbital Energy Group Inc.(a)(b)		104,487		321,820
Orion Group Holdings Inc.(a)(b)		68,507		372,678
Sterling Construction Co. Inc.(a)		65,251		1,479,240
Tutor Perini Corp.(a)		98,616		1,280,036
Williams Industrial Services Group Inc.(a)(b)		42,808		182,653
				18,675,731
Construction Materials — 0.2%
Forterra Inc.(a)		69,057		1,626,983
Smith-Midland Corp.(a)(b)		9,797		135,884
United State Lime & Minerals Inc.		4,880		589,504
				2,352,371
Consumer Finance — 0.8%
Atlanticus Holdings Corp.(a)(b)		12,536		665,160
Consumer Portfolio Services Inc.(a)(b)		41,140		240,669
Curo Group Holdings Corp.		49,566		858,979
Elevate Credit Inc.(a)		52,987		218,836
Enova International Inc.(a)(b)		85,834		2,965,565
EZCORP Inc., Class A, NVS(a)		115,621		875,251
Medallion Financial Corp.(a)(b)		48,971		383,932
Nicholas Financial Inc.(a)		11,497		141,413
Oportun Financial Corp.(a)(b)		48,991		1,226,245
Regional Management Corp.		18,662		1,085,755
World Acceptance Corp.(a)(b)		10,165		1,927,081
				10,588,886

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging — 0.4%
Myers Industries Inc.		84,881	$	1,661,121
Ranpak Holdings Corp.(a)(b)		88,714		2,379,309
UFP Technologies Inc.(a)		16,137		993,878
				5,034,308
Distributors — 0.1%
AMCON Distributing Co.		387		57,655
Educational Development Corp.		15,775		153,806
Funko Inc., Class A(a)		62,242		1,133,427
Greenlane Holdings Inc., Class A(a)		39,428		93,445
Weyco Group Inc.		14,349		325,148
				1,763,481
Diversified Consumer Services — 1.1%
American Public Education Inc.(a)		43,642		1,117,672
Amesite Inc.(a)(b)		28,231		50,675
Aspen Group Inc./CO(a)(b)		53,172		296,168
Carriage Services Inc.		38,443		1,714,173
Elite Education Group International Ltd.(a)(b)		2,000		8,220
European Wax Center Inc., Class A(a)(b)		24,016		672,688
Houghton Mifflin Harcourt Co.(a)(b)		299,590		4,023,494
Lincoln Educational Services Corp.(a)		57,578		385,197
OneSpaWorld Holdings Ltd.(a)		125,363		1,249,869
Perdoceo Education Corp.(a)		167,096		1,764,534
Regis Corp.(a)(b)		55,594		193,467
Select Interior Concepts Inc., Class A(a)(b)		43,084		621,271
StoneMor Inc.(a)		76,298		188,456
Universal Technical Institute Inc.(a)		75,999		513,753
XpresSpa Group Inc.(a)		247,140		363,296
Zovio Inc., Class A(a)(b)		68,128		162,826
				13,325,759
Diversified Financial Services — 0.4%
Alerus Financial Corp.		35,939		1,073,857
A-Mark Precious Metals Inc.		20,501		1,230,470
Banco Latinoamericano de Comercio Exterior SA, Class E		74,265		1,302,608
FlexShopper Inc.(a)		36,440		113,328
Greenidge Generation Holdings Inc.(a)		3,994		102,007
GWG Holdings Inc.(a)		7,246		72,460
Marlin Business Services Corp.		19,118		424,993
SWK Holdings Corp.(a)(b)		7,663		139,237
				4,458,960
Diversified Telecommunication Services — 0.8%
Anterix Inc.(a)		27,101		1,645,031
ATN International Inc.		26,097		1,222,644
Consolidated Communications Holdings Inc.(a)		171,004		1,571,527
Cuentas Inc.(a)		14,205		41,052
IDT Corp., Class B(a)(b)		47,037		1,973,202
Ooma Inc.(a)		50,811		945,593
Radius Global Infrastructure Inc., Class A(a)(b)		139,054		2,270,752
				9,669,801
Electric Utilities — 0.1%
Genie Energy Ltd., Class B		49,252		321,615
Via Renewables Inc.		29,030		295,816
				617,431
Electrical Equipment — 1.2%
Advent Technologies Holdings Inc.(a)(b)		36,992		321,830
Allied Motion Technologies Inc.		27,288		853,569
American Superconductor Corp.(a)(b)		65,499		954,975
Ault Global Holdings Inc.(a)(b)		113,923		276,833

Security	Shares		Value
Electrical Equipment (continued)
Babcock & Wilcox Enterprises Inc.(a)(b)		130,408	$	835,915
Beam Global(a)(b)		20,628		564,588
Blink Charging Co.(a)(b)		86,262		2,467,956
Broadwind Inc.(a)(b)		42,283		109,513
Capstone Green Energy Corp.(a)		34,175		164,382
Energous Corp.(a)(b)		150,681		313,417
Eos Energy Enterprises Inc.(a)(b)		101,467		1,423,582
Espey Manufacturing & Electronics Corp.		5,538		80,578
Flux Power Holdings Inc.(a)(b)		18,560		94,285
FTC Solar Inc.(a)(b)		44,328		345,315
Ideal Power Inc.(a)(b)		14,608		222,334
LSI Industries Inc.		62,075		481,081
Nuvve Holding Corp.(a)(b)		18,702		201,982
Ocean Power Technologies Inc.(a)(b)		125,507		291,176
Orion Energy Systems Inc.(a)(b)		68,324		265,780
Pioneer Power Solutions Inc.		9,578		31,799
Polar Power Inc.(a)(b)		17,095		94,706
Powell Industries Inc.		22,289		547,641
Preformed Line Products Co.		6,988		454,500
Romeo Power Inc.(a)(b)		297,998		1,475,090
Sunworks Inc.(a)(b)		65,565		402,569
Thermon Group Holdings Inc.(a)(b)		77,255		1,337,284
Ultralife Corp.(a)(b)		23,154		163,699
Westwater Resources Inc.(a)(b)		80,038		286,536
				15,062,915
Electronic Equipment, Instruments & Components — 1.5%
Airgain Inc.(a)(b)		20,956		264,255
Akoustis Technologies Inc.(a)		101,798		987,441
AmpliTech Group Inc.(a)(b)		6,428		23,012
Arlo Technologies Inc.(a)		197,266		1,264,475
Autoscope Technologies Corp.		9,830		72,840
Bel Fuse Inc., Class B, NVS		24,291		301,937
ClearSign Technologies Corp.(a)		56,842		113,684
Coda Octopus Group Inc.(a)		13,715		122,886
CPS Technologies Corp.(a)(b)		26,374		131,079
CTS Corp.		75,793		2,342,762
Daktronics Inc.(a)		87,290		473,985
Data I/O Corp.(a)		18,233		118,697
Digital Ally Inc.(a)(b)		115,557		139,824
Frequency Electronics Inc.(a)		14,260		148,304
Identiv Inc.(a)		49,874		939,626
IEC Electronics Corp.(a)		23,132		354,613
Intellicheck Inc.(a)(b)		41,930		343,407
Interlink Electronics Inc.(a)		1,823		17,173
Iteris Inc.(a)(b)		99,516		525,444
Key Tronic Corp.(a)		22,104		143,676
Kimball Electronics Inc.(a)(b)		56,718		1,461,623
LGL Group Inc. (The)(a)		7,367		101,591
LightPath Technologies Inc., Class A(a)(b)		61,073		130,085
Luna Innovations Inc.(a)(b)		72,378		687,591
Mechanical Technology Inc.(a)(b)		18,591		149,100
MICT Inc.(a)(b)		265,098		410,902
Napco Security Technologies Inc.(a)(b)		33,944		1,462,307
Powerfleet Inc.(a)(b)		78,488		525,870
Red Cat Holdings Inc.(a)(b)		73,416		255,488
Research Frontiers Inc.(a)(b)		71,744		183,665
RF Industries Ltd.(a)		22,875		184,601
Richardson Electronics Ltd.		26,129		253,190
ScanSource Inc.(a)		59,619		2,074,145
VerifyMe Inc.(a)(b)		16,522		56,175

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Vishay Precision Group Inc.(a)		29,351	$	1,020,534
Wayside Technology Group Inc.		9,343		251,981
Wireless Telecom Group Inc.(a)(b)		41,576		86,062
Wrap Technologies Inc.(a)(b)		49,227		294,870
				18,418,900
Energy Equipment & Services — 1.5%
Aspen Aerogels Inc.(a)		52,031		2,393,946
Bristow Group Inc.(a)		55,973		1,781,621
Dawson Geophysical Co.(a)		50,800		126,492
DMC Global Inc.(a)		43,755		1,614,997
ENGlobal Corp.(a)(b)		61,104		163,148
Exterran Corp.(a)(b)		58,544		259,935
Forum Energy Technologies Inc.(a)(b)		10,441		235,340
Frank’s International NV(a)		390,954		1,149,405
FTS International Inc., Class A(a)(b)		20,975		515,985
Geospace Technologies Corp.(a)		30,295		289,317
Gulf Island Fabrication Inc.(a)		29,953		118,913
Helix Energy Solutions Group Inc.(a)		337,479		1,309,419
ION Geophysical Corp.(a)(b)		62,665		83,345
KLX Energy Services Holdings Inc.(a)(b)		11,657		55,487
Mammoth Energy Services Inc.(a)		30,378		88,400
MIND Technology Inc.(a)		32,036		60,228
Nabors Industries Ltd.(a)(b)		16,763		1,617,294
Natural Gas Services Group Inc.(a)(b)		30,519		316,787
NCS Multistage Holdings Inc.(a)(b)		1,561		45,815
Newpark Resources Inc.(a)		212,830		702,339
Nine Energy Service Inc.(a)(b)		38,513		70,479
Nuverra Environmental Solutions Inc.(a)(b)		8,256		16,324
Oil States International Inc.(a)(b)		142,797		912,473
Profire Energy Inc.(a)		93,408		107,419
Ranger Energy Services Inc.(a)		11,841		108,937
SEACOR Marine Holdings Inc.(a)(b)		49,692		230,074
Select Energy Services Inc., Class A(a)		145,225		753,718
Smart Sand Inc.(a)(b)		55,539		136,071
Solaris Oilfield Infrastructure Inc., Class A		74,619		622,323
TETRA Technologies Inc.(a)		288,411		899,842
Tidewater Inc.(a)(b)		96,721		1,166,455
U.S. Silica Holdings Inc.(a)		172,771		1,380,440
				19,332,768
Entertainment — 0.3%
Ballantyne Strong Inc.(a)		30,388		93,291
Chicken Soup For The Soul Entertainment Inc.(a)		16,768		383,484
Cinedigm Corp., Class A(a)		341,165		856,324
CuriosityStream Inc.(a)(b)		61,108		644,078
Dolphin Entertainment Inc.(a)(b)		16,692		202,975
Eros STX Global Corp.(a)(b)		746,171		686,104
Gaia Inc., Class A(a)(b)		28,385		269,090
Marcus Corp. (The)(a)		53,715		937,327
Reading International Inc., Class A, NVS(a)(b)		38,865		196,657
				4,269,330
Equity Real Estate Investment Trusts (REITs) — 3.3%
Alpine Income Property Trust Inc.		25,216		463,218
Ashford Hospitality Trust Inc.(a)(b)		40,062		589,713
Bluerock Residential Growth REIT Inc., Class A		62,944		801,907
Braemar Hotels & Resorts Inc.(a)		124,146		602,108
BRT Apartments Corp.		27,583		531,800
CatchMark Timber Trust Inc., Class A		117,216		1,391,354
Cedar Realty Trust Inc.		30,212		655,298
Chatham Lodging Trust(a)		114,332		1,400,567

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
CIM Commercial Trust Corp.		42,958	$	389,199
City Office REIT Inc.		101,530		1,813,326
Clipper Realty Inc.		30,367		245,973
Condor Hospitality Trust Inc.(a)		14,778		103,003
CorEnergy Infrastructure Trust Inc.		32,382		143,452
CorePoint Lodging Inc.(a)		92,883		1,439,686
CTO Realty Growth Inc.		14,195		763,123
Farmland Partners Inc.		67,036		803,762
Franklin Street Properties Corp., Class C		245,781		1,140,424
GEO Group Inc. (The)		188,669		1,409,357
Gladstone Commercial Corp.		89,157		1,874,972
Gladstone Land Corp.		68,147		1,551,707
Global Medical REIT Inc.		142,976		2,101,747
Global Self Storage Inc.		24,535		126,355
Hersha Hospitality Trust, Class A(a)		76,369		712,523
Indus Realty Trust Inc.		10,304		722,310
InnSuites Hospitality Trust(b)		8,250		34,155
NETSTREIT Corp.		93,531		2,212,008
New York City REIT Inc., Class A(b)		23,066		186,143
NexPoint Residential Trust Inc.		52,976		3,278,155
One Liberty Properties Inc.		38,706		1,180,146
Pennsylvania REIT(a)		187,819		364,369
Plymouth Industrial REIT Inc.		69,279		1,576,097
Postal Realty Trust Inc., Class A		29,749		554,521
Power REIT(a)		5,343		266,963
Preferred Apartment Communities Inc.		122,446		1,497,515
Presidio Property Trust Inc., Class A(b)		25,401		95,762
Retail Value Inc.		41,129		1,082,927
Seritage Growth Properties, Class A(a)		88,089		1,306,360
Sotherly Hotels Inc.(a)		34,031		87,119
UMH Properties Inc.		100,756		2,307,312
Universal Health Realty Income Trust		30,780		1,701,211
Urstadt Biddle Properties Inc., Class A		71,422		1,352,018
Ventas Inc.		1		55
Wheeler Real Estate Investment Trust Inc.(a)		19,008		56,074
Whitestone REIT		104,783		1,024,778
				41,940,572
Food & Staples Retailing — 0.6%
Blue Apron Holdings Inc., Class A(a)(b)		40,331		296,433
Chefs’ Warehouse Inc. (The)(a)(b)		74,624		2,430,504
HF Foods Group Inc.(a)(b)		84,842		513,294
Ifresh Inc.(a)		54,766		56,409
MedAvail Holdings Inc.(a)(b)		28,564		83,407
Natural Grocers by Vitamin Cottage Inc.		21,619		242,565
Rite Aid Corp.(a)(b)		130,073		1,847,037
SpartanNash Co.		85,069		1,863,011
Village Super Market Inc., Class A		20,896		453,025
				7,785,685
Food Products — 0.4%
Alico Inc.		12,583		430,842
Arcadia Biosciences Inc.(a)(b)		53,976		111,730
Bridgford Foods Corp.(a)		4,745		56,845
Farmer Bros. Co.(a)		39,163		329,361
Laird Superfood Inc.(a)(b)		14,636		279,255
Landec Corp.(a)(b)		61,268		564,891
Lifeway Foods Inc.(a)(b)		11,196		62,586
Limoneira Co.		37,355		604,030
Nuzee Inc.(a)(b)		27,272		59,998
Rocky Mountain Chocolate Factory Inc.(a)		11,720		86,728

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) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
S&W Seed Co.(a)(b)		32,624	$	84,496
Seneca Foods Corp., Class A(a)		14,967		721,709
Vital Farms Inc.(a)(b)		57,666		1,013,192
Whole Earth Brands Inc.(a)		87,393		1,009,389
				5,415,052
Gas Utilities — 0.0%
RGC Resources Inc.		18,896		427,994
Health Care Equipment & Supplies — 5.1%
Accelerate Diagnostics Inc.(a)(b)		77,429		451,411
Accuray Inc.(a)		218,583		863,403
Acutus Medical Inc.(a)		44,731		395,422
Alphatec Holdings Inc.(a)(b)		167,303		2,039,424
AngioDynamics Inc.(a)(b)		87,593		2,272,162
Apollo Endosurgery Inc.(a)		43,626		395,252
Apyx Medical Corp.(a)		73,132		1,012,878
Asensus Surgical Inc.(a)(b)		549,497		1,016,569
Aspira Women’s Health Inc.(a)(b)		170,785		555,051
Avinger Inc.(a)(b)		237,405		176,629
Bellerophon Therapeutics Inc.(a)		19,022		77,229
Beyond Air Inc.(a)(b)		47,371		526,766
BioLife Solutions Inc.(a)		57,591		2,437,251
Biomerica Inc.(a)(b)		20,520		92,340
BioSig Technologies Inc.(a)(b)		66,390		197,842
Bioventus Inc., Class A(a)(b)		38,329		542,739
Chembio Diagnostics Inc.(a)(b)		66,229		165,573
ClearPoint Neuro Inc.(a)(b)		44,580		791,295
Co-Diagnostics Inc.(a)		63,341		616,308
Cutera Inc.(a)		41,559		1,936,649
CVRx Inc.(a)		18,679		308,951
CytoSorbents Corp.(a)(b)		96,643		784,741
DarioHealth Corp.(a)(b)		31,616		431,558
Delcath Systems Inc.(a)(b)		12,687		132,452
Ekso Bionics Holdings Inc.(a)(b)		32,634		150,769
ElectroCore Inc.(a)(b)		138,175		156,138
Electromed Inc.(a)(b)		16,398		177,426
ENDRA Life Sciences Inc.(a)(b)		95,729		165,611
Femasys Inc.(a)		5,394		38,243
FONAR Corp.(a)		15,459		238,996
GBS Inc.(a)(b)		20,187		50,871
Helius Medical Technologies Inc.(a)		5,260		73,798
Intersect ENT Inc.(a)		78,662		2,139,606
IntriCon Corp.(a)(b)		20,236		367,486
Invacare Corp.(a)		79,587		378,834
INVO BioScience Inc.(a)(b)		23,659		76,419
iRadimed Corp.(a)(b)		14,917		501,062
IRIDEX Corp.(a)		32,170		246,422
Kewaunee Scientific Corp.(a)		6,207		82,057
Lantheus Holdings Inc.(a)(b)		159,195		4,088,128
LeMaitre Vascular Inc.		44,483		2,361,602
LENSAR Inc.(a)		22,140		174,242
Lucira Health Inc.(a)(b)		37,319		283,624
Meridian Bioscience Inc.(a)		100,849		1,940,335
Microbot Medical Inc.(a)		16,205		113,921
Milestone Scientific Inc.(a)(b)		115,726		216,408
Misonix Inc.(a)		28,587		723,251
Motus GI Holdings Inc.(a)(b)		118,488		81,697
Myomo Inc.(a)(b)		13,664		162,465
Natus Medical Inc.(a)		80,050		2,007,654
Nemaura Medical Inc.(a)(b)		28,378		170,552

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Neuronetics Inc.(a)(b)		59,938	$	393,193
NeuroPace Inc.(a)(b)		17,095		270,956
OraSure Technologies Inc.(a)		168,091		1,901,109
Orthofix Medical Inc.(a)		44,701		1,704,002
OrthoPediatrics Corp.(a)		32,689		2,141,456
PAVmed Inc.(a)		168,562		1,439,520
Predictive Oncology Inc.(a)(b)		150,335		199,946
Pro-Dex Inc.(a)(b)		5,061		131,232
Pulse Biosciences Inc.(a)(b)		32,668		705,629
Quotient Ltd.(a)(b)		184,088		430,766
Repro-Med Systems Inc.(a)(b)		69,210		197,249
Retractable Technologies Inc.(a)(b)		40,738		449,340
ReWalk Robotics Ltd.(a)(b)		108,897		164,434
RxSight Inc.(a)(b)		20,010		253,527
Sanara Medtech Inc.(a)(b)		7,397		251,794
SeaSpine Holdings Corp.(a)		74,519		1,172,184
Second Sight Medical Products Inc.(a)(b)		38,736		123,568
Senseonics Holdings Inc.(a)(b)		1,020,154		3,458,322
Sensus Healthcare Inc.(a)		32,451		116,824
SI-BONE Inc.(a)		77,114		1,651,782
Sientra Inc.(a)		134,884		772,885
SiNtx Technologies Inc.(a)(b)		67,200		86,016
Soliton Inc.(a)(b)		27,186		553,507
Stereotaxis Inc.(a)		116,713		627,916
Strata Skin Sciences Inc.(a)		57,397		105,611
Surgalign Holdings Inc.(a)(b)		230,193		250,910
Surmodics Inc.(a)(b)		31,769		1,766,356
Talis Biomedical Corp.(a)		33,978		212,363
Tela Bio Inc.(a)		16,661		227,589
TransMedics Group Inc.(a)(b)		61,243		2,026,531
Utah Medical Products Inc.		8,170		758,503
Vapotherm Inc.(a)		53,383		1,188,839
Venus Concept Inc.(a)		63,442		159,239
ViewRay Inc.(a)(b)		324,908		2,342,587
VolitionRx Ltd.(a)(b)		82,787		256,640
Xtant Medical Holdings Inc.(a)(b)		21,171		23,500
Zynex Inc.(a)(b)		45,770		521,320
				64,424,657
Health Care Providers & Services — 2.5%
Akumin Inc.(a)		141,326		346,249
Apollo Medical Holdings Inc.(a)(b)		88,966		8,100,353
Apria Inc.(a)(b)		35,690		1,325,883
Avalon GloboCare Corp.(a)(b)		59,031		52,420
Biodesix Inc.(a)(b)		29,992		246,534
Capital Senior Living Corp.(a)(b)		3,420		120,452
Castle Biosciences Inc.(a)(b)		50,360		3,348,940
Cross Country Healthcare Inc.(a)		84,833		1,801,853
Envveno Medical Corp., NVS		17,538		182,044
Enzo Biochem Inc.(a)		106,336		376,429
Exagen Inc.(a)		24,169		328,698
Five Star Senior Living Inc.(a)(b)		43,705		191,428
Great Elm Group Inc.(a)		34,549		78,426
Hanger Inc.(a)		87,988		1,932,216
Imac Holdings Inc.(a)(b)		61,016		90,304
InfuSystem Holdings Inc.(a)(b)		42,618		555,313
Joint Corp. (The)(a)		32,586		3,194,080
Novo Integrated Sciences Inc.(a)(b)		18,129		33,901
Ontrak Inc.(a)(b)		20,943		210,268
PetIQ Inc.(a)		63,839		1,594,060
Precipio Inc.(a)		49,136		138,564

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^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Progenity Inc.(a)(b)		44,376	$	67,452
Psychemedics Corp.(a)		13,727		116,680
RadNet Inc.(a)		107,265		3,143,937
Regional Health Properties Inc.(a)		3,656		28,882
Sharps Compliance Corp.(a)(b)		34,190		282,751
SOC Telemed Inc.(a)		140,481		317,487
Triple-S Management Corp.(a)		53,729		1,900,395
Viemed Healthcare Inc.(a)		85,021		471,867
Vivos Therapeutics Inc.(a)		41,283		166,783
				30,744,649
Health Care Technology — 0.8%
CareCloud Inc.(a)(b)		22,108		168,463
Castlight Health Inc., Class B(a)(b)		285,305		447,929
Computer Programs & Systems Inc.		33,788		1,198,122
Convey Holding Parent Inc.(a)		31,054		260,854
Forian Inc.(a)(b)		44,496		459,199
HealthStream Inc.(a)		59,450		1,699,081
Icad Inc.(a)		51,354		552,056
iSpecimen Inc.(a)(b)		5,424		31,676
NantHealth Inc.(a)		60,153		96,846
OptimizeRx Corp.(a)(b)		40,506		3,465,288
Simulations Plus Inc.		36,367		1,436,496
Streamline Health Solutions Inc.(a)(b)		70,746		123,806
				9,939,816
Hotels, Restaurants & Leisure — 2.5%
Allied Esports Entertainment Inc.(a)		46,779		82,799
Ark Restaurants Corp.(a)		6,046		93,713
BBQ Holdings Inc.(a)		9,823		148,229
Biglari Holdings Inc., Class B, NVS(a)(b)		1,929		331,421
Bluegreen Vacations Holding Corp.(a)		29,409		758,752
BurgerFi International Inc.(a)(b)		23,766		205,814
Canterbury Park Holding Corp.		7,297		121,057
Carrols Restaurant Group Inc.		79,140		289,652
Century Casinos Inc.(a)(b)		64,130		863,831
Chuy’s Holdings Inc.(a)(b)		46,849		1,477,149
Del Taco Restaurants Inc.		70,466		615,168
Dover Motorsports Inc.		40,255		97,417
Drive Shack Inc.(a)(b)		196,346		551,732
El Pollo Loco Holdings Inc.(a)(b)		44,783		756,833
Esports Entertainment Group Inc.(a)(b)		33,753		226,483
Esports Technologies Inc.(a)(b)		26,277		882,119
Everi Holdings Inc.(a)		201,989		4,884,094
FAT Brands Inc.(b)		12,001		111,849
FAT Brands Inc., Class B		1,388		12,492
Fiesta Restaurant Group Inc.(a)		41,611		456,057
Flanigan’s Enterprises Inc.(a)		2,264		60,404
Full House Resorts Inc.(a)(b)		77,637		823,729
GAN Ltd.(a)(b)		94,294		1,402,152
Golden Entertainment Inc.(a)		40,651		1,995,558
Golden Nugget Online Gaming Inc.(a)		94,418		1,640,041
Good Times Restaurants Inc.(a)(b)		22,889		117,192
Hall of Fame Resort & Entertainment Co.(a)(b)		132,551		351,260
Inspired Entertainment Inc.(a)(b)		30,890		361,413
Kura Sushi USA Inc., Class A(a)		9,314		406,835
Lindblad Expeditions Holdings Inc.(a)(b)		73,066		1,066,033
Luby’s Inc.(a)		44,684		186,779
Monarch Casino & Resort Inc.(a)(b)		30,869		2,067,914
Nathan’s Famous Inc.		6,831		417,852
NEOGAMES SA(a)		13,106		481,252

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Noodles & Co.(a)		95,397	$	1,125,685
ONE Group Hospitality Inc. (The)(a)		48,806		521,736
PlayAGS Inc.(a)(b)		64,356		507,125
Potbelly Corp.(a)(b)		61,182		414,814
RCI Hospitality Holdings Inc.		19,620		1,344,166
Red Robin Gourmet Burgers Inc.(a)		36,697		846,233
Ruth’s Hospitality Group Inc.(a)		80,336		1,663,759
Target Hospitality Corp.(a)(b)		63,114		235,415
Xponential Fitness Inc., Class A(a)		23,257		295,131
				31,299,139
Household Durables — 1.4%
Aterian Inc.(a)(b)		60,733		657,738
Bassett Furniture Industries Inc.		21,777		394,381
Beazer Homes USA Inc.(a)(b)		69,060		1,191,285
Casper Sleep Inc.(a)(b)		67,925		290,040
Comstock Holding Companies Inc.(a)(b)		5,196		24,863
Dixie Group Inc. (The)(a)		35,502		172,540
Ethan Allen Interiors Inc.		53,754		1,273,970
Flexsteel Industries Inc.		15,656		483,457
Green Brick Partners Inc.(a)(b)		72,259		1,482,755
Hamilton Beach Brands Holding Co., Class A		17,571		275,337
Harbor Custom Development Inc.(a)(b)		29,816		70,068
Hooker Furniture Corp.		27,699		747,596
Hovnanian Enterprises Inc., Class A(a)		12,029		1,159,475
Koss Corp.(a)		2,814		46,009
Landsea Homes Corp.(a)		24,345		210,828
Legacy Housing Corp.(a)(b)		18,711		336,237
Lifetime Brands Inc.		29,741		540,989
Live Ventures Inc.(a)(b)		2,996		113,189
Lovesac Co. (The)(a)(b)		30,177		1,994,398
Nephros Inc.(a)		14,354		125,885
Tupperware Brands Corp.(a)(b)		117,237		2,476,045
Universal Electronics Inc.(a)(b)		30,656		1,509,808
VOXX International Corp.(a)(b)		36,574		418,772
Vuzix Corp.(a)(b)		137,781		1,441,189
Weber Inc., Class A(a)(b)		40,773		717,197
				18,154,051
Household Products — 0.0%
Ocean Bio-Chem Inc.		9,375		87,281
Oil-Dri Corp. of America		12,878		450,730
				538,011
Industrial Conglomerates — 0.0%
Gaucho Group Holdings Inc.(a)(b)		18,673		57,326
Insurance — 1.3%
Ambac Financial Group Inc.(a)		106,726		1,528,316
Atlantic American Corp.(b)		11,978		50,188
Citizens Inc./TX(a)(b)		117,268		728,234
Crawford & Co., Class A, NVS		39,361		353,068
Donegal Group Inc., Class A		35,564		515,322
FedNat Holding Co.		40,230		99,368
FG Financial Group Inc.(a)		4,607		23,265
Greenlight Capital Re Ltd., Class A(a)		61,546		454,825
Hallmark Financial Services Inc.(a)(b)		29,786		108,719
HCI Group Inc.		13,287		1,471,801
Heritage Insurance Holdings Inc.		63,150		430,052
ICC Holdings Inc.(a)		4,779		81,148
Independence Holding Co.		10,073		499,520
Investors Title Co.		3,041		555,287

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^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Kingstone Companies Inc.		21,696	$	143,628
Kingsway Financial Services Inc.(a)		24,424		130,888
Maiden Holdings Ltd.(a)		166,432		525,925
MBIA Inc.(a)		112,446		1,444,931
MetroMile Inc.(a)(b)		89,678		318,357
Midwest Holding Inc.(a)		6,280		244,292
National Western Life Group Inc., Class A		6,081		1,280,598
NI Holdings Inc.(a)		21,870		384,037
State Auto Financial Corp.		41,732		2,126,245
Tiptree Inc.		55,022		551,321
Trean Insurance Group Inc.(a)		41,524		429,773
United Fire Group Inc.		49,792		1,150,195
United Insurance Holdings Corp.		50,139		182,005
Universal Insurance Holdings Inc.		64,573		842,032
Vericity Inc.(a)		5,174		48,894
				16,702,234
Interactive Media & Services — 0.5%
AutoWeb Inc.(a)(b)		22,251		62,080
Creatd Inc.(a)(b)		19,346		52,428
DHI Group Inc.(a)		106,906		508,873
EverQuote Inc., Class A(a)		45,073		839,710
IZEA Worldwide Inc.(a)(b)		139,322		267,498
Kubient Inc.(a)(b)		27,042		87,346
Liberty TripAdvisor Holdings Inc., Class A(a)		171,541		530,062
Outbrain Inc.(a)(b)		18,818		278,506
QuinStreet Inc.(a)		117,541		2,064,020
Super League Gaming Inc.(a)		23,365		72,665
Travelzoo(a)(b)		12,610		146,276
TrueCar Inc.(a)(b)		224,509		933,957
Zedge Inc., Class B(a)(b)		24,043		321,215
				6,164,636
Internet & Direct Marketing Retail — 0.9%
1847 Goedeker Inc.(a)(b)		140,064		439,801
1stdibs.com Inc.(a)(b)		15,600		193,440
CarParts.com Inc.(a)(b)		115,574		1,804,110
Digital Brands Group Inc.(a)(b)		5,082		15,449
Duluth Holdings Inc., Class B(a)(b)		28,511		388,605
iMedia Brands Inc.(a)		41,457		238,378
iPower Inc.(a)(b)		7,282		28,837
Lands’ End Inc.(a)(b)		33,709		793,510
Liquidity Services Inc.(a)(b)		62,355		1,347,491
PARTS iD Inc.(a)(b)		39,464		204,818
PetMed Express Inc.		46,860		1,259,128
Porch Group Inc.(a)(b)		181,676		3,212,032
Remark Holdings Inc.(a)(b)		223,363		234,531
RumbleON Inc., Class B(a)(b)		7,304		284,710
TRxADE HEALTH Inc.(a)		9,660		47,914
Waitr Holdings Inc.(a)(b)		212,776		188,392
				10,681,146
IT Services — 1.9%
ALJ Regional Holdings Inc.(a)(b)		56,934		60,350
American Virtual Cloud Technologies Inc.(a)(b)		18,800		52,452
BM Technologies Inc.(a)(b)		22,197		197,553
Brightcove Inc.(a)		95,617		1,103,420
Cantaloupe Inc.(a)(b)		136,667		1,473,270
Cass Information Systems Inc.		33,621		1,407,039
Computer Task Group Inc.(a)		32,766		261,473
Crexendo Inc.(a)(b)		17,541		104,720
CSP Inc.(a)		9,745		86,633

Security	Shares		Value
IT Services (continued)
ESC Srax Inc., NVS		49,878	$	2,993
Exela Technologies Inc.(a)(b)		84,553		164,033
Glimpse Group Inc. (The)(a)(b)		4,326		31,537
GreenBox POS(a)(b)		42,693		353,925
Grid Dynamics Holdings Inc.(a)		99,223		2,899,296
Hackett Group Inc. (The)		57,670		1,131,485
I3 Verticals Inc., Class A(a)(b)		50,356		1,219,119
IBEX Holdings Ltd.(a)(b)		13,759		233,903
Information Services Group Inc.		83,318		598,223
Innodata Inc.(a)		57,262		545,707
Inpixon(a)(b)		231,873		192,918
International Money Express Inc.(a)		75,221		1,256,191
Limelight Networks Inc.(a)		293,737		699,094
MoneyGram International Inc.(a)(b)		211,754		1,698,267
OLB Group Inc. (The)(a)(b)		5,802		23,208
Paysign Inc.(a)(b)		71,740		193,698
PFSweb Inc.(a)		38,780		500,262
Priority Technology Holdings Inc.(a)		23,826		159,158
Research Solutions Inc/CA(a)		37,829		97,977
ServiceSource International Inc.(a)(b)		229,727		310,131
StarTek Inc.(a)		39,982		220,301
Steel Connect Inc.(a)(b)		95,438		193,739
Tucows Inc., Class A(a)(b)		22,881		1,806,455
Unisys Corp.(a)(b)		155,035		3,897,580
Usio Inc.(a)		46,866		277,447
WidePoint Corp.(a)(b)		22,018		115,594
				23,569,151
Leisure Products — 0.9%
American Outdoor Brands Inc.(a)(b)		33,076		812,347
AMMO Inc.(a)(b)		201,635		1,240,055
Clarus Corp.		56,985		1,460,526
Escalade Inc.		23,886		451,684
Genius Brands International Inc.(a)(b)		661,929		900,223
JAKKS Pacific Inc.(a)(b)		11,021		130,929
Johnson Outdoors Inc., Class A		12,301		1,301,446
Marine Products Corp.		19,196		240,142
MasterCraft Boat Holdings Inc.(a)		44,069		1,105,250
Nautilus Inc.(a)(b)		71,018		661,178
Smith & Wesson Brands Inc.		113,353		2,353,208
Twin Vee PowerCats Co.(a)(b)		5,893		21,392
Vinco Ventures Inc.(a)(b)		52,151		334,288
				11,012,668
Life Sciences Tools & Services — 0.6%
Akoya Biosciences Inc.(a)(b)		18,140		253,234
Alpha Teknova Inc.(a)(b)		16,493		410,511
Applied DNA Sciences Inc.(a)		16,493		88,897
Champions Oncology Inc.(a)(b)		15,057		153,732
ChromaDex Corp.(a)(b)		110,185		690,860
Codex DNA Inc.(a)(b)		17,571		195,565
Contra Aduro Biotech I(a)(c)		33,109		99,328
Fluidigm Corp.(a)(b)		178,874		1,178,780
Harvard Bioscience Inc.(a)		92,050		642,509
Inotiv Inc.(a)(b)		30,387		888,516
Miromatrix Medical Inc.(a)		13,829		96,250
Personalis Inc.(a)		85,683		1,648,541
Rapid Micro Biosystems Inc., Cass A(a)		18,276		337,558
Singular Genomics Systems Inc.(a)		27,460		307,277
				6,991,558

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) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery — 2.4%
AgEagle Aerial Systems Inc.(a)(b)		161,918	$	487,373
Agrify Corp.(a)(b)		39,458		731,551
Blue Bird Corp.(a)		37,155		775,053
CIRCOR International Inc.(a)		43,746		1,444,056
Columbus McKinnon Corp./NY		65,872		3,184,911
Commercial Vehicle Group Inc.(a)		75,263		711,988
Douglas Dynamics Inc.		53,960		1,958,748
Eastern Co. (The)		12,864		323,658
Energy Recovery Inc.(a)(b)		98,778		1,879,745
ExOne Co. (The)(a)		39,976		934,639
FreightCar America Inc.(a)(b)		33,144		150,142
Gencor Industries Inc.(a)		25,219		279,931
Graham Corp.		24,866		308,338
Hurco Companies Inc.		15,031		484,900
Ideanomics Inc.(a)(b)		981,892		1,934,327
LB Foster Co., Class A(a)		24,106		373,402
Lightning eMotors Inc.(a)(b)		119,839		1,024,624
LS Starrett Co. (The), Class A(a)		13,985		174,673
Luxfer Holdings PLC		64,544		1,266,999
Lydall Inc.(a)		41,274		2,562,703
Manitex International Inc.(a)		35,444		254,488
Manitowoc Co. Inc. (The)(a)		81,336		1,742,217
Mayville Engineering Co. Inc.(a)(b)		21,318		400,778
Miller Industries Inc./TN		26,371		897,669
NN Inc.(a)(b)		100,524		527,751
Park-Ohio Holdings Corp.		20,163		514,560
Perma-Pipe International Holdings Inc.(a)		17,870		138,671
Shyft Group Inc. (The)(b)		81,591		3,101,274
Taylor Devices Inc.(a)(b)		7,567		85,507
Titan International Inc.(a)		119,947		858,821
Twin Disc Inc.(a)		24,611		262,353
Urban-Gro Inc.(a)(b)		18,966		252,058
				30,027,908
Marine — 0.3%
Eagle Bulk Shipping Inc.(a)		20,955		1,056,551
Eneti Inc.		17,984		300,333
Genco Shipping & Trading Ltd.		76,085		1,531,591
Navios Maritime Holdings Inc.(a)(b)		28,850		137,615
Pangaea Logistics Solutions Ltd.		26,334		132,987
Safe Bulkers Inc.(a)		145,491		752,188
				3,911,265
Media — 1.2%
Beasley Broadcast Group Inc., Class A(a)		27,557		73,302
Boston Omaha Corp., Class A(a)(b)		41,731		1,618,328
Clear Channel Outdoor Holdings Inc.(a)(b)		859,018		2,327,939
comScore Inc.(a)		164,569		641,819
Cumulus Media Inc., Class A(a)		43,037		527,203
Daily Journal Corp.(a)(b)		2,833		907,608
DallasNews Corp.		11,689		81,239
Digital Media Solutions Inc., Class A(a)(b)		7,844		56,869
Emerald Holding Inc.(a)		56,343		244,529
Entercom Communications Corp.(a)		277,437		1,020,968
Entravision Communications Corp., Class A		141,282		1,003,102
Fluent Inc.(a)(b)		102,530		232,743
Gannett Co. Inc.(a)		332,647		2,222,082
Hemisphere Media Group Inc.(a)		38,217		465,483
Lee Enterprises Inc.(a)		13,183		298,463
Marchex Inc., Class B(a)		80,309		239,722
National CineMedia Inc.		146,017		519,821

Security	Shares		Value
Media (continued)
NextPlay Technologies Inc.(a)		64,405	$	86,303
Saga Communications Inc., Class A		9,234		210,073
Salem Media Group Inc.(a)		24,964		92,616
Social Reality Inc., Class A(b)(c)		23,207		0	(d)
SPAR Group Inc.(a)(b)		28,993		40,300
Stagwell Inc.(a)(b)		144,776		1,110,432
Thryv Holdings Inc.(a)(b)		17,968		539,759
Townsquare Media Inc., Class A(a)		25,655		335,311
Troika Media Group Inc.(a)(b)		47,641		62,886
Urban One Inc., NVS(a)		37,271		253,816
Urban One Inc., Class A(a)		17,067		138,584
				15,351,300
Metals & Mining — 1.3%
Alpha Metallurgical Resources Inc.(a)		41,369		2,059,762
Ampco-Pittsburgh Corp.(a)(b)		37,175		174,722
Caledonia Mining Corp. PLC		28,383		343,434
Comstock Mining Inc.(a)(b)		100,180		267,481
Friedman Industries Inc.		15,473		184,283
Gatos Silver Inc.(a)		108,773		1,265,030
Gold Resource Corp.		175,497		275,530
Haynes International Inc.		29,505		1,099,061
Hycroft Mining Holding Corp.(a)(b)		86,147		128,359
Olympic Steel Inc.		22,122		538,892
Paramount Gold Nevada Corp.(a)(b)		35,895		29,434
Perpetua Resources Corp.(a)		62,822		312,854
PolyMet Mining Corp.(a)(b)		67,754		206,650
Ramaco Resources Inc.(a)(b)		30,144		371,073
Ryerson Holding Corp.		38,602		859,667
Schnitzer Steel Industries Inc., Class A		61,391		2,689,540
SunCoke Energy Inc.		196,039		1,231,125
Synalloy Corp.(a)		14,930		161,244
TimkenSteel Corp.(a)(b)		107,873		1,410,979
U.S. Gold Corp.(a)(b)		15,464		158,351
Universal Stainless & Alloy Products Inc.(a)		18,630		193,007
Warrior Met Coal Inc.		121,642		2,830,609
				16,791,087
Mortgage Real Estate Investment — 1.6%
ACRES Commercial Realty Corp.(a)		25,695		415,488
AFC Gamma Inc.		20,704		446,792
AG Mortgage Investment Trust Inc.		38,699		442,330
Angel Oak Mortgage Inc.		17,314		293,126
Ares Commercial Real Estate Corp.		103,984		1,568,079
Arlington Asset Investment Corp., Class A(a)		73,738		272,831
ARMOUR Residential REIT Inc.		193,717		2,088,269
Capstead Mortgage Corp.		224,300		1,500,567
Cherry Hill Mortgage Investment Corp.		40,507		359,702
Dynex Capital Inc.		80,448		1,390,141
Ellington Financial Inc.		109,573		2,004,090
Ellington Residential Mortgage REIT		28,033		312,848
Granite Point Mortgage Trust Inc.		128,506		1,692,424
Great Ajax Corp.		50,719		684,199
Invesco Mortgage Capital Inc.		685,473		2,159,240
Lument Finance Trust Inc.		42,173		167,005
Manhattan Bridge Capital Inc.		17,905		121,754
Nexpoint Real Estate Finance Inc.		12,614		245,721
Orchid Island Capital Inc.		294,556		1,440,379
Ready Capital Corp.		136,722		1,972,899
Sachem Capital Corp.		51,248		279,814
Tremont Mortgage Trust(b)		16,732		87,341

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^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Western Asset Mortgage Capital Corp.		141,280	$	368,741
				20,313,780
Multi-Utilities — 0.1%
Unitil Corp.		36,642		1,567,545
Multiline Retail — 0.2%
Franchise Group Inc.		67,086		2,375,515
Oil, Gas & Consumable Fuels — 4.7%
Adams Resources & Energy Inc.		6,969		211,649
Aemetis Inc.(a)(b)		64,484		1,178,768
Alto Ingredients Inc.(a)(b)		171,634		847,872
Altus Midstream Co., Class A		7,666		529,184
American Resources Corp.(a)(b)		91,837		174,490
Amplify Energy Corp.(a)		83,644		444,986
Arch Resources Inc.(a)		35,711		3,312,195
Ardmore Shipping Corp.(a)		82,427		342,072
Battalion Oil Corp.(a)(b)		7,844		76,322
Berry Corp.		159,896		1,152,850
Bonanza Creek Energy Inc.		72,917		3,492,724
Centrus Energy Corp., Class A(a)(b)		23,074		892,041
CONSOL Energy Inc.(a)(b)		81,060		2,109,181
Contango Oil & Gas Co.(a)(b)		347,655		1,588,783
Dorian LPG Ltd.		73,234		908,834
Earthstone Energy Inc., Class A(a)(b)		56,306		518,015
Energy Fuels Inc./Canada(a)(b)		348,994		2,449,938
Epsilon Energy Ltd.(a)(b)		31,330		201,765
Evolution Petroleum Corp.		73,670		418,446
Extraction Oil & Gas Inc.(a)		37,083		2,093,335
Falcon Minerals Corp.		93,784		440,785
Gevo Inc.(a)(b)		463,185		3,075,548
Goodrich Petroleum Corp.(a)		23,093		546,380
Green Plains Inc.(a)		99,613		3,252,364
Hallador Energy Co.(a)		56,123		166,124
HighPeak Energy Inc.		11,768		105,912
International Seaways Inc.		108,927		1,984,650
Laredo Petroleum Inc.(a)(b)		29,724		2,409,725
Lightbridge Corp.(a)(b)		16,858		82,098
NACCO Industries Inc., Class A		9,932		296,371
Navios Maritime Acquisition Corp.		27,905		114,411
NextDecade Corp.(a)(b)		67,387		187,336
Nordic American Tankers Ltd.		361,316		924,969
Northern Oil and Gas Inc.		123,641		2,645,917
Overseas Shipholding Group Inc., Class A(a)		153,444		319,164
Par Pacific Holdings Inc.(a)(b)		108,738		1,709,361
Peabody Energy Corp.(a)		190,110		2,811,727
PEDEVCO Corp.(a)(b)		42,869		63,446
Penn Virginia Corp.(a)		36,296		968,014
PHX Minerals Inc.		62,631		191,651
PrimeEnergy Resources Corp.(a)		1,412		84,791
REX American Resources Corp.(a)(b)		13,000		1,038,310
Riley Exploration Permian Inc.		5,902		138,579
Ring Energy Inc.(a)(b)		233,962		690,188
SandRidge Energy Inc.(a)(b)		73,814		960,320
SilverBow Resources Inc.(a)(b)		16,689		408,881
Stabilis Solutions Inc.(a)		6,005		43,236
Teekay Corp.(a)		163,864		599,742
Teekay Tankers Ltd., Class A(a)		56,113		815,322
Tellurian Inc.(a)(b)		849,478		3,321,459
Uranium Energy Corp.(a)(b)		545,921		1,665,059

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Ur-Energy Inc.(a)		424,037	$	729,344
VAALCO Energy Inc.(a)		127,657		375,312
Vertex Energy Inc.(a)(b)		90,269		473,010
Vine Energy Inc., Class A(a)		59,568		981,085
W&T Offshore Inc.(a)(b)		221,099		822,488
				58,386,529
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)		38,818		1,487,894
Glatfelter Corp.		103,414		1,458,138
Verso Corp., Class A		63,435		1,316,276
				4,262,308
Personal Products — 0.7%
Beauty Health Co. (The)(a)(b)		205,817		5,345,068
Grove Inc.(a)(b)		5,203		26,431
Guardion Health Sciences Inc.(a)		55,008		69,860
Jupiter Wellness Inc.(a)(b)		16,237		22,894
LifeMD Inc.(a)(b)		40,888		253,914
Lifevantage Corp.(a)		32,398		219,334
Mannatech Inc.		2,822		92,223
Natural Alternatives International Inc.(a)		10,956		147,687
Natural Health Trends Corp.		17,230		123,539
Nature’s Sunshine Products Inc.		27,887		408,545
Revlon Inc., Class A(a)(b)		17,763		179,584
Summer Infant Inc.(a)(b)		2,855		24,667
United-Guardian Inc.		8,911		126,358
Veru Inc.(a)(b)		151,016		1,288,167
				8,328,271
Pharmaceuticals — 3.8%
9 Meters Biopharma Inc.(a)		520,891		677,158
AcelRx Pharmaceuticals Inc.(a)(b)		279,214		284,798
Acer Therapeutics Inc.(a)		24,550		62,603
Aclaris Therapeutics Inc.(a)(b)		120,383		2,166,894
Adial Pharmaceuticals Inc.(a)		28,489		122,218
Aerie Pharmaceuticals Inc.(a)(b)		99,400		1,133,160
Aerpio Pharmaceuticals Inc., NVS(b)		102,420		1
Agile Therapeutics Inc.(a)		161,432		155,152
Alimera Sciences Inc.(a)(b)		16,678		70,882
Altamira Therapeutics Ltd.(a)		29,997		60,294
Amphastar Pharmaceuticals Inc.(a)(b)		87,080		1,655,391
Ampio Pharmaceuticals Inc.(a)(b)		457,024		758,660
Anebulo Pharmaceuticals Inc.(a)		7,011		47,184
Angion Biomedica Corp.(a)(b)		51,633		504,454
ANI Pharmaceuticals Inc.(a)(b)		23,081		757,518
Antares Pharma Inc.(a)		392,209		1,427,641
Aquestive Therapeutics Inc.(a)(b)		58,316		254,258
Athira Pharma Inc.(a)		75,885		711,801
Avalo Therapeutics Inc.(a)		124,420		271,236
Avenue Therapeutics Inc.(a)(b)		18,278		27,234
Aytu BioPharma Inc.(a)		15,061		43,376
Baudax Bio Inc.(a)(b)		197,944		111,640
BioDelivery Sciences International Inc.(a)		218,409		788,457
Cara Therapeutics Inc.(a)		104,422		1,613,320
cbdMD Inc.(a)(b)		89,220		185,578
Citius Pharmaceuticals Inc.(a)(b)		265,780		539,533
Clearside Biomedical Inc.(a)		113,484		680,904
Clever Leaves Holdings Inc.(a)(b)		51,265		397,816
CNS Pharmaceuticals Inc.(a)(b)		37,832		56,370
Cocrystal Pharma Inc.(a)		209,909		220,404
Collegium Pharmaceutical Inc.(a)(b)		83,474		1,647,777

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) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
CorMedix Inc.(a)(b)		91,488	$	425,419
Cumberland Pharmaceuticals Inc.(a)		23,595		63,707
Cymabay Therapeutics Inc.(a)(b)		162,874		594,490
Cyteir Therapeutics Inc.(a)(b)		19,968		350,438
Dare Bioscience Inc.(a)		112,403		187,713
Dermata Therapeutics Inc.(a)(b)		5,239		23,523
Durect Corp.(a)(b)		533,817		683,286
Eloxx Pharmaceuticals Inc.(a)(b)		131,525		214,386
Enveric Biosciences Inc.(a)(b)		45,283		93,736
Esperion Therapeutics Inc.(a)(b)		61,715		743,666
Eton Pharmaceuticals Inc.(a)(b)		49,114		247,535
Evofem Biosciences Inc.(a)(b)		353,624		261,187
Evoke Pharma Inc.(a)(b)		82,741		107,563
Evolus Inc.(a)(b)		76,455		582,587
Eyenovia Inc.(a)(b)		41,765		204,649
EyePoint Pharmaceuticals Inc.(a)(b)		49,513		515,925
Fulcrum Therapeutics Inc.(a)		62,962		1,776,158
Graybug Vision Inc.(a)(b)		30,063		99,809
Harrow Health Inc.(a)(b)		52,692		478,970
Hepion Pharmaceuticals Inc.(a)(b)		180,495		276,157
Hoth Therapeutics Inc.(a)(b)		59,815		71,180
Ikena Oncology Inc.(a)(b)		24,098		304,117
IMARA Inc.(a)		24,381		99,474
Jaguar Health Inc.(a)		110,327		250,442
Kala Pharmaceuticals Inc.(a)(b)		116,401		304,971
Kaleido Biosciences Inc.(a)(b)		47,736		260,639
KemPharm Inc.(a)(b)		67,150		626,510
Landos Biopharma Inc.(a)		11,188		163,345
Lannett Co. Inc.(a)(b)		80,105		240,315
Lipocine Inc.(a)(b)		207,343		226,004
Liquidia Corp.(a)(b)		80,840		223,118
Longboard Pharmaceuticals Inc.(a)(b)		16,282		145,073
Lyra Therapeutics Inc.(a)(b)		15,776		144,193
Marinus Pharmaceuticals Inc.(a)(b)		86,634		985,895
MediWound Ltd.(a)(b)		40,177		133,789
Mind Medicine MindMed Inc.(a)		821,470		1,914,025
MyMD Pharmaceuticals Inc.(a)(b)		87,396		629,251
Novan Inc.(a)		43,982		358,013
Ocular Therapeutix Inc.(a)(b)		179,909		1,799,090
Ocuphire Pharma Inc.(a)(b)		25,851		133,133
Odonate Therapeutics Inc.(a)(b)		38,556		112,198
Omthera Pharmaceuticals Inc., NVS(c)		60,904		15,716
Opiant Pharmaceuticals Inc.(a)		9,776		251,634
Optinose Inc.(a)(b)		89,553		268,659
Oramed Pharmaceuticals Inc.(a)(b)		70,984		1,560,228
Osmotica Pharmaceuticals PLC(a)(b)		39,237		115,749
Otonomy Inc.(a)		134,655		258,538
Palisade Bio Inc.(a)(b)		26,713		70,789
Paratek Pharmaceuticals Inc.(a)(b)		112,484		546,672
Petros Pharmaceuticals Inc.(a)(b)		13,809		27,618
PLx Pharma Inc.(a)		41,766		806,084
Processa Pharmaceuticals Inc.(a)(b)		24,921		213,573
ProPhase Labs Inc.		22,396		116,459
Provention Bio Inc.(a)(b)		130,423		834,707
Pulmatrix Inc.(a)(b)		135,994		108,782
Rain Therapeutics Inc.(a)(b)		18,150		271,524
Recro Pharma Inc.(a)(b)		96,272		198,320
Relmada Therapeutics Inc.(a)		37,205		975,143
Restorbio Inc.		8,569		9,410
Reviva Pharmaceuticals Holdings Inc.(a)(b)		30,946		125,950

Security	Shares		Value
Pharmaceuticals (continued)
Satsuma Pharmaceuticals Inc.(a)(b)		48,876	$	227,762
scPharmaceuticals Inc.(a)(b)		30,921		205,625
SCYNEXIS Inc.(a)(b)		48,133		255,105
Seelos Therapeutics Inc.(a)(b)		228,219		550,008
SIGA Technologies Inc.(a)(b)		114,925		849,296
Strongbridge Biopharma PLC(a)		113,481		231,501
Tarsus Pharmaceuticals Inc.(a)		19,815		427,013
Terns Pharmaceuticals Inc.(a)(b)		32,844		342,234
TFF Pharmaceuticals Inc.(a)(b)		49,508		382,202
TherapeuticsMD Inc.(a)(b)		913,152		677,011
Timber Pharmaceuticals Inc.(a)(b)		71,972		65,473
Trevi Therapeutics Inc.(a)		26,034		35,667
Tricida Inc.(a)(b)		68,710		318,814
Verrica Pharmaceuticals Inc.(a)(b)		30,653		383,163
VYNE Therapeutics Inc.(a)		112,866		156,884
WaVe Life Sciences Ltd.(a)		89,669		439,378
Xeris Pharmaceuticals Inc.(a)(b)		155,185		380,203
Zynerba Pharmaceuticals Inc.(a)(b)		94,680		401,443
				47,593,728
Professional Services — 1.5%
Acacia Research Corp.(a)		114,966		780,619
Akerna Corp.(a)(b)		55,543		156,631
Atlas Technical Consultants Inc.(a)		32,904		334,634
Barrett Business Services Inc.		17,727		1,351,861
BGSF Inc.		24,214		309,697
CRA International Inc.		16,702		1,659,177
DLH Holdings Corp.(a)		11,908		146,468
Forrester Research Inc.(a)		26,525		1,306,622
Franklin Covey Co.(a)(b)		29,105		1,187,193
GP Strategies Corp.(a)(b)		29,392		608,414
Heidrick & Struggles International Inc.		45,805		2,044,277
Hill International Inc.(a)(b)		104,242		215,781
HireQuest Inc.(b)		11,861		229,273
Hudson Global Inc.(a)		6,702		106,562
Kelly Services Inc., Class A, NVS		83,077		1,568,494
Kforce Inc.		48,071		2,866,954
Mastech Digital Inc.(a)		9,479		161,238
Mistras Group Inc.(a)		47,326		480,832
RCM Technologies Inc.(a)(b)		20,644		125,516
Red Violet Inc.(a)(b)		17,562		453,275
Resources Connection Inc.		76,099		1,200,842
ShiftPixy Inc.(a)(b)		23,009		25,540
Volt Information Sciences Inc.(a)(b)		34,364		121,992
Where Food Comes From Inc.(b)		5,991		82,556
Willdan Group Inc.(a)		26,139		930,287
				18,454,735
Real Estate Management & Development — 0.4%
Alset EHome International Inc.(a)(b)		27,309		64,176
Altisource Asset Management Corp.(a)		3,153		70,091
Altisource Portfolio Solutions SA(a)		11,650		115,102
American Realty Investors Inc.(a)		4,662		61,259
AMREP Corp.(a)		8,178		128,395
Fathom Holdings Inc.(a)(b)		12,520		334,284
Forestar Group Inc.(a)		39,796		741,399
FRP Holdings Inc.(a)		15,938		891,253
InterGroup Corp. (The)(a)		1,117		51,203
JW Mays Inc.(a)		1,312		50,197
Maui Land & Pineapple Co. Inc.(a)(b)		18,491		191,567
Rafael Holdings Inc., Class B(a)(b)		22,941		704,977

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^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Stratus Properties Inc.(a)		13,944	$	449,554
Tejon Ranch Co.(a)		50,497		896,827
Transcontinental Realty Investors Inc.(a)		3,081		123,240
Trinity Place Holdings Inc.(a)		46,551		91,240
				4,964,764
Road & Rail — 0.3%
Covenant Logistics Group Inc., Class A(a)(b)		28,655		792,311
Daseke Inc.(a)(b)		94,485		870,207
HyreCar Inc.(a)		41,052		348,942
PAM Transportation Services Inc.(a)		8,696		391,146
Patriot Transportation Holding Inc.		5,412		64,240
U.S. Xpress Enterprises Inc., Class A(a)(b)		63,773		550,361
Universal Logistics Holdings Inc.		18,825		378,006
USA Truck Inc.(a)(b)		19,252		294,170
Yellow Corp.(a)(b)		118,592		670,045
				4,359,428
Semiconductors & Semiconductor Equipment — 2.2%
Aehr Test Systems(a)(b)		47,732		651,542
Alpha & Omega Semiconductor Ltd.(a)		50,126		1,572,453
Amtech Systems Inc.(a)(b)		27,424		313,456
Atomera Inc.(a)(b)		47,637		1,099,938
AXT Inc.(a)(b)		93,894		782,137
CEVA Inc.(a)		53,376		2,277,554
CVD Equipment Corp.(a)(b)		12,122		55,519
CyberOptics Corp.(a)		16,690		593,830
DSP Group Inc.(a)(b)		52,762		1,156,015
eMagin Corp.(a)		159,422		360,294
Everspin Technologies Inc.(a)(b)		35,926		232,801
GSI Technology Inc.(a)(b)		37,775		199,452
Ichor Holdings Ltd.(a)		65,773		2,702,613
Impinj Inc.(a)(b)		44,149		2,522,232
inTEST Corp.(a)(b)		24,345		279,481
Kopin Corp.(a)(b)		182,109		934,219
Meta Materials Inc.(a)(b)		516,573		2,985,792
NeoPhotonics Corp.(a)		120,431		1,048,954
NVE Corp.		11,365		727,019
PDF Solutions Inc.(a)		69,545		1,602,317
Photronics Inc.(a)		143,110		1,950,589
Pixelworks Inc.(a)(b)		119,494		571,181
QuickLogic Corp.(a)(b)		25,662		137,548
SkyWater Technology Inc.(a)(b)		19,170		521,424
SMART Global Holdings Inc.(a)(b)		41,506		1,847,017
Summit Wireless Technologies Inc.(a)		26,185		73,318
				27,198,695
Software — 2.0%
A10 Networks Inc.(a)		142,529		1,921,291
Agilysys Inc.(a)		46,830		2,452,019
Alfi Inc.(a)(b)		9,521		62,458
American Software Inc./GA, Class A		74,459		1,768,401
Asure Software Inc.(a)		40,802		367,626
Auddia Inc.(a)(b)		15,746		38,105
AudioEye Inc.(a)(b)		16,380		180,671
Aware Inc./MA(a)		31,175		127,506
Benefitfocus Inc.(a)(b)		58,898		653,768
BSQUARE Corp.(a)(b)		27,865		67,155
ChannelAdvisor Corp.(a)		69,040		1,741,879
Cleanspark Inc.(a)(b)		78,368		908,285
Color Star Technology Co. Ltd.(a)(b)		207,368		113,638
DatChat Inc.(a)(b)		4,664		63,664

Security	Shares		Value
Software (continued)
Digimarc Corp.(a)(b)		29,915	$	1,030,273
Duos Technologies Group Inc.(a)(b)		8,297		53,018
eGain Corp.(a)		48,229		491,936
GTY Technology Holdings Inc.(a)(b)		75,447		567,361
Intelligent Systems Corp.(a)		16,991		690,004
Intrusion Inc.(a)		38,647		156,907
Issuer Direct Corp.(a)		6,828		178,552
Kaspien Holdings Inc.(a)		2,362		38,382
LivePerson Inc.		135,358		404,720
Mind CTI Ltd.		37,737		119,249
Mitek Systems Inc.(a)(b)		101,466		1,877,121
Net Element Inc.(a)		11,473		94,538
NetSol Technologies Inc.(a)(b)		26,510		121,416
Oblong Inc.(a)(b)		36,705		76,713
OneSpan Inc.(a)		83,464		1,567,454
Park City Group Inc.(a)		29,913		163,026
Phunware Inc.(a)(b)		169,560		157,487
Qumu Corp.(a)(b)		41,890		103,887
RealNetworks Inc.(a)(b)		83,081		132,099
Rekor Systems Inc.(a)(b)		73,647		846,204
Rimini Street Inc.(a)(b)		102,840		992,406
Seachange International Inc.(a)(b)		102,229		108,363
ShotSpotter Inc.(a)(b)		19,943		725,327
SilverSun Technologies Inc.(b)		6,591		40,007
Smith Micro Software Inc.(a)		110,403		534,350
SRAX Inc.(a)		49,878		266,349
Synchronoss Technologies Inc.(a)(b)		147,610		354,264
Verb Technology Co. Inc.(a)(b)		133,588		256,489
Veritone Inc.(a)(b)		67,240		1,606,364
VirnetX Holding Corp.(a)		148,876		583,594
Zix Corp.(a)		125,226		885,348
				25,689,674
Specialty Retail — 3.0%
America’s Car-Mart Inc./TX(a)		14,784		1,726,476
Barnes & Noble Education Inc.(a)(b)		90,013		899,230
Big 5 Sporting Goods Corp.		48,922		1,127,163
Build-A-Bear Workshop Inc., Class A(a)(b)		33,892		574,130
Caleres Inc.		87,385		1,941,695
CarLotz Inc.(a)(b)		167,277		637,325
Cato Corp. (The), Class A		46,453		768,333
Chico’s FAS Inc.(a)		282,612		1,268,928
Citi Trends Inc.(a)		20,656		1,507,062
Conn’s Inc.(a)(b)		41,964		958,038
Container Store Group Inc. (The)(a)(b)		74,743		711,553
Envela Corp.(a)(b)		16,149		67,180
Express Inc.(a)		150,998		712,711
Genesco Inc.(a)(b)		34,765		2,006,983
Haverty Furniture Companies Inc.		39,561		1,333,601
Hibbett Inc.		37,890		2,680,339
J Jill Inc.(a)(b)		10,185		177,015
JOANN Inc.(b)		28,290		315,151
Kirkland’s Inc.(a)		32,881		631,644
Lazydays Holdings Inc.(a)(b)		17,376		370,804
LMP Automotive Holdings Inc.(a)(b)		13,988		215,275
Lumber Liquidators Holdings Inc.(a)		67,401		1,259,051
MarineMax Inc.(a)(b)		49,893		2,420,808
OneWater Marine Inc., Class A		24,132		970,348
Party City Holdco Inc.(a)(b)		261,233		1,854,754
Shift Technologies Inc.(a)(b)		145,724		1,011,325
Shoe Carnival Inc.		41,901		1,358,430

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) (continued) September 30, 2021 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Sportsman’s Warehouse Holdings Inc.(a)		102,837	$	1,809,931
Tilly’s Inc., Class A		53,423		748,456
TravelCenters of America Inc.(a)(b)		29,406		1,464,125
Winmark Corp.		8,118		1,745,614
Xcel Brands Inc.(a)		22,407		33,386
Zumiez Inc.(a)		51,645		2,053,405
				37,360,269
Technology Hardware, Storage & Peripherals — 0.5%
AstroNova Inc.(a)		15,804		237,850
Avid Technology Inc.(a)		85,439		2,470,896
Boxlight Corp., Class A(a)		113,290		254,903
Eastman Kodak Co.(a)(b)		105,511		718,530
Immersion Corp.(a)		62,394		426,775
Intevac Inc.(a)		57,371		274,233
Movano Inc.(a)(b)		26,146		94,126
One Stop Systems Inc.(a)(b)		33,179		166,890
Quantum Corp.(a)		134,964		699,114
Socket Mobile Inc.(a)		14,804		93,265
TransAct Technologies Inc.(a)		21,302		296,098
Turtle Beach Corp.(a)(b)		36,160		1,005,971
				6,738,651
Textiles, Apparel & Luxury Goods — 0.5%
Charles & Colvard Ltd.(a)		65,628		195,571
Crown Crafts Inc.		19,458		143,989
Culp Inc.		28,314		364,684
Delta Apparel Inc.(a)		14,884		406,482
Fossil Group Inc.(a)(b)		113,195		1,341,361
Jerash Holdings U.S. Inc.(b)		8,126		54,607
Lakeland Industries Inc.(a)(b)		19,085		400,785
Movado Group Inc.		37,673		1,186,323
Rocky Brands Inc.		16,081		765,616
Superior Group of Companies Inc.		27,596		642,711
Unifi Inc.(a)		31,145		683,010
Vera Bradley Inc.(a)		61,242		576,287
Vince Holding Corp.(a)(b)		8,348		68,908
				6,830,334
Thrifts & Mortgage Finance — 2.3%
1895 Bancorp of Wisconsin Inc.(a)		7,193		78,548
Blue Foundry Bancorp(a)(b)		66,943		923,144
Bogota Financial Corp.(a)(b)		12,085		124,959
Bridgewater Bancshares Inc.(a)(b)		49,096		859,671
Broadway Financial Corp./DE(a)(b)		54,430		180,708
CBM Bancorp Inc.		5,284		85,706
CF Bankshares Inc.		8,746		178,856
Cincinnati Bancorp Inc.(a)		5,545		82,731
Elmira Savings Bank		7,274		96,817
ESSA Bancorp. Inc.		21,294		353,480
Federal Agricultural Mortgage Corp., Class C, NVS		21,682		2,352,931
FFBW Inc.(a)		14,363		170,345
Finance of America Companies Inc., Class A(a)(b)		82,322		407,494
First Seacoast Bancorp.(a)		6,354		62,142
FS Bancorp. Inc.		17,096		591,693
Greene County Bancorp. Inc.		8,264		300,231
Guaranty Federal Bancshares Inc.		7,741		186,868
Hingham Institution For Savings (The)		3,394		1,142,760
HMN Financial Inc.(a)		9,414		220,005
Home Bancorp. Inc.		18,238		705,446
Home Federal Bancorp. Inc./LA		6,445		122,391
Home Point Capital Inc.		19,010		78,321

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
HomeStreet Inc.		47,379	$	1,949,646
HV Bancorp Inc.(a)		2,914		63,962
IF Bancorp. Inc.		6,049		137,131
Impac Mortgage Holdings Inc.(a)		30,883		43,545
Kentucky First Federal Bancorp		9,931		70,907
Lake Shore Bancorp. Inc.		5,041		75,565
Luther Burbank Corp.		37,386		501,346
Magyar Bancorp Inc.(a)		7,580		85,730
Merchants Bancorp./IN		23,295		919,454
Meridian Bancorp. Inc.		110,912		2,302,533
Mid-Southern Bancorp Inc.		5,911		89,847
Northeast Community Bancorp Inc., NVS		22,739		247,628
Northfield Bancorp. Inc.		106,303		1,824,160
Oconee Federal Financial Corp.		2,627		60,946
Ocwen Financial Corp.(a)		19,253		541,587
OP Bancorp.		29,013		297,673
PB Bankshares Inc.(a)(b)		6,180		83,615
PCSB Financial Corp.		32,156		592,957
Pioneer Bancorp. Inc./NY(a)(b)		28,560		360,998
Ponce de Leon Federal Bank(a)(b)		16,577		240,532
Premier Financial Corp.		88,519		2,818,445
Provident Bancorp. Inc.		36,009		576,864
Provident Financial Holdings Inc.		14,287		244,022
Prudential Bancorp. Inc.		16,032		244,648
Randolph Bancorp Inc.(a)		8,256		178,164
Rhinebeck Bancorp Inc.(a)		7,237		78,883
Riverview Bancorp. Inc.		50,226		365,143
Security National Financial Corp., Class A(a)		23,320		191,924
Severn Bancorp. Inc.		18,809		235,489
Southern Missouri Bancorp. Inc.		18,170		815,651
Sterling Bancorp Inc./MI(a)		40,607		209,532
TC Bancshares Inc.(a)(b)		12,208		170,668
Territorial Bancorp. Inc.		19,137		485,697
Texas Community Bancshares Inc.(a)(b)		6,502		100,456
Timberland Bancorp. Inc./WA		18,508		535,807
Velocity Financial Inc.(a)(b)		20,117		264,740
Waterstone Financial Inc.		52,531		1,076,360
Western New England Bancorp. Inc.		49,620		423,259
William Penn Bancorp. Inc.(b)		26,444		322,881
WVS Financial Corp.		4,166		66,489
				29,200,131
Tobacco — 0.2%
22nd Century Group Inc.(a)(b)		376,973		1,115,840
Turning Point Brands Inc.		34,148		1,630,567
				2,746,407
Trading Companies & Distributors — 1.0%
Alta Equipment Group Inc.(a)		44,073		605,122
BlueLinx Holdings Inc.(a)(b)		21,648		1,058,154
CAI International Inc.		38,188		2,135,091
DXP Enterprises Inc./TX(a)		41,976		1,241,230
EVI Industries Inc.(a)(b)		13,425		365,160
Hudson Technologies Inc.(a)		91,741		323,846
Huttig Building Products Inc.(a)(b)		58,965		313,694
India Globalization Capital Inc.(a)(b)		97,801		144,746
Karat Packaging Inc.(a)		10,797		227,061
Lawson Products Inc./DE(a)(b)		11,074		553,811
Titan Machinery Inc.(a)		46,053		1,193,233
Transcat Inc.(a)(b)		16,578		1,068,949
Veritiv Corp.(a)(b)		34,651		3,103,344

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^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Willis Lease Finance Corp.(a)		6,436	$	239,355
				12,572,796
Water Utilities — 0.3%
Artesian Resources Corp., Class A, NVS		19,331		737,864
Cadiz Inc.(a)(b)		49,861		351,021
Consolidated Water Co. Ltd.		34,461		392,855
Global Water Resources Inc.		29,323		548,927
Pure Cycle Corp.(a)		44,790		596,155
York Water Co. (The)		30,645		1,338,574
				3,965,396
Wireless Telecommunication Services — 0.2%
Gogo Inc.(a)(b)		139,627		2,415,547
Spok Holdings Inc.		42,121		430,477
				2,846,024
Total Common Stocks — 100.0% (Cost: $1,152,768,911)				1,255,461,978
Preferred Stocks
Hotels, Restaurants & Leisure — 0.0%
FAT Brands Inc., 8.25%(a)		960		22,512
Total Preferred Stocks — 0.0% (Cost: $12,564)				22,512
Rights
Real Estate Management & Development — 0.0%
Capital Senior Living Corp., (Expires 10/18/21)(a)		3,420		11,013
Total Rights — 0.0% (Cost: $0)				11,013

Security	Shares		Value
Short-Term Investments
Money Market Funds — 16.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(e)(f)(g)		204,294,845	$	204,396,992
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		860,000		860,000
				205,256,992
Total Short-Term Investments — 16.3% (Cost: $205,187,426)				205,256,992
Total Investments in Securities — 116.3% (Cost: $1,357,968,901)				1,460,752,495
Other Assets, Less Liabilities — (16.3)%				(204,514,680	)
Net Assets — 100.0%			$	1,256,237,815

^(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) Rounds to less than $1.

^(e) Affiliate of the Fund.

^(f) Annualized 7-day yield as of period end.

^(g) 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 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	$	216,470,830	$	—		$	(12,051,780	)(a)	$	(11,158	)	$	(10,900	)	$	204,396,992		204,294,845	$	1,618,978	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		680,000		180,000	(a)		—			—			—			860,000		860,000		78			—
									$	(11,158	)	$	(10,900	)	$	205,256,992			$	1,619,056		$	—

^(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.

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 (unaudited) (continued) September 30, 2021 iShares^® Micro-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		26		12/17/21	$ 2,861	$	1,217

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)	$	1,217

^(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	$	(225,511	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,173

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	2,137,513

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	$	1,255,321,966	$	9,410	$	130,602	$	1,255,461,978
Preferred Stocks		22,512		—		—		22,512
Rights		—		11,013		—		11,013
Money Market Funds		205,256,992		—		—		205,256,992
	$	1,460,601,470	$	20,423	$	130,602	$	1,460,752,495
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,217	$	—	$	—	$	1,217

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

28 2 0 2 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^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Axon Enterprise Inc.(a)(b)		3,293	$	576,341
BWX Technologies Inc.		4,813		259,228
Curtiss-Wright Corp.		2,079		262,328
Hexcel Corp.(a)		4,265		253,298
Howmet Aerospace Inc.		19,752		616,263
Huntington Ingalls Industries Inc.		2,010		388,051
Mercury Systems Inc.(a)(b)		2,827		134,056
Spirit AeroSystems Holdings Inc., Class A		5,293		233,898
Textron Inc.(b)		11,469		800,651
Virgin Galactic Holdings Inc.(a)(b)		9,124		230,837
				3,754,951
Air Freight & Logistics — 0.1%
GXO Logistics Inc.(a)(b)		4,931		386,788
Airlines — 0.4%
Alaska Air Group Inc.(a)		6,224		364,726
American Airlines Group Inc.(a)		32,423		665,320
Copa Holdings SA, Class A, NVS(a)		1,587		129,150
JetBlue Airways Corp.(a)(b)		16,155		247,010
				1,406,206
Auto Components — 0.5%
BorgWarner Inc.		12,227		528,328
Gentex Corp.		12,201		402,389
Lear Corp.		3,041		475,856
QuantumScape Corp.(a)(b)		10,500		257,670
				1,664,243
Automobiles — 0.2%
Harley-Davidson Inc.		7,815		286,107
Thor Industries Inc.		2,717		333,539
				619,646
Banks — 2.5%
Bank of Hawaii Corp.		2,010		165,162
Bank OZK		6,271		269,528
BOK Financial Corp.		1,560		139,698
Comerica Inc.		6,832		549,976
Commerce Bancshares Inc.		5,430		378,362
Cullen/Frost Bankers Inc.		2,915		345,777
East West Bancorp. Inc.		7,204		558,598
First Citizens BancShares Inc./NC, Class A(b)		308		259,696
First Hawaiian Inc.		6,574		192,947
First Horizon Corp.		27,934		455,045
FNB Corp.		16,250		188,825
PacWest Bancorp.		5,918		268,204
People’s United Financial Inc.		21,702		379,134
Pinnacle Financial Partners Inc.		3,792		356,751
Popular Inc.		4,041		313,864
Prosperity Bancshares Inc.		4,557		324,139
Signature Bank/New York NY		3,014		820,652
Sterling Bancorp./DE		9,750		243,360
Synovus Financial Corp.		7,410		325,225
Umpqua Holdings Corp.		11,223		227,266
Webster Financial Corp.		4,554		248,011
Western Alliance Bancorp		5,146		559,988
Wintrust Financial Corp.		2,892		232,430
Zions Bancorp. NA		8,149		504,342
				8,306,980

Security	Shares		Value
Beverages — 0.1%
Boston Beer Co. Inc. (The), Class A, NVS(a)		475	$	242,131
Biotechnology — 1.3%
Acceleron Pharma Inc.(a)(b)		2,670		459,507
Exelixis Inc.(a)(b)		15,716		332,236
Ionis Pharmaceuticals Inc.(a)(b)		7,158		240,079
Iovance Biotherapeutics Inc.(a)(b)		7,432		183,273
Mirati Therapeutics Inc.(a)(b)		2,003		354,351
Natera Inc.(a)		4,232		471,614
Neurocrine Biosciences Inc.(a)(b)		4,737		454,326
Novavax Inc.(a)(b)		3,755		778,449
Sage Therapeutics Inc.(a)(b)		2,629		116,491
Sarepta Therapeutics Inc.(a)(b)		3,895		360,210
Ultragenyx Pharmaceutical Inc.(a)		3,289		296,635
United Therapeutics Corp.(a)		2,250		415,305
				4,462,476
Building Products — 1.5%
A O Smith Corp.		6,754		412,467
Advanced Drainage Systems Inc.		3,086		333,813
Allegion PLC		4,558		602,476
Armstrong World Industries Inc.		2,406		229,701
AZEK Co. Inc. (The)(a)		5,686		207,710
Builders FirstSource Inc.(a)(b)		10,396		537,889
Carlisle Companies Inc.		2,605		517,848
Fortune Brands Home & Security Inc.		7,052		630,590
Lennox International Inc.		1,710		503,031
Owens Corning		5,211		445,540
Trex Co. Inc.(a)		5,906		601,998
				5,023,063
Capital Markets — 1.8%
Affiliated Managers Group Inc.		2,097		316,836
Ares Management Corp., Class A		7,018		518,139
Carlyle Group Inc. (The)		8,284		391,667
Cboe Global Markets Inc.		5,401		668,968
Evercore Inc., Class A		1,977		264,265
FactSet Research Systems Inc.		1,925		759,951
Invesco Ltd.		17,024		410,449
Janus Henderson Group PLC		7,930		327,747
Jefferies Financial Group Inc.		11,166		414,593
Lazard Ltd., Class A		5,105		233,809
LPL Financial Holdings Inc.		4,064		637,073
Morningstar Inc.		1,193		309,023
SEI Investments Co.		5,523		327,514
Stifel Financial Corp.		5,205		353,732
Virtu Financial Inc., Class A		4,676		114,235
				6,048,001
Chemicals — 1.3%
Ashland Global Holdings Inc.		2,804		249,892
Axalta Coating Systems Ltd.(a)(b)		10,530		307,371
CF Industries Holdings Inc.		10,915		609,275
Chemours Co. (The)		8,349		242,622
Diversey Holdings Ltd.(a)(b)		2,624		42,089
Element Solutions Inc.		11,807		255,976
Huntsman Corp.		10,759		318,359
Mosaic Co. (The)		17,530		626,172
NewMarket Corp.		343		116,198
Olin Corp.		7,308		352,611
RPM International Inc.		6,516		505,967
Scotts Miracle-Gro Co. (The)		2,081		304,575

S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Valvoline Inc.		9,243	$	288,197
Westlake Chemical Corp.		1,695		154,482
				4,373,786
Commercial Services & Supplies — 0.4%
ADT Inc.		8,086		65,416
Clean Harbors Inc.(a)		2,585		268,504
Driven Brands Holdings Inc.(a)		2,743		79,245
IAA Inc.(a)		6,857		374,186
MSA Safety Inc.		1,871		272,605
Stericycle Inc.(a)(b)		4,668		317,284
				1,377,240
Communications Equipment — 0.6%
Ciena Corp.(a)		7,869		404,073
CommScope Holding Co. Inc.(a)		10,271		139,583
F5 Networks Inc.(a)(b)		3,069		610,056
Juniper Networks Inc.		16,435		452,291
Lumentum Holdings Inc.(a)		3,844		321,128
Viasat Inc.(a)		3,549		195,443
				2,122,574
Construction & Engineering — 0.5%
AECOM(a)(b)		6,959		439,461
MasTec Inc.(a)		2,865		247,192
Quanta Services Inc.		7,032		800,382
Valmont Industries Inc.		1,064		250,168
				1,737,203
Construction Materials — 0.1%
Eagle Materials Inc.		2,099		275,305
Consumer Finance — 0.5%
Credit Acceptance Corp.(a)(b)		446		261,044
OneMain Holdings Inc.		5,281		292,197
Santander Consumer USA Holdings Inc.		3,034		126,518
SLM Corp.		15,558		273,821
Upstart Holdings Inc.(a)		2,291		724,964
				1,678,544
Containers & Packaging — 1.2%
AptarGroup Inc.		3,352		400,061
Ardagh Group SA		877		22,355
Avery Dennison Corp.		4,209		872,147
Berry Global Group Inc.(a)(b)		6,894		419,707
Crown Holdings Inc.		6,447		649,729
Graphic Packaging Holding Co.		14,406		274,290
Packaging Corp. of America		4,760		654,214
Sealed Air Corp.		7,644		418,815
Silgan Holdings Inc.		4,264		163,567
Sonoco Products Co.		5,006		298,257
				4,173,142
Distributors — 0.3%
Pool Corp.		1,979		859,697
Diversified Consumer Services — 0.7%
Bright Horizons Family Solutions Inc.(a)		3,078		429,135
Chegg Inc.(a)		7,244		492,737
frontdoor Inc.(a)(b)		4,335		181,636
Grand Canyon Education Inc.(a)		2,282		200,725
H&R Block Inc.		9,098		227,450
Mister Car Wash Inc.(a)		2,096		38,252
Service Corp. International		8,351		503,231

Security	Shares		Value
Diversified Consumer Services (continued)
Terminix Global Holdings Inc.(a)		6,368	$	265,355
				2,338,521
Diversified Financial Services — 0.1%
Voya Financial Inc.		5,753		353,177
Electric Utilities — 0.5%
Hawaiian Electric Industries Inc.		5,380		219,665
IDACORP Inc.		2,568		265,480
NRG Energy Inc.		12,419		507,068
OGE Energy Corp.		10,188		335,797
Pinnacle West Capital Corp.		5,753		416,287
				1,744,297
Electrical Equipment — 1.0%
Acuity Brands Inc.		1,792		310,679
ChargePoint Holdings Inc.(a)(b)		5,346		106,867
Hubbell Inc.		2,763		499,191
nVent Electric PLC		8,491		274,514
Plug Power Inc.(a)		25,993		663,861
Regal Beloit Corp.		2,071		311,354
Sensata Technologies Holding PLC(a)(b)		7,940		434,477
Shoals Technologies Group Inc., Class A(a)(b)		5,146		143,470
Sunrun Inc.(a)(b)		10,098		444,312
Vertiv Holdings Co.		14,285		344,126
				3,532,851
Electronic Equipment, Instruments & Components — 1.0%
Arrow Electronics Inc.(a)		3,647		409,522
Avnet Inc.		5,062		187,142
Cognex Corp.		8,688		696,951
Coherent Inc.(a)		1,241		310,362
IPG Photonics Corp.(a)(b)		1,838		291,139
Jabil Inc.		7,252		423,299
Littelfuse Inc.		1,222		333,936
National Instruments Corp.		6,740		264,410
SYNNEX Corp.		2,124		221,109
Vontier Corp.		8,630		289,968
				3,427,838
Energy Equipment & Services — 0.1%
NOV Inc.(a)		19,884		260,679
Entertainment — 0.5%
Liberty Media Corp.-Liberty Formula One, Class A(a)		1,272		59,847
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		10,117		520,115
Madison Square Garden Sports Corp.(a)		964		179,256
Playtika Holding Corp.(a)		5,301		146,467
Skillz Inc.(a)(b)		14,821		145,542
World Wrestling Entertainment Inc., Class A		2,235		125,741
Zynga Inc., Class A(a)		50,983		383,902
				1,560,870
Equity Real Estate Investment Trusts (REITs) — 4.9%
American Campus Communities Inc.		6,960		337,212
American Homes 4 Rent, Class A		14,353		547,136
Americold Realty Trust		13,322		387,004
Apartment Income REIT Corp.		7,975		389,260
Brixmor Property Group Inc.		15,107		334,016
Camden Property Trust		4,942		728,797
CoreSite Realty Corp.		2,234		309,498
Cousins Properties Inc.		7,565		282,099
CubeSmart		10,247		496,467

30 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^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
CyrusOne Inc.		6,313	$	488,689
Douglas Emmett Inc.		8,435		266,630
EPR Properties		3,737		184,533
Equity LifeStyle Properties Inc.		8,827		689,389
Federal Realty Investment Trust		3,910		461,341
First Industrial Realty Trust Inc.		6,541		340,655
Gaming and Leisure Properties Inc.		11,252		521,193
Healthcare Trust of America Inc., Class A		11,105		329,374
Highwoods Properties Inc.		5,244		230,002
Host Hotels & Resorts Inc.(a)		35,989		587,700
Hudson Pacific Properties Inc.		7,512		197,340
Iron Mountain Inc.		14,624		635,413
JBG SMITH Properties		6,334		187,550
Kilroy Realty Corp.		5,907		391,102
Kimco Realty Corp.		29,653		615,300
Lamar Advertising Co., Class A		4,398		498,953
Life Storage Inc.		3,946		452,764
Medical Properties Trust Inc.		30,164		605,392
National Retail Properties Inc.		8,915		385,039
Omega Healthcare Investors Inc.		12,121		363,145
Park Hotels & Resorts Inc.(a)		11,981		229,316
Rayonier Inc.		7,162		255,540
Regency Centers Corp.		8,569		576,951
Rexford Industrial Realty Inc.		7,038		399,407
SL Green Realty Corp.		3,415		241,919
Spirit Realty Capital Inc.		6,060		279,002
STORE Capital Corp.		12,369		396,179
VEREIT Inc.		11,609		525,075
VICI Properties Inc.		29,853		848,124
Vornado Realty Trust		8,954		376,158
				16,370,664
Food & Staples Retailing — 0.3%
Albertsons Companies Inc., Class A		7,887		245,522
Casey’s General Stores Inc.		1,881		354,475
Grocery Outlet Holding Corp.(a)		4,474		96,504
U.S. Foods Holding Corp.(a)(b)		11,274		390,757
				1,087,258
Food Products — 1.0%
Beyond Meat Inc.(a)(b)		2,925		307,886
Bunge Ltd.		7,014		570,378
Darling Ingredients Inc.(a)(b)		8,200		589,580
Flowers Foods Inc.		9,566		226,045
Freshpet Inc.(a)(b)		2,072		295,654
Hain Celestial Group Inc. (The)(a)		4,289		183,483
Ingredion Inc.		3,406		303,168
Lamb Weston Holdings Inc.		7,451		457,268
Pilgrim’s Pride Corp.(a)(b)		2,431		70,693
Post Holdings Inc.(a)(b)		3,010		331,582
Seaboard Corp.		12		49,200
				3,384,937
Gas Utilities — 0.2%
National Fuel Gas Co.		4,402		231,193
UGI Corp.		10,535		449,002
				680,195
Health Care Equipment & Supplies — 1.0%
Envista Holdings Corp.(a)(b)		8,210		343,260
Figs Inc., Class A(a)(b)		1,931		71,717
Globus Medical Inc., Class A(a)		3,927		300,887
Hill-Rom Holdings Inc.		3,394		509,100

Security	Shares		Value
Health Care Equipment & Supplies (continued)
ICU Medical Inc.(a)		1,012	$	236,181
Integra LifeSciences Holdings Corp.(a)		3,662		250,774
Masimo Corp.(a)(b)		2,553		691,123
Penumbra Inc.(a)		1,723		459,179
Quidel Corp.(a)(b)		1,876		264,797
Tandem Diabetes Care Inc.(a)(b)		3,108		371,033
				3,498,051
Health Care Providers & Services — 1.1%
Acadia Healthcare Co. Inc.(a)(b)		4,513		287,839
agilon health Inc.(a)(b)		3,474		91,053
Amedisys Inc.(a)		1,636		243,928
Chemed Corp.		784		364,654
Encompass Health Corp.		4,981		373,774
Guardant Health Inc.(a)		4,584		573,046
Henry Schein Inc.(a)		7,144		544,087
Molina Healthcare Inc.(a)(b)		2,931		795,210
Premier Inc., Class A		6,209		240,661
Signify Health Inc., Class A(a)(b)		3,217		57,488
				3,571,740
Health Care Technology — 0.1%
Certara Inc.(a)		4,232		140,079
Change Healthcare Inc.(a)		12,774		267,488
				407,567
Hotels, Restaurants & Leisure — 1.4%
Aramark		11,696		384,331
Boyd Gaming Corp.(a)		4,189		264,996
Choice Hotels International Inc.		1,763		222,790
Churchill Downs Inc.		1,867		448,229
Hyatt Hotels Corp., Class A(a)		2,410		185,811
Marriott Vacations Worldwide Corp.		2,125		334,326
Norwegian Cruise Line Holdings Ltd.(a)(b)		18,850		503,483
Penn National Gaming Inc.(a)(b)		7,922		574,028
Planet Fitness Inc., Class A(a)		4,251		333,916
Six Flags Entertainment Corp.(a)		3,892		165,410
Travel + Leisure Co.		4,290		233,934
Vail Resorts Inc.(a)		2,037		680,460
Wendy’s Co. (The)		9,119		197,700
Wyndham Hotels & Resorts Inc.		4,661		359,783
				4,889,197
Household Durables — 0.9%
Leggett & Platt Inc.		6,786		304,284
Mohawk Industries Inc.(a)		2,886		511,977
Newell Brands Inc.		19,272		426,682
PulteGroup Inc.		13,198		606,052
Tempur Sealy International Inc.		9,219		427,854
Toll Brothers Inc.		5,734		317,033
TopBuild Corp.(a)(b)		1,677		343,466
				2,937,348
Household Products — 0.1%
Reynolds Consumer Products Inc.		2,777		75,923
Spectrum Brands Holdings Inc.		2,123		203,108
				279,031
Independent Power and Renewable Electricity Producers — 0.2%
Brookfield Renewable Corp., Class A		6,485		251,683
Vistra Corp.		24,446		418,026
				669,709
Insurance — 2.2%
Alleghany Corp.(a)		684		427,097

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
American Financial Group Inc./OH		3,460	$	435,372
Assurant Inc.		2,995		472,461
Assured Guaranty Ltd.		3,593		168,188
Athene Holding Ltd., Class A(a)		5,893		405,851
Axis Capital Holdings Ltd.		3,953		181,996
Brighthouse Financial Inc.(a)		4,220		190,871
Brown & Brown Inc.		11,907		660,243
Erie Indemnity Co., Class A, NVS		1,280		228,378
Everest Re Group Ltd.		2,023		507,328
First American Financial Corp.		5,421		363,478
Globe Life Inc.		5,112		455,121
GoHealth Inc., Class A(a)		2,460		12,374
Hanover Insurance Group Inc. (The)		1,815		235,260
Kemper Corp.		3,066		204,778
Lemonade Inc.(a)		1,920		128,659
Mercury General Corp.		1,379		76,769
Old Republic International Corp.		14,287		330,458
Primerica Inc.		2,000		307,260
Reinsurance Group of America Inc.		3,463		385,294
RenaissanceRe Holdings Ltd.		2,380		331,772
Unum Group		10,302		258,168
W R Berkley Corp.		7,046		515,626
White Mountains Insurance Group Ltd.(b)		154		164,720
				7,447,522
Interactive Media & Services — 0.1%
TripAdvisor Inc.(a)		5,035		170,435
Vimeo Inc.(a)(b)		7,338		215,517
				385,952
Internet & Direct Marketing Retail — 0.1%
Qurate Retail Inc., Series A		19,012		193,732
IT Services — 2.0%
Alliance Data Systems Corp.		2,544		256,664
Amdocs Ltd.		6,602		499,837
Concentrix Corp.(a)		2,145		379,665
DXC Technology Co.(a)		12,815		430,712
Euronet Worldwide Inc.(a)		2,585		329,019
Fastly Inc., Class A(a)(b)		5,387		217,850
Genpact Ltd.		9,276		440,703
Globant SA(a)		2,052		576,633
Jack Henry & Associates Inc.		3,769		618,342
MongoDB Inc.(a)(b)		3,156		1,488,086
Paysafe Ltd.(a)		21,248		164,672
Sabre Corp.(a)		16,241		192,293
Shift4 Payments Inc., Class A(a)(b)		2,198		170,389
SolarWinds Corp.		1,786		29,880
Switch Inc., Class A		5,785		146,881
Western Union Co. (The)		20,836		421,304
WEX Inc.(a)(b)		2,280		401,599
				6,764,529
Leisure Products — 0.4%
Brunswick Corp./DE		3,972		378,412
Hayward Holdings Inc.(a)(b)		2,007		44,636
Mattel Inc.(a)(b)		17,725		328,976
Polaris Inc.		2,913		348,570
YETI Holdings Inc.(a)(b)		4,358		373,437
				1,474,031
Life Sciences Tools & Services — 2.4%
10X Genomics Inc., Class A(a)		4,247		618,278

Security	Shares		Value
Life Sciences Tools & Services (continued)
Adaptive Biotechnologies Corp.(a)		5,568	$	189,256
Avantor Inc.(a)		29,520		1,207,368
Bio-Techne Corp.		1,969		954,118
Bruker Corp.(b)		5,181		404,636
Charles River Laboratories International Inc.(a)		2,535		1,046,119
Maravai LifeSciences Holdings Inc., Class A(a)		5,184		254,431
PerkinElmer Inc.		5,698		987,407
PPD Inc.(a)(b)		8,176		382,555
QIAGEN NV(a)(b)		11,585		598,713
Repligen Corp.(a)(b)		2,783		804,259
Sotera Health Co.(a)(b)		5,072		132,633
Syneos Health Inc.(a)		5,192		454,196
				8,033,969
Machinery — 2.1%
AGCO Corp.		3,184		390,135
Allison Transmission Holdings Inc.		5,368		189,598
Colfax Corp.(a)(b)		5,970		274,023
Crane Co.		2,517		238,637
Donaldson Co. Inc.		6,413		368,170
Flowserve Corp.		6,637		230,105
Gates Industrial Corp. PLC(a)		4,896		79,658
Graco Inc.		8,570		599,643
ITT Inc.		4,398		377,524
Lincoln Electric Holdings Inc.		2,930		377,355
Middleby Corp. (The)(a)(b)		2,812		479,474
Nordson Corp.		2,948		702,066
Oshkosh Corp.		3,487		356,964
Pentair PLC		8,438		612,852
Snap-on Inc.		2,708		565,837
Timken Co. (The)		3,277		214,381
Toro Co. (The)		5,483		534,099
Woodward Inc.		2,930		331,676
				6,922,197
Marine — 0.0%
Kirby Corp.(a)		3,048		146,182
Media — 0.8%
Cable One Inc.		274		496,798
Interpublic Group of Companies Inc. (The)		19,917		730,356
New York Times Co. (The), Class A		8,422		414,952
News Corp., Class A, NVS		19,896		468,153
News Corp., Class B		6,198		143,979
Nexstar Media Group Inc., Class A		2,054		312,126
				2,566,364
Metals & Mining — 0.8%
Alcoa Corp.(a)		9,461		463,021
Cleveland-Cliffs Inc.(a)		23,082		457,255
Reliance Steel & Aluminum Co.		3,210		457,168
Royal Gold Inc.		3,328		317,791
Steel Dynamics Inc.		9,838		575,326
United States Steel Corp.		13,646		299,803
				2,570,364
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		26,756		421,942
New Residential Investment Corp.		21,943		241,373
Starwood Property Trust Inc.		13,998		341,691
				1,005,006
Multi-Utilities — 0.2%
MDU Resources Group Inc.		10,128		300,498

32 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^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
NiSource Inc.		19,994	$	484,454
				784,952
Multiline Retail — 0.2%
Kohl’s Corp.		7,991		376,296
Nordstrom Inc.(a)(b)		5,564		147,168
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		3,289		198,261
				721,725
Oil, Gas & Consumable Fuels — 1.7%
Antero Midstream Corp.		17,105		178,234
APA Corp.		19,253		412,592
Cabot Oil & Gas Corp.		20,039		436,049
Cimarex Energy Co.		5,132		447,510
Continental Resources Inc./OK		3,330		153,679
Devon Energy Corp.		34,311		1,218,384
Diamondback Energy Inc.		9,180		869,070
EQT Corp.(a)		14,120		288,895
HollyFrontier Corp.		7,577		251,026
Marathon Oil Corp.		40,022		547,101
New Fortress Energy Inc.		1,356		37,629
Targa Resources Corp.		11,428		562,372
Texas Pacific Land Corp.		300		362,808
				5,765,349
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		4,844		297,276
Personal Products — 0.1%
Coty Inc., Class A(a)		17,371		136,536
Herbalife Nutrition Ltd.(a)(b)		5,357		227,030
				363,566
Pharmaceuticals — 0.7%
Catalent Inc.(a)		8,266		1,099,957
Jazz Pharmaceuticals PLC(a)		3,025		393,885
Nektar Therapeutics(a)		9,076		163,005
Organon & Co.		12,947		424,532
Perrigo Co. PLC		6,776		320,708
				2,402,087
Professional Services — 1.1%
Booz Allen Hamilton Holding Corp.		6,756		536,089
CACI International Inc., Class A(a)(b)		1,176		308,230
Dun & Bradstreet Holdings Inc.(a)(b)		8,045		135,236
FTI Consulting Inc.(a)(b)		1,711		230,472
Jacobs Engineering Group Inc.		6,571		870,855
Legalzoomcom Inc.(a)(b)		961		25,370
ManpowerGroup Inc.		2,771		300,044
Nielsen Holdings PLC		18,245		350,121
Robert Half International Inc.		5,572		559,039
Science Applications International Corp.		2,931		250,776
				3,566,232
Real Estate Management & Development — 0.4%
Howard Hughes Corp. (The)(a)		2,121		186,245
Jones Lang LaSalle Inc.(a)		2,564		636,103
Opendoor Technologies Inc.(a)(b)		22,938		470,917
				1,293,265
Road & Rail — 0.5%
AMERCO		454		293,298
Knight-Swift Transportation Holdings Inc.		8,206		419,737
Landstar System Inc.		1,951		307,907
Ryder System Inc.		2,667		220,587

Security	Shares		Value
Road & Rail (continued)
Schneider National Inc., Class B		2,647	$	60,193
TuSimple Holdings Inc., Class A(a)(b)		1,699		63,084
XPO Logistics Inc.(a)(b)		4,933		392,568
				1,757,374
Semiconductors & Semiconductor Equipment — 1.8%
Allegro MicroSystems Inc.(a)		2,049		65,486
Brooks Automation Inc.		3,726		381,356
Cirrus Logic Inc.(a)(b)		2,951		243,015
Enphase Energy Inc.(a)		6,711		1,006,449
Entegris Inc.		6,845		861,785
First Solar Inc.(a)(b)		5,410		516,438
MKS Instruments Inc.		2,822		425,868
Monolithic Power Systems Inc.		2,281		1,105,555
ON Semiconductor Corp.(a)(b)		21,545		986,115
Universal Display Corp.		2,209		377,651
				5,969,718
Software — 4.8%
Alteryx Inc., Class A(a)		2,989		218,496
Anaplan Inc.(a)		7,149		435,303
Aspen Technology Inc.(a)(b)		3,466		425,625
Avalara Inc.(a)		4,305		752,385
Bentley Systems Inc., Class B(b)		6,990		423,874
Bill.com Holdings Inc.(a)		4,022		1,073,673
Black Knight Inc.(a)(b)		7,709		555,048
C3.ai Inc., Class A(a)(b)		1,747		80,956
CDK Global Inc.		6,220		264,661
Ceridian HCM Holding Inc.(a)(b)		6,561		738,900
Datto Holding Corp.(a)(b)		1,223		29,230
Dolby Laboratories Inc., Class A		3,277		288,376
DoubleVerify Holdings Inc.(a)(b)		776		26,508
Dropbox Inc., Class A(a)		15,558		454,605
Duck Creek Technologies Inc.(a)		3,623		160,281
Dynatrace Inc.(a)		9,995		709,345
Elastic NV(a)(b)		3,532		526,233
Everbridge Inc.(a)		1,957		295,585
Fair Isaac Corp.(a)(b)		1,404		558,694
Five9 Inc.(a)		3,408		544,394
Guidewire Software Inc.(a)(b)		4,282		509,001
Jamf Holding Corp.(a)(b)		2,685		103,426
Mandiant Inc.		12,001		213,618
Manhattan Associates Inc.(a)		3,230		494,287
McAfee Corp., Class A		3,478		76,898
Medallia Inc.(a)(b)		5,335		180,696
N-Able Inc.(a)		1,786		22,164
nCino Inc.(a)(b)		2,863		203,359
NCR Corp.(a)		6,504		252,095
New Relic Inc.(a)		2,632		188,899
NortonLifeLock Inc.		27,920		706,376
Nuance Communications Inc.(a)		14,483		797,144
Nutanix Inc., Class A(a)(b)		9,829		370,553
Paycor HCM Inc.(a)(b)		1,045		36,742
Paylocity Holding Corp.(a)(b)		1,912		536,125
Pegasystems Inc.		2,070		263,097
Procore Technologies Inc.(a)(b)		517		46,189
PTC Inc.(a)		5,351		640,996
Smartsheet Inc., Class A(a)		6,086		418,838
Teradata Corp.(a)		5,556		318,637
Wolfspeed Inc.		5,886		475,177

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Zendesk Inc.(a)		6,054	$	704,625
				16,121,114
Specialty Retail — 1.5%
AutoNation Inc.(a)		2,305		280,657
Dick’s Sporting Goods Inc.		3,204		383,743
Five Below Inc.(a)		2,812		497,190
Floor & Decor Holdings Inc., Class A(a)		5,194		627,383
Foot Locker Inc.		4,581		209,169
GameStop Corp., Class A(a)(b)		3,277		575,015
Gap Inc. (The)		10,263		232,970
Leslie’s Inc.(a)		6,784		139,344
Lithia Motors Inc.		1,493		473,341
Penske Automotive Group Inc.		1,598		160,759
Petco Health & Wellness Co. Inc.(a)(b)		2,823		59,565
RH(a)(b)		875		583,546
Vroom Inc.(a)(b)		5,888		129,948
Williams-Sonoma Inc.		3,804		674,563
				5,027,193
Technology Hardware, Storage & Peripherals — 0.1%
Pure Storage Inc., Class A(a)(b)		13,606		342,327
Xerox Holdings Corp.		7,244		146,111
				488,438
Textiles, Apparel & Luxury Goods — 1.0%
Capri Holdings Ltd.(a)		7,538		364,915
Carter’s Inc.		2,177		211,692
Columbia Sportswear Co.		2,037		195,226
Deckers Outdoor Corp.(a)		1,397		503,199
Hanesbrands Inc.		17,711		303,921
PVH Corp.(a)		3,614		371,483
Ralph Lauren Corp.		2,398		266,274
Skechers U.S.A. Inc., Class A(a)(b)		6,685		281,572
Tapestry Inc.		14,158		524,129
Under Armour Inc., Class A(a)(b)		9,528		192,275
Under Armour Inc., Class C, NVS(a)		10,137		177,600
				3,392,286
Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp.		17,245		257,985
New York Community Bancorp. Inc.		23,037		296,486
TFS Financial Corp.		2,519		48,012
UWM Holdings Corp.		4,730		32,874
				635,357

Security	Shares		Value
Trading Companies & Distributors — 0.5%
Air Lease Corp.		5,475	$	215,386
Core & Main Inc., Class A(a)(b)		1,785		46,785
MSC Industrial Direct Co. Inc., Class A		2,297		184,196
SiteOne Landscape Supply Inc.(a)(b)		2,249		448,608
Univar Solutions Inc.(a)		8,457		201,446
Watsco Inc.		1,667		441,122
				1,537,543
Water Utilities — 0.2%
Essential Utilities Inc.		11,365		523,699
Total Common Stocks — 55.8% (Cost: $158,845,764)				187,662,928
Investment Companies
Exchange Traded Funds — 44.0%
iShares Russell 2000 ETF(b)(c)		677,467		148,195,906
Total Investment Companies — 44.0% (Cost: $125,185,576)				148,195,906
Short-Term Investments
Money Market Funds — 46.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		155,518,418		155,596,177
Total Short-Term Investments — 46.3% (Cost: $155,594,978)				155,596,177
Total Investments in Securities — 146.1% (Cost: $439,626,318)				491,455,011
Other Assets, Less Liabilities — (46.1)%				(155,063,581	)
Net Assets — 100.0%			$	336,391,430

^(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.

34 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^® Russell 2500 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	$	112,434,624	$	43,174,602	(a)	$	—		$	(12,833	)	$	(216	)	$	155,596,177		155,518,418	$	229,076	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		200,000		—			(200,000	)(a)		—			—			—		—		17			—
iShares Russell 2000 ETF		119,636,359		41,351,869			(11,163,508	)		1,536,031			(3,164,845	)		148,195,906		677,467		676,686			—
									$	1,523,198		$	(3,165,061	)	$	303,792,083			$	905,779		$	—

^(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.

^(c) As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation   (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		1		12/17/21	$	110	$	(1,272	)
Russell 2000 Micro E-Mini Index		30		12/17/21		330		(6,634	)
							$	(7,906	)

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)	$	7,906

^(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	$	29,608
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(15,132	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	498,972

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 2500 ETF

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	$	187,662,928		$	—	$	—	$	187,662,928
Investment Companies		148,195,906			—		—		148,195,906
Money Market Funds		155,596,177			—		—		155,596,177
	$	491,455,011		$	—	$	—	$	491,455,011
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(7,906	)	$	—	$	—	$	(7,906	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

36 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
AAR Corp.(a)		9,432	$	305,880
Aerojet Rocketdyne Holdings Inc.		19,997		870,869
Aerovironment Inc.(a)		5,894		508,770
Astronics Corp.(a)		9,137		128,466
Axon Enterprise Inc.(a)		17,208		3,011,744
Boeing Co. (The)(a)		141,581		31,139,325
BWX Technologies Inc.		25,337		1,364,651
Byrna Technologies Inc.(a)		4,854		106,108
Curtiss-Wright Corp.		10,851		1,369,179
Ducommun Inc.(a)(b)		2,627		132,269
General Dynamics Corp.		65,748		12,888,580
HEICO Corp.		11,958		1,576,902
HEICO Corp., Class A		20,792		2,462,397
Hexcel Corp.(a)		23,501		1,395,724
Howmet Aerospace Inc.		104,514		3,260,837
Huntington Ingalls Industries Inc.		10,343		1,996,820
Kaman Corp.		7,843		279,760
Kratos Defense & Security Solutions Inc.(a)		33,658		750,910
L3Harris Technologies Inc.		53,108		11,696,506
Lockheed Martin Corp.		65,636		22,650,984
Maxar Technologies Inc.(b)		18,115		513,017
Mercury Systems Inc.(a)(b)		15,243		722,823
Moog Inc., Class A		7,815		595,737
National Presto Industries Inc.		1,615		132,559
Northrop Grumman Corp.		39,765		14,321,365
PAE Inc.(a)		23,892		142,874
Parsons Corp.(a)		5,068		171,096
Raytheon Technologies Corp.		400,381		34,416,751
Spirit AeroSystems Holdings Inc., Class A		28,364		1,253,405
Textron Inc.(b)		59,344		4,142,805
TransDigm Group Inc.(a)		13,679		8,543,493
Triumph Group Inc.(a)		16,013		298,322
Vectrus Inc.(a)		2,557		128,566
Virgin Galactic Holdings Inc.(a)(b)		47,354		1,198,056
				164,477,550
Air Freight & Logistics — 0.5%
Air Transport Services Group Inc.(a)		15,931		411,179
Atlas Air Worldwide Holdings Inc.(a)		6,572		536,801
CH Robinson Worldwide Inc.		34,898		3,036,126
Echo Global Logistics Inc.(a)		6,791		323,999
Expeditors International of Washington Inc.		44,202		5,265,784
FedEx Corp.		64,805		14,211,088
Forward Air Corp.		7,373		612,106
GXO Logistics Inc.(a)		25,588		2,007,123
Hub Group Inc., Class A(a)		9,233		634,769
United Parcel Service Inc., Class B		191,347		34,844,289
				61,883,264
Airlines — 0.3%
Alaska Air Group Inc.(a)		32,818		1,923,135
Allegiant Travel Co.(a)		3,691		721,517
American Airlines Group Inc.(a)		167,706		3,441,327
Copa Holdings SA, Class A, NVS(a)		8,208		667,967
Delta Air Lines Inc.(a)		168,806		7,192,824
Frontier Group Holdings Inc.(a)		9,877		155,958
Hawaiian Holdings Inc.(a)		14,307		309,890
JetBlue Airways Corp.(a)		82,922		1,267,877
SkyWest Inc.(a)		14,102		695,793
Southwest Airlines Co.(a)		156,750		8,061,652

Security	Shares		Value
Airlines (continued)
Spirit Airlines Inc.(a)		26,768	$	694,362
Sun Country Airlines Holdings Inc.(a)		4,860		163,004
United Airlines Holdings Inc.(a)		84,591		4,023,994
				29,319,300
Auto Components — 0.3%
Adient PLC(a)		24,993		1,035,960
American Axle & Manufacturing Holdings Inc.(a)		30,315		267,075
Aptiv PLC(a)		71,087		10,589,830
BorgWarner Inc.		62,749		2,711,384
Cooper-Standard Holdings Inc.(a)		5,700		124,887
Dana Inc.		41,164		915,487
Dorman Products Inc.(a)		7,455		705,765
Fox Factory Holding Corp.(a)		11,291		1,632,001
Gentex Corp.		63,099		2,081,005
Gentherm Inc.(a)		8,510		688,714
Goodyear Tire & Rubber Co. (The)(a)		75,680		1,339,536
LCI Industries		6,997		942,006
Lear Corp.		16,026		2,507,749
Modine Manufacturing Co.(a)		11,810		133,807
Motorcar Parts of America Inc.(a)		6,651		129,695
Patrick Industries Inc.		5,928		493,802
QuantumScape Corp.(a)(b)		54,490		1,337,185
Standard Motor Products Inc.		5,119		223,752
Stoneridge Inc.(a)		6,863		139,937
Tenneco Inc., Class A(a)		14,766		210,711
Visteon Corp.(a)		7,727		729,352
XPEL Inc.(a)		4,519		342,811
				29,282,451
Automobiles — 1.7%
Arcimoto Inc.(a)(b)		10,193		116,506
Canoo Inc.(a)(b)		21,993		169,126
Fisker Inc.(a)(b)		41,373		606,114
Ford Motor Co.(a)		1,033,313		14,631,712
General Motors Co.(a)		364,310		19,202,780
Harley-Davidson Inc.		42,285		1,548,054
Lordstown Motors Corp., Class A(a)(b)		30,216		241,124
Tesla Inc.(a)		210,802		163,472,735
Thor Industries Inc.		14,610		1,793,524
Winnebago Industries Inc.		7,871		570,254
Workhorse Group Inc.(a)(b)		32,812		251,012
				202,602,941
Banks — 4.5%
1st Source Corp.		4,063		191,936
Allegiance Bancshares Inc.		6,051		230,846
Altabancorp.		4,509		199,117
Amerant Bancorp Inc.(a)		7,800		192,972
Ameris Bancorp		16,322		846,785
Arrow Financial Corp.		4,729		162,488
Associated Banc-Corp.		39,763		851,723
Atlantic Capital Bancshares Inc.(a)		5,456		144,529
Atlantic Union Bankshares Corp.		22,355		823,782
Banc of California Inc.		12,434		229,905
BancFirst Corp.		4,764		286,412
Bancorp. Inc. (The)(a)		12,081		307,461
BancorpSouth Bank		28,387		845,365
Bank First Corp.		1,652		117,077
Bank of America Corp.		1,957,906		83,113,110
Bank of Hawaii Corp.		9,452		776,671
Bank of Marin Bancorp., Class A		4,528		170,932

S C H E D U L E    O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Bank of NT Butterfield & Son Ltd. (The)		14,124	$	501,543
Bank OZK		32,401		1,392,595
BankUnited Inc.		24,695		1,032,745
Banner Corp.		9,732		537,304
Bar Harbor Bankshares		4,836		135,650
Berkshire Hills Bancorp. Inc.		12,318		332,340
BOK Financial Corp.		9,020		807,741
Brookline Bancorp. Inc.		17,954		273,978
Bryn Mawr Bank Corp.		4,918		225,982
Business First Bancshares Inc.		6,577		153,836
Byline Bancorp Inc.		7,398		181,695
Cadence BanCorp.		33,175		728,523
Cambridge Bancorp		1,686		148,368
Camden National Corp.		3,742		179,242
Capstar Financial Holdings Inc.		5,956		126,505
Cathay General Bancorp		20,793		860,622
CBTX Inc.		5,018		132,375
Central Pacific Financial Corp.		8,258		212,065
CIT Group Inc.		27,359		1,421,300
Citigroup Inc.		535,774		37,600,619
Citizens & Northern Corp.		5,841		147,544
Citizens Financial Group Inc.		111,329		5,230,236
City Holding Co.		4,234		329,871
Civista Bancshares Inc.		6,066		140,913
CNB Financial Corp./PA		5,097		124,061
Columbia Banking System Inc.		19,525		741,755
Comerica Inc.		35,454		2,854,047
Commerce Bancshares Inc.		28,159		1,962,119
Community Bank System Inc.		14,122		966,227
Community Trust Bancorp. Inc.		3,868		162,843
ConnectOne Bancorp. Inc.		10,492		314,865
CrossFirst Bankshares Inc.(a)		12,928		168,064
Cullen/Frost Bankers Inc.		15,183		1,801,007
Customers Bancorp. Inc.(a)		7,288		313,530
CVB Financial Corp.		34,583		704,456
Dime Community Bancshares Inc.		9,602		313,601
Eagle Bancorp. Inc.		9,569		550,218
East West Bancorp. Inc.		37,505		2,908,138
Eastern Bankshares Inc.		44,727		907,958
Enterprise Bancorp. Inc./MA		4,098		147,323
Enterprise Financial Services Corp.		9,410		426,085
Equity Bancshares Inc., Class A		3,990		133,186
Farmers National Banc Corp.		10,882		170,956
FB Financial Corp.		7,671		328,933
Fifth Third Bancorp		181,852		7,717,799
Financial Institutions Inc.		4,651		142,553
First BanCorp./Puerto Rico		53,997		710,061
First Bancorp./Southern Pines NC		8,695		373,972
First Bancshares Inc. (The)		5,068		196,537
First Busey Corp.		14,063		346,372
First Citizens BancShares Inc./NC, Class A(b)		1,690		1,424,957
First Commonwealth Financial Corp.		23,135		315,330
First Community Bankshares Inc.		4,434		140,647
First Financial Bancorp		25,266		591,477
First Financial Bankshares Inc.		34,668		1,592,995
First Financial Corp./IN		2,813		118,287
First Foundation Inc.		11,675		307,053
First Hawaiian Inc.		35,593		1,044,655
First Horizon Corp.		149,878		2,441,513
First Interstate BancSystem Inc., Class A		9,872		397,447

Security	Shares		Value
Banks (continued)
First Merchants Corp.		14,405	$	602,705
First Mid Bancshares Inc.		3,376		138,619
First Midwest Bancorp. Inc.		32,731		622,216
First of Long Island Corp. (The)		6,644		136,866
First Republic Bank/CA		47,187		9,101,429
Flushing Financial Corp.		7,611		172,009
FNB Corp.		86,571		1,005,955
Fulton Financial Corp.		45,866		700,833
German American Bancorp. Inc.		6,531		252,293
Glacier Bancorp. Inc.		25,030		1,385,411
Great Southern Bancorp. Inc.		2,597		142,342
Great Western Bancorp. Inc.		16,571		542,535
Hancock Whitney Corp.		23,754		1,119,289
Hanmi Financial Corp.		8,508		170,671
Harborone Bancorp. Inc.		17,165		240,997
Heartland Financial USA Inc.		9,693		466,039
Heritage Commerce Corp.		16,622		193,314
Heritage Financial Corp./WA		11,292		287,946
Hilltop Holdings Inc.		17,721		578,945
Home BancShares Inc./AR		41,545		977,554
HomeTrust Bancshares Inc.		5,466		152,939
Hope Bancorp Inc.		29,653		428,189
Horizon Bancorp Inc./IN		10,618		192,929
Huntington Bancshares Inc./OH		386,886		5,981,258
Independent Bank Corp.		8,978		683,675
Independent Bank Corp./MI		5,590		120,073
Independent Bank Group Inc.		10,743		763,183
International Bancshares Corp.		14,738		613,690
Investors Bancorp. Inc.		61,449		928,494
JPMorgan Chase & Co.		784,976		128,492,721
KeyCorp		252,411		5,457,126
Lakeland Bancorp. Inc.		11,514		202,992
Lakeland Financial Corp.		6,035		429,933
Live Oak Bancshares Inc.		8,518		542,000
M&T Bank Corp.		33,776		5,044,108
Mercantile Bank Corp.		4,790		153,424
Metrocity Bankshares Inc.		7,621		159,812
Metropolitan Bank Holding Corp.(a)		2,478		208,895
Mid Penn Bancorp. Inc.		5,633		155,189
Midland States Bancorp. Inc.		6,280		155,304
MidWestOne Financial Group Inc.		6,108		184,217
MVB Financial Corp.		3,029		129,732
National Bank Holdings Corp., Class A		8,542		345,780
NBT Bancorp. Inc.		11,816		426,794
Nicolet Bankshares Inc.(a)		2,958		219,424
OceanFirst Financial Corp.		15,264		326,802
OFG Bancorp		11,998		302,590
Old National Bancorp./IN		47,234		800,616
Old Second Bancorp. Inc.		12,002		156,746
Origin Bancorp Inc.		7,061		299,033
Pacific Premier Bancorp. Inc.		22,786		944,252
PacWest Bancorp		32,482		1,472,084
Park National Corp.		3,584		437,069
Parke Bancorp. Inc.		1		29
Peapack Gladstone Financial Corp.		4,878		162,730
Peoples Bancorp. Inc./OH		5,500		173,855
Peoples Financial Services Corp.		3,260		148,558
People’s United Financial Inc.		112,288		1,961,671
Pinnacle Financial Partners Inc.		20,385		1,917,821
PNC Financial Services Group Inc. (The)		112,256		21,961,764

38 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Popular Inc.		21,996	$	1,708,429
Preferred Bank/Los Angeles CA		3,634		242,315
Premier Financial Bancorp. Inc.(a)(c)		1		20
Primis Financial Corp.		9,785		141,491
Prosperity Bancshares Inc.		24,646		1,753,070
QCR Holdings Inc.		5,089		261,778
Regions Financial Corp.		255,399		5,442,553
Reliant Bancorp Inc.		4,516		142,660
Renasant Corp.		16,064		579,107
Republic Bancorp. Inc./KY, Class A		3,154		159,750
S&T Bancorp. Inc.		9,569		281,998
Sandy Spring Bancorp. Inc.		13,665		626,130
Seacoast Banking Corp. of Florida		13,627		460,729
ServisFirst Bancshares Inc.		13,516		1,051,545
Sierra Bancorp.		4,779		116,034
Signature Bank/New York NY		15,715		4,278,880
Silvergate Capital Corp., Class A(a)		6,438		743,589
Simmons First National Corp., Class A		28,427		840,302
SmartFinancial Inc.		6,465		167,120
South Plains Financial Inc.		5,806		141,550
South State Corp.		18,917		1,412,532
Southern First Bancshares Inc.(a)		2,346		125,511
Southside Bancshares Inc.		9,146		350,200
Spirit of Texas Bancshares Inc.		5,783		139,949
Sterling Bancorp./DE		50,843		1,269,041
Stock Yards Bancorp. Inc.		6,079		356,533
SVB Financial Group(a)		15,001		9,703,847
Synovus Financial Corp.		37,766		1,657,550
Texas Capital Bancshares Inc.(a)		13,117		787,282
Tompkins Financial Corp.		3,578		289,496
Towne Bank/Portsmouth VA		17,093		531,763
TriCo Bancshares		7,327		317,992
TriState Capital Holdings Inc.(a)		6,164		130,369
Triumph Bancorp. Inc.(a)		6,103		611,093
Truist Financial Corp.		354,656		20,800,574
Trustmark Corp.		16,710		538,396
U.S. Bancorp		355,694		21,142,451
UMB Financial Corp.		11,260		1,088,955
Umpqua Holdings Corp.		59,487		1,204,612
United Bankshares Inc./WV		34,234		1,245,433
United Community Banks Inc./GA		20,815		683,148
Univest Financial Corp.		7,233		198,112
Valley National Bancorp		103,542		1,378,144
Veritex Holdings Inc.		12,182		479,484
Washington Trust Bancorp. Inc.		3,612		191,364
Webster Financial Corp.		23,408		1,274,800
Wells Fargo & Co.		1,093,708		50,758,988
WesBanco Inc.		17,015		579,871
West Bancorp. Inc.		5,766		173,153
Westamerica Bancorp		7,741		435,509
Western Alliance Bancorp		26,612		2,895,918
Wintrust Financial Corp.		14,240		1,144,469
Zions Bancorp. NA		42,737		2,644,993
				523,941,781
Beverages — 1.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)		2,401		1,223,910
Brown-Forman Corp., Class A		12,018		753,168
Brown-Forman Corp., Class B, NVS		49,174		3,295,150
Celsius Holdings Inc.(a)(b)		14,189		1,278,287
Coca-Cola Co. (The)		1,026,534		53,862,239

Security	Shares		Value
Beverages (continued)
Coca-Cola Consolidated Inc.		1,373	$	541,209
Constellation Brands Inc., Class A		42,132		8,876,791
Duckhorn Portfolio Inc. (The)(a)		7,016		160,596
Keurig Dr Pepper Inc.		182,242		6,225,387
MGP Ingredients Inc.		3,891		253,304
Molson Coors Beverage Co., Class B		48,543		2,251,425
Monster Beverage Corp.(a)		97,295		8,642,715
National Beverage Corp.		6,766		355,147
PepsiCo Inc.		365,298		54,944,472
Primo Water Corp.		45,096		708,909
				143,372,709
Biotechnology — 2.6%
4D Molecular Therapeutics Inc.(a)		5,513		148,686
AbbVie Inc.		467,115		50,387,695
ACADIA Pharmaceuticals Inc.(a)		30,588		508,067
Acceleron Pharma Inc.(a)(b)		13,658		2,350,542
Adagio Therapeutics Inc.(a)		5,558		234,770
Affimed NV(a)		27,618		170,679
Agenus Inc.(a)		45,727		240,067
Agios Pharmaceuticals Inc.(a)		16,356		754,829
Akebia Therapeutics Inc.(a)		51,368		147,940
Akero Therapeutics Inc.(a)(b)		8,039		179,672
Albireo Pharma Inc.(a)(b)		4,940		154,128
Aldeyra Therapeutics Inc.(a)		16,049		140,910
Alector Inc.(a)(b)		16,256		370,962
Aligos Therapeutics Inc.(a)(b)		7,012		108,756
Alkermes PLC(a)		42,728		1,317,731
Allakos Inc.(a)(b)		9,571		1,013,282
Allogene Therapeutics Inc.(a)		15,657		402,385
Allovir Inc.(a)		9,894		247,944
Alnylam Pharmaceuticals Inc.(a)(b)		31,072		5,866,704
Altimmune Inc.(a)		10,202		115,385
ALX Oncology Holdings Inc.(a)		4,708		347,733
Amgen Inc.		150,103		31,919,403
Amicus Therapeutics Inc.(a)		70,807		676,207
AnaptysBio Inc.(a)		7,306		198,139
Anavex Life Sciences Corp.(a)(b)		19,387		347,997
Anika Therapeutics Inc.(a)		4,130		175,773
Annexon Inc.(a)		9,869		183,662
Apellis Pharmaceuticals Inc.(a)		17,559		578,745
Applied Molecular Transport Inc.(a)		5,973		154,521
Applied Therapeutics Inc.(a)		6,374		105,808
Arcturus Therapeutics Holdings Inc.(a)		5,948		284,195
Arcus Biosciences Inc.(a)(b)		12,142		423,392
Arcutis Biotherapeutics Inc.(a)(b)		6,252		149,360
Ardelyx Inc.(a)(b)		42,168		55,662
Arena Pharmaceuticals Inc.(a)		15,353		914,271
Arrowhead Pharmaceuticals Inc.(a)		27,114		1,692,727
Atara Biotherapeutics Inc.(a)		21,817		390,524
Athenex Inc.(a)(b)		28,842		86,814
Athersys Inc.(a)(b)		86,482		115,021
Atossa Therapeutics Inc.(a)		37,911		123,590
Avid Bioservices Inc.(a)(b)		16,824		362,894
Avidity Biosciences Inc.(a)		9,167		225,783
Avita Medical Inc.(a)(b)		7,555		133,875
Avrobio Inc.(a)		15,502		86,501
Beam Therapeutics Inc.(a)		12,696		1,104,679
Beyondspring Inc.(a)		5,695		89,753
BioAtla Inc.(a)(b)		3,125		92,000
BioCryst Pharmaceuticals Inc.(a)		46,352		666,078

S C H E D U L E    O F   I N V E S T M E N T S 39

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Biogen Inc.(a)(b)		39,200	$	11,093,208
Biohaven Pharmaceutical Holding Co. Ltd.(a)		14,590		2,026,697
BioMarin Pharmaceutical Inc.(a)		47,951		3,706,133
Bioxcel Therapeutics Inc.(a)		4,926		149,504
Bluebird Bio Inc.(a)		17,400		332,514
Blueprint Medicines Corp.(a)(b)		14,537		1,494,549
Bridgebio Pharma Inc.(a)(b)		29,002		1,359,324
Brooklyn ImmunoTherapeutics Inc.(a)		6,265		58,264
C4 Therapeutics Inc.(a)		10,664		476,468
CareDx Inc.(a)(b)		12,953		820,832
Caribou Biosciences Inc.(a)		5,043		120,376
Catalyst Pharmaceuticals Inc.(a)		24,537		130,046
Celldex Therapeutics Inc.(a)		10,287		555,395
CEL-SCI Corp.(a)(b)		11,202		123,110
Cerevel Therapeutics Holdings Inc.(a)		13,564		400,138
ChemoCentryx Inc.(a)(b)		13,414		229,379
Chimerix Inc.(a)		19,143		118,495
Chinook Therapeutics Inc.(a)		9,946		126,911
Clovis Oncology Inc.(a)		30,042		133,987
Codiak Biosciences Inc.(a)		6,077		99,237
Cogent Biosciences Inc.(a)		14,713		123,736
Coherus Biosciences Inc.(a)		16,670		267,887
Cortexyme Inc.(a)		4,914		450,417
Crinetics Pharmaceuticals Inc.(a)		7,311		153,897
Cue Biopharma Inc.(a)		9,951		144,986
Cullinan Oncology Inc.(a)(b)		5,431		122,578
CureVac NV(a)(b)		14,567		795,650
Curis Inc.(a)		22,710		177,819
Cytokinetics Inc.(a)		20,405		729,275
CytomX Therapeutics Inc.(a)		21,905		111,496
Deciphera Pharmaceuticals Inc.(a)		10,116		343,742
Denali Therapeutics Inc.(a)(b)		24,165		1,219,124
Dermtech Inc.(a)(b)		6,214		199,532
Design Therapeutics Inc.(a)(b)		5,403		79,370
Dicerna Pharmaceuticals Inc.(a)(b)		16,168		325,947
Dynavax Technologies Corp.(a)(b)		28,699		551,308
Dyne Therapeutics Inc.(a)		10,249		166,444
Eagle Pharmaceuticals Inc./DE(a)		3,218		179,500
Editas Medicine Inc.(a)(b)		18,810		772,715
Emergent BioSolutions Inc.(a)(b)		12,037		602,693
Enanta Pharmaceuticals Inc.(a)		4,859		276,040
Epizyme Inc.(a)		29,517		151,127
Evelo Biosciences Inc.(a)(b)		11,839		83,347
Exact Sciences Corp.(a)(b)		45,331		4,326,844
Exelixis Inc.(a)		83,548		1,766,205
Fate Therapeutics Inc.(a)		20,397		1,208,930
FibroGen Inc.(a)		22,491		229,858
Flexion Therapeutics Inc.(a)		17,252		105,237
Forma Therapeutics Holdings Inc.(a)		8,158		189,184
Forte Biosciences Inc.(a)(b)		6,418		18,997
G1 Therapeutics Inc.(a)(b)		9,085		121,921
Generation Bio Co.(a)(b)		10,875		272,636
Geron Corp.(a)		99,049		135,697
Gilead Sciences Inc.		333,155		23,270,877
Global Blood Therapeutics Inc.(a)		16,168		411,961
Gossamer Bio Inc.(a)(b)		24,271		305,086
Gritstone bio Inc.(a)		15,368		165,974
Halozyme Therapeutics Inc.(a)		36,029		1,465,660
Heron Therapeutics Inc.(a)		22,770		243,411
Horizon Therapeutics PLC(a)		57,646		6,314,543

Security	Shares		Value
Biotechnology (continued)
Humanigen Inc.(a)(b)		13,769	$	81,650
iBio Inc.(a)		83,870		88,902
Icosavax Inc.(a)(b)		3,519		104,127
Ideaya Biosciences Inc.(a)		7,175		182,891
IGM Biosciences Inc.(a)		2,333		153,418
ImmunityBio Inc.(a)(b)		19,550		190,417
ImmunoGen Inc.(a)		55,406		314,152
Immunovant Inc.(a)		13,377		116,246
Incyte Corp.(a)		49,468		3,402,409
Inhibrx Inc.(a)		8,817		293,694
Inovio Pharmaceuticals Inc.(a)(b)		49,969		357,778
Insmed Inc.(a)		27,349		753,191
Intellia Therapeutics Inc.(a)(b)		17,796		2,387,333
Intercept Pharmaceuticals Inc.(a)(b)		8,185		121,547
Invitae Corp.(a)		53,396		1,518,048
Ionis Pharmaceuticals Inc.(a)(b)		35,186		1,180,138
Iovance Biotherapeutics Inc.(a)(b)		36,796		907,389
Ironwood Pharmaceuticals Inc.(a)		40,587		530,066
iTeos Therapeutics Inc.(a)		6,641		179,307
IVERIC bio Inc.(a)		21,745		353,139
Kadmon Holdings Inc.(a)		47,215		411,243
KalVista Pharmaceuticals Inc.(a)		6,300		109,935
Karuna Therapeutics Inc.(a)		5,945		727,252
Karyopharm Therapeutics Inc.(a)(b)		22,622		131,660
Keros Therapeutics Inc.(a)		4,113		162,710
Kiniksa Pharmaceuticals Ltd., Class A(a)		9,712		110,620
Kinnate Biopharma Inc.(a)		6,242		143,691
Kodiak Sciences Inc.(a)(b)		8,811		845,680
Kronos Bio Inc.(a)(b)		11,940		250,262
Krystal Biotech Inc.(a)		4,236		221,162
Kura Oncology Inc.(a)		16,773		314,158
Kymera Therapeutics Inc.(a)		7,586		445,602
Ligand Pharmaceuticals Inc.(a)		3,927		547,110
Lineage Cell Therapeutics Inc.(a)		45,403		114,416
MacroGenics Inc.(a)		15,444		323,397
Madrigal Pharmaceuticals Inc.(a)		2,743		218,864
MannKind Corp.(a)		60,376		262,636
MEI Pharma Inc.(a)(b)		40,235		111,049
MeiraGTx Holdings PLC(a)		10,559		139,168
Mersana Therapeutics Inc.(a)		14,403		135,820
MiMedx Group Inc.(a)		30,843		186,909
Mirati Therapeutics Inc.(a)		10,812		1,912,751
Moderna Inc.(a)		89,436		34,420,339
Molecular Templates Inc.(a)		14,466		97,067
Morphic Holding Inc.(a)		5,819		329,588
Myriad Genetics Inc.(a)		18,243		589,066
Natera Inc.(a)(b)		21,772		2,426,272
Neoleukin Therapeutics Inc.(a)		13,402		96,896
Neurocrine Biosciences Inc.(a)		25,418		2,437,840
Nkarta Inc.(a)		4,391		122,114
Novavax Inc.(a)(b)		19,667		4,077,166
Nurix Therapeutics Inc.(a)		6,461		193,572
Ocugen Inc.(a)(b)		48,427		347,706
Olema Pharmaceuticals Inc.(a)(b)		5,002		137,855
Oncocyte Corp.(a)		29,815		106,141
Oncorus Inc.(a)		8,682		81,090
Oncternal Therapeutics Inc. New(b)(c)		684		701
OPKO Health Inc.(a)(b)		101,341		369,895
Organogenesis Holdings Inc., Class A(a)(b)		10,038		142,941
ORIC Pharmaceuticals Inc.(a)(b)		9,380		196,136

40 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Passage Bio Inc.(a)		11,585	$	115,387
PMV Pharmaceuticals Inc.(a)		8,348		248,770
Poseida Therapeutics Inc.(a)(b)		14,927		108,818
Praxis Precision Medicines Inc.(a)(b)		8,933		165,171
Precigen Inc.(a)		20,932		104,451
Precision BioSciences Inc.(a)(b)		15,751		181,767
Prelude Therapeutics Inc.(a)		4,306		134,562
Protagonist Therapeutics Inc.(a)		10,839		192,067
Prothena Corp. PLC(a)		9,383		668,351
PTC Therapeutics Inc.(a)(b)		19,942		742,042
Radius Health Inc.(a)		13,305		165,115
RAPT Therapeutics Inc.(a)		5,488		170,402
Recursion Pharmaceuticals Inc., Class A(a)(b)		6,910		158,999
Regeneron Pharmaceuticals Inc.(a)		26,559		16,072,976
REGENXBIO Inc.(a)		9,324		390,862
Relay Therapeutics Inc.(a)		15,796		498,048
Replimune Group Inc.(a)		6,198		183,709
REVOLUTION Medicines Inc.(a)		16,402		451,219
Rhythm Pharmaceuticals Inc.(a)(b)		12,122		158,313
Rigel Pharmaceuticals Inc.(a)(b)		44,149		160,261
Rocket Pharmaceuticals Inc.(a)(b)		9,585		286,496
Rubius Therapeutics Inc.(a)(b)		9,193		164,371
Sage Therapeutics Inc.(a)(b)		13,619		603,458
Sana Biotechnology Inc.(a)(b)		22,716		511,564
Sangamo Therapeutics Inc.(a)(b)		33,928		305,691
Sarepta Therapeutics Inc.(a)(b)		20,249		1,872,627
Scholar Rock Holding Corp.(a)(b)		6,870		226,847
Seagen Inc.(a)		35,659		6,054,898
Selecta Biosciences Inc.(a)		30,168		125,499
Seres Therapeutics Inc.(a)		18,318		127,493
Sesen Bio Inc.(a)(b)		44,834		35,562
Shattuck Labs Inc.(a)		8,347		170,112
Silverback Therapeutics Inc.(a)(b)		4,774		47,645
Sorrento Therapeutics Inc.(a)(b)		68,881		525,562
Spectrum Pharmaceuticals Inc.(a)		53,202		115,980
Spero Therapeutics Inc.(a)(b)		9,109		167,697
SpringWorks Therapeutics Inc.(a)		7,169		454,801
SQZ Biotechnologies Co.(a)		9,876		142,412
Stoke Therapeutics Inc.(a)		5,840		148,570
Sutro Biopharma Inc.(a)		8,303		156,844
Syndax Pharmaceuticals Inc.(a)		7,929		151,523
Syros Pharmaceuticals Inc.(a)		21,316		95,283
Taysha Gene Therapies Inc.(a)(b)		8,222		153,094
TCR2 Therapeutics Inc.(a)		9,480		80,675
TG Therapeutics Inc.(a)		32,816		1,092,116
Tonix Pharmaceuticals Holding Corp.(a)		139,922		84,107
Travere Therapeutics Inc.(a)		16,964		411,377
Trillium Therapeutics Inc.(a)		28,984		508,959
Turning Point Therapeutics Inc.(a)(b)		12,403		823,931
Twist Bioscience Corp.(a)(b)		12,676		1,355,952
Ultragenyx Pharmaceutical Inc.(a)		16,880		1,522,407
United Therapeutics Corp.(a)		11,986		2,212,376
UroGen Pharma Ltd.(a)(b)		7,176		120,700
Vanda Pharmaceuticals Inc.(a)		14,999		257,083
Vaxart Inc.(a)(b)		31,332		249,089
Vaxcyte Inc.(a)		10,474		265,725
VBI Vaccines Inc.(a)(b)		46,466		144,509
Veracyte Inc.(a)		17,510		813,339
Verastem Inc.(a)		56,334		173,509
Vericel Corp.(a)		11,677		569,838

Security	Shares		Value
Biotechnology (continued)
Vertex Pharmaceuticals Inc.(a)		68,854	$	12,489,427
Verve Therapeutics Inc.(a)		4,155		195,285
Viking Therapeutics Inc.(a)		20,477		128,596
Vir Biotechnology Inc.(a)		15,181		660,677
Viracta Therapeutics Inc.(a)(b)		12,768		102,399
VistaGen Therapeutics Inc.(a)		50,170		137,466
Xencor Inc.(a)		15,026		490,749
Y-mAbs Therapeutics Inc.(a)		7,196		205,374
Zentalis Pharmaceuticals Inc.(a)		9,447		629,548
ZIOPHARM Oncology Inc.(a)(b)		66,318		120,699
				305,458,012
Building Products — 0.6%
A O Smith Corp.		35,429		2,163,649
AAON Inc.		10,618		693,780
Advanced Drainage Systems Inc.		15,084		1,631,636
Allegion PLC		24,243		3,204,440
American Woodmark Corp.(a)		4,791		313,188
Apogee Enterprises Inc.		7,093		267,832
Armstrong World Industries Inc.		13,289		1,268,701
AZEK Co. Inc. (The)(a)		28,823		1,052,904
Builders FirstSource Inc.(a)		54,915		2,841,302
Carlisle Companies Inc.		13,592		2,701,954
Carrier Global Corp.		229,611		11,884,665
Cornerstone Building Brands Inc.(a)(b)		11,508		168,132
CSW Industrials Inc.		3,718		474,789
Fortune Brands Home & Security Inc.		36,254		3,241,833
Gibraltar Industries Inc.(a)		8,183		569,946
Griffon Corp.		11,508		283,097
Insteel Industries Inc.		4,311		164,033
JELD-WEN Holding Inc.(a)		21,900		548,157
Johnson Controls International PLC		189,365		12,891,969
Lennox International Inc.		9,149		2,691,361
Masco Corp.		65,154		3,619,305
Masonite International Corp.(a)(b)		6,236		661,827
Owens Corning		27,702		2,368,521
PGT Innovations Inc.(a)		14,918		284,934
Quanex Building Products Corp.		9,113		195,109
Resideo Technologies Inc.(a)		38,077		943,929
Simpson Manufacturing Co. Inc.		11,682		1,249,623
Trane Technologies PLC		62,752		10,834,133
Trex Co. Inc.(a)		31,346		3,195,098
UFP Industries Inc.		16,427		1,116,707
View Inc.(a)(b)		26,377		142,963
				73,669,517
Capital Markets — 3.1%
Affiliated Managers Group Inc.		10,913		1,648,845
Ameriprise Financial Inc.		30,132		7,958,464
Apollo Global Management Inc.		46,438		2,860,116
Ares Management Corp., Class A		37,324		2,755,631
Artisan Partners Asset Management Inc., Class A		15,009		734,240
Assetmark Financial Holdings Inc.(a)		6,427		159,839
B. Riley Financial Inc.		5,806		342,786
Bank of New York Mellon Corp. (The)		209,619		10,866,649
BGC Partners Inc., Class A		87,808		457,480
BlackRock Inc.(d)		37,785		31,688,768
Blackstone Inc., NVS		179,568		20,890,941
Blucora Inc.(a)		13,224		206,162
BrightSphere Investment Group Inc.		14,767		385,862
Carlyle Group Inc. (The)		43,863		2,073,843

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Cboe Global Markets Inc.		28,230	$	3,496,568
Charles Schwab Corp. (The)		397,234		28,934,525
CME Group Inc.		94,762		18,325,076
Cohen & Steers Inc.		6,130		513,510
Cowen Inc., Class A		6,205		212,894
Diamond Hill Investment Group Inc.		691		121,381
Donnelley Financial Solutions Inc.(a)		6,487		224,580
Evercore Inc., Class A		10,618		1,419,308
FactSet Research Systems Inc.		10,100		3,987,278
Federated Hermes Inc.		26,953		875,973
Focus Financial Partners Inc., Class A(a)		13,637		714,170
Franklin Resources Inc.		75,981		2,258,155
GCM Grosvenor Inc., Class A		11,322		130,429
Goldman Sachs Group Inc. (The)		87,346		33,019,408
Hamilton Lane Inc., Class A		8,155		691,707
Houlihan Lokey Inc.		13,870		1,277,427
Interactive Brokers Group Inc., Class A		21,927		1,366,929
Intercontinental Exchange Inc.		146,982		16,876,473
Invesco Ltd.		89,075		2,147,598
Janus Henderson Group PLC		21,721		897,729
Jefferies Financial Group Inc.		57,574		2,137,723
KKR & Co. Inc.		145,942		8,884,949
Lazard Ltd., Class A		26,539		1,215,486
LPL Financial Holdings Inc.		21,079		3,304,344
MarketAxess Holdings Inc.		10,053		4,229,197
Moelis & Co., Class A		16,495		1,020,546
Moody’s Corp.		42,706		15,165,328
Morgan Stanley		359,930		35,024,788
Morningstar Inc.		5,927		1,535,271
MSCI Inc.		21,228		12,913,842
Nasdaq Inc.		30,224		5,833,836
Northern Trust Corp.		54,372		5,861,845
Open Lending Corp., Class A(a)		27,050		975,693
Oppenheimer Holdings Inc., Class A, NVS		2,814		127,446
Piper Sandler Cos.		4,989		690,777
PJT Partners Inc., Class A		6,366		503,614
Raymond James Financial Inc.		48,924		4,514,707
S&P Global Inc.		63,583		27,015,781
Sculptor Capital Management Inc.		6,183		172,444
SEI Investments Co.		29,710		1,761,803
State Street Corp.		96,723		8,194,373
StepStone Group Inc., Class A		11,421		486,991
Stifel Financial Corp.		26,220		1,781,911
StoneX Group Inc.(a)		5,327		351,049
T Rowe Price Group Inc.		59,542		11,711,911
Tradeweb Markets Inc., Class A(b)		27,806		2,246,169
Virtu Financial Inc., Class A		23,782		580,994
Virtus Investment Partners Inc.		1,783		553,301
WisdomTree Investments Inc.		39,652		224,827
				359,541,690
Chemicals — 1.3%
AdvanSix Inc.(a)		7,922		314,900
Air Products & Chemicals Inc.		58,191		14,903,297
Albemarle Corp.		30,699		6,722,160
American Vanguard Corp.		8,872		133,524
Amyris Inc.(a)(b)		44,229		607,264
Ashland Global Holdings Inc.		15,064		1,342,504
Avient Corp.		25,418		1,178,124
Axalta Coating Systems Ltd.(a)		56,020		1,635,224
Balchem Corp.		8,955		1,299,102

Security	Shares		Value
Chemicals (continued)
Cabot Corp.		15,779	$	790,843
Celanese Corp.		29,473		4,439,813
CF Industries Holdings Inc.		57,184		3,192,011
Chase Corp.		2,293		234,230
Chemours Co. (The)		45,608		1,325,369
Corteva Inc.		195,650		8,232,952
Danimer Scientific Inc.(a)(b)		18,955		309,725
Diversey Holdings Ltd.(a)(b)		11,749		188,454
Dow Inc.		197,774		11,383,871
DuPont de Nemours Inc.		138,388		9,409,000
Eastman Chemical Co.		35,573		3,583,624
Ecolab Inc.		66,236		13,818,154
Ecovyst Inc.		12,107		141,168
Element Solutions Inc.		59,272		1,285,017
Ferro Corp.(a)		22,418		455,982
FMC Corp.		33,854		3,099,672
GCP Applied Technologies Inc.(a)		14,223		311,768
Hawkins Inc.		4,506		157,169
HB Fuller Co.		13,604		878,274
Huntsman Corp.		54,586		1,615,200
Ingevity Corp.(a)		11,231		801,556
Innospec Inc.		6,549		551,557
International Flavors & Fragrances Inc.		65,979		8,822,712
Koppers Holdings Inc.(a)		5,236		163,677
Kraton Corp.(a)		8,058		367,767
Kronos Worldwide Inc.		9,643		119,670
Livent Corp.(a)		39,660		916,543
LyondellBasell Industries NV, Class A		69,818		6,552,419
Minerals Technologies Inc.		9,771		682,407
Mosaic Co. (The)		91,034		3,251,735
NewMarket Corp.		1,856		628,757
Olin Corp.		38,720		1,868,240
Orion Engineered Carbons SA(a)		16,084		293,211
PPG Industries Inc.		62,186		8,893,220
PureCycle Technologies Inc.(a)(b)		9,251		122,853
Quaker Chemical Corp.		3,570		848,660
Rayonier Advanced Materials Inc.(a)		17,732		132,990
RPM International Inc.		33,405		2,593,898
Scotts Miracle-Gro Co. (The)		10,792		1,579,517
Sensient Technologies Corp.		11,486		1,046,145
Sherwin-Williams Co. (The)		64,529		18,050,697
Stepan Co.		6,142		693,677
Tredegar Corp.		9,688		118,000
Trinseo SA		9,865		532,513
Tronox Holdings PLC, Class A		27,127		668,681
Valvoline Inc.		46,823		1,459,941
Westlake Chemical Corp.		8,308		757,191
				155,506,629
Commercial Services & Supplies — 0.5%
ABM Industries Inc.		17,637		793,841
ACCO Brands Corp.		27,951		240,099
ADT Inc.		42,056		340,233
Brady Corp., Class A, NVS		12,799		648,909
BrightView Holdings Inc.(a)		14,011		206,802
Brink’s Co. (The)		13,393		847,777
Casella Waste Systems Inc., Class A(a)		13,364		1,014,862
Cimpress PLC(a)		4,479		388,912
Cintas Corp.		23,151		8,812,660
Clean Harbors Inc.(a)		13,569		1,409,412
Copart Inc.(a)		55,022		7,632,652

42 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
CoreCivic Inc.(a)		30,750	$	273,675
Covanta Holding Corp.		30,006		603,721
Deluxe Corp.		10,958		393,283
Driven Brands Holdings Inc.(a)		12,894		372,508
Ennis Inc.		6,551		123,486
Harsco Corp.(a)		22,973		389,392
Healthcare Services Group Inc.		20,349		508,521
Heritage-Crystal Clean Inc.(a)		5,270		152,725
Herman Miller Inc.		21,162		796,961
HNI Corp.		11,753		431,570
IAA Inc.(a)		36,459		1,989,568
Interface Inc.		14,517		219,933
KAR Auction Services Inc.(a)		36,459		597,563
Kimball International Inc., Class B		10,609		118,821
Matthews International Corp., Class A		7,969		276,445
Montrose Environmental Group Inc.(a)		5,793		357,660
MSA Safety Inc.		9,693		1,412,270
Pitney Bowes Inc.		43,058		310,448
Republic Services Inc.		55,631		6,679,058
Rollins Inc.		61,100		2,158,663
RR Donnelley & Sons Co.(a)		23,686		121,746
SP Plus Corp.(a)		5,993		183,805
Steelcase Inc., Class A		25,394		321,996
Stericycle Inc.(a)		24,189		1,644,126
Tetra Tech Inc.		14,318		2,138,250
U.S. Ecology Inc.(a)		9,146		295,873
UniFirst Corp./MA		3,544		753,525
Viad Corp.(a)		5,068		230,138
VSE Corp.		2,985		143,787
Waste Management Inc.		111,692		16,682,317
				63,017,993
Communications Equipment — 0.8%
ADTRAN Inc.		14,211		266,598
Arista Networks Inc.(a)		16,009		5,501,333
Aviat Networks Inc.(a)		1,761		57,866
CalAmp Corp.(a)		11,586		115,281
Calix Inc.(a)(b)		14,459		714,708
Cambium Networks Corp.(a)		2,866		103,721
Ciena Corp.(a)		41,989		2,156,135
Cisco Systems Inc.		1,117,326		60,816,054
Clearfield Inc.(a)		3,427		151,302
CommScope Holding Co. Inc.(a)(b)		50,393		684,841
Comtech Telecommunications Corp.		7,643		195,737
Digi International Inc.(a)		6,489		136,399
DZS Inc.(a)		6,233		76,417
EMCORE Corp.(a)		13,197		98,714
Extreme Networks Inc.(a)		29,316		288,763
F5 Networks Inc.(a)		15,824		3,145,495
Harmonic Inc.(a)		25,158		220,132
Infinera Corp.(a)(b)		39,865		331,677
Inseego Corp.(a)(b)		20,368		135,651
Juniper Networks Inc.		88,360		2,431,667
Lumentum Holdings Inc.(a)		20,401		1,704,300
Motorola Solutions Inc.		43,845		10,186,070
NETGEAR Inc.(a)(b)		8,768		279,787
NetScout Systems Inc.(a)		20,031		539,835
Plantronics Inc.(a)		9,222		237,098
Ribbon Communications Inc.(a)		20,986		125,496
Ubiquiti Inc.		1,850		552,539
Viasat Inc.(a)		17,808		980,687

Security	Shares		Value
Communications Equipment (continued)
Viavi Solutions Inc.(a)		64,268	$	1,011,578
				93,245,881
Construction & Engineering — 0.2%
AECOM(a)		36,121		2,281,041
Ameresco Inc., Class A(a)		7,296		426,305
API Group Corp.(a)(e)		52,143		1,061,110
Arcosa Inc.		12,871		645,738
Argan Inc.		3,865		168,785
Comfort Systems USA Inc.		9,128		651,009
Construction Partners Inc., Class A(a)(b)		8,930		297,994
Dycom Industries Inc.(a)		8,319		592,646
EMCOR Group Inc.		14,029		1,618,666
Fluor Corp.(a)		39,247		626,775
Granite Construction Inc.		13,458		532,264
Great Lakes Dredge & Dock Corp.(a)		14,804		223,392
IES Holdings Inc.(a)		2,964		135,425
MasTec Inc.(a)		15,080		1,301,102
MYR Group Inc.(a)		4,930		490,535
NV5 Global Inc.(a)		2,737		269,786
Primoris Services Corp.		11,564		283,202
Quanta Services Inc.		37,283		4,243,551
Sterling Construction Co. Inc.(a)(b)		6,822		154,655
Tutor Perini Corp.(a)		9,769		126,802
Valmont Industries Inc.		5,543		1,303,270
WillScot Mobile Mini Holdings Corp.(a)		55,035		1,745,710
				19,179,763
Construction Materials — 0.1%
Eagle Materials Inc.		10,655		1,397,510
Forterra Inc.(a)		9,812		231,171
Martin Marietta Materials Inc.		16,240		5,548,883
Summit Materials Inc., Class A(a)(b)		32,113		1,026,653
Vulcan Materials Co.		34,451		5,827,731
				14,031,948
Consumer Finance — 0.7%
Ally Financial Inc.		95,462		4,873,335
American Express Co.		170,241		28,520,475
Capital One Financial Corp.		116,702		18,902,223
Credit Acceptance Corp.(a)(b)		2,301		1,346,775
Discover Financial Services		79,304		9,742,497
Encore Capital Group Inc.(a)(b)		8,768		431,999
Enova International Inc.(a)		10,115		349,473
FirstCash Inc.		11,248		984,200
Green Dot Corp., Class A(a)		14,236		716,498
LendingClub Corp.(a)(b)		25,877		730,767
LendingTree Inc.(a)(b)		2,936		410,541
Navient Corp.		43,366		855,611
Nelnet Inc., Class A		4,443		352,063
OneMain Holdings Inc.		27,518		1,522,571
Oportun Financial Corp.(a)		6,251		156,463
PRA Group Inc.(a)		12,338		519,923
PROG Holdings Inc.		18,732		786,931
Regional Management Corp.		2,741		159,472
Santander Consumer USA Holdings Inc.		17,453		727,790
SLM Corp.		80,745		1,421,112
Synchrony Financial		150,066		7,335,226
Upstart Holdings Inc.(a)		11,945		3,779,876
World Acceptance Corp.(a)		990		187,684
				84,813,505

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging — 0.4%
Amcor PLC		411,759	$	4,772,287
AptarGroup Inc.		17,157		2,047,688
Ardagh Group SA		4,924		125,513
Avery Dennison Corp.		21,770		4,510,962
Ball Corp.		84,657		7,616,590
Berry Global Group Inc.(a)		35,177		2,141,576
Crown Holdings Inc.		33,854		3,411,806
Graphic Packaging Holding Co.		72,889		1,387,807
Greif Inc., Class A, NVS		6,359		410,791
Greif Inc., Class B		2,007		130,054
International Paper Co.		103,831		5,806,229
Myers Industries Inc.		9,768		191,160
O-I Glass Inc.(a)		43,889		626,296
Packaging Corp. of America		24,475		3,363,844
Pactiv Evergreen Inc.		10,647		133,300
Ranpak Holdings Corp.(a)(b)		10,524		282,254
Sealed Air Corp.		40,212		2,203,215
Silgan Holdings Inc.		22,174		850,595
Sonoco Products Co.		26,221		1,562,247
TriMas Corp.(a)		9,917		320,914
UFP Technologies Inc.(a)		1,991		122,626
Westrock Co.		70,422		3,509,128
				45,526,882
Distributors — 0.1%
Funko Inc., Class A(a)		6,447		117,400
Genuine Parts Co.		37,729		4,573,887
LKQ Corp.(a)		71,835		3,614,737
Pool Corp.		10,298		4,473,554
				12,779,578
Diversified Consumer Services — 0.2%
2U Inc.(a)(b)		18,643		625,845
Adtalem Global Education Inc.(a)		12,821		484,762
American Public Education Inc.(a)		5,616		143,826
Bright Horizons Family Solutions Inc.(a)		16,396		2,285,930
Carriage Services Inc.		3,930		175,239
Chegg Inc.(a)		37,605		2,557,892
Coursera Inc.(a)		15,188		480,700
frontdoor Inc.(a)		22,970		962,443
Graham Holdings Co., Class B		1,036		610,370
Grand Canyon Education Inc.(a)		11,460		1,008,022
H&R Block Inc.		48,945		1,223,625
Houghton Mifflin Harcourt Co.(a)		27,150		364,624
Laureate Education Inc., Class A(a)		25,081		426,126
Mister Car Wash Inc.(a)		10,879		198,542
OneSpaWorld Holdings Ltd.(a)		12,267		122,302
Perdoceo Education Corp.(a)		20,301		214,379
PowerSchool Holdings Inc., Class A(a)		11,334		278,930
Service Corp. International		43,932		2,647,342
Strategic Education Inc.		5,954		419,757
Stride Inc.(a)(b)		11,223		403,355
Terminix Global Holdings Inc.(a)		33,050		1,377,193
Vivint Smart Home Inc.(a)(b)		18,904		178,643
WW International Inc.(a)		11,733		214,127
				17,403,974
Diversified Financial Services — 1.2%
Alerus Financial Corp.		4,143		123,793
A-Mark Precious Metals Inc.		2,590		155,452
Banco Latinoamericano de Comercio Exterior SA, Class E		10,974		192,484

Security	Shares		Value
Diversified Financial Services (continued)
Berkshire Hathaway Inc., Class B(a)		490,871	$	133,978,331
Cannae Holdings Inc.(a)		22,329		694,655
Equitable Holdings Inc.		97,826		2,899,562
Voya Financial Inc.		29,856		1,832,860
				139,877,137
Diversified Telecommunication Services — 1.0%
Anterix Inc.(a)(b)		3,127		189,809
AT&T Inc.		1,888,601		51,011,113
ATN International Inc.		3,085		144,532
Bandwidth Inc., Class A(a)		6,055		546,645
Cogent Communications Holdings Inc.		11,622		823,303
Consolidated Communications Holdings Inc.(a)		16,168		148,584
EchoStar Corp., Class A(a)(b)		9,755		248,850
Globalstar Inc.(a)		164,541		274,784
IDT Corp., Class B(a)		5,287		221,790
Iridium Communications Inc.(a)		31,848		1,269,143
Liberty Latin America Ltd., Class A(a)(b)		11,543		150,982
Liberty Latin America Ltd., Class C, NVS(a)		41,600		545,792
Lumen Technologies Inc.		293,375		3,634,916
Ooma Inc.(a)		8,041		149,643
Radius Global Infrastructure Inc., Class A(a)		15,956		260,562
Verizon Communications Inc.		1,095,637		59,175,354
				118,795,802
Electric Utilities — 1.4%
ALLETE Inc.		14,183		844,172
Alliant Energy Corp.		66,079		3,699,102
American Electric Power Co. Inc.		132,580		10,762,844
Avangrid Inc.		14,987		728,368
Duke Energy Corp.		203,410		19,850,782
Edison International		98,868		5,484,208
Entergy Corp.		52,351		5,198,978
Evergy Inc.		61,582		3,830,400
Eversource Energy		90,123		7,368,457
Exelon Corp.		258,228		12,482,742
FirstEnergy Corp.		146,152		5,205,934
Hawaiian Electric Industries Inc.		29,397		1,200,280
IDACORP Inc.		14,005		1,447,837
MGE Energy Inc.		9,554		702,219
NextEra Energy Inc.		518,275		40,694,953
NRG Energy Inc.		66,156		2,701,149
OGE Energy Corp.		52,090		1,716,886
Otter Tail Corp.		10,639		595,465
PG&E Corp.(a)		401,450		3,853,920
Pinnacle West Capital Corp.		29,510		2,135,344
PNM Resources Inc.		22,027		1,089,896
Portland General Electric Co.		21,903		1,029,222
PPL Corp.		203,944		5,685,959
Southern Co. (The)		279,933		17,347,448
Xcel Energy Inc.		141,228		8,826,750
				164,483,315
Electrical Equipment — 0.7%
Acuity Brands Inc.		9,684		1,678,915
Allied Motion Technologies Inc.		3,719		116,330
American Superconductor Corp.(a)		8,990		131,074
AMETEK Inc.		60,691		7,526,291
Array Technologies Inc.(a)(b)		33,334		617,346
Atkore Inc.(a)		11,985		1,041,736
AZZ Inc.		6,773		360,324
Babcock & Wilcox Enterprises Inc.(a)		17,385		111,438

44 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Blink Charging Co.(a)(b)		9,989	$	285,785
Bloom Energy Corp., Class A(a)(b)		36,425		681,876
ChargePoint Holdings Inc.(a)		27,748		554,683
Eaton Corp. PLC		105,489		15,750,563
Emerson Electric Co.		157,852		14,869,658
Encore Wire Corp.		5,125		486,004
EnerSys		11,569		861,196
Eos Energy Enterprises Inc.(a)(b)		11,310		158,679
FuelCell Energy Inc.(a)		84,996		568,623
Generac Holdings Inc.(a)		16,184		6,613,915
GrafTech International Ltd.		46,086		475,608
Hubbell Inc.		14,731		2,661,450
nVent Electric PLC		44,472		1,437,780
Plug Power Inc.(a)		132,680		3,388,647
Regal Beloit Corp.		10,913		1,640,660
Rockwell Automation Inc.		30,722		9,033,497
Romeo Power Inc.(a)(b)		15,304		75,755
Sensata Technologies Holding PLC(a)		40,645		2,224,094
Shoals Technologies Group Inc., Class A(a)(b)		27,006		752,927
Stem Inc.(a)		12,436		297,096
Sunrun Inc.(a)(b)		52,764		2,321,616
Thermon Group Holdings Inc.(a)		8,810		152,501
TPI Composites Inc.(a)(b)		7,830		264,263
Vertiv Holdings Co.		74,491		1,794,488
Vicor Corp.(a)(b)		4,748		636,992
				79,571,810
Electronic Equipment, Instruments & Components — 0.7%
908 Devices Inc.(a)		3,389		110,210
Advanced Energy Industries Inc.		10,768		944,892
Aeva Technologies Inc.(a)		10,973		87,126
Akoustis Technologies Inc.(a)(b)		13,323		129,233
Amphenol Corp., Class A		154,431		11,308,982
Arlo Technologies Inc.(a)		21,818		139,853
Arrow Electronics Inc.(a)		18,754		2,105,887
Avnet Inc.		26,930		995,602
Badger Meter Inc.		7,248		733,063
Belden Inc.		10,748		626,178
Benchmark Electronics Inc.		10,714		286,171
CDW Corp./DE		36,188		6,586,940
Cognex Corp.		45,495		3,649,609
Coherent Inc.(a)		6,454		1,614,081
Corning Inc.		200,833		7,328,396
CTS Corp.		8,336		257,666
ePlus Inc.(a)		3,826		392,586
Fabrinet(a)		9,499		973,742
FARO Technologies Inc.(a)		4,236		278,771
II-VI Inc.(a)(b)		28,086		1,667,185
Insight Enterprises Inc.(a)		8,920		803,514
IPG Photonics Corp.(a)		9,460		1,498,464
Itron Inc.(a)		11,872		897,879
Jabil Inc.		37,282		2,176,150
Keysight Technologies Inc.(a)(b)		49,135		8,072,389
Kimball Electronics Inc.(a)		6,078		156,630
Knowles Corp.(a)		26,256		492,037
Littelfuse Inc.		6,333		1,730,619
Luna Innovations Inc.(a)(b)		9,849		93,566
Methode Electronics Inc.		9,352		393,252
MicroVision Inc.(a)(b)		42,006		464,166
Napco Security Technologies Inc.(a)(b)		3,837		165,298
National Instruments Corp.		35,222		1,381,759

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
nLight Inc.(a)		10,973	$	309,329
Novanta Inc.(a)		9,026		1,394,517
OSI Systems Inc.(a)		4,976		471,725
Ouster Inc.(a)(b)		11,676		85,468
PAR Technology Corp.(a)(b)		5,120		314,931
PC Connection Inc.		3,008		132,442
Plexus Corp.(a)		7,508		671,290
Rogers Corp.(a)		5,023		936,689
Sanmina Corp.(a)		18,142		699,193
ScanSource Inc.(a)		6,800		236,572
SYNNEX Corp.		11,015		1,146,662
Teledyne Technologies Inc.(a)		12,227		5,252,475
Trimble Inc.(a)		65,913		5,421,344
TTM Technologies Inc.(a)		24,248		304,797
Velodyne Lidar Inc.(a)(b)		18,568		109,923
Vishay Intertechnology Inc.		38,149		766,413
Vishay Precision Group Inc.(a)		3,341		116,167
Vontier Corp.		47,227		1,586,827
Zebra Technologies Corp., Class A(a)		14,056		7,244,744
				85,743,404
Energy Equipment & Services — 0.3%
Archrock Inc.		35,351		291,646
Aspen Aerogels Inc.(a)		5,948		273,667
Baker Hughes Co.		196,781		4,866,394
Bristow Group Inc.(a)		6,223		198,078
Cactus Inc., Class A		12,630		476,404
ChampionX Corp.(a)(b)		51,808		1,158,427
DMC Global Inc.(a)		3,609		133,208
Dril-Quip Inc.(a)		10,013		252,127
Frank’s International NV(a)		49,645		145,956
Halliburton Co.		236,055		5,103,509
Helix Energy Solutions Group Inc.(a)		35,965		139,544
Helmerich & Payne Inc.		29,297		803,031
Liberty Oilfield Services Inc., Class A(a)		21,528		261,135
Nabors Industries Ltd.(a)		2,264		218,431
National Energy Services Reunited Corp.(a)(b)		10,984		137,520
NexTier Oilfield Solutions Inc.(a)		41,086		188,996
NOV Inc.(a)		105,824		1,387,353
Oceaneering International Inc.(a)		24,931		332,081
Oil States International Inc.(a)(b)		23,262		148,644
Patterson-UTI Energy Inc.		45,036		405,324
ProPetro Holding Corp.(a)		20,153		174,323
Schlumberger NV		368,252		10,914,989
Select Energy Services Inc., Class A(a)		22,735		117,995
Solaris Oilfield Infrastructure Inc., Class A		15,848		132,172
TETRA Technologies Inc.(a)		42,144		131,489
Tidewater Inc.(a)		14,243		171,771
U.S. Silica Holdings Inc.(a)		21,501		171,793
				28,736,007
Entertainment — 1.9%
Activision Blizzard Inc.		203,822		15,773,785
AMC Entertainment Holdings Inc., Class A(a)(b)		135,834		5,169,842
Chicken Soup For The Soul Entertainment Inc.(a)		4,151		94,933
Cinemark Holdings Inc.(a)		29,449		565,715
CuriosityStream Inc.(a)(b)		8,479		89,369
Electronic Arts Inc.		74,705		10,626,786
Eros STX Global Corp.(a)(b)		115,588		106,283
IMAX Corp.(a)(b)		14,965		284,036
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		8,693		229,669

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		6,493	$	305,496
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		52,277		2,687,561
Lions Gate Entertainment Corp., Class A(a)(b)		14,339		203,470
Lions Gate Entertainment Corp., Class B, NVS(a)		33,932		441,116
Live Nation Entertainment Inc.(a)		35,832		3,265,370
Madison Square Garden Entertainment Corp.(a)(b)		6,926		503,312
Madison Square Garden Sports Corp.(a)		5,312		987,766
Marcus Corp. (The)(a)		7,322		127,769
Netflix Inc.(a)		114,190		69,694,725
Playtika Holding Corp.(a)		27,515		760,239
Roku Inc.(a)		30,854		9,668,101
Skillz Inc.(a)(b)		78,339		769,289
Spotify Technology SA(a)		36,255		8,169,702
Take-Two Interactive Software Inc.(a)		30,208		4,654,147
Walt Disney Co. (The)(a)		480,058		81,211,412
World Wrestling Entertainment Inc., Class A		11,674		656,779
Zynga Inc., Class A(a)		265,225		1,997,144
				219,043,816
Equity Real Estate Investment Trusts (REITs) — 3.2%
Acadia Realty Trust		24,879		507,780
Agree Realty Corp.		16,811		1,113,393
Alexander & Baldwin Inc.		20,034		469,597
Alexander’s Inc.		561		146,208
Alexandria Real Estate Equities Inc.		40,872		7,809,413
American Assets Trust Inc.		12,489		467,338
American Campus Communities Inc.		37,443		1,814,113
American Finance Trust Inc.		28,815		231,673
American Homes 4 Rent, Class A		75,244		2,868,301
American Tower Corp.		119,303		31,664,209
Americold Realty Trust		67,380		1,957,389
Apartment Income REIT Corp.		40,546		1,979,050
Apartment Investment & Management Co., Class A		40,546		277,740
Apple Hospitality REIT Inc.		54,443		856,388
Armada Hoffler Properties Inc.		15,071		201,499
Ashford Hospitality Trust Inc.(a)(b)		5,084		74,837
AvalonBay Communities Inc.		36,545		8,099,834
Boston Properties Inc.		41,011		4,443,542
Brandywine Realty Trust		49,830		668,719
Brixmor Property Group Inc.		80,706		1,784,410
Broadstone Net Lease Inc.		36,145		896,757
Camden Property Trust		25,318		3,733,646
CareTrust REIT Inc.		26,969		548,010
CatchMark Timber Trust Inc., Class A		17,093		202,894
Centerspace		3,093		292,289
Chatham Lodging Trust(a)		12,976		158,956
City Office REIT Inc.		13,057		233,198
Columbia Property Trust Inc.		32,386		615,982
Community Healthcare Trust Inc.		5,876		265,536
CorePoint Lodging Inc.(a)		11,543		178,917
CoreSite Realty Corp.		11,360		1,573,814
Corporate Office Properties Trust		29,962		808,375
Cousins Properties Inc.		40,066		1,494,061
Crown Castle International Corp.		114,159		19,786,038
CubeSmart		52,132		2,525,795
CyrusOne Inc.		32,799		2,538,971
DiamondRock Hospitality Co.(a)		56,264		531,695
Digital Realty Trust Inc.		73,998		10,689,011
DigitalBridge Group Inc.(a)		129,478		780,752

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Diversified Healthcare Trust		66,338	$	224,886
Douglas Emmett Inc.		45,267		1,430,890
Duke Realty Corp.		98,886		4,733,673
Easterly Government Properties Inc.		20,426		422,001
EastGroup Properties Inc.		10,281		1,713,123
Empire State Realty Trust Inc., Class A		38,938		390,548
EPR Properties		20,793		1,026,758
Equinix Inc.		23,570		18,623,364
Equity Commonwealth(a)		32,397		841,674
Equity LifeStyle Properties Inc.		45,228		3,532,307
Equity Residential		96,672		7,822,698
Essential Properties Realty Trust Inc.		28,160		786,227
Essex Property Trust Inc.		16,988		5,431,743
Extra Space Storage Inc.		34,530		5,800,695
Farmland Partners Inc.		10,308		123,593
Federal Realty Investment Trust		20,536		2,423,043
First Industrial Realty Trust Inc.		34,640		1,804,051
Four Corners Property Trust Inc.		18,521		497,474
Franklin Street Properties Corp., Class C		28,214		130,913
Gaming and Leisure Properties Inc.		59,512		2,756,596
GEO Group Inc. (The)		33,696		251,709
Getty Realty Corp.		8,872		260,038
Gladstone Commercial Corp.		9,848		207,103
Gladstone Land Corp.		5,993		136,461
Global Medical REIT Inc.		11,716		172,225
Global Net Lease Inc.		25,512		408,702
Healthcare Realty Trust Inc.		36,802		1,095,964
Healthcare Trust of America Inc., Class A		59,643		1,769,011
Healthpeak Properties Inc.		142,518		4,771,503
Hersha Hospitality Trust, Class A(a)		13,490		125,862
Highwoods Properties Inc.		27,268		1,195,975
Host Hotels & Resorts Inc.(a)		188,290		3,074,776
Hudson Pacific Properties Inc.		41,143		1,080,827
Independence Realty Trust Inc.		24,972		508,180
Indus Realty Trust Inc.		2,063		144,616
Industrial Logistics Properties Trust		16,567		420,968
Innovative Industrial Properties Inc.		6,348		1,467,467
Invitation Homes Inc.		152,757		5,855,176
Iron Mountain Inc.		75,123		3,264,094
iStar Inc.		16,003		401,355
JBG SMITH Properties		33,195		982,904
Kilroy Realty Corp.		31,246		2,068,798
Kimco Realty Corp.		156,366		3,244,595
Kite Realty Group Trust		20,726		421,981
Lamar Advertising Co., Class A		23,442		2,659,495
Lexington Realty Trust		74,134		945,209
Life Storage Inc.		20,041		2,299,504
LTC Properties Inc.		9,930		314,682
Macerich Co. (The)		51,087		853,664
Mack-Cali Realty Corp.(a)		24,315		416,273
Medical Properties Trust Inc.		153,095		3,072,617
Mid-America Apartment Communities Inc.		30,571		5,709,134
Monmouth Real Estate Investment Corp.		27,659		515,840
National Health Investors Inc.		11,450		612,575
National Retail Properties Inc.		46,693		2,016,671
National Storage Affiliates Trust		20,584		1,086,629
NETSTREIT Corp.		14,216		336,208
NexPoint Residential Trust Inc.		6,243		386,317
Office Properties Income Trust		12,798		324,173
Omega Healthcare Investors Inc.		61,493		1,842,330

46 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
One Liberty Properties Inc.		4,642	$	141,535
Outfront Media Inc.		39,314		990,713
Paramount Group Inc.		47,277		425,020
Park Hotels & Resorts Inc.(a)		66,387		1,270,647
Pebblebrook Hotel Trust		34,668		776,910
Phillips Edison & Co. Inc.		4,934		151,523
Physicians Realty Trust		55,573		979,196
Piedmont Office Realty Trust Inc., Class A		34,146		595,165
Plymouth Industrial REIT Inc.		6,990		159,023
PotlatchDeltic Corp.		17,566		906,054
Preferred Apartment Communities Inc.		15,151		185,297
Prologis Inc.		195,388		24,507,517
PS Business Parks Inc.		5,289		828,998
Public Storage		39,932		11,863,797
Rayonier Inc.		34,765		1,240,415
Realty Income Corp.		103,226		6,695,238
Regency Centers Corp.		44,942		3,025,945
Retail Opportunity Investments Corp.		29,216		508,943
Retail Properties of America Inc., Class A		56,153		723,251
Retail Value Inc.		5,212		137,232
Rexford Industrial Realty Inc.		35,795		2,031,366
RLJ Lodging Trust		46,209		686,666
RPT Realty		18,744		239,173
Ryman Hospitality Properties Inc.(a)		14,339		1,200,174
Sabra Health Care REIT Inc.		54,047		795,572
Safehold Inc.(b)		5,260		378,141
Saul Centers Inc.		3,218		141,785
SBA Communications Corp.		28,473		9,412,320
Seritage Growth Properties, Class A(a)		8,627		127,938
Service Properties Trust		43,506		487,702
Simon Property Group Inc.		86,066		11,185,998
SITE Centers Corp.		39,983		617,338
SL Green Realty Corp.		18,711		1,325,487
Spirit Realty Capital Inc.		29,755		1,369,920
STAG Industrial Inc.		44,288		1,738,304
STORE Capital Corp.		65,439		2,096,011
Summit Hotel Properties Inc.(a)		29,514		284,220
Sun Communities Inc.		30,349		5,617,600
Sunstone Hotel Investors Inc.(a)		54,296		648,294
Tanger Factory Outlet Centers Inc.		23,568		384,158
Terreno Realty Corp.		18,696		1,182,148
UDR Inc.		79,161		4,193,950
UMH Properties Inc.		9,771		223,756
Uniti Group Inc.		52,077		644,193
Universal Health Realty Income Trust		3,265		180,457
Urban Edge Properties		30,417		556,935
Urstadt Biddle Properties Inc., Class A		9,314		176,314
Ventas Inc.		102,116		5,637,824
VEREIT Inc.		59,374		2,685,486
VICI Properties Inc.		155,540		4,418,891
Vornado Realty Trust		47,646		2,001,609
Washington REIT		23,919		591,995
Welltower Inc.		112,031		9,231,354
Weyerhaeuser Co.		196,890		7,003,377
Whitestone REIT		15,847		154,984
WP Carey Inc.		47,086		3,439,161
Xenia Hotels & Resorts Inc.(a)		30,984		549,656
				372,280,674
Food & Staples Retailing — 1.3%
Albertsons Companies Inc., Class A		42,108		1,310,822

Security	Shares		Value
Food & Staples Retailing (continued)
Andersons Inc. (The)		9,891	$	304,940
BJ’s Wholesale Club Holdings Inc.(a)		37,058		2,035,225
Casey’s General Stores Inc.		10,045		1,892,980
Chefs’ Warehouse Inc. (The)(a)		7,626		248,379
Costco Wholesale Corp.		116,748		52,460,714
Grocery Outlet Holding Corp.(a)		22,266		480,278
Ingles Markets Inc., Class A		4,257		281,090
Kroger Co. (The)		198,002		8,005,221
Performance Food Group Co.(a)		40,116		1,863,789
PriceSmart Inc.		6,014		466,386
Rite Aid Corp.(a)		14,798		210,132
SpartanNash Co.		9,065		198,523
Sprouts Farmers Market Inc.(a)		30,968		717,529
Sysco Corp.		128,939		10,121,711
U.S. Foods Holding Corp.(a)		58,718		2,035,166
United Natural Foods Inc.(a)		16,469		797,429
Walmart Inc.		379,275		52,863,349
Walgreens Boots Alliance Inc.		189,699		8,925,338
Weis Markets Inc.		2,759		144,985
				145,363,986
Food Products — 0.9%
AppHarvest Inc.(a)(b)		16,071		104,783
Archer-Daniels-Midland Co.		147,129		8,829,211
B&G Foods Inc.(b)		17,011		508,459
Beyond Meat Inc.(a)(b)		15,177		1,597,531
Bunge Ltd.		37,026		3,010,954
Calavo Growers Inc.		4,164		159,231
Cal-Maine Foods Inc.		8,414		304,250
Campbell Soup Co.		52,930		2,213,003
Conagra Brands Inc.		123,297		4,176,069
Darling Ingredients Inc.(a)		42,667		3,067,757
Flowers Foods Inc.		47,596		1,124,694
Fresh Del Monte Produce Inc.		9,010		290,302
Freshpet Inc.(a)		10,708		1,527,925
General Mills Inc.		161,490		9,660,332
Hain Celestial Group Inc. (The)(a)		23,568		1,008,239
Hershey Co. (The)		38,658		6,542,867
Hormel Foods Corp.		74,422		3,051,302
Hostess Brands Inc.(a)(b)		32,465		563,917
Ingredion Inc.		18,018		1,603,782
J&J Snack Foods Corp.		4,143		633,133
JM Smucker Co. (The)		27,844		3,342,115
John B Sanfilippo & Son Inc.		1,984		162,132
Kellogg Co.		66,082		4,223,961
Kraft Heinz Co. (The)		176,283		6,490,740
Lamb Weston Holdings Inc.		39,013		2,394,228
Lancaster Colony Corp.		5,089		859,074
Limoneira Co.		7,389		119,480
McCormick & Co. Inc./MD, NVS		66,558		5,393,195
Mission Produce Inc.(a)		7,309		134,339
Mondelez International Inc., Class A		369,053		21,471,504
Pilgrim’s Pride Corp.(a)		15,054		437,770
Post Holdings Inc.(a)		16,050		1,768,068
Sanderson Farms Inc.		5,243		986,733
Seaboard Corp.		75		307,499
Seneca Foods Corp., Class A(a)		2,112		101,841
Simply Good Foods Co. (The)(a)		22,697		782,820
Tattooed Chef Inc.(a)(b)		12,439		229,251
Tootsie Roll Industries Inc.		3,976		120,990
TreeHouse Foods Inc.(a)		13,353		532,518

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Tyson Foods Inc., Class A		75,524	$	5,961,865
Utz Brands Inc.		15,698		268,907
Vital Farms Inc.(a)(b)		7,086		124,501
Whole Earth Brands Inc.(a)		11,507		132,906
				106,324,178
Gas Utilities — 0.1%
Atmos Energy Corp.		34,522		3,044,840
Brookfield Infrastructure Corp., Class A		14,135		846,404
Chesapeake Utilities Corp.		4,585		550,429
National Fuel Gas Co.		22,608		1,187,372
New Jersey Resources Corp.		26,552		924,275
Northwest Natural Holding Co.		8,738		401,861
ONE Gas Inc.		14,531		920,830
South Jersey Industries Inc.		25,730		547,020
Southwest Gas Holdings Inc.		15,264		1,020,856
Spire Inc.		13,603		832,232
UGI Corp.		56,720		2,417,406
				12,693,525
Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		459,236		54,249,549
ABIOMED Inc.(a)		11,703		3,809,561
Accuray Inc.(a)		31,702		125,223
Align Technology Inc.(a)		20,807		13,845,602
Alphatec Holdings Inc.(a)		14,692		179,095
AngioDynamics Inc.(a)		10,281		266,689
Apyx Medical Corp.(a)		13,679		189,454
Asensus Surgical Inc.(a)		67,774		125,382
Aspira Women’s Health Inc.(a)(b)		27,639		89,827
AtriCure Inc.(a)		12,117		842,737
Atrion Corp.		382		266,445
Avanos Medical Inc.(a)		12,141		378,799
Axogen Inc.(a)		8,354		131,993
Axonics Inc.(a)		10,910		710,132
Baxter International Inc.		132,433		10,651,586
Becton Dickinson and Co.		75,686		18,605,132
BioLife Solutions Inc.(a)		6,762		286,168
Boston Scientific Corp.(a)		374,471		16,248,297
Butterfly Network Inc.(a)(b)		48,048		501,621
Cardiovascular Systems Inc.(a)		10,023		329,055
Cerus Corp.(a)		39,055		237,845
ClearPoint Neuro Inc.(a)		7,564		134,261
CONMED Corp.		7,017		918,034
Cooper Companies Inc. (The)		12,770		5,277,969
CryoLife Inc.(a)		10,618		236,675
CryoPort Inc.(a)(b)		10,161		675,808
Cutera Inc.(a)		4,135		192,691
CytoSorbents Corp.(a)		15,792		128,231
Danaher Corp.		167,637		51,035,408
DENTSPLY SIRONA Inc.		58,718		3,408,580
Dexcom Inc.(a)		25,485		13,936,727
Eargo Inc.(a)		6,744		45,387
Edwards Lifesciences Corp.(a)		163,183		18,473,947
Envista Holdings Corp.(a)		43,422		1,815,474
Figs Inc., Class A(a)(b)		10,026		372,366
Glaukos Corp.(a)(b)		11,925		574,427
Globus Medical Inc., Class A(a)		20,045		1,535,848
Haemonetics Corp.(a)		13,781		972,801
Heska Corp.(a)		2,529		653,848
Hill-Rom Holdings Inc.		17,624		2,643,600

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Hologic Inc.(a)		66,762	$	4,927,703
ICU Medical Inc.(a)		5,140		1,199,573
IDEXX Laboratories Inc.(a)		22,339		13,892,624
Inari Medical Inc.(a)		9,113		739,064
Inogen Inc.(a)		4,700		202,523
Insulet Corp.(a)		17,460		4,962,656
Integer Holdings Corp.(a)		9,154		817,818
Integra LifeSciences Holdings Corp.(a)		19,422		1,330,019
Intersect ENT Inc.(a)		7,945		216,104
Intuitive Surgical Inc.(a)		31,211		31,028,416
iRhythm Technologies Inc.(a)		8,017		469,476
Lantheus Holdings Inc.(a)		19,113		490,822
LeMaitre Vascular Inc.		4,795		254,567
LivaNova PLC(a)		13,880		1,099,157
Masimo Corp.(a)		13,271		3,592,592
Medtronic PLC		354,974		44,495,991
Meridian Bioscience Inc.(a)		10,168		195,632
Merit Medical Systems Inc.(a)		14,244		1,022,719
Mesa Laboratories Inc.		1,393		421,187
Natus Medical Inc.(a)		8,859		222,184
Neogen Corp.(a)		28,534		1,239,232
Neuronetics Inc.(a)		10,716		70,297
Nevro Corp.(a)		9,146		1,064,411
Novocure Ltd.(a)		27,066		3,144,257
NuVasive Inc.(a)		14,460		865,431
OraSure Technologies Inc.(a)		16,349		184,907
Ortho Clinical Diagnostics Holdings PLC(a)		23,816		440,120
Orthofix Medical Inc.(a)		4,641		176,915
OrthoPediatrics Corp.(a)(b)		2,878		188,538
Outset Medical Inc.(a)(b)		12,674		626,603
PAVmed Inc.(a)		24,018		205,114
Penumbra Inc.(a)		9,014		2,402,231
Pulmonx Corp.(a)		8,078		290,646
Quidel Corp.(a)		10,175		1,436,201
ResMed Inc.		37,969		10,006,730
SeaSpine Holdings Corp.(a)		10,176		160,068
Senseonics Holdings Inc.(a)(b)		108,943		369,317
Shockwave Medical Inc.(a)(b)		8,945		1,841,597
SI-BONE Inc.(a)		7,632		163,477
Sientra Inc.(a)		19,148		109,718
Silk Road Medical Inc.(a)		7,251		399,023
STAAR Surgical Co.(a)		12,722		1,635,159
Stereotaxis Inc.(a)		18,381		98,890
STERIS PLC		22,605		4,617,749
Stryker Corp.		92,465		24,384,870
Surmodics Inc.(a)		3,867		215,005
Tactile Systems Technology Inc.(a)		4,750		211,137
Tandem Diabetes Care Inc.(a)(b)		15,973		1,906,857
Teleflex Inc.		12,371		4,658,300
TransMedics Group Inc.(a)		6,792		224,747
Treace Medical Concepts Inc.(a)		4,686		126,053
Vapotherm Inc.(a)		6,763		150,612
Varex Imaging Corp.(a)		9,875		278,475
ViewRay Inc.(a)		40,612		292,813
West Pharmaceutical Services Inc.		19,422		8,245,416
Zimmer Biomet Holdings Inc.		55,010		8,051,264
				417,165,281
Health Care Providers & Services — 2.4%
1Life Healthcare Inc.(a)		31,051		628,783
Acadia Healthcare Co. Inc.(a)		23,093		1,472,872

48 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Accolade Inc.(a)(b)		13,268	$	559,512
AdaptHealth Corp.(a)(b)		20,267		472,018
Addus HomeCare Corp.(a)		3,504		279,444
Agiliti Inc.(a)		7,311		139,201
agilon health Inc.(a)(b)		14,563		381,696
Alignment Healthcare Inc.(a)(b)		7,782		124,356
Amedisys Inc.(a)		8,829		1,316,404
AmerisourceBergen Corp.		39,663		4,737,745
AMN Healthcare Services Inc.(a)		12,278		1,408,900
Anthem Inc.		64,678		24,111,958
Apollo Medical Holdings Inc.(a)(b)		9,373		853,412
Apria Inc.(a)		3,972		147,560
Aveanna Healthcare Holdings Inc.(a)		13,664		109,585
Brookdale Senior Living Inc.(a)		49,771		313,557
Cardinal Health Inc.		76,798		3,798,429
Castle Biosciences Inc.(a)(b)		4,373		290,805
Centene Corp.(a)		152,963		9,531,125
Chemed Corp.		4,201		1,953,969
Cigna Corp.		88,568		17,727,771
Community Health Systems Inc.(a)		32,021		374,646
CorVel Corp.(a)		2,099		390,876
Covetrus Inc.(a)		31,327		568,272
Cross Country Healthcare Inc.(a)		12,076		256,494
CVS Health Corp.		349,073		29,622,335
DaVita Inc.(a)		18,879		2,194,873
Encompass Health Corp.		25,721		1,930,104
Ensign Group Inc. (The)		13,789		1,032,658
Fulgent Genetics Inc.(a)		5,285		475,386
Guardant Health Inc.(a)(b)		24,273		3,034,368
Hanger Inc.(a)		9,693		212,858
HCA Healthcare Inc.		66,809		16,215,880
HealthEquity Inc.(a)		21,649		1,401,989
Henry Schein Inc.(a)		37,102		2,825,688
Humana Inc.		34,226		13,319,048
Innovage Holding Corp.(a)		8,188		54,123
Joint Corp. (The)(a)		2,844		278,769
Laboratory Corp. of America Holdings(a)		25,737		7,243,421
LHC Group Inc.(a)(b)		8,231		1,291,526
LifeStance Health Group Inc.(a)		12,217		177,147
Magellan Health Inc.(a)		6,506		615,142
McKesson Corp.		41,062		8,186,942
MEDNAX Inc.(a)		20,821		591,941
ModivCare Inc.(a)		3,110		564,838
Molina Healthcare Inc.(a)		15,325		4,157,826
National HealthCare Corp.		3,527		246,819
National Research Corp.		3,787		159,698
Oak Street Health Inc.(a)(b)		27,765		1,180,845
Ontrak Inc.(a)		3,675		36,897
Option Care Health Inc.(a)		39,387		955,529
Owens & Minor Inc.		19,617		613,816
Patterson Companies Inc.		21,703		654,128
Pennant Group Inc. (The)(a)		6,918		194,327
PetIQ Inc.(a)		5,230		130,593
Premier Inc., Class A		32,970		1,277,917
Privia Health Group Inc.(a)		5,662		133,397
Progyny Inc.(a)		17,032		953,792
Quest Diagnostics Inc.		32,306		4,694,385
R1 RCM Inc.(a)		30,990		682,090
RadNet Inc.(a)		9,693		284,102
Select Medical Holdings Corp.		30,641		1,108,285

Security	Shares		Value
Health Care Providers & Services (continued)
Signify Health Inc., Class A(a)(b)		16,698	$	298,393
Surgery Partners Inc.(a)(b)		7,040		298,074
Tenet Healthcare Corp.(a)		27,692		1,839,856
Tivity Health Inc.(a)		11,781		271,670
Triple-S Management Corp.(a)		6,430		227,429
U.S. Physical Therapy Inc.		3,554		393,072
UnitedHealth Group Inc.		248,732		97,189,542
Universal Health Services Inc., Class B		20,009		2,768,645
				283,969,553
Health Care Technology — 0.3%
Allscripts Healthcare Solutions Inc.(a)		31,739		424,350
American Well Corp., Class A(a)(b)		52,571		478,922
Cerner Corp.		79,023		5,572,702
Certara Inc.(a)		21,966		727,075
Change Healthcare Inc.(a)		68,122		1,426,475
Computer Programs & Systems Inc.		4,025		142,726
Evolent Health Inc., Class A(a)(b)		22,640		701,840
Health Catalyst Inc.(a)(b)		12,157		607,971
HealthStream Inc.(a)		6,939		198,317
Icad Inc.(a)		7,725		83,044
Inovalon Holdings Inc., Class A(a)		20,924		843,028
Inspire Medical Systems Inc.(a)		7,044		1,640,407
Multiplan Corp.(a)		59,746		336,370
NextGen Healthcare Inc.(a)		13,361		188,390
Omnicell Inc.(a)		11,653		1,729,655
OptimizeRx Corp.(a)(b)		5,187		443,748
Phreesia Inc.(a)		12,862		793,585
Schrodinger Inc.(a)		12,116		662,503
Simulations Plus Inc.(b)		4,191		165,544
Tabula Rasa HealthCare Inc.(a)(b)		4,788		125,493
Teladoc Health Inc.(a)		40,030		5,076,204
Veeva Systems Inc., Class A(a)		36,304		10,461,724
Vocera Communications Inc.(a)		7,864		359,857
				33,189,930
Hotels, Restaurants & Leisure — 2.1%
Accel Entertainment Inc.(a)		11,443		138,918
Aramark		62,128		2,041,526
Bally’s Corp.(a)		8,490		425,689
BJ’s Restaurants Inc.(a)		6,056		252,899
Bloomin’ Brands Inc.(a)		23,277		581,925
Bluegreen Vacations Holding Corp.(a)		6,403		165,197
Booking Holdings Inc.(a)		10,807		25,654,413
Boyd Gaming Corp.(a)		21,277		1,345,983
Brinker International Inc.(a)		12,117		594,339
Caesars Entertainment Inc.(a)(b)		54,027		6,066,152
Carnival Corp.(a)		224,801		5,622,273
Cheesecake Factory Inc. (The)(a)		11,698		549,806
Chipotle Mexican Grill Inc.(a)		7,406		13,460,553
Choice Hotels International Inc.		9,606		1,213,910
Churchill Downs Inc.		9,707		2,330,457
Chuy’s Holdings Inc.(a)		4,002		126,183
Cracker Barrel Old Country Store Inc.		6,535		913,854
Darden Restaurants Inc.		34,709		5,257,372
Dave & Buster’s Entertainment Inc.(a)		12,820		491,391
Del Taco Restaurants Inc.		12,862		112,285
Denny’s Corp.(a)(b)		17,633		288,123
Dine Brands Global Inc.(a)		4,579		371,861
Domino’s Pizza Inc.		9,727		4,639,390
DraftKings Inc., Class A(a)(b)		80,213		3,863,058

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
El Pollo Loco Holdings Inc.(a)		7,415	$	125,314
Everi Holdings Inc.(a)(b)		24,247		586,292
Expedia Group Inc.(a)		38,422		6,297,366
GAN Ltd.(a)(b)		11,365		168,998
Golden Entertainment Inc.(a)		5,261		258,263
Golden Nugget Online Gaming Inc.(a)		9,857		171,216
Hilton Grand Vacations Inc.(a)(b)		23,446		1,115,326
Hilton Worldwide Holdings Inc.(a)		72,239		9,543,494
Hyatt Hotels Corp., Class A(a)		12,499		963,673
International Game Technology PLC(a)		25,291		665,659
Jack in the Box Inc.		5,471		532,492
Las Vegas Sands Corp.(a)		87,549		3,204,293
Lindblad Expeditions Holdings Inc.(a)(b)		10,544		153,837
Marriott International Inc./MD, Class A(a)		72,092		10,676,104
Marriott Vacations Worldwide Corp.		10,915		1,717,257
McDonald’s Corp.		197,456		47,608,616
MGM Resorts International		107,692		4,646,910
Monarch Casino & Resort Inc.(a)		3,661		245,250
NEOGAMES SA(a)		2,266		83,208
Noodles & Co.(a)		12,136		143,205
Norwegian Cruise Line Holdings Ltd.(a)(b)		98,361		2,627,222
Papa John’s International Inc.		8,789		1,116,115
Penn National Gaming Inc.(a)		42,316		3,066,217
Planet Fitness Inc., Class A(a)		22,707		1,783,635
RCI Hospitality Holdings Inc.		2,958		202,653
Red Robin Gourmet Burgers Inc.(a)		5,180		119,451
Red Rock Resorts Inc., Class A(a)		17,841		913,816
Royal Caribbean Cruises Ltd.(a)		58,031		5,161,857
Rush Street Interactive Inc.(a)		14,429		277,181
Ruth’s Hospitality Group Inc.(a)		8,529		176,636
Scientific Games Corp./DE, Class A(a)		25,315		2,102,917
SeaWorld Entertainment Inc.(a)		14,156		783,110
Shake Shack Inc., Class A(a)		9,523		747,175
Six Flags Entertainment Corp.(a)		21,559		916,258
Starbucks Corp.		311,491		34,360,572
Texas Roadhouse Inc.		18,538		1,693,076
Travel + Leisure Co.		22,119		1,206,149
Vail Resorts Inc.(a)		10,709		3,577,341
Wendy’s Co. (The)		48,256		1,046,190
Wingstop Inc.		7,717		1,265,048
Wyndham Hotels & Resorts Inc.		24,664		1,903,814
Wynn Resorts Ltd.(a)		28,188		2,388,933
Yum China Holdings Inc.		111,076		6,454,626
Yum! Brands Inc.		78,410		9,590,327
				248,894,649
Household Durables — 0.5%
Beazer Homes USA Inc.(a)		9,897		170,723
Cavco Industries Inc.(a)		2,397		567,466
Century Communities Inc.		7,209		442,993
DR Horton Inc.		88,334		7,417,406
Ethan Allen Interiors Inc.		6,067		143,788
Garmin Ltd.		39,596		6,155,594
GoPro Inc., Class A(a)(b)		31,893		298,518
Green Brick Partners Inc.(a)		8,322		170,767
Helen of Troy Ltd.(a)(b)		6,436		1,446,040
Hooker Furniture Corp.		4,063		109,660
Hovnanian Enterprises Inc., Class A(a)		1,358		130,898
Installed Building Products Inc.		6,058		649,115
iRobot Corp.(a)		7,312		573,992
KB Home		23,414		911,273

Security	Shares		Value
Household Durables (continued)
La-Z-Boy Inc.		12,852	$	414,220
Leggett & Platt Inc.		36,518		1,637,467
Lennar Corp., Class A		71,816		6,727,723
Lennar Corp., Class B		3,723		288,868
LGI Homes Inc.(a)		5,993		850,467
Lovesac Co. (The)(a)(b)		2,791		184,457
M/I Homes Inc.(a)		7,335		423,963
MDC Holdings Inc.		14,974		699,585
Meritage Homes Corp.(a)		10,382		1,007,054
Mohawk Industries Inc.(a)		14,886		2,640,776
Newell Brands Inc.		102,799		2,275,970
NVR Inc.(a)		857		4,108,527
PulteGroup Inc.		67,744		3,110,805
Purple Innovation Inc., Class A(a)		13,217		277,821
Skyline Champion Corp.(a)		13,498		810,690
Sonos Inc.(a)		32,469		1,050,697
Taylor Morrison Home Corp.(a)		32,354		834,086
Tempur Sealy International Inc.		47,766		2,216,820
Toll Brothers Inc.		29,663		1,640,067
TopBuild Corp.(a)		8,789		1,800,075
Traeger Inc.(a)		5,938		124,282
TRI Pointe Homes Inc.(a)		30,182		634,426
Tupperware Brands Corp.(a)		13,507		285,268
Universal Electronics Inc.(a)		3,654		179,960
Vuzix Corp.(a)		16,112		168,532
Whirlpool Corp.		15,899		3,241,170
				56,822,009
Household Products — 1.1%
Central Garden & Pet Co.(a)		2,601		124,848
Central Garden & Pet Co., Class A, NVS(a)		11,665		501,595
Church & Dwight Co. Inc.		64,867		5,356,068
Clorox Co. (The)		32,569		5,393,752
Colgate-Palmolive Co.		220,949		16,699,325
Energizer Holdings Inc.		19,424		758,507
Kimberly-Clark Corp.		88,800		11,760,672
Procter & Gamble Co. (The)		643,742		89,995,132
Reynolds Consumer Products Inc.		12,993		355,229
Spectrum Brands Holdings Inc.		11,543		1,104,319
WD-40 Co.		3,607		834,948
				132,884,395
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		176,092		4,020,180
Brookfield Renewable Corp., Class A		34,734		1,348,026
Clearway Energy Inc., Class A		8,360		235,752
Clearway Energy Inc., Class C		23,266		704,262
Ormat Technologies Inc.		11,099		739,304
Sunnova Energy International Inc.(a)		22,505		741,315
Vistra Corp.		125,926		2,153,335
				9,942,174
Industrial Conglomerates — 0.9%
3M Co.		152,921		26,825,402
General Electric Co.		288,716		29,746,409
Honeywell International Inc.		183,715		38,999,020
Raven Industries Inc.(a)		9,029		520,161
Roper Technologies Inc.		27,645		12,333,264
				108,424,256
Insurance — 2.0%
Aflac Inc.		175,075		9,126,660
Alleghany Corp.(a)		3,462		2,161,707

50 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Allstate Corp. (The)		77,930	$	9,921,268
Ambac Financial Group Inc.(a)		13,096		187,535
American Equity Investment Life Holding Co.		23,553		696,462
American Financial Group Inc./OH		18,573		2,337,041
American International Group Inc.		227,120		12,466,617
American National Group Inc.		1,790		338,364
AMERISAFE Inc.		4,931		276,925
Aon PLC, Class A		59,012		16,863,859
Arch Capital Group Ltd.(a)		101,032		3,857,402
Argo Group International Holdings Ltd.		8,309		433,896
Arthur J Gallagher & Co.		54,303		8,072,141
Assurant Inc.		15,468		2,440,077
Assured Guaranty Ltd.		18,276		855,500
Athene Holding Ltd., Class A(a)		31,439		2,165,204
Axis Capital Holdings Ltd.		19,229		885,303
Bright Health Group Inc.(a)		13,966		113,963
Brighthouse Financial Inc.(a)		23,802		1,076,564
Brown & Brown Inc.		62,616		3,472,057
BRP Group Inc., Class A(a)(b)		11,493		382,602
Chubb Ltd.		115,149		19,976,048
Cincinnati Financial Corp.		40,259		4,598,383
CNA Financial Corp.		8,100		339,876
CNO Financial Group Inc.		32,396		762,602
eHealth Inc.(a)		6,272		254,016
Employers Holdings Inc.		7,711		304,507
Enstar Group Ltd.(a)		3,163		742,451
Erie Indemnity Co., Class A, NVS		6,971		1,243,766
Everest Re Group Ltd.		10,584		2,654,255
Fidelity National Financial Inc.		72,259		3,276,223
First American Financial Corp.		29,261		1,961,950
Genworth Financial Inc., Class A(a)		136,479		511,796
Globe Life Inc.		26,527		2,361,699
GoHealth Inc., Class A(a)		15,456		77,744
Goosehead Insurance Inc., Class A		4,662		709,976
Hanover Insurance Group Inc. (The)		9,478		1,228,538
Hartford Financial Services Group Inc. (The)		91,879		6,454,500
HCI Group Inc.		2,029		224,752
Horace Mann Educators Corp.		10,907		433,989
James River Group Holdings Ltd.		8,472		319,649
Kemper Corp.		16,471		1,100,098
Kinsale Capital Group Inc.		5,819		940,932
Lemonade Inc.(a)(b)		10,165		681,157
Lincoln National Corp.		49,550		3,406,562
Loews Corp.		56,934		3,070,451
Markel Corp.(a)		3,551		4,243,907
Marsh & McLennan Companies Inc.		134,294		20,336,140
MBIA Inc.(a)		15,098		194,009
Mercury General Corp.		7,077		393,977
MetLife Inc.		192,300		11,870,679
National Western Life Group Inc., Class A		569		119,826
Old Republic International Corp.		75,545		1,747,356
Palomar Holdings Inc.(a)		5,698		460,569
Primerica Inc.		10,691		1,642,458
Principal Financial Group Inc.		70,416		4,534,790
ProAssurance Corp.		13,261		315,347
Progressive Corp. (The)		154,062		13,925,664
Prudential Financial Inc.		102,398		10,772,270
Reinsurance Group of America Inc.		17,636		1,962,181
RenaissanceRe Holdings Ltd.		12,858		1,792,405
RLI Corp.		10,660		1,068,878

Security	Shares		Value
Insurance (continued)
Safety Insurance Group Inc.		4,021	$	318,664
Selective Insurance Group Inc.		15,544		1,174,038
Selectquote Inc.(a)(b)		35,246		455,731
SiriusPoint Ltd.(a)		19,622		181,700
State Auto Financial Corp.		4,644		236,612
Stewart Information Services Corp.		6,984		441,808
Travelers Companies Inc. (The)		66,456		10,101,977
Trupanion Inc.(a)		9,687		752,389
United Fire Group Inc.		5,988		138,323
Universal Insurance Holdings Inc.		8,749		114,087
Unum Group		56,016		1,403,761
W R Berkley Corp.		36,252		2,652,921
White Mountains Insurance Group Ltd.		793		848,201
Willis Towers Watson PLC		33,873		7,874,118
				237,841,853
Interactive Media & Services — 5.8%
Alphabet Inc., Class A(a)		79,528		212,619,699
Alphabet Inc., Class C, NVS(a)		74,195		197,752,675
Cargurus Inc.(a)		23,382		734,429
Cars.com Inc.(a)		18,883		238,870
Eventbrite Inc., Class A(a)		18,750		354,563
EverQuote Inc., Class A(a)		5,905		110,010
Facebook Inc., Class A(a)		632,788		214,761,919
fuboTV Inc.(a)(b)		35,374		847,561
IAC/InterActiveCorp.(a)		20,522		2,673,811
Match Group Inc.(a)(b)		73,226		11,495,750
MediaAlpha Inc., Class A(a)		6,649		124,203
Pinterest Inc., Class A(a)		146,942		7,486,695
QuinStreet Inc.(a)		12,468		218,938
TripAdvisor Inc.(a)		27,816		941,572
TrueCar Inc.(a)(b)		30,134		125,357
Twitter Inc.(a)		206,184		12,451,452
Vimeo Inc.(a)		38,084		1,118,527
Yelp Inc.(a)		18,883		703,203
Zillow Group Inc., Class A(a)		15,978		1,415,331
Zillow Group Inc., Class C, NVS(a)(b)		44,857		3,953,696
				670,128,261
Internet & Direct Marketing Retail — 3.6%
1-800-Flowers.com Inc., Class A(a)(b)		6,329		193,098
Amazon.com Inc.(a)		114,761		376,994,476
CarParts.com Inc.(a)(b)		12,783		199,543
DoorDash Inc., Class A(a)		38,196		7,867,612
eBay Inc.		172,304		12,004,420
Etsy Inc.(a)		33,514		6,969,571
Groupon Inc.(a)(b)		6,068		138,411
Lands’ End Inc.(a)		4,583		107,884
Liquidity Services Inc.(a)		5,810		125,554
Overstock.com Inc.(a)		11,623		905,664
PetMed Express Inc.		4,915		132,066
Porch Group Inc.(a)		20,291		358,745
Quotient Technology Inc.(a)		20,455		119,048
Qurate Retail Inc., Series A		98,326		1,001,942
RealReal Inc. (The)(a)		18,533		244,265
Revolve Group Inc.(a)		9,352		577,673
Shutterstock Inc.		6,071		687,966
Stamps.com Inc.(a)		4,617		1,522,640
Stitch Fix Inc., Class A(a)(b)		16,532		660,453
Wayfair Inc., Class A(a)(b)		19,910		5,087,204

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Xometry Inc., Class A(a)(b)		2,123	$	122,433
				416,020,668
IT Services — 5.2%
Accenture PLC, Class A		168,140		53,791,349
Akamai Technologies Inc.(a)(b)		42,333		4,427,608
Alliance Data Systems Corp.		12,870		1,298,454
Amdocs Ltd.		33,788		2,558,089
Automatic Data Processing Inc.		112,714		22,533,783
BigCommerce Holdings Inc., Series 1(a)(b)		11,804		597,755
Brightcove Inc.(a)		12,490		144,135
Broadridge Financial Solutions Inc.		30,907		5,150,342
Cantaloupe Inc.(a)		17,178		185,179
Cass Information Systems Inc.		3,427		143,420
Cloudflare Inc., Class A(a)		68,457		7,711,681
Cognizant Technology Solutions Corp., Class A		138,994		10,314,745
Concentrix Corp.(a)		11,015		1,949,655
Conduent Inc.(a)		38,191		251,679
CSG Systems International Inc.		8,400		404,880
DigitalOcean Holdings Inc.(a)(b)		13,036		1,011,985
DXC Technology Co.(a)		66,296		2,228,208
EPAM Systems Inc.(a)		14,288		8,151,018
Euronet Worldwide Inc.(a)		13,423		1,708,479
EVERTEC Inc.		16,189		740,161
Evo Payments Inc., Class A(a)		13,871		328,465
ExlService Holdings Inc.(a)		7,839		965,138
Fastly Inc., Class A(a)(b)		28,081		1,135,596
Fidelity National Information Services Inc.		163,719		19,921,328
Fiserv Inc.(a)		158,026		17,145,821
FleetCor Technologies Inc.(a)		21,514		5,620,963
Flywire Corp.(a)(b)		3,190		139,850
Gartner Inc.(a)		21,557		6,550,741
Genpact Ltd.		49,554		2,354,310
Global Payments Inc.		77,521		12,215,759
Globant SA(a)		10,521		2,956,506
GoDaddy Inc., Class A(a)		45,037		3,139,079
GreenSky Inc., Class A(a)		21,649		242,036
Grid Dynamics Holdings Inc.(a)		7,353		214,855
Hackett Group Inc. (The)		7,942		155,822
I3 Verticals Inc., Class A(a)		6,175		149,497
International Business Machines Corp.		236,269		32,824,852
International Money Express Inc.(a)		9,606		160,420
Jack Henry & Associates Inc.		19,306		3,167,342
Limelight Networks Inc.(a)		36,744		87,451
LiveRamp Holdings Inc.(a)		16,769		792,000
Mastercard Inc., Class A		231,348		80,435,073
Maximus Inc.		16,532		1,375,462
MoneyGram International Inc.(a)		20,343		163,151
MongoDB Inc.(a)(b)		16,419		7,741,723
Okta Inc.(a)		32,990		7,829,847
Paya Holdings Inc., Class A(a)(b)		23,082		250,901
Paychex Inc.		85,434		9,607,053
PayPal Holdings Inc.(a)		310,681		80,842,303
Paysafe Ltd.(a)(b)		110,277		854,647
Perficient Inc.(a)		8,539		987,962
Rackspace Technology Inc.(a)(b)		15,963		226,994
Repay Holdings Corp.(a)(b)		21,002		483,676
Sabre Corp.(a)		86,120		1,019,661
Shift4 Payments Inc., Class A(a)(b)		11,574		897,216
Snowflake Inc., Class A(a)		51,491		15,572,423
SolarWinds Corp.		8,957		149,851

Security	Shares		Value
IT Services (continued)
Square Inc., Class A(a)(b)		104,545	$	25,074,073
StoneCo Ltd., Class A(a)		58,557		2,033,099
Switch Inc., Class A		30,853		783,358
TTEC Holdings Inc.		4,691		438,749
Tucows Inc., Class A(a)(b)		2,314		182,690
Twilio Inc., Class A(a)		44,133		14,080,634
Unisys Corp.(a)(b)		18,180		457,045
VeriSign Inc.(a)		26,133		5,357,526
Verra Mobility Corp.(a)(b)		37,443		564,266
Visa Inc., Class A		447,552		99,692,208
Western Union Co. (The)		111,562		2,255,784
WEX Inc.(a)		11,757		2,070,878
Wix.com Ltd.(a)(b)		14,095		2,762,197
				599,760,886
Leisure Products — 0.2%
Acushnet Holdings Corp.		9,500		443,650
American Outdoor Brands Inc.(a)		4,860		119,362
AMMO Inc.(a)(b)		22,100		135,915
Brunswick Corp./DE		20,306		1,934,553
Callaway Golf Co.(a)		30,646		846,749
Clarus Corp.		6,554		167,979
Genius Brands International Inc.(a)(b)		82,745		112,533
Hasbro Inc.		33,450		2,984,409
Hayward Holdings Inc.(a)(b)		10,928		243,039
Johnson Outdoors Inc., Class A		1,458		154,256
Latham Group Inc.(a)		8,871		145,484
Malibu Boats Inc., Class A(a)(b)		5,132		359,137
MasterCraft Boat Holdings Inc.(a)		5,268		132,121
Mattel Inc.(a)		91,442		1,697,164
Nautilus Inc.(a)(b)		8,685		80,857
Peloton Interactive Inc., Class A(a)(b)		69,906		6,085,317
Polaris Inc.		15,631		1,870,406
Smith & Wesson Brands Inc.		15,113		313,746
Sturm Ruger & Co. Inc.		4,164		307,220
Vista Outdoor Inc.(a)		15,932		642,219
YETI Holdings Inc.(a)		21,693		1,858,873
				20,634,989
Life Sciences Tools & Services — 1.4%
10X Genomics Inc., Class A(a)(b)		22,252		3,239,446
Adaptive Biotechnologies Corp.(a)		29,616		1,006,648
Agilent Technologies Inc.		80,376		12,661,631
Avantor Inc.(a)(b)		153,407		6,274,346
Berkeley Lights Inc.(a)(b)		12,513		244,754
BioNano Genomics Inc.(a)(b)		73,765		405,708
Bio-Rad Laboratories Inc., Class A(a)		5,583		4,164,639
Bio-Techne Corp.		10,256		4,969,750
Bruker Corp.		26,819		2,094,564
Charles River Laboratories International Inc.(a)		13,129		5,417,944
ChromaDex Corp.(a)(b)		14,654		91,881
Codexis Inc.(a)		13,421		312,172
Contra Aduro Biotech I(a)(c)		4,039		12,117
Fluidigm Corp.(a)		22,144		145,929
Harvard Bioscience Inc.(a)		16,433		114,702
Illumina Inc.(a)		38,616		15,663,036
Inotiv Inc.(a)		5,045		147,516
IQVIA Holdings Inc.(a)		50,658		12,134,617
Maravai LifeSciences Holdings Inc., Class A(a)		26,907		1,320,596
Medpace Holdings Inc.(a)		7,439		1,408,054
Mettler-Toledo International Inc.(a)		6,044		8,324,764

52 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
NanoString Technologies Inc.(a)		11,947	$	573,575
NeoGenomics Inc.(a)(b)		28,354		1,367,797
Pacific Biosciences of California Inc.(a)(b)		52,302		1,336,316
PerkinElmer Inc.		29,802		5,164,389
Personalis Inc.(a)		10,532		202,636
PPD Inc.(a)		43,563		2,038,313
QIAGEN NV(a)		61,425		3,174,444
Quanterix Corp.(a)		6,919		344,497
Repligen Corp.(a)		14,729		4,256,534
Seer Inc.(a)(b)		10,949		378,069
Sotera Health Co.(a)		26,323		688,346
Syneos Health Inc.(a)		27,270		2,385,580
Thermo Fisher Scientific Inc.		103,876		59,347,475
Waters Corp.(a)		16,324		5,832,565
				167,245,350
Machinery — 1.8%
AGCO Corp.		16,450		2,015,618
AgEagle Aerial Systems Inc.(a)(b)		27,917		84,030
Alamo Group Inc.		2,409		336,128
Albany International Corp., Class A		8,026		616,959
Allison Transmission Holdings Inc.		27,283		963,636
Altra Industrial Motion Corp.		18,122		1,003,053
Astec Industries Inc.		6,015		323,667
Barnes Group Inc.		12,468		520,290
Blue Bird Corp.(a)		5,499		114,709
Caterpillar Inc.		144,875		27,811,654
Chart Industries Inc.(a)		9,693		1,852,429
CIRCOR International Inc.(a)		4,399		145,211
Colfax Corp.(a)		32,690		1,500,471
Columbus McKinnon Corp./NY		6,651		321,576
Crane Co.		12,735		1,207,405
Cummins Inc.		37,853		8,500,270
Deere & Co.		74,534		24,974,107
Desktop Metal Inc., Class A(a)(b)		39,676		284,477
Donaldson Co. Inc.		32,844		1,885,574
Douglas Dynamics Inc.		5,502		199,723
Dover Corp.		37,562		5,840,891
Energy Recovery Inc.(a)(b)		8,857		168,549
Enerpac Tool Group Corp.		15,945		330,540
EnPro Industries Inc.		5,171		450,498
ESCO Technologies Inc.		6,659		512,743
Evoqua Water Technologies Corp.(a)(b)		29,751		1,117,448
ExOne Co. (The)(a)		6,027		140,911
Federal Signal Corp.		17,320		668,898
Flowserve Corp.		35,748		1,239,383
Fortive Corp.		85,441		6,029,571
Franklin Electric Co. Inc.		11,849		946,143
Gates Industrial Corp. PLC(a)		25,201		410,020
Gorman-Rupp Co. (The)		4,773		170,921
Graco Inc.		44,532		3,115,904
Greenbrier Companies Inc. (The)		8,419		361,933
Helios Technologies Inc.		8,191		672,563
Hillenbrand Inc.		20,595		878,377
Hydrofarm Holdings Group Inc.(a)(b)		10,244		387,735
Hyliion Holdings Corp.(a)(b)		30,994		260,350
Hyster-Yale Materials Handling Inc.		2,482		124,745
Ideanomics Inc.(a)(b)		111,797		220,240
IDEX Corp.		20,233		4,187,219
Illinois Tool Works Inc.		83,241		17,200,088
Ingersoll Rand Inc.(a)		107,446		5,416,353

Security	Shares		Value
Machinery (continued)
ITT Inc.		23,496	$	2,016,897
John Bean Technologies Corp.		8,673		1,218,990
Kadant Inc.		2,844		580,460
Kennametal Inc.		22,276		762,507
Lincoln Electric Holdings Inc.		15,008		1,932,880
Lindsay Corp.		3,120		473,585
Luxfer Holdings PLC		7,312		143,535
Lydall Inc.(a)		4,232		262,765
Manitowoc Co. Inc. (The)(a)		9,276		198,692
Meritor Inc.(a)		17,434		371,519
Middleby Corp. (The)(a)		14,483		2,469,496
Miller Industries Inc./TN		3,973		135,241
Mueller Industries Inc.		15,549		639,064
Mueller Water Products Inc., Class A		45,789		696,909
Nikola Corp.(a)(b)		52,544		560,644
Nordson Corp.		15,543		3,701,565
Omega Flex Inc.		855		122,000
Oshkosh Corp.		17,992		1,841,841
Otis Worldwide Corp.		112,956		9,294,020
PACCAR Inc.		89,422		7,057,184
Parker-Hannifin Corp.		33,976		9,500,369
Pentair PLC		44,377		3,223,101
Proto Labs Inc.(a)		7,174		477,788
RBC Bearings Inc.(a)		7,335		1,556,487
REV Group Inc.		9,446		162,093
Rexnord Corp.		33,046		2,124,527
Shyft Group Inc. (The)		8,957		340,456
Snap-on Inc.		14,536		3,037,297
SPX Corp.(a)		12,348		660,001
SPX FLOW Inc.		11,613		848,910
Standex International Corp.		3,115		308,105
Stanley Black & Decker Inc.		42,393		7,431,917
Tennant Co.		4,651		343,941
Terex Corp.		18,067		760,621
Timken Co. (The)		16,773		1,097,290
Titan International Inc.(a)		16,774		120,102
Toro Co. (The)		28,111		2,738,292
Trinity Industries Inc.		20,270		550,736
Wabash National Corp.		16,939		256,287
Watts Water Technologies Inc., Class A		7,058		1,186,379
Welbilt Inc.(a)		37,476		870,942
Westinghouse Air Brake Technologies Corp.		48,812		4,208,083
Woodward Inc.		15,628		1,769,090
Xylem Inc./NY		47,196		5,837,201
				209,402,819
Marine — 0.0%
Costamare Inc.		18,113		280,570
Eagle Bulk Shipping Inc.(a)		2,763		139,311
Genco Shipping & Trading Ltd.		9,102		183,223
Kirby Corp.(a)		15,748		755,274
Matson Inc.		12,076		974,654
				2,333,032
Media — 1.3%
Advantage Solutions Inc.(a)(b)		20,828		180,162
Altice USA Inc., Class A(a)		59,164		1,225,878
AMC Networks Inc., Class A(a)		7,673		357,485
Boston Omaha Corp., Class A(a)		4,971		192,775
Cable One Inc.		1,432		2,596,402
Cardlytics Inc.(a)(b)		7,943		666,735

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Charter Communications Inc., Class A(a)		33,818	$	24,604,624
Clear Channel Outdoor Holdings Inc.(a)		99,222		268,892
Comcast Corp., Class A		1,205,820		67,441,513
Daily Journal Corp.(a)		382		122,381
Discovery Inc., Class A(a)(b)		41,706		1,058,498
Discovery Inc., Class C, NVS(a)		83,856		2,035,185
DISH Network Corp., Class A(a)		66,904		2,907,648
Entercom Communications Corp.(a)		37,445		137,798
Entravision Communications Corp., Class A		21,580		153,218
EW Scripps Co. (The), Class A		13,770		248,686
Fox Corp., Class A, NVS		86,600		3,473,526
Fox Corp., Class B		37,683		1,398,793
Gannett Co. Inc.(a)		33,398		223,099
Gray Television Inc.		21,629		493,574
Iheartmedia Inc., Class A(a)		28,487		712,745
Interpublic Group of Companies Inc. (The)		104,951		3,848,553
John Wiley & Sons Inc., Class A		12,394		647,091
Liberty Broadband Corp., Class A(a)(b)		6,294		1,059,595
Liberty Broadband Corp., Class C, NVS(a)		38,328		6,619,246
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		20,650		974,060
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		43,024		2,042,349
Loral Space & Communications Inc.		3,203		137,761
Magnite Inc.(a)(b)		34,172		956,816
Meredith Corp.(a)		11,090		617,713
New York Times Co. (The), Class A		43,900		2,162,953
News Corp., Class A, NVS		104,423		2,457,073
News Corp., Class B		31,676		735,833
Nexstar Media Group Inc., Class A		10,624		1,614,423
Omnicom Group Inc.		55,311		4,007,835
Scholastic Corp.		6,981		248,873
Sinclair Broadcast Group Inc., Class A		11,969		379,178
Sirius XM Holdings Inc.		239,883		1,463,286
Stagwell Inc.(a)(b)		18,793		144,142
TechTarget Inc.(a)		5,954		490,729
TEGNA Inc.		61,404		1,210,887
ViacomCBS Inc., Class B, NVS		152,723		6,034,086
WideOpenWest Inc.(a)		14,921		293,198
				148,645,297
Metals & Mining — 0.5%
Alcoa Corp.(a)		50,342		2,463,738
Allegheny Technologies Inc.(a)		33,035		549,372
Arconic Corp.(a)		26,343		830,858
Carpenter Technology Corp.		13,456		440,549
Century Aluminum Co.(a)(b)		12,861		172,980
Cleveland-Cliffs Inc.(a)		122,964		2,435,917
Coeur Mining Inc.(a)		61,270		378,036
Commercial Metals Co.		31,893		971,461
Compass Minerals International Inc.		9,058		583,335
Constellium SE(a)		30,653		575,663
Ferroglobe PLC(a)(c)		15,827		0	(f)
Freeport-McMoRan Inc.		387,398		12,602,057
Gatos Silver Inc.(a)		13,058		151,865
Haynes International Inc.		3,903		145,387
Hecla Mining Co.		145,616		800,888
Kaiser Aluminum Corp.		4,375		476,700
Materion Corp.		5,032		345,396
MP Materials Corp.(a)(b)		19,539		629,742
Newmont Corp.		211,634		11,491,726
NovaGold Resources Inc.(a)		62,376		429,147

Security	Shares		Value
Metals & Mining (continued)
Nucor Corp.		77,316	$	7,614,853
Reliance Steel & Aluminum Co.		17,134		2,440,224
Royal Gold Inc.		18,018		1,720,539
Ryerson Holding Corp.		5,029		111,996
Schnitzer Steel Industries Inc., Class A		6,280		275,127
Southern Copper Corp.		21,739		1,220,427
Steel Dynamics Inc.		52,573		3,074,469
SunCoke Energy Inc.		26,472		166,244
TimkenSteel Corp.(a)		10,107		132,200
United States Steel Corp.		69,034		1,516,677
Warrior Met Coal Inc.		15,243		354,705
Worthington Industries Inc.		9,476		499,385
				55,601,663
Mortgage Real Estate Investment — 0.2%
AGNC Investment Corp.		138,304		2,181,054
Annaly Capital Management Inc.		369,033		3,107,258
Apollo Commercial Real Estate Finance Inc.		41,389		613,799
Arbor Realty Trust Inc.		34,257		634,782
Ares Commercial Real Estate Corp.		11,167		168,398
ARMOUR Residential REIT Inc.		15,055		162,293
Blackstone Mortgage Trust Inc., Class A		36,518		1,107,226
BrightSpire Capital Inc.		23,662		222,186
Broadmark Realty Capital Inc.		34,772		342,852
Capstead Mortgage Corp.		23,375		156,379
Chimera Investment Corp.		60,495		898,351
Dynex Capital Inc.		7,444		128,632
Ellington Financial Inc.		13,831		252,969
Granite Point Mortgage Trust Inc.		16,075		211,708
Hannon Armstrong Sustainable Infrastructure Capital Inc.		19,465		1,040,988
Invesco Mortgage Capital Inc.		49,103		154,674
KKR Real Estate Finance Trust Inc.		6,660		140,526
Ladder Capital Corp.		28,193		311,533
MFA Financial Inc.		119,139		544,465
New Residential Investment Corp.		113,584		1,249,424
New York Mortgage Trust Inc.		93,411		397,931
Orchid Island Capital Inc.		33,063		161,678
PennyMac Mortgage Investment Trust		23,905		470,690
Ready Capital Corp.		13,475		194,444
Redwood Trust Inc.		31,849		410,534
Starwood Property Trust Inc.		75,512		1,843,248
TPG RE Finance Trust Inc.		14,995		185,638
Two Harbors Investment Corp.		73,663		467,023
				17,760,683
Multi-Utilities — 0.6%
Ameren Corp.		67,520		5,469,120
Avista Corp.		18,016		704,786
Black Hills Corp.		16,189		1,016,022
CenterPoint Energy Inc.		153,360		3,772,656
CMS Energy Corp.		75,718		4,522,636
Consolidated Edison Inc.		93,820		6,810,394
Dominion Energy Inc.		212,930		15,548,149
DTE Energy Co.		50,540		5,645,823
MDU Resources Group Inc.		52,465		1,556,637
NiSource Inc.		103,639		2,511,173
NorthWestern Corp.		13,860		794,178
Public Service Enterprise Group Inc.		132,178		8,049,640
Sempra Energy		84,768		10,723,152
Unitil Corp.		3,445		147,377

54 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
WEC Energy Group Inc.		82,882	$	7,310,192
				74,581,935
Multiline Retail — 0.5%
Big Lots Inc.		9,011		390,717
Dillard’s Inc., Class A		1,909		329,341
Dollar General Corp.		62,432		13,244,324
Dollar Tree Inc.(a)		61,100		5,848,492
Franchise Group Inc.		5,143		182,114
Kohl’s Corp.		41,978		1,976,744
Macy’s Inc.		82,164		1,856,906
Nordstrom Inc.(a)		29,224		772,975
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		17,096		1,030,547
Target Corp.		131,344		30,047,567
				55,679,727
Oil, Gas & Consumable Fuels — 2.5%
Alto Ingredients Inc.(a)		23,753		117,340
Antero Midstream Corp.		89,585		933,476
Antero Resources Corp.(a)(b)		74,619		1,403,583
APA Corp.		103,592		2,219,977
Arch Resources Inc.(a)		3,207		297,449
Berry Corp.		23,141		166,847
Bonanza Creek Energy Inc.		8,180		391,822
Brigham Minerals Inc., Class A		10,299		197,329
Cabot Oil & Gas Corp.		106,462		2,316,613
California Resources Corp.(a)		22,155		908,355
Callon Petroleum Co.(a)		10,431		511,953
Centennial Resource Development Inc./DE, Class A(a)		47,564		318,679
Cheniere Energy Inc.(a)		61,829		6,038,838
Chesapeake Energy Corp.		26,179		1,612,365
Chevron Corp.		512,039		51,946,357
Cimarex Energy Co.		26,548		2,314,986
Clean Energy Fuels Corp.(a)		35,075		285,861
CNX Resources Corp.(a)		60,178		759,446
Comstock Resources Inc.(a)(b)		22,564		233,537
ConocoPhillips		356,912		24,187,926
CONSOL Energy Inc.(a)		7,704		200,458
Contango Oil & Gas Co.(a)		46,659		213,232
Continental Resources Inc./OK(b)		17,201		793,826
CVR Energy Inc.		10,141		168,949
Delek U.S. Holdings Inc.		15,792		283,782
Denbury Inc.(a)		13,967		981,182
Devon Energy Corp.		178,414		6,335,481
DHT Holdings Inc.		27,263		178,027
Diamondback Energy Inc.		47,860		4,530,906
Dorian LPG Ltd.		9,511		118,031
DTE Midstream LLC(a)		25,264		1,168,207
Energy Fuels Inc./Canada(a)(b)		27,002		189,554
EOG Resources Inc.		154,117		12,370,972
EQT Corp.(a)		76,655		1,568,361
Equitrans Midstream Corp.		112,493		1,140,679
Escrow PetroCorp.(a)(c)		1,248		—
Extraction Oil & Gas Inc.(a)		4,706		265,654
Exxon Mobil Corp.		1,119,689		65,860,107
Frontline Ltd./Bermuda		33,665		315,441
Gevo Inc.(a)(b)		53,555		355,605
Golar LNG Ltd.(a)		25,025		324,574
Green Plains Inc.(a)		9,493		309,946
Hess Corp.		74,030		5,782,483

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
HollyFrontier Corp.		41,593	$	1,377,976
International Seaways Inc.		7,763		141,442
Kinder Morgan Inc.		514,220		8,602,901
Kosmos Energy Ltd.(a)		97,932		289,879
Laredo Petroleum Inc.(a)		3,318		268,990
Magnolia Oil & Gas Corp., Class A		37,210		661,966
Marathon Oil Corp.		209,580		2,864,959
Marathon Petroleum Corp.		168,960		10,443,418
Matador Resources Co.(b)		28,193		1,072,462
Murphy Oil Corp.		41,164		1,027,865
New Fortress Energy Inc.		7,428		206,127
Nordic American Tankers Ltd.		51,862		132,767
Northern Oil and Gas Inc.		13,020		278,628
Oasis Petroleum Inc.		5,428		539,652
Occidental Petroleum Corp.		223,841		6,621,217
ONEOK Inc.		117,867		6,835,107
Ovintiv Inc.		70,793		2,327,674
Par Pacific Holdings Inc.(a)		11,391		179,067
PBF Energy Inc., Class A(a)		23,643		306,650
PDC Energy Inc.		27,638		1,309,765
Peabody Energy Corp.(a)		21,480		317,689
Phillips 66		116,038		8,126,141
Pioneer Natural Resources Co.		57,067		9,502,226
Range Resources Corp.(a)		62,918		1,423,834
Renewable Energy Group Inc.(a)		11,023		553,355
REX American Resources Corp.(a)		1,550		123,798
Riley Exploration Permian Inc.		3,549		83,331
Scorpio Tankers Inc.		16,084		298,197
SFL Corp. Ltd.		22,101		185,206
SM Energy Co.		30,015		791,796
Southwestern Energy Co.(a)		163,691		906,848
Talos Energy Inc.(a)		12,486		171,932
Targa Resources Corp.		60,848		2,994,330
Tellurian Inc.(a)(b)		87,530		342,242
Texas Pacific Land Corp.(b)		1,548		1,872,089
Uranium Energy Corp.(a)(b)		63,574		193,901
Ur-Energy Inc.(a)		92,825		159,659
Valero Energy Corp.		108,027		7,623,465
Vine Energy Inc., Class A(a)		8,121		133,753
W&T Offshore Inc.(a)		33,365		124,118
Whiting Petroleum Corp.(a)		10,235		597,826
Williams Companies Inc. (The)		320,241		8,307,052
World Fuel Services Corp.		17,867		600,689
				291,540,185
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		4,548		174,325
Domtar Corp.(a)		14,003		763,724
Glatfelter Corp.		10,509		148,177
Louisiana-Pacific Corp.		24,610		1,510,316
Neenah Inc.		4,653		216,876
Schweitzer-Mauduit International Inc.		7,694		266,674
Verso Corp., Class A		9,098		188,783
				3,268,875
Personal Products — 0.2%
Beauty Health Co. (The)(a)(b)		22,949		595,986
BellRing Brands Inc., Class A(a)		10,710		329,332
Coty Inc., Class A(a)		78,143		614,204
Edgewell Personal Care Co.		15,227		552,740
elf Beauty Inc.(a)		12,272		356,502

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Products (continued)
Estee Lauder Companies Inc. (The), Class A		60,276	$	18,078,581
Herbalife Nutrition Ltd.(a)		28,522		1,208,762
Inter Parfums Inc.		5,068		378,934
Medifast Inc.		3,208		617,989
Nu Skin Enterprises Inc., Class A		14,645		592,683
USANA Health Sciences Inc.(a)		3,640		335,608
Veru Inc.(a)		16,634		141,888
				23,803,209
Pharmaceuticals — 3.2%
Aclaris Therapeutics Inc.(a)		11,394		205,092
Aerie Pharmaceuticals Inc.(a)		12,163		138,658
Amneal Pharmaceuticals Inc.(a)		26,830		143,272
Amphastar Pharmaceuticals Inc.(a)		10,519		199,966
Ampio Pharmaceuticals Inc.(a)(b)		74,778		124,131
Antares Pharma Inc.(a)		37,628		136,966
Arvinas Inc.(a)		11,713		962,574
Atea Pharmaceuticals Inc.(a)		18,337		642,895
Athira Pharma Inc.(a)		14,200		133,196
Axsome Therapeutics Inc.(a)(b)		7,110		234,346
BioDelivery Sciences International Inc.(a)		38,664		139,577
Bristol-Myers Squibb Co.		590,614		34,946,630
Cara Therapeutics Inc.(a)		9,236		142,696
Cassava Sciences Inc.(a)(b)		10,034		622,911
Catalent Inc.(a)		43,579		5,799,058
Citius Pharmaceuticals Inc.(a)(b)		53,056		107,704
Collegium Pharmaceutical Inc.(a)(b)		9,496		187,451
Corcept Therapeutics Inc.(a)(b)		28,214		555,252
Durect Corp.(a)(b)		94,674		121,183
Edgewise Therapeutics Inc.(a)(b)		5,419		89,955
Elanco Animal Health Inc.(a)		118,706		3,785,534
Eli Lilly & Co.		224,111		51,780,847
Endo International PLC(a)		60,905		197,332
Esperion Therapeutics Inc.(a)(b)		8,396		101,172
Evolus Inc.(a)		11,634		88,651
Fulcrum Therapeutics Inc.(a)		6,338		178,795
Harmony Biosciences Holdings Inc.(a)		7,433		284,907
Innoviva Inc.(a)		11,375		190,076
Intra-Cellular Therapies Inc.(a)		19,240		717,267
Jazz Pharmaceuticals PLC(a)		15,930		2,074,245
Johnson & Johnson		696,637		112,506,876
KemPharm Inc.(a)(b)		11,609		108,312
Marinus Pharmaceuticals Inc.(a)		11,686		132,987
Merck & Co. Inc.		669,822		50,310,330
Mind Medicine MindMed Inc.(a)		97,588		227,380
Nektar Therapeutics(a)(b)		45,451		816,300
NGM Biopharmaceuticals Inc.(a)		6,630		139,363
Nuvation Bio Inc.(a)		14,444		143,573
Ocular Therapeutix Inc.(a)(b)		22,744		227,440
Omeros Corp.(a)(b)		13,724		189,254
Oramed Pharmaceuticals Inc.(a)(b)		7,029		154,497
Organon & Co.		68,692		2,252,411
Pacira BioSciences Inc.(a)		11,890		665,840
Perrigo Co. PLC		37,187		1,760,061
Pfizer Inc.		1,476,011		63,483,233
Phathom Pharmaceuticals Inc.(a)		5,956		191,188
Phibro Animal Health Corp., Class A		5,200		112,008
Pliant Therapeutics Inc.(a)		6,482		109,416
Prestige Consumer Healthcare Inc.(a)		13,719		769,773
Provention Bio Inc.(a)(b)		19,001		121,606
Reata Pharmaceuticals Inc., Class A(a)(b)		7,385		743,005

Security	Shares		Value
Pharmaceuticals (continued)
Relmada Therapeutics Inc.(a)		5,359	$	140,459
Revance Therapeutics Inc.(a)(b)		17,065		475,431
Royalty Pharma PLC, Class A		87,044		3,145,770
SIGA Technologies Inc.(a)(b)		21,405		158,183
Supernus Pharmaceuticals Inc.(a)		13,186		351,671
TherapeuticsMD Inc.(a)		136,221		100,994
Theravance Biopharma Inc.(a)		15,492		114,641
Viatris Inc.		321,872		4,361,366
Zoetis Inc.		125,823		24,427,277
Zogenix Inc.(a)		15,066		228,853
				373,701,837
Professional Services — 0.7%
ASGN Inc.(a)		13,393		1,515,284
Barrett Business Services Inc.		1,753		133,684
Booz Allen Hamilton Holding Corp.		35,390		2,808,197
CACI International Inc., Class A(a)		6,103		1,599,596
CBIZ Inc.(a)		13,652		441,506
Clarivate PLC(a)(b)		115,155		2,521,895
CoStar Group Inc.(a)		102,799		8,846,882
CRA International Inc.		2,648		263,052
Dun & Bradstreet Holdings Inc.(a)(b)		44,398		746,330
Equifax Inc.		32,047		8,121,351
Exponent Inc.		13,484		1,525,715
First Advantage Corp.(a)		7,785		148,304
Forrester Research Inc.(a)		3,655		180,045
Franklin Covey Co.(a)		4,403		179,598
FTI Consulting Inc.(a)		8,616		1,160,575
Heidrick & Struggles International Inc.		4,485		200,166
Huron Consulting Group Inc.(a)		5,820		302,640
ICF International Inc.		4,885		436,182
IHS Markit Ltd.		98,918		11,535,817
Insperity Inc.		9,466		1,048,265
Jacobs Engineering Group Inc.		33,736		4,471,032
KBR Inc.		36,652		1,444,089
Kelly Services Inc., Class A, NVS		10,149		191,613
Kforce Inc.		5,089		303,508
Korn Ferry		14,242		1,030,551
Legalzoomcom Inc.(a)(b)		4,991		131,762
Leidos Holdings Inc.		36,852		3,542,583
ManpowerGroup Inc.		14,808		1,603,410
ManTech International Corp./VA, Class A		7,130		541,310
Nielsen Holdings PLC		96,626		1,854,253
Resources Connection Inc.		10,775		170,030
Robert Half International Inc.		29,519		2,961,641
Science Applications International Corp.		16,018		1,370,500
TransUnion		50,588		5,681,538
TriNet Group Inc.(a)		10,412		984,767
TrueBlue Inc.(a)		10,053		272,235
Upwork Inc.(a)(b)		30,614		1,378,548
Verisk Analytics Inc.		42,081		8,427,562
Willdan Group Inc.(a)		3,294		117,233
				80,193,249
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		87,993		8,566,998
Cushman & Wakefield PLC(a)(b)		31,893		593,529
eXp World Holdings Inc.(b)		16,327		649,325
Forestar Group Inc.(a)		6,159		114,742
FRP Holdings Inc.(a)		2,536		141,813
Howard Hughes Corp. (The)(a)		10,981		964,242

56 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Jones Lang LaSalle Inc.(a)		13,378	$	3,318,948
Kennedy-Wilson Holdings Inc.		31,893		667,202
Marcus & Millichap Inc.(a)		5,631		228,731
Newmark Group Inc., Class A		41,911		599,746
Opendoor Technologies Inc.(a)(b)		119,076		2,444,630
Rafael Holdings Inc., Class B(a)(b)		3,422		105,158
RE/MAX Holdings Inc., Class A		4,486		139,784
Realogy Holdings Corp.(a)		31,717		556,316
Redfin Corp.(a)		27,211		1,363,271
RMR Group Inc. (The), Class A		4,164		139,286
St Joe Co. (The)(b)		8,467		356,461
Tejon Ranch Co.(a)		8,654		153,695
				21,103,877
Road & Rail — 1.1%
AMERCO		2,329		1,504,604
ArcBest Corp.		6,209		507,710
Avis Budget Group Inc.(a)(b)		12,821		1,493,775
CSX Corp.		596,350		17,735,449
Daseke Inc.(a)		12,171		112,095
Heartland Express Inc.		11,974		191,823
JB Hunt Transport Services Inc.		22,745		3,803,419
Kansas City Southern		24,013		6,498,878
Knight-Swift Transportation Holdings Inc.		42,311		2,164,208
Landstar System Inc.		10,141		1,600,453
Lyft Inc., Class A(a)		74,507		3,992,830
Marten Transport Ltd.		14,176		222,421
Norfolk Southern Corp.		64,858		15,517,276
Old Dominion Freight Line Inc.		26,981		7,716,026
Ryder System Inc.		14,800		1,224,108
Saia Inc.(a)		7,133		1,697,868
Schneider National Inc., Class B		14,890		338,599
TuSimple Holdings Inc., Class A(a)(b)		10,154		377,018
Uber Technologies Inc.(a)		427,406		19,147,789
Union Pacific Corp.		172,371		33,786,440
Werner Enterprises Inc.		16,468		729,038
XPO Logistics Inc.(a)		25,588		2,036,293
				122,398,120
Semiconductors & Semiconductor Equipment — 5.0%
Advanced Micro Devices Inc.(a)		319,979		32,925,839
Allegro MicroSystems Inc.(a)		12,602		402,760
Alpha & Omega Semiconductor Ltd.(a)(b)		6,417		201,301
Ambarella Inc.(a)(b)		8,735		1,360,389
Amkor Technology Inc.		29,188		728,241
Analog Devices Inc.		142,172		23,810,967
Applied Materials Inc.		242,031		31,156,651
Atomera Inc.(a)		5,844		134,938
Axcelis Technologies Inc.(a)		10,082		474,156
AXT Inc.(a)		13,510		112,538
Broadcom Inc.		105,547		51,182,907
Brooks Automation Inc.		19,150		1,960,003
CEVA Inc.(a)		5,693		242,920
Cirrus Logic Inc.(a)		15,424		1,270,166
CMC Materials Inc.		8,037		990,400
Cohu Inc.(a)		11,162		356,514
Diodes Inc.(a)		11,057		1,001,654
DSP Group Inc.(a)		5,947		130,299
Enphase Energy Inc.(a)(b)		34,889		5,232,303
Entegris Inc.		35,550		4,475,745
First Solar Inc.(a)		27,756		2,649,588

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
FormFactor Inc.(a)		20,527	$	766,273
Ichor Holdings Ltd.(a)		7,365		302,628
Impinj Inc.(a)		4,739		270,739
Intel Corp.		1,068,687		56,939,643
KLA Corp.		40,594		13,579,099
Kopin Corp.(a)(b)		21,728		111,465
Kulicke & Soffa Industries Inc.		15,165		883,816
Lam Research Corp.		37,658		21,433,051
Lattice Semiconductor Corp.(a)		35,599		2,301,475
MACOM Technology Solutions Holdings Inc.(a)		13,209		856,868
Marvell Technology Inc.		217,069		13,091,431
MaxLinear Inc.(a)		18,862		928,954
Meta Materials Inc.(a)(b)		57,796		334,061
Microchip Technology Inc.		71,312		10,945,679
Micron Technology Inc.		296,340		21,034,213
MKS Instruments Inc.		14,549		2,195,590
Monolithic Power Systems Inc.		11,910		5,772,539
NeoPhotonics Corp.(a)		15,695		136,703
NVE Corp.		1,555		99,473
NVIDIA Corp.		632,553		131,039,679
NXP Semiconductors NV		70,259		13,761,630
ON Semiconductor Corp.(a)		111,850		5,119,374
Onto Innovation Inc.(a)		12,329		890,770
PDF Solutions Inc.(a)(b)		10,173		234,386
Photronics Inc.(a)		16,335		222,646
Power Integrations Inc.		15,725		1,556,618
Qorvo Inc.(a)		29,254		4,890,976
QUALCOMM Inc.		298,252		38,468,543
Rambus Inc.(a)(b)		27,511		610,744
Semtech Corp.(a)		18,060		1,408,138
Silicon Laboratories Inc.(a)		11,461		1,606,374
SiTime Corp.(a)		3,119		636,806
Skyworks Solutions Inc.		43,473		7,163,481
SMART Global Holdings Inc.(a)(b)		4,866		216,537
SunPower Corp.(a)(b)		19,868		450,606
Synaptics Inc.(a)		9,693		1,742,123
Teradyne Inc.		43,913		4,793,982
Texas Instruments Inc.		244,208		46,939,220
Ultra Clean Holdings Inc.(a)		11,567		492,754
Universal Display Corp.		11,873		2,029,808
Veeco Instruments Inc.(a)		11,300		250,973
Xilinx Inc.		65,048		9,821,598
				587,131,745
Software — 10.0%
8x8 Inc.(a)(b)		28,269		661,212
A10 Networks Inc.(a)		15,004		202,254
ACI Worldwide Inc.(a)		31,893		980,072
Adobe Inc.(a)		126,235		72,676,014
Agilysys Inc.(a)		4,028		210,906
Alarm.com Holdings Inc.(a)		12,278		960,017
Altair Engineering Inc., Class A(a)(b)		12,077		832,588
Alteryx Inc., Class A(a)		15,605		1,140,725
American Software Inc./GA, Class A		6,263		148,746
Anaplan Inc.(a)		37,334		2,273,267
ANSYS Inc.(a)		23,004		7,831,712
Appfolio Inc., Class A(a)(b)		4,820		580,328
Appian Corp.(a)(b)		10,367		959,051
Asana Inc., Class A(a)		19,806		2,056,655
Aspen Technology Inc.(a)		18,610		2,285,308
Atlassian Corp. PLC, Class A(a)		36,122		14,138,873

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Autodesk Inc.(a)		58,273	$	16,617,711
Avalara Inc.(a)		22,563		3,943,336
Avaya Holdings Corp.(a)(b)		21,803		431,481
Benefitfocus Inc.(a)		10,243		113,697
Bentley Systems Inc., Class B(b)		35,783		2,169,881
Bill.com Holdings Inc.(a)		20,860		5,568,577
Black Knight Inc.(a)		41,232		2,968,704
Blackbaud Inc.(a)		12,922		909,063
Blackline Inc.(a)(b)		13,540		1,598,532
Bottomline Technologies DE Inc.(a)		11,221		440,761
Box Inc., Class A(a)		38,542		912,289
BTRS Holdings Inc.(a)(b)		18,266		194,350
C3.ai Inc., Class A(a)(b)		9,063		419,979
Cadence Design Systems Inc.(a)		72,620		10,997,573
CDK Global Inc.		33,743		1,435,765
Cerence Inc.(a)(b)		9,988		959,947
Ceridian HCM Holding Inc.(a)(b)		34,222		3,854,082
ChannelAdvisor Corp.(a)		5,052		127,462
Citrix Systems Inc.		32,482		3,487,592
Cleanspark Inc.(a)(b)		10,145		117,581
Cloudera Inc.(a)		62,927		1,004,944
CommVault Systems Inc.(a)		11,015		829,540
Cornerstone OnDemand Inc.(a)		16,189		926,982
Coupa Software Inc.(a)		19,693		4,316,312
Crowdstrike Holdings Inc., Class A(a)		52,228		12,836,598
CS Disco Inc.(a)		3,402		163,092
Datadog Inc., Class A(a)		61,537		8,698,255
Datto Holding Corp.(a)(b)		6,467		154,561
Digimarc Corp.(a)(b)		4,190		144,304
Digital Turbine Inc.(a)		22,749		1,563,994
DocuSign Inc.(a)		50,442		12,985,284
Dolby Laboratories Inc., Class A		17,471		1,537,448
Domo Inc., Class B(a)		6,939		585,929
DoubleVerify Holdings Inc.(a)(b)		4,681		159,903
Dropbox Inc., Class A(a)		80,559		2,353,934
Duck Creek Technologies Inc.(a)		19,673		870,334
Dynatrace Inc.(a)		52,122		3,699,098
E2open Parent Holdings Inc.(a)		42,701		482,521
Ebix Inc.		6,870		185,009
Elastic NV(a)		17,799		2,651,873
Envestnet Inc.(a)		14,799		1,187,472
Everbridge Inc.(a)(b)		9,692		1,463,880
Fair Isaac Corp.(a)		7,366		2,931,152
Five9 Inc.(a)		17,864		2,853,595
Fortinet Inc.(a)		35,395		10,336,756
Guidewire Software Inc.(a)(b)		21,949		2,609,078
HubSpot Inc.(a)		11,797		7,975,834
InterDigital Inc.		8,950		606,989
Intuit Inc.		67,451		36,390,489
J2 Global Inc.(a)		11,474		1,567,578
Jamf Holding Corp.(a)(b)		11,327		436,316
JFrog Ltd.(a)(b)		14,079		471,647
LivePerson Inc.(a)		16,628		980,221
Mandiant Inc.		61,398		1,092,884
Manhattan Associates Inc.(a)		16,604		2,540,910
Marathon Digital Holdings Inc.(a)(b)		25,044		790,890
McAfee Corp., Class A		18,049		399,063
Medallia Inc.(a)		27,429		929,020
Microsoft Corp.		1,992,631		561,762,532
MicroStrategy Inc., Class A(a)(b)		2,089		1,208,278

Security	Shares		Value
Software (continued)
Mimecast Ltd.(a)		15,243	$	969,455
Mitek Systems Inc.(a)(b)		8,109		150,017
Model N Inc.(a)(b)		9,693		324,716
Momentive Global Inc.(a)(b)		32,249		632,080
N-Able Inc.(a)		8,957		111,156
nCino Inc.(a)(b)		14,864		1,055,790
NCR Corp.(a)		33,743		1,307,879
New Relic Inc.(a)		13,845		993,656
NortonLifeLock Inc.		144,679		3,660,379
Nuance Communications Inc.(a)		76,475		4,209,184
Nutanix Inc., Class A(a)		49,784		1,876,857
ON24 Inc.(a)		4,102		81,794
OneSpan Inc.(a)		7,046		132,324
Oracle Corp.		445,640		38,828,613
Pagerduty Inc.(a)(b)		21,345		884,110
Palantir Technologies Inc., Class A(a)		429,029		10,313,857
Palo Alto Networks Inc.(a)		25,065		12,006,135
Paycom Software Inc.(a)		13,425		6,655,444
Paycor HCM Inc.(a)		5,423		190,673
Paylocity Holding Corp.(a)		9,926		2,783,250
Pegasystems Inc.		11,039		1,403,057
Ping Identity Holding Corp.(a)(b)		9,912		243,538
Procore Technologies Inc.(a)		2,680		239,431
Progress Software Corp.		11,810		580,934
PROS Holdings Inc.(a)		11,855		420,615
PTC Inc.(a)		28,214		3,379,755
Q2 Holdings Inc.(a)		14,878		1,192,323
QAD Inc., Class A		3,452		301,670
Qualys Inc.(a)		8,872		987,365
Rapid7 Inc.(a)(b)		14,174		1,601,945
Rekor Systems Inc.(a)		13,295		152,760
Rimini Street Inc.(a)		14,837		143,177
RingCentral Inc., Class A(a)		21,414		4,657,545
Riot Blockchain Inc.(a)(b)		22,116		568,381
SailPoint Technologies Holdings Inc.(a)		23,085		989,885
salesforce.com Inc.(a)		244,342		66,270,437
Sapiens International Corp. NV		6,918		199,100
ServiceNow Inc.(a)		52,155		32,454,492
ShotSpotter Inc.(a)		2,597		94,453
Smartsheet Inc., Class A(a)		32,133		2,211,393
Splunk Inc.(a)(b)		43,424		6,283,887
Sprout Social Inc., Class A(a)		11,692		1,425,839
SPS Commerce Inc.(a)		9,182		1,481,148
SS&C Technologies Holdings Inc.		59,212		4,109,313
Sumo Logic Inc.(a)(b)		22,828		367,987
Synopsys Inc.(a)		40,073		11,998,257
Telos Corp.(a)		10,508		298,637
Tenable Holdings Inc.(a)		24,054		1,109,852
Teradata Corp.(a)		29,147		1,671,580
Trade Desk Inc. (The), Class A(a)(b)		113,525		7,980,807
Tyler Technologies Inc.(a)		10,728		4,920,397
Unity Software Inc.(a)(b)		38,942		4,916,427
Upland Software Inc.(a)		5,993		200,406
Varonis Systems Inc.(a)		27,621		1,680,738
Verint Systems Inc.(a)(b)		17,874		800,576
Veritone Inc.(a)(b)		6,180		147,640
Viant Technology Inc., Class A(a)		5,269		64,387
VMware Inc., Class A(a)(b)		21,689		3,225,154
Vonage Holdings Corp.(a)		63,380		1,021,686
Wolfspeed Inc.		29,985		2,420,689

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Workday Inc., Class A(a)		49,786	$	12,441,024
Workiva Inc.(a)		11,105		1,565,361
Xperi Holding Corp.		28,191		531,118
Yext Inc.(a)		25,674		308,858
Zendesk Inc.(a)		31,440		3,659,302
Zix Corp.(a)		16,737		118,331
Zoom Video Communications Inc., Class A(a)		56,410		14,751,215
Zscaler Inc.(a)		20,546		5,387,572
Zuora Inc., Class A(a)		29,621		491,116
				1,160,529,519
Specialty Retail — 2.3%
Aaron’s Co. Inc. (The)		9,366		257,940
Abercrombie & Fitch Co., Class A(a)		18,018		678,017
Academy Sports & Outdoors Inc.(a)(b)		20,449		818,369
Advance Auto Parts Inc.		17,653		3,687,535
American Eagle Outfitters Inc.		39,087		1,008,445
America’s Car-Mart Inc./TX(a)		1,966		229,589
Arko Corp.(a)		31,766		320,837
Asbury Automotive Group Inc.(a)		5,276		1,038,000
AutoNation Inc.(a)		11,963		1,456,615
AutoZone Inc.(a)		5,704		9,685,335
Bath & Body Works Inc.		64,625		4,073,314
Bed Bath & Beyond Inc.(a)		28,680		495,447
Best Buy Co. Inc.		65,719		6,947,155
Big 5 Sporting Goods Corp.		5,677		130,798
Boot Barn Holdings Inc.(a)(b)		6,993		621,468
Buckle Inc. (The)		6,836		270,637
Burlington Stores Inc.(a)		17,626		4,998,205
Caleres Inc.		10,750		238,865
Camping World Holdings Inc., Class A		10,975		426,598
CarMax Inc.(a)		42,927		5,492,939
Carvana Co.(a)		20,379		6,145,084
Cato Corp. (The), Class A		7,369		121,883
Chico’s FAS Inc.(a)		32,281		144,942
Children’s Place Inc. (The)(a)		3,265		245,724
Citi Trends Inc.(a)		2,351		171,529
Conn’s Inc.(a)(b)		5,993		136,820
Container Store Group Inc. (The)(a)		11,291		107,490
Designer Brands Inc. , Class A(a)		17,851		248,664
Dick’s Sporting Goods Inc.		16,597		1,987,823
Five Below Inc.(a)		14,713		2,601,406
Floor & Decor Holdings Inc., Class A(a)		26,901		3,249,372
Foot Locker Inc.		24,327		1,110,771
GameStop Corp., Class A(a)(b)		17,009		2,984,569
Gap Inc. (The)		53,565		1,215,926
Genesco Inc.(a)		3,203		184,909
Group 1 Automotive Inc.		4,390		824,793
GrowGeneration Corp.(a)(b)		14,373		354,582
Guess? Inc.		9,608		201,864
Haverty Furniture Companies Inc.		4,607		155,302
Hibbett Inc.		4,221		298,594
Home Depot Inc. (The)		281,161		92,293,910
Leslie’s Inc.(a)(b)		35,217		723,357
Lithia Motors Inc.		7,842		2,486,228
Lowe’s Companies Inc.		187,025		37,939,891
Lumber Liquidators Holdings Inc.(a)		6,790		126,837
MarineMax Inc.(a)		5,334		258,806
Monro Inc.		8,467		486,937
Murphy USA Inc.		6,669		1,115,457
National Vision Holdings Inc.(a)(b)		20,793		1,180,419

Security	Shares		Value
Specialty Retail (continued)
O’Reilly Automotive Inc.(a)		18,066	$	11,039,410
ODP Corp. (The)(a)		14,456		580,553
OneWater Marine Inc., Class A		3,398		136,634
Party City Holdco Inc.(a)(b)		28,969		205,680
Penske Automotive Group Inc.		8,915		896,849
Petco Health & Wellness Co. Inc.(a)(b)		14,652		309,157
Rent-A-Center Inc./TX		17,146		963,777
RH(a)(b)		4,541		3,028,438
Ross Stores Inc.		92,876		10,109,553
Sally Beauty Holdings Inc.(a)(b)		27,908		470,250
Shift Technologies Inc.(a)(b)		16,823		116,752
Shoe Carnival Inc.		3,620		117,360
Signet Jewelers Ltd.		13,321		1,051,826
Sleep Number Corp.(a)(b)		5,818		543,867
Sonic Automotive Inc., Class A		7,317		384,435
Sportsman’s Warehouse Holdings Inc.(a)		13,414		236,086
Tilly’s Inc., Class A		8,407		117,782
TJX Companies Inc. (The)		318,890		21,040,362
Tractor Supply Co.		30,468		6,173,121
TravelCenters of America Inc.(a)		4,080		203,143
Ulta Beauty Inc.(a)		14,197		5,123,981
Urban Outfitters Inc.(a)		18,943		562,418
Victoria’s Secret & Co.(a)		20,506		1,133,162
Vroom Inc.(a)(b)		30,842		680,683
Williams-Sonoma Inc.		19,750		3,502,267
Winmark Corp.		780		167,723
Zumiez Inc.(a)		5,438		216,215
				271,091,481
Technology Hardware, Storage & Peripherals — 5.3%
3D Systems Corp.(a)		31,239		861,259
Apple Inc.		4,151,172		587,390,838
Avid Technology Inc.(a)		7,656		221,411
Corsair Gaming Inc.(a)(b)		6,163		159,807
Dell Technologies Inc., Class C(a)		71,350		7,423,254
Diebold Nixdorf Inc.(a)		20,428		206,527
Eastman Kodak Co.(a)		12,952		88,203
Hewlett Packard Enterprise Co.		347,826		4,956,520
HP Inc.		318,539		8,715,227
NetApp Inc.		59,018		5,297,456
Pure Storage Inc., Class A(a)		67,731		1,704,112
Quantum Corp.(a)		19,442		100,710
Super Micro Computer Inc.(a)		10,617		388,264
Turtle Beach Corp.(a)(b)		4,798		133,480
Western Digital Corp.(a)		81,339		4,590,773
Xerox Holdings Corp.		40,011		807,022
				623,044,863
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		39,893		1,931,220
Carter’s Inc.		11,287		1,097,548
Columbia Sportswear Co.		10,074		965,492
Crocs Inc.(a)		16,255		2,332,267
Deckers Outdoor Corp.(a)		7,186		2,588,397
Fossil Group Inc.(a)		10,747		127,352
G-III Apparel Group Ltd.(a)		11,312		320,130
Hanesbrands Inc.		95,738		1,642,864
Kontoor Brands Inc.		14,233		710,938
Lululemon Athletica Inc.(a)		30,108		12,184,708
Movado Group Inc.		4,380		137,926
Nike Inc., Class B		327,567		47,572,555

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Oxford Industries Inc.		4,626	$	417,126
PLBY Group Inc.(a)(b)		4,196		98,900
PVH Corp.(a)		19,129		1,966,270
Ralph Lauren Corp.		12,441		1,381,449
Rocky Brands Inc.		2,570		122,358
Skechers U.S.A. Inc., Class A(a)		35,206		1,482,877
Steven Madden Ltd.		22,320		896,371
Tapestry Inc.		74,171		2,745,810
Under Armour Inc., Class A(a)(b)		50,563		1,020,361
Under Armour Inc., Class C, NVS(a)		51,457		901,527
VF Corp.		85,105		5,701,184
Wolverine World Wide Inc.		22,727		678,174
				89,023,804
Thrifts & Mortgage Finance — 0.1%
Axos Financial Inc.(a)		15,124		779,491
Bridgewater Bancshares Inc.(a)		8,217		143,880
Capitol Federal Financial Inc.		39,563		454,579
Columbia Financial Inc.(a)(b)		13,235		244,848
Essent Group Ltd.		29,429		1,295,170
Federal Agricultural Mortgage Corp., Class C, NVS		2,539		275,532
Finance of America Companies Inc., Class A(a)(b)		19,994		98,970
Flagstar Bancorp. Inc.		14,392		730,826
Hingham Institution For Savings (The)		458		154,209
HomeStreet Inc.		5,342		219,823
Kearny Financial Corp./MD		24,703		307,058
Merchants Bancorp./IN		3,489		137,711
Meridian Bancorp. Inc.		13,269		275,464
Meta Financial Group Inc.		9,253		485,597
MGIC Investment Corp.		89,491		1,338,785
Mr Cooper Group Inc.(a)		19,672		809,896
New York Community Bancorp. Inc.		125,786		1,618,866
NMI Holdings Inc., Class A(a)		22,295		504,090
Northfield Bancorp. Inc.		14,009		240,394
Northwest Bancshares Inc.		35,751		474,773
PennyMac Financial Services Inc.		9,136		558,484
Premier Financial Corp.		8,992		286,305
Provident Financial Services Inc.		21,816		512,022
Radian Group Inc.		50,333		1,143,566
Rocket Companies Inc., Class A		31,209		500,592
Southern Missouri Bancorp. Inc.		2,574		115,547
TFS Financial Corp.		15,293		291,485
TrustCo Bank Corp. NY		5,288		169,057
UWM Holdings Corp.		14,008		97,356
Walker & Dunlop Inc.		7,916		898,466
Washington Federal Inc.		16,860		578,467
Waterstone Financial Inc.		8,324		170,559
WSFS Financial Corp.		12,688		651,021
				16,562,889
Tobacco — 0.5%
22nd Century Group Inc.(a)(b)		41,631		123,228
Altria Group Inc.		488,499		22,236,474
Philip Morris International Inc.		411,697		39,024,759
Turning Point Brands Inc.		3,895		185,986
Universal Corp./VA		6,692		323,424
Vector Group Ltd.		41,437		528,322
				62,422,193
Trading Companies & Distributors — 0.3%
Air Lease Corp.		28,543		1,122,882
Alta Equipment Group Inc.(a)		9,002		123,597

Security	Shares		Value
Trading Companies & Distributors (continued)
Applied Industrial Technologies Inc.		9,930	$	894,991
Beacon Roofing Supply Inc.(a)		14,362		685,929
BlueLinx Holdings Inc.(a)		2,301		112,473
Boise Cascade Co.		9,693		523,228
CAI International Inc.		4,258		238,065
Core & Main Inc., Class A(a)		9,264		242,809
DXP Enterprises Inc./TX(a)		5,448		161,097
Fastenal Co.		151,174		7,802,090
GATX Corp.		9,083		813,473
Global Industrial Co.		3,377		127,955
GMS Inc.(a)		11,231		491,918
H&E Equipment Services Inc.		8,192		284,344
Herc Holdings Inc.(a)		6,356		1,038,952
McGrath RentCorp		6,189		445,299
MRC Global Inc.(a)		23,482		172,358
MSC Industrial Direct Co. Inc., Class A		12,424		996,281
NOW Inc.(a)		27,837		212,953
Rush Enterprises Inc., Class A		12,390		559,532
Rush Enterprises Inc., Class B		2,080		95,202
SiteOne Landscape Supply Inc.(a)		11,569		2,307,668
Textainer Group Holdings Ltd.(a)		11,963		417,628
Titan Machinery Inc.(a)(b)		5,753		149,060
Transcat Inc.(a)		2,752		177,449
Triton International Ltd.		16,953		882,234
United Rentals Inc.(a)		19,110		6,706,272
Univar Solutions Inc.(a)		46,296		1,102,771
Veritiv Corp.(a)		3,541		317,132
Watsco Inc.		8,575		2,269,117
WESCO International Inc.(a)		11,717		1,351,204
WW Grainger Inc.		12,111		4,760,350
				37,586,313
Water Utilities — 0.1%
American States Water Co.		10,263		877,692
American Water Works Co. Inc.		47,932		8,102,425
California Water Service Group		13,393		789,250
Essential Utilities Inc.		58,750		2,707,200
Middlesex Water Co.		5,085		522,636
Pure Cycle Corp.(a)		8,657		115,225
SJW Group		7,718		509,851
York Water Co. (The)		3,319		144,974
				13,769,253
Wireless Telecommunication Services — 0.2%
Gogo Inc.(a)		13,728		237,494
Shenandoah Telecommunications Co.		13,393		422,951
T-Mobile U.S. Inc.(a)		155,589		19,878,051
Telephone and Data Systems Inc.		27,753		541,183
U.S. Cellular Corp.(a)		3,549		113,178
				21,192,857
Total Common Stocks — 99.8% (Cost: $7,318,327,613)				11,637,262,701
Warrants
Oil, Gas & Consumable Fuels — 0.0%
Whiting Petroleum Corp., (Expires 09/01/24)(a)(b)		409		2,924

60 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^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares/ Par		Value
Oil, Gas & Consumable Fuels (continued)
Whiting Petroleum Corp., (Expires 09/01/25)(a)		204	$	1,473
				4,397
Total Warrants — 0.0% (Cost: $68,578)				4,397
Corporate Bonds & Notes
Capital Markets — 0.0%
GAMCO Investors Inc., 4.00%, 06/15/23(g)		6,000		5,971
Total Corporate Bonds & Notes — 0.0% (Cost: $6,000)				5,971
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(h)(i)		182,729,625		182,820,990
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(h)		17,895,000		17,895,000
				200,715,990
Total Short-Term Investments — 1.7% (Cost: $200,603,688)				200,715,990
Total Investments in Securities — 101.5% (Cost: $7,519,005,879)				11,837,989,059
Other Assets, Less Liabilities — (1.5)%				(176,117,444	)
Net Assets — 100.0%			$	11,661,871,615

^(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) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(f) Rounds to less than $1.

^(g) Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(h) Annualized 7-day yield as of period end.

⁽ⁱ⁾ 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 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	$	126,273,904	$	56,567,517	(a)	$	—		$	7,625	$	(28,056)	$	182,820,990		182,729,625	$	371,187	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,515,000		3,380,000	(a)		—			—		—		17,895,000		17,895,000		752			—
BlackRock Inc.		30,134,273		1,255,832			(3,160,087	)		1,330,448		2,128,302		31,688,768		37,785		324,147			—
									$	1,338,073	$	2,100,246	$	232,404,758			$	696,086		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments (unaudited) (continued) September 30, 2021 IShares^® Russell 3000 ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		27		12/17/21	$	2,971	$	(52,118	)
S&P 500 E-Mini Index		92		12/17/21		19,770		(751,615	)
							$	(803,733	)

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)	$	803,733

^(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	$	2,948,308
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(833,344	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	20,240,725

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.

62 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^® Russell 3000 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	$	11,637,249,863		$	—	$	12,838	$	11,637,262,701
Warrants		4,397			—		—		4,397
Corporate Bonds & Notes		—			5,971		—		5,971
Money Market Funds		200,715,990			—		—		200,715,990
	$	11,837,970,250		$	5,971	$	12,838	$	11,837,989,059
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(803,733	)	$	—	$	—	$	(803,733	)

^(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 63

Schedule of Investments (unaudited) September 30, 2021 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Axon Enterprise Inc.(a)		170,151	$	29,779,828
BWX Technologies Inc.		248,234		13,369,883
Curtiss-Wright Corp.		106,456		13,432,618
HEICO Corp.(b)		117,051		15,435,515
HEICO Corp., Class A(b)		205,212		24,303,257
Hexcel Corp.(a)		218,327		12,966,441
Howmet Aerospace Inc.		1,022,284		31,895,261
Huntington Ingalls Industries Inc.		102,823		19,851,008
Mercury Systems Inc.(a)		144,105		6,833,459
Spirit AeroSystems Holdings Inc., Class A		273,579		12,089,456
Textron Inc.		598,484		41,780,168
TransDigm Group Inc.(a)		136,005		84,944,643
Virgin Galactic Holdings Inc.(a)(b)		472,633		11,957,615
				318,639,152
Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		351,109		30,546,483
Expeditors International of Washington Inc.		444,400		52,941,372
GXO Logistics Inc.(a)		254,075		19,929,643
				103,417,498
Airlines — 0.9%
Alaska Air Group Inc.(a)		319,026		18,694,924
American Airlines Group Inc.(a)		1,669,380		34,255,678
Copa Holdings SA, Class A, NVS(a)		80,917		6,585,025
Delta Air Lines Inc.(a)		1,683,355		71,727,757
JetBlue Airways Corp.(a)		827,021		12,645,151
Southwest Airlines Co.(a)		1,554,939		79,970,513
United Airlines Holdings Inc.(a)(b)		857,878		40,809,256
				264,688,304
Auto Components — 0.7%
Aptiv PLC(a)		713,022		106,218,887
BorgWarner Inc.		638,490		27,589,153
Gentex Corp.		631,397		20,823,473
Lear Corp.		160,306		25,084,683
QuantumScape Corp.(a)(b)		544,362		13,358,644
				193,074,840
Automobiles — 0.1%
Harley-Davidson Inc.		400,091		14,647,332
Thor Industries Inc.(b)		139,057		17,070,637
				31,717,969
Banks — 3.3%
Bank of Hawaii Corp.		103,591		8,512,072
Bank OZK		321,050		13,798,729
BOK Financial Corp.		79,829		7,148,687
Citizens Financial Group Inc.		1,123,321		52,773,621
Comerica Inc.		353,532		28,459,326
Commerce Bancshares Inc.		277,504		19,336,479
Cullen/Frost Bankers Inc.		149,124		17,689,089
East West Bancorp. Inc.		369,114		28,621,099
Fifth Third Bancorp		1,819,221		77,207,739
First Citizens BancShares Inc./NC, Class A(b)		15,791		13,314,497
First Hawaiian Inc.		340,038		9,980,115
First Horizon Corp.		1,428,155		23,264,645
First Republic Bank/CA		470,601		90,769,521
FNB Corp.		831,875		9,666,387
Huntington Bancshares Inc./OH		3,872,150		59,863,439
KeyCorp		2,518,669		54,453,624
M&T Bank Corp.		339,293		50,670,017

Security	Shares		Value
Banks (continued)
PacWest Bancorp		307,900	$	13,954,028
People’s United Financial Inc.		1,110,774		19,405,222
Pinnacle Financial Partners Inc.		193,949		18,246,722
Popular Inc.		208,288		16,177,729
Prosperity Bancshares Inc.		233,524		16,610,562
Regions Financial Corp.		2,542,052		54,171,128
Signature Bank/New York NY		156,740		42,677,167
Sterling Bancorp./DE		499,155		12,458,909
SVB Financial Group(a)		149,547		96,738,963
Synovus Financial Corp.		384,918		16,894,051
Umpqua Holdings Corp.		574,575		11,635,144
Webster Financial Corp.		235,138		12,805,615
Western Alliance Bancorp		263,702		28,696,052
Wintrust Financial Corp.		152,907		12,289,136
Zions Bancorp. NA		421,729		26,100,808
				964,390,322
Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)		24,710		12,595,922
Brown-Forman Corp., Class A		118,042		7,397,692
Brown-Forman Corp., Class B, NVS		478,598		32,070,852
Molson Coors Beverage Co., Class B		477,752		22,158,138
				74,222,604
Biotechnology — 1.8%
Acceleron Pharma Inc.(a)(b)		140,347		24,153,719
Alnylam Pharmaceuticals Inc.(a)(b)		313,326		59,159,082
BioMarin Pharmaceutical Inc.(a)(b)		483,874		37,398,622
CureVac NV(a)(b)		138,785		7,580,437
Exact Sciences Corp.(a)(b)		450,735		43,022,656
Exelixis Inc.(a)		808,751		17,096,996
Horizon Therapeutics PLC(a)		572,836		62,748,455
Incyte Corp.(a)		490,063		33,706,533
Ionis Pharmaceuticals Inc.(a)(b)		364,897		12,238,645
Iovance Biotherapeutics Inc.(a)(b)		381,867		9,416,840
Mirati Therapeutics Inc.(a)		102,531		18,138,759
Natera Inc.(a)(b)		217,557		24,244,552
Neurocrine Biosciences Inc.(a)		244,159		23,417,290
Novavax Inc.(a)(b)		195,694		40,569,323
Sage Therapeutics Inc.(a)(b)		133,074		5,896,509
Sarepta Therapeutics Inc.(a)(b)		199,369		18,437,645
Seagen Inc.(a)		351,924		59,756,695
Ultragenyx Pharmaceutical Inc.(a)		168,363		15,184,659
United Therapeutics Corp.(a)		115,269		21,276,352
				533,443,769
Building Products — 1.8%
A O Smith Corp.		345,174		21,079,776
Advanced Drainage Systems Inc.		159,811		17,286,756
Allegion PLC		238,780		31,561,941
Armstrong World Industries Inc.		124,205		11,857,851
AZEK Co. Inc. (The)(a)(b)		294,859		10,771,199
Builders FirstSource Inc.(a)(b)		535,859		27,725,345
Carlisle Companies Inc.		134,295		26,696,503
Carrier Global Corp.		2,286,053		118,326,103
Fortune Brands Home & Security Inc.		367,083		32,824,562
Lennox International Inc.		87,671		25,790,178
Masco Corp.		650,939		36,159,662
Owens Corning		271,732		23,233,086
Trane Technologies PLC		630,457		108,848,401
Trex Co. Inc.(a)(b)		302,738		30,858,084
				523,019,447

64 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^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets — 3.8%
Affiliated Managers Group Inc.		108,365	$	16,372,868
Ameriprise Financial Inc.		300,437		79,351,420
Apollo Global Management Inc.		476,564		29,351,577
Ares Management Corp., Class A		359,918		26,572,746
Carlyle Group Inc. (The)		424,709		20,080,241
Cboe Global Markets Inc.		278,023		34,435,929
Evercore Inc., Class A		100,135		13,385,045
FactSet Research Systems Inc.		99,682		39,352,460
Franklin Resources Inc.		758,511		22,542,947
Interactive Brokers Group Inc., Class A		211,465		13,182,728
Invesco Ltd.		872,040		21,024,884
Janus Henderson Group PLC		412,060		17,030,440
Jefferies Financial Group Inc.		571,921		21,235,427
KKR & Co. Inc.		1,470,168		89,503,828
Lazard Ltd., Class A		266,102		12,187,472
LPL Financial Holdings Inc.		208,276		32,649,346
MarketAxess Holdings Inc.		97,909		41,189,337
Morningstar Inc.		61,644		15,967,645
MSCI Inc.		211,018		128,370,690
Nasdaq Inc.		307,441		59,342,262
Northern Trust Corp.		542,972		58,537,811
Raymond James Financial Inc.		489,396		45,161,463
SEI Investments Co.		285,773		16,946,339
State Street Corp.		964,773		81,735,569
Stifel Financial Corp.		268,206		18,227,280
T Rowe Price Group Inc.		592,355		116,516,228
Tradeweb Markets Inc., Class A(b)		273,847		22,121,361
Virtu Financial Inc., Class A		243,804		5,956,132
				1,098,331,475
Chemicals — 2.5%
Albemarle Corp.		304,688		66,717,531
Ashland Global Holdings Inc.		143,554		12,793,533
Axalta Coating Systems Ltd.(a)		545,607		15,926,268
Celanese Corp.		293,678		44,239,654
CF Industries Holdings Inc.		559,365		31,223,754
Chemours Co. (The)		430,014		12,496,207
Corteva Inc.		1,942,521		81,741,284
Diversey Holdings Ltd.(a)(b)		133,991		2,149,216
Eastman Chemical Co.		360,169		36,283,425
Element Solutions Inc.		607,713		13,175,218
FMC Corp.		342,202		31,332,015
Huntsman Corp.		560,914		16,597,445
International Flavors & Fragrances Inc.		654,541		87,525,223
LyondellBasell Industries NV, Class A		692,384		64,980,238
Mosaic Co. (The)		904,513		32,309,204
NewMarket Corp.		17,510		5,931,863
Olin Corp.		375,211		18,103,931
PPG Industries Inc.		625,504		89,453,327
RPM International Inc.		340,044		26,404,417
Scotts Miracle-Gro Co. (The)		107,286		15,702,379
Valvoline Inc.		473,151		14,752,848
Westlake Chemical Corp.		86,603		7,892,997
				727,731,977
Commercial Services & Supplies — 1.1%
ADT Inc.		431,488		3,490,738
Cintas Corp.		230,831		87,868,128
Clean Harbors Inc.(a)		132,290		13,740,962
Copart Inc.(a)		551,032		76,439,159
Driven Brands Holdings Inc.(a)		148,843		4,300,074

Security	Shares		Value
Commercial Services & Supplies (continued)
IAA Inc.(a)		352,577	$	19,240,127
MSA Safety Inc.		95,775		13,954,418
Republic Services Inc.		554,739		66,601,964
Rollins Inc.		591,708		20,905,044
Stericycle Inc.(a)(b)		239,035		16,247,209
				322,787,823
Communications Equipment — 0.9%
Arista Networks Inc.(a)(b)		159,016		54,644,258
Ciena Corp.(a)		402,251		20,655,589
CommScope Holding Co. Inc.(a)(b)		531,920		7,228,793
F5 Networks Inc.(a)		158,702		31,546,784
Juniper Networks Inc.		847,415		23,320,861
Lumentum Holdings Inc.(a)(b)		197,623		16,509,425
Motorola Solutions Inc.		437,297		101,592,839
Ubiquiti Inc.		17,157		5,124,281
Viasat Inc.(a)		183,740		10,118,562
				270,741,392
Construction & Engineering — 0.3%
AECOM(a)		360,174		22,744,988
MasTec Inc.(a)		146,649		12,652,876
Quanta Services Inc.		363,043		41,321,554
Valmont Industries Inc.		54,508		12,815,921
				89,535,339
Construction Materials — 0.5%
Eagle Materials Inc.		107,466		14,095,241
Martin Marietta Materials Inc.		164,096		56,068,321
Vulcan Materials Co.		348,911		59,021,785
				129,185,347
Consumer Finance — 1.1%
Ally Financial Inc.		951,879		48,593,423
Credit Acceptance Corp.(a)(b)		23,048		13,489,994
Discover Financial Services		790,837		97,154,326
OneMain Holdings Inc.		274,317		15,177,960
Santander Consumer USA Holdings Inc.		157,477		6,566,791
SLM Corp.		805,090		14,169,584
Synchrony Financial		1,501,849		73,410,379
Upstart Holdings Inc.(a)		119,469		37,804,770
				306,367,227
Containers & Packaging — 1.5%
Amcor PLC		4,027,120		46,674,321
AptarGroup Inc.		175,700		20,969,795
Ardagh Group SA		58,648		1,494,937
Avery Dennison Corp.		216,317		44,823,046
Ball Corp.		847,246		76,226,723
Berry Global Group Inc.(a)(b)		352,768		21,476,516
Crown Holdings Inc.		333,687		33,628,976
Graphic Packaging Holding Co.		746,851		14,220,043
International Paper Co.		1,032,362		57,729,683
Packaging Corp. of America		244,993		33,671,838
Sealed Air Corp.		395,547		21,672,020
Silgan Holdings Inc.		220,229		8,447,984
Sonoco Products Co.		262,221		15,623,127
Westrock Co.		692,128		34,488,738
				431,147,747
Distributors — 0.4%
Genuine Parts Co.		373,789		45,314,440
LKQ Corp.(a)(b)		718,613		36,160,606

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors (continued)
Pool Corp.		102,987	$	44,738,583
				126,213,629
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions Inc.(a)(b)		162,429		22,645,851
Chegg Inc.(a)(b)		373,049		25,374,793
frontdoor Inc.(a)		224,097		9,389,664
Grand Canyon Education Inc.(a)		119,831		10,540,335
H&R Block Inc.		474,549		11,863,725
Mister Car Wash Inc.(a)		108,930		1,987,972
Service Corp. International		427,833		25,781,217
Terminix Global Holdings Inc.(a)		336,104		14,005,454
				121,589,011
Diversified Financial Services — 0.2%
Equitable Holdings Inc.		975,385		28,910,412
Voya Financial Inc.		297,647		18,272,549
				47,182,961
Diversified Telecommunication Services — 0.1%
Lumen Technologies Inc.		2,921,831		36,201,486
Electric Utilities — 2.0%
Alliant Energy Corp.		663,667		37,152,079
Avangrid Inc.		147,514		7,169,180
Edison International		984,955		54,635,454
Entergy Corp.		524,133		52,051,648
Evergy Inc.		606,510		37,724,922
Eversource Energy		904,172		73,925,103
FirstEnergy Corp.		1,437,559		51,205,851
Hawaiian Electric Industries Inc.		275,414		11,245,154
IDACORP Inc.		131,491		13,593,540
NRG Energy Inc.		636,566		25,990,990
OGE Energy Corp.		521,308		17,182,312
PG&E Corp.(a)(b)		3,948,867		37,909,123
Pinnacle West Capital Corp.		301,176		21,793,095
PPL Corp.		2,035,576		56,751,859
Xcel Energy Inc.		1,415,241		88,452,562
				586,782,872
Electrical Equipment — 1.4%
Acuity Brands Inc.		92,536		16,042,966
AMETEK Inc.		606,719		75,239,223
ChargePoint Holdings Inc.(a)(b)		276,353		5,524,297
Generac Holdings Inc.(a)		161,799		66,122,397
Hubbell Inc.		144,511		26,108,802
nVent Electric PLC		435,007		14,063,776
Plug Power Inc.(a)(b)		1,354,122		34,584,276
Regal Beloit Corp.		105,819		15,908,829
Rockwell Automation Inc.		306,668		90,172,659
Sensata Technologies Holding PLC(a)(b)		406,135		22,223,707
Shoals Technologies Group Inc., Class A(a)(b)		268,218		7,477,918
Sunrun Inc.(a)(b)		532,839		23,444,916
Vertiv Holdings Co.		730,641		17,601,142
				414,514,908
Electronic Equipment, Instruments & Components — 2.4%
Amphenol Corp., Class A		1,535,490		112,443,933
Arrow Electronics Inc.(a)		188,706		21,189,797
Avnet Inc.		259,133		9,580,147
CDW Corp./DE		362,641		66,007,915
Cognex Corp.		453,735		36,398,622
Coherent Inc.(a)		63,822		15,961,244
Corning Inc.		2,002,066		73,055,388

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
IPG Photonics Corp.(a)(b)		94,554	$	14,977,354
Jabil Inc.		375,329		21,907,954
Keysight Technologies Inc.(a)		488,528		80,260,265
Littelfuse Inc.		62,575		17,099,870
National Instruments Corp.		357,209		14,013,309
SYNNEX Corp.		108,723		11,318,064
Teledyne Technologies Inc.(a)		120,528		51,776,418
Trimble Inc.(a)		661,590		54,415,778
Vontier Corp.		444,489		14,934,830
Zebra Technologies Corp., Class A(a)		140,303		72,314,972
				687,655,860
Energy Equipment & Services — 0.4%
Baker Hughes Co.		1,930,113		47,731,694
Halliburton Co.		2,342,156		50,637,413
NOV Inc.(a)		1,017,935		13,345,128
				111,714,235
Entertainment — 1.2%
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		67,416		3,171,923
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)		518,099		26,635,470
Live Nation Entertainment Inc.(a)(b)		351,460		32,028,550
Madison Square Garden Sports Corp.(a)(b)		49,190		9,146,880
Playtika Holding Corp.(a)(b)		274,656		7,588,745
Roku Inc.(a)		306,196		95,946,517
Skillz Inc.(a)(b)		769,408		7,555,586
Spotify Technology SA(a)(b)		359,204		80,943,029
Take-Two Interactive Software Inc.(a)		305,599		47,083,638
World Wrestling Entertainment Inc., Class A		116,215		6,538,256
Zynga Inc., Class A(a)(b)		2,664,571		20,064,220
				336,702,814
Equity Real Estate Investment Trusts (REITs) — 7.1%
Alexandria Real Estate Equities Inc.		404,702		77,326,411
American Campus Communities Inc.		357,919		17,341,176
American Homes 4 Rent, Class A		740,297		28,220,122
Americold Realty Trust		690,906		20,070,819
Apartment Income REIT Corp.		410,372		20,030,257
AvalonBay Communities Inc.		366,988		81,339,220
Boston Properties Inc.		413,085		44,757,760
Brixmor Property Group Inc.		773,569		17,103,611
Camden Property Trust		257,042		37,905,984
CoreSite Realty Corp.		116,687		16,165,817
Cousins Properties Inc.		387,268		14,441,224
CubeSmart		525,113		25,441,725
CyrusOne Inc.		327,758		25,371,747
Douglas Emmett Inc.		434,571		13,736,789
Duke Realty Corp.		989,537		47,369,136
EPR Properties		193,333		9,546,784
Equity LifeStyle Properties Inc.		461,243		36,023,078
Equity Residential		970,858		78,561,829
Essex Property Trust Inc.		171,312		54,775,299
Extra Space Storage Inc.		346,353		58,183,840
Federal Realty Investment Trust		201,667		23,794,689
First Industrial Realty Trust Inc.		336,294		17,514,191
Gaming and Leisure Properties Inc.		576,077		26,683,887
Healthcare Trust of America Inc., Class A		568,480		16,861,117
Healthpeak Properties Inc.		1,425,113		47,712,783
Highwoods Properties Inc.		268,479		11,775,489
Host Hotels & Resorts Inc.(a)		1,863,908		30,437,618

66 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^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Hudson Pacific Properties Inc.		383,972	$	10,086,944
Invitation Homes Inc.		1,523,488		58,395,295
Iron Mountain Inc.		748,676		32,529,972
JBG SMITH Properties		323,543		9,580,108
Kilroy Realty Corp.		303,313		20,082,354
Kimco Realty Corp.		1,518,614		31,511,240
Lamar Advertising Co., Class A		225,361		25,567,205
Life Storage Inc.		207,619		23,822,204
Medical Properties Trust Inc.		1,543,311		30,974,252
Mid-America Apartment Communities Inc.		304,850		56,930,737
National Retail Properties Inc.		456,173		19,702,112
Omega Healthcare Investors Inc.		632,329		18,944,577
Park Hotels & Resorts Inc.(a)		613,339		11,739,308
Rayonier Inc.		365,839		13,053,136
Realty Income Corp.		1,029,595		66,779,532
Regency Centers Corp.		441,672		29,737,776
Rexford Industrial Realty Inc.		360,778		20,474,151
SBA Communications Corp.		284,996		94,211,128
Simon Property Group Inc.		857,459		111,443,946
SL Green Realty Corp.		174,495		12,361,226
Spirit Realty Capital Inc.		313,718		14,443,577
STORE Capital Corp.		638,019		20,435,749
Sun Communities Inc.		302,716		56,032,732
UDR Inc.		782,513		41,457,539
Ventas Inc.		1,037,692		57,290,975
VEREIT Inc.		605,094		27,368,402
VICI Properties Inc.		1,551,646		44,082,263
Vornado Realty Trust		458,340		19,254,863
Welltower Inc.		1,117,254		92,061,730
Weyerhaeuser Co.		1,975,770		70,278,139
WP Carey Inc.		482,807		35,264,223
				2,074,389,797
Food & Staples Retailing — 0.5%
Albertsons Companies Inc., Class A		402,455		12,528,424
Casey’s General Stores Inc.		96,194		18,127,759
Grocery Outlet Holding Corp.(a)		228,253		4,923,417
Kroger Co. (The)		1,968,693		79,594,258
U.S. Foods Holding Corp.(a)		576,913		19,995,805
				135,169,663
Food Products — 2.1%
Archer-Daniels-Midland Co.		1,464,957		87,912,070
Beyond Meat Inc.(a)(b)		149,759		15,763,632
Bunge Ltd.		359,352		29,222,505
Campbell Soup Co.		522,262		21,835,774
Conagra Brands Inc.		1,240,424		42,013,161
Darling Ingredients Inc.(a)		423,285		30,434,191
Flowers Foods Inc.		489,738		11,572,509
Freshpet Inc.(a)(b)		106,645		15,217,175
Hain Celestial Group Inc. (The)(a)(b)		228,900		9,792,342
Hershey Co. (The)		385,873		65,309,005
Hormel Foods Corp.		750,934		30,788,294
Ingredion Inc.		175,156		15,590,636
JM Smucker Co. (The)		276,525		33,191,296
Kellogg Co.		666,660		42,612,907
Lamb Weston Holdings Inc.		389,113		23,879,865
McCormick & Co. Inc./MD, NVS		658,828		53,384,833
Pilgrim’s Pride Corp.(a)		124,181		3,611,183
Post Holdings Inc.(a)(b)		154,164		16,982,706
Seaboard Corp.		725		2,972,493

Security	Shares		Value
Food Products (continued)
Tyson Foods Inc., Class A		758,751	$	59,895,804
				611,982,381
Gas Utilities — 0.2%
Atmos Energy Corp.		343,784		30,321,749
National Fuel Gas Co.		227,957		11,972,301
UGI Corp.		555,998		23,696,635
				65,990,685
Health Care Equipment & Supplies — 3.7%
ABIOMED Inc.(a)		115,918		37,733,627
Cooper Companies Inc. (The)		126,631		52,337,859
DENTSPLY SIRONA Inc.		577,197		33,506,286
Dexcom Inc.(a)(b)		253,871		138,831,895
Envista Holdings Corp.(a)		419,921		17,556,897
Figs Inc., Class A(a)(b)		99,904		3,710,434
Globus Medical Inc., Class A(a)		207,258		15,880,108
Hill-Rom Holdings Inc.		174,434		26,165,100
Hologic Inc.(a)		662,931		48,930,937
ICU Medical Inc.(a)		51,592		12,040,541
IDEXX Laboratories Inc.(a)		222,692		138,492,155
Insulet Corp.(a)		174,830		49,691,931
Integra LifeSciences Holdings Corp.(a)(b)		188,872		12,933,954
Masimo Corp.(a)		130,759		35,397,769
Novocure Ltd.(a)		270,155		31,383,906
Penumbra Inc.(a)		88,392		23,556,468
Quidel Corp.(a)(b)		98,186		13,858,954
ResMed Inc.		378,715		99,810,338
STERIS PLC		225,303		46,024,897
Tandem Diabetes Care Inc.(a)(b)		159,623		19,055,794
Teleflex Inc.		122,592		46,162,018
West Pharmaceutical Services Inc.		193,759		82,258,446
Zimmer Biomet Holdings Inc.		548,988		80,349,884
				1,065,670,198
Health Care Providers & Services — 1.8%
Acadia Healthcare Co. Inc.(a)		231,051		14,736,433
agilon health Inc.(a)(b)		179,972		4,717,066
Amedisys Inc.(a)		83,793		12,493,536
AmerisourceBergen Corp.		388,737		46,434,635
Cardinal Health Inc.		769,244		38,046,808
Chemed Corp.		40,589		18,878,756
DaVita Inc.(a)		182,681		21,238,493
Encompass Health Corp.		254,917		19,128,972
Guardant Health Inc.(a)(b)		235,028		29,380,850
Henry Schein Inc.(a)		368,013		28,027,870
Laboratory Corp. of America Holdings(a)		254,794		71,709,223
McKesson Corp.		409,443		81,634,745
Molina Healthcare Inc.(a)		150,722		40,892,386
Oak Street Health Inc.(a)(b)		259,006		11,015,525
Premier Inc., Class A		317,834		12,319,246
Quest Diagnostics Inc.		322,079		46,801,300
Signify Health Inc., Class A(a)(b)		166,912		2,982,717
Universal Health Services Inc., Class B		194,853		26,961,810
				527,400,371
Health Care Technology — 0.8%
Cerner Corp.		781,301		55,097,346
Certara Inc.(a)(b)		219,585		7,268,263
Change Healthcare Inc.(a)		662,889		13,880,896
Teladoc Health Inc.(a)(b)		399,253		50,629,273
Veeva Systems Inc., Class A(a)		361,758		104,247,803
				231,123,581

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure — 3.7%
Aramark		597,614	$	19,637,596
Boyd Gaming Corp.(a)		214,458		13,566,613
Caesars Entertainment Inc.(a)(b)		538,851		60,502,190
Carnival Corp.(a)		2,246,223		56,178,037
Chipotle Mexican Grill Inc.(a)		73,827		134,182,049
Choice Hotels International Inc.		91,002		11,499,923
Churchill Downs Inc.		96,593		23,190,047
Darden Restaurants Inc.		340,059		51,508,737
Domino’s Pizza Inc.		96,990		46,260,350
DraftKings Inc., Class A(a)(b)		795,034		38,288,837
Expedia Group Inc.(a)		383,197		62,805,988
Hilton Worldwide Holdings Inc.(a)		721,160		95,272,448
Hyatt Hotels Corp., Class A(a)		124,596		9,606,352
Marriott Vacations Worldwide Corp.		108,809		17,118,920
MGM Resorts International		1,059,167		45,703,056
Norwegian Cruise Line Holdings Ltd.(a)(b)		964,270		25,755,652
Penn National Gaming Inc.(a)(b)		408,619		29,608,533
Planet Fitness Inc., Class A(a)(b)		217,658		17,097,036
Royal Caribbean Cruises Ltd.(a)		574,022		51,059,257
Six Flags Entertainment Corp.(a)		200,684		8,529,070
Travel + Leisure Co.		221,394		12,072,615
Vail Resorts Inc.(a)		104,361		34,861,792
Wendy’s Co. (The)		465,564		10,093,427
Wyndham Hotels & Resorts Inc.		239,745		18,505,917
Wynn Resorts Ltd.(a)(b)		281,509		23,857,888
Yum China Holdings Inc.		1,108,372		64,407,497
Yum! Brands Inc.		785,156		96,032,430
				1,077,202,257
Household Durables — 1.5%
DR Horton Inc.		875,602		73,524,300
Garmin Ltd.		399,685		62,135,030
Leggett & Platt Inc.		347,369		15,576,026
Lennar Corp., Class A		715,016		66,982,699
Lennar Corp., Class B		42,908		3,329,232
Mohawk Industries Inc.(a)		147,750		26,210,850
Newell Brands Inc.		1,015,474		22,482,594
NVR Inc.(a)		8,545		40,965,414
PulteGroup Inc.		682,993		31,363,038
Tempur Sealy International Inc.		476,631		22,120,445
Toll Brothers Inc.		292,984		16,199,085
TopBuild Corp.(a)		86,216		17,657,899
Whirlpool Corp.		162,820		33,192,485
				431,739,097
Household Products — 0.4%
Church & Dwight Co. Inc.		648,295		53,529,718
Clorox Co. (The)		324,702		53,773,898
Reynolds Consumer Products Inc.		151,712		4,147,806
Spectrum Brands Holdings Inc.		109,361		10,462,567
				121,913,989
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		1,750,210		39,957,294
Brookfield Renewable Corp., Class A		333,674		12,949,888
Vistra Corp.		1,251,396		21,398,872
				74,306,054
Insurance — 3.7%
Aflac Inc.		1,751,489		91,305,122
Alleghany Corp.(a)		35,199		21,978,608
American Financial Group Inc./OH		177,017		22,274,049
Arch Capital Group Ltd.(a)		1,007,454		38,464,594

Security	Shares		Value
Insurance (continued)
Arthur J Gallagher & Co.		541,358	$	80,472,867
Assurant Inc.		154,183		24,322,368
Assured Guaranty Ltd.		185,614		8,688,591
Athene Holding Ltd., Class A(a)		302,526		20,834,966
Axis Capital Holdings Ltd.		202,341		9,315,780
Brighthouse Financial Inc.(a)		224,949		10,174,443
Brown & Brown Inc.		613,089		33,995,785
Cincinnati Financial Corp.		396,508		45,289,144
CNA Financial Corp.		74,827		3,139,741
Erie Indemnity Co., Class A, NVS		65,549		11,695,253
Everest Re Group Ltd.		103,651		25,993,598
Fidelity National Financial Inc.		720,556		32,670,009
First American Financial Corp.		277,179		18,584,852
Globe Life Inc.		264,518		23,550,037
GoHealth Inc., Class A(a)(b)		165,843		834,190
Hanover Insurance Group Inc. (The)		93,260		12,088,361
Hartford Financial Services Group Inc. (The)		916,116		64,357,149
Kemper Corp.		159,294		10,639,246
Lemonade Inc.(a)(b)		99,855		6,691,284
Lincoln National Corp.		494,107		33,969,856
Loews Corp.		572,722		30,886,897
Markel Corp.(a)		35,473		42,394,846
Mercury General Corp.		71,093		3,957,747
Old Republic International Corp.		728,521		16,850,691
Primerica Inc.		102,365		15,726,335
Principal Financial Group Inc.		700,473		45,110,461
Prudential Financial Inc.		1,021,101		107,419,825
Reinsurance Group of America Inc.		177,033		19,696,692
RenaissanceRe Holdings Ltd.		123,135		17,165,019
Unum Group		533,170		13,361,240
W R Berkley Corp.		360,175		26,357,606
White Mountains Insurance Group Ltd.(b)		7,890		8,439,223
Willis Towers Watson PLC		338,463		78,679,109
				1,077,375,584
Interactive Media & Services — 1.4%
IAC/InterActiveCorp.(a)		199,497		25,992,464
Match Group Inc.(a)(b)		726,441		114,043,973
Pinterest Inc., Class A(a)		1,465,482		74,666,308
TripAdvisor Inc.(a)		257,070		8,701,819
Twitter Inc.(a)		2,051,369		123,882,174
Vimeo Inc.(a)(b)		379,990		11,160,306
Zillow Group Inc., Class A(a)(b)		155,204		13,747,970
Zillow Group Inc., Class C, NVS(a)(b)		447,397		39,433,572
				411,628,586
Internet & Direct Marketing Retail — 0.7%
DoorDash Inc., Class A(a)(b)		378,824		78,030,168
Etsy Inc.(a)		334,318		69,524,771
Qurate Retail Inc., Series A		971,122		9,895,733
Wayfair Inc., Class A(a)(b)		198,904		50,821,961
				208,272,633
IT Services — 3.5%
Akamai Technologies Inc.(a)(b)		425,151		44,466,543
Alliance Data Systems Corp.		130,570		13,173,207
Amdocs Ltd.		337,566		25,557,122
Broadridge Financial Solutions Inc.		302,252		50,367,273
Cloudflare Inc., Class A(a)(b)		682,765		76,913,477
Concentrix Corp.(a)		110,123		19,491,771
DXC Technology Co.(a)		661,278		22,225,553
EPAM Systems Inc.(a)		141,762		80,872,386

68 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^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Euronet Worldwide Inc.(a)		132,280	$	16,836,598
Fastly Inc., Class A(a)(b)		276,242		11,171,226
FleetCor Technologies Inc.(a)		215,388		56,274,423
Gartner Inc.(a)		214,973		65,325,995
Genpact Ltd.		478,623		22,739,379
Globant SA(a)		106,777		30,005,405
GoDaddy Inc., Class A(a)(b)		445,481		31,050,026
Jack Henry & Associates Inc.		196,314		32,207,275
MongoDB Inc.(a)(b)		162,672		76,701,475
Okta Inc.(a)(b)		326,105		77,397,761
Paychex Inc.		847,248		95,273,038
Paysafe Ltd.(a)(b)		1,100,910		8,532,052
Sabre Corp.(a)		829,161		9,817,266
Shift4 Payments Inc., Class A(a)(b)		112,186		8,696,659
SolarWinds Corp.		91,596		1,532,401
StoneCo Ltd., Class A(a)		588,046		20,416,957
Switch Inc., Class A		299,462		7,603,340
VeriSign Inc.(a)		260,460		53,396,905
Western Union Co. (The)		1,091,627		22,072,698
WEX Inc.(a)(b)		116,541		20,527,532
Wix.com Ltd.(a)(b)		141,268		27,684,290
				1,028,330,033
Leisure Products — 0.6%
Brunswick Corp./DE		202,998		19,339,620
Hasbro Inc.		334,120		29,810,186
Hayward Holdings Inc.(a)(b)		100,240		2,229,338
Mattel Inc.(a)		909,518		16,880,654
Peloton Interactive Inc., Class A(a)(b)		693,481		60,367,521
Polaris Inc.		150,506		18,009,548
YETI Holdings Inc.(a)(b)		223,626		19,162,512
				165,799,379
Life Sciences Tools & Services — 2.9%
10X Genomics Inc., Class A(a)(b)		221,773		32,285,713
Adaptive Biotechnologies Corp.(a)(b)		284,341		9,664,750
Agilent Technologies Inc.		800,539		126,108,909
Avantor Inc.(a)(b)		1,531,645		62,644,280
Bio-Rad Laboratories Inc., Class A(a)		56,227		41,942,531
Bio-Techne Corp.		101,285		49,079,672
Bruker Corp.		267,197		20,868,086
Charles River Laboratories International Inc.(a)		130,464		53,838,579
IQVIA Holdings Inc.(a)		501,653		120,165,960
Maravai LifeSciences Holdings Inc., Class A(a)		268,577		13,181,759
Mettler-Toledo International Inc.(a)(b)		60,437		83,243,506
PerkinElmer Inc.(b)		293,130		50,796,498
PPD Inc.(a)		418,799		19,595,605
QIAGEN NV(a)(b)		593,998		30,697,817
Repligen Corp.(a)		143,742		41,540,000
Sotera Health Co.(a)(b)		262,693		6,869,422
Syneos Health Inc.(a)		265,910		23,261,807
Waters Corp.(a)(b)		161,482		57,697,519
				843,482,413
Machinery — 3.8%
AGCO Corp.		162,853		19,954,378
Allison Transmission Holdings Inc.		284,660		10,054,191
Colfax Corp.(a)(b)		308,911		14,179,015
Crane Co.		128,868		12,217,975
Cummins Inc.		379,237		85,161,461
Donaldson Co. Inc.		328,146		18,838,862
Dover Corp.		379,018		58,937,299

Security	Shares		Value
Machinery (continued)
Flowserve Corp.		339,771	$	11,779,861
Fortive Corp.		862,529		60,868,671
Gates Industrial Corp. PLC(a)		251,998		4,100,007
Graco Inc.		446,192		31,220,054
IDEX Corp.		201,008		41,598,606
Ingersoll Rand Inc.(a)		1,071,790		54,028,934
ITT Inc.		224,775		19,294,686
Lincoln Electric Holdings Inc.		149,875		19,302,401
Middleby Corp. (The)(a)(b)		147,059		25,075,030
Nordson Corp.		151,797		36,150,456
Oshkosh Corp.		178,260		18,248,476
Otis Worldwide Corp.		1,130,535		93,020,420
PACCAR Inc.		896,414		70,744,993
Parker-Hannifin Corp.		338,113		94,543,157
Pentair PLC		432,560		31,416,833
Snap-on Inc.		139,361		29,119,481
Stanley Black & Decker Inc.		424,304		74,384,734
Timken Co. (The)		167,735		10,973,224
Toro Co. (The)		285,805		27,840,265
Westinghouse Air Brake Technologies Corp.		481,163		41,481,062
Woodward Inc.		149,870		16,965,284
Xylem Inc./NY		472,817		58,478,007
				1,089,977,823
Marine — 0.0%
Kirby Corp.(a)		155,657		7,465,310
Media — 1.6%
Altice USA Inc., Class A(a)		558,639		11,575,000
Cable One Inc.		14,205		25,755,512
Discovery Inc., Class A(a)(b)		426,329		10,820,230
Discovery Inc., Class C, NVS(a)(b)		824,141		20,001,902
DISH Network Corp., Class A(a)(b)		649,740		28,237,700
Fox Corp., Class A, NVS		842,172		33,779,519
Fox Corp., Class B		397,319		14,748,481
Interpublic Group of Companies Inc. (The)		1,026,687		37,648,612
Liberty Broadband Corp., Class A(a)		64,732		10,897,632
Liberty Broadband Corp., Class C, NVS(a)		382,156		65,998,341
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		208,805		9,849,332
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		423,574		20,107,058
New York Times Co. (The), Class A		430,887		21,229,803
News Corp., Class A, NVS		1,016,771		23,924,622
News Corp., Class B		330,889		7,686,551
Nexstar Media Group Inc., Class A		107,545		16,342,538
Omnicom Group Inc.		564,270		40,887,004
Sirius XM Holdings Inc.		2,354,978		14,365,366
ViacomCBS Inc., Class A		13,960		587,297
ViacomCBS Inc., Class B, NVS		1,537,201		60,734,812
				475,177,312
Metals & Mining — 0.7%
Alcoa Corp.(a)		490,557		24,007,860
Cleveland-Cliffs Inc.(a)		1,193,667		23,646,543
Nucor Corp.		776,327		76,460,446
Reliance Steel & Aluminum Co.		165,387		23,554,416
Royal Gold Inc.		170,942		16,323,252
Steel Dynamics Inc.		512,151		29,950,590
United States Steel Corp.		697,143		15,316,232
				209,259,339

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		1,368,644	$	21,583,516
Annaly Capital Management Inc.		3,653,614		30,763,430
New Residential Investment Corp.		1,130,596		12,436,556
Starwood Property Trust Inc.		715,768		17,471,897
				82,255,399
Multi-Utilities — 1.6%
Ameren Corp.		672,636		54,483,516
CenterPoint Energy Inc.		1,568,301		38,580,205
CMS Energy Corp.		755,081		45,100,988
Consolidated Edison Inc.		935,751		67,926,165
DTE Energy Co.		508,733		56,830,563
MDU Resources Group Inc.		520,335		15,438,339
NiSource Inc.		1,046,253		25,350,710
Public Service Enterprise Group Inc.		1,327,981		80,874,043
WEC Energy Group Inc.		831,318		73,322,248
				457,906,777
Multiline Retail — 0.3%
Dollar Tree Inc.(a)		611,562		58,538,715
Kohl’s Corp.		419,088		19,734,854
Nordstrom Inc.(a)(b)		285,796		7,559,304
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		170,451		10,274,786
				96,107,659
Oil, Gas & Consumable Fuels — 3.4%
Antero Midstream Corp.		873,400		9,100,828
APA Corp.		988,847		21,190,991
Cabot Oil & Gas Corp.		1,025,479		22,314,423
Cheniere Energy Inc.(a)		619,081		60,465,641
Cimarex Energy Co.		262,617		22,900,203
Continental Resources Inc./OK(b)		169,887		7,840,285
Devon Energy Corp.		1,763,787		62,632,077
Diamondback Energy Inc.		474,602		44,930,571
DTE Midstream LLC(a)		254,459		11,766,184
EQT Corp.(a)		727,606		14,886,819
Hess Corp.		731,894		57,168,240
HollyFrontier Corp.		390,962		12,952,571
Marathon Oil Corp.		2,052,076		28,051,879
Marathon Petroleum Corp.		1,684,853		104,140,764
New Fortress Energy Inc.		69,220		1,920,855
Occidental Petroleum Corp.		2,230,170		65,968,429
ONEOK Inc.		1,170,580		67,881,934
Phillips 66		1,150,464		80,566,994
Pioneer Natural Resources Co.		570,434		94,982,965
Targa Resources Corp.		590,067		29,037,197
Texas Pacific Land Corp.		15,330		18,539,489
Valero Energy Corp.		1,078,808		76,131,481
Williams Companies Inc. (The)		3,199,296		82,989,738
				998,360,558
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		250,672		15,383,741
Personal Products — 0.1%
Coty Inc., Class A(a)		899,460		7,069,756
Herbalife Nutrition Ltd.(a)(b)		280,543		11,889,412
				18,959,168
Pharmaceuticals — 0.8%
Catalent Inc.(a)		425,247		56,587,618
Elanco Animal Health Inc.(a)(b)		1,179,771		37,622,897
Jazz Pharmaceuticals PLC(a)		158,183		20,597,008
Nektar Therapeutics(a)(b)		484,739		8,705,913

Security	Shares		Value
Pharmaceuticals (continued)
Organon & Co.		663,115	$	21,743,541
Perrigo Co. PLC		348,988		16,517,602
Royalty Pharma PLC, Class A		864,069		31,227,454
Viatris Inc.		3,200,343		43,364,648
				236,366,681
Professional Services — 2.3%
Booz Allen Hamilton Holding Corp.		351,861		27,920,170
CACI International Inc., Class A(a)		60,745		15,921,264
Clarivate PLC(a)(b)		1,148,613		25,154,625
CoStar Group Inc.(a)		1,030,432		88,678,978
Dun & Bradstreet Holdings Inc.(a)(b)		418,372		7,032,833
Equifax Inc.		319,268		80,908,897
FTI Consulting Inc.(a)(b)		87,611		11,801,202
IHS Markit Ltd.		981,713		114,487,370
Jacobs Engineering Group Inc.		342,145		45,344,477
Legalzoomcom Inc.(a)(b)		49,952		1,318,733
Leidos Holdings Inc.		371,179		35,681,437
ManpowerGroup Inc.		141,521		15,323,894
Nielsen Holdings PLC		931,931		17,883,756
Robert Half International Inc.		287,910		28,886,010
Science Applications International Corp.		151,280		12,943,517
TransUnion		505,614		56,785,508
Verisk Analytics Inc.		418,373		83,787,561
				669,860,232
Real Estate Management & Development — 0.5%
CBRE Group Inc., Class A(a)		879,877		85,664,825
Howard Hughes Corp. (The)(a)		109,054		9,576,032
Jones Lang LaSalle Inc.(a)(b)		133,436		33,104,137
Opendoor Technologies Inc.(a)(b)		1,187,282		24,374,899
				152,719,893
Road & Rail — 1.1%
AMERCO		23,386		15,108,058
JB Hunt Transport Services Inc.		223,254		37,332,534
Kansas City Southern		238,902		64,656,437
Knight-Swift Transportation Holdings Inc.		420,649		21,516,196
Landstar System Inc.		99,950		15,774,109
Lyft Inc., Class A(a)		755,636		40,494,533
Old Dominion Freight Line Inc.		269,534		77,081,333
Ryder System Inc.		135,950		11,244,425
Schneider National Inc., Class B		125,326		2,849,913
TuSimple Holdings Inc., Class A(a)(b)		93,623		3,476,222
XPO Logistics Inc.(a)(b)		253,939		20,208,466
				309,742,226
Semiconductors & Semiconductor Equipment — 2.8%
Allegro MicroSystems Inc.(a)(b)		105,864		3,383,413
Brooks Automation Inc.		192,121		19,663,584
Cirrus Logic Inc.(a)		150,410		12,386,264
Enphase Energy Inc.(a)		347,648		52,136,771
Entegris Inc.		352,395		44,366,531
First Solar Inc.(a)		278,011		26,538,930
Marvell Technology Inc.		2,155,410		129,992,777
Microchip Technology Inc.		707,721		108,628,096
MKS Instruments Inc.		144,637		21,827,170
Monolithic Power Systems Inc.		117,463		56,931,967
ON Semiconductor Corp.(a)		1,110,198		50,813,763
Qorvo Inc.(a)		292,934		48,975,635
Skyworks Solutions Inc.		434,000		71,514,520
Teradyne Inc.		438,720		47,895,062
Universal Display Corp.		115,800		19,797,168

70 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^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Xilinx Inc.		647,680	$	97,793,203
				812,644,854
Software — 8.3%
Alteryx Inc., Class A(a)(b)		153,949		11,253,672
Anaplan Inc.(a)		372,538		22,683,839
ANSYS Inc.(a)(b)		230,136		78,349,801
Aspen Technology Inc.(a)(b)		181,438		22,280,586
Avalara Inc.(a)(b)		222,041		38,806,106
Bentley Systems Inc., Class B(b)		361,069		21,895,224
Bill.com Holdings Inc.(a)(b)		207,957		55,514,121
Black Knight Inc.(a)		404,382		29,115,504
C3.ai Inc., Class A(a)(b)		90,535		4,195,392
Cadence Design Systems Inc.(a)		722,640		109,436,602
CDK Global Inc.		318,440		13,549,622
Ceridian HCM Holding Inc.(a)(b)		337,987		38,064,096
Citrix Systems Inc.		328,646		35,286,721
Coupa Software Inc.(a)		193,085		42,320,370
Crowdstrike Holdings Inc., Class A(a)		518,956		127,549,006
Datadog Inc., Class A(a)		613,731		86,750,877
Datto Holding Corp.(a)		66,376		1,586,386
DocuSign Inc.(a)		501,611		129,129,720
Dolby Laboratories Inc., Class A		167,735		14,760,680
DoubleVerify Holdings Inc.(a)(b)		39,836		1,360,798
Dropbox Inc., Class A(a)(b)		795,961		23,257,980
Duck Creek Technologies Inc.(a)		186,431		8,247,707
Dynatrace Inc.(a)		519,915		36,898,368
Elastic NV(a)(b)		182,492		27,189,483
Everbridge Inc.(a)(b)		100,501		15,179,671
Fair Isaac Corp.(a)(b)		71,863		28,596,444
Five9 Inc.(a)		175,919		28,101,301
Fortinet Inc.(a)		352,632		102,982,649
Guidewire Software Inc.(a)(b)		219,346		26,073,659
HubSpot Inc.(a)(b)		117,486		79,431,110
Jamf Holding Corp.(a)(b)		139,179		5,361,175
Mandiant Inc.		621,927		11,070,301
Manhattan Associates Inc.(a)		165,633		25,346,818
McAfee Corp., Class A		180,215		3,984,554
Medallia Inc.(a)(b)		288,373		9,767,194
N-Able Inc.(a)		91,594		1,136,682
nCino Inc.(a)(b)		148,308		10,534,317
NCR Corp.(a)(b)		332,965		12,905,723
New Relic Inc.(a)		134,755		9,671,366
NortonLifeLock Inc.		1,458,102		36,889,981
Nuance Communications Inc.(a)		754,860		41,547,494
Nutanix Inc., Class A(a)(b)		504,913		19,035,220
Palantir Technologies Inc., Class A(a)		4,271,296		102,681,956
Palo Alto Networks Inc.(a)(b)		250,913		120,187,327
Paycom Software Inc.(a)		134,091		66,475,613
Paycor HCM Inc.(a)		54,290		1,908,836
Paylocity Holding Corp.(a)		98,003		27,480,041
Pegasystems Inc.		105,898		13,459,636
Procore Technologies Inc.(a)(b)		26,849		2,398,690
PTC Inc.(a)		279,526		33,484,420
RingCentral Inc., Class A(a)		210,141		45,705,667
Smartsheet Inc., Class A(a)		318,177		21,896,941
Splunk Inc.(a)		432,348		62,565,079
SS&C Technologies Holdings Inc.		593,562		41,193,203
Synopsys Inc.(a)		399,559		119,631,960
Teradata Corp.(a)		282,646		16,209,748
Trade Desk Inc. (The), Class A(a)		1,127,740		79,280,122

Security	Shares		Value
Software (continued)
Tyler Technologies Inc.(a)		106,404	$	48,802,195
Unity Software Inc.(a)(b)		390,402		49,288,252
Wolfspeed Inc.		303,751		24,521,818
Zendesk Inc.(a)		311,786		36,288,773
Zscaler Inc.(a)		203,393		53,333,712
				2,413,892,309
Specialty Retail — 3.1%
Advance Auto Parts Inc.		173,673		36,278,553
AutoNation Inc.(a)(b)		119,243		14,519,028
AutoZone Inc.(a)(b)		56,875		96,573,181
Bath & Body Works Inc.		644,593		40,628,697
Best Buy Co. Inc.		658,191		69,577,371
Burlington Stores Inc.(a)		173,799		49,284,182
CarMax Inc.(a)(b)		430,716		55,114,419
Carvana Co.(a)(b)		203,467		61,353,439
Dick’s Sporting Goods Inc.		164,103		19,654,616
Five Below Inc.(a)		143,958		25,453,214
Floor & Decor Holdings Inc., Class A(a)		267,844		32,352,877
Foot Locker Inc.		234,497		10,707,133
GameStop Corp., Class A(a)(b)		169,708		29,778,663
Gap Inc. (The)		528,703		12,001,558
Leslie’s Inc.(a)(b)		324,753		6,670,427
Lithia Motors Inc.		77,310		24,510,362
O’Reilly Automotive Inc.(a)		179,196		109,499,508
Penske Automotive Group Inc.		82,135		8,262,781
Petco Health & Wellness Co. Inc.(a)(b)		145,892		3,078,321
RH(a)		45,119		30,090,312
Tractor Supply Co.		303,644		61,521,311
Ulta Beauty Inc.(a)		140,541		50,724,058
Victoria’s Secret & Co.(a)		208,000		11,494,080
Vroom Inc.(a)(b)		300,735		6,637,222
Williams-Sonoma Inc.		196,204		34,792,855
				900,558,168
Technology Hardware, Storage & Peripherals — 0.9%
Hewlett Packard Enterprise Co.		3,438,517		48,998,867
HP Inc.		3,154,776		86,314,671
NetApp Inc.		582,361		52,272,723
Pure Storage Inc., Class A(a)		705,806		17,758,079
Western Digital Corp.(a)		810,497		45,744,451
Xerox Holdings Corp.		371,414		7,491,421
				258,580,212
Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd.(a)(b)		395,826		19,161,937
Carter’s Inc.		112,510		10,940,472
Columbia Sportswear Co.		104,322		9,998,220
Deckers Outdoor Corp.(a)		72,341		26,057,228
Hanesbrands Inc.		906,153		15,549,585
Lululemon Athletica Inc.(a)(b)		300,348		121,550,836
PVH Corp.(a)		185,448		19,062,200
Ralph Lauren Corp.		123,606		13,725,210
Skechers U.S.A. Inc., Class A(a)		344,199		14,497,662
Tapestry Inc.		729,131		26,992,430
Under Armour Inc., Class A(a)		492,307		9,934,755
Under Armour Inc., Class C, NVS(a)(b)		534,605		9,366,280
VF Corp.		852,630		57,117,684
				353,954,499
Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		883,331		13,214,632
New York Community Bancorp. Inc.		1,178,711		15,170,010

S C H E D U L E   O F   I N V E S T M E N T S 71

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Rocket Companies Inc., Class A(b)		353,997	$	5,678,112
TFS Financial Corp.		142,340		2,713,000
UWM Holdings Corp.		245,346		1,705,155
				38,480,909
Trading Companies & Distributors — 0.9%
Air Lease Corp.		279,607		10,999,739
Core & Main Inc., Class A(a)(b)		92,723		2,430,270
Fastenal Co.		1,510,708		77,967,640
MSC Industrial Direct Co. Inc., Class A		117,204		9,398,589
SiteOne Landscape Supply Inc.(a)(b)		115,205		22,979,941
United Rentals Inc.(a)		190,878		66,984,816
Univar Solutions Inc.(a)		437,060		10,410,769
Watsco Inc.		86,014		22,761,025
WW Grainger Inc.		122,643		48,206,058
				272,138,847
Water Utilities — 0.4%
American Water Works Co. Inc.		478,479		80,882,090
Essential Utilities Inc.		584,953		26,954,634
				107,836,724
Total Common Stocks — 99.8% (Cost: $18,447,920,184)				28,980,405,349

Security	Shares		Value
Short-Term Investments
Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		983,569,936	$	984,061,721
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		38,200,000		38,200,000
				1,022,261,721
Total Short-Term Investments — 3.5% (Cost: $1,021,791,697)				1,022,261,721
Total Investments in Securities — 103.3% (Cost: $19,469,711,881)				30,002,667,070
Other Assets, Less Liabilities — (3.3)%				(958,145,759	)
Net Assets — 100.0%			$	29,044,521,311

^(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 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	$	770,892,251	$	213,262,848	(a)	$	—	$	(13,737	)	$	(79,641	)	$	984,061,721		983,569,936	$	1,539,740	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		33,520,000		4,680,000	(a)		—		—			—			38,200,000		38,200,000		2,051			—
								$	(13,737	)	$	(79,641	)	$	1,022,261,721			$	1,541,791		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 400 E-Mini Index		140		12/17/21	$	36,865	$	(915,289	)
S&P 500 E-Mini Index		103		12/17/21		22,133		(833,308	)
							$	(1,748,597	)

72 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^® Russell Mid-Cap 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)	$	1,748,597

^(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	$	3,313,233
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,846,040	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	53,956,041

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	$	28,980,405,349		$	—	$	—	$	28,980,405,349
Money Market Funds		1,022,261,721			—		—		1,022,261,721
	$	30,002,667,070		$	—	$	—	$	30,002,667,070
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,748,597	)	$	—	$	—	$	(1,748,597	)

^(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 73

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
Axon Enterprise Inc.(a)		247,587	$	43,332,677
BWX Technologies Inc.		276,768		14,906,725
HEICO Corp.(b)		54,736		7,218,036
HEICO Corp., Class A		95,733		11,337,659
Howmet Aerospace Inc.		109,980		3,431,376
Spirit AeroSystems Holdings Inc., Class A		115,952		5,123,919
TransDigm Group Inc.(a)		57,067		35,642,336
Virgin Galactic Holdings Inc.(a)(b)		630,300		15,946,590
				136,939,318
Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		99,967		8,697,129
Expeditors International of Washington Inc.		470,234		56,018,976
GXO Logistics Inc.(a)(b)		317,966		24,941,253
				89,657,358
Airlines — 0.7%
Delta Air Lines Inc.(a)		2,442,443		104,072,496
Auto Components — 0.3%
Aptiv PLC(a)		189,328		28,204,192
QuantumScape Corp.(a)(b)		562,848		13,812,290
				42,016,482
Automobiles — 0.1%
Thor Industries Inc.		81,970		10,062,637
Banks — 0.2%
Citizens Financial Group Inc.		285,205		13,398,931
Sterling Bancorp./DE		57,237		1,428,636
Synovus Financial Corp.		41,343		1,814,544
Western Alliance Bancorp.		204,488		22,252,384
				38,894,495
Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)		35,579		18,136,395
Brown-Forman Corp., Class A		85,581		5,363,362
Brown-Forman Corp., Class B, NVS		348,715		23,367,392
				46,867,149
Biotechnology — 3.6%
Acceleron Pharma Inc.(a)(b)		202,179		34,795,006
Alnylam Pharmaceuticals Inc.(a)(b)		453,388		85,604,188
CureVac NV(a)(b)		205,968		11,249,972
Exact Sciences Corp.(a)(b)		605,356		57,781,230
Exelixis Inc.(a)		1,007,590		21,300,453
Horizon Therapeutics PLC(a)		154,914		16,969,280
Incyte Corp.(a)		606,164		41,691,960
Ionis Pharmaceuticals Inc.(a)(b)		498,382		16,715,732
Iovance Biotherapeutics Inc.(a)		167,949		4,141,622
Mirati Therapeutics Inc.(a)		125,962		22,283,937
Natera Inc.(a)(b)		297,300		33,131,112
Neurocrine Biosciences Inc.(a)		358,269		34,361,580
Novavax Inc.(a)(b)		283,059		58,680,961
Sarepta Therapeutics Inc.(a)(b)		292,457		27,046,423
Seagen Inc.(a)(b)		456,747		77,555,641
Ultragenyx Pharmaceutical Inc.(a)(b)		182,083		16,422,066
				559,731,163
Building Products — 2.0%
Advanced Drainage Systems Inc.		231,775		25,071,102
Allegion PLC		261,869		34,613,844
Armstrong World Industries Inc.		86,877		8,294,147

Security	Shares		Value
Building Products (continued)
AZEK Co. Inc. (The)(a)		235,002	$	8,584,623
Carlisle Companies Inc.		74,588		14,827,349
Carrier Global Corp.		1,560,411		80,766,873
Fortune Brands Home & Security Inc.		133,437		11,931,937
Trane Technologies PLC		445,705		76,950,968
Trex Co. Inc.(a)(b)		443,472		45,203,101
				306,243,944
Capital Markets — 3.3%
Ameriprise Financial Inc.		243,706		64,367,629
Apollo Global Management Inc.		693,129		42,689,815
Ares Management Corp., Class A		463,238		34,200,862
FactSet Research Systems Inc.		125,126		49,397,242
LPL Financial Holdings Inc.		305,127		47,831,709
MarketAxess Holdings Inc.		142,434		59,920,559
Morningstar Inc.		81,217		21,037,639
MSCI Inc.		217,498		132,312,733
Raymond James Financial Inc.		35,721		3,296,334
T Rowe Price Group Inc.		284,373		55,936,169
				510,990,691
Chemicals — 1.1%
Axalta Coating Systems Ltd.(a)(b)		140,158		4,091,212
Celanese Corp.		155,088		23,362,456
Chemours Co. (The)		320,796		9,322,332
Diversey Holdings Ltd.(a)(b)		150,140		2,408,246
FMC Corp.		124,229		11,374,407
LyondellBasell Industries NV, Class A		122,392		11,486,489
Olin Corp.		41,434		1,999,191
PPG Industries Inc.		380,796		54,457,636
RPM International Inc.		285,768		22,189,885
Scotts Miracle-Gro Co. (The)		157,147		23,000,035
Westlake Chemical Corp.		25,142		2,291,442
				165,983,331
Commercial Services & Supplies — 1.9%
Cintas Corp.		313,025		119,156,096
Copart Inc.(a)		799,220		110,867,798
IAA Inc.(a)		516,889		28,206,633
MSA Safety Inc.		39,974		5,824,212
Rollins Inc.		806,820		28,504,951
				292,559,690
Communications Equipment — 0.6%
Arista Networks Inc.(a)		206,384		70,921,798
CommScope Holding Co. Inc.(a)(b)		776,434		10,551,738
Ubiquiti Inc.		22,134		6,610,762
				88,084,298
Consumer Finance — 1.0%
Credit Acceptance Corp.(a)(b)		2,684		1,570,945
Discover Financial Services		631,108		77,531,618
Synchrony Financial		407,502		19,918,698
Upstart Holdings Inc.(a)(b)		172,783		54,675,452
				153,696,713
Containers & Packaging — 0.6%
Avery Dennison Corp.		168,457		34,905,975
Ball Corp.		364,712		32,813,139
Crown Holdings Inc.		59,560		6,002,457
Graphic Packaging Holding Co.		301,486		5,740,293
Sealed Air Corp.		311,086		17,044,402
				96,506,266

74 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^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors — 0.4%
Pool Corp.		149,228	$	64,826,136
Diversified Consumer Services — 0.5%
Bright Horizons Family Solutions Inc.(a)(b)		185,814		25,906,188
Chegg Inc.(a)(b)		417,269		28,382,637
frontdoor Inc.(a)		222,689		9,330,669
H&R Block Inc.		549,926		13,748,150
Mister Car Wash Inc.(a)		125,888		2,297,456
				79,665,100
Electric Utilities — 0.1%
NRG Energy Inc.		426,716		17,422,814
Electrical Equipment — 1.6%
Generac Holdings Inc.(a)(b)		234,373		95,781,214
Plug Power Inc.(a)(b)		1,961,350		50,092,879
Rockwell Automation Inc.		270,168		79,440,199
Vertiv Holdings Co.(b)		1,075,965		25,919,997
				251,234,289
Electronic Equipment, Instruments & Components — 3.3%
Amphenol Corp., Class A		1,587,731		116,269,541
CDW Corp./DE		524,474		95,464,757
Cognex Corp.		651,617		52,272,716
Coherent Inc.(a)		84,006		21,009,060
Corning Inc.		986,161		35,985,015
IPG Photonics Corp.(a)(b)		9,884		1,565,626
Jabil Inc.		431,316		25,175,915
Keysight Technologies Inc.(a)(b)		310,216		50,965,387
Vontier Corp.		347,240		11,667,264
Zebra Technologies Corp., Class A(a)		203,517		104,896,732
				515,272,013
Energy Equipment & Services — 0.0%
Halliburton Co.		178,175		3,852,144
Entertainment — 2.2%
Live Nation Entertainment Inc.(a)(b)		195,351		17,802,337
Madison Square Garden Sports Corp.(a)		27,477		5,109,348
Playtika Holding Corp.(a)(b)		398,068		10,998,619
Roku Inc.(a)		445,584		139,623,746
Skillz Inc.(a)(b)		1,131,025		11,106,666
Spotify Technology SA(a)(b)		522,560		117,753,670
Take-Two Interactive Software Inc.(a)		87,985		13,555,849
World Wrestling Entertainment Inc., Class A		146,338		8,232,976
Zynga Inc., Class A(a)(b)		1,832,448		13,798,333
				337,981,544
Equity Real Estate Investment Trusts (REITs) — 1.8%
CoreSite Realty Corp.		131,201		18,176,586
Equity LifeStyle Properties Inc.		351,659		27,464,568
Extra Space Storage Inc.		44,338		7,448,341
Iron Mountain Inc.		772,696		33,573,641
Lamar Advertising Co., Class A		288,568		32,738,040
SBA Communications Corp.		69,358		22,927,674
Simon Property Group Inc.		1,084,385		140,937,518
				283,266,368
Food Products — 1.1%
Beyond Meat Inc.(a)(b)		192,324		20,244,024
Darling Ingredients Inc.(a)		32,482		2,335,456
Freshpet Inc.(a)(b)		156,409		22,318,000
Hershey Co. (The)		479,479		81,151,821
Kellogg Co.		428,492		27,389,209
Lamb Weston Holdings Inc.		165,666		10,166,922

Security	Shares		Value
Food Products (continued)
Pilgrim’s Pride Corp.(a)		73,177	$	2,127,987
				165,733,419
Health Care Equipment & Supplies — 6.1%
ABIOMED Inc.(a)		168,948		54,995,953
Dexcom Inc.(a)		368,934		201,755,247
Figs Inc., Class A(a)(b)		36,399		1,351,859
Globus Medical Inc., Class A(a)		14,939		1,144,626
IDEXX Laboratories Inc.(a)		323,851		201,402,937
Insulet Corp.(a)(b)		253,442		72,035,820
Masimo Corp.(a)		139,034		37,637,894
Novocure Ltd.(a)(b)		392,333		45,577,325
Penumbra Inc.(a)		129,427		34,492,296
ResMed Inc.		495,368		130,554,236
STERIS PLC		44,743		9,140,100
Tandem Diabetes Care Inc.(a)(b)		219,880		26,249,274
Teleflex Inc.		31,374		11,813,880
West Pharmaceutical Services Inc.		281,049		119,316,542
				947,467,989
Health Care Providers & Services — 1.2%
agilon health Inc.(a)(b)		244,662		6,412,591
Amedisys Inc.(a)		108,636		16,197,628
Cardinal Health Inc.		658,126		32,550,912
Chemed Corp.(b)		15,550		7,232,616
DaVita Inc.(a)		186,058		21,631,103
Encompass Health Corp.		213,914		16,052,106
Guardant Health Inc.(a)(b)		344,184		43,026,442
McKesson Corp.		85,547		17,056,361
Molina Healthcare Inc.(a)		33,248		9,020,515
Oak Street Health Inc.(a)(b)		339,749		14,449,525
				183,629,799
Health Care Technology — 1.0%
Certara Inc.(a)(b)		180,806		5,984,678
Veeva Systems Inc., Class A(a)		524,146		151,043,153
				157,027,831
Hotels, Restaurants & Leisure — 5.2%
Boyd Gaming Corp.(a)		66,302		4,194,264
Caesars Entertainment Inc.(a)(b)		485,428		54,503,856
Chipotle Mexican Grill Inc.(a)		107,392		195,187,108
Choice Hotels International Inc.		132,140		16,698,532
Churchill Downs Inc.		141,285		33,919,703
Darden Restaurants Inc.		338,512		51,274,413
Domino’s Pizza Inc.		95,727		45,657,950
DraftKings Inc., Class A(a)(b)		1,157,942		55,766,487
Expedia Group Inc.(a)		553,870		90,779,293
Hilton Worldwide Holdings Inc.(a)		701,345		92,654,688
Penn National Gaming Inc.(a)(b)		37,297		2,702,540
Planet Fitness Inc., Class A(a)(b)		217,578		17,090,752
Six Flags Entertainment Corp.(a)		112,024		4,761,020
Travel + Leisure Co.		213,672		11,651,534
Vail Resorts Inc.(a)		152,993		51,107,312
Wendy’s Co. (The)		674,793		14,629,512
Wyndham Hotels & Resorts Inc.		219,548		16,946,910
Wynn Resorts Ltd.(a)		405,007		34,324,343
Yum China Holdings Inc.		124,328		7,224,700
Yum! Brands Inc.		96,107		11,754,847
				812,829,764
Household Durables — 1.0%
DR Horton Inc.		526,650		44,222,801
NVR Inc.(a)		8,283		39,709,365

S C H E D U L E   O F   I N V E S T M E N T S 75

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
PulteGroup Inc.		288,264	$	13,237,083
Tempur Sealy International Inc.		697,491		32,370,557
Toll Brothers Inc.		172,498		9,537,414
TopBuild Corp.(a)(b)		105,245		21,555,228
				160,632,448
Household Products — 0.4%
Church & Dwight Co. Inc.		49,339		4,073,921
Clorox Co. (The)		381,590		63,195,120
				67,269,041
Independent Power and Renewable Electricity Producers — 0.0%
Brookfield Renewable Corp., Class A		121,564		4,717,899
Insurance — 0.4%
Alleghany Corp.(a)		5,587		3,488,579
Arch Capital Group Ltd.(a)		349,360		13,338,565
Brown & Brown Inc.		51,572		2,859,667
Erie Indemnity Co., Class A, NVS		65,695		11,721,302
Everest Re Group Ltd.		34,048		8,538,557
GoHealth Inc., Class A(a)(b)		155,775		783,548
Lemonade Inc.(a)(b)		15,064		1,009,439
Lincoln National Corp.		108,423		7,454,081
Markel Corp.(a)		8,551		10,219,557
RenaissanceRe Holdings Ltd.		78,970		11,008,418
				70,421,713
Interactive Media & Services — 2.5%
Match Group Inc.(a)(b)		1,057,350		165,993,376
Pinterest Inc., Class A(a)		2,120,085		108,018,331
TripAdvisor Inc.(a)		228,953		7,750,059
Twitter Inc.(a)		315,336		19,043,141
Vimeo Inc.(a)(b)		506,934		14,888,652
Zillow Group Inc., Class A(a)		227,595		20,160,365
Zillow Group Inc., Class C, NVS(a)(b)		648,998		57,202,684
				393,056,608
Internet & Direct Marketing Retail — 1.6%
DoorDash Inc., Class A(a)		486,274		100,162,719
Etsy Inc.(a)		484,026		100,658,047
Wayfair Inc., Class A(a)(b)		160,301		40,958,508
				241,779,274
IT Services — 6.2%
Broadridge Financial Solutions Inc.		402,508		67,073,933
Cloudflare Inc., Class A(a)		931,666		104,952,175
EPAM Systems Inc.(a)		205,777		117,391,663
Euronet Worldwide Inc.(a)		138,343		17,608,297
FleetCor Technologies Inc.(a)		72,052		18,825,026
Gartner Inc.(a)		310,916		94,481,154
Genpact Ltd.		34,730		1,650,022
Globant SA(a)		154,910		43,531,259
GoDaddy Inc., Class A(a)(b)		64,941		4,526,388
Jack Henry & Associates Inc.		72,973		11,971,950
MongoDB Inc.(a)(b)		236,907		111,704,020
Okta Inc.(a)(b)		474,909		112,714,902
Paychex Inc.		1,073,896		120,759,605
Sabre Corp.(a)		1,202,419		14,236,641
Shift4 Payments Inc., Class A(a)(b)		162,420		12,590,799
StoneCo Ltd., Class A(a)		788,904		27,390,747
Switch Inc., Class A		441,023		11,197,574
Western Union Co. (The)		394,556		7,977,922
WEX Inc.(a)(b)		114,869		20,233,026

Security	Shares		Value
IT Services (continued)
Wix.com Ltd.(a)(b)		204,337	$	40,043,922
				960,861,025
Leisure Products — 1.0%
Brunswick Corp./DE		37,778		3,599,110
Mattel Inc.(a)(b)		1,336,396		24,803,510
Peloton Interactive Inc., Class A(a)(b)		1,008,782		87,814,473
Polaris Inc.		151,519		18,130,764
YETI Holdings Inc.(a)		327,876		28,095,694
				162,443,551
Life Sciences Tools & Services — 5.6%
10X Genomics Inc., Class A(a)(b)		320,529		46,662,612
Adaptive Biotechnologies Corp.(a)(b)		373,302		12,688,535
Agilent Technologies Inc.		1,043,359		164,360,343
Avantor Inc.(a)		2,215,160		90,600,044
Bio-Techne Corp.		147,777		71,608,301
Bruker Corp.		392,140		30,626,134
Charles River Laboratories International Inc.(a)		178,258		73,561,729
IQVIA Holdings Inc.(a)(b)		360,023		86,239,909
Maravai LifeSciences Holdings Inc., Class A(a)		389,248		19,104,292
Mettler-Toledo International Inc.(a)		87,781		120,906,038
PPD Inc.(a)		248,120		11,609,535
Repligen Corp.(a)(b)		197,586		57,100,378
Sotera Health Co.(a)		380,847		9,959,149
Syneos Health Inc.(a)		51,170		4,476,352
Waters Corp.(a)		217,168		77,594,126
				877,097,477
Machinery — 1.3%
AGCO Corp.		23,185		2,840,858
Allison Transmission Holdings Inc.		305,944		10,805,942
Donaldson Co. Inc.		58,788		3,375,019
Graco Inc.		398,221		27,863,524
Lincoln Electric Holdings Inc.		220,023		28,336,762
Middleby Corp. (The)(a)		62,807		10,709,222
Nordson Corp.		37,712		8,981,113
Parker-Hannifin Corp.		81,886		22,896,963
Toro Co. (The)		389,544		37,945,481
Xylem Inc./NY		449,821		55,633,861
				209,388,745
Media — 0.2%
Altice USA Inc., Class A(a)		576,713		11,949,493
Cable One Inc.		10,945		19,844,708
Nexstar Media Group Inc., Class A		10,612		1,612,600
				33,406,801
Metals & Mining — 0.0%
Steel Dynamics Inc.		138,974		8,127,200
Multiline Retail — 0.1%
Nordstrom Inc.(a)(b)		361,846		9,570,827
Oil, Gas & Consumable Fuels — 1.5%
Cabot Oil & Gas Corp.		177,185		3,855,546
Cheniere Energy Inc.(a)		898,062		87,713,715
Cimarex Energy Co.		76,120		6,637,664
Continental Resources Inc./OK		25,396		1,172,025
Diamondback Energy Inc.		328,202		31,070,883
Hess Corp.		71,546		5,588,458
New Fortress Energy Inc.		100,445		2,787,349
Occidental Petroleum Corp.		408,872		12,094,434
Pioneer Natural Resources Co.		369,105		61,459,674

76 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^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Texas Pacific Land Corp.(b)		22,489	$	27,197,297
				239,577,045
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		28,213		1,731,432
Personal Products — 0.0%
Herbalife Nutrition Ltd.(a)(b)		67,186		2,847,343
Pharmaceuticals — 0.3%
Catalent Inc.(a)(b)		145,170		19,317,772
Royalty Pharma PLC, Class A		737,332		26,647,178
				45,964,950
Professional Services — 2.3%
Booz Allen Hamilton Holding Corp.		510,575		40,514,126
CoStar Group Inc.(a)		1,161,752		99,980,377
Equifax Inc.		177,434		44,965,324
Legalzoomcom Inc.(a)(b)		43,011		1,135,491
Robert Half International Inc.		369,243		37,046,150
TransUnion		498,380		55,973,058
Verisk Analytics Inc.		387,652		77,635,066
				357,249,592
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		67,097		6,532,564
Opendoor Technologies Inc.(a)(b)		346,275		7,109,026
				13,641,590
Road & Rail — 1.8%
JB Hunt Transport Services Inc.		286,158		47,851,341
Kansas City Southern		92,785		25,111,332
Landstar System Inc.		130,564		20,605,611
Lyft Inc., Class A(a)		1,088,824		58,350,078
Old Dominion Freight Line Inc.		359,853		102,910,761
TuSimple Holdings Inc., Class A(a)(b)		15,769		585,503
XPO Logistics Inc.(a)		317,966		25,303,734
				280,718,360
Semiconductors & Semiconductor Equipment — 4.8%
Allegro MicroSystems Inc.(a)(b)		153,866		4,917,557
Brooks Automation Inc.		232,022		23,747,452
Enphase Energy Inc.(a)(b)		503,523		75,513,344
Entegris Inc.		516,019		64,966,792
Microchip Technology Inc.		866,742		133,036,230
MKS Instruments Inc.		178,841		26,988,895
Monolithic Power Systems Inc.		171,174		82,964,614
ON Semiconductor Corp.(a)		878,077		40,189,584
Skyworks Solutions Inc.		298,464		49,180,898
Teradyne Inc.		634,369		69,254,064
Universal Display Corp.		165,652		28,319,866
Xilinx Inc.		940,910		142,068,001
				741,147,297
Software — 18.7%
Alteryx Inc., Class A(a)(b)		226,921		16,587,925
Anaplan Inc.(a)		538,169		32,769,111
ANSYS Inc.(a)		138,902		47,289,186
Aspen Technology Inc.(a)(b)		260,283		31,962,752
Avalara Inc.(a)(b)		324,662		56,741,178
Bentley Systems Inc., Class B(b)		528,840		32,068,858
Bill.com Holdings Inc.(a)(b)		302,203		80,673,091
C3.ai Inc., Class A(a)(b)		34,869		1,615,830
Cadence Design Systems Inc.(a)		1,051,710		159,270,962
CDK Global Inc.		70,430		2,996,797

Security	Shares		Value
Software (continued)
Citrix Systems Inc.		169,892	$	18,241,304
Coupa Software Inc.(a)(b)		280,474		61,474,291
Crowdstrike Holdings Inc., Class A(a)		754,232		185,375,141
Datadog Inc., Class A(a)		888,138		125,538,306
DocuSign Inc.(a)		729,942		187,908,969
DoubleVerify Holdings Inc.(a)(b)		57,794		1,974,243
Dropbox Inc., Class A(a)		1,168,084		34,131,415
Duck Creek Technologies Inc.(a)		60,638		2,682,625
Dynatrace Inc.(a)		709,620		50,361,731
Elastic NV(a)(b)		265,508		39,558,037
Everbridge Inc.(a)(b)		146,952		22,195,630
Fair Isaac Corp.(a)		105,475		41,971,667
Five9 Inc.(a)		255,968		40,888,328
Fortinet Inc.(a)		512,357		149,628,738
HubSpot Inc.(a)		170,375		115,188,834
Jamf Holding Corp.(a)(b)		169,894		6,544,317
Mandiant Inc.		260,424		4,635,547
Manhattan Associates Inc.(a)		130,074		19,905,224
McAfee Corp., Class A		199,508		4,411,122
Medallia Inc.(a)		224,423		7,601,207
nCino Inc.(a)(b)		215,038		15,274,149
NCR Corp.(a)(b)		163,741		6,346,601
New Relic Inc.(a)(b)		197,683		14,187,709
NortonLifeLock Inc.		551,135		13,943,716
Nuance Communications Inc.(a)		415,033		22,843,416
Nutanix Inc., Class A(a)(b)		738,061		27,824,900
Palantir Technologies Inc., Class A(a)		6,216,508		149,444,852
Palo Alto Networks Inc.(a)(b)		364,729		174,705,191
Paycom Software Inc.(a)		193,727		96,040,160
Paycor HCM Inc.(a)(b)		56,566		1,988,861
Paylocity Holding Corp.(a)		143,618		40,270,487
Pegasystems Inc.		148,322		18,851,726
Procore Technologies Inc.(a)(b)		27,954		2,497,410
PTC Inc.(a)		403,994		48,394,441
RingCentral Inc., Class A(a)		308,021		66,994,568
Smartsheet Inc., Class A(a)		459,963		31,654,654
Splunk Inc.(a)(b)		625,878		90,570,805
Synopsys Inc.(a)		367,820		110,128,986
Teradata Corp.(a)		353,138		20,252,464
Trade Desk Inc. (The), Class A(a)(b)		1,638,291		115,171,857
Tyler Technologies Inc.(a)(b)		133,645		61,296,279
Unity Software Inc.(a)(b)		569,051		71,842,689
Zendesk Inc.(a)		455,259		52,987,595
Zscaler Inc.(a)		295,134		77,390,038
				2,913,095,920
Specialty Retail — 4.5%
AutoZone Inc.(a)		17,662		29,989,899
Bath & Body Works Inc.		539,533		34,006,765
Best Buy Co. Inc.		220,483		23,307,258
Burlington Stores Inc.(a)		239,603		67,944,223
CarMax Inc.(a)		53,417		6,835,239
Carvana Co.(a)(b)		294,613		88,837,604
Five Below Inc.(a)(b)		211,163		37,335,730
Floor & Decor Holdings Inc., Class A(a)		390,073		47,116,918
GameStop Corp., Class A(a)(b)		246,118		43,186,326
Leslie’s Inc.(a)(b)		451,375		9,271,243
Lithia Motors Inc.		10,036		3,181,813
O’Reilly Automotive Inc.(a)		79,719		48,713,092
Petco Health & Wellness Co. Inc.(a)(b)		17,824		376,086
RH(a)(b)		65,757		43,854,001

S C H E D U L E   O F   I N V E S T M E N T S 77

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Tractor Supply Co.		439,257	$	88,997,861
Ulta Beauty Inc.(a)(b)		203,909		73,594,836
Victoria’s Secret & Co.(a)		169,715		9,378,451
Vroom Inc.(a)(b)		109,131		2,408,521
Williams-Sonoma Inc.		218,134		38,681,702
				697,017,568
Technology Hardware, Storage & Peripherals — 0.8%
HP Inc.		1,599,275		43,756,164
NetApp Inc.		565,592		50,767,538
Pure Storage Inc., Class A(a)		950,768		23,921,323
				118,445,025
Textiles, Apparel & Luxury Goods — 1.6%
Columbia Sportswear Co.		9,384		899,362
Deckers Outdoor Corp.(a)		14,381		5,180,036
Hanesbrands Inc.		787,525		13,513,929
Lululemon Athletica Inc.(a)		436,478		176,642,647
Skechers U.S.A. Inc., Class A(a)		55,948		2,356,530
Tapestry Inc.		105,852		3,918,641
VF Corp.		793,386		53,148,928
				255,660,073
Thrifts & Mortgage Finance — 0.1%
Rocket Companies Inc., Class A		531,092		8,518,715
UWM Holdings Corp.		170,806		1,187,102
				9,705,817
Trading Companies & Distributors — 1.4%
Core & Main Inc., Class A(a)(b)		68,997		1,808,412
Fastenal Co.		1,945,288		100,396,314
SiteOne Landscape Supply Inc.(a)(b)		87,296		17,412,933

Security	Shares		Value
Trading Companies & Distributors (continued)
United Rentals Inc.(a)(b)		96,183	$	33,753,500
WW Grainger Inc.		147,053		57,800,652
				211,171,811
Total Common Stocks — 99.9% (Cost: $11,433,456,517)				15,549,261,673
Short-Term Investments
Money Market Funds — 5.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		871,120,694		871,556,254
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		19,550,000		19,550,000
				891,106,254
Total Short-Term Investments — 5.7% (Cost: $890,714,305)				891,106,254
Total Investments in Securities — 105.6% (Cost: $12,324,170,822)				16,440,367,927
Other Assets, Less Liabilities — (5.6)%				(869,851,922	)
Net Assets — 100.0%			$	15,570,516,005

^(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 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	$	866,890,581	$	4,729,490	(a)	$	—	$	11,711	$	(75,528	)	$	871,556,254		871,120,694	$	1,566,774	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		16,190,000		3,360,000	(a)		—		—		—			19,550,000		19,550,000		777			—
								$	11,711	$	(75,528	)	$	891,106,254			$	1,567,551		$	—

^(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.

78 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^® Russell Mid-Cap Growth 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
S&P 400 E-Mini Index		25		12/17/21	$	6,583	$	(167,887	)
S&P 500 E-Mini Index		56		12/17/21		12,034		(484,541	)
							$	(652,428	)

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)	$	652,428

^(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	$	2,152,933
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(809,987	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	17,045,443

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	$	15,549,261,673		$	—	$	—	$	15,549,261,673
Money Market Funds		891,106,254			—		—		891,106,254
	$	16,440,367,927		$	—	$	—	$	16,440,367,927
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(652,428	)	$	—	$	—	$	(652,428	)

^(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 79

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
BWX Technologies Inc.		46,463	$	2,502,497
Curtiss-Wright Corp.		80,676		10,179,698
HEICO Corp.		60,146		7,931,453
HEICO Corp., Class A		105,477		12,491,641
Hexcel Corp.(a)		165,451		9,826,135
Howmet Aerospace Inc.		717,916		22,398,979
Huntington Ingalls Industries Inc.		79,393		15,327,613
Mercury Systems Inc.(a)		109,368		5,186,230
Spirit AeroSystems Holdings Inc., Class A		146,802		6,487,180
Textron Inc.		451,247		31,501,553
TransDigm Group Inc.(a)		73,331		45,800,343
Virgin Galactic Holdings Inc.(a)(b)		24,603		622,456
				170,255,778
Air Freight & Logistics — 0.2%
CH Robinson Worldwide Inc.		212,883		18,520,821
Expeditors International of Washington Inc.		90,346		10,762,919
GXO Logistics Inc.(a)		28,101		2,204,242
				31,487,982
Airlines — 1.1%
Alaska Air Group Inc.(a)		241,609		14,158,287
American Airlines Group Inc.(a)		1,278,718		26,239,293
Copa Holdings SA, Class A, NVS(a)		62,120		5,055,326
JetBlue Airways Corp.(a)		627,175		9,589,506
Southwest Airlines Co.(a)		1,181,752		60,777,505
United Airlines Holdings Inc.(a)		645,599		30,711,145
				146,531,062
Auto Components — 0.9%
Aptiv PLC(a)		439,145		65,419,431
BorgWarner Inc.		480,416		20,758,775
Gentex Corp.		478,196		15,770,904
Lear Corp.		120,254		18,817,346
QuantumScape Corp.(a)(b)		117,931		2,894,027
				123,660,483
Automobiles — 0.1%
Harley-Davidson Inc.		309,604		11,334,603
Thor Industries Inc.		62,512		7,673,973
				19,008,576
Banks — 5.1%
Bank of Hawaii Corp.		78,278		6,432,103
Bank OZK		248,980		10,701,160
BOK Financial Corp.		60,505		5,418,223
Citizens Financial Group Inc.		696,056		32,700,711
Comerica Inc.		268,144		21,585,592
Commerce Bancshares Inc.		212,528		14,808,951
Cullen/Frost Bankers Inc.		113,457		13,458,269
East West Bancorp. Inc.		279,634		21,682,820
Fifth Third Bancorp		1,372,599		58,253,102
First Citizens BancShares Inc./NC, Class A(b)		11,964		10,087,686
First Hawaiian Inc.		256,844		7,538,371
First Horizon Corp.		1,083,601		17,651,860
First Republic Bank/CA		355,326		68,535,279
FNB Corp.		638,947		7,424,564
Huntington Bancshares Inc./OH		2,923,762		45,201,361
KeyCorp		1,896,411		41,000,406
M&T Bank Corp.		255,613		38,173,245
PacWest Bancorp		233,316		10,573,881
People’s United Financial Inc.		850,193		14,852,872

Security	Shares		Value
Banks (continued)
Pinnacle Financial Partners Inc.		148,737	$	13,993,177
Popular Inc.		158,606		12,318,928
Prosperity Bancshares Inc.		176,859		12,579,981
Regions Financial Corp.		1,923,497		40,989,721
Signature Bank/New York NY		118,863		32,364,018
Sterling Bancorp./DE		348,413		8,696,389
SVB Financial Group(a)		112,938		73,057,333
Synovus Financial Corp.		270,147		11,856,752
Umpqua Holdings Corp.		435,957		8,828,129
Webster Financial Corp.		177,455		9,664,199
Western Alliance Bancorp		94,621		10,296,657
Wintrust Financial Corp.		113,610		9,130,836
Zions Bancorp. NA		319,849		19,795,455
				709,652,031
Beverages — 0.2%
Brown-Forman Corp., Class A		45,441		2,847,788
Brown-Forman Corp., Class B, NVS		182,809		12,250,031
Molson Coors Beverage Co., Class B		355,388		16,482,895
				31,580,714
Biotechnology — 0.8%
BioMarin Pharmaceutical Inc.(a)		364,809		28,196,088
Exact Sciences Corp.(a)(b)		25,365		2,421,089
Exelixis Inc.(a)		88,264		1,865,901
Horizon Therapeutics PLC(a)		354,955		38,881,771
Incyte Corp.(a)		52,694		3,624,293
Ionis Pharmaceuticals Inc.(a)(b)		21,938		735,800
Iovance Biotherapeutics Inc.(a)		200,860		4,953,208
Mirati Therapeutics Inc.(a)(b)		12,904		2,282,847
Natera Inc.(a)(b)		10,543		1,174,912
Sage Therapeutics Inc.(a)(b)		101,748		4,508,454
Seagen Inc.(a)(b)		28,267		4,799,737
Ultragenyx Pharmaceutical Inc.(a)		32,674		2,946,868
United Therapeutics Corp.(a)		87,568		16,163,301
				112,554,269
Building Products — 1.7%
A O Smith Corp.		261,705		15,982,324
Allegion PLC		42,497		5,617,253
Armstrong World Industries Inc.		48,671		4,646,620
AZEK Co. Inc. (The)(a)		98,757		3,607,593
Builders FirstSource Inc.(a)		407,339		21,075,720
Carlisle Companies Inc.		62,810		12,486,000
Carrier Global Corp.		922,860		47,767,234
Fortune Brands Home & Security Inc.		206,730		18,485,797
Lennox International Inc.		67,141		19,750,868
Masco Corp.		493,687		27,424,313
Owens Corning		206,088		17,620,524
Trane Technologies PLC		244,064		42,137,650
				236,601,896
Capital Markets — 4.1%
Affiliated Managers Group Inc.		82,118		12,407,209
Ameriprise Financial Inc.		100,492		26,541,947
Ares Management Corp., Class A		33,316		2,459,720
Carlyle Group Inc. (The)		324,029		15,320,091
Cboe Global Markets Inc.		212,958		26,376,978
Evercore Inc., Class A		77,543		10,365,173
FactSet Research Systems Inc.		10,441		4,121,898
Franklin Resources Inc.		573,005		17,029,709
Interactive Brokers Group Inc., Class A		158,977		9,910,626
Invesco Ltd.		660,217		15,917,832

80 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^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Janus Henderson Group PLC		323,133	$	13,355,087
Jefferies Financial Group Inc.		434,006		16,114,643
KKR & Co. Inc.		1,110,000		67,576,800
Lazard Ltd., Class A		201,675		9,236,715
Morningstar Inc.		4,350		1,126,780
MSCI Inc.		46,719		28,421,036
Nasdaq Inc.		231,731		44,728,718
Northern Trust Corp.		408,991		44,093,320
Raymond James Financial Inc.		349,601		32,261,180
SEI Investments Co.		216,657		12,847,760
State Street Corp.		728,210		61,693,951
Stifel Financial Corp.		201,958		13,725,066
T Rowe Price Group Inc.		300,300		59,069,010
Tradeweb Markets Inc., Class A		211,034		17,047,326
Virtu Financial Inc., Class A		184,789		4,514,395
				566,262,970
Chemicals — 3.3%
Albemarle Corp.		232,505		50,911,620
Ashland Global Holdings Inc.		109,628		9,770,047
Axalta Coating Systems Ltd.(a)(b)		340,302		9,933,415
Celanese Corp.		141,637		21,336,198
CF Industries Holdings Inc.		427,763		23,877,731
Chemours Co. (The)		158,072		4,593,572
Corteva Inc.		1,476,644		62,137,180
Diversey Holdings Ltd.(a)(b)		23,159		371,470
Eastman Chemical Co.		271,846		27,385,766
Element Solutions Inc.		458,125		9,932,150
FMC Corp.		193,256		17,694,519
Huntsman Corp.		417,322		12,348,558
International Flavors & Fragrances Inc.		496,147		66,344,777
LyondellBasell Industries NV, Class A		459,341		43,109,153
Mosaic Co. (The)		684,997		24,468,093
NewMarket Corp.		13,264		4,493,445
Olin Corp.		263,050		12,692,162
PPG Industries Inc.		272,484		38,967,937
RPM International Inc.		105,174		8,166,761
Valvoline Inc.		366,003		11,411,974
Westlake Chemical Corp.		52,528		4,787,402
				464,733,930
Commercial Services & Supplies — 0.7%
ADT Inc.		325,946		2,636,903
Cintas Corp.		11,115		4,231,036
Clean Harbors Inc.(a)		100,368		10,425,224
Driven Brands Holdings Inc.(a)		107,693		3,111,251
MSA Safety Inc.		51,760		7,541,432
Republic Services Inc.		420,314		50,462,899
Rollins Inc.		31,858		1,125,543
Stericycle Inc.(a)(b)		180,923		12,297,336
				91,831,624
Communications Equipment — 1.1%
Arista Networks Inc.(a)		12,644		4,344,984
Ciena Corp.(a)		306,644		15,746,169
F5 Networks Inc.(a)		120,774		24,007,456
Juniper Networks Inc.		642,447		17,680,141
Lumentum Holdings Inc.(a)		149,879		12,520,892
Motorola Solutions Inc.		331,606		77,038,706
Ubiquiti Inc.		1,434		428,293
Viasat Inc.(a)		139,290		7,670,700
				159,437,341

Security	Shares		Value
Construction & Engineering — 0.5%
AECOM(a)		273,166	$	17,250,433
MasTec Inc.(a)		110,985		9,575,786
Quanta Services Inc.		274,779		31,275,346
Valmont Industries Inc.		41,518		9,761,712
				67,863,277
Construction Materials — 0.7%
Eagle Materials Inc.		81,788		10,727,314
Martin Marietta Materials Inc.		123,954		42,352,603
Vulcan Materials Co.		264,483		44,739,944
				97,819,861
Consumer Finance — 1.1%
Ally Financial Inc.		716,598		36,582,328
Credit Acceptance Corp.(a)(b)		16,174		9,466,642
Discover Financial Services		267,661		32,882,154
OneMain Holdings Inc.		207,744		11,494,475
Santander Consumer USA Holdings Inc.		119,337		4,976,353
SLM Corp.		610,615		10,746,824
Synchrony Financial		920,277		44,983,140
				151,131,916
Containers & Packaging — 2.0%
Amcor PLC		3,076,572		35,657,469
AptarGroup Inc.		132,030		15,757,780
Ardagh Group SA		34,765		886,160
Avery Dennison Corp.		76,938		15,942,323
Ball Corp.		451,541		40,625,144
Berry Global Group Inc.(a)(b)		267,171		16,265,370
Crown Holdings Inc.		221,956		22,368,726
Graphic Packaging Holding Co.		401,238		7,639,572
International Paper Co.		779,674		43,599,370
Packaging Corp. of America		185,947		25,556,556
Sealed Air Corp.		137,724		7,545,898
Silgan Holdings Inc.		165,826		6,361,085
Sonoco Products Co.		196,461		11,705,146
Westrock Co.		528,532		26,336,750
				276,247,349
Distributors — 0.4%
Genuine Parts Co.		280,916		34,055,447
LKQ Corp.(a)		545,025		27,425,658
				61,481,105
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions Inc.(a)		24,301		3,388,045
Chegg Inc.(a)		69,914		4,755,550
frontdoor Inc.(a)		53,836		2,255,728
Grand Canyon Education Inc.(a)(b)		90,814		7,988,000
H&R Block Inc.		70,126		1,753,150
Mister Car Wash Inc.(a)		16,467		300,523
Service Corp. International		324,277		19,540,932
Terminix Global Holdings Inc.(a)(b)		249,935		10,414,792
				50,396,720
Diversified Financial Services — 0.3%
Equitable Holdings Inc.		739,807		21,927,879
Voya Financial Inc.		225,794		13,861,494
				35,789,373
Diversified Telecommunication Services — 0.2%
Lumen Technologies Inc.		2,190,867		27,144,842
Electric Utilities — 3.1%
Alliant Energy Corp.		499,792		27,978,356

S C H E D U L E   O F   I N V E S T M E N T S 81

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Avangrid Inc.		112,365	$	5,460,939
Edison International		743,774		41,257,144
Entergy Corp.		399,749		39,699,073
Evergy Inc.		457,428		28,452,022
Eversource Energy		686,700		56,144,592
FirstEnergy Corp.		1,085,394		38,661,734
Hawaiian Electric Industries Inc.		212,034		8,657,348
IDACORP Inc.		99,900		10,327,662
NRG Energy Inc.		263,131		10,743,639
OGE Energy Corp.		395,945		13,050,347
PG&E Corp.(a)		3,021,012		29,001,715
Pinnacle West Capital Corp.		225,961		16,350,538
PPL Corp.		1,541,670		42,981,760
Xcel Energy Inc.		1,072,607		67,037,937
				435,804,806
Electrical Equipment — 1.3%
Acuity Brands Inc.		70,702		12,257,606
AMETEK Inc.		461,209		57,194,528
ChargePoint Holdings Inc.(a)(b)		209,750		4,192,903
Hubbell Inc.		108,514		19,605,224
nVent Electric PLC		329,641		10,657,294
Regal Beloit Corp.		82,145		12,349,679
Rockwell Automation Inc.		91,311		26,849,086
Sensata Technologies Holding PLC(a)(b)		310,133		16,970,478
Shoals Technologies Group Inc., Class A(a)(b)		203,081		5,661,898
Sunrun Inc.(a)		400,519		17,622,836
				183,361,532
Electronic Equipment, Instruments & Components — 1.8%
Amphenol Corp., Class A		338,375		24,779,201
Arrow Electronics Inc.(a)		143,158		16,075,212
Avnet Inc.		196,382		7,260,243
Coherent Inc.(a)		4,983		1,246,199
Corning Inc.		1,004,741		36,662,999
IPG Photonics Corp.(a)(b)		67,073		10,624,363
Jabil Inc.		59,723		3,486,032
Keysight Technologies Inc.(a)(b)		208,053		34,181,027
Littelfuse Inc.		47,822		13,068,318
National Instruments Corp.		262,032		10,279,515
SYNNEX Corp.		82,287		8,566,077
Teledyne Technologies Inc.(a)		91,904		39,480,120
Trimble Inc.(a)		500,898		41,198,861
Vontier Corp.		153,679		5,163,614
				252,071,781
Energy Equipment & Services — 0.6%
Baker Hughes Co.		1,472,126		36,405,676
Halliburton Co.		1,673,873		36,189,134
NOV Inc.(a)		785,592		10,299,111
				82,893,921
Entertainment — 0.6%
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		49,560		2,331,798
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		398,019		20,462,157
Live Nation Entertainment Inc.(a)		164,379		14,979,858
Madison Square Garden Sports Corp.(a)		23,025		4,281,499
Take-Two Interactive Software Inc.(a)		185,380		28,561,497
World Wrestling Entertainment Inc., Class A		11,977		673,826
Zynga Inc., Class A(a)(b)		1,035,303		7,795,831
				79,086,466

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 10.3%
Alexandria Real Estate Equities Inc.		307,730	$	58,797,971
American Campus Communities Inc.		271,204		13,139,834
American Homes 4 Rent, Class A		566,694		21,602,375
Americold Realty Trust		522,930		15,191,117
Apartment Income REIT Corp.		309,242		15,094,102
AvalonBay Communities Inc.		278,856		61,805,644
Boston Properties Inc.		310,420		33,634,007
Brixmor Property Group Inc.		587,255		12,984,208
Camden Property Trust		194,928		28,746,032
CoreSite Realty Corp.		18,383		2,546,781
Cousins Properties Inc.		293,381		10,940,177
CubeSmart		403,261		19,537,995
CyrusOne Inc.		246,393		19,073,282
Douglas Emmett Inc.		329,719		10,422,418
Duke Realty Corp.		746,755		35,747,162
EPR Properties		147,203		7,268,884
Equity LifeStyle Properties Inc.		162,463		12,688,360
Equity Residential		737,265		59,659,484
Essex Property Trust Inc.		129,283		41,336,946
Extra Space Storage Inc.		238,308		40,033,361
Federal Realty Investment Trust		153,821		18,149,340
First Industrial Realty Trust Inc.		255,518		13,307,377
Gaming and Leisure Properties Inc.		439,103		20,339,251
Healthcare Trust of America Inc., Class A		431,218		12,789,926
Healthpeak Properties Inc.		1,074,489		35,973,892
Highwoods Properties Inc.		203,841		8,940,466
Host Hotels & Resorts Inc.(a)		1,403,861		22,925,050
Hudson Pacific Properties Inc.		301,333		7,916,018
Invitation Homes Inc.		1,148,436		44,019,552
Iron Mountain Inc.		167,957		7,297,732
JBG SMITH Properties		249,822		7,397,229
Kilroy Realty Corp.		231,311		15,315,101
Kimco Realty Corp.		1,158,007		24,028,645
Lamar Advertising Co., Class A		21,494		2,438,494
Life Storage Inc.		155,904		17,888,425
Medical Properties Trust Inc.		1,183,993		23,762,740
Mid-America Apartment Communities Inc.		229,727		42,901,517
National Retail Properties Inc.		350,756		15,149,152
Omega Healthcare Investors Inc.		472,981		14,170,511
Park Hotels & Resorts Inc.(a)		464,852		8,897,267
Rayonier Inc.		281,073		10,028,685
Realty Income Corp.		776,625		50,371,898
Regency Centers Corp.		336,566		22,660,989
Rexford Industrial Realty Inc.		276,237		15,676,450
SBA Communications Corp.		180,505		59,669,538
Simon Property Group Inc.		84,747		11,014,568
SL Green Realty Corp.		134,010		9,493,268
Spirit Realty Capital Inc.		237,878		10,951,903
STORE Capital Corp.		484,444		15,516,741
Sun Communities Inc.		228,106		42,222,421
UDR Inc.		587,147		31,107,048
Ventas Inc.		782,096		43,179,520
VEREIT Inc.		458,869		20,754,645
VICI Properties Inc.		1,167,006		33,154,640
Vornado Realty Trust		353,319		14,842,931
Welltower Inc.		843,559		69,509,262
Weyerhaeuser Co.		1,499,457		53,335,685
WP Carey Inc.		366,123		26,741,624
				1,424,089,641

82 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^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing — 0.7%
Albertsons Companies Inc., Class A		307,423	$	9,570,078
Casey’s General Stores Inc.		74,164		13,976,206
Grocery Outlet Holding Corp.(a)		172,993		3,731,459
Kroger Co. (The)		1,495,889		60,478,792
U.S. Foods Holding Corp.(a)		437,545		15,165,310
				102,921,845
Food Products — 2.7%
Archer-Daniels-Midland Co.		1,109,246		66,565,852
Beyond Meat Inc.(a)(b)		13,953		1,468,693
Bunge Ltd.		272,805		22,184,503
Campbell Soup Co.		392,346		16,403,986
Conagra Brands Inc.		935,935		31,700,118
Darling Ingredients Inc.(a)		303,355		21,811,225
Flowers Foods Inc.		371,176		8,770,889
Hain Celestial Group Inc. (The)(a)		167,438		7,162,998
Hershey Co. (The)		41,156		6,965,653
Hormel Foods Corp.		565,835		23,199,235
Ingredion Inc.		133,031		11,841,089
JM Smucker Co. (The)		209,852		25,188,536
Kellogg Co.		281,425		17,988,686
Lamb Weston Holdings Inc.		207,190		12,715,250
McCormick & Co. Inc./MD, NVS		497,286		40,295,085
Pilgrim’s Pride Corp.(a)		55,624		1,617,546
Post Holdings Inc.(a)(b)		116,763		12,862,612
Seaboard Corp.		507		2,078,695
Tyson Foods Inc., Class A		572,877		45,222,910
				376,043,561
Gas Utilities — 0.4%
Atmos Energy Corp.		258,922		22,836,921
National Fuel Gas Co.		172,741		9,072,357
UGI Corp.		417,061		17,775,140
				49,684,418
Health Care Equipment & Supplies — 2.3%
Cooper Companies Inc. (The)		96,571		39,913,760
DENTSPLY SIRONA Inc.		434,922		25,247,222
Envista Holdings Corp.(a)		318,608		13,321,000
Figs Inc., Class A(a)(b)		56,799		2,109,515
Globus Medical Inc., Class A(a)		145,163		11,122,389
Hill-Rom Holdings Inc.		132,241		19,836,150
Hologic Inc.(a)		499,131		36,840,859
ICU Medical Inc.(a)		39,429		9,201,940
Integra LifeSciences Holdings Corp.(a)(b)		145,359		9,954,184
Masimo Corp.(a)		27,249		7,376,577
Quidel Corp.(a)		73,646		10,395,133
ResMed Inc.		28,497		7,510,384
STERIS PLC		147,566		30,144,783
Tandem Diabetes Care Inc.(a)(b)		7,249		865,386
Teleflex Inc.		76,948		28,974,769
Zimmer Biomet Holdings Inc.		417,619		61,122,717
				313,936,768
Health Care Providers & Services — 2.2%
Acadia Healthcare Co. Inc.(a)(b)		178,476		11,383,199
agilon health Inc.(a)(b)		6,660		174,559
Amedisys Inc.(a)		7,365		1,098,121
AmerisourceBergen Corp.		295,335		35,277,766
Cardinal Health Inc.		240,165		11,878,561
Chemed Corp.		22,676		10,547,061
DaVita Inc.(a)		41,351		4,807,467
Encompass Health Corp.		82,525		6,192,676

Security	Shares		Value
Health Care Providers & Services (continued)
Henry Schein Inc.(a)		282,569	$	21,520,455
Laboratory Corp. of America Holdings(a)		192,289		54,117,816
McKesson Corp.		264,454		52,726,838
Molina Healthcare Inc.(a)		97,989		26,585,396
Oak Street Health Inc.(a)(b)		19,708		838,181
Premier Inc., Class A		240,089		9,305,850
Quest Diagnostics Inc.		242,467		35,232,880
Signify Health Inc., Class A(a)(b)		126,360		2,258,053
Universal Health Services Inc., Class B		147,794		20,450,256
				304,395,135
Health Care Technology — 0.7%
Cerner Corp.		588,736		41,517,663
Certara Inc.(a)(b)		71,656		2,371,814
Change Healthcare Inc.(a)		501,525		10,501,933
Teladoc Health Inc.(a)(b)		300,760		38,139,375
				92,530,785
Hotels, Restaurants & Leisure — 2.8%
Aramark		459,452		15,097,593
Boyd Gaming Corp.(a)		127,923		8,092,409
Caesars Entertainment Inc.(a)		155,440		17,452,803
Carnival Corp.(a)		1,699,296		42,499,393
Darden Restaurants Inc.		82,741		12,532,779
Domino’s Pizza Inc.		23,532		11,223,823
Hilton Worldwide Holdings Inc.(a)		181,435		23,969,378
Hyatt Hotels Corp., Class A(a)		94,420		7,279,782
Marriott Vacations Worldwide Corp.		82,505		12,980,512
MGM Resorts International		796,813		34,382,481
Norwegian Cruise Line Holdings Ltd.(a)(b)		732,995		19,578,296
Penn National Gaming Inc.(a)(b)		290,009		21,014,052
Planet Fitness Inc., Class A(a)(b)		51,462		4,042,340
Royal Caribbean Cruises Ltd.(a)		437,252		38,893,565
Six Flags Entertainment Corp.(a)		94,245		4,005,413
Travel + Leisure Co.		56,210		3,065,131
Wyndham Hotels & Resorts Inc.		67,002		5,171,884
Yum China Holdings Inc.		777,223		45,164,429
Yum! Brands Inc.		544,679		66,619,689
				393,065,752
Household Durables — 1.8%
DR Horton Inc.		389,964		32,745,277
Garmin Ltd.		302,017		46,951,563
Leggett & Platt Inc.		265,996		11,927,261
Lennar Corp., Class A		541,551		50,732,498
Lennar Corp., Class B		31,099		2,412,971
Mohawk Industries Inc.(a)		113,515		20,137,561
Newell Brands Inc.		763,680		16,907,875
NVR Inc.(a)		2,147		10,292,890
PulteGroup Inc.		367,165		16,860,217
Toll Brothers Inc.		132,371		7,318,793
TopBuild Corp.(a)		11,229		2,299,811
Whirlpool Corp.		122,663		25,006,079
				243,592,796
Household Products — 0.4%
Church & Dwight Co. Inc.		463,648		38,283,415
Clorox Co. (The)		46,835		7,756,344
Reynolds Consumer Products Inc.		107,586		2,941,401
Spectrum Brands Holdings Inc.		83,926		8,029,201
				57,010,361
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp. (The)		1,321,098		30,160,668

S C H E D U L E   O F   I N V E S T M E N T S 83

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Brookfield Renewable Corp., Class A		189,420	$	7,351,390
Vistra Corp.		947,700		16,205,670
				53,717,728
Insurance — 5.6%
Aflac Inc.		1,322,525		68,943,228
Alleghany Corp.(a)		24,220		15,123,210
American Financial Group Inc./OH		134,331		16,902,870
Arch Capital Group Ltd.(a)(b)		581,455		22,199,952
Arthur J Gallagher & Co.		408,693		60,752,214
Assurant Inc.		117,504		18,536,256
Assured Guaranty Ltd.		143,085		6,697,809
Athene Holding Ltd., Class A(a)		228,838		15,760,073
Axis Capital Holdings Ltd.		155,501		7,159,266
Brighthouse Financial Inc.(a)		164,086		7,421,610
Brown & Brown Inc.		442,582		24,541,172
Cincinnati Financial Corp.		298,714		34,119,113
CNA Financial Corp.		55,599		2,332,934
Erie Indemnity Co., Class A, NVS		15,306		2,730,897
Everest Re Group Ltd.		60,738		15,231,876
Fidelity National Financial Inc.		546,477		24,777,267
First American Financial Corp.		211,146		14,157,339
Globe Life Inc.		200,613		17,860,575
GoHealth Inc., Class A(a)		41,373		208,106
Hanover Insurance Group Inc. (The)		70,894		9,189,280
Hartford Financial Services Group Inc. (The)		690,795		48,528,349
Kemper Corp.		121,969		8,146,309
Lemonade Inc.(a)(b)		68,395		4,583,149
Lincoln National Corp.		317,757		21,845,794
Loews Corp.		434,390		23,426,653
Markel Corp.(a)		22,536		26,933,450
Mercury General Corp.		54,107		3,012,137
Old Republic International Corp.		565,862		13,088,388
Primerica Inc.		77,590		11,920,152
Principal Financial Group Inc.		531,242		34,211,985
Prudential Financial Inc.		771,049		81,114,355
Reinsurance Group of America Inc.		136,703		15,209,576
RenaissanceRe Holdings Ltd.		52,111		7,264,273
Unum Group		405,701		10,166,867
W R Berkley Corp.		277,074		20,276,275
White Mountains Insurance Group Ltd.(b)		5,986		6,402,685
Willis Towers Watson PLC		256,943		59,728,970
				780,504,414
Interactive Media & Services — 0.8%
IAC/InterActiveCorp.(a)		153,420		19,989,092
TripAdvisor Inc.(a)		75,400		2,552,290
Twitter Inc.(a)(b)		1,393,143		84,131,906
Vimeo Inc.(a)(b)		28,201		828,263
				107,501,551
Internet & Direct Marketing Retail — 0.2%
DoorDash Inc., Class A(a)		34,686		7,144,622
Qurate Retail Inc., Series A		735,887		7,498,689
Wayfair Inc., Class A(a)(b)		67,352		17,209,109
				31,852,420
IT Services — 2.0%
Akamai Technologies Inc.(a)(b)		320,715		33,543,582
Alliance Data Systems Corp.		98,522		9,939,885
Amdocs Ltd.		259,188		19,623,123
Broadridge Financial Solutions Inc.		21,064		3,510,105
Cloudflare Inc., Class A(a)(b)		30,615		3,448,780

Security	Shares		Value
IT Services (continued)
Concentrix Corp.(a)		84,087	$	14,883,399
DXC Technology Co.(a)		501,800		16,865,498
Euronet Worldwide Inc.(a)		29,275		3,726,122
Fastly Inc., Class A(a)(b)		209,360		8,466,518
FleetCor Technologies Inc.(a)		125,728		32,848,955
Genpact Ltd.		344,538		16,369,000
GoDaddy Inc., Class A(a)(b)		301,820		21,036,854
Jack Henry & Associates Inc.		108,009		17,719,957
Paychex Inc.		82,395		9,265,318
Paysafe Ltd.(a)(b)		834,309		6,465,895
SolarWinds Corp.		69,147		1,156,829
StoneCo Ltd., Class A(a)		30,224		1,049,377
VeriSign Inc.(a)		196,448		40,273,804
Western Union Co. (The)		619,875		12,533,873
WEX Inc.(a)(b)		29,095		5,124,793
				277,851,667
Leisure Products — 0.3%
Brunswick Corp./DE		134,367		12,801,144
Hasbro Inc.		254,907		22,742,803
Hayward Holdings Inc.(a)(b)		75,959		1,689,328
Polaris Inc.		34,952		4,182,356
				41,415,631
Life Sciences Tools & Services — 1.3%
Adaptive Biotechnologies Corp.(a)(b)		23,480		798,085
Agilent Technologies Inc.		62,634		9,866,734
Bio-Rad Laboratories Inc., Class A(a)		42,285		31,542,496
Charles River Laboratories International Inc.(a)		6,208		2,561,855
IQVIA Holdings Inc.(a)		192,412		46,090,370
PerkinElmer Inc.		223,694		38,763,933
PPD Inc.(a)		187,482		8,772,283
QIAGEN NV(a)(b)		451,717		23,344,735
Repligen Corp.(a)		6,278		1,814,279
Syneos Health Inc.(a)		177,135		15,495,770
Waters Corp.(a)		8,485		3,031,691
				182,082,231
Machinery — 5.2%
AGCO Corp.		111,495		13,661,482
Allison Transmission Holdings Inc.		51,992		1,836,357
Colfax Corp.(a)(b)		234,282		10,753,544
Crane Co.		99,225		9,407,522
Cummins Inc.		286,361		64,305,226
Donaldson Co. Inc.		223,154		12,811,271
Dover Corp.		286,242		44,510,631
Flowserve Corp.		257,823		8,938,723
Fortive Corp.		651,404		45,969,580
Gates Industrial Corp. PLC(a)		190,261		3,095,547
Graco Inc.		126,017		8,817,410
IDEX Corp.		151,875		31,430,531
Ingersoll Rand Inc.(a)		807,403		40,701,185
ITT Inc.		171,178		14,693,920
Middleby Corp. (The)(a)		77,757		13,258,346
Nordson Corp.		95,390		22,717,129
Oshkosh Corp.		136,505		13,974,017
Otis Worldwide Corp.		857,704		70,571,885
PACCAR Inc.		681,678		53,798,028
Parker-Hannifin Corp.		214,634		60,015,959
Pentair PLC		331,418		24,070,889
Snap-on Inc.		106,990		22,355,561
Stanley Black & Decker Inc.		322,877		56,603,567

84 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^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Timken Co. (The)		128,999	$	8,439,115
Toro Co. (The)		11,483		1,118,559
Westinghouse Air Brake Technologies Corp.		362,706		31,268,884
Woodward Inc.		114,937		13,010,868
Xylem Inc./NY		121,139		14,982,472
				717,118,208
Marine — 0.0%
Kirby Corp.(a)		118,077		5,662,973
Media — 2.5%
Altice USA Inc., Class A(a)		127,010		2,631,647
Cable One Inc.		5,035		9,129,110
Discovery Inc., Class A(a)		327,077		8,301,214
Discovery Inc., Class C, NVS(a)(b)		629,284		15,272,723
DISH Network Corp., Class A(a)(b)		494,072		21,472,369
Fox Corp., Class A, NVS		638,452		25,608,310
Fox Corp., Class B		301,140		11,178,317
Interpublic Group of Companies Inc. (The)		783,037		28,713,967
Liberty Broadband Corp., Class A(a)		49,032		8,254,537
Liberty Broadband Corp., Class C, NVS(a)		288,283		49,786,474
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		158,239		7,464,134
Liberty Media Corp.-Liberty SiriusXM,
Class C, NVS(a)		321,459		15,259,659
New York Times Co. (The), Class A		328,705		16,195,295
News Corp., Class A, NVS		777,474		18,293,963
News Corp., Class B		240,350		5,583,330
Nexstar Media Group Inc., Class A		75,119		11,415,083
Omnicom Group Inc.		425,396		30,824,194
Sirius XM Holdings Inc.(b)		1,784,791		10,887,225
ViacomCBS Inc., Class A		16,194		681,282
ViacomCBS Inc., Class B, NVS		1,161,093		45,874,784
				342,827,617
Metals & Mining — 1.1%
Alcoa Corp.(a)		369,728		18,094,488
Cleveland-Cliffs Inc.(a)		902,312		17,874,801
Nucor Corp.		585,900		57,705,291
Reliance Steel & Aluminum Co.		125,377		17,856,192
Royal Gold Inc.		132,112		12,615,375
Steel Dynamics Inc.		315,800		18,467,984
United States Steel Corp.		540,399		11,872,566
				154,486,697
Mortgage Real Estate Investment — 0.4%
AGNC Investment Corp.		1,037,998		16,369,229
Annaly Capital Management Inc.		2,795,488		23,538,009
New Residential Investment Corp.		857,761		9,435,371
Starwood Property Trust Inc.		552,542		13,487,550
				62,830,159
Multi-Utilities — 2.5%
Ameren Corp.		507,590		41,114,790
CenterPoint Energy Inc.		1,189,310		29,257,026
CMS Energy Corp.		578,172		34,534,214
Consolidated Edison Inc.		705,799		51,233,949
DTE Energy Co.		386,029		43,123,300
MDU Resources Group Inc.		395,126		11,723,388
NiSource Inc.		775,059		18,779,680
Public Service Enterprise Group Inc.		1,004,500		61,174,050
WEC Energy Group Inc.		631,355		55,685,511
				346,625,908

Security	Shares		Value
Multiline Retail — 0.5%
Dollar Tree Inc.(a)		461,321	$	44,157,646
Kohl’s Corp.		311,282		14,658,269
Nordstrom Inc.(a)(b)		34,354		908,663
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		129,180		7,786,971
				67,511,549
Oil, Gas & Consumable Fuels — 4.5%
Antero Midstream Corp.		661,955		6,897,571
APA Corp.		749,127		16,053,792
Cabot Oil & Gas Corp.		686,144		14,930,493
Cimarex Energy Co.		159,597		13,916,858
Continental Resources Inc./OK		115,501		5,330,371
Devon Energy Corp.		1,345,225		47,768,940
Diamondback Energy Inc.		188,580		17,852,869
DTE Midstream LLC(a)		191,722		8,865,225
EQT Corp.(a)		561,359		11,485,405
Hess Corp.		514,953		40,222,979
HollyFrontier Corp.		296,395		9,819,566
Marathon Oil Corp.		1,561,769		21,349,382
Marathon Petroleum Corp.		1,272,253		78,637,958
Occidental Petroleum Corp.		1,470,789		43,505,939
ONEOK Inc.		887,462		51,463,921
Phillips 66		876,060		61,350,482
Pioneer Natural Resources Co.		238,615		39,731,784
Targa Resources Corp.		447,158		22,004,645
Valero Energy Corp.		816,870		57,646,516
Williams Companies Inc. (The)		2,425,967		62,929,584
				631,764,280
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		176,243		10,816,033
Personal Products — 0.1%
Coty Inc., Class A(a)		681,969		5,360,276
Herbalife Nutrition Ltd.(a)(b)		177,554		7,524,739
				12,885,015
Pharmaceuticals — 1.1%
Catalent Inc.(a)		248,550		33,074,548
Elanco Animal Health Inc.(a)(b)		890,244		28,389,881
Jazz Pharmaceuticals PLC(a)		119,108		15,509,053
Nektar Therapeutics(a)(b)		355,817		6,390,473
Organon & Co.		503,116		16,497,174
Perrigo Co. PLC		270,415		12,798,742
Royalty Pharma PLC, Class A		262,626		9,491,304
Viatris Inc.		2,401,057		32,534,322
				154,685,497
Professional Services — 2.3%
CACI International Inc., Class A(a)		46,002		12,057,124
Clarivate PLC(a)(b)		870,971		19,074,265
CoStar Group Inc.(a)		176,980		15,230,899
Dun & Bradstreet Holdings Inc.(a)(b)		317,072		5,329,980
Equifax Inc.		149,395		37,859,681
FTI Consulting Inc.(a)		66,408		8,945,158
IHS Markit Ltd.		745,003		86,882,250
Jacobs Engineering Group Inc.		257,990		34,191,415
Legalzoomcom Inc.(a)(b)		15,266		403,022
Leidos Holdings Inc.		282,323		27,139,710
ManpowerGroup Inc.		107,366		11,625,590
Nielsen Holdings PLC		717,466		13,768,173
Robert Half International Inc.		26,755		2,684,329
Science Applications International Corp.		114,649		9,809,368

S C H E D U L E   O F   I N V E S T M E N T S 85

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
TransUnion		120,186	$	13,498,090
Verisk Analytics Inc.(b)		115,613		23,153,816
				321,652,870
Real Estate Management & Development — 0.8%
CBRE Group Inc., Class A(a)		630,113		61,347,802
Howard Hughes Corp. (The)(a)		82,160		7,214,469
Jones Lang LaSalle Inc.(a)		101,197		25,105,964
Opendoor Technologies Inc.(a)(b)		719,581		14,772,998
				108,441,233
Road & Rail — 0.6%
AMERCO		17,726		11,451,528
JB Hunt Transport Services Inc.		18,640		3,116,981
Kansas City Southern		132,560		35,876,038
Knight-Swift Transportation Holdings Inc.		318,776		16,305,392
Landstar System Inc.		8,561		1,351,097
Old Dominion Freight Line Inc.		15,989		4,572,534
Ryder System Inc.		103,854		8,589,764
Schneider National Inc., Class B		102,517		2,331,237
TuSimple Holdings Inc., Class A(a)(b)		55,596		2,064,280
XPO Logistics Inc.(a)		28,101		2,236,278
				87,895,129
Semiconductors & Semiconductor Equipment — 1.7%
Brooks Automation Inc.		25,517		2,611,665
Cirrus Logic Inc.(a)		115,507		9,512,002
First Solar Inc.(a)		210,240		20,069,511
Marvell Technology Inc.		1,634,497		98,576,514
Microchip Technology Inc.		85,213		13,079,343
MKS Instruments Inc.		17,078		2,577,241
ON Semiconductor Corp.(a)(b)		386,904		17,708,596
Qorvo Inc.(a)		220,553		36,874,256
Skyworks Solutions Inc.		174,226		28,708,960
				229,718,088
Software — 2.2%
ANSYS Inc.(a)(b)		101,592		34,586,996
Black Knight Inc.(a)(b)		304,446		21,920,112
C3.ai Inc., Class A(a)(b)		50,331		2,332,338
CDK Global Inc.		203,943		8,677,775
Ceridian HCM Holding Inc.(a)(b)		258,628		29,126,685
Citrix Systems Inc.		160,351		17,216,887
Datto Holding Corp.(a)(b)		47,198		1,128,032
Dolby Laboratories Inc., Class A		126,890		11,166,320
Duck Creek Technologies Inc.(a)(b)		110,322		4,880,645
Dynatrace Inc.(a)		25,523		1,811,367
Guidewire Software Inc.(a)		166,195		19,755,600
Jamf Holding Corp.(a)(b)		16,017		616,975
Mandiant Inc.		328,123		5,840,589
Manhattan Associates Inc.(a)		58,520		8,955,316
McAfee Corp., Class A		35,098		776,017
Medallia Inc.(a)		92,884		3,145,981
N-Able Inc.(a)		90,171		1,119,022
NCR Corp.(a)		166,555		6,455,672
NortonLifeLock Inc.		810,532		20,506,460
Nuance Communications Inc.(a)		350,033		19,265,816
Paycor HCM Inc.(a)		11,449		402,547
Pegasystems Inc.(b)		4,520		574,492
Procore Technologies Inc.(a)		5,670		506,558
SS&C Technologies Holdings Inc.		448,729		31,141,793
Synopsys Inc.(a)		110,616		33,119,537
Teradata Corp.(a)		31,469		1,804,747

Security	Shares		Value
Software (continued)
Tyler Technologies Inc.(a)		10,690	$	4,902,968
Wolfspeed Inc.		231,574		18,694,969
				310,432,216
Specialty Retail — 2.3%
Advance Auto Parts Inc.		130,836		27,330,332
AutoNation Inc.(a)(b)		90,459		11,014,288
AutoZone Inc.(a)		33,731		57,274,901
Bath & Body Works Inc.		206,764		13,032,335
Best Buy Co. Inc.		383,783		40,569,701
Burlington Stores Inc.(a)		7,623		2,161,654
CarMax Inc.(a)(b)		297,384		38,053,257
Dick’s Sporting Goods Inc.		125,120		14,985,622
Foot Locker Inc.		177,747		8,115,928
Gap Inc. (The)		398,772		9,052,124
Leslie’s Inc.(a)(b)		24,603		505,346
Lithia Motors Inc.		52,944		16,785,366
O’Reilly Automotive Inc.(a)		94,507		57,749,447
Penske Automotive Group Inc.		63,085		6,346,351
Petco Health & Wellness Co. Inc.(a)(b)		103,802		2,190,222
Victoria’s Secret & Co.(a)		67,147		3,710,543
Vroom Inc.(a)(b)		170,953		3,772,933
Williams-Sonoma Inc.		35,582		6,309,756
				318,960,106
Technology Hardware, Storage & Peripherals — 1.0%
Hewlett Packard Enterprise Co.		2,593,991		36,964,372
HP Inc.		1,562,962		42,762,640
NetApp Inc.		148,509		13,330,168
Pure Storage Inc., Class A(a)		33,780		849,905
Western Digital Corp.(a)		611,350		34,504,594
Xerox Holdings Corp.		284,315		5,734,633
				134,146,312
Textiles, Apparel & Luxury Goods — 1.0%
Capri Holdings Ltd.(a)		292,969		14,182,629
Carter’s Inc.		87,668		8,524,836
Columbia Sportswear Co.		74,165		7,107,974
Deckers Outdoor Corp.(a)		47,408		17,076,362
Hanesbrands Inc.		276,225		4,740,021
PVH Corp.(a)(b)		141,770		14,572,538
Ralph Lauren Corp.		94,913		10,539,140
Skechers U.S.A. Inc., Class A(a)		231,426		9,747,663
Tapestry Inc.		497,469		18,416,302
Under Armour Inc., Class A(a)		373,146		7,530,086
Under Armour Inc., Class C, NVS(a)(b)		397,711		6,967,897
VF Corp.		232,594		15,581,472
				134,986,920
Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp.		669,627		10,017,620
New York Community Bancorp. Inc.		894,069		11,506,668
TFS Financial Corp.		96,800		1,845,008
UWM Holdings Corp.		96,432		670,202
				24,039,498
Trading Companies & Distributors — 0.7%
Air Lease Corp.		211,145		8,306,444
Core & Main Inc., Class A(a)(b)		34,013		891,481
Fastenal Co.		128,451		6,629,356
MSC Industrial Direct Co. Inc., Class A		88,825		7,122,877
SiteOne Landscape Supply Inc.(a)(b)		41,805		8,338,843
United Rentals Inc.(a)		93,854		32,936,184
Univar Solutions Inc.(a)		330,531		7,873,249

86 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^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Watsco Inc.		64,645	$	17,106,360
WW Grainger Inc.		15,652		6,152,175
				95,356,969
Water Utilities — 0.6%
American Water Works Co. Inc.		362,311		61,245,052
Essential Utilities Inc.		448,843		20,682,685
				81,927,737
Total Common Stocks — 99.8% (Cost: $11,094,131,908)				13,851,659,323
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		248,646,636		248,770,959
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		18,600,000		18,600,000
				267,370,959
Total Short-Term Investments — 1.9% (Cost: $267,204,230)				267,370,959
Total Investments in Securities — 101.7% (Cost: $11,361,336,138)				14,119,030,282
Other Assets, Less Liabilities — (1.7)%				(230,263,346	)
Net Assets — 100.0%			$	13,888,766,936

^(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 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	$	235,625,516	$	13,171,919	(a)	$	—	$	(3,640	)	$	(22,836	)	$	248,770,959		248,646,636	$	389,928	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,090,000		510,000	(a)		—		—			—			18,600,000		18,600,000		872			—
								$	(3,640	)	$	(22,836	)	$	267,370,959			$	390,800		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount  (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 400 E-Mini Index		101		12/17/21	$	26,595	$	(653,107	)

S C H E D U L E   O F   I N V E S T M E N T S 87

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Russell Mid-Cap Value ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		34		12/17/21	$	7,306	$	(274,461	)
							$	(927,568	)

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)	$	927,568

^(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	$	416,083
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(912,190	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	33,888,352

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	$	13,851,659,323		$	—	$	—	$	13,851,659,323
Money Market Funds		267,370,959			—		—		267,370,959
	$	14,119,030,282		$	—	$	—	$	14,119,030,282
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(927,568	)	$	—	$	—	$	(927,568	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

88 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

Statements of Assets and Liabilities (unaudited) 

September 30, 2021

	iShares Micro-Cap ETF		iShares Russell 2500 ETF		iShares Russell 3000 ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,255,495,503	$	187,662,928	$	11,605,584,301
Affiliated(c)		205,256,992		303,792,083		232,404,758
Cash		7,205		294,093		115,238
Cash pledged:
Futures contracts		79,710		26,000		1,370,459
Receivables:
Investments sold		2,836,932		—		—
Securities lending income — Affiliated		297,106		52,411		58,682
Capital shares sold		855		—		—
Dividends		684,230		190,917		7,533,095
Total assets		1,464,658,533		492,018,432		11,847,066,533
LIABILITIES
Collateral on securities loaned, at value		204,321,386		155,603,996		182,715,072
Payables:
Investments purchased		3,457,799		—		—
Variation margin on futures contracts		12,723		4,138		267,696
Capital shares redeemed		—		—		214,147
Investment advisory fees		628,810		18,868		1,998,003
Total liabilities		208,420,718		155,627,002		185,194,918
NET ASSETS	$	1,256,237,815	$	336,391,430	$	11,661,871,615
NET ASSETS CONSIST OF:
Paid-in capital	$	1,112,995,136	$	276,961,294	$	7,272,674,217
Accumulated earnings		143,242,679		59,430,136		4,389,197,398
NET ASSETS	$	1,256,237,815	$	336,391,430	$	11,661,871,615
Shares outstanding		8,700,000		5,250,000		45,750,000
Net asset value	$	144.40	$	64.07	$	254.90
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a)  Securities loaned, at value	$	196,253,610	$	150,532,791	$	176,327,663
(b)  Investments, at cost — Unaffiliated	$	1,152,781,475	$	158,845,764	$	7,301,331,382
(c) Investments, at cost — Affiliated	$	205,187,426	$	280,780,554	$	217,674,497

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 89

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares Russell Mid-Cap ETF		iShares Russell Mid-Cap Growth ETF		iShares Russell Mid-Cap Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	28,980,405,349	$	15,549,261,673	$	13,851,659,323
Affiliated(c)		1,022,261,721		891,106,254		267,370,959
Cash		1,147,293		371,961		677,988
Cash pledged:
Futures contracts		3,416,420		1,090,990		1,949,590
Receivables:
Securities lending income — Affiliated		189,125		176,227		43,255
Dividends		27,283,766		3,187,869		19,116,432
Total assets		30,034,703,674		16,445,194,974		14,140,817,547
LIABILITIES
Collateral on securities loaned, at value		984,030,117		871,329,728		248,498,659
Payables:
Investments purchased		748,101		—		323,212
Variation margin on futures contracts		862,777		251,849		517,618
Capital shares redeemed		—		8,166		—
Investment advisory fees		4,541,368		3,089,226		2,711,122
Total liabilities		990,182,363		874,678,969		252,050,611
NET ASSETS	$	29,044,521,311	$	15,570,516,005	$	13,888,766,936
NET ASSETS CONSIST OF:
Paid-in capital	$	18,619,846,823	$	10,278,677,197	$	11,489,447,161
Accumulated earnings		10,424,674,488		5,291,838,808		2,399,319,775
NET ASSETS	$	29,044,521,311	$	15,570,516,005	$	13,888,766,936
Shares outstanding		371,200,000		138,850,000		122,650,000
Net asset value	$	78.24	$	112.14	$	113.24
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a)  Securities loaned, at value	$	945,605,457	$	890,918,655	$	215,738,097
(b)  Investments, at cost — Unaffiliated	$	18,447,920,184	$	11,433,456,517	$	11,094,131,908
(c) Investments, at cost — Affiliated	$	1,021,791,697	$	890,714,305	$	267,204,230

See notes to financial statements.

90 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

Statements of Operations (unaudited)

Six Months Ended September 30, 2021

	iShares Micro-Cap ETF			iShares Russell 2500 ETF			iShares Russell 3000 ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	5,538,231		$	1,201,930		$	78,230,170
Dividends — Affiliated		78			676,703			324,899
Securities lending income — Affiliated — net		1,618,978			229,076			371,187
Foreign taxes withheld		(16,049	)		(691	)		(16,392	)
Total investment income		7,141,238			2,107,018			78,909,864
EXPENSES
Investment advisory fees		3,986,315			233,828			11,842,028
Total expenses		3,986,315			233,828			11,842,028
Less:
Investment advisory fees waived		—			(128,801	)		—
Total expenses after fees waived		3,986,315			105,027			11,842,028
Net investment income		3,154,923			2,001,991			67,067,836
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		42,786,776			(1,015,676	)		(17,316,070	)
Investments — Affiliated		(11,158	)		79,687			4,113
In-kind redemptions — Unaffiliated		189,175,013			7,744,493			292,207,519
In-kind redemptions — Affiliated		—			1,443,511			1,333,960
Futures contracts		(225,511	)		29,608			2,948,308
Net realized gain		231,725,120			8,281,623			279,177,830
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(252,055,014	)		(682,422	)		539,777,211
Investments — Affiliated		(10,900	)		(3,165,061	)		2,100,246
Futures contracts		1,173			(15,132	)		(833,344	)
Net change in unrealized appreciation (depreciation)		(252,064,741	)		(3,862,615	)		541,044,113
Net realized and unrealized gain (loss)		(20,339,621	)		4,419,008			820,221,943
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,184,698	)	$	6,420,999		$	887,289,779

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 91

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares Russell Mid-Cap ETF			iShares Russell Mid-Cap Growth ETF			iShares Russell Mid-Cap Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	171,833,232		$	40,480,175		$	108,398,056
Dividends — Affiliated		2,051			777			872
Securities lending income — Affiliated — net		1,539,740			1,566,774			389,928
Foreign taxes withheld		(37,691	)		(5,541	)		(25,135	)
Total investment income		173,337,332			42,042,185			108,763,721
EXPENSES
Investment advisory fees		27,150,675			18,092,178			16,383,662
Total expenses		27,150,675			18,092,178			16,383,662
Net investment income		146,186,657			23,950,007			92,380,059
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		157,821,651			89,132,819			656,000,216
Investments — Affiliated		(13,737	)		11,711			(3,640	)
In-kind redemptions — Unaffiliated		1,109,186,708			2,107,306,775			243,350,272
Futures contracts		3,313,233			2,152,933			416,083
Net realized gain		1,270,307,855			2,198,604,238			899,762,931
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		353,706,970			(736,668,483	)		(401,844,721	)
Investments — Affiliated		(79,641	)		(75,528	)		(22,836	)
Futures contracts		(1,846,040	)		(809,987	)		(912,190	)
Net change in unrealized appreciation (depreciation)		351,781,289			(737,553,998	)		(402,779,747	)
Net realized and unrealized gain		1,622,089,144			1,461,050,240			496,983,184
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,768,275,801		$	1,485,000,247		$	589,363,243

See notes to financial statements.

92 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

Statements of Changes in Net Assets

		iShares Micro-Cap ETF						iShares Russell 2500 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	3,154,923		$	7,953,178			$	2,001,991		$	1,875,578
Net realized gain			231,725,120			18,081,192				8,281,623			4,120,692
Net change in unrealized appreciation (depreciation)			(252,064,741	)		632,697,905				(3,862,615	)		66,690,370
Net increase (decrease) in net assets resulting from operations			(17,184,698	)		658,732,275				6,420,999			72,686,640
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(3,412,877	)		(8,886,794	)			(1,892,066	)		(2,053,020	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(109,753,140	)		174,536,784				64,744,567			154,463,552
NET ASSETS
Total increase (decrease) in net assets			(130,350,715	)		824,382,265				69,273,500			225,097,172
Beginning of period			1,386,588,530			562,206,265				267,117,930			42,020,758
End of period		$	1,256,237,815		$	1,386,588,530			$	336,391,430		$	267,117,930

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 93

Statements of Changes in Net Assets (continued)

		iShares Russell 3000 ETF						iShares Russell Mid-Cap ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	67,067,836		$	135,062,426			$	146,186,657		$	270,198,642
Net realized gain			279,177,830			1,061,621,917				1,270,307,855			700,515,561
Net change in unrealized appreciation (depreciation)			541,044,113			3,423,435,522				351,781,289			10,488,765,188
Net increase in net assets resulting from operations			887,289,779			4,620,119,865				1,768,275,801			11,459,479,391
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(63,610,065	)		(140,402,335	)			(155,393,992	)		(291,549,968	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(120,154,839	)		(1,752,359,037	)			308,322,262			201,796,936
NET ASSETS
Total increase in net assets			703,524,875			2,727,358,493				1,921,204,071			11,369,726,359
Beginning of period			10,958,346,740			8,230,988,247				27,123,317,240			15,753,590,881
End of period		$	11,661,871,615		$	10,958,346,740			$	29,044,521,311		$	27,123,317,240

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

94 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

Statements of Changes in Net Assets (continued)

	iShares Russell Mid-Cap Growth ETF						iShares Russell Mid-Cap Value ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21				Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	23,950,007		$	48,647,158			$	92,380,059		$	174,406,967
Net realized gain		2,198,604,238			1,634,159,985				899,762,931			31,845,912
Net change in unrealized appreciation (depreciation)		(737,553,998	)		4,645,472,122				(402,779,747	)		5,513,829,072
Net increase in net assets resulting from operations		1,485,000,247			6,328,279,265				589,363,243			5,720,081,951
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(26,412,877	)		(50,299,403	)			(99,534,773	)		(194,749,263	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(710,340,465	)		(809,354,311	)			278,912,479			(607,251,620	)
NET ASSETS
Total increase in net assets		748,246,905			5,468,625,551				768,740,949			4,918,081,068
Beginning of period		14,822,269,100			9,353,643,549				13,120,025,987			8,201,944,919
End of period	$	15,570,516,005		$	14,822,269,100			$	13,888,766,936		$	13,120,025,987

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 95

Financial Highlights

(For a share outstanding throughout each period)

	iShares Micro-Cap ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	146.73			$	67.33			$	92.88			$	96.11			$	85.68			$	68.00
Net investment income(a)			0.35				0.96				0.94				0.89				0.79				0.85
Net realized and unrealized gain (loss)(b)			(2.29	)			79.50				(25.28	)			(3.24	)			10.68				17.82
Net increase (decrease) from investment operations			(1.94	)			80.46				(24.34	)			(2.35	)			11.47				18.67
Distributions(c)
From net investment income			(0.39	)			(1.06	)			(1.21	)			(0.88	)			(1.04	)			(0.99	)
Total distributions			(0.39	)			(1.06	)			(1.21	)			(0.88	)			(1.04	)			(0.99	)
Net asset value, end of period		$	144.40			$	146.73			$	67.33			$	92.88			$	96.11			$	85.68
Total Return(d)
Based on net asset value			(1.34	)%(e)			120.24	%			(26.47	)%			(2.48	)%			13.43	%			27.60	%
Ratios to Average Net Assets
Total expenses			0.60	%(f)			0.60	%			0.60	%			0.60	%			0.60	%			0.60	%
Net investment income			0.47	%(f)			0.92	%			1.03	%			0.91	%			0.86	%			1.09	%
Supplemental Data
Net assets, end of period (000)		$	1,256,238			$	1,386,589			$	562,206			$	882,335			$	879,375			$	852,535
Portfolio turnover rate(g)			34	%(e)			35	%			24	%			25	%			22	%			21	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

96 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 2500 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19					Period From 07/06/17 to 03/31/18	(a)
Net asset value, beginning of period.		$	62.85			$	33.62			$	44.13			$	43.24		$	39.34
Net investment income(b)			0.42				0.75				0.72				0.65			0.42
Net realized and unrealized gain (loss)(c)			1.17				29.21				(10.50	)			1.22			3.88
Net increase (decrease) from investment operations			1.59				29.96				(9.78	)			1.87			4.30
Distributions(d)
From net investment income			(0.37	)			(0.73	)			(0.73	)			(0.62	)		(0.40	)
From net realized gain			—				—				—				(0.36	)		—
Return of capital			—				—				—				—			(0.00	)(e)
Total distributions			(0.37	)			(0.73	)			(0.73	)			(0.98	)		(0.40	)
Net asset value, end of period		$	64.07			$	62.85			$	33.62			$	44.13		$	43.24
Total Return(f)
Based on net asset value			2.51	%(g)			89.71	%			(22.47	)%			4.49	%		10.96	%(g)
Ratios to Average Net Assets
Total expenses(h)			0.15	%(i)			0.15	%			0.15	%			0.15	%		0.15	%(i)
Total expenses after fees waived(h)			0.07	%(i)			0.07	%			0.07	%			0.06	%		0.07	%(i)
Net investment income			1.28	%(i)			1.44	%			1.60	%			1.49	%		1.37	%(i)
Supplemental Data
Net assets, end of period (000)		$	336,391			$	267,118			$	42,021			$	35,302		$	6,486
Portfolio turnover rate(j)(k)			10	%(g)			16	%			14	%			12	%		5	%(g)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Rounds to less than $0.01.

^(f) Where applicable, assumes the reinvestment of distributions.

^(g) Not annualized.

^(h) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested (“acquired fund fees and expenses”). This ratio does not include these acquired fund fees and expenses.

⁽ⁱ⁾ Annualized.

^(j) Portfolio turnover rate excludes in-kind transactions.

^(k) Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 97

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 3000 ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period		$	237.19		$	148.31		$	166.74		$	156.30		$	139.89		$	120.86
Net investment income(a)			1.45			2.73			2.91			2.78			2.53			2.34
Net realized and unrealized gain (loss)(b)			17.64			89.03			(18.04	)		10.52			16.45			19.07
Net increase (decrease) from investment operations			19.09			91.76			(15.13	)		13.30			18.98			21.41
Distributions(c)
From net investment income			(1.38	)		(2.88	)		(3.30	)		(2.86	)		(2.57	)		(2.38	)
Total distributions			(1.38	)		(2.88	)		(3.30	)		(2.86	)		(2.57	)		(2.38	)
Net asset value, end of period		$	254.90		$	237.19		$	148.31		$	166.74		$	156.30		$	139.89
Total Return(d)
Based on net asset value			8.04	%(e)		62.21	%		(9.29	)%		8.59	%		13.64	%		17.87	%
Ratios to Average Net Assets
Total expenses			0.20	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income			1.13	%(f)		1.37	%		1.69	%		1.72	%		1.68	%		1.81	%
Supplemental Data
Net assets, end of period (000)		$	11,661,872		$	10,958,347		$	8,230,988		$	9,379,045		$	8,182,126		$	7,379,312
Portfolio turnover rate(g)			3	%(e)		4	%		5	%		5	%		4	%		4	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

98 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap ETF
		Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20					Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period			$	73.93			$	43.20			$	53.93		$	51.61		$	46.82		$	40.76
Net investment income(b)				0.39				0.74				0.91			0.81			0.76			0.68
Net realized and unrealized gain (loss)(c)				4.34				30.79				(10.71	)		2.44			4.84			6.12
Net increase (decrease) from investment operations				4.73				31.53				(9.80	)		3.25			5.60			6.80
Distributions(d)
From net investment income				(0.42	)			(0.80	)			(0.93	)		(0.93	)		(0.81	)		(0.74	)
Total distributions				(0.42	)			(0.80	)			(0.93	)		(0.93	)		(0.81	)		(0.74	)
Net asset value, end of period			$	78.24			$	73.93			$	43.20		$	53.93		$	51.61		$	46.82
Total Return(e)
Based on net asset value				6.38	%(f)			73.38	%			(18.44	)%		6.38	%		12.02	%		16.79	%
Ratios to Average Net Assets
Total expenses				0.18	%(g)			0.19	%			0.19	%		0.19	%		0.20	%		0.20	%
Net investment income				0.99	%(g)			1.23	%			1.63	%		1.55	%		1.53	%		1.56	%
Supplemental Data
Net assets, end of period (000)			$	29,044,521			$	27,123,317			$	15,753,591		$	18,593,536		$	16,988,034		$	15,468,666
Portfolio turnover rate(h)				10	%(f)			14	%			10	%		11	%		10	%		11	%

^(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on October 25, 2018.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 99

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Growth ETF
		Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period			$	102.01		$	60.86		$	67.81		$	61.46		$	51.90		$	46.08
Net investment income(b)				0.17			0.32			0.47			0.56			0.48			0.46
Net realized and unrealized gain (loss)(c)				10.15			41.16			(6.97	)		6.35			9.58			5.89
Net increase (decrease) from investment operations				10.32			41.48			(6.50	)		6.91			10.06			6.35
Distributions(d)
From net investment income				(0.19	)		(0.33	)		(0.45	)		(0.56	)		(0.50	)		(0.53	)
Total distributions				(0.19	)		(0.33	)		(0.45	)		(0.56	)		(0.50	)		(0.53	)
Net asset value, end of period			$	112.14		$	102.01		$	60.86		$	67.81		$	61.46		$	51.90
Total Return(e)
Based on net asset value				10.11	%(f)		68.27	%		(9.67	)%		11.28	%		19.46	%		13.85	%
Ratios to Average Net Assets
Total expenses				0.23	%(g)		0.23	%		0.24	%		0.24	%		0.24	%		0.25	%
Net investment income				0.31	%(g)		0.36	%		0.65	%		0.88	%		0.84	%		0.94	%
Supplemental Data
Net assets, end of period (000)			$	15,570,516		$	14,822,269		$	9,353,644		$	10,217,865		$	8,561,654		$	7,240,120
Portfolio turnover rate(h)				31	%(f)		23	%		23	%		20	%		24	%		27	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

100 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Value ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	109.15			$	64.10			$	86.86			$	86.44			$	83.02			$	70.95
Net investment income(a)			0.75				1.43				1.93				1.67				1.69				1.55
Net realized and unrealized gain (loss)(b)			4.15				45.22				(22.63	)			0.70				3.48				12.18
Net increase (decrease) from investment operations			4.90				46.65				(20.70	)			2.37				5.17				13.73
Distributions(c)
From net investment income			(0.81	)			(1.60	)			(2.06	)			(1.95	)			(1.75	)			(1.66	)
Total distributions			(0.81	)			(1.60	)			(2.06	)			(1.95	)			(1.75	)			(1.66	)
Net asset value, end of period		$	113.24			$	109.15			$	64.10			$	86.86			$	86.44			$	83.02
Total Return(d)
Based on net asset value			4.47	%(e)			73.40	%			(24.28	)%			2.78	%			6.28	%			19.51	%
Ratios to Average Net Assets
Total expenses			0.23	%(f)			0.23	%			0.24	%			0.24	%			0.24	%			0.25	%
Net investment income			1.30	%(f)			1.65	%			2.18	%			1.93	%			1.98	%			2.00	%
Supplemental Data
Net assets, end of period (000)		$	13,888,767			$	13,120,026			$	8,201,945			$	11,218,007			$	10,533,292			$	9,555,303
Portfolio turnover rate(g)			18	%(e)			25	%			20	%			25	%			20	%			21	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 101

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
Micro-Cap		Diversified
Russell 2500		Diversified
Russell 3000		Diversified
Russell Mid-Cap		Diversified
Russell Mid-Cap Growth		Diversified
Russell Mid-Cap Value		Diversified

Currently the iShares Russell 2500 ETF seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying Fund are available on iShares.com and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

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Notes to Financial Statements (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 103

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of   Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Micro-Cap
Barclays Bank PLC	$	10,286,122	$	10,286,122		$	—	$	—
Barclays Capital, Inc.		760,802		760,802			—		—
BMO Capital Markets Corp.		63,448		63,448			—		—
BNP Paribas SA		22,374,067		22,374,067			—		—
BofA Securities, Inc.		21,531,983		21,531,983			—		—
Citadel Clearing LLC		98,984		98,984			—		—
Citigroup Global Markets, Inc.		6,498,507		6,498,507			—		—
Credit Suisse Securities (USA) LLC		12,986,953		12,986,953			—		—
Deutsche Bank Securities, Inc.		3,792,182		3,792,182			—		—
Goldman Sachs & Co. LLC		23,281,114		23,281,114			—		—
HSBC Bank PLC		5,495,799		5,495,799			—		—
ING Financial Markets LLC		57,220		57,220			—		—
J.P. Morgan Securities LLC		25,796,756		25,796,756			—		—
Jefferies LLC		132,700		132,700			—		—
Morgan Stanley		34,576,986		34,576,986			—		—
National Financial Services LLC		11,350,215		11,350,215			—		—
Nomura Securities International, Inc.		47,460		47,460			—		—
Pershing LLC		92,243		90,397			—		(1,846	)(b)
Scotia Capital (USA), Inc.		543,640		543,640			—		—
SG Americas Securities LLC		28,106		28,106			—		—
State Street Bank & Trust Co.		3,514,285		3,514,285			—		—
Toronto Dominion Bank		3,637,930		3,637,930			—		—
UBS AG		4,963,204		4,963,204			—		—
UBS Securities LLC		669,823		669,823			—		—
Virtu Americas LLC		333,593		333,593			—		—
Wells Fargo Bank N.A.		550,726		550,726			—		—
Wells Fargo Securities LLC		2,788,762		2,788,762			—		—
	$	196,253,610	$	196,251,764		$	—	$	(1,846	)
Russell 2500
Barclays Bank PLC	$	3,672,146	$	3,672,146		$	—	$	—
BNP Paribas SA		16,704		16,704			—		—
BofA Securities, Inc.		3,339,787		3,339,787			—		—
Citadel Clearing LLC		202,133		202,133			—		—
Citigroup Global Markets, Inc.		326,381		326,381			—		—
Credit Suisse Securities (USA) LLC		53,743,741		53,743,741			—		—
HSBC Bank PLC		267,945		267,945			—		—
ING Financial Markets LLC		139,876		139,876			—		—
J.P. Morgan Securities LLC		6,588,451		6,588,451			—		—
Jefferies LLC		74,830,839		74,830,839			—		—
SG Americas Securities LLC		831,125		831,125			—		—
State Street Bank & Trust Co.		140,614		140,614			—		—
Toronto Dominion Bank		1,032,949		1,032,949			—		—
UBS AG		2,230,955		2,230,955			—		—
UBS Securities LLC		27,488		27,488			—		—
Virtu Americas LLC		2,838,173		2,838,173			—		—
Wells Fargo Bank N.A.		67,907		67,907			—		—
Wells Fargo Securities LLC		235,577		235,577			—		—
	$	150,532,791	$	150,532,791		$	—	$	—

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 105

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of   Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell 3000
Barclays Bank PLC	$	10,079,520	$	10,079,520		$	—	$	—
Barclays Capital, Inc.		7,213,166		7,213,166			—		—
BMO Capital Markets Corp.		747,881		747,881			—		—
BNP Paribas SA		22,426,728		22,426,728			—		—
BofA Securities, Inc.		7,934,306		7,867,127			—		(67,179	)(b)
Citadel Clearing LLC		1,534,971		1,534,971			—		—
Citigroup Global Markets, Inc.		12,965,182		12,965,182			—		—
Credit Suisse Securities (USA) LLC		4,120,550		4,120,550			—		—
Deutsche Bank Securities, Inc.		1,584,054		1,584,054			—		—
Goldman Sachs & Co. LLC		16,180,548		16,180,548			—		—
HSBC Bank PLC		16,721,598		16,721,598			—		—
ING Financial Markets LLC		2,018		2,018			—		—
J.P. Morgan Securities LLC		30,108,442		30,108,442			—		—
Jefferies LLC		1,240,126		1,240,126			—		—
Morgan Stanley		14,253,132		14,253,132			—		—
National Financial Services LLC		2,941,067		2,941,067			—		—
Natixis S.A.		245,441		245,441			—		—
Pershing LLC		43,644		42,888			—		(756	)(b)
RBC Capital Markets LLC		157,029		157,029			—		—
Scotia Capital (USA), Inc.		7,319,673		7,319,673			—		—
State Street Bank & Trust Co.		263,031		263,031			—		—
Toronto Dominion Bank		3,187,966		3,187,966			—		—
UBS AG		8,934,117		8,934,117			—		—
UBS Securities LLC		3,804,650		3,804,650			—		—
Virtu Americas LLC		149,992		149,992			—		—
Wells Fargo Bank N.A.		1,093,505		1,093,505			—		—
Wells Fargo Securities LLC		1,075,326		1,075,326			—		—
	$	176,327,663	$	176,259,728		$	—	$	(67,935	)
Russell Mid-Cap
Barclays Bank PLC	$	83,324,577	$	83,324,577		$	—	$	—
Barclays Capital, Inc.		2,525,909		2,525,909			—		—
BMO Capital Markets Corp.		744,143		744,143			—		—
BNP Paribas SA		116,959,689		116,959,689			—		—
BofA Securities, Inc.		49,395,651		49,395,651			—		—
Citadel Clearing LLC		2,953,175		2,953,175			—		—
Citigroup Global Markets, Inc.		146,507,057		146,507,057			—		—
Credit Suisse Securities (USA) LLC		18,251,950		18,251,950			—		—
Deutsche Bank Securities, Inc.		1,086,707		1,086,707			—		—
Goldman Sachs & Co. LLC		111,307,447		111,307,447			—		—
HSBC Bank PLC		4,927,838		4,927,838			—		—
ING Financial Markets LLC		60,030		60,030			—		—
J.P. Morgan Securities LLC		192,803,760		192,803,760			—		—
Jefferies LLC		287,851		287,851			—		—
Morgan Stanley		63,024,538		63,024,538			—		—
National Financial Services LLC		11,606,399		11,068,137			—		(538,262	)(b)
Natixis S.A.		3,026,405		3,026,405			—		—
Nomura Securities International, Inc.		97,108		97,108			—		—
Scotia Capital (USA), Inc.		13,723,374		13,723,374			—		—
SG Americas Securities LLC		3,481,153		3,481,153			—		—
State Street Bank & Trust Co.		6,409,601		6,409,601			—		—
Toronto Dominion Bank		29,997,964		29,997,964			—		—
UBS AG		50,198,415		50,198,415			—		—
UBS Securities LLC		16,380,327		16,380,327			—		—
Wells Fargo Bank N.A.		6,687,706		6,687,706			—		—
Wells Fargo Securities LLC		9,836,683		9,836,683			—		—
	$	945,605,457	$	945,067,195		$	—	$	(538,262	)

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of   Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell Mid-Cap Growth
Barclays Bank PLC	$	29,248,569	$	28,722,439		$	—	$	(526,130	)(b)
Barclays Capital, Inc.		1,636,383		1,635,055			—		(1,328	)(b)
BMO Capital Markets Corp.		111,440		105,641			—		(5,799	)(b)
BNP Paribas SA		136,002,762		135,419,283			—		(583,479	)(b)
BofA Securities, Inc.		45,869,881		45,521,856			—		(348,025	)(b)
Citadel Clearing LLC		7,357,359		7,137,450			—		(219,909	)(b)
Citigroup Global Markets, Inc.		126,021,945		124,397,025			—		(1,624,920	)(b)
Credit Suisse Securities (USA) LLC		31,393,325		31,211,336			—		(181,989	)(b)
Deutsche Bank Securities, Inc.		16,424		15,970			—		(454	)(b)
Goldman Sachs & Co. LLC		63,483,444		62,904,225			—		(579,219	)(b)
HSBC Bank PLC		11,704,791		11,704,791			—		—
ING Financial Markets LLC		293,490		293,490			—		—
J.P. Morgan Securities LLC		157,457,358		154,370,116			—		(3,087,242	)(b)
Morgan Stanley		167,788,898		160,760,748			—		(7,028,150	)(b)
National Financial Services LLC		17,284,194		15,715,321			—		(1,568,873	)(b)
Natixis S.A.		4,354,360		4,354,360			—		—
Nomura Securities International, Inc.		34,186		34,186			—		—
Scotia Capital (USA), Inc.		1,156		1,141			—		(15	)(b)
SG Americas Securities LLC		7,340,856		6,907,251			—		(433,605	)(b)
State Street Bank & Trust Co.		4,769,400		4,622,944			—		(146,456	)(b)
Toronto Dominion Bank		1,789,014		1,789,014			—		—
UBS AG		40,442,762		38,490,735			—		(1,952,027	)(b)
UBS Securities LLC		23,846,029		22,945,333			—		(900,696	)(b)
Virtu Americas LLC		1,879,194		1,830,855			—		(48,339	)(b)
Wells Fargo Bank N.A.		6,926,962		6,622,966			—		(303,996	)(b)
Wells Fargo Securities LLC		3,864,473		3,756,155			—		(108,318	)(b)
	$	890,918,655	$	871,269,686		$	—	$	(19,648,969	)
Russell Mid-Cap Value
Barclays Bank PLC	$	9,625,722	$	9,625,722		$	—	$	—
Barclays Capital, Inc.		3,576,970		3,576,970			—		—
BNP Paribas SA		43,717,933		43,717,933			—		—
BofA Securities, Inc.		12,456,844		12,456,844			—		—
Citadel Clearing LLC		196,570		196,570			—		—
Citigroup Global Markets, Inc.		27,422,052		27,422,052			—		—
Credit Suisse Securities (USA) LLC		17,235,581		17,235,581			—		—
Deutsche Bank Securities, Inc.		1,228,751		1,228,751			—		—
Goldman Sachs & Co. LLC		19,616,922		19,616,922			—		—
HSBC Bank PLC		1,431,138		1,431,138			—		—
J.P. Morgan Securities LLC		30,621,037		30,621,037			—		—
Jefferies LLC		398,051		398,051			—		—
Morgan Stanley		14,515,782		14,515,782			—		—
National Financial Services LLC		1,964,181		1,964,181			—		—
SG Americas Securities LLC		559,456		559,456			—		—
State Street Bank & Trust Co.		7,745,900		7,745,900			—		—
Toronto Dominion Bank		7,917,483		7,917,483			—		—
UBS AG		10,280,999		10,280,999			—		—
UBS Securities LLC		4,483,730		4,483,730			—		—
Virtu Americas LLC		486,445		484,419			—		(2,026	)(b)
Wells Fargo Securities LLC		256,550		256,550			—		—
	$	215,738,097	$	215,736,071		$	—	$	(2,026	)

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b) The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the

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Notes to Financial Statements (unaudited) (continued)

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Micro-Cap		0.60	%
Russell 2500		0.15
Russell 3000		0.20

For its investment advisory services to the iShares Russell Mid-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.2000	%
Over $121 billion, up to and including $181 billion		0.1900
Over $181 billion, up to and including $231 billion		0.1805
Over $231 billion, up to and including $281 billion		0.1715
Over $281 billion		0.1630

For its investment advisory services to each of the iShares Russell Mid-Cap Growth and iShares Russell Mid-Cap Value ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.2500	%
Over $121 billion, up to and including $181 billion		0.2375
Over $181 billion, up to and including $231 billion		0.2257
Over $231 billion, up to and including $281 billion		0.2144
Over $281 billion		0.2037

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Notes to Financial Statements (unaudited) (continued)

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Russell 2500 ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2022 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.15%.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended September 30, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Russell 2500	$	128,801

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
Micro-Cap	$	523,228
Russell 2500		90,955
Russell 3000		145,216
Russell Mid-Cap		597,981
Russell Mid-Cap Growth		594,701
Russell Mid-Cap Value		154,922

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

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Notes to Financial Statements (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized       Gain (Loss)
Micro-Cap	$	75,338,547	$	175,081,531	$	36,603,209
Russell 2500		13,267,000		5,555,100		(990,284	)
Russell 3000		46,661,158		66,868,864		(6,344,256	)
Russell Mid-Cap		913,505,247		947,756,011		(75,768,577	)
Russell Mid-Cap Growth		2,505,083,168		2,211,549,391		11,646,507
Russell Mid-Cap Value		1,505,883,247		1,723,695,443		434,059,533

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Micro-Cap	$	450,969,782	$	452,709,695
Russell 2500		31,471,463		31,395,351
Russell 3000		366,072,424		366,690,472
Russell Mid-Cap		2,966,681,071		2,936,059,973
Russell Mid-Cap Growth		4,763,649,653		4,779,690,018
Russell Mid-Cap Value		2,574,073,297		2,564,509,381

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind      Sales
Micro-Cap	$	183,411,151	$	290,646,474
Russell 2500		87,670,098		23,004,301
Russell 3000		387,369,402		504,335,747
Russell Mid-Cap		1,988,278,582		1,700,331,209
Russell Mid-Cap Growth		3,429,790,084		4,128,433,259
Russell Mid-Cap Value		936,176,977		658,393,842

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Micro-Cap	$	167,055,446
Russell 2500		342,063
Russell 3000		133,494,308
Russell Mid-Cap		1,132,451,882
Russell Mid-Cap Growth		998,195,710
Russell Mid-Cap Value		1,155,965,224

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Notes to Financial Statements (unaudited) (continued)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
Micro-Cap.	$	1,381,899,928	$	268,615,962	$	(189,762,178	)	$	78,853,784
Russell 2500		439,902,844		56,532,589		(4,988,328	)		51,544,261
Russell 3000		7,597,099,610		4,752,539,353		(512,453,637	)		4,240,085,716
Russell Mid-Cap		19,704,795,180		11,222,518,867		(926,395,574	)		10,296,123,293
Russell Mid-Cap Growth		12,348,785,166		4,504,232,607		(413,302,274	)		4,090,930,333
Russell Mid-Cap Value		11,455,441,310		3,206,440,024		(543,778,620	)		2,662,661,404

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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Notes to Financial Statements (unaudited) (continued)

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Micro-Cap
Shares sold		1,250,000		$	188,984,015			1,900,000		$	258,640,222
Shares redeemed		(2,000,000	)		(298,737,155	)		(800,000	)		(84,103,438	)
Net increase (decrease)		(750,000	)	$	(109,753,140	)		1,100,000		$	174,536,784
Russell 2500
Shares sold		1,350,000		$	87,997,030			3,250,000		$	166,498,017
Shares redeemed		(350,000	)		(23,252,463	)		(250,000	)		(12,034,465	)
Net increase		1,000,000		$	64,744,567			3,000,000		$	154,463,552
Russell 3000
Shares sold		1,550,000		$	390,072,388			2,250,000		$	455,681,225
Shares redeemed		(2,000,000	)		(510,227,227	)		(11,550,000	)		(2,208,040,262	)
Net decrease		(450,000	)	$	(120,154,839	)		(9,300,000	)	$	(1,752,359,037	)
Russell Mid-Cap
Shares sold		25,550,000		$	2,001,003,165			51,900,000		$	2,889,310,154
Shares redeemed		(21,250,000	)		(1,692,680,903	)		(49,700,000	)		(2,687,513,218	)
Net increase		4,300,000		$	308,322,262			2,200,000		$	201,796,936
Russell Mid-Cap Growth
Shares sold		30,850,000		$	3,433,758,040			53,000,000	(a)	$	4,406,706,279
Shares redeemed		(37,300,000	)		(4,144,098,505	)		(61,400,000	)(a)		(5,216,060,590	)
Net decrease		(6,450,000	)	$	(710,340,465	)		(8,400,000	)	$	(809,354,311	)
Russell Mid-Cap Value
Shares sold		8,250,000		$	941,568,455			15,200,000		$	1,399,838,175
Shares redeemed		(5,800,000	)		(662,655,976	)		(22,950,000	)		(2,007,089,795	)
Net increase (decrease)		2,450,000		$	278,912,479			(7,750,000	)	$	(607,251,620	)

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Notes to Financial Statements (unaudited) (continued)

^(a) Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Russell 3000 ETF, iShares Russell MidCap ETF and iShares Russell MidCap Value ETF received proceeds of $518,568, $2,662,268 and $4,836,058, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 113

Board Review and Approval of Investment Advisory Contract 

iShares Micro-Cap ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell 2500 ETF, iShares Russell 3000 ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

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providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund and have investment advisory fee rates and overall expenses (net of waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the Fund, the Board gave weight to management’s explanations of the relevant circumstances applicable to such mutual funds. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Mid-Cap ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment

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Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund and have investment advisory fee rates and overall expenses (net of waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the Fund, the Board gave weight to management’s explanations of the relevant circumstances applicable to such mutual funds. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Mid-Cap Growth ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment

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Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Mid-Cap Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to

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evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 123

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative     Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Micro-Cap(a)	$	0.373544	$	—	$	0.015410	$	0.388954		96	%		—	%		4	%		100	%
Russell 2500(a)		0.266623		—		0.102942		0.369565		72			—			28			100
Russell 3000(a)		1.353126		—		0.023949		1.377075		98			—			2			100
Russell Mid-Cap(a)		0.398396		—		0.020033		0.418429		95			—			5			100
Russell Mid-Cap Growth(a)		0.185455		—		0.004573		0.190028		98			—			2			100
Russell Mid-Cap Value(a)		0.767010		—		0.041313		0.808323		95			—			5			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

124 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

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 125

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

126 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

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-306-0921

            

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

Rob Kapito

President, BlackRock, Inc.

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

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	$      1,004.50	$        1.96			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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

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	$      1,140.00	$        2.09			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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.

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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

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	$      1,020.00	$        1.97			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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

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	$      977.50	$        1.93			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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.

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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.

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	$         994.60	$        2.00			$      1,000.00	$      1,023.10	$        2.03		0.40	%

^(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)
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

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	$      1,065.50	$        2.02			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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.

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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

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	$      1,142.60	$         2.09			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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

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	$      1,211.20	$        2.16			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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.

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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	)

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	$      1,023.80	$        1.98			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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

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	$      1,040.20	$        1.99			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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.

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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.

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	$      1,124.20	$        2.08			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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

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	$      1,079.70	$        2.03			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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%.

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	$      1,016.00	$        1.97			$      1,000.00	$      1,023.10	$        1.98		0.39	%

^(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)
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		1		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.

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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

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	$	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) 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.

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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) 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	$	(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

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	$	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

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: 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) 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	$	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

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	$	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

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	$	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) 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		3		12/17/21	$	385	$	(15,957	)

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)	$	15,957

^(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	$	149,188
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(14,235	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,171,553

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 27

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Healthcare Providers 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	$	1,149,401,763		$	—	$	—	$	1,149,401,763
Money Market Funds		56,553,777			—		—		56,553,777
	$	1,205,955,540		$	—	$	—	$	1,205,955,540
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(15,957	)	$	—	$	—	$	(15,957	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

28 2 0 2 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^® U.S. Home Construction ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 13.5%
American Woodmark Corp.(a)		59,547	$	3,892,587
AZEK Co. Inc. (The)(a)		394,894		14,425,478
Builders FirstSource Inc.(a)(b)		734,604		38,008,411
Fortune Brands Home & Security Inc.		488,815		43,709,837
JELD-WEN Holding Inc.(a)		326,333		8,168,115
Lennox International Inc.		121,224		35,660,464
Masco Corp.		876,253		48,675,854
Masonite International Corp.(a)(b)		85,409		9,064,457
Owens Corning		365,621		31,260,596
PGT Innovations Inc.(a)		211,084		4,031,705
Quanex Building Products Corp.		119,074		2,549,374
Simpson Manufacturing Co. Inc.		153,973		16,470,492
Trex Co. Inc.(a)(b)		408,926		41,681,827
UFP Industries Inc.		219,210		14,901,896
				312,501,093
Construction Materials — 0.9%
Eagle Materials Inc.		148,482		19,474,899
Forest Products — 0.9%
Louisiana-Pacific Corp.		337,599		20,718,450
Home Furnishings — 2.5%
Ethan Allen Interiors Inc.		77,667		1,840,708
Leggett & Platt Inc.		472,583		21,190,622
Mohawk Industries Inc.(a)		198,226		35,165,292
				58,196,622
Home Improvement Retail — 11.6%
Floor & Decor Holdings Inc., Class A(a)		373,104		45,067,232
Home Depot Inc. (The)		335,410		110,101,687
Lowe’s Companies Inc.		544,932		110,544,906
Lumber Liquidators Holdings Inc.(a)(b)		103,002		1,924,077
				267,637,902
Homebuilding — 64.3%
Beazer Homes USA Inc.(a)(b)		346,007		5,968,621
Cavco Industries Inc.(a)		100,411		23,771,300
Century Communities Inc.		349,166		21,456,251
DR Horton Inc.		3,830,789		321,671,352
Green Brick Partners Inc.(a)		567,076		11,636,400
Installed Building Products Inc.		275,759		29,547,577
KB Home		1,057,182		41,145,523
Lennar Corp., Class A		3,228,433		302,439,603
Lennar Corp., Class B		181,378		14,073,119
LGI Homes Inc.(a)(b)		254,596		36,129,718

Security	Shares		Value
Homebuilding (continued)
M/I Homes Inc.(a)(b)		344,566	$	19,915,915
MDC Holdings Inc.		663,983		31,021,286
Meritage Homes Corp.(a)		442,457		42,918,329
NVR Inc.(a)		39,536		189,538,747
PulteGroup Inc.		3,050,130		140,061,970
Skyline Champion Corp.(a)		620,358		37,258,701
Taylor Morrison Home Corp.(a)(b)		1,472,492		37,960,844
Toll Brothers Inc.		1,363,010		75,360,823
TopBuild Corp.(a)		387,072		79,276,216
TRI Pointe Homes Inc.(a)		1,337,336		28,110,803
				1,489,263,098
Specialty Chemicals — 4.5%
Sherwin-Williams Co. (The)		374,852		104,857,350
Trading Companies & Distributors — 1.7%
Beacon Roofing Supply Inc.(a)(b)		196,420		9,381,019
Watsco Inc.		116,885		30,930,109
				40,311,128
Total Common Stocks — 99.9% (Cost: $2,458,100,118)				2,312,960,542
Short-Term Investments
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		48,388,629		48,412,823
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		2,560,000		2,560,000
				50,972,823
Total Short -Term Investments — 2.2% (Cost: $50,966,478)				50,972,823
Total Investments in Securities — 102.1% (Cost: $2,509,066,596)				2,363,933,365
Other Assets, Less Liabilities — (2.1)%				(48,366,920	)
Net Assets — 100.0%			$	2,315,566,445

^(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.

S C H E D U L E    O F   I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Home Construction 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	$	31,310,054	$	17,107,167	(a)	$	—	$	(3,944	)	$	(454	)	$	48,412,823		48,388,629	$	39,364	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,583,000		977,000	(a)		—		—			—			2,560,000		2,560,000		81			—
								$	(3,944	)	$	(454	)	$	50,972,823			$	39,445		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 400 E-Mini Index		9		12/17/21	$	2,370	$	(62,234	)

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)	$	62,234

^(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	$	(32,960	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(62,234	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	789,960

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

30 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. Home Construction 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	$	2,312,960,542		$	—	$	—	$	2,312,960,542
Money Market Funds		50,972,823			—		—		50,972,823
	$	2,363,933,365		$	—	$	—	$	2,363,933,365
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(62,234	)	$	—	$	—	$	(62,234	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited)  September 30, 2021 iShares^® U.S. Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
Howmet Aerospace Inc.		133,131	$	4,153,687
Aluminum — 1.9%
Arconic Corp.(a)		122,353		3,859,013
Century Aluminum Co.(a)		329,686		4,434,277
Kaiser Aluminum Corp.		34,008		3,705,512
				11,998,802
Building Products — 7.1%
Advanced Drainage Systems Inc.		35,877		3,880,815
Apogee Enterprises Inc.		95,768		3,616,200
Armstrong World Industries Inc.		40,986		3,912,934
AZEK Co. Inc. (The)(a)		98,693		3,605,255
Builders FirstSource Inc.(a)		76,973		3,982,583
Carlisle Companies Inc.		20,151		4,005,817
Cornerstone Building Brands Inc.(a)		240,193		3,509,220
Gibraltar Industries Inc.(a)		56,585		3,941,145
Insteel Industries Inc.		115,841		4,407,750
Owens Corning		43,784		3,743,532
Simpson Manufacturing Co. Inc.		37,099		3,968,480
Trex Co. Inc.(a)		36,660		3,736,754
				46,310,485
Commodity Chemicals — 3.8%
AdvanSix Inc.(a)		111,139		4,417,775
Hawkins Inc.		113,618		3,962,996
LyondellBasell Industries NV, Class A		43,629		4,094,582
Olin Corp.		86,229		4,160,549
Tredegar Corp.		317,333		3,865,116
Westlake Chemical Corp.		48,146		4,388,026
				24,889,044
Construction & Engineering — 12.1%
AECOM(a)		62,512		3,947,633
API Group Corp.(a)(b)		178,195		3,626,268
Argan Inc.		88,716		3,874,228
Comfort Systems USA Inc.		54,851		3,911,973
Construction Partners Inc., Class A(a)		123,372		4,116,924
EMCOR Group Inc.		34,162		3,941,612
Fluor Corp.(a)		253,579		4,049,657
Granite Construction Inc.		102,479		4,053,044
Great Lakes Dredge & Dock Corp.(a)		268,234		4,047,651
IES Holdings Inc.(a)		87,582		4,001,622
MasTec Inc.(a)		45,684		3,941,616
Matrix Service Co.(a)		370,975		3,880,398
MYR Group Inc.(a)		38,045		3,785,478
Northwest Pipe Co.(a)		162,942		3,861,725
NV5 Global Inc.(a)		38,988		3,843,047
Primoris Services Corp.		157,172		3,849,142
Quanta Services Inc.		36,003		4,097,861
Sterling Construction Co. Inc.(a)		181,499		4,114,582
Tutor Perini Corp.(a)		292,916		3,802,050
Valmont Industries Inc.		17,062		4,011,617
				78,758,128
Construction Machinery & Heavy Trucks — 2.9%
Astec Industries Inc.		70,229		3,779,023
Greenbrier Companies Inc. (The)		93,429		4,016,513
Oshkosh Corp.		37,049		3,792,706
Terex Corp.		85,062		3,581,110

Security	Shares		Value
Construction Machinery & Heavy Trucks (continued)
Trinity Industries Inc.		146,291	$	3,974,726
				19,144,078
Construction Materials — 3.0%
Eagle Materials Inc.		27,169		3,563,486
Forterra Inc.(a)		176,593		4,160,531
Martin Marietta Materials Inc.		11,135		3,804,607
Summit Materials Inc., Class A(a)(c)		127,402		4,073,042
Vulcan Materials Co.		23,163		3,918,253
				19,519,919
Distributors — 0.6%
Pool Corp.		8,407		3,652,085
Diversified Chemicals — 0.6%
Eastman Chemical Co.		37,045		3,731,913
Diversified Metals & Mining — 0.6%
Compass Minerals International Inc.		61,455		3,957,702
Electric Utilities — 18.5%
ALLETE Inc.		76,705		4,565,482
Alliant Energy Corp.		84,377		4,723,424
American Electric Power Co. Inc.		57,511		4,668,743
Avangrid Inc.		94,856		4,610,002
Duke Energy Corp.		49,078		4,789,522
Edison International		88,195		4,892,177
Entergy Corp.		45,957		4,563,990
Evergy Inc.		75,689		4,707,856
Eversource Energy		56,233		4,597,610
Exelon Corp.		103,826		5,018,949
FirstEnergy Corp.		131,340		4,678,331
Hawaiian Electric Industries Inc.		120,126		4,904,744
IDACORP Inc.		48,302		4,993,461
MGE Energy Inc.		63,934		4,699,149
NextEra Energy Inc.		60,526		4,752,501
NRG Energy Inc.		114,455		4,673,198
OGE Energy Corp.		145,338		4,790,340
Otter Tail Corp.		93,605		5,239,072
PG&E Corp.(a)		565,314		5,427,014
Pinnacle West Capital Corp.		67,374		4,875,183
PNM Resources Inc.		104,203		5,155,964
Portland General Electric Co.		100,205		4,708,633
PPL Corp.		172,290		4,803,445
Southern Co. (The)		78,054		4,837,006
Xcel Energy Inc.		74,108		4,631,750
				120,307,546
Environmental & Facilities Services — 1.2%
Harsco Corp.(a)		228,878		3,879,482
Tetra Tech Inc.		27,545		4,113,570
				7,993,052
Gas Utilities — 6.4%
Atmos Energy Corp.		53,054		4,679,363
Chesapeake Utilities Corp.		39,604		4,754,460
National Fuel Gas Co.		98,507		5,173,587
New Jersey Resources Corp.		137,885		4,799,777
Northwest Natural Holding Co.		101,428		4,664,674
ONE Gas Inc.		71,816		4,550,980
South Jersey Industries Inc.		209,434		4,452,567
Southwest Gas Holdings Inc.		58,327		3,900,910
Spire Inc.		78,353		4,793,636
				41,769,954

32 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. Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Heavy Electrical Equipment — 0.6%
Babcock & Wilcox Enterprises Inc.(a)		579,133	$	3,712,243
Home Furnishings — 0.6%
Leggett & Platt Inc.		87,612		3,928,522
Independent Power Producers & Energy Traders — 0.7%
Vistra Corp.		270,679		4,628,611
Industrial Machinery — 1.2%
Mueller Industries Inc.		94,897		3,900,267
Omega Flex Inc.		28,072		4,005,593
				7,905,860
Multi-Utilities — 10.8%
Ameren Corp.		58,862		4,767,822
Avista Corp.		112,845		4,414,496
Black Hills Corp.		72,360		4,541,314
CenterPoint Energy Inc.		200,452		4,931,119
CMS Energy Corp.		79,808		4,766,932
Consolidated Edison Inc.		67,793		4,921,094
Dominion Energy Inc.		65,994		4,818,882
DTE Energy Co.		42,951		4,798,056
MDU Resources Group Inc.		129,840		3,852,353
NiSource Inc.		206,410		5,001,314
NorthWestern Corp.		79,826		4,574,030
Public Service Enterprise Group Inc.		80,826		4,922,303
Sempra Energy		38,772		4,904,658
Unitil Corp.		104,101		4,453,441
WEC Energy Group Inc.		53,981		4,761,124
				70,428,938
Oil & Gas Equipment & Services — 0.6%
U.S. Silica Holdings Inc.(a)		468,899		3,746,503
Oil & Gas Storage & Transportation — 5.9%
Antero Midstream Corp.		511,634		5,331,227
DTE Midstream LLC(a)		112,522		5,203,017
EnLink Midstream LLC		891,832		6,082,294
Equitrans Midstream Corp.		555,599		5,633,774
Kinder Morgan Inc.		316,562		5,296,082
ONEOK Inc.		97,285		5,641,557
Williams Companies Inc. (The)		207,154		5,373,575
				38,561,526
Railroads — 3.0%
CSX Corp.		161,645		4,807,322
Kansas City Southern		17,738		4,800,613
Norfolk Southern Corp.		20,657		4,942,187
Union Pacific Corp.		24,069		4,717,765
				19,267,887
Renewable Electricity — 0.7%
Sunnova Energy International Inc.(a)(c)		145,756		4,801,203
Research & Consulting Services — 0.6%
Jacobs Engineering Group Inc.		30,463		4,037,261
Specialty Chemicals — 1.8%
Avient Corp.		84,090		3,897,572
Ecovyst Inc.		315,557		3,679,395
Ingevity Corp.(a)		53,220		3,798,311
				11,375,278

Security	Shares		Value
Steel — 7.1%
Allegheny Technologies Inc.(a)(c)		232,428	$	3,865,278
Carpenter Technology Corp.		125,344		4,103,763
Cleveland-Cliffs Inc.(a)		175,385		3,474,377
Commercial Metals Co.		130,762		3,983,011
Haynes International Inc.		110,282		4,108,004
Mesabi Trust		126,242		3,750,650
Nucor Corp.		36,772		3,621,674
Reliance Steel & Aluminum Co.		27,922		3,976,651
Steel Dynamics Inc.		62,523		3,656,345
TimkenSteel Corp.(a)		312,842		4,091,973
United States Steel Corp.(c)		159,930		3,513,662
Worthington Industries Inc.		76,460		4,029,442
				46,174,830
Trading Companies & Distributors — 1.8%
BlueLinx Holdings Inc.(a)		71,071		3,473,951
Boise Cascade Co.		71,731		3,872,039
H&E Equipment Services Inc.		124,731		4,329,413
				11,675,403
Water Utilities — 5.1%
American States Water Co.		55,548		4,750,465
American Water Works Co. Inc.		27,937		4,722,470
California Water Service Group		80,393		4,737,560
Essential Utilities Inc.		105,197		4,847,478
Middlesex Water Co.		45,999		4,727,777
SJW Group		74,093		4,894,584
York Water Co. (The)		97,722		4,268,497
				32,948,831
Total Common Stocks — 99.8% (Cost: $654,710,299)				649,379,291
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		7,693,349		7,697,196
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		860,000		860,000
				8,557,196
Total Short -Term Investments — 1.3% (Cost: $8,557,196)				8,557,196
Total Investments in Securities — 101.1% (Cost: $663,267,495)				657,936,487
Other Assets, Less Liabilities — (1.1)%				(7,432,094	)
Net Assets — 100.0%			$	650,504,393

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c) All or a portion of this security is on loan.

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Infrastructure 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	$	1,775,064	$	5,921,879	(a)	$	—	$	256	$	(3	)	$	7,697,196		7,693,349	$	5,478	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		510,000		350,000	(a)		—		—		—			860,000		860,000		37			—
								$	256	$	(3	)	$	8,557,196			$	5,515		$	—

^(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 Energy Select Sector Index		2		12/17/21	$	108	$	4,556
E-Mini Utilities Select Sector Index		6		12/17/21		386		(3,403	)
S&P 400 E-Mini Index		2		12/17/21		527		(3,494	)
							$	(2,341	)

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)	$	4,556
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	6,897

^(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	$	(31,070	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,341	)

34 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. Infrastructure ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	726,627

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	$	649,379,291		$	—	$	—	$	649,379,291
Money Market Funds		8,557,196			—		—		8,557,196
	$	657,936,487		$	—	$	—	$	657,936,487
Derivative financial instruments(a)
Assets
Futures Contracts	$	4,556		$	—	$	—	$	4,556
Liabilities
Futures Contracts		(6,897	)		—		—		(6,897	)
	$	(2,341	)	$	—	$	—	$	(2,341	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited)  September 30, 2021 iShares^® U.S. Insurance ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Insurance Brokers — 6.7%
Arthur J Gallagher & Co.		31,506	$	4,683,367
Brown & Brown Inc.		35,618		1,975,018
eHealth Inc.(a)		3,826		154,953
				6,813,338
Life & Health Insurance — 27.5%
Aflac Inc.		84,753		4,418,174
American Equity Investment Life Holding Co.		12,625		373,321
Athene Holding Ltd., Class A(a)		20,021		1,378,846
Brighthouse Financial Inc.(a)		12,681		573,562
CNO Financial Group Inc.		19,503		459,101
Genworth Financial Inc., Class A(a)		71,140		266,775
Globe Life Inc.		14,265		1,270,013
Lincoln National Corp.		26,919		1,850,681
MetLife Inc.		107,648		6,645,111
National Western Life Group Inc., Class A		359		75,602
Oscar Health Inc., Class A(a)		6,274		109,105
Primerica Inc.		6,019		924,699
Principal Financial Group Inc.		38,037		2,449,583
Prudential Financial Inc.		57,167		6,013,968
Trupanion Inc.(a)		5,243		407,224
Unum Group		31,350		785,631
				28,001,396
Multi-line Insurance — 13.7%
American Financial Group Inc./OH		10,079		1,268,241
American International Group Inc.		126,395		6,937,821
American National Group Inc.		1,969		372,200
Assurant Inc.		9,019		1,422,747
Hartford Financial Services Group Inc. (The)		52,907		3,716,717
Horace Mann Educators Corp.		5,275		209,892
				13,927,618
Other Diversified Financial Services — 1.0%
Voya Financial Inc.		17,292		1,061,556
Property & Casualty Insurance — 49.4%
Allstate Corp. (The)		35,204		4,481,821
Ambac Financial Group Inc.(a)		7,262		103,992
AMERISAFE Inc.		3,056		171,625
Arch Capital Group Ltd.(a)		60,351		2,304,201
Argo Group International Holdings Ltd.		5,365		280,160
Assured Guaranty Ltd.		11,132		521,089
Axis Capital Holdings Ltd.		11,769		541,845
Chubb Ltd.		64,843		11,248,964
Cincinnati Financial Corp.		22,843		2,609,128
CNA Financial Corp.		4,215		176,861
Employers Holdings Inc.		3,556		140,426
Erie Indemnity Co., Class A, NVS		3,827		682,813

Security	Shares		Value
Property & Casualty Insurance (continued)
First American Financial Corp.		16,854	$	1,130,061
Hanover Insurance Group Inc. (The)		5,497		712,521
James River Group Holdings Ltd.		5,877		221,739
Kemper Corp.		9,124		609,392
Kinsale Capital Group Inc.		3,307		534,742
Lemonade Inc.(a)		5,807		389,127
Loews Corp.		30,972		1,670,320
Markel Corp.(a)		2,092		2,500,212
MBIA Inc.(a)		7,553		97,056
Mercury General Corp.		4,104		228,470
MetroMile Inc.(a)		11,644		41,336
Old Republic International Corp.		43,344		1,002,547
Palomar Holdings Inc.(a)		3,789		306,265
ProAssurance Corp.		6,889		163,820
Progressive Corp. (The)		86,484		7,817,289
RLI Corp.		6,071		608,739
Root Inc./OH, Class A(a)		14,542		76,636
Safety Insurance Group Inc.		2,053		162,700
Selective Insurance Group Inc.		9,168		692,459
State Auto Financial Corp.		2,740		139,603
Travelers Companies Inc. (The)		36,874		5,605,217
United Fire Group Inc.		3,420		79,002
Universal Insurance Holdings Inc.		4,314		56,255
W R Berkley Corp.		21,510		1,574,102
White Mountains Insurance Group Ltd.		476		509,134
				50,191,669
Reinsurance — 1.3%
Alleghany Corp.(a)		2,114		1,320,003
Total Common Stocks — 99.6% (Cost: $90,169,412)				101,315,580
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		200,000		200,000
Total Short -Term Investments — 0.2% (Cost: $200,000)				200,000
Total Investments in Securities — 99.8% (Cost: $90,369,412)				101,515,580
Other Assets, Less Liabilities — 0.2%				202,032
Net Assets — 100.0%			$	101,717,612

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

^(c) Annualized 7-day yield as of period end.

36 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. Insurance 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)	$	207,497	$	—			$(207,430)(b)	$	(61	)	$	(6	)	$	—		—	$	1,617	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		20,000	(b)		—		—			—			200,000		200,000		6			—
								$	(61	)	$	(6	)	$	200,000			$	1,623		$	—

^(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		3		12/17/21	$	346	$	(1,357	)

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)	$	1,357

^(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	$	(9,872	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	260,429

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Insurance 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	$	101,315,580		$	—	$	—	$	101,315,580
Money Market Funds		200,000			—		—		200,000
	$	101,515,580		$	—	$	—	$	101,515,580
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,357	)	$	—	$	—	$	(1,357	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

38 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^® U.S. Medical Devices ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care Equipment — 83.1%
Abbott Laboratories		8,759,415	$	1,034,749,694
ABIOMED Inc.(a)(b)		253,221		82,428,500
AngioDynamics Inc.(a)		215,748		5,596,503
AtriCure Inc.(a)(b)		256,021		17,806,261
Axogen Inc.(a)		231,004		3,649,863
Axonics Inc.(a)(b)		257,448		16,757,290
Baxter International Inc.		2,789,678		224,373,802
Becton Dickinson and Co.		1,535,182		377,378,439
Boston Scientific Corp.(a)		7,945,613		344,760,148
Butterfly Network Inc.(a)(b)		729,184		7,612,681
Cardiovascular Systems Inc.(a)(b)		224,092		7,356,940
CONMED Corp.		162,927		21,315,739
CryoLife Inc.(a)		218,187		4,863,388
CryoPort Inc.(a)(b)		256,794		17,079,369
Danaher Corp.		3,139,324		955,735,799
Dexcom Inc.(a)(b)		539,880		295,238,777
Eargo Inc.(a)		127,504		858,102
Edwards Lifesciences Corp.(a)		3,287,692		372,199,611
Envista Holdings Corp.(a)(b)		899,854		37,622,896
Glaukos Corp.(a)(b)		259,826		12,515,818
Globus Medical Inc., Class A(a)		436,957		33,479,645
Heska Corp.(a)(b)		59,398		15,356,759
Hill-Rom Holdings Inc.		367,281		55,092,150
Hologic Inc.(a)		1,414,553		104,408,157
IDEXX Laboratories Inc.(a)		474,750		295,247,025
Inari Medical Inc.(a)		177,408		14,387,789
Inogen Inc.(a)		113,549		4,892,826
Insulet Corp.(a)(b)		384,330		109,238,116
Integer Holdings Corp.(a)(b)		183,940		16,433,200
Integra LifeSciences Holdings Corp.(a)(b)		405,896		27,795,758
Intersect ENT Inc.(a)		185,232		5,038,310
Intuitive Surgical Inc.(a)		372,773		370,592,278
iRhythm Technologies Inc.(a)		163,540		9,576,902
LeMaitre Vascular Inc.		107,079		5,684,824
LivaNova PLC(a)		296,885		23,510,323
Masimo Corp.(a)		282,644		76,514,557
Medtronic PLC		5,582,491		699,765,247
Mesa Laboratories Inc.(b)		29,009		8,771,161
Natus Medical Inc.(a)		189,323		4,748,221
Nevro Corp.(a)(b)		194,737		22,663,492
Novocure Ltd.(a)(b)		497,399		57,782,842
NuVasive Inc.(a)(b)		288,129		17,244,521
Ortho Clinical Diagnostics Holdings PLC(a)		629,503		11,633,215
Orthofix Medical Inc.(a)		110,947		4,229,300
Outset Medical Inc.(a)(b)		224,818		11,115,002
Penumbra Inc.(a)		191,869		51,133,089
ResMed Inc.		812,004		214,003,654
SeaSpine Holdings Corp.(a)(b)		182,796		2,875,381

Security	Shares		Value
Health Care Equipment (continued)
Shockwave Medical Inc.(a)(b)		196,144	$	40,382,127
STERIS PLC		556,669		113,716,343
Stryker Corp.		1,440,829		379,975,424
Surmodics Inc.(a)		76,876		4,274,306
Tactile Systems Technology Inc.(a)(b)		110,416		4,907,991
Tandem Diabetes Care Inc.(a)(b)		351,717		41,987,975
Teleflex Inc.		261,153		98,337,162
TransMedics Group Inc.(a)(b)		154,428		5,110,023
Vapotherm Inc.(a)		127,693		2,843,723
Varex Imaging Corp.(a)(b)		219,243		6,182,653
ViewRay Inc.(a)(b)		788,652		5,686,181
Zimmer Biomet Holdings Inc.		1,165,414		170,569,993
				6,987,087,265
Health Care Supplies — 0.4%
STAAR Surgical Co.(a)		264,468		33,992,072
Life Sciences Tools & Services — 16.4%
Bio-Rad Laboratories Inc., Class A(a)		119,913		89,449,102
Bruker Corp.		564,617		44,096,588
NanoString Technologies Inc.(a)(b)		254,005		12,194,780
Thermo Fisher Scientific Inc.		1,943,853		1,110,581,535
Waters Corp.(a)		342,404		122,340,949
				1,378,662,954
Total Common Stocks — 99.9% (Cost: $6,411,555,760)				8,399,742,291
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		87,248,825		87,292,450
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		8,680,000		8,680,000
				95,972,450
Total Short -Term Investments — 1.1% (Cost: $95,846,880)				95,972,450
Total Investments in Securities — 101.0% (Cost: $6,507,402,640)				8,495,714,741
Other Assets, Less Liabilities — (1.0)%				(82,720,043	)
Net Assets — 100.0%			$	8,412,994,698

^(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.

S C H E D U L E    O F   I N V E S T M E N T S 39

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Medical Devices 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	$	217,217,031	$	—	$	(129,901,838	)(a)	$	(10,516	)	$	(12,227	)	$	87,292,450		87,248,825	$	160,710	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,910,000		—		(230,000	)(a)		—			—			8,680,000		8,680,000		625			—
								$	(10,516	)	$	(12,227	)	$	95,972,450			$	161,335		$	—

^(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		74		12/17/21	$	9,499	$	(378,034	)
E-Mini Technoloy Select Sector Index		19		12/17/21		2,859		(114,608	)
							$	(492,642	)

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)	$	492,642

^(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	$	1,896,787
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(793,470	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,552,560

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

40 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. Medical Devices 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	$	8,399,742,291		$	—	$	—	$	8,399,742,291
Money Market Funds		95,972,450			—		—		95,972,450
	$	8,495,714,741		$	—	$	—	$	8,495,714,741
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(492,642	)	$	—	$	—	$	(492,642	)

^(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 41

Schedule of Investments (unaudited)  September 30, 2021 iShares^® U.S. Oil & Gas Exploration & Production ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Oil & Gas Exploration & Production — 74.0%
Antero Resources Corp.(a)		187,098	$	3,519,313
APA Corp.		247,629		5,306,690
Bonanza Creek Energy Inc.		20,207		967,915
Brigham Minerals Inc., Class A		29,635		567,807
Cabot Oil & Gas Corp.		261,806		5,696,899
Callon Petroleum Co.(a)		25,774		1,264,988
Centennial Resource Development Inc./DE, Class A(a)		118,956		797,005
Cimarex Energy Co.		67,349		5,872,833
CNX Resources Corp.(a)		142,739		1,801,366
Comstock Resources Inc.(a)		59,484		615,659
ConocoPhillips		783,166		53,075,160
Continental Resources Inc./OK		38,521		1,777,744
Denbury Inc.(a)		32,864		2,308,696
Devon Energy Corp.		402,146		14,280,204
Diamondback Energy Inc.		111,486		10,554,380
EOG Resources Inc.		341,472		27,409,957
EQT Corp.(a)		198,085		4,052,819
Hess Corp.		165,296		12,911,271
Kosmos Energy Ltd.(a)		267,285		791,164
Laredo Petroleum Inc.(a)(b)		8,842		716,821
Magnolia Oil & Gas Corp., Class A		93,023		1,654,879
Marathon Oil Corp.		516,453		7,059,913
Matador Resources Co.(b)		72,034		2,740,173
Murphy Oil Corp.		95,094		2,374,497
Northern Oil and Gas Inc.		35,543		760,620
Oasis Petroleum Inc.		12,257		1,218,591
Ovintiv Inc.		171,027		5,623,368
PDC Energy Inc.		64,629		3,062,768
Pioneer Natural Resources Co.		132,693		22,094,711
Range Resources Corp.(a)		170,172		3,850,992
SM Energy Co.		79,405		2,094,704
Southwestern Energy Co.(a)(b)		443,487		2,456,918
Talos Energy Inc.(a)		26,815		369,243
Tellurian Inc.(a)(b)		250,017		977,567
Texas Pacific Land Corp.(b)		4,062		4,912,420
Whiting Petroleum Corp.(a)		25,623		1,496,639
				217,036,694
Oil & Gas Refining & Marketing — 19.2%
Clean Energy Fuels Corp.(a)(b)		111,011		904,740
CVR Energy Inc.		19,098		318,173

Security	Shares		Value
Oil & Gas Refining & Marketing (continued)
Delek U.S. Holdings Inc.		48,513	$	871,779
HollyFrontier Corp.		97,926		3,244,288
Marathon Petroleum Corp.		373,254		23,070,830
New Fortress Energy Inc.(b)		27,079		751,442
Par Pacific Holdings Inc.(a)		29,983		471,333
PBF Energy Inc., Class A(a)		62,225		807,058
Phillips 66		169,466		11,867,704
Valero Energy Corp.		178,219		12,576,915
World Fuel Services Corp.		41,596		1,398,457
				56,282,719
Oil & Gas Storage & Transportation — 6.7%
Cheniere Energy Inc.(a)		126,167		12,322,731
Targa Resources Corp.		149,784		7,370,871
				19,693,602
Total Common Stocks — 99.9% (Cost: $296,292,901)				293,013,015
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		2,457,959		2,459,188
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		240,000		240,000
				2,699,188
Total Short -Term Investments — 0.9% (Cost: $2,698,519)				2,699,188
Total Investments in Securities — 100.8% (Cost: $298,991,420)				295,712,203
Other Assets, Less Liabilities — (0.8)%				(2,285,551	)
Net Assets — 100.0%			$	293,426,652

^(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.

42 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. Oil & Gas Exploration & Production 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	$	2,451,170		$   9,395	(a)	$	—		$	(1,197	)	$	(180	)	$	2,459,188		2,457,959	$	4,169	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		470,000		—			(230,000	)(a)		—			—			240,000		240,000		18			—
									$	(1,197	)	$	(180	)	$	2,699,188			$	4,187		$	—

^(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 Energy Select Sector Index		7		12/17/21	$	379	$	22,754

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)	$	22,754

^(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	$	13,001
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	46,846

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	465,370

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 43

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Oil & Gas Exploration & Production 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	$	293,013,015	$	—	$	—	$	293,013,015
Money Market Funds		2,699,188		—		—		2,699,188
	$	295,712,203	$	—	$	—	$	295,712,203
Derivative financial instruments(a)
Assets
Futures Contracts	$	22,754	$	—	$	—	$	22,754

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

44 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^® U.S. Oil Equipment & Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Oil & Gas Drilling — 12.7%
Helmerich & Payne Inc.		152,769	$	4,187,399
Nabors Industries Ltd.(a)		13,821		1,333,450
Patterson-UTI Energy Inc.		337,214		3,034,926
Transocean Ltd.(a)		1,068,661		4,050,225
				12,606,000
Oil & Gas Equipment & Services — 87.1%
Archrock Inc.		239,074		1,972,360
Baker Hughes Co.		856,681		21,185,720
Bristow Group Inc.(a)(b)		41,338		1,315,789
Cactus Inc., Class A		103,536		3,905,378
ChampionX Corp.(a)(b)		185,907		4,156,880
Core Laboratories NV(b)		82,651		2,293,565
DMC Global Inc.(a)(b)		33,404		1,232,942
Dril-Quip Inc.(a)(b)		63,206		1,591,527
Frank’s International NV(a)		312,783		919,582
Halliburton Co.		211,271		4,567,679
Helix Energy Solutions Group Inc.(a)(b)		252,867		981,124
Liberty Oilfield Services Inc., Class A(a)		187,676		2,276,510
NexTier Oilfield Solutions Inc.(a)(b)		284,815		1,310,149
NOV Inc.(a)		322,660		4,230,073
Oceaneering International Inc.(a)		178,027		2,371,320
Oil States International Inc.(a)(b)		109,441		699,328
ProPetro Holding Corp.(a)		151,051		1,306,591
Schlumberger NV		766,711		22,725,314
Select Energy Services Inc., Class A(a)(b)		113,065		586,807
TechnipFMC PLC(a)		649,937		4,894,026
Tidewater Inc.(a)		73,382		884,987

Security	Shares		Value
Oil & Gas Equipment & Services (continued)
U.S. Silica Holdings Inc.(a)		133,356	$	1,065,514
				86,473,165
Total Common Stocks — 99.8% (Cost: $110,744,799)				99,079,165
Short-Term Investments
Money Market Funds — 5.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		5,321,722		5,324,383
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		110,000		110,000
				5,434,383
Total Short -Term Investments — 5.5% (Cost: $5,432,178)				5,434,383
Total Investments in Securities — 105.3% (Cost: $116,176,977)				104,513,548
Other Assets, Less Liabilities — (5.3)%				(5,231,721	)
Net Assets — 100.0%			$	99,281,827

(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 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	$	8,721,767	$	—	$	(3,396,629	)(a)	$	(572	)	$	(183	)	$	5,324,383		5,321,722	$	8,637	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		630,000		—		(520,000	)(a)		—			—			110,000		110,000		8			—
								$	(572	)	$	(183	)	$	5,434,383			$	8,645		$	—

(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.

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Oil Equipment & Services ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		3		12/17/21	$	162	$	15,413

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)	$	15,413

(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	$	(6,893	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	22,792

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$433,933

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	$	99,079,165	$	—	$	—	$	99,079,165
Money Market Funds		5,434,383		—		—		5,434,383
	$	104,513,548	$	—	$	—	$	104,513,548
Derivative financial instruments(a)
Assets
Futures Contracts	$	15,413	$	—	$	—	$	15,413

(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

46 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^® U.S. Pharmaceuticals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 2.9%
Amicus Therapeutics Inc.(a)		325,854	$	3,111,906
Catalyst Pharmaceuticals Inc.(a)(b)		129,984		688,915
ChemoCentryx Inc.(a)(b)		66,319		1,134,055
Ironwood Pharmaceuticals Inc.(a)(b)		221,259		2,889,643
Madrigal Pharmaceuticals Inc.(a)		16,234		1,295,311
Spectrum Pharmaceuticals Inc.(a)		222,419		484,873
Vanda Pharmaceuticals Inc.(a)(b)		75,573		1,295,321
				10,900,024
Pharmaceuticals — 97.0%
Aerie Pharmaceuticals Inc.(a)(b)		64,158		731,401
Amneal Pharmaceuticals Inc.(a)		133,765		714,305
Amphastar Pharmaceuticals Inc.(a)(b)		50,236		954,986
Antares Pharma Inc.(a)		230,867		840,356
Arvinas Inc.(a)		58,804		4,832,513
Atea Pharmaceuticals Inc.(a)		71,924		2,521,655
Axsome Therapeutics Inc.(a)(b)		40,315		1,328,782
Bristol-Myers Squibb Co.		274,541		16,244,591
Cara Therapeutics Inc.(a)		57,151		882,983
Catalent Inc.(a)		125,207		16,661,296
Collegium Pharmaceutical Inc.(a)(b)		48,306		953,560
Corcept Therapeutics Inc.(a)(b)		141,717		2,788,991
Elanco Animal Health Inc.(a)(b)		525,914		16,771,398
Eli Lilly & Co.		69,939		16,159,406
Endo International PLC(a)(b)		317,162		1,027,605
Innoviva Inc.(a)		84,955		1,419,598
Intra-Cellular Therapies Inc.(a)(b)		100,543		3,748,243
Jazz Pharmaceuticals PLC(a)		83,058		10,814,982
Johnson & Johnson		518,418		83,724,507
Merck & Co. Inc.		236,508		17,764,116
NGM Biopharmaceuticals Inc.(a)		50,423		1,059,891
Nuvation Bio Inc.(a)(b)		156,685		1,557,449
Omeros Corp.(a)(b)		84,660		1,167,461
Organon & Co.		344,349		11,291,204
Pacira BioSciences Inc.(a)		60,383		3,381,448
Perrigo Co. PLC		181,624		8,596,264
Pfizer Inc.		1,666,207		71,663,563
Phathom Pharmaceuticals Inc.(a)		21,269		682,735
Phibro Animal Health Corp., Class A		27,590		594,289

Security	Shares		Value
Pharmaceuticals (continued)
Prestige Consumer Healthcare Inc.(a)		67,996	$	3,815,256
Provention Bio Inc.(a)		69,221		443,014
Reata Pharmaceuticals Inc., Class A(a)(b)		37,068		3,729,412
Relmada Therapeutics Inc.(a)		22,054		578,035
Revance Therapeutics Inc.(a)(b)		89,761		2,500,741
Royalty Pharma PLC, Class A		460,429		16,639,904
TherapeuticsMD Inc.(a)		543,923		403,265
Theravance Biopharma Inc.(a)(b)		71,220		527,028
Viatris Inc.		1,224,964		16,598,262
Zoetis Inc.		85,144		16,529,856
Zogenix Inc.(a)		68,333		1,037,978
				363,682,329
Total Common Stocks — 99.9% (Cost: $348,683,528)				374,582,353
Short-Term Investments
Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		14,753,587		14,760,964
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		370,000		370,000
				15,130,964
Total Short -Term Investments — 4.0% (Cost: $15,123,648)				15,130,964
Total Investments in Securities — 103.9% (Cost: $363,807,176)				389,713,317
Other Assets, Less Liabilities — (3.9)%				(14,573,429	)
Net Assets — 100.0%			$	375,139,888

(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.

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Pharmaceuticals 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	$	15,774,536	$	—	$	(1,012,605	)(a)	$	(425	)	$	(542	)	$	14,760,964		14,753,587	$	12,998	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		440,000		—		(70,000	)(a)		—			—			370,000		370,000		18			—
								$	(425	)	$	(542	)	$	15,130,964			$	13,016		$	—

(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		4		12/17/21	$	513	$	(15,656	)

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)	$	15,656

(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	$	90,771
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(25,415	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	536,743

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

48 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. Pharmaceuticals 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	$	374,582,353		$	—	$	—	$	374,582,353
Money Market Funds		15,130,964			—		—		15,130,964
	$	389,713,317		$	—	$	—	$	389,713,317
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(15,656	)	$	—	$	—	$	(15,656	)

(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 49

Schedule of Investments (unaudited) September 30, 2021 iShares^® U.S. Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 2.5%
PS Business Parks Inc.		104,859	$	16,435,600
STORE Capital Corp.		1,268,979		40,645,397
VEREIT Inc.		1,189,194		53,787,245
WP Carey Inc.		958,288		69,993,355
				180,861,597
Health Care REITs — 8.2%
Healthcare Realty Trust Inc.		759,026		22,603,794
Healthcare Trust of America Inc., Class A		1,135,742		33,686,108
Healthpeak Properties Inc.		2,801,439		93,792,178
Medical Properties Trust Inc.		3,091,491		62,046,224
National Health Investors Inc.		239,121		12,792,973
Omega Healthcare Investors Inc.		1,239,681		37,140,843
Physicians Realty Trust		1,128,259		19,879,924
Sabra Health Care REIT Inc.		1,151,626		16,951,935
Ventas Inc.		2,044,744		112,890,316
Welltower Inc.		2,195,900		180,942,160
				592,726,455
Hotel & Resort REITs — 0.8%
Host Hotels & Resorts Inc.(a)		3,705,295		60,507,467
Industrial REITs — 10.7%
Americold Realty Trust		1,354,904		39,359,961
Duke Realty Corp.		1,966,518		94,137,217
EastGroup Properties Inc.		209,705		34,943,144
First Industrial Realty Trust Inc.		670,153		34,901,568
Lexington Realty Trust		1,448,203		18,464,588
Prologis Inc.		3,803,276		477,044,909
Rexford Industrial Realty Inc.		714,823		40,566,205
STAG Industrial Inc.		840,928		33,006,424
				772,424,016
Mortgage REITs — 2.7%
AGNC Investment Corp.		2,733,192		43,102,438
Annaly Capital Management Inc.		7,511,867		63,249,920
Blackstone Mortgage Trust Inc., Class A		815,177		24,716,167
New Residential Investment Corp.		2,419,671		26,616,381
Starwood Property Trust Inc.		1,496,057		36,518,751
				194,203,657
Office REITs — 6.4%
Alexandria Real Estate Equities Inc.		720,514		137,668,610
Boston Properties Inc.		738,819		80,051,039
Corporate Office Properties Trust		585,838		15,805,909
Cousins Properties Inc.		771,390		28,765,133
Douglas Emmett Inc.		910,458		28,779,578
Equity Commonwealth(a)		635,933		16,521,539
Highwoods Properties Inc.		543,364		23,831,945
Hudson Pacific Properties Inc.		791,136		20,783,143
JBG SMITH Properties		605,515		17,929,299
Kilroy Realty Corp.		543,917		36,012,745
SL Green Realty Corp.		350,067		24,798,746
Vornado Realty Trust		828,128		34,789,657
				465,737,343
Real Estate Development — 0.3%
Howard Hughes Corp. (The)(a)(b)		215,579		18,929,992
Real Estate Services — 4.2%
CBRE Group Inc., Class A(a)		1,744,690		169,863,018
Compass Inc., Class A(a)(b)		144,022		1,909,732
Jones Lang LaSalle Inc.(a)		263,722		65,426,791

Security	Shares		Value
Real Estate Services (continued)
Opendoor Technologies Inc.(a)(b)		1,976,867	$	40,585,080
Redfin Corp.(a)(b)		544,229		27,265,873
				305,050,494
Research & Consulting Services — 2.4%
CoStar Group Inc.(a)		2,052,420		176,631,265
Residential REITs — 15.3%
American Campus Communities Inc.		721,919		34,976,976
American Homes 4 Rent, Class A		1,421,322		54,180,795
Apartment Income REIT Corp.		814,598		39,760,528
AvalonBay Communities Inc.		725,541		160,808,907
Camden Property Trust		522,966		77,121,796
Equity LifeStyle Properties Inc.		888,790		69,414,499
Equity Residential		1,770,777		143,291,275
Essex Property Trust Inc.		337,971		108,062,847
Invitation Homes Inc.		2,995,779		114,828,209
Mid-America Apartment Communities Inc.		602,909		112,593,256
Sun Communities Inc.		602,304		111,486,470
UDR Inc.		1,450,899		76,868,629
				1,103,394,187
Retail REITs — 8.5%
Brixmor Property Group Inc.		1,541,206		34,076,065
Federal Realty Investment Trust		363,236		42,858,216
Kimco Realty Corp.		3,190,802		66,209,141
National Retail Properties Inc.		911,298		39,358,961
Realty Income Corp.		2,023,504		131,244,469
Regency Centers Corp.		793,414		53,420,565
Simon Property Group Inc.		1,707,659		221,944,440
Spirit Realty Capital Inc.		618,123		28,458,383
				617,570,240
Specialized REITs — 37.6%
American Tower Corp.		2,341,601		621,484,322
CoreSite Realty Corp.		229,424		31,784,401
Crown Castle International Corp.		2,223,541		385,384,126
CubeSmart		1,050,118		50,878,217
CyrusOne Inc.		643,625		49,823,011
Digital Realty Trust Inc.		1,468,532		212,129,447
Equinix Inc.		396,693		313,439,040
Extra Space Storage Inc.		695,351		116,812,015
Gaming and Leisure Properties Inc.		1,158,273		53,651,205
Iron Mountain Inc.		1,505,551		65,416,191
Lamar Advertising Co., Class A		451,527		51,225,738
Life Storage Inc.		406,420		46,632,631
National Storage Affiliates Trust		422,667		22,312,591
PotlatchDeltic Corp.		349,583		18,031,491
Public Storage		792,210		235,365,591
Rayonier Inc.		736,295		26,271,006
SBA Communications Corp.		569,308		188,196,146
VICI Properties Inc.		3,188,642		90,589,319
Weyerhaeuser Co.		3,896,348		138,593,098
				2,718,019,586
Total Common Stocks — 99.6% (Cost: $7,759,925,565)				7,206,056,299
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		29,516,206		29,530,964

50 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. Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		4,410,000	$	4,410,000
				33,940,964
Total Short -Term Investments — 0.5% (Cost: $33,940,964)				33,940,964
Total Investments in Securities — 100.1% (Cost: $7,793,866,529)				7,239,997,263
Other Assets, Less Liabilities — (0.1)%				(4,313,387	)
Net Assets — 100.0%			$	7,235,683,876

(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 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	$	1,932,786	$	27,599,530	(a)	$	—		$	1,739	$	(3,091	)	$	29,530,964		29,516,206	$	14,304	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,890,000		—			(480,000	)(a)		—		—			4,410,000		4,410,000		328			—
									$	1,739	$	(3,091	)	$	33,940,964			$	14,632		$	—

(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
Dow Jones U.S. Real Estate Index		737		12/17/21	$	29,274	$	(873,838	)

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)	$	873,838

(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).

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Real Estate ETF

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	$	1,577,964
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,089,707	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$26,171,980

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	$	7,206,056,299		$	—	$	—	$	7,206,056,299
Money Market Funds		33,940,964			—		—		33,940,964
	$	7,239,997,263		$	—	$	—	$	7,239,997,263
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(873,838	)	$	—	$	—	$	(873,838	)

(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

52 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^® U.S. Regional Banks ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified Banks — 12.7%
U.S. Bancorp.		2,674,120	$	158,949,693
Regional Banks — 85.9%
Bank OZK		248,051		10,661,232
BOK Financial Corp.		61,858		5,539,384
Citizens Financial Group Inc.		867,477		40,754,070
Comerica Inc.		272,660		21,949,130
Commerce Bancshares Inc.		216,402		15,078,891
Cullen/Frost Bankers Inc.		115,333		13,680,801
East West Bancorp. Inc.		288,855		22,397,817
Fifth Third Bancorp.		1,382,161		58,658,913
First Citizens BancShares Inc./NC, Class A(a)		14,530		12,251,260
First Financial Bankshares Inc.		260,852		11,986,149
First Horizon Corp.		1,118,406		18,218,834
First Republic Bank/CA		349,445		67,400,952
FNB Corp.		651,366		7,568,873
Glacier Bancorp. Inc.		220,532		12,206,446
Home BancShares Inc./AR		307,238		7,229,310
Huntington Bancshares Inc./OH		3,006,174		46,475,450
KeyCorp.		1,947,107		42,096,453
M&T Bank Corp.		261,980		39,124,093
People’s United Financial Inc.		871,288		15,221,401
Pinnacle Financial Partners Inc.		154,951		14,577,790
PNC Financial Services Group Inc. (The)		842,346		164,796,571
Popular Inc.		164,210		12,754,191
Prosperity Bancshares Inc.		189,200		13,457,796
Regions Financial Corp.		1,943,379		41,413,407
Signature Bank/New York NY		123,453		33,613,783
SVB Financial Group(b)		90,639		58,632,556
Synovus Financial Corp.		298,154		13,085,979
Truist Financial Corp.		2,645,666		155,168,311
UMB Financial Corp.		87,579		8,469,765
Umpqua Holdings Corp.		448,081		9,073,640
United Bankshares Inc./WV		263,007		9,568,195
Valley National Bancorp.		827,829		11,018,404

Security	Shares		Value
Regional Banks (continued)
Webster Financial Corp.		184,422	$	10,043,622
Western Alliance Bancorp.		212,144		23,085,510
Wintrust Financial Corp.		116,109		9,331,680
Zions Bancorp. NA		329,964		20,421,472
				1,077,012,131
Thrifts & Mortgage Finance — 1.1%
New York Community Bancorp. Inc.		946,777		12,185,020
TFS Financial Corp.		97,626		1,860,751
				14,045,771
Total Common Stocks — 99.7% (Cost: $1,174,308,768)				1,250,007,595
Short-Term Investments
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		12,689,578		12,695,923
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,927,000		1,927,000
				14,622,923
Total Short -Term Investments — 1.2% (Cost: $14,622,923)				14,622,923
Total Investments in Securities — 100.9% (Cost: $1,188,931,691)				1,264,630,518
Other Assets, Less Liabilities — (0.9)%				(11,536,415	)
Net Assets — 100.0%			$	1,253,094,103

^(a) All or a portion of this security is on loan.

^(b) Non-income producing security.

^(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 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	$	6,598	$	12,689,753	(a)	$	—	$	(428	)	$	—	$	12,695,923		12,689,578	$	4,059	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,127,000		800,000	(a)		—		—			—		1,927,000		1,927,000		48			—
								$	(428	)	$	—	$	14,622,923			$	4,107		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Regional Banks ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Financial Select Sector Index		25		12/17/21	$	2,886	$	(681	)

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)	$	681

^(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	$	119,446
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	9,298

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,130,075

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	$	1,250,007,595		$	—	$	—	$	1,250,007,595
Money Market Funds		14,622,923			—		—		14,622,923
	$	1,264,630,518		$	—	$	—	$	1,264,630,518
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(681	)	$	—	$	—	$	(681	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

54 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^® U.S. Telecommunications ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Alternative Carriers — 3.3%
Lumen Technologies Inc.		1,128,457	$	13,981,582
Cable & Satellite — 31.2%
Altice USA Inc., Class A(a)		479,115		9,927,263
Cable One Inc.		6,733		12,207,804
Charter Communications Inc., Class A(a)		20,925		15,224,193
Comcast Corp., Class A		1,208,584		67,596,103
DISH Network Corp., Class A(a)		299,844		13,031,220
Liberty Broadband Corp., Class A(a)		11,193		1,884,342
Liberty Broadband Corp., Class C, NVS(a)		65,349		11,285,773
				131,156,698
Communications Equipment — 39.5%
Arista Networks Inc.(a)		38,775		13,324,641
Ciena Corp.(a)		239,890		12,318,351
Cisco Systems Inc.		1,128,427		61,420,282
CommScope Holding Co. Inc.(a)		888,319		12,072,255
Juniper Networks Inc.		477,927		13,152,551
Lumentum Holdings Inc.(a)		152,259		12,719,717
Motorola Solutions Inc.		59,279		13,771,697
Ubiquiti Inc.		41,883		12,509,196
Viasat Inc.(a)		264,871		14,586,446
				165,875,136
Integrated Telecommunication Services — 19.0%
AT&T Inc.		724,964		19,581,277
Verizon Communications Inc.		1,114,366		60,186,908
				79,768,185

Security	Shares		Value
Movies & Entertainment — 3.3%
Roku Inc.(a)		43,450	$	13,615,058
Wireless Telecommunication Services — 3.6%
T-Mobile U.S. Inc.(a)		119,070		15,212,383
Total Common Stocks — 99.9% (Cost: $429,770,291)				419,609,042
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		440,000		440,000
Total Short -Term Investments — 0.1% (Cost: $440,000)				440,000
Total Investments in Securities — 100.0% (Cost: $430,210,291)				420,049,042
Other Assets, Less Liabilities — (0.0)%				(46,207	)
Net Assets — 100.0%			$	420,002,835

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

^(c) Annualized 7-day yield as of period end.

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)	$	13,810,207	$	—	$	(13,810,730	)(b)	$	5,484	$	(4,961	)	$	—		—	$	8,502	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		550,000		—		(110,000	)(b)		—		—			440,000		440,000		21			—
								$	5,484	$	(4,961	)	$	440,000			$	8,523		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® U.S. Telecommunications ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Communication Services Index		3		12/17/21	$	315	$	(12,695	)

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)	$	12,695

^(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	$	164,886
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,100	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	433,926

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	$	419,609,042		$	—	$	—	$	419,609,042
Money Market Funds		440,000			—		—		440,000
	$	420,049,042		$	—	$	—	$	420,049,042
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(12,695	)	$	—	$	—	$	(12,695	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

56 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

Statements of Assets and Liabilities (unaudited) 

September 30, 2021

	iShares Focused Value Factor ETF		iShares U.S. Aerospace & Defense ETF			iShares U.S. Broker-Dealers & Securities Exchanges ETF			iShares U.S. Healthcare Providers ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	32,702,121	$	2,604,220,991			$	875,333,260	$	1,149,401,763
Affiliated(c)		80,000		66,236,357				1,130,000		56,553,777
Cash		2,877		9,729				4,338		6,826
Cash pledged:
Futures contracts		8,000		100,000				41,000		20,000
Receivables:
Securities lending income — Affiliated		—		7,753				—		6,931
Dividends		94,920		157,044				115,445		154,128
Total assets		32,887,918		2,670,731,874				876,624,043		1,206,143,425
LIABILITIES
Collateral on securities loaned, at value		—		63,721,101				—		55,739,522
Payables:
Variation margin on futures contracts		1,822		34,864				10,472		4,974
Capital shares redeemed		—		7,535				—		—
Investment advisory fees		7,319		876,835				285,338		381,274
Total liabilities		9,141		64,640,335				295,810		56,125,770
NET ASSETS	$	32,878,777	$	2,606,091,539			$	876,328,233	$	1,150,017,655
NET ASSETS CONSIST OF:
Paid-in capital	$	30,735,826	$	3,141,421,973			$	800,353,408	$	1,053,649,715
Accumulated earnings (loss)		2,142,951		(535,330,434	)			75,974,825		96,367,940
NET ASSETS	$	32,878,777	$	2,606,091,539			$	876,328,233	$	1,150,017,655
Shares outstanding		600,000		25,000,000				8,400,000		4,500,000
Net asset value	$	54.80	$	104.24			$	104.32	$	255.56
Shares authorized		Unlimited		Unlimited				Unlimited		Unlimited
Par value		None		None				None		None
(a)   Securities loaned, at value	$	—	$	63,686,998			$	—	$	55,118,257
(b)   Investments, at cost — Unaffiliated	$	31,600,953	$	2,501,209,278			$	830,646,793	$	1,048,037,928
(c)   Investments, at cost — Affiliated	$	80,000	$	66,214,965			$	1,130,000	$	56,536,643

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 57

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares U.S. Home Construction ETF		iShares U.S. Infrastructure ETF				iShares U.S. Insurance ETF		iShares U.S. Medical Devices ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	2,312,960,542		$	649,379,291		$	101,315,580	$	8,399,742,291
Affiliated(c)		50,972,823			8,557,196			200,000		95,972,450
Cash		9,646			6,406			4,624		64,946
Cash pledged:
Futures contracts		135,000			78,000			21,000		622,000
Receivables:
Securities lending income — Affiliated		5,391			639			132		15,626
Capital shares sold		15,963			—			—		70,904
Dividends		742,192			802,012			235,350		6,609,435
Total assets		2,364,841,557			658,823,544			101,776,686		8,503,097,652
LIABILITIES
Collateral on securities loaned, at value		48,460,336			7,697,058			—		87,174,611
Payables:
Investments purchased		—			381,700			19,366		—
Variation margin on futures contracts		38,241			16,278			5,538		139,024
Capital shares redeemed		23,302			—			—		—
Investment advisory fees		753,233			224,115			34,170		2,789,319
Total liabilities		49,275,112			8,319,151			59,074		90,102,954
NET ASSETS	$	2,315,566,445		$	650,504,393		$	101,717,612	$	8,412,994,698
NET ASSETS CONSIST OF:
Paid-in capital	$	2,228,896,893		$	652,378,098		$	92,620,686	$	5,964,201,849
Accumulated earnings (loss)		86,669,552			(1,873,705	)		9,096,926		2,448,792,849
NET ASSETS	$	2,315,566,445		$	650,504,393		$	101,717,612	$	8,412,994,698
Shares outstanding		35,000,000			19,100,000			1,300,000		133,950,000	(d)
Net asset value	$	66.16		$	34.06		$	78.24	$	62.81	(d)
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a)   Securities loaned, at value	$	45,618,993		$	7,586,619		$	—	$	84,968,126
(b)   Investments, at cost — Unaffiliated	$	2,458,100,118		$	654,710,299		$	90,169,412	$	6,411,555,760
(c)   Investments, at cost — Affiliated	$	50,966,478		$	8,557,196		$	200,000	$	95,846,880
(d)   Shares outstanding and net asset value per share reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

See notes to financial statements.

58 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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares U.S. Oil & Gas Exploration & Production ETF			iShares U.S. Oil Equipment & Services ETF			iShares U.S. Pharmaceuticals ETF				iShares U.S. Real Estate ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	293,013,015		$	99,079,165			$	374,582,353		$	7,206,056,299
Affiliated(c)		2,699,188			5,434,383				15,130,964			33,940,964
Cash		162,822			9,162				7,708			5,047,531
Cash pledged:
Futures contracts		32,000			14,000				20,000			1,617,000
Receivables:
Investments sold		329,476			—				—			—
Securities lending income — Affiliated		378			543				2,120			6,531
Capital shares sold		—			—				—			123,865
Dividends		81,297			96,649				285,651			21,800,295
Total assets		296,318,176			104,633,902				390,028,796			7,268,592,485
LIABILITIES
Collateral on securities loaned, at value		2,447,737			5,318,913				14,758,805			29,532,304
Payables:
Investments purchased		350,228			—				—			—
Variation margin on futures contracts		5,447			2,342				5,961			446,261
Capital shares redeemed		—			—				—			592,497
Investment advisory fees		88,112			30,820				124,142			2,337,547
Total liabilities		2,891,524			5,352,075				14,888,908			32,908,609
NET ASSETS	$	293,426,652		$	99,281,827			$	375,139,888		$	7,235,683,876
NET ASSETS CONSIST OF:
Paid-in capital	$	485,953,691		$	416,017,289			$	530,272,576		$	7,541,422,424
Accumulated loss		(192,527,039	)		(316,735,462	)			(155,132,688	)		(305,738,548	)
NET ASSETS	$	293,426,652		$	99,281,827			$	375,139,888		$	7,235,683,876
Shares outstanding		5,050,000			7,250,000				2,050,000			70,650,000
Net asset value	$	58.10		$	13.69			$	183.00		$	102.42
Shares authorized		Unlimited			Unlimited				Unlimited			Unlimited
Par value		None			None				None			None
(a)   Securities loaned, at value	$	2,389,416		$	5,102,413			$	14,350,840		$	29,364,598
(b)   Investments, at cost — Unaffiliated	$	296,292,901		$	110,744,799			$	348,683,528		$	7,759,925,565
(c)   Investments, at cost — Affiliated	$	2,698,519		$	5,432,178			$	15,123,648		$	33,940,964

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 59

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares U.S. Regional Banks ETF		iShares U.S. Telecommunications ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,250,007,595		$	419,609,042
Affiliated(c)		14,622,923			440,000
Cash		29,976			8,614
Cash pledged:
Futures contracts		170,000			17,000
Receivables:
Investments sold		1,420,862			—
Securities lending income — Affiliated		1,367			825
Capital shares sold		7,455			1,089
Dividends		3,276,289			67,953
Total assets		1,269,536,467			420,144,523
LIABILITIES
Collateral on securities loaned, at value		12,696,351			—
Payables:
Investments purchased		3,317,286			—
Variation margin on futures contracts		45,986			515
Capital shares redeemed		—			1,110
Investment advisory fees		382,741			140,063
Total liabilities		16,442,364			141,688
NET ASSETS	$	1,253,094,103		$	420,002,835
NET ASSETS CONSIST OF:
Paid-in capital	$	1,177,072,550		$	649,078,896
Accumulated earnings (loss)		76,021,553			(229,076,061	)
NET ASSETS	$	1,253,094,103		$	420,002,835
Shares outstanding		20,700,000			12,950,000
Net asset value	$	60.54		$	32.43
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a)   Securities loaned, at value	$	12,064,920		$	—
(b)   Investments, at cost — Unaffiliated	$	1,174,308,768		$	429,770,291
(c)   Investments, at cost — Affiliated	$	14,622,923		$	440,000

See notes to financial statements.

60 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

Statements of Operations (unaudited) 

Six Months Ended September 30, 2021

	iShares Focused Value Factor ETF				iShares U.S. Aerospace & Defense ETF			iShares U.S. Broker-Dealers & Securities Exchanges ETF				iShares U.S. Healthcare Providers ETF
INVESTMENT INCOME
Dividends — Unaffiliated		$	739,155		$	15,149,446			$	7,253,005		$	6,152,787
Dividends — Affiliated			2			125				39			48
Securities lending income — Affiliated — net			230			112,677				—			84,110
Foreign taxes withheld			(1,207	)		—				—			—
Total investment income			738,180			15,262,248				7,253,044			6,236,945
EXPENSES
Investment advisory fees			49,160			5,759,555				1,514,365			2,390,563
Total expenses			49,160			5,759,555				1,514,365			2,390,563
Net investment income			689,020			9,502,693				5,738,679			3,846,382
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			9,014,004			27,807,061				(5,432,238	)		(4,284,972	)
Investments — Affiliated			118			27,878				—			(1,194	)
In-kind redemptions — Unaffiliated			1,703,149			104,888,564				74,059,635			134,176,682
Futures contracts			(4,453	)		(8,566	)			69,918			149,188
Net realized gain			10,712,818			132,714,937				68,697,315			130,039,704
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			(9,594,414	)		(126,870,695	)			7,091,191			(109,847,790	)
Investments — Affiliated			—			(33,525	)			—			(1,422	)
Futures contracts			248			(176,951	)			3,113			(14,235	)
Net change in unrealized appreciation (depreciation)			(9,594,166	)		(127,081,171	)			7,094,304			(109,863,447	)
Net realized and unrealized gain			1,118,652			5,633,766				75,791,619			20,176,257
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,807,672		$	15,136,459			$	81,530,298		$	24,022,639

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 61

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares U.S. Home Construction ETF			iShares U.S. Infrastructure ETF				iShares U.S. Insurance ETF				iShares U.S. Medical Devices ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	10,732,951			$	7,361,383			$	1,262,972		$	25,645,500
Dividends — Affiliated		81				37				6			625
Securities lending income — Affiliated — net		39,364				5,478				1,617			160,710
Total investment income		10,772,396				7,366,898				1,264,595			25,806,835
EXPENSES
Investment advisory fees		5,021,080				1,195,129				198,875			16,297,131
Total expenses		5,021,080				1,195,129				198,875			16,297,131
Net investment income		5,751,316				6,171,769				1,065,720			9,509,704
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(6,026,986	)			(5,579,076	)			(317,406	)		30,248,539
Investments — Affiliated		(3,944	)			256				(61	)		(10,516	)
In-kind redemptions — Unaffiliated		384,345,583				11,994,725				2,098,699			560,584,719
Futures contracts		(32,960	)			(31,070	)			(9,872	)		1,896,787
Net realized gain		378,281,693				6,384,835				1,771,360			592,719,529
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(454,556,241	)			(28,055,498	)			2,588,451			431,589,945
Investments — Affiliated		(454	)			(3	)			(6	)		(12,227	)
Futures contracts		(62,234	)			(2,341	)			(2	)		(793,470	)
Net change in unrealized appreciation (depreciation)		(454,618,929	)			(28,057,842	)			2,588,443			430,784,248
Net realized and unrealized gain (loss)		(76,337,236	)			(21,673,007	)			4,359,803			1,023,503,777
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(70,585,920	)		$	(15,501,238	)		$	5,425,523		$	1,033,013,481

See notes to financial statements.

62 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

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares U.S. Oil & Gas Exploration & Production ETF			iShares U.S. Oil Equipment & Services ETF			iShares U.S. Pharmaceuticals ETF				iShares U.S. Real Estate ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	4,931,985		$	619,403			$	3,644,706		$	71,762,954
Dividends — Affiliated		18			8				18			328
Securities lending income — Affiliated — net		4,169			8,637				12,998			14,304
Foreign taxes withheld		—			(342	)			—			—
Total investment income		4,936,172			627,706				3,657,722			71,777,586
EXPENSES
Investment advisory fees		650,977			311,768				740,982			12,008,130
Total expenses		650,977			311,768				740,982			12,008,130
Net investment income		4,285,195			315,938				2,916,740			59,769,456
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(23,003,037	)		(9,046,217	)			8,123,555			(31,686,960	)
Investments — Affiliated		(1,197	)		(572	)			(425	)		1,739
In-kind redemptions — Unaffiliated		30,612,344			4,744,010				4,801,721			618,650,861
Futures contracts		13,001			(6,893	)			90,771			1,577,964
Net realized gain (loss)		7,621,111			(4,309,672	)			13,015,622			588,543,604
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		38,394,219			(1,423,162	)			(2,146,956	)		(152,312,306	)
Investments — Affiliated		(180	)		(183	)			(542	)		(3,091	)
Futures contracts		46,846			22,792				(25,415	)		(1,089,707	)
Net change in unrealized appreciation (depreciation)		38,440,885			(1,400,553	)			(2,172,913	)		(153,405,104	)
Net realized and unrealized gain (loss)		46,061,996			(5,710,225	)			10,842,709			435,138,500
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	50,347,191		$	(5,394,287	)		$	13,759,449		$	494,907,956

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 63

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares U.S. Regional Banks ETF			iShares U.S. Telecommunications ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	12,668,880			$	7,424,518
Dividends — Affiliated		48				21
Securities lending income — Affiliated — net		4,059				8,502
Foreign taxes withheld		(11,749	)			—
Total investment income		12,661,238				7,433,041
EXPENSES
Investment advisory fees		1,836,278				888,550
Total expenses		1,836,278				888,550
Net investment income		10,824,960				6,544,491
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(6,130,177	)			(8,759,266	)
Investments — Affiliated		(428	)			5,484
In-kind redemptions — Unaffiliated		26,539,875				25,869,832
Futures contracts		119,446				164,886
Net realized gain		20,528,716				17,280,936
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		44,976,893				(15,715,116	)
Investments — Affiliated		—				(4,961	)
Futures contracts		9,298				(8,100	)
Net change in unrealized appreciation (depreciation)		44,986,191				(15,728,177	)
Net realized and unrealized gain		65,514,907				1,552,759
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	76,339,867			$	8,097,250

See notes to financial statements.

64 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

Statements of Changes in Net Assets

	iShares Focused Value Factor ETF								iShares U.S. Aerospace & Defense ETF
		Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	689,020		$	771,653				$	9,502,693		$	29,845,339
Net realized gain (loss)				10,712,818			(7,763,351	)				132,714,937			(289,293,750	)
Net change in unrealized appreciation (depreciation)				(9,594,166	)		21,884,168					(127,081,171	)		1,323,199,745
Net increase in net assets resulting from operations				1,807,672			14,892,470					15,136,459			1,063,751,334
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders				(679,774	)		(787,521	)				(9,662,249	)		(30,040,535	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				(8,251,770	)		7,756,785					(361,995,638	)		(905,501,184	)
NET ASSETS
Total increase (decrease) in net assets				(7,123,872	)		21,861,734					(356,521,428	)		128,209,615
Beginning of period				40,002,649			18,140,915					2,962,612,967			2,834,403,352
End of period			$	32,878,777		$	40,002,649				$	2,606,091,539		$	2,962,612,967

(a) Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 65

Statements of Changes in Net Assets (continued)

	iShares U.S. Broker-Dealers & Securities Exchanges ETF								iShares U.S. Healthcare Providers ETF
		Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	5,738,679		$	2,321,910				$	3,846,382		$	6,096,993
Net realized gain				68,697,315			3,038,924					130,039,704			61,949,559
Net change in unrealized appreciation (depreciation)				7,094,304			80,308,220					(109,863,447	)		326,549,848
Net increase in net assets resulting from operations				81,530,298			85,669,054					24,022,639			394,596,400
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(5,699,209	)		(2,538,244	)				(3,845,980	)		(6,386,427	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				390,549,465			185,731,316					(13,881,984	)		(28,687,694	)
NET ASSETS
Total increase in net assets				466,380,554			268,862,126					6,294,675			359,522,279
Beginning of period				409,947,679			141,085,553					1,143,722,980			784,200,701
End of period			$	876,328,233		$	409,947,679				$	1,150,017,655		$	1,143,722,980

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

66 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

Statements of Changes in Net Assets (continued)

	iShares U.S. Home Construction ETF								iShares U.S. Infrastructure ETF
		Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	5,751,316		$	9,435,630				$	6,171,769		$	1,859,166
Net realized gain				378,281,693			409,554,555					6,384,835			14,962,382
Net change in unrealized appreciation (depreciation)				(454,618,929	)		784,776,170					(28,057,842	)		23,853,728
Net increase (decrease) in net assets resulting from operations				(70,585,920	)		1,203,766,355					(15,501,238	)		40,675,276
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(5,759,854	)		(9,561,991	)				(5,973,585	)		(1,833,932	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				(253,660,356	)		743,728,526					302,173,991			325,895,791
NET ASSETS
Total increase (decrease) in net assets				(330,006,130	)		1,937,932,890					280,699,168			364,737,135
Beginning of period				2,645,572,575			707,639,685					369,805,225			5,068,090
End of period			$	2,315,566,445		$	2,645,572,575				$	650,504,393		$	369,805,225

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 67

Statements of Changes in Net Assets (continued)

	iShares U.S. Insurance ETF							iShares U.S. Medical Devices ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	1,065,720		$	1,636,658			$	9,509,704		$	23,384,672
Net realized gain			1,771,360			2,807,695				592,719,529			772,771,841
Net change in unrealized appreciation (depreciation)			2,588,443			22,558,140				430,784,248			1,810,213,646
Net increase in net assets resulting from operations			5,425,523			27,002,493				1,033,013,481			2,606,370,159
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(1,033,845	)		(1,644,120	)			(10,436,237	)		(21,882,239	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			12,025,007			(2,263,174	)			(816,503,095	)		1,477,573,504
NET ASSETS
Total increase in net assets			16,416,685			23,095,199				206,074,149			4,062,061,424
Beginning of period			85,300,927			62,205,728				8,206,920,549			4,144,859,125
End of period		$	101,717,612		$	85,300,927			$	8,412,994,698		$	8,206,920,549

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

68 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

Statements of Changes in Net Assets (continued)

	iShares U.S. Oil & Gas Exploration & Production ETF							iShares U.S. Oil Equipment & Services ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	4,285,195		$	5,266,848		$	315,938		$	1,665,364
Net realized gain (loss)			7,621,111			(64,686,478	)		(4,309,672	)		(44,753,323	)
Net change in unrealized appreciation (depreciation)			38,440,885			166,816,570			(1,400,553	)		78,366,002
Net increase (decrease) in net assets resulting from operations			50,347,191			107,396,940			(5,394,287	)		35,278,043
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(4,233,671	)		(5,431,832	)		(322,486	)		(3,559,832	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			4,140,116			51,039,147			(266,517,113	)		314,128,775
NET ASSETS
Total increase (decrease) in net assets			50,253,636			153,004,255			(272,233,886	)		345,846,986
Beginning of period			243,173,016			90,168,761			371,515,713			25,668,727
End of period		$	293,426,652		$	243,173,016		$	99,281,827		$	371,515,713

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 69

Statements of Changes in Net Assets (continued)

	iShares U.S. Pharmaceuticals ETF							iShares U.S. Real Estate ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	2,916,740		$	4,693,351			$	59,769,456		$	79,978,949
Net realized gain (loss)			13,015,622			8,153,078				588,543,604			(66,849,504	)
Net change in unrealized appreciation (depreciation)			(2,172,913	)		83,541,789				(153,405,104	)		1,034,179,845
Net increase in net assets resulting from operations			13,759,449			96,388,218				494,907,956			1,047,309,290
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(3,147,149	)		(4,525,848	)			(53,795,553	)		(102,538,797	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			9,765,544			(13,503,900	)			2,107,524,936			675,178,259
NET ASSETS
Total increase in net assets			20,377,844			78,358,470				2,548,637,339			1,619,948,752
Beginning of period			354,762,044			276,403,574				4,687,046,537			3,067,097,785
End of period		$	375,139,888		$	354,762,044			$	7,235,683,876		$	4,687,046,537

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

70 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

Statements of Changes in Net Assets (continued)

	iShares U.S. Regional Banks ETF							iShares U.S. Telecommunications ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	10,824,960		$	9,303,626			$	6,544,491		$	10,604,477
Net realized gain			20,528,716			6,986,488				17,280,936			9,326,372
Net change in unrealized appreciation (depreciation)			44,986,191			174,236,220				(15,728,177	)		82,965,567
Net increase in net assets resulting from operations			76,339,867			190,526,334				8,097,250			102,896,416
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(10,038,257	)		(9,060,857	)			(6,571,504	)		(10,690,881	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			512,984,805			295,159,904				(7,404,720	)		41,297,341
NET ASSETS
Total increase (decrease) in net assets			579,286,415			476,625,381				(5,878,974	)		133,502,876
Beginning of period			673,807,688			197,182,307				425,881,809			292,378,933
End of period		$	1,253,094,103		$	673,807,688			$	420,002,835		$	425,881,809

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 71

Financial Highlights

(For a share outstanding throughout each period)

	iShares Focused Value Factor ETF
	Six Months Ended												Period From
	09/30/21				Year Ended				Year Ended						03/19/19	(a)
	(unaudited)				03/31/21				03/31/20				to 03/31/19
Net asset value, beginning of period		$	53.34			$	30.23			$	48.63			$	49.43
Net investment income(b)			0.98				1.23				1.33				0.04
Net realized and unrealized gain (loss)(c)			1.49				23.04				(18.31	)			(0.84	)
Net increase (decrease) from investment operations			2.47				24.27				(16.98	)			(0.80	)
Distributions(d)
From net investment income			(1.01	)			(1.16	)			(1.42	)			—
Total distributions			(1.01	)			(1.16	)			(1.42	)			—
Net asset value, end of period		$	54.80			$	53.34			$	30.23			$	48.63
Total Return(e)
Based on net asset value			4.59	%(f)			81.85	%			(35.71	)%			(1.62	)%(f)
Ratios to Average Net Assets
Total expenses			0.25	%(g)			0.25	%			0.25	%			0.25	%(g)
Net investment income			3.50	%(g)			3.20	%			2.76	%			2.36	%(g)
Supplemental Data
Net assets, end of period (000)		$	32,879			$	40,003			$	18,141			$	31,607
Portfolio turnover rate(h)			132	%(f)			70	%			149	%			0	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

72 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Aerospace & Defense ETF
		Six Months Ended 09/30/21 (unaudited)					Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period			$	104.13		$	71.94		$	99.80		$	98.97		$	74.40		$	58.45
Net investment income(b)				0.35			0.89			1.69			0.89			0.78			0.86
Net realized and unrealized gain (loss)(c)				0.13			32.23			(27.74	)		1.01			24.70			15.85
Net increase (decrease) from investment operations				0.48			33.12			(26.05	)		1.90			25.48			16.71
Distributions(d)
From net investment income				(0.37	)		(0.93	)		(1.81	)		(0.92	)		(0.91	)		(0.76	)
From net realized gain				—			—			—			(0.15	)		—			—
Total distributions				(0.37	)		(0.93	)		(1.81	)		(1.07	)		(0.91	)		(0.76	)
Net asset value, end of period			$	104.24		$	104.13		$	71.94		$	99.80		$	98.97		$	74.40
Total Return(e)
Based on net asset value				0.45	%(f)		46.23	%		(26.58	)%		1.91	%		34.40	%		28.70	%
Ratios to Average Net Assets
Total expenses				0.39	%(g)		0.42	%		0.42	%		0.42	%		0.43	%		0.44	%
Net investment income				0.65	%(g)		1.04	%		1.57	%		0.90	%		0.87	%		1.24	%
Supplemental Data
Net assets, end of period (000)			$	2,606,092		$	2,962,613		$	2,834,403		$	5,019,632		$	5,749,730		$	2,574,090
Portfolio turnover rate(h)				10	%(f)		49	%		20	%		38	%		14	%		14	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Broker-Dealers & Securities Exchanges ETF
		Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period			$	92.12			$	51.30			$	58.82			$	65.50			$	51.31			$	37.44
Net investment income(a)				0.76				1.07				1.03				0.88				0.83				0.83
Net realized and unrealized gain (loss)(b)				12.14				40.82				(7.46	)			(6.51	)			14.15				13.77
Net increase (decrease) from investment operations				12.90				41.89				(6.43	)			(5.63	)			14.98				14.60
Distributions(c)
From net investment income				(0.70	)			(1.07	)			(1.09	)			(1.05	)			(0.79	)			(0.73	)
Total distributions				(0.70	)			(1.07	)			(1.09	)			(1.05	)			(0.79	)			(0.73	)
Net asset value, end of period			$	104.32			$	92.12			$	51.30			$	58.82			$	65.50			$	51.31
Total Return(d)
Based on net asset value				14.00	%(e)			82.40	%			(11.15	)%			(8.63	)%			29.39	%			39.27	%
Ratios to Average Net Assets
Total expenses				0.39	%(f)			0.41	%			0.42	%			0.42	%			0.43	%			0.44	%
Net investment income				1.49	%(f)			1.48	%			1.60	%			1.38	%			1.44	%			1.83	%
Supplemental Data
Net assets, end of period (000)			$	876,328			$	409,948			$	141,086			$	217,641			$	347,155			$	171,887
Portfolio turnover rate(g)				9	%(e)			37	%			15	%			27	%			13	%			17	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

74 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Healthcare Providers ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	251.37		$	166.85			$	167.98			$	157.08			$	134.12			$	121.98
Net investment income(a)			0.84			1.30				1.25				0.54				0.35				0.31
Net realized and unrealized gain (loss)(b)			4.21			84.59				(1.04	)			16.99				22.97				12.14
Net increase from investment operations			5.05			85.89				0.21				17.53				23.32				12.45
Distributions(c)
From net investment income			(0.86	)		(1.37	)			(1.34	)			(6.63	)			(0.36	)			(0.31	)
Total distributions			(0.86	)		(1.37	)			(1.34	)			(6.63	)			(0.36	)			(0.31	)
Net asset value, end of period		$	255.56		$	251.37			$	166.85			$	167.98			$	157.08			$	134.12
Total Return(d)
Based on net asset value			2.00	%(e)		51.63	%			0.10	%			11.25	%			17.40	%			10.23	%
Ratios to Average Net Assets
Total expenses			0.39	%(f)		0.42	%			0.42	%			0.43	%			0.43	%			0.44	%
Net investment income			0.63	%(f)		0.61	%			0.70	%			0.29	%			0.24	%			0.25	%
Supplemental Data
Net assets, end of period (000)		$	1,150,018		$	1,143,723			$	784,201			$	797,909			$	471,251			$	529,775
Portfolio turnover rate(g)			13	%(e)		27	%			30	%			48	%			20	%			12	%

(a) Based on average shares outstanding.

(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) Where applicable, assumes the reinvestment of distributions.

(e) Not annualized.

(f) Annualized.

(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 75

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Home Construction ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20				Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period		$	67.84		$	28.94			$	35.26		$	39.24		$	31.97		$	27.09
Net investment income(a)			0.16			0.27				0.23			0.19			0.13			0.11
Net realized and unrealized gain (loss)(b)			(1.68	)		38.89				(6.31	)		(3.97	)		7.28			4.89
Net increase (decrease) from investment operations			(1.52	)		39.16				(6.08	)		(3.78	)		7.41			5.00
Distributions(c)
From net investment income			(0.16	)		(0.26	)			(0.24	)		(0.20	)		(0.14	)		(0.12	)
Total distributions			(0.16	)		(0.26	)			(0.24	)		(0.20	)		(0.14	)		(0.12	)
Net asset value, end of period		$	66.16		$	67.84			$	28.94		$	35.26		$	39.24		$	31.97
Total Return(d)
Based on net asset value			(2.25	)%(e)		135.53	%			(17.40	)%		(9.60	)%		23.19	%		18.50	%
Ratios to Average Net Assets
Total expenses			0.39	%(f)		0.41	%			0.42	%		0.42	%		0.43	%		0.44	%
Net investment income			0.45	%(f)		0.50	%			0.55	%		0.53	%		0.34	%		0.41	%
Supplemental Data
Net assets, end of period (000)		$	2,315,566		$	2,645,573			$	707,640		$	1,147,657		$	1,618,817		$	1,426,069
Portfolio turnover rate(g)			2	%(e)		14	%			15	%		17	%		18	%		12	%

(a) Based on average shares outstanding.

(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) Where applicable, assumes the reinvestment of distributions.

(e) Not annualized.

(f) Annualized.

(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

76 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Infrastructure ETF
	Six Months Ended														Period From
	09/30/21					Year Ended					Year Ended						04/03/18	(a)
	(unaudited)				03/31/21					03/31/20					to 03/31/19
Net asset value, beginning of period		$	34.56				$	20.27				$	26.31			$	25.31
Net investment income(b)			0.37					0.77					0.49				0.43
Net realized and unrealized gain (loss)(c)			(0.55	)				14.10					(6.00	)			1.24
Net increase (decrease) from investment operations			(0.18	)				14.87					(5.51	)			1.67
Distributions(d)
From net investment income			(0.32	)				(0.58	)				(0.47	)			(0.34	)
From net realized gain			—					—					—				(0.33	)
Return of capital			—					—					(0.06	)			(0.00	)(e)
Total distributions			(0.32	)				(0.58	)				(0.53	)			(0.67	)
Net asset value, end of period		$	34.06				$	34.56				$	20.27			$	26.31
Total Return(f)
Based on net asset value			(0.54	)%(g)				74.11	%				(21.26	)%			6.78	%(g)
Ratios to Average Net Assets
Total expenses			0.40	%(h)				0.40	%				0.40	%			0.40	%(h)
Net investment income			2.07	%(h)				2.54	%				1.84	%			1.67	%(h)
Supplemental Data
Net assets, end of period (000)		$	650,504				$	369,805				$	5,068			$	5,262
Portfolio turnover rate(i)			12	%(g)				65	%				23	%			43	%(g)

(a) Commencement of operations.

^(b) Based on average shares outstanding.

(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) Rounds to less than $0.01.

^(f) Where applicable, assumes the reinvestment of distributions.

(g) Not annualized.

(h) Annualized.

(i) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 77

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Insurance ETF
	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period		$	74.17			$	49.76			$	63.64			$	64.54			$	60.46			$	49.91
Net investment income(a)			0.83				1.51				1.35				1.23				1.18				1.03
Net realized and unrealized gain (loss)(b)			4.04				24.37				(13.77	)			(0.89	)			4.20				10.48
Net increase (decrease) from investment operations			4.87				25.88				(12.42	)			0.34				5.38				11.51
Distributions(c)
From net investment income			(0.80	)			(1.47	)			(1.46	)			(1.24	)			(1.30	)			(0.96	)
Total distributions			(0.80	)			(1.47	)			(1.46	)			(1.24	)			(1.30	)			(0.96	)
Net asset value, end of period		$	78.24			$	74.17			$	49.76			$	63.64			$	64.54			$	60.46
Total Return(d)
Based on net asset value			6.55	%(e)			52.54	%			(19.92	)%			0.60	%			8.93	%			23.25	%
Ratios to Average Net Assets
Total expenses			0.39	%(f)			0.42	%			0.42	%			0.43	%			0.43	%			0.44	%
Net investment income			2.10	%(f)			2.50	%			1.95	%			1.94	%			1.85	%			1.86	%
Supplemental Data
Net assets, end of period (000)		$	101,718			$	85,301			$	62,206			$	98,637			$	132,302			$	166,264
Portfolio turnover rate(g)			5	%(e)			10	%			8	%			17	%			12	%			14	%

(a) Based on average shares outstanding.

(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) Where applicable, assumes the reinvestment of distributions.

(e) Not annualized.

^(f) Annualized.

(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

78 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares U.S. Medical Devices ETF
	Six Months Ended
			09/30/21 (unaudited)	(a)		Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period		$	55.04		$	37.54		$	38.57		$	30.81		$	25.24		$	20.41
Net investment income(b)			0.07			0.15			0.16			0.12			0.11			0.12
Net realized and unrealized gain (loss)(c)			7.78			17.49			(1.04	)		7.73			5.55			4.85
Net increase (decrease) from investment operations			7.85			17.64			(0.88	)		7.85			5.66			4.97
Distributions(d)
From net investment income			(0.08	)		(0.14	)		(0.15	)		(0.09	)		(0.09	)		(0.14	)
Total distributions			(0.08	)		(0.14	)		(0.15	)		(0.09	)		(0.09	)		(0.14	)
Net asset value, end of period		$	62.81		$	55.04		$	37.54		$	38.57		$	30.81		$	25.24
Total Return(e)
Based on net asset value			14.26	%(f)		47.02	%		(2.32	)%		25.50	%		22.48	%		24.36	%
Ratios to Average Net Assets
Total expenses			0.39	%(g)		0.41	%		0.42	%		0.43	%		0.43	%		0.44	%
Net investment income			0.23	%(g)		0.30	%		0.39	%		0.33	%		0.38	%		0.49	%
Supplemental Data
Net assets, end of period (000)		$	8,412,995		$	8,206,921		$	4,144,859		$	3,656,734		$	1,719,373		$	1,052,380
Portfolio turnover rate(h)			4	%(f)		9	%		9	%		36	%		15	%		20	%

(a) Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

(b) Based on average shares outstanding.

(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) Where applicable, assumes the reinvestment of distributions.

(f) Not annualized.

(g) Annualized.

(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 79

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Oil & Gas Exploration & Production ETF
		Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period			$	48.63			$	22.83			$	58.20			$	63.55			$	61.16			$	51.96
Net investment income(a)				0.68				0.98				0.95				0.67				0.56				0.55
Net realized and unrealized gain (loss)(b)				9.57				25.92				(35.22	)			(5.11	)			2.49				9.25
Net increase (decrease) from investment operations				10.25				26.90				(34.27	)			(4.44	)			3.05				9.80
Distributions(c)
From net investment income				(0.78	)			(1.10	)			(1.10	)			(0.91	)			(0.66	)			(0.60	)
Total distributions				(0.78	)			(1.10	)			(1.10	)			(0.91	)			(0.66	)			(0.60	)
Net asset value, end of period			$	58.10			$	48.63			$	22.83			$	58.20			$	63.55			$	61.16
Total Return(d)
Based on net asset value				21.12	%(e)			120.05	%			(59.65	)%			(7.06	)%			5.09	%			18.88	%
Ratios to Average Net Assets
Total expenses				0.39	%(f)			0.42	%			0.42	%			0.42	%			0.43	%			0.44	%
Net investment income				2.59	%(f)			2.81	%			1.87	%			1.00	%			0.96	%			0.93	%
Supplemental Data
Net assets, end of period (000)			$	293,427			$	243,173			$	90,169			$	276,450			$	365,406			$	418,955
Portfolio turnover rate(g)				12	%(e)			21	%			25	%			12	%			17	%			8	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

80 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Oil Equipment & Services ETF
		Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period			$	13.41			$	5.97			$	25.24			$	32.41			$	42.09			$	35.72
Net investment income(a)				0.03				0.14				0.47				0.34				1.18	(b)			0.33
Net realized and unrealized gain (loss)(c)				0.29				7.50				(19.27	)			(7.14	)			(9.61	)			6.39
Net increase (decrease) from investment operations				0.32				7.64				(18.80	)			(6.80	)			(8.43	)			6.72
Distributions(d)
From net investment income				(0.04	)			(0.20	)			(0.47	)			(0.37	)			(1.25	)			(0.35	)
Total distributions				(0.04	)			(0.20	)			(0.47	)			(0.37	)			(1.25	)			(0.35	)
Net asset value, end of period			$	13.69			$	13.41			$	5.97			$	25.24			$	32.41			$	42.09
Total Return(e)
Based on net asset value				2.38	%(f)			129.06	%			(75.48	)%			(21.10	)%			(20.19	)%(g)			18.88	%
Ratios to Average Net Assets
Total expenses				0.39	%(h)			0.41	%			0.42	%			0.42	%			0.43	%			0.44	%
Net investment income				0.40	%(h)			1.37	%			2.44	%			1.09	%			3.37	%(b)			0.81	%
Supplemental Data
Net assets, end of period (000)			$	99,282			$	371,516			$	25,669			$	155,238			$	204,188			$	250,434
Portfolio turnover rate(i)				15	%(f)			71	%			23	%			35	%			25	%			27	%

^(a) Based on average shares outstanding.

^(b) Includes a one-time special distribution from Baker Hughes Inc. Excluding such special distribution, the net investment income would have been $0.37 per share and 1.05% of average net assets.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Includes proceeds received from a class action litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been (20.37)% for the year ended March 31, 2018.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 81

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Pharmaceuticals ETF
		Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period			$	177.38			$	134.83			$	154.05			$	147.20			$	150.97			$	137.03
Net investment income(a)				1.45				2.20				2.14				1.73				2.25				1.28
Net realized and unrealized gain (loss)(b)				5.72				42.53				(19.09	)			6.91				(3.75	)			14.01
Net increase (decrease) from investment operations				7.17				44.73				(16.95	)			8.64				(1.50	)			15.29
Distributions(c)
From net investment income				(1.55	)			(2.18	)			(2.27	)			(1.79	)			(2.27	)			(1.35	)
Total distributions				(1.55	)			(2.18	)			(2.27	)			(1.79	)			(2.27	)			(1.35	)
Net asset value, end of period			$	183.00			$	177.38			$	134.83			$	154.05			$	147.20			$	150.97
Total Return(d)
Based on net asset value				4.02	%(e)			33.30	%			(11.06	)%			5.88	%			(1.05	)%			11.19	%
Ratios to Average Net Assets
Total expenses				0.39	%(f)			0.42	%			0.42	%			0.42	%			0.43	%			0.44	%
Net investment income				1.55	%(f)			1.33	%			1.45	%			1.12	%			1.47	%			0.87	%
Supplemental Data
Net assets, end of period (000)			$	375,140			$	354,762			$	276,404			$	385,114			$	390,088			$	717,098
Portfolio turnover rate(g)				13	%(e)			52	%			40	%			51	%			23	%			33	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

82 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Real Estate ETF
		Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period			$	91.81			$	69.71			$	86.99			$	75.48			$	78.51			$	77.88
Net investment income(a)				1.01				1.67				2.16				2.28				2.22				2.19
Net realized and unrealized gain (loss)(b)				10.41				22.49				(16.61	)			11.86				(2.36	)			1.67
Net increase (decrease) from investment operations				11.42				24.16				(14.45	)			14.14				(0.14	)			3.86
Distributions(c)
From net investment income				(0.81	)			(2.06	)			(2.83	)			(2.63	)			(2.89	)			(3.23	)
Total distributions				(0.81	)			(2.06	)			(2.83	)			(2.63	)			(2.89	)			(3.23	)
Net asset value, end of period			$	102.42			$	91.81			$	69.71			$	86.99			$	75.48			$	78.51
Total Return(d)
Based on net asset value				12.42	%(e)			35.02	%			(17.14	)%			19.09	%			(0.29	)%			5.03	%
Ratios to Average Net Assets
Total expenses				0.39	%(f)			0.41	%			0.42	%			0.42	%			0.43	%			0.44	%
Net investment income				1.95	%(f)			2.03	%			2.39	%			2.85	%			2.80	%			2.77	%
Supplemental Data
Net assets, end of period (000)			$	7,235,684			$	4,687,047			$	3,067,098			$	4,597,605			$	3,596,742			$	4,608,522
Portfolio turnover rate(g)				4	%(e)			14	%			8	%			11	%			13	%			18	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 83

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Regional Banks ETF
		Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period			$	56.62			$	29.00			$	43.44			$	50.39			$	44.79			$	31.79
Net investment income(a)				0.68				1.32				1.20				1.01				0.80				0.71
Net realized and unrealized gain (loss)(b)				3.82				27.52				(14.32	)			(6.91	)			5.60				12.95
Net increase (decrease) from investment operations				4.50				28.84				(13.12	)			(5.90	)			6.40				13.66
Distributions(c)
From net investment income				(0.58	)			(1.22	)			(1.32	)			(1.05	)			(0.80	)			(0.66	)
Total distributions				(0.58	)			(1.22	)			(1.32	)			(1.05	)			(0.80	)			(0.66	)
Net asset value, end of period			$	60.54			$	56.62			$	29.00			$	43.44			$	50.39			$	44.79
Total Return(d)
Based on net asset value				7.97	%(e)			101.55	%			(31.09	)%			(11.79	)%			14.42	%			43.37	%
Ratios to Average Net Assets
Total expenses				0.39	%(f)			0.41	%			0.42	%			0.42	%			0.43	%			0.44	%
Net investment income				2.31	%(f)			3.26	%			2.60	%			2.08	%			1.68	%			1.79	%
Supplemental Data
Net assets, end of period (000)			$	1,253,094			$	673,808			$	197,182			$	519,088			$	902,061			$	747,957
Portfolio turnover rate(g)				9	%(e)			6	%			5	%			10	%			4	%			6	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Telecommunications ETF
		Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period			$	32.39			$	24.88			$	29.73			$	27.06			$	32.38			$	30.71
Net investment income(a)				0.49				0.82				0.71				0.49				0.74				0.66
Net realized and unrealized gain (loss)(b)				0.04				7.50				(4.80	)			2.71				(5.08	)			1.87
Net increase (decrease) from investment operations				0.53				8.32				(4.09	)			3.20				(4.34	)			2.53
Distributions(c)
From net investment income				(0.49	)			(0.81	)			(0.76	)			(0.53	)			(0.98	)			(0.86	)
Total distributions				(0.49	)			(0.81	)			(0.76	)			(0.53	)			(0.98	)			(0.86	)
Net asset value, end of period			$	32.43			$	32.39			$	24.88			$	29.73			$	27.06			$	32.38
Total Return(d)
Based on net asset value				1.60	%(e)			33.82	%			(13.99	)%			11.91	%			(13.63	)%			8.25	%
Ratios to Average Net Assets
Total expenses				0.39	%(f)			0.42	%			0.42	%			0.42	%			0.43	%			0.44	%
Net investment income				2.89	%(f)			2.82	%			2.40	%			1.73	%			2.41	%			2.02	%
Supplemental Data
Net assets, end of period (000)			$	420,003			$	425,882			$	292,379			$	463,756			$	316,596			$	519,768
Portfolio turnover rate(g)				65	%(e)			40	%			41	%			35	%			86	%			47	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 85

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Focused Value Factor	Non-diversified
U.S. Aerospace & Defense	Non-diversified
U.S. Broker-Dealers & Securities Exchanges	Non-diversified
U.S. Healthcare Providers	Non-diversified
U.S. Home Construction	Non-diversified
U.S. Infrastructure	Non-diversified
U.S. Insurance	Non-diversified
U.S. Medical Devices	Non-diversified
U.S. Oil & Gas Exploration & Production	Non-diversified
U.S. Oil Equipment & Services	Non-diversified
U.S. Pharmaceuticals	Non-diversified
U.S. Real Estate	Diversified
U.S. Regional Banks	Non-diversified
U.S. Telecommunications	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

86 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

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 87

Notes to Financial Statements (unaudited) (continued)

or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Aerospace & Defense
Barclays Bank PLC	$	255,783	$	234,966		$	—	$	(20,817	)(b)
BNP Paribas SA		277,440		277,440			—		—
BofA Securities, Inc.		3,885,160		3,584,807			—		(300,353	)(b)
Citigroup Global Markets, Inc.		4,069,923		4,069,923			—		—
Credit Suisse Securities (USA) LLC		348,336		348,336			—		—
Goldman Sachs & Co. LLC		17,531,175		17,531,175			—		—
J.P. Morgan Securities LLC		13,234		13,234			—		—
Jefferies LLC		75,900		69,723			—		(6,177	)(b)
Morgan Stanley		4,559,060		4,188,023			—		(371,037	)(b)
National Financial Services LLC		13,303,603		12,394,222			—		(909,381	)(b)
State Street Bank & Trust Co.		1,074,086		1,074,086			—		—
Toronto Dominion Bank		279,742		256,975			—		(22,767	)(b)
UBS AG		490,820		490,820			—		—
UBS Securities LLC		529,230		529,230			—		—
Virtu Americas LLC		272,182		272,182			—		—
Wells Fargo Bank N.A.		551,684		551,684			—		—
Wells Fargo Securities LLC		16,169,640		16,169,640			—		—
	$	63,686,998	$	62,056,466		$	—	$	(1,630,532	)
U.S. Healthcare Providers
Barclays Bank PLC	$	4,326,733	$	4,326,733		$	—	$	—
BNP Paribas SA		15,374,288		15,258,256			—		(116,032	)(b)
Citadel Clearing LLC		18,162		18,162			—		—
Citigroup Global Markets, Inc.		73,115		73,115			—		—
Credit Suisse Securities (USA) LLC		797,943		797,943			—		—
Goldman Sachs & Co. LLC		7,714,923		7,714,923			—		—
J.P. Morgan Securities LLC		3,762,364		3,762,364			—		—
Morgan Stanley		2,153,214		2,153,214			—		—
National Financial Services LLC		638,010		638,010			—		—
Pershing LLC		66,185		66,185			—		—
RBC Capital Markets LLC		32,400		32,400			—		—
Scotia Capital (USA), Inc.		2,897,329		2,897,329			—		—
SG Americas Securities LLC		8,369,460		8,369,460			—		—
State Street Bank & Trust Co.		3,324,141		3,290,311			—		(33,830	)(b)
UBS AG		2,765,116		2,765,116			—		—
UBS Securities LLC		5,361		5,361			—		—
Wells Fargo Securities LLC		2,799,513		2,799,513			—		—
	$	55,118,257	$	54,968,395		$	—	$	(149,862	)

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Home Construction
Barclays Bank PLC	$	454,699	$	454,699		$	—	$	—
Barclays Capital, Inc.		258,398		258,398			—		—
BNP Paribas SA		612,260		612,260			—		—
Citigroup Global Markets, Inc.		16,073,830		16,073,830			—		—
Goldman Sachs & Co. LLC		149,411		149,411			—		—
J.P. Morgan Securities LLC		4,445,167		4,445,167			—		—
Morgan Stanley		20,556,231		20,556,231			—		—
National Financial Services LLC		1,273,560		1,273,560			—		—
State Street Bank & Trust Co.		1,469		1,469			—		—
UBS AG		1,630,880		1,630,880			—		—
Wells Fargo Securities LLC		163,088		163,088			—		—
	$	45,618,993	$	45,618,993		$	—	$	—
U.S. Infrastructure
Barclays Capital, Inc.	$	119,736	$	119,736		$	—	$	—
BofA Securities, Inc.		840,363		840,363			—		—
Morgan Stanley		6,626,520		6,626,520			—		—
	$	7,586,619	$	7,586,619		$	—	$	—
U.S. Medical Devices
Barclays Bank PLC	$	1,642,746	$	1,642,746		$	—	$	—
Barclays Capital, Inc.		1,568,295		1,568,295			—		—
BNP Paribas SA		14,417,205		14,417,205			—		—
BofA Securities, Inc.		6,591,645		6,591,645			—		—
Citigroup Global Markets, Inc.		2,945,696		2,945,696			—		—
Credit Suisse Securities (USA) LLC		1,655,043		1,655,043			—		—
Deutsche Bank Securities, Inc.		634,408		634,408			—		—
Goldman Sachs & Co. LLC		2,024,061		2,024,061			—		—
J.P. Morgan Securities LLC		18,195,245		18,195,245			—		—
Morgan Stanley		4,333,140		4,333,140			—		—
National Financial Services LLC		16,415		16,415			—		—
Toronto Dominion Bank		12,330,814		12,330,814			—		—
UBS AG		17,828,504		17,828,504			—		—
UBS Securities LLC		443,833		443,833			—		—
Virtu Americas LLC		341,076		341,076			—		—
	$	84,968,126	$	84,968,126		$	—	$	—
U.S. Oil & Gas Exploration & Production
Barclays Capital, Inc.	$	310,240	$	310,240		$	—	$	—
BNP Paribas SA		197,230		197,230			—		—
Credit Suisse Securities (USA) LLC		25,051		25,051			—		—
Goldman Sachs & Co. LLC		241,872		241,872			—		—
Scotia Capital (USA), Inc.		555		553			—		(2	)(b)
UBS AG		967,788		967,788			—		—
UBS Securities LLC		646,680		646,680			—		—
	$	2,389,416	$	2,389,414		$	—	$	(2	)
U.S. Oil Equipment & Services
Barclays Capital, Inc.	$	1,525,631	$	1,525,631		$	—	$	—
BNP Paribas SA		404,296		404,296			—		—
Citigroup Global Markets, Inc.		1,171,664		1,171,664			—		—
Credit Suisse Securities (USA) LLC		137,499		137,499			—		—
Deutsche Bank Securities, Inc.		1,164		1,164			—		—
Goldman Sachs & Co. LLC		25,410		25,410			—		—
J.P. Morgan Securities LLC		1,167,759		1,167,759			—		—
Jefferies LLC		21,726		21,726			—		—
Morgan Stanley		355,200		355,200			—		—
UBS Securities LLC		121,832		121,832			—		—
Wells Fargo Securities LLC		170,232		170,232			—		—
	$	5,102,413	$	5,102,413		$	—	$	—

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 89

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Pharmaceuticals
BMO Capital Markets Corp.	$	111,440	$	111,440		$	—	$	—
BNP Paribas SA		1,373,975		1,373,975			—		—
BofA Securities, Inc.		120,828		120,495			—		(333	)(b)
Citigroup Global Markets, Inc.		654,710		654,710			—		—
Credit Suisse Securities (USA) LLC		97,680		97,680			—		—
Goldman Sachs & Co. LLC		381,448		381,448			—		—
J.P. Morgan Securities LLC		3,592,569		3,592,569			—		—
Morgan Stanley		3,641,354		3,641,354			—		—
National Financial Services LLC		93,149		93,149			—		—
SG Americas Securities LLC		82,278		82,278			—		—
Toronto Dominion Bank		2,254,481		2,254,481			—		—
UBS AG		297,768		297,768			—		—
UBS Securities LLC		184,356		184,356			—		—
Virtu Americas LLC		184,962		184,962			—		—
Wells Fargo Bank N.A.		274,992		274,992			—		—
Wells Fargo Securities LLC		1,004,850		1,002,078			—		(2,772	)(b)
	$	14,350,840	$	14,347,735		$	—	$	(3,105	)
U.S. Real Estate
Barclays Bank PLC	$	8,071,020	$	8,058,861		$	—	$	(12,159	)(b)
Barclays Capital, Inc.		218,790		218,790			—		—
BNP Paribas SA		1,287,570		1,287,570			—		—
BofA Securities, Inc.		1,159,092		1,159,092			—		—
Citigroup Global Markets, Inc.		50,879		50,879			—		—
Goldman Sachs & Co. LLC		1,142,280		1,142,280			—		—
J.P. Morgan Securities LLC		5,420,820		5,420,820			—		—
National Financial Services LLC		430,860		430,860			—		—
UBS AG		8,700,614		8,645,127			—		(55,487	)(b)
UBS Securities LLC		2,882,673		2,864,810			—		(17,863	)(b)
	$	29,364,598	$	29,279,089		$	—	$	(85,509	)
U.S. Regional Banks
Barclays Bank PLC	$	2,118,886	$	2,118,886		$	—	$	—
Goldman Sachs & Co. LLC		9,946,034		9,946,034			—		—
	$	12,064,920	$	12,064,920		$	—	$	—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b) The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) .

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or

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Notes to Financial Statements (unaudited) (continued)

payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Focused Value Factor		0.25	%
U.S. Infrastructure		0.40

For its investment advisory services to each Fund, except for the iShares Focused Value Factor ETF and iShares U.S. Infrastructure ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3400
Over $40 billion, up to and including $50 billion		0.3300
Over $50 billion, up to and including $60 billion		0.3100
Over $60 billion		0.2945

Prior to July 14, 2021, for its investment advisory services to each Fund, except for the iShares Focused Valued Factor ETF and iShares U.S. Infrastructure ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.48	%
Over $10 billion, up to and including $20 billion		0.43
Over $20 billion, up to and including $30 billion		0.38
Over $30 billion, up to and including $40 billion		0.34
Over $40 billion, up to and including $50 billion		0.33
Over $50 billion		0.31

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 91

Notes to Financial Statements (unaudited) (continued)

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
Focused Value Factor	$	99
U.S. Aerospace & Defense		39,970
U.S. Healthcare Providers		31,457
U.S. Home Construction		16,870
U.S. Infrastructure		2,348
U.S. Insurance		547
U.S. Medical Devices		68,876
U.S. Oil & Gas Exploration & Production		1,787
U.S. Oil Equipment & Services		3,645
U.S. Pharmaceuticals		5,570
U.S. Real Estate		5,916
U.S. Regional Banks		1,739
U.S. Telecommunications		3,641

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
U.S. Aerospace & Defense	$	118,123,379	$	25,748,488	$	1,900,255
U.S. Broker-Dealers & Securities Exchanges		23,541,210		16,371,698		(1,122,592	)
U.S. Healthcare Providers		28,777,989		13,738,821		(367,442	)
U.S. Home Construction		30,642,160		9,554,378		(1,010,829	)
U.S. Infrastructure		6,063,346		5,043,691		(322,421	)
U.S. Insurance		1,854,039		1,065,461		(75,935	)
U.S. Medical Devices		55,419,719		68,117,802		885,334
U.S. Oil & Gas Exploration & Production		14,608,451		12,846,836		(11,114,103	)
U.S. Oil Equipment & Services		3,906,014		6,506,062		(4,358,112	)
U.S. Pharmaceuticals		15,392,428		9,854,147		(2,261,343	)
U.S. Real Estate		30,273,956		58,092,784		(3,375,531	)
U.S. Regional Banks		41,325,977		6,266,523		(169,391	)
U.S. Telecommunications		119,288,330		74,557,123		2,376,436

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

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Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Focused Value Factor	$	50,662,369	$	50,955,417
U.S. Aerospace & Defense		280,127,707		279,704,275
U.S. Broker-Dealers & Securities Exchanges		66,515,604		66,530,470
U.S. Healthcare Providers		152,650,978		152,671,212
U.S. Home Construction		58,100,389		59,740,419
U.S. Infrastructure		74,413,775		72,178,706
U.S. Insurance		5,368,110		5,191,992
U.S. Medical Devices		356,559,881		357,533,814
U.S. Oil & Gas Exploration & Production		37,668,733		38,324,307
U.S. Oil Equipment & Services		23,874,437		23,361,066
U.S. Pharmaceuticals		46,647,474		46,647,738
U.S. Real Estate		257,952,167		240,106,831
U.S. Regional Banks		82,069,871		80,348,250
U.S. Telecommunications		286,875,887		286,446,487

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Focused Value Factor	$	5,641,398	$	13,701,943
U.S. Aerospace & Defense		180,516,917		541,953,061
U.S. Broker-Dealers & Securities Exchanges		666,960,336		276,479,743
U.S. Healthcare Providers		433,674,053		446,855,082
U.S. Home Construction		2,193,132,479		2,446,181,950
U.S. Infrastructure		368,630,856		68,658,600
U.S. Insurance		19,281,613		7,549,809
U.S. Medical Devices		937,644,873		1,751,266,408
U.S. Oil & Gas Exploration & Production		166,170,050		161,190,170
U.S. Oil Equipment & Services		12,491,481		278,761,318
U.S. Pharmaceuticals		28,684,414		19,034,033
U.S. Real Estate		15,358,012,507		13,247,125,204
U.S. Regional Banks		649,420,793		138,421,386
U.S. Telecommunications		192,117,623		199,706,173

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 93

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Focused Value Factor	$	9,634,428
U.S. Aerospace & Defense		722,874,076
U.S. Broker-Dealers & Securities Exchanges		36,996,700
U.S. Healthcare Providers		122,243,181
U.S. Home Construction		145,185,143
U.S. Infrastructure		3,063,692
U.S. Insurance		3,367,681
U.S. Medical Devices		133,226,956
U.S. Oil & Gas Exploration & Production		184,967,068
U.S. Oil Equipment & Services		287,690,727
U.S. Pharmaceuticals		189,661,444
U.S. Real Estate		322,683,818
U.S. Regional Banks		20,030,231
U.S. Telecommunications		229,710,211

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Focused Value Factor	$	31,727,054	$	2,148,359	$	(1,093,044	)	$	1,055,315
U.S. Aerospace & Defense		2,615,292,136		293,327,397		(238,236,491	)		55,090,906
U.S. Broker-Dealers & Securities Exchanges		832,231,633		57,488,040		(13,263,745	)		44,224,295
U.S. Healthcare Providers		1,117,425,963		139,228,243		(50,714,623	)		88,513,620
U.S. Home Construction		2,510,289,591		24,543,318		(170,961,778	)		(146,418,460	)
U.S. Infrastructure		663,352,412		25,543,708		(30,961,974	)		(5,418,266	)
U.S. Insurance		90,854,206		12,945,828		(2,285,811	)		10,660,017
U.S. Medical Devices		6,510,207,933		2,048,302,699		(63,288,533	)		1,985,014,166
U.S. Oil & Gas Exploration & Production		310,991,655		21,741,112		(36,997,810	)		(15,256,698	)
U.S. Oil Equipment & Services		128,600,440		2,590,892		(26,662,371	)		(24,071,479	)
U.S. Pharmaceuticals		368,277,707		49,191,224		(27,771,270	)		21,419,954
U.S. Real Estate		7,799,833,454		89,025,709		(649,735,738	)		(560,710,029	)
U.S. Regional Banks		1,190,652,122		82,857,080		(8,879,365	)		73,977,715
U.S. Telecommunications		436,660,715		8,972,080		(25,596,448	)		(16,624,368	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or

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industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Focused Value Factor
Shares sold		100,000		$	5,655,976			300,000		$	14,086,524
Shares redeemed		(250,000	)		(13,907,746	)		(150,000	)		(6,329,739	)
Net increase (decrease)		(150,000	)	$	(8,251,770	)		150,000		$	7,756,785
U.S. Aerospace & Defense
Shares sold		1,700,000		$	180,797,215			5,500,000	(a)	$	482,427,995
Shares redeemed		(5,150,000	)		(542,792,853	)		(16,450,000	)(a)		(1,387,929,179	)
Net decrease		(3,450,000	)	$	(361,995,638	)		(10,950,000	)	$	(905,501,184	)
U.S. Broker-Dealers & Securities Exchanges
Shares sold		6,650,000		$	672,011,078			3,800,000		$	318,826,662
Shares redeemed		(2,700,000	)		(281,461,613	)		(2,100,000	)		(133,095,346	)
Net increase		3,950,000		$	390,549,465			1,700,000		$	185,731,316

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
U.S. Healthcare Providers
Shares sold		1,650,000		$	436,779,075			1,650,000		$	341,185,827
Shares redeemed		(1,700,000	)		(450,661,059	)		(1,800,000	)		(369,873,521	)
Net decrease		(50,000	)	$	(13,881,984	)		(150,000	)	$	(28,687,694	)
U.S. Home Construction
Shares sold		31,200,000		$	2,198,719,008			68,550,000		$	3,615,477,819
Shares redeemed		(35,200,000	)		(2,452,379,364	)		(54,000,000	)		(2,871,749,293	)
Net increase (decrease)		(4,000,000	)	$	(253,660,356	)		14,550,000		$	743,728,526
U.S. Infrastructure
Shares sold		10,400,000		$	371,939,132			12,450,000		$	390,893,717
Shares redeemed		(2,000,000	)		(69,765,141	)		(2,000,000	)		(64,997,926	)
Net increase		8,400,000		$	302,173,991			10,450,000		$	325,895,791
U.S. Insurance
Shares sold		250,000		$	19,739,776			650,000		$	40,706,846
Shares redeemed		(100,000	)		(7,714,769	)		(750,000	)		(42,970,020	)
Net increase (decrease)		150,000		$	12,025,007			(100,000	)	$	(2,263,174	)
U.S. Medical Devices
Shares sold		14,850,000	(b)	$	939,999,213			97,800,000		$	4,424,569,395
Shares redeemed		(30,000,000	)(b)		(1,756,502,308	)		(59,100,000	)		(2,946,995,891	)
Net increase (decrease)		(15,150,000	)	$	(816,503,095	)		38,700,000		$	1,477,573,504
U.S. Oil & Gas Exploration & Production
Shares sold		3,250,000		$	166,685,900			8,800,000		$	296,903,280
Shares redeemed		(3,200,000	)		(162,545,784	)		(7,750,000	)		(245,864,133	)
Net increase		50,000		$	4,140,116			1,050,000		$	51,039,147
U.S. Oil Equipment & Services
Shares sold		900,000		$	12,508,958			45,650,000		$	517,881,759
Shares redeemed		(21,350,000	)		(279,026,071	)		(22,250,000	)		(203,752,984	)
Net increase (decrease)		(20,450,000	)	$	(266,517,113	)		23,400,000		$	314,128,775
U.S. Pharmaceuticals
Shares sold		150,000		$	28,859,113			500,000		$	76,959,841
Shares redeemed		(100,000	)		(19,093,569	)		(550,000	)		(90,463,741	)
Net increase (decrease)		50,000		$	9,765,544			(50,000	)	$	(13,503,900	)
U.S. Real Estate
Shares sold		151,000,000		$	15,404,205,563			191,850,000		$	15,911,291,202
Shares redeemed		(131,400,000	)		(13,296,680,627	)		(184,800,000	)		(15,236,112,943	)
Net increase		19,600,000		$	2,107,524,936			7,050,000		$	675,178,259
U.S. Regional Banks
Shares sold		11,200,000		$	652,403,058			9,800,000		$	486,698,861
Shares redeemed		(2,400,000	)		(139,418,253	)		(4,700,000	)		(191,538,957	)
Net increase		8,800,000		$	512,984,805			5,100,000		$	295,159,904
U.S. Telecommunications
Shares sold		5,800,000		$	193,075,342			14,000,000		$	404,835,931
Shares redeemed		(6,000,000	)		(200,480,062	)		(12,600,000	)		(363,538,590	)
Net increase (decrease)		(200,000	)	$	(7,404,720	)		1,400,000		$	41,297,341

(a) Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

(b) Share transactions reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also

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Notes to Financial Statements (unaudited) (continued)

pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

The Board authorized a six-for-one stock split for the iShares U.S. Medical Devices ETF, effective after the close of trading on July 16, 2021, for the shareholders of record on July 14, 2021. The impact of the stock split was an increase in the number of shares outstanding by a factor of six, while decreasing the NAV per share by a factor of six, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Focused Value Factor ETF, iShares U.S. Infrastructure ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract  (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares U.S. Aerospace & Defense ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

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Board Review and Approval of Investment Advisory Contract  (continued)

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members)

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Board Review and Approval of Investment Advisory Contract  (continued)

assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares U.S. Telecommunications ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board

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Board Review and Approval of Investment Advisory Contract  (continued)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
U.S. Infrastructure(a)	$	0.321767	$	—	$	0.000323	$	0.322090		100	%		—	%		0	%(b)		100	%
U.S. Medical Devices(a)		0.063652		—		0.016204		0.079856		80			—			20			100
U.S. Real Estate(a)		0.624241		—		0.189783		0.814024		77			—			23			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b) Rounds to less than 1%.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 107

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, ICE Data Indices, LLC or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-311-0921

     

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Mortgage Real Estate ETF  |  REM  |  Cboe BZX

· iShares Residential and Multisector Real Estate ETF  |  REZ  |  NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Trust

Rob Kapito

President, BlackRock, Inc.

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		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		11
Statements of Operations		12
Statements of Changes in Net Assets		13
Financial Highlights		14
Notes to Financial Statements		16
Board Review and Approval of Investment Advisory Contract		22
Supplemental Information		24
General Information		25
Glossary of Terms Used in this Report		26

Fund Summary as of September 30, 2021 iShares^® Mortgage Real Estate ETF

Investment Objective

The iShares Mortgage Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs) that hold U.S. residential and commercial mortgages, as represented by the FTSE Nareit All Mortgage 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		4.91	%		48.46	%		5.91	%		7.74	%		48.46	%		33.26	%		110.75	%
Fund Market		4.76			48.32			5.93			7.72			48.32			33.39			110.43
Index		5.03			49.23			6.60			8.40			49.23			37.66			123.93

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 6 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	$        1,049.10	$        2.47			$        1,000.00	$        1,022.70	$         2.43		0.48	%

^(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 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Mortgage REITs	97.1%
Diversified REITs	2.9

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Annaly Capital Management Inc.	14.8%
AGNC Investment Corp.	10.4
Starwood Property Trust Inc.	8.4
New Residential Investment Corp.	6.0
Hannon Armstrong Sustainable Infrastructure Capital Inc.	5.1
Blackstone Mortgage Trust Inc., Class A	4.6
Chimera Investment Corp.	4.5
Arbor Realty Trust Inc.	4.2
Apollo Commercial Real Estate Finance Inc.	3.5
MFA Financial Inc.	3.4

^(a)  Excludes money market funds.

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Fund Summary as of September 30, 2021 iShares^® Residential and Multisector Real Estate ETF

Investment Objective

The iShares Residential and Multisector Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. residential, healthcare and self-storage real estate equities, as represented by the FTSE Nareit All Residential 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		16.55	%		43.79	%		9.19	%		12.08	%		43.79	%		55.19	%		212.93	%
Fund Market		16.52			43.85			9.19			12.09			43.85			55.23			213.12
Index		16.85			44.28			9.61			12.53			44.28			58.22			225.48

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 6 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	$        1,165.50	$        2.61			$        1,000.00	$        1,022.70	$         2.43		0.48	%

^(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 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Residential REITs	50.9%
Health Care REITs	28.4
Specialized REITs	20.2
Diversified REITs	0.5

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Public Storage	9.7%
Welltower Inc.	7.6
AvalonBay Communities Inc.	6.7
Equity Residential	6.5
Ventas Inc.	4.9
Invitation Homes Inc.	4.8
Extra Space Storage Inc.	4.8
Essex Property Trust Inc.	4.6
Mid-America Apartment Communities Inc.	4.6
Sun Communities Inc.	4.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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Schedule of Investments  (unaudited) September 30, 2021 iShares^® Mortgage Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 2.8%
iStar Inc.(a)		1,676,871	$	42,055,925
Mortgage REITs — 95.6%
AGNC Investment Corp.		9,485,409		149,584,900
Annaly Capital Management Inc.		25,290,047		212,942,196
Apollo Commercial Real Estate Finance Inc.		3,397,001		50,377,525
Arbor Realty Trust Inc.		3,290,816		60,978,821
Ares Commercial Real Estate Corp.		1,059,377		15,975,405
ARMOUR Residential REIT Inc.		1,993,364		21,488,464
Blackstone Mortgage Trust Inc., Class A		2,162,313		65,561,330
BrightSpire Capital Inc.		2,043,698		19,190,324
Broadmark Realty Capital Inc.		3,116,904		30,732,673
Capstead Mortgage Corp.		2,308,805		15,445,905
Cherry Hill Mortgage Investment Corp.		406,246		3,607,465
Chimera Investment Corp.		4,372,528		64,932,041
Dynex Capital Inc.		822,015		14,204,419
Ellington Financial Inc.		1,131,850		20,701,537
Ellington Residential Mortgage REIT		285,051		3,181,169
Granite Point Mortgage Trust Inc.		1,322,608		17,418,747
Great Ajax Corp.		525,093		7,083,505
Hannon Armstrong Sustainable Infrastructure Capital Inc.		1,378,384		73,715,976
Invesco Mortgage Capital Inc.		7,064,879		22,254,369
KKR Real Estate Finance Trust Inc.		782,399		16,508,619
Ladder Capital Corp.		2,756,303		30,457,148
MFA Financial Inc.		10,717,096		48,977,129
New Residential Investment Corp.		7,829,479		86,124,269
New York Mortgage Trust Inc.		9,190,997		39,153,647
Orchid Island Capital Inc.(a)		2,985,965		14,601,369
PennyMac Mortgage Investment Trust		2,371,531		46,695,445
Ready Capital Corp.		1,400,330		20,206,762

Security	Shares		Value
Mortgage REITs (continued)
Redwood Trust Inc.		2,735,662	$	35,262,683
Starwood Property Trust Inc.		4,962,734		121,140,337
TPG RE Finance Trust Inc.		1,455,611		18,020,464
Two Harbors Investment Corp.		7,595,789		48,157,302
Western Asset Mortgage Capital Corp.		1,437,010		3,750,596
				1,398,432,541
Total Common Stocks — 98.4% (Cost: $1,329,540,988)				1,440,488,466
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(b)(c)(d)		827,137		827,551
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		320,000		320,000
				1,147,551
Total Short -Term Investments — 0.1% (Cost: $1,147,551)				1,147,551
Total Investments in Securities — 98.5% (Cost: $1,330,688,539)				1,441,636,017
Other Assets, Less Liabilities — 1.5%				21,253,200
Net Assets — 100.0%			$	1,462,889,217

^(a)  All or a portion of this security is on loan.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

^(d)  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 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	$	18,563		$808,987	(a)	$	—		$	28	$	(27	)	$	827,551		827,137	$	376	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		360,000		—			(40,000	)(a)		—		—			320,000		320,000		74			—
									$	28	$	(27	)	$	1,147,551			$	450		$	—

^(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.

S C H E D U L E  O F  I N V E S T M E N  T S 7

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Mortgage Real Estate 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
Dow Jones U.S. Real Estate Index		557		12/17/21	$	22,124	$	(400,347	)

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)	$	400,347

^(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	$	2,253,818
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(403,288	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	22,326,910

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	$	1,440,488,466		$	—	$	—	$	1,440,488,466
Money Market Funds		1,147,551			—		—		1,147,551
	$	1,441,636,017		$	—	$	—	$	1,441,636,017
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(400,347	)	$	—	$	—	$	(400,347	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.    

See notes to financial statements.    

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Schedule of Investments  (unaudited) September 30, 2021 iShares^® Residential and Multisector Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 0.5%
Washington REIT		225,730	$	5,586,818
Health Care REITs — 28.3%
CareTrust REIT Inc.		250,565		5,091,481
Community Healthcare Trust Inc.		62,513		2,824,962
Diversified Healthcare Trust		633,076		2,146,128
Global Medical REIT Inc.		158,346		2,327,686
Healthcare Realty Trust Inc.		386,040		11,496,271
Healthcare Trust of America Inc., Class A		580,509		17,217,897
Healthpeak Properties Inc.		1,431,436		47,924,477
LTC Properties Inc.		103,390		3,276,429
Medical Properties Trust Inc.		1,575,891		31,628,132
National Health Investors Inc.		115,720		6,191,020
Omega Healthcare Investors Inc.		635,998		19,054,500
Physicians Realty Trust		570,361		10,049,761
Sabra Health Care REIT Inc.		583,300		8,586,176
Universal Health Realty Income Trust		34,384		1,900,404
Ventas Inc.		954,917		52,720,968
Welltower Inc.		981,649		80,887,878
				303,324,170
Residential REITs — 50.7%
American Campus Communities Inc.		364,430		17,656,634
American Homes 4 Rent, Class A		750,268		28,600,216
Apartment Income REIT Corp.		415,962		20,303,105
Apartment Investment & Management Co., Class A		397,848		2,725,259
AvalonBay Communities Inc.		323,788		71,764,372
Bluerock Residential Growth REIT Inc., Class A		73,340		934,352
BRT Apartments Corp.		30,110		580,521
Camden Property Trust		259,002		38,195,025
Centerspace		36,859		3,483,176
Equity LifeStyle Properties Inc.		462,625		36,131,012
Equity Residential		855,930		69,261,856
Essex Property Trust Inc.		155,074		49,583,361
Independence Realty Trust Inc.		277,654		5,650,259

Security	Shares		Value
Residential REITs (continued)
Invitation Homes Inc.		1,338,984	$	51,323,257
Mid-America Apartment Communities Inc.		264,819		49,454,948
NexPoint Residential Trust Inc.		59,202		3,663,420
Preferred Apartment Communities Inc.		136,476		1,669,101
Sun Communities Inc.		266,021		49,240,487
UDR Inc.		786,911		41,690,545
UMH Properties Inc.		112,236		2,570,204
				544,481,110
Specialized REITs — 20.1%
CubeSmart		533,358		25,841,195
Extra Space Storage Inc.		304,470		51,147,915
Life Storage Inc.		206,863		23,735,461
National Storage Affiliates Trust		214,861		11,342,512
Public Storage		350,130		104,023,623
				216,090,706
Total Common Stocks — 99.6% (Cost: $974,435,228)				1,069,482,804
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		1,940,000		1,940,000
Total Short -Term Investments — 0.2% (Cost: $1,940,000)				1,940,000
Total Investments in Securities — 99.8% (Cost: $976,375,228)				1,071,422,804
Other Assets, Less Liabilities — 0.2%				1,982,423
Net Assets — 100.0%			$	1,073,405,227

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

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: Treasury, SL Agency Shares	$	1,180,000	$	760,000	(a)	$	—	$	—	$	—	$	1,940,000		1,940,000	$	34	$	—

^(a)  Represents net amount purchased (sold).    

S C H E D U L E  O F   I N V E S T M E  N T S 9

Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® Residential and Multisector Real Estate 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
Dow Jones U.S. Real Estate Index		93		12/17/21	$	3,694	$	(147,571	)

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)	$	147,571

^(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	$	237,594
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(169,716	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,162,140

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	$	1,069,482,804		$	—	$	—	$	1,069,482,804
Money Market Funds		1,940,000			—		—		1,940,000
	$	1,071,422,804		$	—	$	—	$	1,071,422,804
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(147,571	)	$	—	$	—	$	(147,571	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited)

September 30, 2021

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,440,488,466		$	1,069,482,804
Affiliated(c)		1,147,551			1,940,000
Cash		3,908			3,084
Cash pledged:
Futures contracts		1,132,000			217,000
Receivables:
Investments sold		3,212,919			1,062,107
Securities lending income — Affiliated		375			—
Capital shares sold		—			62,269
Dividends		20,841,082			2,691,558
Total assets		1,466,826,301			1,075,458,822
LIABILITIES
Collateral on securities loaned, at value		827,551			—
Payables:
Investments purchased		1,976,919			1,619,663
Variation margin on futures contracts		331,442			58,560
Capital shares redeemed		220,020			—
Investment advisory fees		581,152			375,372
Total liabilities		3,937,084			2,053,595
NET ASSETS	$	1,462,889,217		$	1,073,405,227
NET ASSETS CONSIST OF:
Paid-in capital	$	1,595,427,920		$	987,128,951
Accumulated earnings (loss)		(132,538,703	)		86,276,276
NET ASSETS	$	1,462,889,217		$	1,073,405,227
Shares outstanding		40,450,000			12,550,000
Net asset value	$	36.17		$	85.53
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a)   Securities loaned, at value	$	813,318		$	—
(b)   Investments, at cost — Unaffiliated	$	1,329,540,988		$	974,435,228
(c)   Investments, at cost — Affiliated	$	1,147,551		$	1,940,000

See notes to financial statements.    

F I N A N C I A L   S T A T E M E N T S 11

Statements of Operations  (unaudited)

Six Months Ended September 30, 2021

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	33,794,351		$	8,017,682
Dividends — Affiliated		74			34
Securities lending income — Affiliated — net		376			—
Total investment income		33,794,801			8,017,716
EXPENSES
Investment advisory fees		3,661,389			1,708,288
Total expenses		3,661,389			1,708,288
Net investment income		30,133,412			6,309,428
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(32,941,119	)		(1,060,354	)
Investments — Affiliated		28			—
In-kind redemptions — Unaffiliated		72,225,653			5,026,090
Futures contracts		2,253,818			237,594
Net realized gain		41,538,380			4,203,330
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,945,647			64,599,653
Investments — Affiliated		(27	)		—
Futures contracts		(403,288	)		(169,716	)
Net change in unrealized appreciation (depreciation)		1,542,332			64,429,937
Net realized and unrealized gain		43,080,712			68,633,267
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	73,214,124		$	74,942,695

See notes to financial statements.    

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Statements of Changes in Net Assets

	iShares Mortgage Real Estate ETF						iShares Residential and Multisector Real Estate ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	30,133,412		$	53,874,107		$	6,309,428		$	8,979,710
Net realized gain (loss)		41,538,380			(83,128,416	)		4,203,330			(283,867	)
Net change in unrealized appreciation (depreciation)		1,542,332			731,705,169			64,429,937			115,281,192
Net increase in net assets resulting from operations		73,214,124			702,450,860			74,942,695			123,977,035
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(33,428,304	)		(53,874,107	)		(5,944,454	)		(12,701,974	)
Return of capital		—			(35,452,585	)		—			—
Decrease in net assets resulting from distributions to shareholders		(33,428,304	)		(89,326,692	)		(5,944,454	)		(12,701,974	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(90,483,809	)		306,612,849			508,948,087			52,624,765
NET ASSETS
Total increase (decrease) in net assets		(50,697,989	)		919,737,017			577,946,328			163,899,826
Beginning of period		1,513,587,206			593,850,189			495,458,899			331,559,073
End of period	$	1,462,889,217		$	1,513,587,206		$	1,073,405,227		$	495,458,899

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

See notes to financial statements.    

F I N A N C I A L   S T A T E M E N T S 13

Financial Highlights

(For a share outstanding throughout each period)

	iShares Mortgage Real Estate ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17(a)
Net asset value, beginning of period	$	35.20		$	18.67		$	43.32		$	42.48		$	45.34		$	38.68
Net investment income(b)		0.72			1.38			2.61			3.13			2.66			3.50
Net realized and unrealized gain (loss)(c)		1.04			17.37			(23.51	)		1.52			(1.18	)		7.34
Net increase (decrease) from investment operations		1.76			18.75			(20.90	)		4.65			1.48			10.84
Distributions(d)
From net investment income		(0.79	)		(1.34	)		(2.60	)		(3.08	)		(3.53	)		(3.53	)
Return of capital		—			(0.88	)		(1.15	)		(0.73	)		(0.81	)		(0.65	)
Total distributions		(0.79	)		(2.22	)		(3.75	)		(3.81	)		(4.34	)		(4.18	)
Net asset value, end of period	$	36.17		$	35.20		$	18.67		$	43.32		$	42.48		$	45.34
Total Return(e)
Based on net asset value		4.91	%(f)		103.62	%		(51.80	)%		11.46	%		3.10	%		29.32	%
Ratios to Average Net Assets
Total expenses		0.48	%(g)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		3.95	%(g)		4.94	%		6.16	%		7.22	%		5.82	%		8.30	%
Supplemental Data
Net assets, end of period (000)	$	1,462,889		$	1,513,587		$	593,850		$	1,252,029		$	1,004,534		$	1,246,883
Portfolio turnover rate(h)		9	%(f)		30	%		29	%		25	%		31	%		34	%

^(a)  Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Residential and Multisector Real Estate ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	73.95		$	55.26		$	70.64		$	57.61		$	63.14		$	65.99
Net investment income(a)		0.75			1.51			1.55			1.80			1.64			1.51
Net realized and unrealized gain (loss)(b)		11.48			19.29			(14.77	)		13.45			(4.94	)		(1.38	)
Net increase (decrease) from investment operations		12.23			20.80			(13.22	)		15.25			(3.30	)		0.13
Distributions(c)
From net investment income		(0.65	)		(2.11	)		(2.16	)		(2.00	)		(2.23	)		(2.56	)
From net realized gain		—			—			—			(0.22	)		—			(0.42	)
Total distributions		(0.65	)		(2.11	)		(2.16	)		(2.22	)		(2.23	)		(2.98	)
Net asset value, end of period	$	85.53		$	73.95		$	55.26		$	70.64		$	57.61		$	63.14
Total Return(d)
Based on net asset value		16.55	%(e)		38.23	%		(19.25	)%		26.94	%		(5.41	)%		0.31	%
Ratios to Average Net Assets
Total expenses		0.48	%(f)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		1.77	%(f)		2.36	%		2.07	%		2.81	%		2.61	%		2.37	%
Supplemental Data
Net assets, end of period (000)	$	1,073,405		$	495,459		$	331,559		$	430,875		$	285,163		$	375,687
Portfolio turnover rate(g)		4	%(e)		7	%		12	%		10	%		19	%		15	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 15

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
Mortgage Real Estate		Non-diversified
Residential and Multisector Real Estate		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price

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Notes to Financial Statements  (unaudited)  (continued)

is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements  (unaudited)  (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral     Received(a)		Non-Cash Collateral Received		Net Amount
Mortgage Real Estate
Barclays Bank PLC	$	406,296	$	406,296	$	—	$	—
Barclays Capital, Inc.		127,908		127,908		—		—
Deutsche Bank Securities, Inc.		10,758		10,758		—		—
Morgan Stanley		200,640		200,640		—		—
UBS Securities LLC		67,716		67,716		—		—
	$	813,318	$	813,318	$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) .

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.48%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money

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Notes to Financial Statements  (unaudited)  (continued)

market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Mortgage Real Estate	$	159

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized   Gain (Loss)
Mortgage Real Estate	$	20,760,756	$	10,524,531	$	(2,303,593)
Residential and Multisector Real Estate		15,787,753		7,762,704		(289,913)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Mortgage Real Estate	$	158,585,376	$	137,905,511
Residential and Multisector Real Estate		33,040,970		27,046,269

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Mortgage Real Estate	$	156,543,887	$	240,885,248
Residential and Multisector Real Estate		518,465,022		13,311,893

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 19

Notes to Financial Statements  (unaudited)  (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Mortgage Real Estate	$	174,144,121
Residential and Multisector Real Estate		3,314,269

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
Mortgage Real Estate	$	1,437,870,799	$	175,230,604	$	(171,865,733	)	$	3,364,871
Residential and Multisector Real Estate		986,009,912		120,487,307		(35,221,986	)		85,265,321

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including

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Notes to Financial Statements  (unaudited) (continued)

the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Mortgage Real Estate
Shares sold		4,500,000		$	165,419,409			25,950,000		$	702,381,915
Shares redeemed		(7,050,000	)		(255,903,218	)		(14,750,000	)		(395,769,066	)
Net increase (decrease)		(2,550,000	)	$	(90,483,809	)		11,200,000		$	306,612,849
Residential and Multisector Real Estate
Shares sold		6,000,000		$	522,344,455			1,200,000		$	81,704,425
Shares redeemed		(150,000	)		(13,396,368	)		(500,000	)		(29,079,660	)
Net increase		5,850,000		$	508,948,087			700,000		$	52,624,765

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 21

Board Review and Approval of Investment Advisory Contract

iShares Mortgage Real Estate ETF, iShares Residential and Multisector Real Estate ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract  (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 23

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Mortgage Real Estate(a)	$	0.600610	$	—	$	0.188886	$	0.789496		76	%		—	%		24	%	100%
Residential and Multisector Real Estate(a)		0.532464		—		0.121454		0.653918		81			—			19		100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O  N 25

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com     |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-312-0921

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

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 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

Rob Kapito

President, BlackRock, Inc.

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.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		45
Board Review and Approval of Investment Advisory Contract		55
Supplemental Information		61
General Information		62
Glossary of Terms Used in this Report		63

Fund Summary as of September 30, 2021 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.60	%		19.59	%		11.13	%		18.15	%		19.59	%		69.49	%		430.14	%
Fund Market		7.48			19.66			11.14			18.16			19.66			69.55			430.62
Index(a)		7.83			20.06			11.51			18.50			20.06			72.41			446.09
Nasdaq Biotechnology Index		7.97			20.21			11.54			18.52			20.21			72.64			446.81
ICE Biotechnology Index(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

^(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 September 30, 2021 was 10.20%.

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 10 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	$	1,076.00	$	2.29		$	1,000.00	$	1,022.90	$	2.23		0.44	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Biotechnology	76.9	%
Life Sciences Tools & Services	19.0
Pharmaceuticals	1.8
Health Care Providers & Services	1.2
Other (each representing less than 1%)	1.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Moderna Inc.	8.7	%
Amgen Inc.	8.1
Gilead Sciences Inc.	6.8
Regeneron Pharmaceuticals Inc.	4.8
Illumina Inc.	3.8
Vertex Pharmaceuticals Inc.	3.7
BioNTech SE	3.6
IQVIA Holdings Inc.	3.6
Biogen Inc.	3.3
Mettler-Toledo International Inc.	2.5

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Fund Summary as of September 30, 2021 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.00	%		30.86	%		27.32	%		22.84	%		30.86	%		234.63	%		682.40	%
Fund Market		11.95			30.86			27.33			22.84			30.86			234.72			682.22
Index		12.23			31.40			27.88			23.39			31.40			242.01			718.25

Index performance through December 23, 2018 reflects the performance of the S&P North American Technology Sector Index^TM. Index Performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Sector Index^TM.

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 10 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	$	1,120.00	$	2.18		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Interactive Media & Services	15.9	%
Semiconductors	13.6
Application Software	12.2
Systems Software	12.2
Data Processing & Outsourced Services	10.9
Internet & Direct Marketing Retail	9.4
Technology Hardware, Storage & Peripherals	9.3
IT Consulting & Other Services	3.3
Internet Services & Infrastructure	3.0
Semiconductor Equipment	2.5
Communications Equipment	2.5
Movies & Entertainment	1.9
Other (each representing less than 1%)	3.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	8.5	%
Amazon.com Inc.	8.5
Apple Inc.	8.3
Facebook Inc., Class A	5.8
Alphabet Inc., Class A	4.3
Alphabet Inc., Class C	4.0
NVIDIA Corp.	3.7
Visa Inc., Class A	2.7
PayPal Holdings Inc.	2.2
Mastercard Inc., Class A	2.2

F U N D   S U M M A R Y 5

Fund Summary as of September 30, 2021 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		16.93	%		27.98	%		28.81	%		22.95	%		27.98	%		254.57	%		689.69	%
Fund Market		16.90			28.29			28.82			22.95			28.29			254.72			689.55
Index		17.18			28.51			29.21			23.41			28.51			260.11			719.46

Index performance through December 23, 2018 reflects the performance of the S&P North American Technology Software Index^TM. Index performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Software Index^TM.

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 10 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	$	1,169.30	$	2.23		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Software	90.8	%
Entertainment	5.0
Interactive Media & Services	3.0
IT Services	1.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
salesforce.com Inc.	9.3	%
Microsoft Corp.	8.5
Adobe Inc.	7.8
Intuit Inc.	5.8
Oracle Corp.	5.6
ServiceNow Inc.	4.8
Snap Inc., Class A	3.0
Autodesk Inc.	2.5
Activision Blizzard Inc.	2.4
Zoom Video Communications Inc., Class A	2.2

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Fund Summary as of September 30, 2021 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.07	%		53.17	%		0.15	%		1.32	%		53.17	%		0.76	%		13.98	%
Fund Market		8.11			53.14			0.16			1.32			53.14			0.80			14.02
Index		8.36			53.93			0.68			1.83			53.93			3.47			19.83

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 10 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	$	1,080.70	$	2.14		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Oil, Gas & Consumable Fuels	66.6	%
Metals & Mining	14.6
Containers & Packaging	9.4
Energy Equipment & Services	5.5
Construction Materials	3.0
Paper & Forest Products	0.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Exxon Mobil Corp.	10.2	%
Chevron Corp.	10.0
ConocoPhillips	4.7
Enbridge Inc.	4.4
Freeport-McMoRan Inc.	2.7
TC Energy Corp.	2.6
EOG Resources Inc.	2.6
Newmont Corp.	2.4
Canadian Natural Resources Ltd.	2.4
Schlumberger NV	2.3

F U N D   S U M M A R Y 7

Fund Summary as of September 30, 2021 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.90	%		48.49	%		11.61	%		11.49	%		48.49	%		73.21	%		196.62	%
Fund Market		2.86			48.70			11.65			11.50			48.70			73.47			197.03
Index		3.11			49.03			11.97			11.84			49.03			76.00			206.22

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 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	$	1,029.00	$	2.09		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Communications Equipment	97.4	%
Alternative Carriers	2.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
F5 Networks Inc.	8.6	%
Juniper Networks Inc.	8.6
Arista Networks Inc.	8.4
Motorola Solutions Inc.	8.4
Cisco Systems Inc.	8.2
Viasat Inc.	5.2
Calix Inc.	5.0
NetScout Systems Inc.	4.6
Viavi Solutions Inc.	4.5
Ubiquiti Inc.	4.4

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Fund Summary as of September 30, 2021 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.51	%		47.50	%		33.07	%		27.09	%		47.50	%		317.25	%		999.20	%
Fund Market		5.54			47.48			33.08			27.08			47.48			317.36			998.83
Index(a)		5.75			48.22			33.74			27.71			48.22			327.79			1,054.12
PHLX Semiconductor Sector Index		4.89			47.01			33.52			27.61			47.01			324.30			1,044.70
ICE Semiconductor Index(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

^(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 September 30, 2021 was 2.03%.

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 10 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	$	1,055.10	$	2.11		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Semiconductors	80.3	%
Semiconductor Equipment	19.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Intel Corp.	8.3	%
Broadcom Inc.	8.2
NVIDIA Corp.	7.8
Texas Instruments Inc.	6.0
QUALCOMM Inc.	5.3
Analog Devices Inc.	4.3
Marvell Technology Inc.	4.1
KLA Corp.	4.1
Micron Technology Inc.	4.0
Microchip Technology Inc.	4.0

F U N D   S U M M A R Y 9

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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Schedule of Investments (unaudited) September 30, 2021 iShares^® Biotechnology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 76.8%
AC Immune SA(a)(b)		264,593	$	1,775,419
ACADIA Pharmaceuticals Inc.(a)(b)		1,312,263		21,796,688
Acceleron Pharma Inc.(a)(b)		437,164		75,235,924
Achillion Pharmaceuticals Inc.(b)(c)		4,112		1,892
Adaptimmune Therapeutics PLC, ADR(a)(b)		788,556		4,076,835
ADC Therapeutics SA(a)(b)		313,641		8,518,490
Adverum Biotechnologies Inc.(a)(b)		735,656		1,596,374
Aeglea BioTherapeutics Inc.(a)		331,968		2,639,146
Affimed NV(a)		912,856		5,641,450
Agios Pharmaceuticals Inc.(a)(b)		477,112		22,018,719
Akebia Therapeutics Inc.(a)(b)		1,364,348		3,929,322
Akero Therapeutics Inc.(a)(b)		178,922		3,998,907
Alector Inc.(a)(b)		462,518		10,554,661
Alkermes PLC(a)		1,309,235		40,376,807
Allakos Inc.(a)(b)		279,682		29,609,933
Allogene Therapeutics Inc.(a)(b)		585,791		15,054,829
Alnylam Pharmaceuticals Inc.(a)(b)		965,504		182,296,810
Altimmune Inc.(a)(b)		278,701		3,152,108
ALX Oncology Holdings Inc.(a)(b)		161,229		11,908,374
Amgen Inc.		3,985,778		847,575,692
Amicus Therapeutics Inc.(a)(b)		2,143,255		20,468,085
AnaptysBio Inc.(a)(b)		208,853		5,664,093
Annexon Inc.(a)		218,828		4,072,389
Apellis Pharmaceuticals Inc.(a)		556,048		18,327,342
Applied Molecular Transport Inc.(a)(b)		203,387		5,261,622
Applied Therapeutics Inc.(a)		125,355		2,080,893
Aprea Therapeutics Inc.(a)(b)		114,610		585,657
Arbutus Biopharma Corp.(a)		661,015		2,835,754
Arcturus Therapeutics Holdings Inc.(a)(b)		176,983		8,456,248
Arcus Biosciences Inc.(a)(b)		349,797		12,197,421
Arcutis Biotherapeutics Inc.(a)(b)		224,793		5,370,305
Ardelyx Inc.(a)(b)		603,896		797,143
Arena Pharmaceuticals Inc.(a)(b)		499,153		29,724,561
Argenx SE, ADR(a)(b)		292,974		88,478,148
Arrowhead Pharmaceuticals Inc.(a)		794,116		49,576,662
Ascendis Pharma A/S, ADR(a)(b)		295,624		47,119,509
Assembly Biosciences Inc.(a)		348,769		1,213,716
Atara Biotherapeutics Inc.(a)(b)		669,898		11,991,174
Athenex Inc.(a)(b)		703,486		2,117,493
Atreca Inc., Class A(a)(b)		235,376		1,466,392
Avidity Biosciences Inc.(a)(b)		327,614		8,069,133
Avrobio Inc.(a)		305,482		1,704,590
Beam Therapeutics Inc.(a)(b)		398,017		34,631,459
BeiGene Ltd., ADR(a)(b)		423,728		153,813,264
BioCryst Pharmaceuticals Inc.(a)(b)		1,452,872		20,877,771
Biogen Inc.(a)		1,219,172		345,013,484
Biohaven Pharmaceutical Holding Co. Ltd.(a)		470,782		65,396,328
BioMarin Pharmaceutical Inc.(a)(b)		1,492,592		115,362,436
BioNTech SE, ADR(a)(b)		1,380,158		376,769,332
Black Diamond Therapeutics Inc.(a)(b)		204,474		1,729,850
Bluebird Bio Inc.(a)(b)		540,744		10,333,618
Blueprint Medicines Corp.(a)(b)		474,044		48,736,464
Bridgebio Pharma Inc.(a)(b)		866,283		40,602,684
Cabaletta Bio Inc.(a)		123,103		1,496,932
Calithera Biosciences Inc.(a)(b)		578,176		1,260,424
CareDx Inc.(a)(b)		423,403		26,831,048
Cellectis SA, ADR(a)(b)		259,016		3,266,192
CEL-SCI Corp.(a)(b)		339,308		3,728,995

Security	Shares		Value
Biotechnology (continued)
ChemoCentryx Inc.(a)(b)		437,565	$	7,482,361
Chinook Therapeutics Inc.(a)(b)		220,930		2,819,067
Clovis Oncology Inc.(a)(b)		934,482		4,167,790
Cogent Biosciences Inc.(a)(b)		274,430		2,307,956
Coherus Biosciences Inc.(a)(b)		583,530		9,377,327
Concert Pharmaceuticals Inc.(a)		256,812		839,775
Cortexyme Inc.(a)(b)		121,814		11,165,471
Crinetics Pharmaceuticals Inc.(a)		229,852		4,838,385
CRISPR Therapeutics AG(a)(b)		547,245		61,253,133
Cytokinetics Inc.(a)(b)		646,981		23,123,101
CytomX Therapeutics Inc.(a)		515,513		2,623,961
Deciphera Pharmaceuticals Inc.(a)		295,165		10,029,707
Denali Therapeutics Inc.(a)(b)		674,632		34,035,184
Dicerna Pharmaceuticals Inc.(a)(b)		559,151		11,272,484
Eagle Pharmaceuticals Inc./DE(a)(b)		93,037		5,189,604
Editas Medicine Inc.(a)(b)		559,183		22,971,238
Eiger BioPharmaceuticals Inc.(a)		251,907		1,682,739
Emergent BioSolutions Inc.(a)(b)		397,043		19,879,943
Enanta Pharmaceuticals Inc.(a)(b)		146,695		8,333,743
Epizyme Inc.(a)(b)		746,644		3,822,817
Exelixis Inc.(a)		2,520,816		53,290,050
Fate Therapeutics Inc.(a)(b)		732,142		43,394,056
FibroGen Inc.(a)(b)		694,107		7,093,774
Flexion Therapeutics Inc.(a)(b)		342,713		2,090,549
Forma Therapeutics Holdings Inc.(a)(b)		311,807		7,230,804
Frequency Therapeutics Inc.(a)(b)		256,834		1,813,248
G1 Therapeutics Inc.(a)(b)		277,217		3,720,252
Galapagos NV, ADR(a)(b)		375,548		19,757,580
Gamida Cell Ltd.(a)(b)		334,765		1,312,279
Generation Bio Co.(a)(b)		368,195		9,230,649
Genmab A/S, ADR(a)(b)		3,778,210		165,107,777
Geron Corp.(a)(b)		2,540,493		3,480,475
Gilead Sciences Inc.		10,280,345		718,082,098
Global Blood Therapeutics Inc.(a)(b)		498,615		12,704,710
Gossamer Bio Inc.(a)(b)		449,599		5,651,459
Grifols SA, ADR		1,503,464		21,965,609
Halozyme Therapeutics Inc.(a)(b)		1,147,482		46,679,568
Harpoon Therapeutics Inc.(a)		164,927		1,302,923
Homology Medicines Inc.(a)(b)		327,914		2,580,683
Ideaya Biosciences Inc.(a)		255,589		6,514,964
IGM Biosciences Inc.(a)(b)		118,166		7,770,596
I-Mab, ADR(a)		442,147		32,051,236
Immunic Inc.(a)		145,726		1,289,675
ImmunityBio Inc.(a)(b)		558,895		5,443,637
ImmunoGen Inc.(a)(b)		1,544,550		8,757,598
Immunovant Inc.(a)(b)		332,079		2,885,767
Incyte Corp.(a)		1,796,080		123,534,382
Inovio Pharmaceuticals Inc.(a)(b)		1,697,987		12,157,587
Inozyme Pharma Inc.(a)(b)		84,511		979,482
Insmed Inc.(a)(b)		913,885		25,168,393
Intellia Therapeutics Inc.(a)(b)		543,167		72,865,853
Intercept Pharmaceuticals Inc.(a)(b)		223,628		3,320,876
Invitae Corp.(a)(b)		1,755,524		49,909,547
Ionis Pharmaceuticals Inc.(a)(b)		1,145,321		38,414,066
Iovance Biotherapeutics Inc.(a)(b)		1,109,745		27,366,312
Ironwood Pharmaceuticals Inc.(a)(b)		1,303,937		17,029,417
iTeos Therapeutics Inc.(a)(b)		245,499		6,628,473
IVERIC bio Inc.(a)		810,257		13,158,574
Jounce Therapeutics Inc.(a)		251,267		1,866,914
Kadmon Holdings Inc.(a)(b)		1,364,537		11,885,117

S C H E D U L E   O F   I N V E S  T M E N T S 11

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Biotechnology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
KalVista Pharmaceuticals Inc.(a)		183,268	$	3,198,027
Karuna Therapeutics Inc.(a)(b)		173,746		21,254,348
Karyopharm Therapeutics Inc.(a)(b)		528,055		3,073,280
Keros Therapeutics Inc.(a)(b)		107,791		4,264,212
Kezar Life Sciences Inc.(a)		323,578		2,795,714
Kiniksa Pharmaceuticals Ltd., Class A(a)(b)		250,209		2,849,881
Kodiak Sciences Inc.(a)(b)		376,399		36,126,776
Krystal Biotech Inc.(a)(b)		131,886		6,885,768
Kura Oncology Inc.(a)(b)		500,929		9,382,400
Larimar Therapeutics Inc.(a)(b)		133,168		1,535,427
Legend Biotech Corp., ADR(a)(b)		813,071		41,108,870
Ligand Pharmaceuticals Inc.(a)(b)		130,188		18,137,792
MacroGenics Inc.(a)(b)		485,437		10,165,051
Madrigal Pharmaceuticals Inc.(a)		91,297		7,284,588
Magenta Therapeutics Inc.(a)		332,665		2,421,801
MannKind Corp.(a)(b)		1,926,934		8,382,163
MediciNova Inc.(a)(b)		387,063		1,466,969
MeiraGTx Holdings PLC(a)		260,179		3,429,159
Mersana Therapeutics Inc.(a)(b)		518,530		4,889,738
Mesoblast Ltd., SP ADR(a)(b)		746,277		4,485,125
Mirati Therapeutics Inc.(a)(b)		390,248		69,038,774
Moderna Inc.(a)(b)		2,386,346		918,409,122
MorphoSys AG, ADR(a)(b)		787,820		9,264,763
Myovant Sciences Ltd.(a)(b)		330,853		7,424,341
Myriad Genetics Inc.(a)(b)		622,070		20,086,640
Natera Inc.(a)		692,247		77,144,006
Neoleukin Therapeutics Inc.(a)		266,282		1,925,219
Neurocrine Biosciences Inc.(a)		754,179		72,333,308
NextCure Inc.(a)(b)		127,226		857,503
Nkarta Inc.(a)(b)		142,851		3,972,686
Novavax Inc.(a)(b)		604,486		125,315,993
NuCana PLC, ADR(a)(b)		237,259		612,128
Nurix Therapeutics Inc.(a)		276,804		8,293,048
OPKO Health Inc.(a)(b)		3,359,686		12,262,854
Orchard Therapeutics PLC, ADR(a)(b)		625,523		1,438,703
ORIC Pharmaceuticals Inc.(a)(b)		244,700		5,116,677
Ovid therapeutics Inc.(a)(b)		384,030		1,290,341
Passage Bio Inc.(a)		202,782		2,019,709
Poseida Therapeutics Inc.(a)(b)		279,180		2,035,222
Precigen Inc.(a)(b)		811,701		4,050,388
Precision BioSciences Inc.(a)(b)		398,237		4,595,655
Protagonist Therapeutics Inc.(a)		344,434		6,103,370
Prothena Corp. PLC(a)		369,601		26,326,679
PTC Therapeutics Inc.(a)(b)		560,388		20,852,037
Puma Biotechnology Inc.(a)		277,462		1,945,009
Radius Health Inc.(a)(b)		385,763		4,787,319
RAPT Therapeutics Inc.(a)		179,595		5,576,425
Regeneron Pharmaceuticals Inc.(a)(b)		838,769		507,606,223
REGENXBIO Inc.(a)(b)		297,610		12,475,811
Relay Therapeutics Inc.(a)(b)		459,523		14,488,760
Repare Therapeutics Inc.(a)		164,167		4,307,742
Replimune Group Inc.(a)(b)		240,683		7,133,844
REVOLUTION Medicines Inc.(a)(b)		469,549		12,917,293
Rhythm Pharmaceuticals Inc.(a)(b)		351,675		4,592,875
Rigel Pharmaceuticals Inc.(a)(b)		1,400,379		5,083,376
Rocket Pharmaceuticals Inc.(a)(b)		500,067		14,947,003
Rubius Therapeutics Inc.(a)(b)		369,745		6,611,041
Sage Therapeutics Inc.(a)(b)		423,048		18,745,257
Sangamo Therapeutics Inc.(a)(b)		985,961		8,883,509
Sarepta Therapeutics Inc.(a)(b)		621,206		57,449,131

Security	Shares		Value
Biotechnology (continued)
Scholar Rock Holding Corp.(a)(b)		225,543	$	7,447,430
Seagen Inc.(a)(b)		1,477,511		250,881,368
Selecta Biosciences Inc.(a)(b)		669,652		2,785,752
Seres Therapeutics Inc.(a)(b)		555,552		3,866,642
Spectrum Pharmaceuticals Inc.(a)(b)		1,308,495		2,852,519
Spero Therapeutics Inc.(a)(b)		202,371		3,725,650
SpringWorks Therapeutics Inc.(a)		258,534		16,401,397
Stoke Therapeutics Inc.(a)		162,465		4,133,110
Surface Oncology Inc.(a)(b)		314,449		2,380,379
Sutro Biopharma Inc.(a)(b)		296,886		5,608,177
Syndax Pharmaceuticals Inc.(a)(b)		353,722		6,759,627
Syros Pharmaceuticals Inc.(a)(b)		321,717		1,438,075
TCR2 Therapeutics Inc.(a)		261,036		2,221,416
Tiziana Life Sciences PLC., ADR (a)(b)		550,731		804,067
Travere Therapeutics Inc.(a)(b)		492,070		11,932,697
Turning Point Therapeutics Inc.(a)		353,340		23,472,376
Twist Bioscience Corp.(a)(b)		363,146		38,845,728
Ultragenyx Pharmaceutical Inc.(a)(b)		516,987		46,627,058
uniQure NV(a)(b)		287,266		9,195,385
United Therapeutics Corp.(a)(b)		360,234		66,491,992
UNITY Biotechnology Inc.(a)(b)		299,330		897,990
UroGen Pharma Ltd.(a)(b)		152,559		2,566,042
Vanda Pharmaceuticals Inc.(a)		439,686		7,536,218
Veracyte Inc.(a)(b)		574,866		26,702,526
Verastem Inc.(a)(b)		1,461,455		4,501,281
Vertex Pharmaceuticals Inc.(a)(b)		2,115,245		383,684,291
Vir Biotechnology Inc.(a)(b)		558,128		24,289,731
Voyager Therapeutics Inc.(a)(b)		199,616		524,990
XBiotech Inc.		150,550		1,949,622
Xencor Inc.(a)		475,248		15,521,600
Xenon Pharmaceuticals Inc.(a)(b)		309,942		4,735,914
Y-mAbs Therapeutics Inc.(a)(b)		282,397		8,059,610
Zai Lab Ltd., ADR(a)		542,922		57,218,550
Zentalis Pharmaceuticals Inc.(a)		328,208		21,871,781
ZIOPHARM Oncology Inc.(a)(b)		1,593,170		2,899,569
Zymeworks Inc.(a)(b)		375,313		10,899,090
				8,075,076,309
Chemicals — 0.2%
Amyris Inc.(a)(b)		1,421,590		19,518,431
Health Care Equipment & Supplies — 0.9%
Cerus Corp.(a)(b)		1,368,389		8,333,489
Meridian Bioscience Inc.(a)(b)		351,368		6,760,320
Novocure Ltd.(a)(b)		730,543		84,867,180
				99,960,989
Health Care Providers & Services — 1.2%
Castle Biosciences Inc.(a)(b)		181,053		12,040,025
Fulgent Genetics Inc.(a)(b)		156,731		14,097,953
Guardant Health Inc.(a)(b)		779,193		97,406,917
				123,544,895
Life Sciences Tools & Services — 19.0%
10X Genomics Inc., Class A(a)(b)		665,156		96,833,410
Adaptive Biotechnologies Corp.(a)(b)		1,138,444		38,695,712
Berkeley Lights Inc.(a)(b)		401,908		7,861,320
Bio-Techne Corp.		316,587		153,408,563
Bruker Corp.		832,382		65,009,034
Charles River Laboratories International Inc.(a)(b)		407,106		168,000,433
Codexis Inc.(a)(b)		513,087		11,934,404
Compugen Ltd.(a)(b)		693,878		4,142,452

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Biotechnology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Fluidigm Corp.(a)(b)		576,750	$	3,800,782
Illumina Inc.(a)		983,147		398,774,255
IQVIA Holdings Inc.(a)		1,556,237		372,781,011
Medpace Holdings Inc.(a)(b)		237,842		45,018,734
Mettler-Toledo International Inc.(a)(b)		186,854		257,365,225
NanoString Technologies Inc.(a)(b)		364,364		17,493,116
Pacific Biosciences of California Inc.(a)(b)		1,560,373		39,867,530
Personalis Inc.(a)		289,015		5,560,649
Quanterix Corp.(a)		264,481		13,168,509
Repligen Corp.(a)		418,558		120,959,076
Waters Corp.(a)(b)		500,690		178,896,537
				1,999,570,752
Pharmaceuticals — 1.8%
Arvinas Inc.(a)		323,784		26,608,569
Axsome Therapeutics Inc.(a)(b)		243,017		8,009,840
Cara Therapeutics Inc.(a)(b)		329,713		5,094,066
Cymabay Therapeutics Inc.(a)(b)		521,026		1,901,745
Esperion Therapeutics Inc.(a)(b)		225,658		2,719,179
Fulcrum Therapeutics Inc.(a)		235,331		6,638,688
Intra-Cellular Therapies Inc.(a)(b)		595,697		22,207,584
Kala Pharmaceuticals Inc.(a)(b)		426,542		1,117,540
Kaleido Biosciences Inc.(a)(b)		162,458		887,021
Marinus Pharmaceuticals Inc.(a)(b)		264,570		3,010,807
Nektar Therapeutics(a)(b)		1,490,696		26,772,900
NGM Biopharmaceuticals Inc.(a)		207,563		4,362,974
Odonate Therapeutics Inc.(a)(b)		308,232		896,955
Omeros Corp.(a)(b)		491,739		6,781,081
Pliant Therapeutics Inc.(a)(b)		203,932		3,442,372
Provention Bio Inc.(a)(b)		414,226		2,651,046
Reata Pharmaceuticals Inc., Class A(a)(b)		243,844		24,533,145
Redhill Biopharma Ltd., ADR(a)(b)		263,468		1,206,684
Relmada Therapeutics Inc.(a)		128,344		3,363,896
Restorbio Inc.		50,900		55,896
Revance Therapeutics Inc.(a)(b)		562,849		15,680,973
SIGA Technologies Inc.(a)(b)		354,982		2,623,317
Supernus Pharmaceuticals Inc.(a)(b)		420,229		11,207,508
Theravance Biopharma Inc.(a)(b)		446,121		3,301,295
Tricida Inc.(a)(b)		244,095		1,132,601
Veritex Holdings Inc., ADR(a)(b)		245,594		1,345,855
WaVe Life Sciences Ltd.(a)		395,378		1,937,352
				189,490,889
Total Common Stocks — 99.9% (Cost: $11,460,073,418)				10,507,162,265

Security	Shares			Value
Short-Term Investments
Money Market Funds — 8.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		865,866,449		$	866,299,382
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		17,710,000			17,710,000
					884,009,382
Total Short-Term Investments — 8.4% (Cost: $883,503,205)					884,009,382
Total Investments Before Investments Sold Short — 108.3% (Cost: $12,343,576,623)					11,391,171,647
Investments In Securities Sold Short
Common Stocks — (0.0%)
PDL BioPharma Inc.(a)(c)		(4,374	)		(9,183	)
Total Investments Sold Short (Proceeds $(10,702))					(9,183	)
Total Investments, Net of Investments Sold Short — 108.3% (Cost: $12,343,565,921)					11,391,162,464
Other Assets, Less Liabilities — (8.3)%					(876,493,709	)
Net Assets — 100.0%				$	10,514,668,755

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Biotechnology 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	$	1,133,003,134	$	—	$	(266,606,257	)(a)	$	76,897	$	(174,392	)	$	866,299,382		865,866,449	$	1,351,160	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		24,820,000		—		(7,110,000	)(a)		—		—			17,710,000		17,710,000		594			—
								$	76,897	$	(174,392	)	$	884,009,382			$	1,351,754		$	—

^(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		34		12/17/21	$	4,364	$	(167,686	)
Russell 2000 E-Mini Index		18		12/17/21		1,981		(36,140	)
							$	(203,826	)

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)	$	203,826

^(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	$	35,215
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(153,756	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,721,103

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Biotechnology 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	$	10,507,104,477		$	55,896	$	1,892		$	10,507,162,265
Money Market Funds		884,009,382			—		—			884,009,382
Liabilities
Common Stocks		—			—		(9,183	)		(9,183	)
	$	11,391,113,859		$	55,896	$	(7,291	)	$	11,391,162,464
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(203,826	)	$	—	$	—		$	(203,826	)

^(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 15

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Expanded Tech Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 2.5%
Arista Networks Inc.(a)		14,502	$	4,983,467
Calix Inc.(a)		13,905		687,324
Cambium Networks Corp.(a)		2,883		104,336
Ciena Corp.(a)		39,795		2,043,473
Cisco Systems Inc.		1,090,081		59,333,109
CommScope Holding Co. Inc.(a)		53,934		732,963
Extreme Networks Inc.(a)		32,782		322,903
F5 Networks Inc.(a)		15,502		3,081,488
Harmonic Inc.(a)		27,605		241,544
Infinera Corp.(a)(b)		51,807		431,034
Inseego Corp.(a)(b)		15,995		106,527
Juniper Networks Inc.		83,512		2,298,250
Lumentum Holdings Inc.(a)		19,844		1,657,768
Motorola Solutions Inc.		43,845		10,186,070
NETGEAR Inc.(a)		8,132		259,492
NetScout Systems Inc.(a)		18,811		506,957
Plantronics Inc.(a)		9,708		249,593
Ribbon Communications Inc.(a)		32,507		194,392
Ubiquiti Inc.		1,626		485,637
Viasat Inc.(a)(b)		18,986		1,045,559
Viavi Solutions Inc.(a)		60,033		944,919
				89,896,805
Diversified Telecommunication Services — 0.0%
EchoStar Corp., Class A(a)(b)		11,220		286,222
Electronic Equipment, Instruments & Components — 2.5%
Advanced Energy Industries Inc.		10,031		880,220
Amphenol Corp., Class A		154,894		11,342,888
Arrow Electronics Inc.(a)		18,596		2,088,145
Avnet Inc.		25,910		957,893
Badger Meter Inc.		7,635		772,204
Belden Inc.		11,519		671,097
Benchmark Electronics Inc.		9,637		257,404
CDW Corp./DE		35,603		6,480,458
Celestica Inc.(a)(b)		28,626		254,199
Cognex Corp.		45,495		3,649,609
Coherent Inc.(a)		6,350		1,588,071
Corning Inc.		199,028		7,262,532
Fabrinet(a)		9,584		982,456
II-VI Inc.(a)(b)		27,190		1,613,998
Insight Enterprises Inc.(a)(b)		9,204		829,096
IPG Photonics Corp.(a)		9,151		1,449,518
Itron Inc.(a)		11,819		893,871
Jabil Inc.		37,761		2,204,110
Keysight Technologies Inc.(a)		47,703		7,837,126
Knowles Corp.(a)		24,404		457,331
Littelfuse Inc.		6,385		1,744,829
Methode Electronics Inc.		9,649		405,740
MicroVision Inc.(a)(b)		41,079		453,923
National Instruments Corp.		34,407		1,349,787
Novanta Inc.(a)(b)		9,221		1,424,644
OSI Systems Inc.(a)		4,327		410,200
PAR Technology Corp.(a)(b)		6,215		382,285
Plexus Corp.(a)		7,137		638,119
Rogers Corp.(a)		4,898		913,379
Sanmina Corp.(a)(b)		17,065		657,685
SYNNEX Corp.		10,808		1,125,113
TE Connectivity Ltd.		84,931		11,654,232

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Trimble Inc.(a)		64,935	$	5,340,904
TTM Technologies Inc.(a)(b)		25,826		324,633
Velodyne Lidar Inc.(a)(b)		25,319		149,888
Vishay Intertechnology Inc.		34,295		688,986
Vontier Corp.		43,970		1,477,392
Zebra Technologies Corp., Class A(a)		13,828		7,127,228
				88,741,193
Entertainment — 2.9%
Activision Blizzard Inc.		201,379		15,584,721
Electronic Arts Inc.		73,689		10,482,260
Netflix Inc.(a)		114,486		69,875,385
Skillz Inc.(a)(b)		65,464		642,857
Take-Two Interactive Software Inc.(a)		30,075		4,633,655
Zynga Inc., Class A(a)		263,324		1,982,830
				103,201,708
Interactive Media & Services — 15.9%
Alphabet Inc., Class A(a)		58,431		156,216,447
Alphabet Inc., Class C, NVS(a)		54,678		145,733,820
Bumble Inc., Class A(a)(b)		18,334		916,333
Cargurus Inc.(a)		22,387		703,176
Eventbrite Inc., Class A(a)		19,475		368,272
Facebook Inc., Class A(a)		616,617		209,273,644
fuboTV Inc.(a)(b)		36,683		878,925
IAC/InterActiveCorp.(a)		21,688		2,825,729
Match Group Inc.(a)		71,677		11,252,572
MediaAlpha Inc., Class A(a)		5,722		106,887
Pinterest Inc., Class A(a)		143,757		7,324,419
Snap Inc., Class A, NVS(a)		270,738		19,999,416
TripAdvisor Inc.(a)		25,214		853,494
Twitter Inc.(a)		206,625		12,478,084
Vimeo Inc.(a)(b)		40,269		1,182,701
Yelp Inc.(a)		18,240		679,258
Zillow Group Inc., Class A(a)		9,524		843,636
Zillow Group Inc., Class C, NVS(a)(b)		43,825		3,862,735
ZoomInfo Technologies Inc., Class A(a)		46,773		2,862,040
				578,361,588
Internet & Direct Marketing Retail — 9.3%
Amazon.com Inc.(a)		93,628		307,571,725
Chewy Inc., Class A(a)(b)		22,400		1,525,664
eBay Inc.		168,312		11,726,297
Etsy Inc.(a)		32,776		6,816,097
Groupon Inc.(a)(b)		5,971		136,199
Overstock.com Inc.(a)(b)		11,144		868,341
Porch Group Inc.(a)		19,511		344,954
Qurate Retail Inc., Series A		94,885		966,878
RealReal Inc. (The)(a)		20,865		275,001
Revolve Group Inc.(a)		9,303		574,646
Shutterstock Inc.		5,935		672,554
Stamps.com Inc.(a)		4,805		1,584,641
Stitch Fix Inc., Class A(a)		18,595		742,870
Wayfair Inc., Class A(a)(b)		20,025		5,116,588
				338,922,455
IT Services — 17.1%
Accenture PLC, Class A		164,031		52,476,798
Affirm Holdings Inc.(a)		24,075		2,868,055
Akamai Technologies Inc.(a)(b)		42,163		4,409,828
Alliance Data Systems Corp.		12,928		1,304,306
Automatic Data Processing Inc.		109,362		21,863,651
Broadridge Financial Solutions Inc.		29,971		4,994,367

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Expanded Tech Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
CGI Inc.(a)(b)		56,708	$	4,806,570
Cloudflare Inc., Class A(a)		68,214		7,684,307
Cognizant Technology Solutions Corp., Class A		136,097		10,099,758
Concentrix Corp.(a)		11,088		1,962,576
Conduent Inc.(a)		38,940		256,615
CSG Systems International Inc		8,633		416,111
DXC Technology Co.(a)		65,227		2,192,279
EPAM Systems Inc.(a)		14,672		8,370,083
Euronet Worldwide Inc.(a)		13,713		1,745,391
EVERTEC Inc.		15,229		696,270
ExlService Holdings Inc.(a)		8,530		1,050,214
Fastly Inc., Class A(a)(b)		27,475		1,111,089
Fidelity National Information Services Inc.		159,636		19,424,509
Fiserv Inc.(a)(b)		153,977		16,706,505
FleetCor Technologies Inc.(a)		21,390		5,588,565
Gartner Inc.(a)		21,660		6,582,041
Genpact Ltd.		44,489		2,113,672
Global Payments Inc.		76,063		11,986,008
GoDaddy Inc., Class A(a)		43,494		3,031,532
International Business Machines Corp.		231,812		32,205,641
Jack Henry & Associates Inc.		19,316		3,168,983
LiveRamp Holdings Inc.(a)		17,389		821,282
Mastercard Inc., Class A		225,341		78,346,559
Maximus Inc.		16,097		1,339,270
MongoDB Inc.(a)(b)		16,738		7,892,134
Okta Inc.(a)		32,373		7,683,408
Paychex Inc.		82,925		9,324,916
PayPal Holdings Inc.(a)		303,944		79,089,268
Perficient Inc.(a)(b)		8,602		995,251
Repay Holdings Corp.(a)(b)		19,463		448,233
Sabre Corp.(a)		83,724		991,292
Shift4 Payments Inc., Class A(a)(b)		12,230		948,070
Shopify Inc., Class A(a)(b)		29,198		39,586,064
Snowflake Inc., Class A(a)(b)		58,923		17,820,083
SolarWinds Corp.		9,348		156,392
Square Inc., Class A(a)		102,757		24,645,239
Switch Inc., Class A		32,708		830,456
TTEC Holdings Inc.		4,777		446,793
Twilio Inc., Class A(a)		43,225		13,790,936
Unisys Corp.(a)		17,432		438,240
VeriSign Inc.(a)		25,203		5,166,867
Verra Mobility Corp.(a)(b)		35,315		532,197
Visa Inc., Class A		436,540		97,239,285
Western Union Co. (The)		104,389		2,110,746
WEX Inc.(a)		11,636		2,049,565
				621,808,270
Semiconductors & Semiconductor Equipment — 16.0%
Advanced Micro Devices Inc.(a)		313,724		32,282,200
Allegro MicroSystems Inc.(a)		14,241		455,142
Ambarella Inc.(a)		9,432		1,468,940
Amkor Technology Inc.		25,298		631,185
Analog Devices Inc.		139,066		23,290,774
Applied Materials Inc.		236,392		30,430,742
Broadcom Inc.		106,122		51,461,742
Brooks Automation Inc.		19,354		1,980,882
Cirrus Logic Inc.(a)		14,756		1,215,157
CMC Materials Inc.		7,624		939,506
Cohu Inc.(a)		12,593		402,220
Diodes Inc.(a)		11,643		1,054,739
Enphase Energy Inc.(a)		34,859		5,227,804

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Entegris Inc.		34,960	$	4,401,464
First Solar Inc.(a)		25,603		2,444,062
FormFactor Inc.(a)		20,286		757,276
Ichor Holdings Ltd.(a)		7,302		300,039
Intel Corp.		1,049,417		55,912,938
KLA Corp.		39,550		13,229,871
Kulicke & Soffa Industries Inc.		16,051		935,452
Lam Research Corp.		36,836		20,965,209
Lattice Semiconductor Corp.(a)		35,105		2,269,538
MACOM Technology Solutions Holdings Inc.(a)		12,215		792,387
Marvell Technology Inc.		212,200		12,797,782
MaxLinear Inc.(a)		17,792		876,256
Microchip Technology Inc.		70,899		10,882,288
Micron Technology Inc.		290,994		20,654,754
MKS Instruments Inc.		14,224		2,146,544
Monolithic Power Systems Inc.		11,146		5,402,243
NVIDIA Corp.		644,601		133,535,543
NXP Semiconductors NV		68,653		13,447,063
ON Semiconductor Corp.(a)		111,046		5,082,575
Onto Innovation Inc.(a)		12,802		924,945
Power Integrations Inc.		15,691		1,553,252
Qorvo Inc.(a)		28,779		4,811,561
QUALCOMM Inc.		291,778		37,633,526
Rambus Inc.(a)		28,198		625,996
Semtech Corp.(a)		16,581		1,292,821
Silicon Laboratories Inc.(a)		10,570		1,481,491
SiTime Corp.(a)		3,240		661,511
Skyworks Solutions Inc.		42,717		7,038,907
SolarEdge Technologies Inc.(a)		13,515		3,584,448
SunPower Corp.(a)		20,972		475,645
Synaptics Inc.(a)		9,052		1,626,916
Teradyne Inc.		42,718		4,663,524
Texas Instruments Inc.		238,805		45,900,709
Ultra Clean Holdings Inc.(a)		11,393		485,342
Universal Display Corp.		11,264		1,925,693
Xilinx Inc.		63,930		9,652,791
				582,013,395
Software — 24.4%
8x8 Inc.(a)(b)		28,753		672,533
ACI Worldwide Inc.(a)		30,608		940,584
Adobe Inc.(a)		123,230		70,945,976
Alarm.com Holdings Inc.(a)(b)		12,022		940,000
Altair Engineering Inc., Class A(a)(b)		12,209		841,688
Alteryx Inc., Class A(a)(b)		15,225		1,112,947
Anaplan Inc.(a)		37,603		2,289,647
ANSYS Inc.(a)		22,564		7,681,914
Appfolio Inc., Class A(a)		4,894		589,238
Appian Corp.(a)(b)		10,231		946,470
Asana Inc., Class A(a)		20,215		2,099,126
Aspen Technology Inc.(a)		17,485		2,147,158
Autodesk Inc.(a)		56,971		16,246,420
Avalara Inc.(a)		22,417		3,917,819
Avaya Holdings Corp.(a)		21,806		431,541
Bill.com Holdings Inc.(a)		22,858		6,101,943
Black Knight Inc.(a)		40,510		2,916,720
Blackbaud Inc.(a)		10,885		765,760
BlackBerry Ltd.(a)(b)		131,000		1,274,630
Blackline Inc.(a)(b)		13,763		1,624,860
Bottomline Technologies DE Inc.(a)		10,186		400,106
Box Inc., Class A(a)		38,521		911,792

S C H E D U L E   O F   I N V E S  T M E N T S 17

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Expanded Tech Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
BTRS Holdings Inc.(a)		16,736	$	178,071
Cadence Design Systems Inc.(a)		71,669		10,853,553
CDK Global Inc.		31,185		1,326,922
Cerence Inc.(a)		9,758		937,841
Ceridian HCM Holding Inc.(a)		34,925		3,933,253
Citrix Systems Inc.		32,287		3,466,655
Cloudera Inc.(a)		58,587		935,634
CommVault Systems Inc.(a)		11,718		882,483
Cornerstone OnDemand Inc.(a)		15,039		861,133
Coupa Software Inc.(a)		19,089		4,183,927
Crowdstrike Holdings Inc., Class A(a)		51,592		12,680,282
Datadog Inc., Class A(a)		62,077		8,774,584
Descartes Systems Group Inc. (The)(a)(b)		22,147		1,799,665
Digital Turbine Inc.(a)		22,644		1,556,775
DocuSign Inc.(a)		50,450		12,987,343
Dolby Laboratories Inc., Class A		16,832		1,481,216
Domo Inc., Class B(a)		7,390		624,012
Dropbox Inc., Class A(a)		74,381		2,173,413
Duck Creek Technologies Inc.(a)(b)		19,440		860,026
Dynatrace Inc.(a)		50,793		3,604,779
E2open Parent Holdings Inc.(a)		44,968		508,138
Elastic NV(a)		18,481		2,753,484
Envestnet Inc.(a)		13,215		1,060,372
Everbridge Inc.(a)		9,795		1,479,437
Fair Isaac Corp.(a)		7,351		2,925,183
Five9 Inc.(a)		17,509		2,796,888
Fortinet Inc.(a)		35,101		10,250,896
Guidewire Software Inc.(a)		21,532		2,559,509
HubSpot Inc.(a)		11,563		7,817,629
InterDigital Inc.		7,835		531,370
Intuit Inc.		70,684		38,134,725
J2 Global Inc.(a)(b)		12,482		1,705,291
Jamf Holding Corp.(a)(b)		14,065		541,784
Lightspeed Commerce Inc.(a)(b)		32,382		3,122,596
LivePerson Inc.(a)(b)		16,900		996,255
Mandiant Inc.		61,698		1,098,224
Manhattan Associates Inc.(a)		16,404		2,510,304
Marathon Digital Holdings Inc.(a)		25,760		813,501
McAfee Corp., Class A		18,962		419,250
Medallia Inc.(a)		30,315		1,026,769
Microsoft Corp.		1,097,441		309,390,567
MicroStrategy Inc., Class A(a)(b)		2,027		1,172,417
Mimecast Ltd.(a)		15,831		1,006,852
Momentive Global Inc.(a)		33,232		651,347
N-Able Inc.(a)(b)		17,588		218,267
NCR Corp.(a)		33,728		1,307,297
New Relic Inc.(a)		15,113		1,084,660
NortonLifeLock Inc.		150,480		3,807,144
Nuance Communications Inc.(a)		74,057		4,076,097
Nutanix Inc., Class A(a)		53,136		2,003,227
Open Text Corp.		70,313		3,427,056
Oracle Corp.		426,099		37,126,006
Pagerduty Inc.(a)(b)		19,276		798,412
Palantir Technologies Inc., Class A(a)		405,871		9,757,139
Palo Alto Networks Inc.(a)		25,218		12,079,422
Paycom Software Inc.(a)		12,447		6,170,600
Paylocity Holding Corp.(a)		10,180		2,854,472
Pegasystems Inc.		10,368		1,317,773
Ping Identity Holding Corp.(a)		12,754		313,366
Progress Software Corp.		10,995		540,844

Security	Shares		Value
Software (continued)
PROS Holdings Inc.(a)		10,248	$	363,599
PTC Inc.(a)		27,451		3,288,355
Q2 Holdings Inc.(a)		14,620		1,171,647
QAD Inc., Class A		3,032		264,966
Qualtrics International Inc., Class A(a)		16,339		698,329
Qualys Inc.(a)		8,791		978,350
Rapid7 Inc.(a)(b)		14,339		1,620,594
RingCentral Inc., Class A(a)		20,997		4,566,847
Riot Blockchain Inc.(a)		21,881		562,342
SailPoint Technologies Holdings Inc.(a)(b)		23,834		1,022,002
salesforce.com Inc.(a)		251,304		68,158,671
ServiceNow Inc.(a)		51,239		31,884,492
Smartsheet Inc., Class A(a)		32,396		2,229,493
Splunk Inc.(a)		42,369		6,131,218
Sprout Social Inc., Class A(a)		11,672		1,423,400
SPS Commerce Inc.(a)		9,205		1,484,858
SS&C Technologies Holdings Inc		57,353		3,980,298
Synopsys Inc.(a)		39,507		11,828,791
Telos Corp.(a)		13,652		387,990
Tenable Holdings Inc.(a)		23,457		1,082,306
Teradata Corp.(a)		27,936		1,602,130
Trade Desk Inc. (The), Class A(a)(b)		112,140		7,883,442
Tyler Technologies Inc.(a)		10,593		4,858,479
Varonis Systems Inc.(a)		27,608		1,679,947
Verint Systems Inc.(a)(b)		17,142		767,790
VMware Inc., Class A(a)		20,813		3,094,893
Vonage Holdings Corp.(a)		65,215		1,051,266
Wolfspeed Inc.		29,776		2,403,816
Workday Inc., Class A(a)		48,940		12,229,617
Workiva Inc.(a)(b)		11,103		1,565,079
Xperi Holding Corp.		27,101		510,583
Yext Inc.(a)(b)		29,420		353,923
Zendesk Inc.(a)		30,859		3,591,679
Zoom Video Communications Inc., Class A(a)		55,975		14,637,462
Zscaler Inc.(a)		20,218		5,301,564
Zuora Inc., Class A(a)(b)		27,618		457,906
				887,173,133
Technology Hardware, Storage & Peripherals — 9.3%
3D Systems Corp.(a)		32,100		884,997
Apple Inc.		2,117,313		299,599,790
Corsair Gaming Inc.(a)(b)		8,501		220,431
Dell Technologies Inc., Class C(a)		71,878		7,478,187
Hewlett Packard Enterprise Co		336,824		4,799,742
HP Inc.		311,022		8,509,562
NetApp Inc.		57,994		5,205,541
Pure Storage Inc., Class A(a)		68,945		1,734,656
Seagate Technology Holdings PLC		54,220		4,474,234
Super Micro Computer Inc.(a)		11,151		407,792
Western Digital Corp.(a)		79,033		4,460,623
Xerox Holdings Corp.		35,587		717,790
				338,493,345
Total Common Stocks — 99.9% (Cost: $2,071,246,316)				3,628,898,114
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		64,891,637		64,924,083

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Expanded Tech Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		4,159,000	$	4,159,000
				69,083,083
Total Short-Term Investments — 1.9% (Cost: $69,049,168)				69,083,083
Total Investments in Securities — 101.8% (Cost: $2,140,295,484)				3,697,981,197
Other Assets, Less Liabilities — (1.8)%				(65,554,268	)
Net Assets — 100.0%			$	3,632,426,929

^(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 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	$	43,347,251	$	21,572,254	(a)	$	—	$	7,001	$	(2,423	)	$	64,924,083		64,891,637	$	71,571	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,339,000		1,820,000	(a)		—		—		—			4,159,000		4,159,000		158			—
								$	7,001	$	(2,423	)	$	69,083,083			$	71,729		$	—

^(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 Index		17		12/17/21	$	1,782	$	(56,172	)
E-Mini Technoloy Select Sector Index		10		12/17/21		1,505		(84,823	)
							$	(140,995	)

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	$	140,995

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^® Expanded Tech Sector ETF

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	$	386,240
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(139,166	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,761,558

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	$	3,628,898,114		$	—	$	—	$	3,628,898,114
Money Market Funds		69,083,083			—		—		69,083,083
	$	3,697,981,197		$	—	$	—	$	3,697,981,197
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(140,995	)	$	—	$	—	$	(140,995	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited) September 30, 2021 iShares^® Expanded Tech-Software Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Application Software — 62.4%
8x8 Inc.(a)		243,159	$	5,687,489
ACI Worldwide Inc.(a)		255,103		7,839,315
Adobe Inc.(a)		745,036		428,932,126
Alarm.com Holdings Inc.(a)		99,449		7,775,917
Altair Engineering Inc., Class A(a)(b)		101,069		6,967,697
Alteryx Inc., Class A(a)		128,850		9,418,935
Anaplan Inc.(a)		313,521		19,090,294
ANSYS Inc.(a)		189,007		64,347,433
Appfolio Inc., Class A(a)(b)		40,947		4,930,019
Asana Inc., Class A(a)		169,117		17,561,109
Aspen Technology Inc.(a)		147,263		18,083,896
Autodesk Inc.(a)		476,397		135,854,132
Avalara Inc.(a)		186,979		32,678,320
Avaya Holdings Corp.(a)		182,423		3,610,151
Bill.com Holdings Inc.(a)(b)		191,085		51,010,141
Blackbaud Inc.(a)		91,352		6,426,613
Blackline Inc.(a)		115,141		13,593,546
Bottomline Technologies DE Inc.(a)		85,672		3,365,196
Box Inc., Class A(a)		332,544		7,871,316
BTRS Holdings Inc.(a)(b)		156,625		1,666,490
Cadence Design Systems Inc.(a)		599,208		90,744,060
CDK Global Inc.		263,787		11,224,137
Cerence Inc.(a)(b)		82,328		7,912,544
Ceridian HCM Holding Inc.(a)		292,171		32,904,298
Citrix Systems Inc.		269,115		28,894,878
Cloudera Inc.(a)		483,982		7,729,193
Cornerstone OnDemand Inc.(a)		125,804		7,203,537
Coupa Software Inc.(a)		159,271		34,909,018
Datadog Inc., Class A(a)		518,934		73,351,321
Descartes Systems Group Inc. (The)(a)(b)		183,308		14,895,608
Digital Turbine Inc.(a)(b)		189,430		13,023,313
DocuSign Inc.(a)		421,846		108,595,816
Domo Inc., Class B(a)		61,556		5,197,789
Dropbox Inc., Class A(a)		622,876		18,200,437
Duck Creek Technologies Inc.(a)(b)		162,630		7,194,751
Dynatrace Inc.(a)		424,918		30,156,430
E2open Parent Holdings Inc.(a)		376,192		4,250,970
Elastic NV(a)		154,607		23,034,897
Envestnet Inc.(a)		108,970		8,743,753
Everbridge Inc.(a)		83,146		12,558,372
Fair Isaac Corp.(a)		61,492		24,469,512
Five9 Inc.(a)		146,650		23,425,871
Guidewire Software Inc.(a)(b)		180,130		21,412,053
HubSpot Inc.(a)(b)		96,731		65,398,862
InterDigital Inc.		66,800		4,530,376
Intuit Inc.		591,696		319,225,909
J2 Global Inc.(a)(b)		104,559		14,284,851
Jamf Holding Corp.(a)(b)		117,668		4,532,571
Lightspeed Commerce Inc.(a)(b)		270,901		26,122,983
LivePerson Inc.(a)(b)		140,545		8,285,128
Mandiant Inc.		518,143		9,222,945
Manhattan Associates Inc.(a)(b)		137,339		21,016,987
Medallia Inc.(a)		254,181		8,609,110
MicroStrategy Inc., Class A(a)(b)		16,890		9,769,176
Mimecast Ltd.(a)(b)		132,436		8,422,930
Momentive Global Inc.(a)(b)		278,005		5,448,898
New Relic Inc.(a)		126,425		9,073,522
Nuance Communications Inc.(a)		617,499		33,987,145

Security	Shares		Value
Application Software (continued)
Nutanix Inc., Class A(a)		442,603	$	16,686,133
Open Text Corp.		588,217		28,669,697
Pagerduty Inc.(a)(b)		161,255		6,679,182
Palantir Technologies Inc., Class A(a)		3,393,323		81,575,485
Paycom Software Inc.(a)		104,133		51,623,935
Paylocity Holding Corp.(a)		85,157		23,878,023
Pegasystems Inc.		88,231		11,214,160
PROS Holdings Inc.(a)		86,519		3,069,694
PTC Inc.(a)		228,846		27,413,462
Q2 Holdings Inc.(a)(b)		122,538		9,820,195
QAD Inc., Class A		25,251		2,206,685
Qualtrics International Inc., Class A(a)		136,687		5,842,002
RingCentral Inc., Class A(a)		176,349		38,355,908
Riot Blockchain Inc.(a)		178,739		4,593,592
salesforce.com Inc.(a)		1,890,679		512,789,958
Smartsheet Inc., Class A(a)(b)		271,017		18,651,390
Splunk Inc.(a)(b)		355,079		51,383,482
Sprout Social Inc., Class A(a)		97,785		11,924,881
SPS Commerce Inc.(a)		77,619		12,520,721
SS&C Technologies Holdings Inc.		481,060		33,385,564
Synopsys Inc.(a)		330,329		98,903,806
Trade Desk Inc. (The), Class A(a)(b)		940,394		66,109,698
Tyler Technologies Inc.(a)		88,473		40,578,141
Verint Systems Inc.(a)(b)		140,800		6,306,432
Vonage Holdings Corp.(a)(b)		545,573		8,794,637
Workday Inc., Class A(a)		409,203		102,255,738
Workiva Inc.(a)		93,065		13,118,442
Yext Inc.(a)		246,126		2,960,896
Zendesk Inc.(a)		259,991		30,260,352
Zoom Video Communications Inc., Class A(a)		468,072		122,400,828
				3,448,647,205
Interactive Home Entertainment — 5.0%
Activision Blizzard Inc.		1,683,895		130,316,634
Electronic Arts Inc.		616,015		87,628,134
Take-Two Interactive Software Inc.(a)		252,402		38,887,576
Zynga Inc., Class A(a)		2,223,352		16,741,841
				273,574,185
Interactive Media & Services — 3.0%
Snap Inc., Class A, NVS(a)(b)		2,267,990		167,536,421
Internet Services & Infrastructure — 1.2%
Cloudflare Inc., Class A(a)		570,236		64,237,085
SolarWinds Corp		95,848		1,603,537
				65,840,622
Systems Software — 28.4%
Appian Corp.(a)(b)		85,934		7,949,754
BlackBerry Ltd.(a)(b)		1,104,548		10,747,252
CommVault Systems Inc.(a)		99,368		7,483,404
Crowdstrike Holdings Inc., Class A(a)(b)		431,384		106,025,560
Dolby Laboratories Inc., Class A		141,655		12,465,640
Fortinet Inc.(a)		293,453		85,700,014
McAfee Corp., Class A		158,462		3,503,595
Microsoft Corp.		1,658,456		467,551,916
N-Able Inc.(a)		147,137		1,825,970
NortonLifeLock Inc.		1,259,168		31,856,950
Oracle Corp.		3,566,901		310,784,084
Palo Alto Networks Inc.(a)(b)		210,852		100,998,108
Ping Identity Holding Corp.(a)		106,691		2,621,398
Progress Software Corp.		94,782		4,662,327

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) (continued) September 30, 2021 iShares^® Expanded Tech-Software Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Systems Software (continued)
Qualys Inc.(a)(b)		72,553	$	8,074,423
Rapid7 Inc.(a)		120,837		13,656,998
SailPoint Technologies Holdings Inc.(a)(b)		201,333		8,633,159
ServiceNow Inc.(a)		428,950		266,922,716
Telos Corp.(a)		114,203		3,245,649
Tenable Holdings Inc.(a)		196,652		9,073,523
Teradata Corp.(a)		236,333		13,553,698
Varonis Systems Inc.(a)(b)		231,884		14,110,141
VMware Inc., Class A(a)(b)		174,118		25,891,347
Xperi Holding Corp.		226,950		4,275,738
Zscaler Inc.(a)		169,145		44,353,202
Zuora Inc., Class A(a)		241,315		4,001,003
				1,569,967,569
Total Common Stocks — 100.0% (Cost: $5,634,619,521)				5,525,566,002
Short-Term Investments
Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		225,480,396		225,593,136

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		2,090,000	$	2,090,000
				227,683,136
Total Short -Term Investments — 4.1% (Cost: $ 227,573,794)				227,683,136
Total Investments in Securities — 104.1% (Cost: $ 5,862,193,315)				5,753,249,138
Other Assets, Less Liabilities — (4.1)%				(227,384,684	)
Net Assets — 100.0%			$	5,525,864,454

^(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 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	$	224,544,053	$	1,074,855	(a)	$	—		$	12,009	$	(37,781	)	$	225,593,136		225,480,396	$	355,552	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,920,000		—			(2,830,000	)(a)		—		—			2,090,000		2,090,000		222			—
									$	12,009	$	(37,781	)	$	227,683,136			$	355,774		$	—

^(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 Categorized by Risk Exposure

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	$	871,253
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	13,920

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,325,568

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Expanded Tech-Software Sector ETF

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	$	5,525,566,002	$	—	$	—	$	5,525,566,002
Money Market Funds		227,683,136		—		—		227,683,136
	$	5,753,249,138	$	—	$	—	$	5,753,249,138

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^® North American Natural Resources ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Construction Materials — 3.0%
Eagle Materials Inc.		9,863	$	1,293,631
Martin Marietta Materials Inc.		14,689		5,018,938
Summit Materials Inc., Class A(a)		27,793		888,542
Vulcan Materials Co.		31,244		5,285,235
				12,486,346
Containers & Packaging — 9.4%
Amcor PLC		363,080		4,208,097
AptarGroup Inc.		15,533		1,853,863
Avery Dennison Corp.		19,518		4,044,325
Ball Corp.		76,914		6,919,953
Berry Global Group Inc.(a)		31,862		1,939,759
Crown Holdings Inc.		30,936		3,117,730
Graphic Packaging Holding Co.		66,523		1,266,598
Greif Inc., Class A, NVS		6,242		403,233
International Paper Co.		92,039		5,146,821
O-I Glass Inc.(a)		37,039		528,546
Packaging Corp. of America		22,370		3,074,533
Pactiv Evergreen Inc.		10,100		126,452
Sealed Air Corp.		35,299		1,934,032
Silgan Holdings Inc.		19,761		758,032
Sonoco Products Co.		23,154		1,379,515
Westrock Co.		62,877		3,133,161
				39,834,650
Energy Equipment & Services — 5.5%
Baker Hughes Co.		195,101		4,824,848
ChampionX Corp.(a)(b)		47,523		1,062,614
Halliburton Co.		209,705		4,533,822
Helmerich & Payne Inc.		25,409		696,461
Liberty Oilfield Services Inc., Class A(a)		24,609		298,507
NOV Inc.(a)		92,007		1,206,212
Schlumberger NV		329,319		9,761,015
TechnipFMC PLC(a)		99,768		751,253
				23,134,732
Metals & Mining — 14.5%
Agnico Eagle Mines Ltd.		57,518		2,982,308
Alamos Gold Inc., Class A(b)		92,535		666,252
Alcoa Corp.(a)		44,006		2,153,654
Arconic Corp.(a)		25,757		812,376
B2Gold Corp.		247,666		847,018
Barrick Gold Corp.		418,799		7,559,322
Coeur Mining Inc.(a)(b)		60,408		372,717
Compass Minerals International Inc.		8,016		516,230
Equinox Gold Corp.(a)(b)		64,449		425,363
First Majestic Silver Corp.(b)		51,472		581,634
Franco-Nevada Corp.		45,004		5,846,470
Freeport-McMoRan Inc.		345,716		11,246,142
Hecla Mining Co.		126,454		695,497
Kinross Gold Corp.		297,175		1,592,858
Kirkland Lake Gold Ltd.		62,579		2,602,661
MP Materials Corp.(a)		17,580		566,603
Newmont Corp.		188,187		10,218,554
NovaGold Resources Inc.(a)		56,916		391,582
Pan American Silver Corp.		49,524		1,152,423
Royal Gold Inc.		15,450		1,475,321
SSR Mining Inc.(b)		50,466		734,280
Teck Resources Ltd., Class B		109,955		2,738,979
Turquoise Hill Resources Ltd.(a)(b)		23,423		345,723
Wheaton Precious Metals Corp.(b)		106,035		3,984,795

Security	Shares		Value
Metals & Mining (continued)
Yamana Gold Inc.(b)		227,587	$	901,245
				61,410,007
Oil, Gas & Consumable Fuels — 66.5%
Antero Midstream Corp.		76,457		796,682
Antero Resources Corp.(a)		67,261		1,265,179
APA Corp.		89,021		1,907,720
Cabot Oil & Gas Corp.		94,118		2,048,008
Cameco Corp.		93,667		2,035,384
Canadian Natural Resources Ltd.		279,363		10,207,924
Cenovus Energy Inc.(b)		299,301		3,010,968
Cheniere Energy Inc.(a)		55,542		5,424,787
Chevron Corp.		415,342		42,136,446
Cimarex Energy Co.		24,212		2,111,286
CNX Resources Corp.(a)		51,318		647,633
ConocoPhillips		293,114		19,864,336
Continental Resources Inc./OK		13,849		639,131
CVR Energy Inc.		6,926		115,387
Denbury Inc.(a)(b)		11,801		829,020
Devon Energy Corp.		148,268		5,264,997
Diamondback Energy Inc.		40,078		3,794,184
Enbridge Inc.		461,773		18,378,565
EOG Resources Inc.		137,494		11,036,643
EQT Corp.(a)		71,194		1,456,629
Equitrans Midstream Corp.		95,744		970,844
Exxon Mobil Corp.		734,540		43,205,643
Hess Corp.		64,903		5,069,573
HollyFrontier Corp.		35,204		1,166,309
Kinder Morgan Inc.		459,022		7,679,438
Marathon Oil Corp.		185,662		2,538,000
Marathon Petroleum Corp.		150,291		9,289,487
Matador Resources Co.		25,896		985,084
Murphy Oil Corp.		34,186		853,625
New Fortress Energy Inc.		9,820		272,505
Occidental Petroleum Corp.		208,892		6,179,025
ONEOK Inc.		104,949		6,085,993
Ovintiv Inc.		61,483		2,021,561
PDC Energy Inc.(b)		23,234		1,101,059
Pembina Pipeline Corp.		129,528		4,104,742
Phillips 66		103,143		7,223,104
Pioneer Natural Resources Co.		53,429		8,896,463
Range Resources Corp.(a)		61,175		1,384,390
Renewable Energy Group Inc.(a)(b)		11,830		593,866
Southwestern Energy Co.(a)		159,433		883,259
Suncor Energy Inc.		351,103		7,281,876
Targa Resources Corp.		53,846		2,649,762
TC Energy Corp.		230,594		11,089,266
Texas Pacific Land Corp.		1,460		1,765,666
Valero Energy Corp.		96,275		6,794,127
Williams Companies Inc. (The)		286,112		7,421,745
World Fuel Services Corp.		14,954		502,754
				280,980,075
Paper & Forest Products — 0.9%
Domtar Corp.(a)		11,818		644,554
Louisiana-Pacific Corp.		22,425		1,376,222
West Fraser Timber Co. Ltd.		23,245		1,957,926
				3,978,702
Total Common Stocks — 99.8% (Cost: $508,138,533)				421,824,512

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^® North American Natural Resources ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		9,270,553	$	9,275,188
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		698,000		698,000
				9,973,188
Total Short-Term Investments — 2.3% (Cost: $9,971,883)				9,973,188
Total Investments in Securities — 102.1% (Cost: $518,110,416)				431,797,700
Other Assets, Less Liabilities — (2.1)%				(9,001,425	)
Net Assets — 100.0%			$	422,796,275

^(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 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	$	3,673,173	$	5,603,598	(a)	$	—	$	(1,481	)	$	(102	)	$	9,275,188		9,270,553	$	10,037	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		648,000		50,000	(a)		—		—			—			698,000		698,000		23			—
								$	(1,481	)	$	(102	)	$	9,973,188			$	10,060		$	—

^(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 Energy Select Sector Index		12		12/17/21	$	650	$	45,863
Russell 2000 E-Mini Index		2		12/17/21		220		(4,521	)
							$	41,342

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) (continued) September 30, 2021 iShares^® North American Natural Resources 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)	$	45,863
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	4,521

^(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	$	27,812
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	81,507

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	844,937

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	$	421,824,512		$	—	$	—	$	421,824,512
Money Market Funds		9,973,188			—		—		9,973,188
	$	431,797,700		$	—	$	—	$	431,797,700
Derivative financial instruments(a)
Assets
Futures Contracts	$	45,863		$	—	$	—	$	45,863
Liabilities
Futures Contracts		(4,521	)		—		—		(4,521	)
	$	41,342		$	—	$	—	$	41,342

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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) September 30, 2021 iShares^® North American Tech-Multimedia Networking ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Alternative Carriers — 2.6%
EchoStar Corp., Class A(a)(b)		111,533	$	2,845,207
Communications Equipment — 97.3%
Arista Networks Inc.(a)		27,069		9,301,991
Calix Inc.(a)		110,993		5,486,384
Cambium Networks Corp.(a)		30,113		1,089,789
Ciena Corp.(a)		92,491		4,749,413
Cisco Systems Inc.		165,433		9,004,518
CommScope Holding Co. Inc.(a)		347,718		4,725,488
Extreme Networks Inc.(a)		342,625		3,374,856
F5 Networks Inc.(a)		47,706		9,482,999
Harmonic Inc.(a)(b)		275,346		2,409,278
Infinera Corp.(a)		564,163		4,693,836
Inseego Corp.(a)(b)		209,298		1,393,925
Juniper Networks Inc.		344,505		9,480,778
Lumentum Holdings Inc.(a)(b)		57,848		4,832,622
Motorola Solutions Inc.		39,731		9,230,306
NETGEAR Inc.(a)		82,610		2,636,085
NetScout Systems Inc.(a)		190,651		5,138,044
Plantronics Inc.(a)		114,465		2,942,895
Ribbon Communications Inc.(a)(b)		324,478		1,940,378
Ubiquiti Inc.		16,234		4,848,609
Viasat Inc.(a)(b)		104,358		5,746,995
Viavi Solutions Inc.(a)(b)		314,480		4,949,915
				107,459,104
Total Common Stocks — 99.9% (Cost: $106,497,082)				110,304,311

Security	Shares		Value
Short-Term Investments
Money Market Funds — 6.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		6,884,622	$	6,888,065
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		110,000		110,000
				6,998,065
Total Short -Term Investments — 6.3% (Cost: $6,996,752)				6,998,065
Total Investments in Securities — 106.2% (Cost: $113,493,834)				117,302,376
Other Assets, Less Liabilities — (6.2)%				(6,881,727	)
Net Assets — 100.0%			$	110,420,649

^(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 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	$	12,333,755	$	—		$	(5,445,466	)(a)	$	(131	)	$	(93	)	$	6,888,065		6,884,622	$	7,749	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		10,000	(a)		—			—			—			110,000		110,000		4			—
									$	(131	)	$	(93	)	$	6,998,065			$	7,753		$	—

^(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.

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 (unaudited) (continued) September 30, 2021 iShares^® North American Tech-Multimedia Networking ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		1		12/17/21	$	110	$	(2,260	)

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)	$	2,260

^(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	$	(4,208	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,260	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	36,680

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	$	110,304,311	$	—	$	—	$	110,304,311
Money Market Funds		6,998,065		—		—		6,998,065
	$	117,302,376	$	—	$	—	$	117,302,376
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(2,260)	$	—	$	—	$	(2,260)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited)  September 30, 2021 iShares^® Semiconductor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Semiconductor Equipment — 19.6%
Applied Materials Inc.		2,233,121	$	287,469,666
ASML Holding NV, NYS(a)(b)		332,327		247,620,171
Entegris Inc.		943,909		118,838,143
KLA Corp.		887,642		296,925,126
Lam Research Corp.		498,929		283,965,440
MKS Instruments Inc.		386,856		58,380,439
Teradyne Inc.		1,152,250		125,791,133
				1,418,990,118
Semiconductors — 80.2%
Advanced Micro Devices Inc.(b)(c)		2,725,451		280,448,908
Analog Devices Inc.		1,851,871		310,151,355
ASE Technology Holding Co. Ltd., ADR		4,942,138		38,795,783
Broadcom Inc.		1,213,818		588,616,763
Intel Corp.		11,163,968		594,816,215
Lattice Semiconductor Corp.(b)(c)		942,308		60,920,212
Marvell Technology Inc.		4,931,557		297,422,203
Microchip Technology Inc.		1,881,896		288,852,217
Micron Technology Inc.		4,094,462		290,624,913
Monolithic Power Systems Inc.		302,348		146,542,029
NVIDIA Corp.		2,696,107		558,525,526
NXP Semiconductors NV		1,402,694		274,745,674
ON Semiconductor Corp.(c)		2,977,006		136,257,565
Qorvo Inc.(c)		774,635		129,511,226
QUALCOMM Inc.		2,932,664		378,255,003
Skyworks Solutions Inc.		1,153,954		190,148,540
STMicroelectronics NV., NVS(b)		2,053,469		89,592,852
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,326,196		259,719,783
Texas Instruments Inc.		2,253,381		433,122,362
United Microelectronics Corp., ADR		5,600,289		64,011,303
Universal Display Corp.		302,251		51,672,831

Security	Shares		Value
Semiconductors (continued)
Wolfspeed Inc		805,029	$	64,989,991
Xilinx Inc		1,729,759		261,176,311
				5,788,919,565
Total Common Stocks — 99.8% (Cost: $7,020,734,914)				7,207,909,683
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		50,565,475		50,590,757
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		11,990,000		11,990,000
				62,580,757
Total Short -Term Investments — 0.9% (Cost: $62,556,187)				62,580,757
Total Investments in Securities — 100.7% (Cost: $7,083,291,101)				7,270,490,440
Other Assets, Less Liabilities — (0.7)%				(47,967,586	)
Net Assets — 100.0%			$	7,222,522,854

^(a) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(b) All or a portion of this security is on loan.

^(c) Non-income producing security.

^(d) Affiliate of the Fund.

^(e) Annualized 7-day yield as of period end.

^(f) All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

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	$	33,454,684	$	17,135,384	(a)	$	—	$	4,685	$	(3,996	)	$	50,590,757		50,565,475	$	116,770	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		9,855,000		2,135,000	(a)		—		—		—			11,990,000		11,990,000		369			—
								$	4,685	$	(3,996	)	$	62,580,757			$	117,139		$	—

^(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.

S C H E D U L E   O F   I N V E S  T M E N T S 29

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Semiconductor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technoloy Select Sector Index		62		12/17/21	$	9,328	$	(388,817	)
Russell 2000 E-Mini Index		37		12/17/21		4,071		(40,041	)
							$	(428,858	)

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)	$	428,858

^(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	$	1,336,426
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(353,954	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	12,471,408

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.

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Semiconductor 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	$	7,207,909,683		$	—	$	—	$	7,207,909,683
Money Market Funds		62,580,757			—		—		62,580,757
	$	7,270,490,440		$	—	$	—	$	7,270,490,440
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(428,858	)	$	—	$	—	$	(428,858	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S  T M E N T S 31

Statements of Assets and Liabilities (unaudited)

September 30, 2021

	iShares Biotechnology ETF			iShares Expanded Tech Sector ETF		iShares Expanded Tech-Software Sector ETF		iShares North American Natural Resources ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	10,507,162,265		$	3,628,898,114	$	5,525,566,002	$	421,824,512
Affiliated(c)		884,009,382			69,083,083		227,683,136		9,973,188
Cash		74,443			3,156		714		67,092
Cash pledged:
Futures contracts		803,000			177,000		—		77,000
Receivables:
Investments sold		3,769,858			—		—		—
Securities lending income — Affiliated		155,549			14,357		70,695		1,301
Capital shares sold		—			106,236		97,700		—
Dividends		41			450,702		16,167		377,551
Total assets		11,395,974,538			3,698,732,648		5,753,434,414		432,320,644
LIABILITIES
Investments sold short at value(d)		9,183			—		—		—
Collateral on securities loaned, at value		866,032,099			64,935,721		225,649,462		9,245,139
Payables:
Investments purchased		10,870,168			106,236		—		127,086
Variation margin on futures contracts		164,128			11,708		34		12,994
Capital shares redeemed		172,227			—		64,646		—
Investment advisory fees		4,057,978			1,252,054		1,855,818		139,150
Total liabilities		881,305,783			66,305,719		227,569,960		9,524,369
NET ASSETS	$	10,514,668,755		$	3,632,426,929	$	5,525,864,454	$	422,796,275
NET ASSETS CONSIST OF:
Paid-in capital	$	12,247,418,607		$	1,936,097,822	$	5,021,351,230	$	1,002,429,320
Accumulated earnings (loss)		(1,732,749,852	)		1,696,329,107		504,513,224		(579,633,045	)
NET ASSETS	$	10,514,668,755		$	3,632,426,929	$	5,525,864,454	$	422,796,275
Shares outstanding		65,050,000			9,000,000		13,850,000		14,400,000
Net asset value	$	161.64		$	403.60	$	398.98	$	29.36
Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited
Par value		None			None		None		None
(a) Securities loaned, at value	$	848,055,785		$	63,560,175	$	221,171,935	$	9,028,726
(b) Investments, at cost — Unaffiliated	$	11,460,073,418		$	2,071,246,316	$	5,634,619,521	$	508,138,533
(c)  Investments, at cost — Affiliated	$	883,503,205		$	69,049,168	$	227,573,794	$	9,971,883
(d) Proceeds received from investments sold short	$	10,702		$	—	$	—	$	—

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021

	iShares North American Tech-Multimedia Networking ETF			iShares Semiconductor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	110,304,311		$	7,207,909,683
Affiliated(c)		6,998,065			62,580,757
Cash		2,027			7,880
Cash pledged:
Futures contracts		7,000			807,000
Receivables:
Securities lending income — Affiliated		1,169			33,659
Capital shares sold		—			312,218
Dividends		33,588			4,143,240
Total assets		117,346,160			7,275,794,437
LIABILITIES
Collateral on securities loaned, at value		6,887,174			50,506,538
Payables:
Variation margin on futures contracts		1,059			94,228
Capital shares redeemed		—			222,181
Investment advisory fees		37,278			2,448,636
Total liabilities		6,925,511			53,271,583
NET ASSETS	$	110,420,649		$	7,222,522,854
NET ASSETS CONSIST OF:
Paid-in capital	$	175,434,066		$	6,205,555,107
Accumulated earnings (loss)		(65,013,417	)		1,016,967,747
NET ASSETS	$	110,420,649		$	7,222,522,854
Shares outstanding		1,600,000			16,200,000
Net asset value	$	69.01		$	445.83
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	6,679,524		$	49,085,871
(b) Investments, at cost — Unaffiliated	$	106,497,082		$	7,020,734,914
(c)  Investments, at cost — Affiliated	$	6,996,752		$	62,556,187

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 33

Statements of Operations (unaudited)

Six Months Ended September 30, 2021

	iShares Biotechnology ETF			iShares Expanded Tech Sector ETF			iShares Expanded Tech-Software Sector ETF			iShares North American Natural Resources ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	32,517,416		$	9,784,074		$	7,816,837		$	7,873,299
Dividends — Affiliated		594			158			222			23
Securities lending income — Affiliated — net		1,351,160			71,571			355,552			10,037
Foreign taxes withheld		(610,163	)		(15,953	)		(38,040	)		(277,375	)
Total investment income		33,259,007			9,839,850			8,134,571			7,605,984
EXPENSES
Investment advisory fees		23,639,839			7,197,984			10,638,928			901,960
Total expenses		23,639,839			7,197,984			10,638,928			901,960
Net investment income (loss)		9,619,168			2,641,866			(2,504,357	)		6,704,024
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(438,106,385	)		4,725,029			(7,786,967	)		(14,729,372	)
Investments — Affiliated		76,897			7,001			12,009			(1,481	)
In-kind redemptions — Unaffiliated		1,161,825,102			159,287,359			736,732,034			9,095,847
Futures contracts		35,215			386,240			871,253			27,812
Foreign currency transactions		—			—			—			(797	)
Net realized gain (loss)		723,830,829			164,405,629			729,828,329			(5,607,991	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		20,775,725			211,833,386			19,105,284			28,482,785
Investments — Affiliated		(174,392	)		(2,423	)		(37,781	)		(102	)
Futures contracts		(153,756	)		(139,166	)		13,920			81,507
Foreign currency translations		—			—			—			1,336
Short sales — Unaffiliated		1,621			—			—			—
Net change in unrealized appreciation (depreciation)		20,449,198			211,691,797			19,081,423			28,565,526
Net realized and unrealized gain		744,280,027			376,097,426			748,909,752			22,957,535
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	753,899,195		$	378,739,292		$	746,405,395		$	29,661,559

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021

	iShares North American Tech-Multimedia Networking ETF			iShares Semiconductor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	366,122		$	42,567,691
Dividends — Affiliated		4			369
Securities lending income — Affiliated — net		7,749			116,770
Foreign taxes withheld		—			(1,441,501	)
Total investment income		373,875			41,243,329
EXPENSES
Investment advisory fees		213,920			14,010,246
Commitment fees		—			11,004
Total expenses		213,920			14,021,250
Net investment income		159,955			27,222,079
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		456,032			(33,365,830	)
Investments — Affiliated		(131	)		4,685
In-kind redemptions — Unaffiliated		1,706,697			948,046,322
Futures contracts		(4,208	)		1,336,426
Net realized gain		2,158,390			916,021,603
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		46,255			(640,599,279	)
Investments — Affiliated		(93	)		(3,996	)
Futures contracts		(2,260	)		(353,954	)
Net change in unrealized appreciation (depreciation)		43,902			(640,957,229	)
Net realized and unrealized gain		2,202,292			275,064,374
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,362,247		$	302,286,453

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 35

Statements of Changes in Net Assets

	iShares Biotechnology ETF						iShares Expanded Tech Sector ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,619,168		$	22,963,639		$	2,641,866		$	7,522,231
Net realized gain		723,830,829			1,573,276,301			164,405,629			155,422,525
Net change in unrealized appreciation (depreciation)		20,449,198			1,144,045,717			211,691,797			1,121,446,883
Net increase in net assets resulting from operations		753,899,195			2,740,285,657			378,739,292			1,284,391,639
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(9,709,360	)		(26,026,125	)		(2,856,194	)		(8,184,628	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(78,103,450	)		790,357,567			46,931,190			225,617,802
NET ASSETS
Total increase in net assets		666,086,385			3,504,617,099			422,814,288			1,501,824,813
Beginning of period		9,848,582,370			6,343,965,271			3,209,612,641			1,707,787,828
End of period	$	10,514,668,755		$	9,848,582,370		$	3,632,426,929		$	3,209,612,641

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Expanded Tech-Software Sector ETF						iShares North American Natural Resources ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(2,504,357	)	$	(4,994,506	)	$	6,704,024		$	11,307,892
Net realized gain (loss)		729,828,329			1,924,332,673			(5,607,991	)		(57,251,765	)
Net change in unrealized appreciation (depreciation)		19,081,423			248,277,573			28,565,526			227,665,109
Net increase in net assets resulting from operations		746,405,395			2,167,615,740			29,661,559			181,721,236
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		—			(1,076,738	)		(6,538,045	)		(12,822,042	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(270,593,401	)		(147,637,588	)		2,650,850			(66,573,691	)
NET ASSETS
Total increase in net assets		475,811,994			2,018,901,414			25,774,364			102,325,503
Beginning of period		5,050,052,460			3,031,151,046			397,021,911			294,696,408
End of period	$	5,525,864,454		$	5,050,052,460		$	422,796,275		$	397,021,911

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 37

Statements of Changes in Net Assets (continued)

	iShares North American Tech-Multimedia Networking ETF						iShares Semiconductor ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	159,955		$	295,055		$	27,222,079		$	40,983,638
Net realized gain (loss)		2,158,390			(288,243	)		916,021,603			1,417,069,739
Net change in unrealized appreciation (depreciation)		43,902			23,978,068			(640,957,229	)		1,183,337,044
Net increase in net assets resulting from operations		2,362,247			23,984,880			302,286,453			2,641,390,421
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(169,483	)		(307,049	)		(26,118,897	)		(40,572,378	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		7,473,145			33,741,764			627,387,166			1,576,185,144
NET ASSETS
Total increase in net assets		9,665,909			57,419,595			903,554,722			4,177,003,187
Beginning of period		100,754,740			43,335,145			6,318,968,132			2,141,964,945
End of period	$	110,420,649		$	100,754,740		$	7,222,522,854		$	6,318,968,132

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

38 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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Biotechnology ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18	(a)		Year Ended 03/31/17	(a)
Net asset value, beginning of period	$	150.36		$	107.98		$	111.78		$	106.73		$	97.75		$	86.90
Net investment income(b)		0.15			0.34			0.26			0.16			0.15			0.21
Net realized and unrealized gain (loss)(c)		11.28			42.43			(3.80	)		5.08			9.05			10.85
Net increase (decrease) from investment operations		11.43			42.77			(3.54	)		5.24			9.20			11.06
Distributions(d)
From net investment income		(0.15	)		(0.39	)		(0.26	)		(0.19	)		(0.22	)		(0.21	)
Total distributions		(0.15	)		(0.39	)		(0.26	)		(0.19	)		(0.22	)		(0.21	)
Net asset value, end of period	$	161.64		$	150.36		$	107.98		$	111.78		$	106.73		$	97.75
Total Return(e)
Based on net asset value		7.60	%(f)		39.63	%		(3.17	)%		4.92	%		9.41	%		12.75	%
Ratios to Average Net Assets
Total expenses		0.44	%(g)		0.45	%		0.46	%		0.47	%		0.47	%		0.47	%
Net investment income		0.18	%(g)		0.24	%		0.24	%		0.15	%		0.14	%		0.22	%
Supplemental Data
Net assets, end of period (000)	$	10,514,669		$	9,848,582		$	6,343,965		$	8,026,142		$	9,040,121		$	8,343,317
Portfolio turnover rate(h)		31	%(f)		34	%		29	%		18	%		26	%		18	%

^(a)  Per share amounts reflect a three-for-one stock split effective after the close of trading on November 30, 2017.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 39

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Expanded Tech Sector ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	360.63		$	212.15		$	206.22		$	179.48		$	138.39		$	110.64
Net investment income(a)		0.30			0.86			1.26			1.09			0.88			1.00
Net realized and unrealized gain(b)		42.99			148.55			6.00			26.69			41.18			27.77
Net increase from investment operations		43.29			149.41			7.26			27.78			42.06			28.77
Distributions(c)
From net investment income		(0.32	)		(0.93	)		(1.33	)		(1.04	)		(0.97	)		(1.02	)
Total distributions		(0.32	)		(0.93	)		(1.33	)		(1.04	)		(0.97	)		(1.02	)
Net asset value, end of period	$	403.60		$	360.63		$	212.15		$	206.22		$	179.48		$	138.39
Total Return(d)
Based on net asset value		12.00	%(e)		70.51	%		3.51	%		15.52	%		30.48	%		26.13	%
Ratios to Average Net Assets
Total expenses		0.41	%(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		0.15	%(f)		0.28	%		0.56	%		0.56	%		0.55	%		0.82	%
Supplemental Data
Net assets, end of period (000)	$	3,632,427		$	3,209,613		$	1,707,788		$	1,587,932		$	1,462,726		$	1,120,933
Portfolio turnover rate(g)		3	%(e)		9	%		10	%		8	%		6	%		7	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Expanded Tech-Software Sector ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	341.22		$	209.77		$	210.77		$	169.69		$	126.45		$	100.66
Net investment income (loss)(a)		(0.18	)		(0.31	)		1.28	(b)		0.24			0.12			0.22
Net realized and unrealized gain (loss)(c)		57.94			131.83			(1.06	)		41.10			43.23			25.75
Net increase from investment operations		57.76			131.52			0.22			41.34			43.35			25.97
Distributions(d)
From net investment income		—			(0.07	)		(1.22	)		(0.26	)		(0.11	)		(0.18	)
Total distributions		—			(0.07	)		(1.22	)		(0.26	)		(0.11	)		(0.18	)
Net asset value, end of period	$	398.98		$	341.22		$	209.77		$	210.77		$	169.69		$	126.45
Total Return(e)
Based on net asset value		16.93	%(f)		62.70	%		0.13	%		24.39	%		34.30	%		25.82	%
Ratios to Average Net Assets
Total expenses		0.41	%(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income (loss)		(0.10	)%(g)		(0.10	)%		0.57	%(b)		0.13	%		0.08	%		0.19	%
Supplemental Data
Net assets, end of period (000)	$	5,525,864		$	5,050,052		$	3,031,151		$	2,729,463		$	1,357,537		$	815,631
Portfolio turnover rate(h)		7	%(f)		22	%		18	%		18	%		12	%		12	%

^(a)  Based on average shares outstanding.

^(b)  Includes a one-time special distribution from NortonLifeLock Inc. Excluding such special distribution, the net investment income would have been $(0.07) per share and (0.03)% of average net assets.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares North American Natural Resources ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	27.57		$	16.65		$	31.40		$	33.08		$	34.26		$	29.72
Net investment income(a)		0.44			0.70			0.78			0.65			0.75			0.57
Net realized and unrealized gain (loss)(b)		1.79			11.04			(13.82	)		(1.59	)		(1.16	)		4.55
Net increase (decrease) from investment operations		2.23			11.74			(13.04	)		(0.94	)		(0.41	)		5.12
Distributions(c)
From net investment income		(0.44	)		(0.82	)		(1.71	)		(0.74	)		(0.77	)		(0.58	)
Total distributions		(0.44	)		(0.82	)		(1.71	)		(0.74	)		(0.77	)		(0.58	)
Net asset value, end of period	$	29.36		$	27.57		$	16.65		$	31.40		$	33.08		$	34.26
Total Return(d)
Based on net asset value		8.07	%(e)		71.57	%		(43.54	)%		(2.87	)%		(1.19	)%		17.26	%
Ratios to Average Net Assets
Total expenses		0.41	%(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		3.02	%(f)		3.14	%		2.72	%		1.94	%		2.25	%		1.67	%
Supplemental Data
Net assets, end of period (000)	$	422,796		$	397,022		$	294,696		$	761,370		$	929,571		$	1,034,595
Portfolio turnover rate(g)		8	%(e)		14	%		16	%		12	%		7	%		12	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares North American Tech-Multimedia Networking ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	67.17		$	43.34		$	56.49		$	51.48		$	45.54		$	36.57
Net investment income(a)		0.11			0.29			0.26			0.23			0.30			0.26
Net realized and unrealized gain (loss)(b)		1.84			23.83			(13.10	)		5.04			5.95			8.97
Net increase (decrease) from investment operations		1.95			24.12			(12.84	)		5.27			6.25			9.23
Distributions(c)
From net investment income		(0.11	)		(0.29	)		(0.31	)		(0.26	)		(0.31	)		(0.26	)
Total distributions		(0.11	)		(0.29	)		(0.31	)		(0.26	)		(0.31	)		(0.26	)
Net asset value, end of period	$	69.01		$	67.17		$	43.34		$	56.49		$	51.48		$	45.54
Total Return(d)
Based on net asset value		2.90	%(e)		55.89	%		(22.80	)%		10.27	%		13.77	%		25.31	%
Ratios to Average Net Assets
Total expenses		0.41	%(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		0.30	%(f)		0.52	%		0.47	%		0.44	%		0.63	%		0.64	%
Supplemental Data
Net assets, end of period (000)	$	110,421		$	100,755		$	43,335		$	132,758		$	64,349		$	77,417
Portfolio turnover rate(g)		14	%(e)		38	%		33	%		29	%		23	%		27	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 43

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Semiconductor ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17
Net asset value, beginning of period	$	424.09		$	204.97		$	189.61		$	180.13		$	136.85		$	91.63
Net investment income(a)		1.75			3.35			3.13			2.66			1.51			1.36
Net realized and unrealized gain(b)		21.66			218.90			15.50			9.12			43.32			45.26
Net increase from investment operations		23.41			222.25			18.63			11.78			44.83			46.62
Distributions(c)
From net investment income		(1.67	)		(3.13	)		(3.27	)		(2.30	)		(1.55	)		(1.40	)
Total distributions		(1.67	)		(3.13	)		(3.27	)		(2.30	)		(1.55	)		(1.40	)
Net asset value, end of period	$	445.83		$	424.09		$	204.97		$	189.61		$	180.13		$	136.85
Total Return(d)
Based on net asset value		5.51	%(e)		108.93	%		9.80	%		6.61	%		32.91	%		51.20	%
Ratios to Average Net Assets
Total expenses		0.41	%(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%
Net investment income		0.79	%(f)		1.02	%		1.42	%		1.50	%		0.93	%		1.22	%
Supplemental Data
Net assets, end of period (000)	$	7,222,523		$	6,318,968		$	2,141,965		$	1,061,836		$	1,630,190		$	889,518
Portfolio turnover rate(g)		22	%(e)		23	%		14	%		26	%		20	%		38	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
Biotechnology(a)	Non-diversified
Expanded Tech Sector	Non-diversified
Expanded Tech-Software Sector	Non-diversified
North American Natural Resources	Diversified
North American Tech-Multimedia Networking	Non-diversified
Semiconductor(b)	Non-diversified

^(a)  Formerly the iShares Nasdaq Biotechnology ETF.

^(b)  Formerly the iShares PHLX Semiconductor ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 45

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Short Positions: From time to time, in order to track the performance of its benchmark index, a fund may sell non-index securities that will be received through corporate actions occurring on the opening of market trading on the following business day. A fund may also experience temporary short positions due to the timing of portfolio securities trades and in-kind redemption transactions. Such short positions are valued consistent with how securities are valued as described under Investment Valuation and Fair Value Measurements. The obligation to deliver the securities is recorded as a liability in the Statements of Assets and Liabilities and is equal to the current fair value

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Notes to Financial Statements (unaudited) (continued)

of the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealized appreciation (depreciation) in the Statements of Operations. Upon receipt of the securities related to the corporate actions or purchase of the securities related to the short position, a realized gain (loss) is recorded. Dividends or interest on securities sold short, if any, are reflected as an expense in the Statements of Operations. Details of the short positions, if any, are included in the schedules of Investments.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Biotechnology
Barclays Bank PLC	$	35,242,132	$	35,242,132		$	—	$	—
Barclays Capital, Inc.		9,840,590		9,840,590			—		—
BNP Paribas SA		66,664,584		66,664,584			—		—
BofA Securities, Inc.		66,308,728		66,308,728			—		—
Citadel Clearing LLC		2,487,728		2,487,728			—		—
Citigroup Global Markets, Inc.		75,997,813		75,997,813			—		—
Credit Suisse Securities (USA) LLC		18,657,865		18,657,865			—		—
Deutsche Bank Securities, Inc.		2,311,947		2,311,947			—		—
Goldman Sachs & Co. LLC		85,597,299		85,597,299			—		—
HSBC Bank PLC		10,410,026		10,410,026			—		—
ING Financial Markets LLC		31,691		31,691			—		—
J.P. Morgan Securities LLC		118,585,947		118,585,947			—		—
Jefferies LLC		3,336,180		3,336,180			—		—
Morgan Stanley		157,317,207		157,317,207			—		—
National Financial Services LLC		50,683,496		50,683,496			—		—
Nomura Securities International, Inc.		892,629		892,629			—		—
RBC Capital Markets LLC		149,176		149,176			—		—
Scotia Capital (USA), Inc.		6,886,347		6,886,347			—		—
SG Americas Securities LLC		4,174,791		4,174,791			—		—
State Street Bank & Trust Co.		24,844,812		24,747,389			—		(97,423	)(b)
Toronto Dominion Bank		10,863,167		10,863,167			—		—
UBS AG		27,779,563		27,779,563			—		—
UBS Securities LLC		47,481,805		47,481,805			—		—
Virtu Americas LLC		2,619,701		2,619,701			—		—
Wells Fargo Bank N.A		2,791,218		2,791,218			—		—
Wells Fargo Securities LLC		16,099,343		16,099,343			—		—
	$	848,055,785	$	847,958,362		$	—	$	(97,423	)

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Expanded Tech Sector
Barclays Bank PLC	$	777,765	$	777,765		$	—	$	—
Barclays Capital, Inc.		909,975		909,975			—		—
BMO Capital Markets Corp.		78,735		78,735			—		—
BNP Paribas SA		12,239,556		12,239,556			—		—
BofA Securities, Inc.		1,846,332		1,846,332			—		—
Citigroup Global Markets, Inc.		21,900,726		21,900,726			—		—
Credit Suisse Securities (USA) LLC		755,876		755,876			—		—
Deutsche Bank Securities, Inc.		16,133		16,133			—		—
Goldman Sachs & Co. LLC		5,095,510		5,095,510			—		—
J.P. Morgan Securities LLC		7,748,758		7,748,758			—		—
Jefferies LLC		659,030		659,030			—		—
Morgan Stanley		4,866,777		4,866,777			—		—
National Financial Services LLC		187,967		187,967			—		—
Nomura Securities International, Inc.		12,426		12,426			—		—
Scotia Capital (USA), Inc.		774,956		774,956			—		—
State Street Bank & Trust Co.		1,046,662		1,046,662			—		—
Toronto Dominion Bank		7,146		7,146			—		—
UBS AG		1,264,116		1,264,116			—		—
UBS Securities LLC		698,623		698,623			—		—
Wells Fargo Bank N.A		2,673,106		2,673,106			—		—
	$	63,560,175	$	63,560,175		$	—	$	—
Expanded Tech-Software Sector
Barclays Bank PLC	$	27,632,837	$	27,632,837		$	—	$	—
Barclays Capital, Inc.		1,939,217		1,928,181			—		(11,036	)(b)
BNP Paribas SA		46,798,104		46,798,104			—		—
BofA Securities, Inc.		11,466,134		11,466,134			—		—
Citigroup Global Markets, Inc.		3,625,203		3,625,203			—		—
Credit Suisse Securities (USA) LLC		592,064		592,064			—		—
Goldman Sachs & Co. LLC		27,846,696		27,846,696			—		—
J.P. Morgan Securities LLC		72,009,899		72,009,899			—		—
Jefferies LLC		2,171,796		2,171,796			—		—
Morgan Stanley		6,181,280		6,181,280			—		—
National Financial Services LLC		293,645		291,480			—		(2,165	)(b)
SG Americas Securities LLC		2,454,915		2,454,915			—		—
State Street Bank & Trust Co.		2,119,892		2,119,892			—		—
UBS AG		3,602,028		3,602,028			—		—
UBS Securities LLC		186,138		186,138			—		—
Wells Fargo Bank N.A		11,821,762		11,821,762			—		—
Wells Fargo Securities LLC		430,325		430,325			—		—
	$	221,171,935	$	221,158,734		$	—	$	(13,201	)
North American Natural Resources
Barclays Bank PLC	$	48,590	$	48,590		$	—	$	—
BNP Paribas SA		381,700		381,700			—		—
Citigroup Global Markets, Inc.		142,655		142,655			—		—
Credit Suisse Securities (USA) LLC		712,248		712,248			—		—
Deutsche Bank Securities, Inc.		87,324		87,324			—		—
Goldman Sachs & Co. LLC		395,080		395,080			—		—
HSBC Bank PLC		291		291			—		—
J.P. Morgan Securities LLC		1,079,070		1,079,070			—		—
Jefferies LLC		89,270		89,270			—		—
Morgan Stanley		2,411,140		2,411,140			—		—
SG Americas Securities LLC		376		376			—		—
State Street Bank & Trust Co.		614		614			—		—
UBS AG		29,040		29,040			—		—
UBS Securities LLC		3,651,328		3,651,328			—		—
	$	9,028,726	$	9,028,726		$	—	$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
North American Tech-Multimedia Networking
BNP Paribas SA	$	34,628	$	34,628		$	—	$	—
BofA Securities, Inc.		430,842		430,842			—		—
Goldman Sachs & Co. LLC		2,367,947		2,367,947			—		—
J.P. Morgan Securities LLC		239,232		239,232			—		—
Morgan Stanley		2,665,310		2,665,310			—		—
National Financial Services LLC		106,750		106,750			—		—
Wells Fargo Securities LLC		834,815		834,815			—		—
	$	6,679,524	$	6,679,524		$	—	$	—
Semiconductor
Barclays Bank PLC	$	1,171,800	$	1,171,800		$	—	$	—
Barclays Capital, Inc.		864,222		864,222			—		—
J.P. Morgan Securities LLC		37,840,299		37,840,299			—		—
UBS AG		9,209,550		9,179,921			—		(29,629	)(b)
	$	49,085,871	$	49,056,242		$	—	$	(29,629	)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) .

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

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Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to the iShares Biotechnology ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.4800	%
Over $121 billion, up to and including $181 billion		0.4560
Over $181 billion, up to and including $231 billion		0.4332
Over $231 billion, up to and including $281 billion		0.4116
Over $281 billion		0.3910

For its investment advisory services to each of the iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources, iShares North American Tech-Multimedia Networking and iShares Semiconductor ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Prior to July 14, 2021, for its investment advisory services to each of the iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources, iShares North American Tech-Multimedia Networking and iShares Semiconductor ETFs, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.480	%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Biotechnology	$	572,863
Expanded Tech Sector		30,484
Expanded Tech-Software Sector		148,046
North American Natural Resources		4,285
North American Tech-Multimedia Networking		3,316
Semiconductor		48,192

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized    Gain (Loss)
Biotechnology	$	245,475,291	$	312,024,605	$	(38,952,473)
Expanded Tech Sector		15,530,586		10,089,023		439,676
Expanded Tech-Software Sector		51,182,246		57,744,303		(3,971,359)
North American Natural Resources		8,888,360		10,371,213		(5,786,467)
North American Tech-Multimedia Networking		5,169,027		7,005,077		354,889
Semiconductor		193,280,752		180,821,046		7,128,988

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Biotechnology	$	3,276,411,164	$	3,275,343,949
Expanded Tech Sector		110,725,992		113,611,793
Expanded Tech-Software Sector		382,351,415		383,877,569
North American Natural Resources		34,036,132		33,803,529
North American Tech-Multimedia Networking		14,538,649		14,568,577
Semiconductor		1,533,014,803		1,543,271,641

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Biotechnology	$	6,957,957,820	$	7,052,299,148
Expanded Tech Sector		304,794,684		256,654,023
Expanded Tech-Software Sector		6,147,363,181		6,414,843,273
North American Natural Resources		61,148,298		58,386,448
North American Tech-Multimedia Networking		14,354,932		6,884,429
Semiconductor		4,595,167,223		3,959,050,824

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

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Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Biotechnology	$	1,428,052,267
Expanded Tech Sector		22,125,503
Expanded Tech-Software Sector		111,306,889
North American Natural Resources		477,090,865
North American Tech-Multimedia Networking		70,375,105
Semiconductor		83,206,150

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized    Appreciation    (Depreciation)
Biotechnology	$	12,418,888,945	$	829,025,957	$	(1,856,947,081	)	$	(1,027,921,124)
Expanded Tech Sector		2,143,578,723		1,584,727,935		(30,466,456	)		1,554,261,479
Expanded Tech-Software Sector		5,864,766,917		213,639,091		(325,156,870	)		(111,517,779)
North American Natural Resources		528,980,432		32,797,773		(129,939,163	)		(97,141,390)
North American Tech-Multimedia Networking		114,087,290		10,614,646		(7,401,820	)		3,212,826
Semiconductor		7,088,357,242		418,912,553		(237,208,213	)		181,704,340

9. LINE OF CREDIT

The iShares Semiconductor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares Semiconductor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended September 30, 2021, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

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Notes to Financial Statements (unaudited) (continued)

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Biotechnology
Shares sold		43,750,000		$	6,993,597,068			92,850,000		$	12,973,745,658
Shares redeemed		(44,200,000	)		(7,071,700,518	)		(86,100,000	)		(12,183,388,091	)
Net increase (decrease)		(450,000	)	$	(78,103,450	)		6,750,000		$	790,357,567
Expanded Tech Sector
Shares sold		750,000		$	305,361,168			1,700,000		$	492,883,102
Shares redeemed		(650,000	)		(258,429,978	)		(850,000	)		(267,265,300	)
Net increase		100,000		$	46,931,190			850,000		$	225,617,802
Expanded Tech-Software Sector
Shares sold		16,000,000		$	6,162,158,767			35,650,000		$	10,854,261,767
Shares redeemed		(16,950,000	)		(6,432,752,168	)		(35,300,000	)		(11,001,899,355	)
Net increase (decrease)		(950,000	)	$	(270,593,401	)		350,000		$	(147,637,588	)
North American Natural Resources
Shares sold		2,050,000		$	61,350,289			4,800,000		$	110,829,085
Shares redeemed		(2,050,000	)		(58,699,439	)		(8,100,000	)		(177,402,776	)
Net increase (decrease)		—		$	2,650,850			(3,300,000	)	$	(66,573,691	)
North American Tech-Multimedia Networking
Shares sold		200,000		$	14,368,458			900,000		$	55,817,552
Shares redeemed		(100,000	)		(6,895,313	)		(400,000	)		(22,075,788	)
Net increase		100,000		$	7,473,145			500,000		$	33,741,764
Semiconductor
Shares sold		10,400,000		$	4,603,735,344			21,350,000		$	7,051,302,523
Shares redeemed		(9,100,000	)		(3,976,348,178	)		(16,900,000	)		(5,475,117,379	)
Net increase		1,300,000		$	627,387,166			4,450,000		$	1,576,185,144

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Biotechnology ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares North American Natural Resources ETF, iShares Semiconductor ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members)

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Board Review and Approval of Investment Advisory Contract (continued)

assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares North American Tech-Multimedia Networking ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board

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Board Review and Approval of Investment Advisory Contract (continued)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
NVS	Non-Voting Shares
NYS	New York Registered Shares

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Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-313-0921

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Factors US Growth Style ETF | STLG | Cboe BZX

· iShares Factors US Value Style ETF | STLV | Cboe BZX

· iShares US Small Cap Value Factor ETF | SVAL | 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

Rob Kapito

President, BlackRock, Inc.

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		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		22
Statements of Operations		23
Statements of Changes in Net Assets		24
Financial Highlights		26
Notes to Financial Statements		29
Board Review and Approval of Investment Advisory Contract		37
Supplemental Information		41
General Information		42
Glossary of Terms Used in this Report		43

Fund Summary as of September 30, 2021 iShares^® Factors US Growth Style ETF

Investment Objective

The iShares Factors US Growth Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Growth Style 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		11.66	%		27.52	%		24.91	%		27.52	%		46.44	%
Fund Market		11.68			27.40			24.97			27.40			46.57
Index		11.78			27.75			25.14			27.75			46.82

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

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 7 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	$	1,116.60	$	1.33		$	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 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	44.8	%
Consumer Discretionary	21.0
Health Care	10.8
Communication Services	6.9
Industrials	4.9
Financials	4.8
Materials	3.6
Consumer Staples	3.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	11.9	%
Microsoft Corp.	11.1
Amazon.com Inc.	6.3
Facebook Inc., Class A	2.7
AbbVie Inc.	2.1
Louisiana-Pacific Corp.	2.1
Booz Allen Hamilton Holding Corp.	2.0
QUALCOMM Inc.	2.0
MSCI Inc.	1.8
NVIDIA Corp.	1.8

^(a)  Excludes money market funds.

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Fund Summary as of September 30, 2021 iShares^® Factors US Value Style ETF

Investment Objective

The iShares Factors US Value Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Value Style 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		4.95	%		38.24	%		10.51	%		38.24	%		18.70	%
Fund Market		4.87			38.23			10.60			38.23			18.86
Index		5.01			38.56			10.70			38.56			19.00

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

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 7 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	$	1,049.50	$	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 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	24.1	%
Health Care	15.3
Information Technology	13.7
Consumer Staples	10.3
Industrials	9.3
Consumer Discretionary	9.2
Materials	4.6
Communication Services	4.3
Utilities	3.4
Energy	3.0
Real Estate	2.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Johnson & Johnson	2.8	%
Merck & Co. Inc.	2.8
Jefferies Financial Group Inc.	2.2
Evercore Inc., Class A	2.1
Verizon Communications Inc.	1.9
Otis Worldwide Corp.	1.8
Louisiana-Pacific Corp.	1.7
Walmart Inc.	1.7
Procter & Gamble Co. (The)	1.7
Lazard Ltd., Class A	1.7

^(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^® US Small Cap Value Factor ETF

Investment Objective

The iShares US Small Cap Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. small-capitalization stocks with prominent value characteristics, as represented by the Russell 2000 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

				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		(0.68	)%		55.98	%
Fund Market		(0.85	)		56.08
Index		(0.55	)		56.77

The inception date of the Fund was 10/27/20. The first day of secondary market trading was 10/29/20.

Certain sectors and markets performed exceptionally well based on market conditions since the Fund commenced operations. 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 7 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	$	993.20	$	1.00		$	1,000.00	$	1,024.10	$	1.01		0.20	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	43.8	%
Industrials	20.2
Consumer Discretionary	11.0
Materials	7.4
Information Technology	5.4
Energy	3.8
Real Estate	3.8
Utilities	1.8
Health Care	1.3
Consumer Staples	1.1
Communication Services	0.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Customers Bancorp. Inc.	1.0	%
Dime Community Bancshares Inc.	1.0
Triumph Bancorp. Inc.	0.8
Movado Group Inc.	0.8
Funko Inc., Class A	0.8
AdvanSix Inc.	0.8
Clean Energy Fuels Corp.	0.8
MYR Group Inc.	0.7
Abercrombie & Fitch Co., Class A	0.7
Meta Financial Group Inc.	0.7

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.

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 7

Schedule of Investments (unaudited)  September 30, 2021 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.6%
Expeditors International of Washington Inc.		319	$	38,002
FedEx Corp.		85		18,640
United Parcel Service Inc., Class B		160		29,136
				85,778
Automobiles — 0.9%
Tesla Inc.(a)		66		51,182
Beverages — 0.1%
PepsiCo Inc.		20		3,008
Biotechnology — 3.8%
AbbVie Inc.		1,066		114,989
Acceleron Pharma Inc.(a)		34		5,851
Amgen Inc.		26		5,529
Moderna Inc.(a)		168		64,657
Vertex Pharmaceuticals Inc.(a)		64		11,609
				202,635
Building Products — 0.5%
Carrier Global Corp.		100		5,176
Trane Technologies PLC		57		9,841
Trex Co. Inc.(a)		118		12,028
				27,045
Capital Markets — 4.0%
Goldman Sachs Group Inc. (The)		141		53,302
MSCI Inc.		159		96,726
S&P Global Inc.		150		63,734
				213,762
Chemicals — 1.4%
Chemours Co. (The)		562		16,332
Scotts Miracle-Gro Co. (The)		409		59,861
				76,193
Communications Equipment — 0.5%
Arista Networks Inc.(a)		11		3,780
Ubiquiti Inc.		76		22,699
				26,479
Consumer Finance — 0.9%
Synchrony Financial		535		26,151
Upstart Holdings Inc.(a)		63		19,936
				46,087
Containers & Packaging — 0.1%
Sealed Air Corp.		101		5,534
Distributors — 0.4%
Pool Corp.		51		22,155
Electrical Equipment — 0.0%
Generac Holdings Inc.(a)		1		409
Electronic Equipment, Instruments & Components — 0.7%
Vontier Corp.		283		9,509
Zebra Technologies Corp., Class A(a)		56		28,863
				38,372
Entertainment — 1.1%
Playtika Holding Corp.(a)		1,750		48,353
Take-Two Interactive Software Inc.(a)		59		9,090
				57,443
Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		197		88,522

Security	Shares		Value
Food Products — 0.3%
Hershey Co. (The)		96	$	16,248
Health Care Equipment & Supplies — 0.9%
Align Technology Inc.(a)		18		11,978
IDEXX Laboratories Inc.(a)		61		37,936
				49,914
Health Care Providers & Services — 2.6%
Amedisys Inc.(a)		78		11,630
Chemed Corp.		60		27,907
DaVita Inc.(a)		279		32,437
HCA Healthcare Inc.		166		40,291
McKesson Corp.		80		15,950
Molina Healthcare Inc.(a)		48		13,023
				141,238
Health Care Technology — 0.3%
Veeva Systems Inc., Class A(a)		50		14,409
Hotels, Restaurants & Leisure — 1.5%
Domino’s Pizza Inc.		119		56,758
Yum! Brands Inc.		217		26,542
				83,300
Household Durables — 0.7%
Tempur Sealy International Inc.		296		13,737
TopBuild Corp.(a)		121		24,782
				38,519
Household Products — 0.1%
Clorox Co. (The)		36		5,962
Interactive Media & Services — 5.9%
Alphabet Inc., Class A(a)		35		93,573
Alphabet Inc., Class C, NVS(a)		28		74,629
Facebook Inc., Class A(a)		422		143,222
Match Group Inc.(a)		34		5,338
				316,762
Internet & Direct Marketing Retail — 7.8%
Amazon.com Inc.(a)		103		338,359
eBay Inc.		604		42,081
Wayfair Inc., Class A(a)(b)		162		41,392
				421,832
IT Services — 0.4%
Mastercard Inc., Class A		22		7,649
PayPal Holdings Inc.(a)		24		6,245
Visa Inc., Class A		30		6,683
				20,577
Life Sciences Tools & Services — 1.5%
Maravai LifeSciences Holdings Inc., Class A(a)		224		10,994
Mettler-Toledo International Inc.(a)		36		49,585
Sotera Health Co.(a)		829		21,678
				82,257
Machinery — 0.5%
AGCO Corp.		194		23,771
Graco Inc.		12		839
				24,610
Multiline Retail — 2.1%
Dollar General Corp.		88		18,668
Nordstrom Inc.(a)		352		9,310
Target Corp.		367		83,959
				111,937

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Factors US Growth Style ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products — 2.1%
Louisiana-Pacific Corp.		1,821	$	111,755
Personal Products — 1.1%
Estee Lauder Companies Inc. (The), Class A		19		5,699
Herbalife Nutrition Ltd.(a)		1,251		53,017
				58,716
Pharmaceuticals — 1.7%
Eli Lilly & Co.		233		53,835
Royalty Pharma PLC, Class A		988		35,706
Zoetis Inc.		5		971
				90,512
Professional Services — 2.0%
Booz Allen Hamilton Holding Corp.		1,355		107,519
Road & Rail — 0.3%
Old Dominion Freight Line Inc.		64		18,303
Semiconductors & Semiconductor Equipment — 5.8%
Allegro MicroSystems Inc.(a)		402		12,848
Applied Materials Inc.		110		14,160
Broadcom Inc.		4		1,940
KLA Corp.		48		16,056
NVIDIA Corp.		464		96,122
QUALCOMM Inc.		828		106,795
Teradyne Inc.		269		29,367
Texas Instruments Inc.		184		35,367
				312,655
Software — 24.8%
Adobe Inc.(a)		114		65,632
Aspen Technology Inc.(a)		385		47,278
Atlassian Corp. PLC, Class A(a)		225		88,070
Cadence Design Systems Inc.(a)		410		62,090
Citrix Systems Inc.		284		30,493
Crowdstrike Holdings Inc., Class A(a)		308		75,700
Dropbox Inc., Class A(a)		440		12,857
Fair Isaac Corp.(a)		136		54,118
Fortinet Inc.(a)		248		72,426
HubSpot Inc.(a)		87		58,820
Intuit Inc.		60		32,371
Manhattan Associates Inc.(a)		361		55,244
McAfee Corp., Class A		753		16,649
Microsoft Corp.		2,132		601,053
NortonLifeLock Inc.		333		8,425
Oracle Corp.		186		16,206
ServiceNow Inc.(a)		16		9,956
Synopsys Inc.(a)		52		15,569
Teradata Corp.(a)		36		2,065
Zoom Video Communications Inc., Class A(a)		15		3,923

Security	Shares		Value
Software (continued)
Zscaler Inc.(a)		41	$	10,751
				1,339,696
Specialty Retail — 5.2%
AutoZone Inc.(a)		8		13,584
Bath & Body Works Inc.		27		1,702
Best Buy Co. Inc.		251		26,533
Home Depot Inc. (The)		247		81,080
Leslie’s Inc.(a)		1,829		37,568
Lowe’s Companies Inc.		150		30,429
O’Reilly Automotive Inc.(a)		3		1,833
Victoria’s Secret & Co.(a)		796		43,987
Williams-Sonoma Inc.		262		46,460
				283,176
Technology Hardware, Storage & Peripherals — 12.5%
Apple Inc.		4,529		640,853
HP Inc.		988		27,032
NetApp Inc.		104		9,335
				677,220
Textiles, Apparel & Luxury Goods — 2.2%
Columbia Sportswear Co.		216		20,701
Deckers Outdoor Corp.(a)		192		69,158
Nike Inc., Class B		202		29,337
				119,196
Total Common Stocks — 99.9% (Cost: $5,444,457)				5,390,917
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		19,882		19,892
Total Short-Term Investments — 0.4% (Cost: $19,892)				19,892
Total Investments in Securities — 100.3% (Cost: $5,464,349)				5,410,809
Other Assets, Less Liabilities — (0.3)%				(13,724	)
Net Assets — 100.0%			$	5,397,085

^(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.

S C H E D U L E    O F    I N V E S T  M E N T S 9

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Factors US Growth Style 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	$	127,035	$	—	$	(107,144	)(a)	$	1	$	—	$	19,892		19,882	$	736	(b)	$	—

^(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.

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	$	5,390,917	$	—	$	—	$	5,390,917
Money Market Funds		19,892		—		—		19,892
	$	5,410,809	$	—	$	—	$	5,410,809

See notes to financial statements.

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

Schedule of Investments (unaudited) September 30, 2021 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Lockheed Martin Corp.		25	$	8,627
Northrop Grumman Corp.		84		30,253
				38,880
Air Freight & Logistics — 1.1%
Expeditors International of Washington Inc.		470		55,991
FedEx Corp.		91		19,955
				75,946
Banks — 1.4%
Popular Inc.		1,273		98,874
Regions Financial Corp.		129		2,749
				101,623
Biotechnology — 1.8%
Amgen Inc.		252		53,588
Biogen Inc.(a)		92		26,035
Gilead Sciences Inc.		688		48,057
				127,680
Building Products — 1.3%
Lennox International Inc.		213		62,658
Masco Corp.		555		30,830
Trane Technologies PLC		9		1,554
				95,042
Capital Markets — 10.4%
Ameriprise Financial Inc.		53		13,998
Evercore Inc., Class A		1,091		145,834
Franklin Resources Inc.		667		19,823
Goldman Sachs Group Inc. (The)		234		88,459
Jefferies Financial Group Inc.		4,144		153,867
Lazard Ltd., Class A		2,594		118,805
Morgan Stanley		141		13,721
MSCI Inc.		46		27,984
Northern Trust Corp.		43		4,636
Raymond James Financial Inc.		295		27,222
State Street Corp.		469		39,734
Stifel Financial Corp.		668		45,397
Virtu Financial Inc., Class A		1,697		41,458
				740,938
Commercial Services & Supplies — 0.6%
ADT Inc.		157		1,270
Republic Services Inc.		152		18,249
Waste Management Inc.		172		25,690
				45,209
Communications Equipment — 2.5%
Ciena Corp.(a)		30		1,541
Cisco Systems Inc.		1,243		67,656
Juniper Networks Inc.		153		4,211
Lumentum Holdings Inc.(a)		8		668
Motorola Solutions Inc.		258		59,939
Ubiquiti Inc.		151		45,099
				179,114
Consumer Finance — 3.5%
Ally Financial Inc.		1,996		101,896
Capital One Financial Corp.		252		40,816
OneMain Holdings Inc.		1,101		60,918
Synchrony Financial		917		44,823
				248,453

Security	Shares		Value
Containers & Packaging — 1.5%
Amcor PLC		4,862	$	56,351
Avery Dennison Corp.		47		9,739
Graphic Packaging Holding Co.		289		5,502
Sealed Air Corp.		405		22,190
Silgan Holdings Inc.		414		15,881
				109,663
Diversified Consumer Services — 0.5%
H&R Block Inc.		1,409		35,225
Diversified Financial Services — 0.6%
Equitable Holdings Inc.		370		10,967
Voya Financial Inc.		517		31,738
				42,705
Diversified Telecommunication Services — 3.3%
AT&T Inc.		1,963		53,021
Lumen Technologies Inc.		3,859		47,813
Verizon Communications Inc.		2,499		134,971
				235,805
Electric Utilities — 2.1%
Duke Energy Corp.		129		12,589
Entergy Corp.		333		33,070
FirstEnergy Corp.		226		8,050
Hawaiian Electric Industries Inc.		1,299		53,038
IDACORP Inc.		62		6,410
NRG Energy Inc.		470		19,190
Pinnacle West Capital Corp.		198		14,328
Xcel Energy Inc.		6		375
				147,050
Electrical Equipment — 0.5%
nVent Electric PLC		1,197		38,699
Electronic Equipment, Instruments & Components — 0.7%
Avnet Inc.		505		18,670
Jabil Inc.		157		9,164
Vontier Corp.		578		19,421
				47,255
Entertainment — 0.3%
Activision Blizzard Inc.		10		774
Take-Two Interactive Software Inc.(a)		110		16,948
				17,722
Equity Real Estate Investment Trusts (REITs) — 2.8%
Brixmor Property Group Inc.		464		10,259
Equity Residential		116		9,387
Public Storage		5		1,485
SBA Communications Corp.		72		23,801
SL Green Realty Corp.		1,190		84,300
VEREIT Inc.		1,517		68,614
				197,846
Food & Staples Retailing — 4.5%
Albertsons Companies Inc., Class A		3,122		97,188
Costco Wholesale Corp.		48		21,569
Kroger Co. (The)		1,764		71,319
Walgreens Boots Alliance Inc.		142		6,681
Walmart Inc.		864		120,424
				317,181
Food Products — 1.0%
Campbell Soup Co.		384		16,055
Flowers Foods Inc.		1,852		43,763
Hershey Co. (The)		9		1,523

S C H E D U L E    O F    I N V E S T  M E N T S 11

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
JM Smucker Co. (The)		102	$	12,243
				73,584
Gas Utilities — 0.0%
National Fuel Gas Co.		48		2,521
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories		56		6,615
Danaher Corp.		45		13,700
DENTSPLY SIRONA Inc.		180		10,449
Hologic Inc.(a)(b)		71		5,241
Medtronic PLC		40		5,014
				41,019
Health Care Providers & Services — 2.8%
Amedisys Inc.(a)		75		11,183
Cardinal Health Inc.		244		12,068
Chemed Corp.		18		8,372
CVS Health Corp.		659		55,923
DaVita Inc.(a)		309		35,924
Molina Healthcare Inc.(a)(b)		81		21,976
Signify Health Inc., Class A(a)		2,006		35,847
UnitedHealth Group Inc.		46		17,974
Universal Health Services Inc., Class B		3		415
				199,682
Hotels, Restaurants & Leisure — 1.9%
Domino’s Pizza Inc.		94		44,835
McDonald’s Corp.		102		24,593
Yum! Brands Inc.		549		67,148
				136,576
Household Durables — 0.3%
Newell Brands Inc.		826		18,288
Household Products — 2.4%
Clorox Co. (The)		15		2,484
Colgate-Palmolive Co.		101		7,634
Kimberly-Clark Corp.		332		43,970
Procter & Gamble Co. (The)		858		119,948
				174,036
Independent Power and Renewable Electricity Producers — 0.7%
Vistra Corp.		2,819		48,205
Insurance — 7.9%
Aflac Inc.		681		35,501
Allstate Corp. (The)		560		71,294
American Financial Group Inc./OH		368		46,306
Assurant Inc.		95		14,986
Assured Guaranty Ltd.		485		22,703
Athene Holding Ltd., Class A(a)		300		20,661
Brighthouse Financial Inc.(a)		858		38,807
CNA Financial Corp.		516		21,651
Everest Re Group Ltd.		53		13,291
Hanover Insurance Group Inc. (The)		153		19,832
Hartford Financial Services Group Inc. (The)		441		30,980
Loews Corp.		301		16,233
Mercury General Corp.		832		46,318
MetLife Inc.		496		30,618
Old Republic International Corp.		263		6,083
Primerica Inc.		90		13,827
Principal Financial Group Inc.		261		16,808
Unum Group		1,462		36,638

Security	Shares		Value
Insurance (continued)
White Mountains Insurance Group Ltd.(b)		58	$	62,037
				564,574
Internet & Direct Marketing Retail — 1.1%
Qurate Retail Inc., Series A		4,019		40,954
Wayfair Inc., Class A(a)(b)		140		35,771
				76,725
IT Services — 1.8%
Akamai Technologies Inc.(a)		6		627
Concentrix Corp.(a)		68		12,036
International Business Machines Corp.		15		2,084
Paychex Inc.		153		17,205
VeriSign Inc.(a)		278		56,993
Western Union Co. (The)		1,818		36,760
				125,705
Leisure Products — 0.1%
Hasbro Inc.		102		9,100
Life Sciences Tools & Services — 0.4%
Thermo Fisher Scientific Inc.		52		29,709
Machinery — 2.9%
AGCO Corp.		93		11,395
Allison Transmission Holdings Inc.		854		30,163
Dover Corp.		89		13,840
Illinois Tool Works Inc.		55		11,365
Otis Worldwide Corp.		1,573		129,426
Pentair PLC		106		7,699
				203,888
Media — 0.7%
Altice USA Inc., Class A(a)		285		5,905
Comcast Corp., Class A		576		32,216
News Corp., Class B		18		418
Omnicom Group Inc.		119		8,623
Sirius XM Holdings Inc.		120		732
				47,894
Metals & Mining — 1.3%
Alcoa Corp.(a)		624		30,539
Reliance Steel & Aluminum Co.		441		62,807
Steel Dynamics Inc.		8		468
				93,814
Multi-Utilities — 0.6%
Ameren Corp.		381		30,861
CMS Energy Corp.		14		836
Consolidated Edison Inc.		52		3,775
DTE Energy Co.		49		5,474
WEC Energy Group Inc.		17		1,499
				42,445
Multiline Retail — 1.1%
Kohl’s Corp.		15		706
Target Corp.		327		74,808
				75,514
Oil, Gas & Consumable Fuels — 3.0%
Antero Midstream Corp.		6,301		65,656
Cabot Oil & Gas Corp.		89		1,937
Devon Energy Corp.		1,002		35,581
DTE Midstream LLC(a)		2,353		108,803
				211,977

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

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products — 1.7%
Louisiana-Pacific Corp.		1,982	$	121,635
Personal Products — 0.4%
Herbalife Nutrition Ltd.(a)		690		29,242
Pharmaceuticals — 9.6%
Bristol-Myers Squibb Co.		1,765		104,435
Eli Lilly & Co.		182		42,051
Johnson & Johnson		1,216		196,384
Merck & Co. Inc.		2,610		196,037
Organon & Co.		1,010		33,118
Pfizer Inc.		2,339		100,601
Royalty Pharma PLC, Class A		338		12,215
				684,841
Professional Services — 1.7%
Dun & Bradstreet Holdings Inc.(a)		1,988		33,418
FTI Consulting Inc.(a)		476		64,117
Leidos Holdings Inc.		4		385
ManpowerGroup Inc.		37		4,006
Robert Half International Inc.		221		22,173
				124,099
Road & Rail — 0.2%
Schneider National Inc., Class B		557		12,666
Semiconductors & Semiconductor Equipment — 2.0%
Cirrus Logic Inc.(a)		221		18,199
Intel Corp.		835		44,489
Qorvo Inc.(a)		161		26,918
Texas Instruments Inc.		281		54,011
				143,617
Software — 3.7%
Citrix Systems Inc.		639		68,610
Manhattan Associates Inc.(a)		204		31,218
McAfee Corp., Class A		1,919		42,429
N-Able Inc.(a)		7,198		89,327
Oracle Corp.		89		7,755
Teradata Corp.(a)		461		26,438
				265,777
Specialty Retail — 2.9%
AutoNation Inc.(a)		124		15,098
AutoZone Inc.(a)		9		15,282
Bath & Body Works Inc.		239		15,064
Best Buy Co. Inc.		371		39,219
Dick’s Sporting Goods Inc.		187		22,397
Foot Locker Inc.		26		1,187
Leslie’s Inc.(a)		692		14,214
Victoria’s Secret & Co.(a)		778		42,992
Williams-Sonoma Inc.		219		38,835
				204,288
Technology Hardware, Storage & Peripherals — 3.0%
Hewlett Packard Enterprise Co.		6,198		88,321

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
HP Inc.		1,505	$	41,177
NetApp Inc.		287		25,761
Xerox Holdings Corp.		2,852		57,525
				212,784
Textiles, Apparel & Luxury Goods — 1.4%
Carter’s Inc.		25		2,431
Columbia Sportswear Co.		225		21,564
Deckers Outdoor Corp.(a)		159		57,272
Ralph Lauren Corp.		167		18,543
				99,810
Thrifts & Mortgage Finance — 0.2%
New York Community Bancorp. Inc.		560		7,207
UWM Holdings Corp.		659		4,580
				11,787
Tobacco — 1.9%
Altria Group Inc.		680		30,954
Philip Morris International Inc.		1,074		101,804
				132,758
Trading Companies & Distributors — 0.4%
MSC Industrial Direct Co. Inc., Class A		66		5,293
WW Grainger Inc.		55		21,618
				26,911
Total Common Stocks — 99.6% (Cost: $6,801,784)				7,087,507
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		125,650		125,712
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		10,000		10,000
				135,712
Total Short-Term Investments — 1.9% (Cost: $135,712)				135,712
Total Investments in Securities — 101.5% (Cost: $6,937,496)				7,223,219
Other Assets, Less Liabilities — (1.5)%				(109,923	)
Net Assets — 100.0%			$	7,113,292

^(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.

S C H E D U L E    O F    I N V E S T  M E N T S 13

Schedule of Investments (unaudited) (continued) September 30, 2021     iShares^® Factors US Value Style 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	$	178,136	$	—		$	(52,428	)(a)	$	4	$	—	$	125,712		125,650	$	765	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	(a)		—			—		—		10,000		10,000		—			—
									$	4	$	—	$	135,712			$	765		$	—

^(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.

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	$	7,087,507	$	—	$	—	$	7,087,507
Money Market Funds		135,712		—		—		135,712
	$	7,223,219	$	—	$	—	$	7,223,219

See notes to financial statements.

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

Schedule of Investments (unaudited)  September 30, 2021 iShares^® US Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
Ducommun Inc.(a)		9,719	$	489,352
Air Freight & Logistics — 0.3%
Atlas Air Worldwide Holdings Inc.(a)(b)		5,254		429,147
Auto Components — 0.9%
Dana Inc.		26,154		581,665
Modine Manufacturing Co.(a)		46,390		525,599
				1,107,264
Banks — 30.3%
1st Source Corp.		10,428		492,619
Allegiance Bancshares Inc.		13,599		518,802
Atlantic Union Bankshares Corp.		14,968		551,571
Banc of California Inc.		31,439		581,307
BancFirst Corp.		6,939		417,173
BancorpSouth Bank		15,190		452,358
Bank of NT Butterfield & Son Ltd. (The)		14,592		518,162
BankUnited Inc.		13,964		583,974
Brookline Bancorp. Inc.		32,982		503,305
Bryn Mawr Bank Corp.		12,860		590,917
Cathay General Bancorp.		14,792		612,241
Central Pacific Financial Corp.		21,155		543,260
City Holding Co.		4,962		386,589
Columbia Banking System Inc.		12,867		488,817
Community Trust Bancorp. Inc.		11,628		489,539
ConnectOne Bancorp. Inc.		22,786		683,808
CrossFirst Bankshares Inc.(a)		37,748		490,724
Customers Bancorp. Inc.(a)		28,477		1,225,080
CVB Financial Corp.		18,715		381,225
Dime Community Bancshares Inc.		36,643		1,196,760
Enterprise Financial Services Corp.		11,729		531,089
First BanCorp./Puerto Rico		51,416		676,120
First Bancshares Inc. (The)		15,478		600,237
First Busey Corp.		20,134		495,900
First Financial Bancorp.		23,602		552,523
First Financial Corp./IN		10,194		428,658
First Foundation Inc.		24,544		645,507
First Merchants Corp.		13,810		577,810
Flushing Financial Corp.		30,469		688,599
Fulton Financial Corp.		34,284		523,859
German American Bancorp. Inc.		10,399		401,713
Great Southern Bancorp. Inc.		8,834		484,192
Hancock Whitney Corp.		16,992		800,663
Hanmi Financial Corp.		35,319		708,499
Heritage Commerce Corp.		48,060		558,938
Heritage Financial Corp./WA		16,794		428,247
Home BancShares Inc./AR		21,058		495,495
Hope Bancorp Inc.		37,856		546,641
Horizon Bancorp Inc./IN		31,698		575,953
Independent Bank Corp.		5,856		445,934
Independent Bank Corp./MI		25,445		546,559
Independent Bank Group Inc.		7,241		514,401
Investors Bancorp. Inc.		44,169		667,394
Lakeland Bancorp. Inc.		32,144		566,699
Midland States Bancorp. Inc.		25,396		628,043
NBT Bancorp. Inc.		11,523		416,211
Nicolet Bankshares Inc.(a)		5,846		433,656
OFG Bancorp.		23,161		584,120
Old National Bancorp./IN		22,227		376,748

Security	Shares		Value
Banks (continued)
Pacific Premier Bancorp. Inc.		14,511	$	601,336
Peoples Bancorp. Inc./OH		16,756		529,657
Preferred Bank/Los Angeles CA		3,154		210,309
S&T Bancorp. Inc.		17,392		512,542
Sandy Spring Bancorp. Inc.		13,855		634,836
Seacoast Banking Corp. of Florida		16,000		540,960
Simmons First National Corp., Class A		17,689		522,887
South State Corp.		6,821		509,324
Texas Capital Bancshares Inc.(a)		9,367		562,207
Tompkins Financial Corp.		5,784		467,983
Towne Bank/Portsmouth VA		19,501		606,676
TriCo Bancshares		13,035		565,719
TriState Capital Holdings Inc.(a)		21,612		457,094
Triumph Bancorp. Inc.(a)		10,252		1,026,533
Trustmark Corp.		14,550		468,801
United Bankshares Inc./WV		15,189		552,576
United Community Banks Inc./GA		16,639		546,092
Valley National Bancorp.		47,131		627,314
Washington Trust Bancorp. Inc.		10,466		554,489
				38,105,974
Biotechnology — 0.4%
Vanda Pharmaceuticals Inc.(a)		33,110		567,505
Building Products — 1.4%
American Woodmark Corp.(a)		3,283		214,610
Apogee Enterprises Inc.		15,562		587,621
Insteel Industries Inc.		17,529		666,978
Quanex Building Products Corp.		15,870		339,777
				1,808,986
Capital Markets — 2.0%
BGC Partners Inc., Class A		134,348		699,953
Cowen Inc., Class A		19,652		674,260
Federated Hermes Inc.		14,925		485,062
Piper Sandler Cos.		4,393		608,255
				2,467,530
Chemicals — 2.2%
AdvanSix Inc.(a)		25,088		997,248
Avient Corp.		12,347		572,283
Ecovyst Inc.		26,722		311,579
HB Fuller Co.		7,028		453,728
Minerals Technologies Inc.		6,428		448,931
				2,783,769
Commercial Services & Supplies — 4.0%
ABM Industries Inc.		8,796		395,908
ACCO Brands Corp.		55,164		473,859
BrightView Holdings Inc.(a)		28,912		426,741
Herman Miller Inc.		19,317		727,478
HNI Corp.		10,727		393,896
Interface Inc.		52,227		791,239
KAR Auction Services Inc.(a)		23,848		390,869
Matthews International Corp., Class A		14,277		495,269
SP Plus Corp.(a)		17,981		551,477
Steelcase Inc., Class A		31,678		401,677
				5,048,413
Communications Equipment — 0.8%
Comtech Telecommunications Corp.		22,844		585,035
NetScout Systems Inc.(a)		15,124		407,592
				992,627

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® US Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering — 2.5%
Arcosa Inc.		6,213	$	311,706
EMCOR Group Inc.		4,916		567,208
Great Lakes Dredge & Dock Corp.(a)(b)		33,773		509,635
MYR Group Inc.(a)		8,743		869,929
Primoris Services Corp.		15,562		381,113
Sterling Construction Co. Inc.(a)		23,176		525,400
				3,164,991
Construction Materials — 0.5%
Summit Materials Inc., Class A(a)		19,544		624,822
Consumer Finance — 0.8%
EZCORP Inc., Class A, NVS(a)		63,466		480,438
World Acceptance Corp.(a)		3,042		576,702
				1,057,140
Distributors — 0.8%
Funko Inc., Class A(a)		55,194		1,005,083
Diversified Consumer Services — 0.3%
Laureate Education Inc., Class A(a)		24,308		412,993
Electrical Equipment — 1.1%
Encore Wire Corp.		6,913		655,560
Powell Industries Inc.		11,150		273,955
Thermon Group Holdings Inc.(a)		28,470		492,816
				1,422,331
Electronic Equipment, Instruments & Components — 2.5%
Benchmark Electronics Inc.		15,843		423,167
Insight Enterprises Inc.(a)		5,766		519,401
Knowles Corp.(a)		21,593		404,653
Methode Electronics Inc.		11,325		476,216
Sanmina Corp.(a)		12,161		468,685
TTM Technologies Inc.(a)		29,391		369,445
Vishay Intertechnology Inc.		21,103		423,959
				3,085,526
Energy Equipment & Services — 1.3%
National Energy Services Reunited Corp.(a)		50,436		631,459
RPC Inc.(a)		120,922		587,681
Solaris Oilfield Infrastructure Inc., Class A		49,571		413,422
				1,632,562
Equity Real Estate Investment Trusts (REITs) — 3.5%
Acadia Realty Trust		30,392		620,301
Columbia Property Trust Inc.		29,317		557,609
Kite Realty Group Trust		27,696		563,891
Piedmont Office Realty Trust Inc., Class A		23,528		410,093
Sabra Health Care REIT Inc.		19,617		288,762
SITE Centers Corp.		44,508		687,203
Summit Hotel Properties Inc.(a)		61,733		594,489
Xenia Hotels & Resorts Inc.(a)		36,021		639,013
				4,361,361
Food & Staples Retailing — 0.8%
Andersons Inc. (The)		16,753		516,495
SpartanNash Co.		19,572		428,627
				945,122
Food Products — 0.4%
Fresh Del Monte Produce Inc.		14,036		452,240
Gas Utilities — 0.5%
Southwest Gas Holdings Inc.		5,457		364,964

Security	Shares		Value
Gas Utilities (continued)
Spire Inc.		5,147	$	314,893
				679,857
Health Care Providers & Services — 0.4%
Select Medical Holdings Corp.		15,521		561,394
Household Durables — 2.7%
Century Communities Inc.		7,542		463,456
Ethan Allen Interiors Inc.		25,237		598,117
Hooker Furniture Corp.		10,444		281,884
KB Home		8,595		334,517
La-Z-Boy Inc.		8,546		275,438
M/I Homes Inc.(a)		6,953		401,883
Meritage Homes Corp.(a)		2,992		290,224
Taylor Morrison Home Corp.(a)		13,473		347,334
TRI Pointe Homes Inc.(a)		18,068		379,789
				3,372,642
Insurance — 4.3%
American Equity Investment Life Holding Co.		14,226		420,663
CNO Financial Group Inc.		20,234		476,308
Employers Holdings Inc.		9,371		370,061
Enstar Group Ltd.(a)		1,993		467,817
HCI Group Inc.		6,501		720,116
Heritage Insurance Holdings Inc.		30,614		208,481
Horace Mann Educators Corp.		8,448		336,146
ProAssurance Corp.		18,329		435,864
Selective Insurance Group Inc.		6,240		471,307
SiriusPoint Ltd.(a)		47,339		438,359
Stewart Information Services Corp.		6,997		442,630
United Fire Group Inc.		15,025		347,078
Universal Insurance Holdings Inc.		22,852		297,990
				5,432,820
Machinery — 3.3%
Altra Industrial Motion Corp.		8,872		491,065
Barnes Group Inc.		7,683		320,612
Columbus McKinnon Corp./NY		9,667		467,399
EnPro Industries Inc.		5,671		494,057
Greenbrier Companies Inc. (The)		11,837		508,873
Meritor Inc.(a)		12,821		273,215
Mueller Industries Inc.		11,976		492,214
REV Group Inc.		40,460		694,294
Wabash National Corp.		23,253		351,818
				4,093,547
Marine — 0.5%
Matson Inc.		8,008		646,326
Media — 0.4%
Scholastic Corp.		15,240		543,306
Metals & Mining — 3.6%
Allegheny Technologies Inc.(a)(b)		33,388		555,242
Carpenter Technology Corp.		15,940		521,876
Commercial Metals Co.		16,013		487,756
Haynes International Inc.		18,983		707,117
Kaiser Aluminum Corp.		6,035		657,573
Schnitzer Steel Industries Inc., Class A		16,744		733,555
Warrior Met Coal Inc.		20,141		468,681
Worthington Industries Inc.		6,846		360,784
				4,492,584
Mortgage Real Estate Investment — 0.3%
Broadmark Realty Capital Inc.		35,164		346,717

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Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® US Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities — 1.2%
Avista Corp.		8,672	$	339,249
Black Hills Corp.		6,147		385,786
NorthWestern Corp.		6,752		386,889
Unitil Corp.		8,513		364,186
				1,476,110
Oil, Gas & Consumable Fuels — 2.5%
Clean Energy Fuels Corp.(a)		121,662		991,545
CNX Resources Corp.(a)		33,817		426,770
DHT Holdings Inc.		64,342		420,153
Dorian LPG Ltd.		40,904		507,619
Nordic American Tankers Ltd.		96,544		247,153
World Fuel Services Corp.		15,098		507,595
				3,100,835
Paper & Forest Products — 1.0%
Clearwater Paper Corp.(a)		8,833		338,569
Domtar Corp.(a)		12,078		658,734
Glatfelter Corp.		19,642		276,952
				1,274,255
Pharmaceuticals — 0.4%
Prestige Consumer Healthcare Inc.(a)		8,826		495,227
Professional Services — 1.7%
Heidrick & Struggles International Inc.		16,290		727,022
Kelly Services Inc., Class A, NVS		20,034		378,242
Resources Connection Inc.		27,873		439,836
TrueBlue Inc.(a)		20,700		560,556
				2,105,656
Real Estate Management & Development — 0.2%
RE/MAX Holdings Inc., Class A		9,696		302,127
Road & Rail — 1.4%
ArcBest Corp.		10,278		840,432
Covenant Logistics Group Inc., Class A(a)		18,290		505,718
U.S. Xpress Enterprises Inc., Class A(a)		41,773		360,501
				1,706,651
Semiconductors & Semiconductor Equipment — 1.6%
Alpha & Omega Semiconductor Ltd.(a)		24,901		781,144
Amkor Technology Inc.		28,543		712,148
SMART Global Holdings Inc.(a)(b)		11,701		520,695
				2,013,987
Software — 0.4%
Xperi Holding Corp.		28,326		533,662
Specialty Retail — 4.2%
Abercrombie & Fitch Co., Class A(a)		23,081		868,538
Hibbett Inc.		8,181		578,724
MarineMax Inc.(a)(b)		12,397		601,502
ODP Corp. (The)(a)		16,523		663,564
Rent-A-Center Inc./TX		10,680		600,323
Sportsman’s Warehouse Holdings Inc.(a)		22,525		396,440
Tilly’s Inc., Class A		53,368		747,686
Urban Outfitters Inc.(a)		13,630		404,675
Zumiez Inc.(a)		11,502		457,319
				5,318,771

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 1.9%
Movado Group Inc.		32,208	$	1,014,230
Superior Group of Companies Inc.		14,312		333,326
Unifi Inc.(a)		22,461		492,570
Vera Bradley Inc.(a)		53,125		499,906
				2,340,032
Thrifts & Mortgage Finance — 5.3%
HomeStreet Inc.		10,877		447,589
Kearny Financial Corp./MD		44,520		553,384
Meridian Bancorp. Inc.		31,019		643,954
Meta Financial Group Inc.		16,165		848,339
NMI Holdings Inc., Class A(a)		18,553		419,483
Northfield Bancorp. Inc.		35,003		600,651
Premier Financial Corp.		20,496		652,593
Provident Financial Services Inc.		25,534		599,283
Radian Group Inc.		21,978		499,340
TrustCo Bank Corp. NY		11,050		353,269
Washington Federal Inc.		15,477		531,016
WSFS Financial Corp.		11,259		577,699
				6,726,600
Trading Companies & Distributors — 3.2%
Beacon Roofing Supply Inc.(a)		10,296		491,737
Boise Cascade Co.		7,997		431,678
DXP Enterprises Inc./TX(a)		19,828		586,314
GMS Inc.(a)		13,499		591,256
Rush Enterprises Inc., Class A		9,558		431,640
Titan Machinery Inc.(a)		24,266		628,732
WESCO International Inc.(a)		7,260		837,223
				3,998,580
Total Common Stocks — 98.2% (Cost: $116,939,921)				123,526,424
Short-Term Investments
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		1,348,863		1,349,538
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		2,460,000		2,460,000
				3,809,538
Total Short-Term Investments — 3.0% (Cost: $3,809,538)				3,809,538
Total Investments in Securities — 101.2% (Cost: $120,749,459)				127,335,962
Other Assets, Less Liabilities — (1.2)%				(1,491,698	)
Net Assets — 100.0%			$	125,844,264

^(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.

S C H E D U L E    O F    I N V E S T  M E N T S 17

Schedule of Investments (unaudited) (continued) September 30, 2021 iShares^® US Small Cap 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	$	376,585	$	973,147	(a)	$	—		$	(194	)	$	—	$	1,349,538		1,348,863	$	1,281	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,350,000		—			(8,890,000	)(a)		—			—		2,460,000		2,460,000		256			—
									$	(194	)	$	—	$	3,809,538			$	1,537		$	—

^(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 Financial Select Sector Index		1		12/17/21	$	116	$	(2,115	)
Russell 2000 E-Mini Index		2		12/17/21		220		(4,500	)
							$	(6,615	)

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly		Goldman Sachs Bank USA(b)		02/27/23	$	699,041	$	49,891	(c)	$	740,108		0.6	%
	Monthly		HSBC Bank PLC(d)		02/10/23		869,763		46,238	(e)		891,011		0.7
	Monthly		JPMorgan Chase Bank NA(f)		02/08/23		409,341		35,150	(g)		431,223		0.3
								$	131,279		$	2,062,342

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $8,824 of net dividends and financing fees.

^(e)  Amount includes $24,990 of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $13,268 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® US Small Cap Value Factor ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of September 30, 2021 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Banc of California Inc.		276	$	5,103		0.7	%
Brookline Bancorp. Inc.		282		4,303		0.6
Columbia Banking System Inc.		518		19,679		2.7
CVB Financial Corp.		1,876		38,214		5.2
First BanCorp./Puerto Rico		9,740		128,081		17.3
Independent Bank Corp.		71		5,407		0.7
Old National Bancorp./IN		1,507		25,544		3.4
Pacific Premier Bancorp. Inc.		778		32,240		4.4
Preferred Bank/Los Angeles CA		3,609		240,648		32.5
S&T Bancorp. Inc.		91		2,682		0.4
Seacoast Banking Corp. of Florida		553		18,697		2.5
Simmons First National Corp.		1,460		43,158		5.8
				563,756
Insurance
Employers Holdings Inc.		394		15,559		2.1
Heritage Insurance Holdings Inc.		2,695		18,353		2.5
Horace Mann Educators Corp.		40		1,592		0.2
ProAssurance Corp.		2,082		49,510		6.7
Universal Insurance Holdings Inc.		2,051		26,745		3.6
				111,759
Multi-Utilities
Avista Corp.		285		11,149		1.5
Thrifts & Mortgage Finance
HomeStreet Inc.		818		33,661		4.5
Provident Financial Services Inc.		633		14,857		2.0
WSFS Financial Corp.		96		4,926		0.7
				53,444
Total Reference Entity — Long				740,108
Net Value of Reference Entity — Goldman Sachs Bank USA			$	740,108

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Allegiance Bancshares Inc.		60	$	2,289		0.3	%
BancorpSouth Bank		1,021		30,405		3.4
BankUnited Inc.		606		25,343		2.8
Brookline Bancorp. Inc.		3,567		54,432		6.1
Central Pacific Financial Corp.		1,016		26,091		2.9
City Holding Co.		136		10,596		1.2
Customers Bancorp. Inc.(a)		25		1,076		0.1
First Financial Bancorp.		2,308		54,030		6.1
Hanmi Financial Corp.		1,728		34,664		3.9
Heritage Financial Corp./WA		529		13,490		1.5
Hope Bancorp Inc.		1,778		25,674		2.9

	Shares		Value		% of Basket Value
Independent Bank Corp.		168	$	12,793		1.4
Investors Bancorp. Inc.		164		2,478		0.3
NBT Bancorp. Inc.		380		13,726		1.5
OFG Bancorp.		1,363		34,375		3.9
Old National Bancorp./IN		989		16,764		1.9
Pacific Premier Bancorp. Inc.		465		19,270		2.2
Preferred Bank/Los Angeles CA		1,901		126,759		14.2
S&T Bancorp. Inc.		563		16,592		1.9
Seacoast Banking Corp. of Florida		899		30,395		3.4
Simmons First National Corp.		986		29,146		3.3
Trustmark Corp.		360		11,599		1.3
United Community Banks Inc./GA		1,958		64,262		7.2
				656,249
Insurance
American Equity Investment Life Holding Co.		288		8,516		1.0
Heritage Insurance Holdings Inc.		3,291		22,412		2.5
Horace Mann Educators Corp.		1,730		68,837		7.7
Stewart Information Services Corp.		303		19,168		2.2
				118,933
Paper & Forest Products
Domtar Corp.(a)		47		2,563		0.3
Real Estate Management & Development
RE/MAX Holdings Inc.		957		29,820		3.3
Specialty Retail
MarineMax Inc.(a)		100		4,852		0.5
Thrifts & Mortgage Finance
HomeStreet Inc.		568		23,373		2.6
Meta Financial Group Inc.		444		23,301		2.6
TrustCo Bank Corp. NY		655		20,940		2.4
WSFS Financial Corp.		214		10,980		1.2
				78,594
Total Reference Entity — Long				891,011
Net Value of Reference Entity — HSBC Bank PLC			$	891,011

^(a)  Non-income producing security

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of September 30, 2021 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
BancorpSouth Bank		261	$	7,773		1.8	%
Brookline Bancorp. Inc.		96		1,465		0.3
Central Pacific Financial Corp.		1,354		34,771		8.1
City Holding Co.		443		34,514		8.0
CVB Financial Corp.		679		13,831		3.2
First Financial Bancorp.		682		15,966		3.7
Hanmi Financial Corp.		1,836		36,830		8.6
Hope Bancorp Inc.		2,453		35,421		8.2
OFG Bancorp.		1,097		27,666		6.4
Old National Bancorp./IN		694		11,763		2.7
Pacific Premier Bancorp. Inc.		97		4,020		0.9

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® US Small Cap Value Factor ETF

	Shares		Value		% of Basket Value
Preferred Bank/Los Angeles CA		1,275	$	85,017		19.7
Seacoast Banking Corp. of Florida		254		8,588		2.0
United Community Banks Inc./GA		259		8,500		2.0
				326,125
Equity Real Estate Investment Trusts (REITs)
Xenia Hotels & Resorts Inc.(a)		338		5,996		1.4
Insurance
American Equity Investment Life Holding Co.		365		10,793		2.5
Employers Holdings Inc.		788		31,118		7.2
Horace Mann Educators Corp.		33		1,313		0.3
				43,224
Multi-Utilities
Avista Corp.		474		18,543		4.3

	Shares	Value		% of Basket Value
Paper & Forest Products
Domtar Corp.(a)	26	$	1,418	0.3
Thrifts & Mortgage Finance
HomeStreet Inc.	130		5,350	1.3
TrustCo Bank Corp. NY	526		16,816	3.9
WSFS Financial Corp.	268		13,751	3.2
			35,917
Total Reference Entity — Long			431,223
Net Value of Reference Entity — JPMorgan Chase Bank NA		$	431,223

^(a)  Non-income producing security

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$131,279		$—

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
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	131,279
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	6,615

^(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	$	8,447
Swaps		(138,638	)
	$	(130,191	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,615)
Swaps		448,582
	$	441,967

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	187,911
Total return swaps:
Average notional value	$	4,629,489

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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Schedule of Investments  (unaudited) (continued) September 30, 2021 iShares^® US Small Cap Value Factor ETF

Derivative Financial Instruments - Offsetting as of Period End    

The Fund’s derivative assets and liabilities (by type) were as follows:    

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	. $	—	$	6,615
Swaps - OTC(a)		131,279		—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		131,279		6,615
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(6,615	)
Total derivative assets and liabilities subject to an MNA		131,279		—

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
Goldman Sachs Bank USA	$	49,891	$	—		$	—	$	—	$	49,891
HSBC Bank PLC		46,238		—			—		—		46,238
JPMorgan Chase Bank NA		35,150		—			—		—		35,150
	$	131,279	$	—		$	—	$	—	$	131,279

^(a)   The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)   Net amount represents the net amount receivable from the counterparty in the event of default.

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	$	123,526,424		$	—	$	—	$	123,526,424
Money Market Funds		3,809,538			—		—		3,809,538
	$	127,335,962		$	—	$	—	$	127,335,962
Derivative financial instruments(a)
Assets
Swaps	$	—		$	131,279	$	—	$	131,279
Liabilities
Futures Contracts		(6,615	)		—		—		(6,615	)
	$	(6,615	)	$	131,279	$	—	$	124,664

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and 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

Statements of Assets and Liabilities (unaudited)

September 30, 2021

	iShares Factors US Growth Style ETF		iShares Factors US Value Style ETF		iShares US Small Cap Value Factor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	5,390,917	$	7,087,507	$	123,526,424
Affiliated(c)		19,892		135,712		3,809,538
Cash		6,612		2,087		70
Cash pledged:
Futures contracts		—		—		22,000
Receivables:
Investments sold		—		—		845,051
Securities lending income — Affiliated		9		21		221
Capital shares sold		—		—		252,858
Dividends		762		15,288		106,553
Unrealized appreciation on:
OTC swaps		—		—		131,279
Total assets		5,418,192		7,240,615		128,693,994
LIABILITIES
Collateral on securities loaned, at value		19,910		125,780		1,349,732
Payables:
Investments purchased		—		—		1,475,893
Variation margin on futures contracts		—		—		3,947
Investment advisory fees		1,197		1,539		20,158
Total liabilities		21,107		127,319		2,849,730
NET ASSETS	$	5,397,085	$	7,113,296	$	125,844,264
NET ASSETS CONSIST OF:
Paid-in capital	$	3,850,364	$	5,734,809	$	116,882,696
Accumulated earnings		1,546,721		1,378,487		8,961,568
NET ASSETS	$	5,397,085	$	7,113,296	$	125,844,264
Shares outstanding		150,000		250,000		4,200,000
Net asset value	$	35.98	$	28.45	$	29.96
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Securities loaned, at value	$	18,397	$	119,526	$	1,293,270
(b) Investments, at cost — Unaffiliated	$	5,444,457	$	6,801,784	$	116,939,921
(c)  Investments, at cost — Affiliated	$	19,892	$	135,712	$	3,809,538

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended September 30, 2021

		iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF			iShares US Small Cap Value Factor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	27,031		$	106,873		$	1,191,462
Dividends — Affiliated		—			—			256
Securities lending income — Affiliated — net		736			765			1,281
Foreign taxes withheld		—			(101	)		(937	)
Total investment income		27,767			107,537			1,192,062
EXPENSES
Investment advisory fees		6,822			9,176			183,282
Total expenses		6,822			9,176			183,282
Less:
Investment advisory fees waived		—			—			(62,983	)
Total expenses after fees waived		6,822			9,176			120,299
Net investment income		20,945			98,361			1,071,763
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		98,274			311,407			(457,994	)
Investments — Affiliated		1			4			(194	)
In-kind redemptions — Unaffiliated		1,521,872			1,143,204			2,477,831
Futures contracts		—			—			8,447
Swaps		—			—			(138,638	)
Net realized gain		1,620,147			1,454,615			1,889,452
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,055,390	)		(1,215,933	)		(4,515,167	)
Futures contracts		—			—			(6,615	)
Swaps		—			—			448,582
Net change in unrealized appreciation (depreciation)		(1,055,390	)		(1,215,933	)		(4,073,200	)
Net realized and unrealized gain (loss)		564,757			238,682			(2,183,748	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	585,702		$	337,043		$	(1,111,985	)

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 23

Statements of Changes in Net Assets

	iShares Factors US Growth Style ETF						iShares Factors US Value Style ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	20,945		$	42,898		$	98,361		$	139,344
Net realized gain (loss)		1,620,147			338,458			1,454,615			(168,124	)
Net change in unrealized appreciation (depreciation)		(1,055,390	)		1,876,990			(1,215,933	)		2,943,489
Net increase in net assets resulting from operations		585,702			2,258,346			337,043			2,914,709
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(23,394	)		(43,655	)		(91,828	)		(158,652	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(17,022	)		(1,416,764	)		4,659			614,979
NET ASSETS
Total increase in net assets		545,286			797,927			249,874			3,371,036
Beginning of period		4,851,799			4,053,872			6,863,422			3,492,386
End of period	$	5,397,085		$	4,851,799		$	7,113,296		$	6,863,422

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares US Small Cap Value Factor ETF
		Six Months Ended 09/30/21 (unaudited)			Period From 10/27/20 to 03/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,071,763		$	374,760
Net realized gain		1,889,452			5,494,147
Net change in unrealized appreciation (depreciation)		(4,073,200	)		10,784,367
Net increase (decrease) in net assets resulting from operations		(1,111,985	)		16,653,274
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(1,635,804	)		(394,188	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		15,531,721			96,801,246
NET ASSETS
Total increase in net assets		12,783,932			113,060,332
Beginning of period		113,060,332			—
End of period	$	125,844,264		$	113,060,332

^(a) Commencement of operations.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 25

Financial Highlights

(For a share outstanding throughout each period)

	iShares Factors US Growth Style ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Period From 01/14/20 to 03/31/20	(a)
Net asset value, beginning of period	$	32.35		$	20.27		$	24.96
Net investment income(b)		0.14			0.25			0.06
Net realized and unrealized gain (loss)(c)		3.63			12.08			(4.69	)
Net increase (decrease) from investment operations		3.77			12.33			(4.63	)
Distributions(d)
From net investment income		(0.14	)		(0.25	)		(0.06	)
Return of capital		—			—			(0.00	)(e)
Total distributions		(0.14	)		(0.25	)		(0.06	)
Net asset value, end of period	$	35.98		$	32.35		$	20.27
Total Return(f)
Based on net asset value		11.66	%(g)		61.00	%		(18.54	)%(g)
Ratios to Average Net Assets
Total expenses		0.25	%(h)		0.25	%		0.25	%(h)
Net investment income		0.77	%(h)		0.88	%		1.20	%(h)
Supplemental Data
Net assets, end of period (000)	$	5,397		$	4,852		$	4,054
Portfolio turnover rate(i)		43	%(g)		103	%		13	%(g)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Rounds to less than $0.01.

^(f) Where applicable, assumes the reinvestment of distributions.

^(g) Not annualized.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Factors US Value Style ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Period From 01/14/20 to 03/31/20	(a)
Net asset value, beginning of period	$	27.45		$	17.46		$	25.09
Net investment income(b)		0.39			0.51			0.15
Net realized and unrealized gain (loss)(c)		0.98			10.06			(7.65	)
Net increase (decrease) from investment operations		1.37			10.57			(7.50	)
Distributions(d)
From net investment income		(0.37	)		(0.58	)		(0.13	)
Total distributions		(0.37	)		(0.58	)		(0.13	)
Net asset value, end of period	$	28.45		$	27.45		$	17.46
Total Return(e)
Based on net asset value		4.95	%(f)		61.25	%		(29.87	)%(f)
Ratios to Average Net Assets
Total expenses		0.25	%(g)		0.25	%		0.25	%(g)
Net investment income		2.68	%(g)		2.29	%		3.09	%(g)
Supplemental Data
Net assets, end of period (000)	$	7,113		$	6,863		$	3,492
Portfolio turnover rate(h)		60	%(f)		148	%		16	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 27

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares US Small Cap Value Factor ETF
		Six Months Ended 09/30/21 (unaudited	)		Period From 10/27/20 to 03/31/21	(a)
Net asset value, beginning of period	$	30.56		$	19.56
Net investment income(b)		0.27			0.20
Net realized and unrealized gain (loss)(c)		(0.47	)		10.94
Net increase (decrease) from investment operations		(0.20	)		11.14
Distributions(d)
From net investment income		(0.40	)		(0.14	)
Total distributions		(0.40	)		(0.14	)
Net asset value, end of period	$	29.96		$	30.56
Total Return(e)
Based on net asset value		(0.68	)%(f)		57.05	%(f)
Ratios to Average Net Assets
Total expenses		0.30	%(g)		0.30	%(g)
Total expenses after fees waived		0.20	%(g)		0.20	%(g)
Net investment income		1.75	%(g)		1.74	%(g)
Supplemental Data
Net assets, end of period (000)	$	125,844		$	113,060
Portfolio turnover rate(h)		10	%(f)		14	%(f)

^(a) Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Factors US Growth Style	Non-diversified
Factors US Value Style	Non-diversified
US Small Cap Value Factor	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 29

Notes to Financial Statements  (unaudited) (continued)

using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

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Notes to Financial Statements  (unaudited) (continued)

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Factors US Growth Style
J.P. Morgan Securities LLC	$	18,397	$	18,397		$	—	$	—
Factors US Value Style
Citigroup Global Markets, Inc.	$	60,968	$	60,968		$	—	$	—
J.P. Morgan Securities LLC		35,260		35,260			—		—
UBS AG		23,298		23,298			—		—
	$	119,526	$	119,526		$	—	$	—
US Small Cap Value Factor
BNP Paribas SA	$	902,863	$	902,863		$	—	$	—
Citigroup Global Markets, Inc.		328,538		328,538			—		—
Goldman Sachs & Co. LLC		61,869		61,869			—		—
	$	1,293,270	$	1,293,270		$	—	$	—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) .

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Total return swaps are entered into by the iShares US Small Cap Value Factor ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

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Notes to Financial Statements  (unaudited) (continued)

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Factors US Growth Style	0.25	%
Factors US Value Style	0.25
US Small Cap Value Factor	0.30

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Notes to Financial Statements  (unaudited) (continued)

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares US Small Cap Value Factor ETF, BFA has contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.20% through March 31, 2023.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended September 30, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
US Small Cap Value Factor	$	62,983

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Factors US Growth Style	$	239
Factors US Value Style		254
US Small Cap Value Factor		549

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Factors US Value Style	$	472,880	$	1,038,482	$	78,616
US Small Cap Value Factor		83,191		1,046,039		151,096

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

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Notes to Financial Statements  (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Factors US Growth Style	$	2,296,242	$	2,338,277
Factors US Value Style		4,300,971		4,288,359
US Small Cap Value Factor		22,663,314		12,189,690

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Factors US Growth Style	$	5,454,252	$	5,433,907
Factors US Value Style		4,344,829		4,356,226
US Small Cap Value Factor		22,662,482		9,899,416

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Factors US Growth Style	$	11,990
Factors US Value Style		219,929
US Small Cap Value Factor		56,600

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Factors US Growth Style	$	5,475,734	$	139,861	$	(204,786	)	$	(64,925	)
Factors US Value Style		7,085,951		493,319		(356,051	)		137,268
US Small Cap Value Factor		120,800,003		9,911,037		(3,250,414	)		6,660,623

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time.

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Notes to Financial Statements  (unaudited) (continued)

This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Factors US Growth Style
Shares sold		150,000		$	5,491,548			—		$	—
Shares redeemed		(150,000	)		(5,508,570	)		(50,000	)		(1,416,764	)
Net decrease		—		$	(17,022	)		(50,000	)	$	(1,416,764	)
Factors US Value Style
Shares sold		150,000		$	4,414,815			100,000		$	1,668,542
Shares redeemed		(150,000	)		(4,410,156	)		(50,000	)		(1,053,563	)
Net increase		—		$	4,659			50,000		$	614,979

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Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 09/30/21						Period Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
US Small Cap Value Factor
Shares sold		900,000		$	27,543,875			5,400,000		$	138,471,143
Shares redeemed		(400,000	)		(12,012,154	)		(1,700,000	)		(41,669,897	)
Net increase		500,000		$	15,531,721			3,700,000		$	96,801,246

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Factors US Growth Style ETF, iShares US Small Cap Value Factor ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract  (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Factors US Value Style ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

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Board Review and Approval of Investment Advisory Contract  (continued)

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Factors US Growth Style(a)	$	0.143311	$	—	$	0.000525	$	0.143836		100	%		—	%		0	%(b)		100	%
Factors US Value Style(a)		0.359812		—		0.007498		0.367310		98			—			2			100
US Small Cap Value Factor(a)		0.395922		—		0.005598		0.401520		99			—			1			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b) Rounds to less than 1%.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y    O F    T E R M S     U S E D    I N    T H I S    R E P O R T 43

Want to know more?

iShares.com     |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-314-0921

SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares ESG Screened S&P 500 ETF  |  XVV  |  Cboe BZX

· iShares ESG Screened S&P Mid-Cap ETF  |  XJH  |  Cboe BZX

· iShares ESG Screened S&P Small-Cap ETF  |  XJR  |  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

Rob Kapito

President, BlackRock, Inc.

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.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		31
Statements of Operations		32
Statements of Changes in Net Assets		33
Financial Highlights		35
Notes to Financial Statements		38
Board Review and Approval of Investment Advisory Contract		46
Supplemental Information		48
General Information		49
Glossary of Terms Used in this Report		50

Fund Summaryas of September 30, 2021 iShares^® ESG Screened S&P 500 ETF

Investment Objective

The iShares ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Sustainability Screened 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		9.61	%		29.72	%		30.95%		29.72	%		31.82	%
Fund Market		9.58			29.77			31.30		29.77			32.18
Index		9.64			29.91			31.19		29.91			31.99

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

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 7 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	$      1,096.10	$        0.42			$      1,000.00	$      1,024.70	$        0.41		0.08	%

^(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 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	30.2	%
Consumer Discretionary	13.5
Health Care	13.2
Communication Services	12.2
Financials	11.9
Industrials	6.5
Consumer Staples	5.0
Real Estate	2.8
Materials	2.6
Utilities	1.3
Energy	0.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	6.7	%
Microsoft Corp.	6.3
Amazon.com Inc.	4.3
Facebook Inc., Class A	2.4
Alphabet Inc., Class A	2.4
Alphabet Inc., Class C	2.3
Tesla Inc.	1.9
NVIDIA Corp.	1.5
Berkshire Hathaway Inc., Class B	1.5
JPMorgan Chase & Co.	1.5

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Fund Summaryas of September 30, 2021 iShares^® ESG Screened S&P Mid-Cap ETF

Investment Objective

The iShares ESG Screened S&P Mid Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability Screened 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		1.06	%		42.33	%		43.53%		42.33	%		44.81	%
Fund Market		0.95			42.28			43.76		42.28			45.05
Index		1.14			42.70			43.99		42.70			45.16

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

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 7 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	$      1,010.60	$        0.60			$      1,000.00	$      1,024.50	$        0.61		0.12	%

^(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 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	18.8	%
Consumer Discretionary	15.9
Financials	15.7
Information Technology	14.8
Real Estate	10.5
Health Care	10.3
Materials	6.0
Consumer Staples	3.0
Utilities	2.0
Communication Services	1.8
Energy	1.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Signature Bank/New York NY	0.8	%
Molina Healthcare Inc.	0.7
FactSet Research Systems Inc.	0.7
Camden Property Trust	0.7
Repligen Corp.	0.7
Cognex Corp.	0.7
SolarEdge Technologies Inc.	0.6
Masimo Corp.	0.6
Williams-Sonoma Inc.	0.6
Nordson Corp.	0.6

 F U N D  S U M M A R Y 5

Fund Summaryas of September 30, 2021  iShares^® ESG Screened S&P Small-Cap ETF

Investment Objective

The iShares ESG Screened S&P Small Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability Screened 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		0.45	%		54.12	%		54.36%		54.12	%		56.02	%
Fund Market		0.35			53.80			54.28		53.80			55.94
Index		0.52			55.10			55.57		55.10			57.10

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

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 7 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	$      1,004.50	$        0.60			$      1,000.00	$      1,024.50	$        0.61		0.12	%

^(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 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	17.4	%
Financials	16.7
Information Technology	14.6
Consumer Discretionary	14.3
Health Care	13.0
Real Estate	8.8
Materials	5.4
Consumer Staples	4.2
Energy	2.3
Communication Services	1.7
Utilities	1.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Chart Industries Inc.	0.7	%
Omnicell Inc.	0.7
Stamps.com Inc.	0.6
Power Integrations Inc.	0.6
NeoGenomics Inc.	0.6
Exponent Inc.	0.6
SPS Commerce Inc.	0.6
Innovative Industrial Properties Inc.	0.6
AMN Healthcare Services Inc.	0.6
Macy’s Inc.	0.5

^(a)  Excludes money market funds.

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.

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 7

Schedule of Investments(unaudited) September 30, 2021 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
Howmet Aerospace Inc.		1,712	$	53,414
TransDigm Group Inc.(a)		242		151,146
				204,560
Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		560		48,720
Expeditors International of Washington Inc.		737		87,799
FedEx Corp.		1,078		236,394
United Parcel Service Inc., Class B		3,199		582,538
				955,451
Airlines — 0.3%
Alaska Air Group Inc.(a)		544		31,878
American Airlines Group Inc.(a)		2,831		58,092
Delta Air Lines Inc.(a)		2,832		120,672
Southwest Airlines Co.(a)		2,593		133,358
United Airlines Holdings Inc.(a)		1,412		67,169
				411,169
Auto Components — 0.2%
Aptiv PLC(a)		1,175		175,040
BorgWarner Inc.		1,059		45,759
				220,799
Automobiles — 2.3%
Ford Motor Co.(a)		17,268		244,515
General Motors Co.(a)		6,396		337,133
Tesla Inc.(a)		3,561		2,761,484
				3,343,132
Banks — 4.2%
Bank of America Corp.		32,500		1,379,625
Citigroup Inc.		8,898		624,462
Citizens Financial Group Inc.		1,872		87,946
Comerica Inc.		600		48,300
Fifth Third Bancorp.		3,036		128,848
First Republic Bank/CA		782		150,832
Huntington Bancshares Inc./OH		6,498		100,459
JPMorgan Chase & Co.		13,106		2,145,321
KeyCorp		4,195		90,696
M&T Bank Corp.		550		82,137
People’s United Financial Inc.		1,891		33,036
PNC Financial Services Group Inc. (The)		1,870		365,847
Regions Financial Corp.		4,172		88,905
SVB Financial Group(a)		260		168,189
Truist Financial Corp.		5,875		344,569
U.S. Bancorp.		5,900		350,696
Zions Bancorp. NA		706		43,694
				6,233,562
Beverages — 1.5%
Brown-Forman Corp., Class B, NVS		800		53,608
Coca-Cola Co. (The)		17,066		895,453
Constellation Brands Inc., Class A		729		153,593
Molson Coors Beverage Co., Class B		824		38,217
Monster Beverage Corp.(a)		1,665		147,902
PepsiCo Inc.		6,062		911,786
				2,200,559
Biotechnology — 2.1%
AbbVie Inc.		7,753		836,316
Amgen Inc.		2,492		529,924
Biogen Inc.(a)		645		182,529
Gilead Sciences Inc.		5,506		384,594

Security	Shares		Value
Biotechnology (continued)
Incyte Corp.(a)		815	$	56,056
Moderna Inc.(a)		1,532		589,605
Regeneron Pharmaceuticals Inc.(a)		455		275,357
Vertex Pharmaceuticals Inc.(a)		1,142		207,147
				3,061,528
Building Products — 0.5%
A O Smith Corp.		562		34,321
Allegion PLC		375		49,567
Carrier Global Corp.		3,822		197,827
Fortune Brands Home & Security Inc.		616		55,083
Johnson Controls International PLC		3,123		212,614
Masco Corp.		1,081		60,050
Trane Technologies PLC		1,053		181,800
				791,262
Capital Markets — 3.3%
Ameriprise Financial Inc.		512		135,230
Bank of New York Mellon Corp. (The)		3,487		180,766
BlackRock Inc.(b)		627		525,840
Cboe Global Markets Inc.		456		56,480
Charles Schwab Corp. (The)		6,597		480,526
CME Group Inc.		1,585		306,507
Franklin Resources Inc.		1,242		36,912
Goldman Sachs Group Inc. (The)		1,490		563,265
Intercontinental Exchange Inc.		2,476		284,294
Invesco Ltd.		1,506		36,310
MarketAxess Holdings Inc.		172		72,359
Moody’s Corp.		711		252,483
Morgan Stanley		6,408		623,563
MSCI Inc.		360		219,002
Nasdaq Inc.		520		100,370
Northern Trust Corp.		907		97,784
Raymond James Financial Inc.		801		73,916
S&P Global Inc.		1,061		450,808
State Street Corp.		1,604		135,891
T Rowe Price Group Inc.		989		194,536
				4,826,842
Chemicals — 1.7%
Air Products & Chemicals Inc.		973		249,195
Albemarle Corp.		519		113,645
Celanese Corp.		504		75,923
CF Industries Holdings Inc.		951		53,085
Corteva Inc.		3,226		135,750
Dow Inc.		3,274		188,451
Eastman Chemical Co.		601		60,545
Ecolab Inc.		1,082		225,727
FMC Corp.		549		50,266
International Flavors & Fragrances Inc.		1,083		144,819
Linde PLC		2,253		660,985
LyondellBasell Industries NV, Class A		1,161		108,960
Mosaic Co. (The)		1,530		54,652
PPG Industries Inc.		1,049		150,017
Sherwin-Williams Co. (The)		1,063		297,353
				2,569,373
Commercial Services & Supplies — 0.5%
Cintas Corp.		376		143,128
Copart Inc.(a)		951		131,923
Republic Services Inc.		909		109,134
Rollins Inc.		988		34,906

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

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Waste Management Inc.		1,694	$	253,016
				672,107
Communications Equipment — 0.9%
Arista Networks Inc.(a)		254		87,285
Cisco Systems Inc.		18,504		1,007,173
F5 Networks Inc.(a)		263		52,279
Juniper Networks Inc.		1,426		39,243
Motorola Solutions Inc.		731		169,826
				1,355,806
Construction & Engineering — 0.0%
Quanta Services Inc.		618		70,341
Construction Materials — 0.1%
Martin Marietta Materials Inc.		272		92,937
Vulcan Materials Co.		597		100,989
				193,926
Consumer Finance — 0.7%
American Express Co.		2,830		474,110
Capital One Financial Corp.		1,962		317,785
Discover Financial Services		1,324		162,653
Synchrony Financial		2,502		122,298
				1,076,846
Containers & Packaging — 0.4%
Amcor PLC		6,779		78,569
Avery Dennison Corp.		362		75,010
Ball Corp.		1,435		129,107
International Paper Co.		1,711		95,679
Packaging Corp. of America		430		59,099
Sealed Air Corp.		648		35,504
Westrock Co.		1,171		58,351
				531,319
Distributors — 0.1%
Genuine Parts Co.		624		75,647
LKQ Corp.(a)		1,179		59,327
Pool Corp.		177		76,891
				211,865
Diversified Financial Services — 1.5%
Berkshire Hathaway Inc., Class B(a)		8,125		2,217,639
Diversified Telecommunication Services — 1.3%
AT&T Inc.		31,339		846,466
Lumen Technologies Inc.		4,339		53,760
Verizon Communications Inc.		18,169		981,308
				1,881,534
Electric Utilities — 0.9%
Edison International		1,681		93,245
Entergy Corp.		887		88,088
Eversource Energy		1,513		123,703
Exelon Corp.		4,289		207,330
FirstEnergy Corp.		2,399		85,452
NextEra Energy Inc.		8,619		676,764
				1,274,582
Electrical Equipment — 0.6%
AMETEK Inc.		999		123,886
Eaton Corp. PLC		1,760		262,785
Emerson Electric Co.		2,644		249,065
Generac Holdings Inc.(a)		272		111,158
Rockwell Automation Inc.		518		152,313
				899,207

Security	Shares		Value
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		2,608	$	190,984
CDW Corp./DE		611		111,214
Corning Inc.		3,370		122,971
IPG Photonics Corp.(a)		163		25,819
Keysight Technologies Inc.(a)		806		132,418
TE Connectivity Ltd.		1,432		196,499
Teledyne Technologies Inc.(a)		196		84,198
Trimble Inc.(a)		1,087		89,406
Zebra Technologies Corp., Class A(a)		245		126,278
				1,079,787
Energy Equipment & Services — 0.2%
Baker Hughes Co.		3,647		90,190
Halliburton Co.		3,918		84,707
Schlumberger NV		6,151		182,316
				357,213
Entertainment — 2.1%
Activision Blizzard Inc.		3,403		263,358
Electronic Arts Inc.		1,246		177,244
Live Nation Entertainment Inc.(a)		594		54,131
Netflix Inc.(a)		1,948		1,188,942
Take-Two Interactive Software Inc.(a)		521		80,271
Walt Disney Co. (The)(a)		7,988		1,351,330
				3,115,276
Equity Real Estate Investment Trusts (REITs) — 2.7%
Alexandria Real Estate Equities Inc.		613		117,126
American Tower Corp.		1,985		526,839
AvalonBay Communities Inc.		619		137,195
Boston Properties Inc.		623		67,502
Crown Castle International Corp.		1,887		327,055
Digital Realty Trust Inc.		1,243		179,551
Duke Realty Corp.		1,671		79,991
Equinix Inc.		382		301,830
Equity Residential		1,501		121,461
Essex Property Trust Inc.		277		88,568
Extra Space Storage Inc.		599		100,626
Federal Realty Investment Trust		295		34,807
Healthpeak Properties Inc.		2,388		79,950
Host Hotels & Resorts Inc.(a)		3,189		52,076
Iron Mountain Inc.		1,262		54,834
Kimco Realty Corp.		2,658		55,154
Mid-America Apartment Communities Inc.		519		96,923
Prologis Inc.		3,230		405,139
Public Storage		684		203,217
Realty Income Corp.		1,706		110,651
Regency Centers Corp.		686		46,188
SBA Communications Corp.		470		155,368
Simon Property Group Inc.		1,436		186,637
UDR Inc.		1,234		65,377
Ventas Inc.		1,671		92,256
Vornado Realty Trust		697		29,281
Welltower Inc.		1,854		152,770
Weyerhaeuser Co.		3,297		117,274
				3,985,646
Food & Staples Retailing — 0.9%
Costco Wholesale Corp.		1,946		874,435
Kroger Co. (The)		3,004		121,452
Sysco Corp.		2,240		175,840
Walgreens Boots Alliance Inc.		3,138		147,643
				1,319,370

S C H E D U L E  O F  I N V E S T M E N  T S 9

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products — 0.9%
Archer-Daniels-Midland Co.		2,476	$	148,585
Campbell Soup Co.		887		37,085
Conagra Brands Inc.		2,125		71,974
General Mills Inc.		2,662		159,241
Hershey Co. (The)		634		107,304
Hormel Foods Corp.		1,241		50,881
JM Smucker Co. (The)		463		55,574
Kellogg Co.		1,136		72,613
Kraft Heinz Co. (The)		2,954		108,766
Lamb Weston Holdings Inc.		634		38,909
McCormick & Co. Inc./MD, NVS		1,086		87,998
Mondelez International Inc., Class A		6,132		356,760
Tyson Foods Inc., Class A		1,273		100,491
				1,396,181
Gas Utilities — 0.0%
Atmos Energy Corp.		553		48,775
Health Care Equipment & Supplies — 4.1%
Abbott Laboratories		7,770		917,870
ABIOMED Inc.(a)		191		62,174
Align Technology Inc.(a)		334		222,254
Baxter International Inc.		2,204		177,268
Becton Dickinson and Co.		1,254		308,258
Boston Scientific Corp.(a)		6,245		270,971
Cooper Companies Inc. (The)		204		84,315
Danaher Corp.		2,779		846,039
DENTSPLY SIRONA Inc.		970		56,308
Dexcom Inc.(a)		432		236,244
Edwards Lifesciences Corp.(a)		2,748		311,101
Hologic Inc.(a)		1,127		83,184
IDEXX Laboratories Inc.(a)		368		228,859
Intuitive Surgical Inc.(a)		526		522,923
Medtronic PLC		5,891		738,437
ResMed Inc.		632		166,564
STERIS PLC		437		89,270
Stryker Corp.		1,485		391,624
Teleflex Inc.		197		74,180
West Pharmaceutical Services Inc.		336		142,645
Zimmer Biomet Holdings Inc.		905		132,456
				6,062,944
Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		647		77,284
Anthem Inc.		1,069		398,523
Cardinal Health Inc.		1,268		62,715
Centene Corp.(a)		2,574		160,386
Cigna Corp.		1,502		300,640
CVS Health Corp.		5,792		491,509
DaVita Inc.(a)		286		33,250
HCA Healthcare Inc.		1,079		261,895
Henry Schein Inc.(a)		621		47,296
Humana Inc.		554		215,589
Laboratory Corp. of America Holdings(a)		432		121,582
McKesson Corp.		691		137,772
Quest Diagnostics Inc.		537		78,032
UnitedHealth Group Inc.		4,154		1,623,134
Universal Health Services Inc., Class B		341		47,184
				4,056,791
Health Care Technology — 0.1%
Cerner Corp.		1,312		92,522

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.3%
Booking Holdings Inc.(a)		179	$	424,923
Caesars Entertainment Inc.(a)		952		106,890
Carnival Corp.(a)		3,537		88,460
Chipotle Mexican Grill Inc.(a)		123		223,555
Darden Restaurants Inc.		555		84,066
Domino’s Pizza Inc.		167		79,652
Expedia Group Inc.(a)		634		103,913
Hilton Worldwide Holdings Inc.(a)		1,228		162,231
Las Vegas Sands Corp.(a)		1,513		55,376
Marriott International Inc./MD, Class A(a)		1,218		180,374
McDonald’s Corp.		3,283		791,564
MGM Resorts International		1,763		76,073
Norwegian Cruise Line Holdings Ltd.(a)(c)		1,620		43,270
Penn National Gaming Inc.(a)		697		50,505
Royal Caribbean Cruises Ltd.(a)		984		87,527
Starbucks Corp.		5,172		570,523
Wynn Resorts Ltd.(a)		459		38,900
Yum! Brands Inc.		1,312		160,471
				3,328,273
Household Durables — 0.4%
DR Horton Inc.		1,435		120,497
Garmin Ltd.		683		106,179
Leggett & Platt Inc.		604		27,083
Lennar Corp., Class A		1,219		114,196
Mohawk Industries Inc.(a)		253		44,882
Newell Brands Inc.		1,679		37,173
NVR Inc.(a)		15		71,911
PulteGroup Inc.		1,157		53,130
Whirlpool Corp.		272		55,450
				630,501
Household Products — 1.5%
Church & Dwight Co. Inc.		1,074		88,680
Clorox Co. (The)		537		88,933
Colgate-Palmolive Co.		3,714		280,704
Kimberly-Clark Corp.		1,491		197,468
Procter & Gamble Co. (The)		10,664		1,490,827
				2,146,612
Industrial Conglomerates — 0.5%
General Electric Co.		4,810		495,574
Roper Technologies Inc.		458		204,328
				699,902
Insurance — 2.1%
Aflac Inc.		2,730		142,315
Allstate Corp. (The)		1,312		167,031
American International Group Inc.		3,760		206,386
Aon PLC, Class A		987		282,055
Arthur J Gallagher & Co.		904		134,379
Assurant Inc.		260		41,015
Chubb Ltd.		1,934		335,510
Cincinnati Financial Corp.		642		73,329
Everest Re Group Ltd.		176		44,137
Globe Life Inc.		423		37,660
Hartford Financial Services Group Inc. (The)		1,523		106,991
Lincoln National Corp.		793		54,519
Loews Corp.		893		48,159
Marsh & McLennan Companies Inc.		2,224		336,780
MetLife Inc.		3,205		197,845
Principal Financial Group Inc.		1,089		70,132
Progressive Corp. (The)		2,579		233,116

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

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Prudential Financial Inc.		1,699	$	178,735
Travelers Companies Inc. (The)		1,088		165,387
W R Berkley Corp.		627		45,884
Willis Towers Watson PLC.		557		129,480
				3,030,845
Interactive Media & Services — 7.2%
Alphabet Inc., Class A(a)		1,326		3,545,088
Alphabet Inc., Class C, NVS(a)		1,240		3,304,984
Facebook Inc., Class A(a)		10,477		3,555,789
Twitter Inc.(a)		3,494		211,003
				10,616,864
Internet & Direct Marketing Retail — 4.5%
Amazon.com Inc.(a)		1,913		6,284,281
eBay Inc.		2,849		198,490
Etsy Inc.(a)		547		113,754
				6,596,525
IT Services — 5.3%
Accenture PLC, Class A		2,776		888,098
Akamai Technologies Inc.(a)		715		74,782
Automatic Data Processing Inc.		1,864		372,651
Broadridge Financial Solutions Inc.		515		85,820
Cognizant Technology Solutions Corp., Class A		2,305		171,054
DXC Technology Co.(a)		1,139		38,282
Fidelity National Information Services Inc.		2,694		327,806
Fiserv Inc.(a)		2,604		282,534
FleetCor Technologies Inc.(a)		360		94,057
Gartner Inc.(a)		364		110,612
Global Payments Inc.		1,307		205,957
International Business Machines Corp.		3,928		545,717
Jack Henry & Associates Inc.		334		54,796
Mastercard Inc., Class A		3,825		1,329,876
Paychex Inc.		1,408		158,330
PayPal Holdings Inc.(a)		5,159		1,342,423
VeriSign Inc.(a)		434		88,974
Visa Inc., Class A		7,402		1,648,795
Western Union Co. (The)		1,766		35,709
				7,856,273
Leisure Products — 0.0%
Hasbro Inc.		555		49,517
Life Sciences Tools & Services — 1.5%
Agilent Technologies Inc.		1,336		210,460
Bio-Rad Laboratories Inc., Class A(a)		92		68,627
Charles River Laboratories International Inc.(a)		237		97,803
Illumina Inc.(a)		638		258,779
IQVIA Holdings Inc.(a)		830		198,818
Mettler-Toledo International Inc.(a)		97		133,604
PerkinElmer Inc.		507		87,858
Thermo Fisher Scientific Inc.		1,715		979,831
Waters Corp.(a)		269		96,114
				2,131,894
Machinery — 1.7%
Caterpillar Inc.		2,402		461,112
Cummins Inc.		629		141,248
Deere & Co.		1,245		417,162
Dover Corp.		632		98,276
Fortive Corp.		1,585		111,853
IDEX Corp.		340		70,363
Illinois Tool Works Inc.		1,256		259,527

Security	Shares		Value
Machinery (continued)
Ingersoll Rand Inc.(a)		1,782	$	89,831
Otis Worldwide Corp.		1,875		154,275
PACCAR Inc.		1,521		120,037
Parker-Hannifin Corp.		557		155,748
Pentair PLC.		727		52,802
Snap-on Inc.		246		51,402
Stanley Black & Decker Inc.		712		124,821
Westinghouse Air Brake Technologies Corp.		822		70,865
Xylem Inc./NY		797		98,573
				2,477,895
Media — 1.4%
Charter Communications Inc., Class A(a)		550		400,158
Comcast Corp., Class A		20,109		1,124,696
Discovery Inc., Class A(a)(c)		720		18,274
Discovery Inc., Class C, NVS(a)		1,343		32,595
DISH Network Corp., Class A(a)		1,087		47,241
Fox Corp., Class A, NVS		1,420		56,956
Fox Corp., Class B		646		23,979
Interpublic Group of Companies Inc. (The)		1,713		62,816
News Corp., Class A, NVS		1,711		40,260
News Corp., Class B		546		12,684
Omnicom Group Inc.		949		68,764
ViacomCBS Inc., Class B, NVS		2,669		105,452
				1,993,875
Metals & Mining — 0.4%
Freeport-McMoRan Inc.		6,475		210,632
Newmont Corp.		3,497		189,887
Nucor Corp.		1,306		128,628
				529,147
Multi-Utilities — 0.3%
CenterPoint Energy Inc.		2,565		63,099
Consolidated Edison Inc.		1,542		111,934
Public Service Enterprise Group Inc.		2,225		135,503
Sempra Energy		1,405		177,732
				488,268
Multiline Retail — 0.6%
Dollar General Corp.		1,049		222,535
Dollar Tree Inc.(a)		1,001		95,816
Target Corp.		2,159		493,914
				812,265
Oil, Gas & Consumable Fuels — 0.6%
Kinder Morgan Inc.		8,563		143,259
Marathon Petroleum Corp.		2,826		174,675
ONEOK Inc.		1,960		113,661
Phillips 66		1,898		132,917
Valero Energy Corp.		1,791		126,391
Williams Companies Inc. (The)		5,346		138,675
				829,578
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		1,007		302,030
Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co.		9,766		577,854
Catalent Inc.(a)		732		97,407
Eli Lilly & Co.		3,481		804,285
Merck & Co. Inc.		11,117		834,998
Organon & Co.		1,088		35,676
Pfizer Inc.		24,626		1,059,164
Viatris Inc.		5,332		72,249

S C H E D U L E  O F  I N V E S T M E N  T S 11

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Zoetis Inc.		2,067	$	401,287
				3,882,920
Professional Services — 0.4%
Equifax Inc.		535		135,580
IHS Markit Ltd.		1,763		205,601
Leidos Holdings Inc.		623		59,889
Nielsen Holdings PLC		1,611		30,915
Robert Half International Inc.		506		50,767
Verisk Analytics Inc.		708		141,791
				624,543
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		1,484		144,482
Road & Rail — 1.0%
CSX Corp.		9,875		293,682
JB Hunt Transport Services Inc.		362		60,534
Kansas City Southern		415		112,316
Norfolk Southern Corp.		1,076		257,433
Old Dominion Freight Line Inc.		423		120,969
Union Pacific Corp.		2,857		560,001
				1,404,935
Semiconductors & Semiconductor Equipment — 6.1%
Advanced Micro Devices Inc.(a)		5,330		548,457
Analog Devices Inc.		2,378		398,267
Applied Materials Inc.		4,008		515,950
Broadcom Inc.		1,794		869,964
Enphase Energy Inc.(a)		602		90,282
Intel Corp.		17,807		948,757
KLA Corp.		685		229,139
Lam Research Corp.		624		355,150
Microchip Technology Inc.		1,218		186,951
Micron Technology Inc.		4,922		349,363
Monolithic Power Systems Inc.		187		90,635
NVIDIA Corp.		10,942		2,266,745
NXP Semiconductors NV		1,164		227,993
Qorvo Inc.(a)		504		84,264
QUALCOMM Inc.		4,968		640,773
Skyworks Solutions Inc.		723		119,136
Teradyne Inc.		725		79,148
Texas Instruments Inc.		4,066		781,526
Xilinx Inc.		1,076		162,465
				8,944,965
Software — 10.1%
Adobe Inc.(a)		2,106		1,212,466
ANSYS Inc.(a)		373		126,988
Autodesk Inc.(a)		970		276,615
Cadence Design Systems Inc.(a)		1,227		185,817
Citrix Systems Inc.		541		58,087
Fortinet Inc.(a)		605		176,684
Intuit Inc.		1,186		639,859
Microsoft Corp.		32,999		9,303,078
NortonLifeLock Inc.		2,567		64,945
Oracle Corp.		7,224		629,427
Paycom Software Inc.(a)		201		99,646
PTC Inc.(a)		453		54,265
salesforce.com Inc.(a)		4,267		1,157,296
ServiceNow Inc.(a)		876		545,108
Synopsys Inc.(a)		685		205,096

Security	Shares		Value
Software (continued)
Tyler Technologies Inc.(a)		178	$	81,640
				14,817,017
Specialty Retail — 2.4%
Advance Auto Parts Inc.		283		59,116
AutoZone Inc.(a)		93		157,913
Bath & Body Works Inc.		1,164		73,367
Best Buy Co. Inc.		981		103,702
CarMax Inc.(a)		714		91,363
Gap Inc. (The)		912		20,702
Home Depot Inc. (The)		4,655		1,528,050
Lowe’s Companies Inc.		3,107		630,286
O’Reilly Automotive Inc.(a)		292		178,430
Ross Stores Inc.		1,577		171,656
TJX Companies Inc. (The)		5,311		350,420
Tractor Supply Co.		513		103,939
Ulta Beauty Inc.(a)		249		89,869
				3,558,813
Technology Hardware, Storage & Peripherals — 7.0%
Apple Inc.		68,950		9,756,425
Hewlett Packard Enterprise Co.		5,712		81,396
HP Inc.		5,272		144,242
NetApp Inc.		980		87,965
Seagate Technology Holdings PLC		911		75,176
Western Digital Corp.(a)		1,342		75,742
				10,220,946
Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands Inc.		1,532		26,289
Nike Inc., Class B		5,609		814,595
PVH Corp.(a)		328		33,715
Ralph Lauren Corp.		198		21,986
Tapestry Inc.		1,232		45,609
Under Armour Inc., Class A(a)		808		16,306
Under Armour Inc., Class C, NVS(a)		895		15,680
VF Corp.		1,420		95,126
				1,069,306
Trading Companies & Distributors — 0.2%
Fastenal Co.		2,512		129,644
United Rentals Inc.(a)		331		116,158
WW Grainger Inc.		186		73,109
				318,911
Water Utilities — 0.1%
American Water Works Co. Inc.		800		135,232
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		2,573		328,727
Total Common Stocks — 99.8%
(Cost: $142,729,156)			146,688,975
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(b)(d)(e)		33,986		34,003

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

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)		120,000	$	120,000
				154,003
Total Short-Term Investments — 0.1% (Cost: $154,003)				154,003
Total Investments in Securities — 99.9% (Cost: $142,883,159)				146,842,978
Other Assets, Less Liabilities — 0.1%				98,935
Net Assets — 100.0%			$	146,941,913

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

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	$	—	$	33,983	(a)	$	—		$	20	$	—	$	34,003		33,986	$	63	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		60,000	(a)		—			—		—		120,000		120,000		4			—
BlackRock Inc.		106,308		420,351			(6,152	)		2,296		3,037		525,840		627		3,015			—
									$	2,316	$	3,037	$	679,843			$	3,082		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 Micro E-Mini Index		5		12/17/21	$	107	$	(4,643	)

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)	$	4,643

^(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).

S C H E D U L E  O F  I N V E S T M E N  T S 13

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P 500 ETF

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	$	12,811
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,397	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	98,002

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	$	146,688,975		$	—	$	—	$	146,688,975
Money Market Funds		154,003			—		—		154,003
	$	146,842,978		$	—	$	—	$	146,842,978
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(4,643	)	$	—	$	—	$	(4,643	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments(unaudited) September 30, 2021 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Axon Enterprise Inc.(a)		1,206	$	211,074
Curtiss-Wright Corp.		753		95,013
Hexcel Corp.(a)		1,545		91,758
Mercury Systems Inc.(a)		1,031		48,890
				446,735
Air Freight & Logistics — 0.4%
GXO Logistics Inc.(a)		1,810		141,976
Airlines — 0.2%
JetBlue Airways Corp.(a)		5,859		89,584
Auto Components — 1.8%
Adient PLC(a)		1,736		71,957
Dana Inc.		2,676		59,514
Fox Factory Holding Corp.(a)		775		112,019
Gentex Corp.		4,402		145,178
Goodyear Tire & Rubber Co. (The)(a)		5,176		91,615
Lear Corp.		1,097		171,659
Visteon Corp.(a)		524		49,460
				701,402
Automobiles — 0.6%
Harley-Davidson Inc.		2,835		103,790
Thor Industries Inc.		1,020		125,215
				229,005
Banks — 7.6%
Associated Banc-Corp.		2,818		60,362
BancorpSouth Bank		1,285		38,267
Bank of Hawaii Corp.		756		62,121
Bank OZK		2,245		96,490
Cathay General Bancorp.		1,460		60,429
CIT Group Inc.		1,827		94,913
Commerce Bancshares Inc.		1,958		136,433
Cullen/Frost Bankers Inc.		1,043		123,721
East West Bancorp. Inc.		2,614		202,690
First Financial Bankshares Inc.		2,360		108,442
First Horizon Corp.		10,121		164,871
FNB Corp.		5,887		68,407
Fulton Financial Corp.		3,058		46,726
Glacier Bancorp. Inc.		1,992		110,257
Hancock Whitney Corp.		1,600		75,392
Home BancShares Inc./AR		2,781		65,437
International Bancshares Corp.		981		40,849
PacWest Bancorp.		2,159		97,846
Pinnacle Financial Partners Inc.		1,402		131,900
Prosperity Bancshares Inc.		1,712		121,775
Signature Bank/New York NY		1,114		303,320
Sterling Bancorp./DE		3,550		88,608
Synovus Financial Corp.		2,698		118,415
Texas Capital Bancshares Inc.(a)		946		56,779
UMB Financial Corp.		793		76,691
Umpqua Holdings Corp.		4,097		82,964
United Bankshares Inc./WV		2,380		86,584
Valley National Bancorp.		7,492		99,718
Webster Financial Corp.		1,669		90,894
Wintrust Financial Corp.		1,051		84,469
				2,995,770
Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)		173		88,187

Security	Shares		Value
Biotechnology — 1.8%
Arrowhead Pharmaceuticals Inc.(a)		1,920	$	119,866
Emergent BioSolutions Inc.(a)		897		44,913
Exelixis Inc.(a)		5,804		122,696
Halozyme Therapeutics Inc.(a)		2,614		106,337
Neurocrine Biosciences Inc.(a)		1,738		166,692
United Therapeutics Corp.(a)		824		152,094
				712,598
Building Products — 2.6%
Builders FirstSource Inc.(a)		3,805		196,870
Carlisle Companies Inc.		958		190,441
Lennox International Inc.		628		184,739
Owens Corning		1,894		161,937
Simpson Manufacturing Co. Inc.		800		85,576
Trex Co. Inc.(a)		2,118		215,888
				1,035,451
Capital Markets — 2.9%
Affiliated Managers Group Inc.		760		114,828
Evercore Inc., Class A		731		97,713
FactSet Research Systems Inc.		694		273,977
Federated Hermes Inc.		1,823		59,248
Interactive Brokers Group Inc., Class A		1,591		99,183
Janus Henderson Group PLC		2,986		123,411
Jefferies Financial Group Inc.		3,629		134,745
SEI Investments Co.		1,976		117,177
Stifel Financial Corp.		1,931		131,231
				1,151,513
Chemicals — 2.3%
Ashland Global Holdings Inc.		1,037		92,418
Avient Corp.		1,682		77,961
Cabot Corp.		1,046		52,426
Chemours Co. (The)		3,043		88,430
Ingevity Corp.(a)		728		51,957
Minerals Technologies Inc.		630		43,999
NewMarket Corp.		133		45,056
RPM International Inc.		2,391		185,661
Scotts Miracle-Gro Co. (The)		750		109,770
Sensient Technologies Corp.		774		70,496
Valvoline Inc.		3,330		103,829
				922,003
Commercial Services & Supplies — 1.9%
Brink’s Co. (The)		918		58,109
Clean Harbors Inc.(a)		919		95,457
Herman Miller Inc.		1,383		52,084
IAA Inc.(a)		2,484		135,552
KAR Auction Services Inc.(a)		2,196		35,992
MSA Safety Inc.		672		97,910
Stericycle Inc.(a)		1,692		115,005
Tetra Tech Inc.		993		148,295
				738,404
Communications Equipment — 0.9%
Ciena Corp.(a)		2,852		146,450
Lumentum Holdings Inc.(a)		1,399		116,873
NetScout Systems Inc.(a)(b)		1,394		37,568
Viasat Inc.(a)		1,351		74,400
				375,291
Construction & Engineering — 1.3%
AECOM(a)		2,645		167,032
Dycom Industries Inc.(a)(b)		578		41,177
EMCOR Group Inc.		990		114,226

S C H E D U L E  O F  I N V E S T M E N  T S 15

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
MasTec Inc.(a)		1,054	$	90,939
Valmont Industries Inc.		390		91,697
				505,071
Construction Materials — 0.3%
Eagle Materials Inc.		769		100,862
Consumer Finance — 0.6%
LendingTree Inc.(a)		216		30,203
Navient Corp.		3,082		60,808
PROG Holdings Inc.		1,225		51,462
SLM Corp.		5,634		99,159
				241,632
Containers & Packaging — 0.9%
AptarGroup Inc.		1,215		145,010
Greif Inc., Class A, NVS		487		31,460
Silgan Holdings Inc.		1,542		59,151
Sonoco Products Co.		1,811		107,900
				343,521
Diversified Consumer Services — 1.0%
Graham Holdings Co., Class B		75		44,187
Grand Canyon Education Inc.(a)		833		73,271
H&R Block Inc.		3,280		82,000
Service Corp. International		3,077		185,420
				384,878
Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.(a)		2,430		96,835
Electric Utilities — 0.2%
Hawaiian Electric Industries Inc.		2,014		82,232
Electrical Equipment — 1.8%
Acuity Brands Inc.		658		114,077
EnerSys		784		58,361
Hubbell Inc.		998		180,309
nVent Electric PLC		3,097		100,126
Regal Beloit Corp.		747		112,304
Sunrun Inc.(a)		3,782		166,408
				731,585
Electronic Equipment, Instruments & Components — 3.4%
Arrow Electronics Inc.(a)		1,323		148,560
Avnet Inc.		1,833		67,766
Belden Inc.		840		48,938
Cognex Corp.		3,244		260,234
Coherent Inc.(a)		452		113,041
II-VI Inc.(a)		1,932		114,683
Jabil Inc.		2,678		156,315
Littelfuse Inc.		454		124,065
National Instruments Corp.		2,450		96,113
SYNNEX Corp.		766		79,741
Vishay Intertechnology Inc.		2,484		49,903
Vontier Corp.		3,136		105,370
				1,364,729
Energy Equipment & Services — 0.2%
ChampionX Corp.(a)		3,683		82,352
Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A		846		47,596
Equity Real Estate Investment Trusts (REITs) — 9.9%
American Campus Communities Inc.		2,554		123,741

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Income REIT Corp.		2,882	$	140,670
Brixmor Property Group Inc.		5,472		120,986
Camden Property Trust		1,847		272,377
CoreSite Realty Corp.		812		112,495
Corporate Office Properties Trust		2,070		55,849
Cousins Properties Inc.		2,740		102,175
CyrusOne Inc.		2,278		176,340
Douglas Emmett Inc.		3,222		101,847
EastGroup Properties Inc.		742		123,640
EPR Properties		1,379		68,095
First Industrial Realty Trust Inc.		2,371		123,482
Healthcare Realty Trust Inc.		2,672		79,572
Highwoods Properties Inc.		1,914		83,948
Hudson Pacific Properties Inc.		2,809		73,792
JBG SMITH Properties		2,166		64,135
Kilroy Realty Corp.		1,931		127,852
Lamar Advertising Co., Class A		1,593		180,726
Life Storage Inc.		1,438		164,996
Macerich Co. (The)		3,923		65,553
Medical Properties Trust Inc.		10,939		219,546
National Retail Properties Inc.		3,225		139,288
National Storage Affiliates Trust		1,498		79,079
Omega Healthcare Investors Inc.		4,401		131,854
Park Hotels & Resorts Inc.(a)		4,357		83,393
Pebblebrook Hotel Trust		2,420		54,232
Physicians Realty Trust		4,052		71,396
PotlatchDeltic Corp.		1,235		63,701
PS Business Parks Inc.		376		58,934
Rayonier Inc.		2,603		92,875
Rexford Industrial Realty Inc.		2,529		143,521
Sabra Health Care REIT Inc.		4,120		60,646
SL Green Realty Corp.		1,237		87,629
Spirit Realty Capital Inc.		2,187		100,690
STORE Capital Corp.		4,490		143,815
Urban Edge Properties		2,073		37,957
				3,930,827
Food & Staples Retailing — 0.5%
BJ’s Wholesale Club Holdings Inc.(a)		2,518		138,288
Sprouts Farmers Market Inc.(a)		2,104		48,750
				187,038
Food Products — 1.9%
Darling Ingredients Inc.(a)		2,976		213,974
Flowers Foods Inc.		3,667		86,651
Hain Celestial Group Inc. (The)(a)(b)		1,564		66,908
Ingredion Inc.		1,234		109,838
Lancaster Colony Corp.		366		61,784
Pilgrim’s Pride Corp.(a)		895		26,027
Post Holdings Inc.(a)		1,080		118,973
Sanderson Farms Inc.		395		74,339
Tootsie Roll Industries Inc.		346		10,529
				769,023
Gas Utilities — 1.1%
New Jersey Resources Corp.		1,777		61,858
ONE Gas Inc.		986		62,483
Southwest Gas Holdings Inc.		1,101		73,635
Spire Inc.		952		58,243
UGI Corp.		3,852		164,172
				420,391

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

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies — 3.5%
Globus Medical Inc., Class A(a)		1,438	$	110,180
Haemonetics Corp.(a)		939		66,284
Hill-Rom Holdings Inc.		1,209		181,350
ICU Medical Inc.(a)		366		85,417
Integra LifeSciences Holdings Corp.(a)		1,340		91,763
LivaNova PLC(a)		990		78,398
Masimo Corp.(a)		930		251,760
Neogen Corp.(a)		1,980		85,992
NuVasive Inc.(a)		952		56,977
Penumbra Inc.(a)		632		168,428
Quidel Corp.(a)		698		98,523
STAAR Surgical Co.(a)		874		112,335
				1,387,407
Health Care Providers & Services — 3.2%
Acadia Healthcare Co. Inc.(a)		1,655		105,556
Amedisys Inc.(a)		601		89,609
Chemed Corp.		290		134,885
Encompass Health Corp.		1,833		137,548
HealthEquity Inc.(a)		1,536		99,471
LHC Group Inc.(a)		584		91,636
Molina Healthcare Inc.(a)		1,073		291,116
Patterson Companies Inc.		1,588		47,862
Progyny Inc.(a)		1,264		70,784
R1 RCM Inc.(a)		2,466		54,277
Tenet Healthcare Corp.(a)		1,966		130,621
				1,253,365
Hotels, Restaurants & Leisure — 3.3%
Boyd Gaming Corp.(a)		1,510		95,523
Choice Hotels International Inc.		612		77,338
Churchill Downs Inc.		639		153,411
Cracker Barrel Old Country Store Inc.		437		61,110
Jack in the Box Inc.		399		38,835
Marriott Vacations Worldwide Corp.		787		123,819
Papa John’s International Inc.		606		76,956
Scientific Games Corp./DE, Class A(a)		1,587		131,832
Six Flags Entertainment Corp.(a)		1,443		61,327
Texas Roadhouse Inc.		1,291		117,907
Travel + Leisure Co.		1,590		86,703
Wendy’s Co. (The)		3,283		71,175
Wingstop Inc.		546		89,506
Wyndham Hotels & Resorts Inc.		1,717		132,535
				1,317,977
Household Durables — 1.7%
Helen of Troy Ltd.(a)		442		99,309
KB Home		1,677		65,269
Taylor Morrison Home Corp.(a)(b)		2,308		59,500
Tempur Sealy International Inc.		3,608		167,447
Toll Brothers Inc.		2,137		118,155
TopBuild Corp.(a)		604		123,705
TRI Pointe Homes Inc.(a)		2,096		44,058
				677,443
Household Products — 0.1%
Energizer Holdings Inc.		1,145		44,712
Insurance — 3.7%
Alleghany Corp.(a)		256		159,849
American Financial Group Inc./OH		1,218		153,261
Brighthouse Financial Inc.(a)		1,532		69,292
CNO Financial Group Inc.		2,354		55,413

Security	Shares		Value
Insurance (continued)
First American Financial Corp.		2,026	$	135,843
Hanover Insurance Group Inc. (The)		658		85,290
Kemper Corp.		1,102		73,603
Kinsale Capital Group Inc.		395		63,871
Mercury General Corp.		504		28,058
Old Republic International Corp.		5,238		121,155
Primerica Inc.		727		111,689
Reinsurance Group of America Inc.		1,253		139,409
RenaissanceRe Holdings Ltd.		868		120,999
RLI Corp.		733		73,498
Selective Insurance Group Inc.		1,107		83,612
				1,474,842
Interactive Media & Services — 0.3%
TripAdvisor Inc.(a)		1,813		61,370
Yelp Inc.(a)		1,274		47,444
				108,814
IT Services — 1.9%
Alliance Data Systems Corp.		918		92,617
Concentrix Corp.(a)		787		139,299
Genpact Ltd.		3,182		151,177
LiveRamp Holdings Inc.(a)		1,251		59,085
Maximus Inc.		1,132		94,182
Sabre Corp.(a)		6,016		71,229
WEX Inc.(a)		826		145,492
				753,081
Leisure Products — 1.5%
Brunswick Corp./DE		1,428		136,046
Callaway Golf Co.(a)		2,151		59,432
Mattel Inc.(a)		6,429		119,322
Polaris Inc.		1,050		125,643
YETI Holdings Inc.(a)		1,606		137,618
				578,061
Life Sciences Tools & Services — 1.4%
Medpace Holdings Inc.(a)		526		99,561
Repligen Corp.(a)		939		271,362
Syneos Health Inc.(a)		1,900		166,212
				537,135
Machinery — 5.4%
AGCO Corp.		1,139		139,562
Colfax Corp.(a)		2,386		109,517
Crane Co.		918		87,035
Donaldson Co. Inc.		2,314		132,847
Flowserve Corp.		2,400		83,208
Graco Inc.		3,117		218,096
ITT Inc.		1,586		136,142
Kennametal Inc.		1,540		52,714
Lincoln Electric Holdings Inc.		1,094		140,896
Middleby Corp. (The)(a)		1,021		174,091
Nordson Corp.		993		236,483
Oshkosh Corp.		1,264		129,396
Terex Corp.		1,286		54,141
Timken Co. (The)		1,278		83,607
Toro Co. (The)		1,966		191,508
Trinity Industries Inc.		1,532		41,624
Woodward Inc.		1,168		132,218
				2,143,085
Marine — 0.1%
Kirby Corp.(a)		1,107		53,092

S C H E D U L E  O F  I N V E S T M E N  T S 17

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 1.1%
Cable One Inc.		91	$	164,995
John Wiley & Sons Inc., Class A		816		42,603
New York Times Co. (The), Class A		3,078		151,653
TEGNA Inc.		4,073		80,320
				439,571
Metals & Mining — 2.3%
Cleveland-Cliffs Inc.(a)		8,351		165,433
Commercial Metals Co.		2,222		67,682
Compass Minerals International Inc.		639		41,152
Reliance Steel & Aluminum Co.		1,169		166,489
Royal Gold Inc.		1,209		115,447
Steel Dynamics Inc.		3,561		208,247
United States Steel Corp.		4,976		109,323
Worthington Industries Inc.		610		32,147
				905,920
Multi-Utilities — 0.3%
MDU Resources Group Inc.		3,730		110,669
Multiline Retail — 0.7%
Kohl’s Corp.		2,879		135,572
Nordstrom Inc.(a)		2,080		55,016
Ollie’s Bargain Outlet Holdings Inc.(a)		1,119		67,453
				258,041
Oil, Gas & Consumable Fuels — 0.9%
Equitrans Midstream Corp.		7,466		75,705
HollyFrontier Corp.		2,745		90,942
Targa Resources Corp.		4,199		206,633
				373,280
Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		1,755		107,704
Personal Products — 0.2%
Coty Inc., Class A(a)		6,163		48,441
Nu Skin Enterprises Inc., Class A		943		38,163
				86,604
Pharmaceuticals — 0.5%
Jazz Pharmaceuticals PLC(a)		1,126		146,616
Nektar Therapeutics(a)		3,436		61,711
				208,327
Professional Services — 1.4%
ASGN Inc.(a)		971		109,859
FTI Consulting Inc.(a)(b)		632		85,130
Insperity Inc.		661		73,199
KBR Inc.		2,586		101,889
ManpowerGroup Inc.		999		108,172
Science Applications International Corp.		1,068		91,378
				569,627
Real Estate Management & Development — 0.6%
Jones Lang LaSalle Inc.(a)		931		230,972
Road & Rail — 1.6%
Avis Budget Group Inc.(a)		867		101,014
Knight-Swift Transportation Holdings Inc.		3,048		155,905
Landstar System Inc.		705		111,263
Ryder System Inc.		991		81,966
Werner Enterprises Inc.		1,136		50,291
XPO Logistics Inc.(a)		1,810		144,040
				644,479

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 3.9%
Amkor Technology Inc.		1,900	$	47,405
Brooks Automation Inc.		1,369		140,117
Cirrus Logic Inc.(a)		1,071		88,197
CMC Materials Inc.		538		66,298
First Solar Inc.(a)		1,822		173,928
Lattice Semiconductor Corp.(a)		2,505		161,948
MKS Instruments Inc.		1,021		154,079
Semtech Corp.(a)		1,192		92,940
Silicon Laboratories Inc.(a)		748		104,840
SolarEdge Technologies Inc.(a)		963		255,407
Synaptics Inc.(a)		648		116,465
Universal Display Corp.		798		136,426
				1,538,050
Software — 4.4%
ACI Worldwide Inc.(a)		2,164		66,500
Aspen Technology Inc.(a)		1,251		153,623
Blackbaud Inc.(a)		774		54,451
CDK Global Inc.		2,244		95,482
Cerence Inc.(a)		698		67,085
CommVault Systems Inc.(a)		856		64,465
Envestnet Inc.(a)		356		28,565
Fair Isaac Corp.(a)		523		208,117
J2 Global Inc.(a)		885		120,909
Manhattan Associates Inc.(a)		1,164		178,127
NCR Corp.(a)		2,421		93,838
Paylocity Holding Corp.(a)		722		202,449
Qualys Inc.(a)		617		68,666
SailPoint Technologies Holdings Inc.(a)		1,712		73,411
Teradata Corp.(a)		2,010		115,273
Wolfspeed Inc.		2,128		171,793
				1,762,754
Specialty Retail — 3.6%
American Eagle Outfitters Inc.		2,812		72,549
AutoNation Inc.(a)		805		98,017
Five Below Inc.(a)		1,032		182,468
Foot Locker Inc.		1,659		75,750
GameStop Corp., Class A(a)		1,146		201,089
Lithia Motors Inc.		557		176,591
Murphy USA Inc.		438		73,260
RH(a)		313		208,743
Urban Outfitters Inc.(a)		1,214		36,044
Victoria’s Secret & Co.(a)		1,379		76,203
Williams-Sonoma Inc.		1,380		244,715
				1,445,429
Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		2,532		51,070
Textiles, Apparel & Luxury Goods — 1.8%
Capri Holdings Ltd.(a)		2,800		135,548
Carter’s Inc.		811		78,862
Columbia Sportswear Co.		644		61,721
Crocs Inc.(a)		1,146		164,428
Deckers Outdoor Corp.(a)		508		182,981
Skechers U.S.A. Inc., Class A(a)		2,485		104,668
				728,208
Thrifts & Mortgage Finance — 0.9%
Essent Group Ltd.		2,061		90,705
MGIC Investment Corp.		6,251		93,515
New York Community Bancorp. Inc.		8,567		110,257

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) (continued) September 30, 2021 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Washington Federal Inc.		1,277	$	43,814
				338,291
Trading Companies & Distributors — 0.9%
GATX Corp.		654		58,572
MSC Industrial Direct Co. Inc., Class A		865		69,364
Univar Solutions Inc.(a)		3,149		75,009
Watsco Inc.		606		160,360
				363,305
Water Utilities — 0.5%
Essential Utilities Inc.		4,120		189,850
Wireless Telecommunication Services — 0.1%
Telephone and Data Systems Inc.		1,863		36,328
Total Common Stocks — 99.9% (Cost: $40,009,233)				39,633,984
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.05%(c)(d)(e)		236,552		236,670

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.00%(c)(d)		40,000	$	40,000
				276,670
Total Short-Term Investments — 0.7% (Cost: $276,670)				276,670
Total Investments in Securities — 100.6% (Cost: $40,285,903)				39,910,654
Other Assets, Less Liabilities — (0.6)%				(221,296	)
Net Assets — 100.0%			$	39,689,358

^(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 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	$	265,494	$	—		$	(28,792	)(a)	$	(32	)	$	—	$	236,670		236,552	$	191	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		20,000	(a)		—			—			—		40,000		40,000		1			—
									$	(32	)	$	—	$	276,670			$	192		$	—

^(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.

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	$	39,633,984	$	—	$	—	$	39,633,984
Money Market Funds		276,670		—		—		276,670
	$	39,910,654	$	—	$	—	$	39,910,654

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 19

Schedule of Investments(unaudited) September 30, 2021 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
AAR Corp.(a)		595	$	19,296
Aerovironment Inc.(a)		411		35,477
Kaman Corp.		498		17,764
National Presto Industries Inc.		91		7,469
Park Aerospace Corp.		346		4,733
Triumph Group Inc.(a)		1,155		21,518
				106,257
Air Freight & Logistics — 0.8%
Atlas Air Worldwide Holdings Inc.(a)		482		39,370
Echo Global Logistics Inc.(a)		475		22,662
Forward Air Corp.		484		40,182
Hub Group Inc., Class A(a)		603		41,456
				143,670
Airlines — 0.7%
Allegiant Travel Co.(a)		271		52,975
Hawaiian Holdings Inc.(a)		915		19,819
SkyWest Inc.(a)		901		44,455
				117,249
Auto Components — 1.4%
American Axle & Manufacturing Holdings Inc.(a)		2,041		17,981
Cooper-Standard Holdings Inc.(a)		304		6,661
Dorman Products Inc.(a)		513		48,566
Gentherm Inc.(a)		592		47,910
LCI Industries		452		60,853
Motorcar Parts of America Inc.(a)		343		6,688
Patrick Industries Inc.		402		33,487
Standard Motor Products Inc.		345		15,080
				237,226
Automobiles — 0.3%
Winnebago Industries Inc.		600		43,470
Banks — 8.1%
Allegiance Bancshares Inc.		295		11,254
Ameris Bancorp.		1,084		56,238
Banc of California Inc.		804		14,866
BancFirst Corp.		339		20,381
Bancorp. Inc. (The)(a)		708		18,019
BankUnited Inc.		1,447		60,514
Banner Corp.		377		20,814
Berkshire Hills Bancorp. Inc.		581		15,675
Brookline Bancorp. Inc.		625		9,537
Cadence BanCorp		1,718		37,727
Central Pacific Financial Corp.		226		5,804
City Holding Co.		125		9,739
Columbia Banking System Inc.		1,120		42,549
Community Bank System Inc.		842		57,610
Customers Bancorp. Inc.(a)		530		22,801
CVB Financial Corp.		2,264		46,118
Dime Community Bancshares Inc.		600		19,596
Eagle Bancorp. Inc.		503		28,922
FB Financial Corp.		635		27,229
First BanCorp./Puerto Rico		2,024		26,616
First Bancorp./Southern Pines NC		228		9,806
First Commonwealth Financial Corp.		769		10,481
First Financial Bancorp		778		18,213
First Hawaiian Inc.		2,318		68,033
First Midwest Bancorp. Inc.		1,788		33,990
Great Western Bancorp. Inc.		860		28,156

Security	Shares		Value
Banks (continued)
Hanmi Financial Corp.		245	$	4,915
Heritage Financial Corp./WA		556		14,178
Hilltop Holdings Inc.		1,118		36,525
Hope Bancorp Inc.		988		14,267
Independent Bank Corp.		515		39,217
Independent Bank Group Inc.		663		47,099
Investors Bancorp. Inc.		4,030		60,893
National Bank Holdings Corp., Class A		486		19,673
NBT Bancorp. Inc.		680		24,562
OFG Bancorp		413		10,416
Old National Bancorp./IN		1,325		22,459
Pacific Premier Bancorp. Inc.		1,110		45,998
Park National Corp.		259		31,585
Preferred Bank/Los Angeles CA		107		7,135
Renasant Corp.		885		31,904
S&T Bancorp. Inc.		600		17,682
Seacoast Banking Corp. of Florida		442		14,944
ServisFirst Bancshares Inc.		873		67,919
Simmons First National Corp., Class A		866		25,599
Southside Bancshares Inc.		432		16,541
Tompkins Financial Corp.		213		17,234
Triumph Bancorp. Inc.(a)		421		42,155
United Community Banks Inc./GA		694		22,777
Veritex Holdings Inc.		782		30,780
Westamerica Bancorp		422		23,742
				1,410,887
Beverages — 0.8%
Celsius Holdings Inc.(a)		679		61,171
Coca-Cola Consolidated Inc.		83		32,717
MGP Ingredients Inc.		223		14,517
National Beverage Corp.		417		21,889
				130,294
Biotechnology — 1.6%
Anika Therapeutics Inc.(a)(b)		258		10,980
Coherus Biosciences Inc.(a)(b)		1,135		18,239
Cytokinetics Inc.(a)(b)		1,494		53,396
Eagle Pharmaceuticals Inc./DE(a)		205		11,435
Enanta Pharmaceuticals Inc.(a)		321		18,236
Myriad Genetics Inc.(a)		1,396		45,077
REGENXBIO Inc.(a)		670		28,086
Spectrum Pharmaceuticals Inc.(a)		2,948		6,427
Vanda Pharmaceuticals Inc.(a)		995		17,054
Vericel Corp.(a)		834		40,699
Xencor Inc.(a)		1,042		34,032
				283,661
Building Products — 1.9%
AAON Inc.		740		48,352
American Woodmark Corp.(a)		301		19,676
Apogee Enterprises Inc.		456		17,218
Gibraltar Industries Inc.(a)		583		40,606
Griffon Corp.		851		20,935
Insteel Industries Inc.		347		13,203
PGT Innovations Inc.(a)		1,066		20,361
Quanex Building Products Corp.		604		12,932
Resideo Technologies Inc.(a)		2,579		63,933
UFP Industries Inc.		1,107		75,254
				332,470
Capital Markets — 1.1%
B. Riley Financial Inc.		285		16,826

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^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Blucora Inc.(a)		874	$	13,626
BrightSphere Investment Group Inc.		1,065		27,829
Donnelley Financial Solutions Inc.(a)		531		18,383
Greenhill & Co. Inc.		257		3,757
Piper Sandler Cos		255		35,307
StoneX Group Inc.(a)		301		19,836
Virtus Investment Partners Inc.		114		35,377
WisdomTree Investments Inc.		1,955		11,085
				182,026
Chemicals — 3.0%
AdvanSix Inc.(a)		505		20,074
American Vanguard Corp.		482		7,254
Balchem Corp.		579		83,995
Ferro Corp.(a)		1,483		30,164
FutureFuel Corp.		463		3,301
GCP Applied Technologies Inc.(a)		959		21,021
Hawkins Inc.		337		11,755
HB Fuller Co.		939		60,622
Innospec Inc.		441		37,141
Koppers Holdings Inc.(a)		383		11,973
Kraton Corp.(a)		574		26,197
Livent Corp.(a)		2,890		66,788
Quaker Chemical Corp.		240		57,053
Stepan Co.		381		43,030
Tredegar Corp.		460		5,603
Trinseo SA		694		37,462
				523,433
Commercial Services & Supplies — 1.9%
ABM Industries Inc.		1,201		54,057
Brady Corp., Class A, NVS		868		44,008
CoreCivic Inc.(a)		2,153		19,162
Deluxe Corp.		761		27,312
Harsco Corp.(a)		1,416		24,001
HNI Corp.		785		28,825
Interface Inc.		1,060		16,059
Matthews International Corp., Class A		565		19,600
Pitney Bowes Inc.		1,002		7,224
U.S. Ecology Inc.(a)		563		18,213
UniFirst Corp./MA		273		58,045
Viad Corp.(a)		367		16,666
				333,172
Communications Equipment — 1.1%
ADTRAN Inc.		868		16,284
Applied Optoelectronics Inc.(a)(b)		448		3,217
CalAmp Corp.(a)		634		6,308
Comtech Telecommunications Corp.		468		11,985
Digi International Inc.(a)		613		12,885
Extreme Networks Inc.(a)		2,265		22,310
Harmonic Inc.(a)		1,829		16,004
NETGEAR Inc.(a)		546		17,423
Plantronics Inc.(a)		757		19,462
Viavi Solutions Inc.(a)		4,090		64,377
				190,255
Construction & Engineering — 0.9%
Arcosa Inc.		866		43,447
Comfort Systems USA Inc.		649		46,287
Granite Construction Inc.		820		32,431
Matrix Service Co.(a)		477		4,989

Security	Shares		Value
Construction & Engineering (continued)
MYR Group Inc.(a)		301	$	29,950
				157,104
Consumer Finance — 0.8%
Encore Capital Group Inc.(a)		541		26,655
Enova International Inc.(a)		659		22,768
Green Dot Corp., Class A(a)		960		48,317
PRA Group Inc.(a)		820		34,555
World Acceptance Corp.(a)		75		14,219
				146,514
Containers & Packaging — 0.3%
Myers Industries Inc.		650		12,720
O-I Glass Inc.(a)		2,813		40,142
				52,862
Diversified Consumer Services — 0.5%
Adtalem Global Education Inc.(a)		884		33,424
American Public Education Inc.(a)		336		8,605
Perdoceo Education Corp.(a)		1,258		13,284
Regis Corp.(a)		435		1,514
Strategic Education Inc.		405		28,553
				85,380
Diversified Telecommunication Services — 0.4%
ATN International Inc.		196		9,183
Cogent Communications Holdings Inc.		759		53,767
Consolidated Communications Holdings Inc.(a)		1,293		11,883
				74,833
Electrical Equipment — 0.7%
AZZ Inc.		448		23,834
Encore Wire Corp.		370		35,087
Powell Industries Inc.		162		3,980
Vicor Corp.(a)		381		51,115
				114,016
Electronic Equipment, Instruments & Components — 3.9%
Advanced Energy Industries Inc.		686		60,196
Arlo Technologies Inc.(a)		1,490		9,551
Badger Meter Inc.		522		52,795
Benchmark Electronics Inc.		639		17,068
CTS Corp.		580		17,928
Daktronics Inc.(a)		670		3,638
ePlus Inc.(a)		241		24,729
Fabrinet(a)		660		67,657
FARO Technologies Inc.(a)		325		21,388
Insight Enterprises Inc.(a)		623		56,120
Itron Inc.(a)		808		61,109
Knowles Corp.(a)		1,645		30,827
Methode Electronics Inc.		682		28,678
OSI Systems Inc.(a)		299		28,345
PC Connection Inc.		198		8,718
Plexus Corp.(a)		505		45,152
Rogers Corp.(a)		335		62,471
Sanmina Corp.(a)		1,164		44,861
ScanSource Inc.(a)		456		15,864
TTM Technologies Inc.(a)		1,928		24,235
				681,330
Energy Equipment & Services — 1.3%
Archrock Inc.		2,397		19,775
Bristow Group Inc.(a)		416		13,241
Core Laboratories NV		829		23,005
DMC Global Inc.(a)		336		12,402

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) (continued) September 30, 2021 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
Dril-Quip Inc.(a)		636	$	16,014
Helix Energy Solutions Group Inc.(a)(b)		2,547		9,882
Helmerich & Payne Inc.		1,930		52,901
Nabors Industries Ltd.(a)		139		13,411
Oil States International Inc.(a)		1,102		7,042
Patterson-UTI Energy Inc.		3,381		30,429
ProPetro Holding Corp.(a)		1,521		13,157
RPC Inc.(a)		1,274		6,192
U.S. Silica Holdings Inc.(a)		1,343		10,731
				228,182
Entertainment — 0.0%
Marcus Corp. (The)(a)		392		6,840
Equity Real Estate Investment Trusts (REITs) — 7.9%
Acadia Realty Trust		1,581		32,268
Agree Realty Corp.		1,233		81,662
Alexander & Baldwin Inc.		1,297		30,402
American Assets Trust Inc.		941		35,212
Armada Hoffler Properties Inc.		1,095		14,640
Brandywine Realty Trust		3,057		41,025
CareTrust REIT Inc.		1,337		27,168
Centerspace		250		23,625
Chatham Lodging Trust(a)		876		10,731
Community Healthcare Trust Inc.		415		18,754
DiamondRock Hospitality Co.(a)		3,767		35,598
Diversified Healthcare Trust		4,267		14,465
Easterly Government Properties Inc.		1,501		31,011
Essential Properties Realty Trust Inc.		2,115		59,051
Four Corners Property Trust Inc.		1,363		36,610
Franklin Street Properties Corp., Class C		1,737		8,060
GEO Group Inc. (The)		938		7,007
Getty Realty Corp.		689		20,195
Global Net Lease Inc.		1,794		28,740
Hersha Hospitality Trust, Class A(a)		591		5,514
Independence Realty Trust Inc.		1,883		38,319
Industrial Logistics Properties Trust		1,168		29,679
Innovative Industrial Properties Inc.		428		98,941
iStar Inc.		1,167		29,268
Kite Realty Group Trust		1,512		30,784
Lexington Realty Trust		4,989		63,610
LTC Properties Inc.		704		22,310
Mack-Cali Realty Corp.(a)		1,432		24,516
NexPoint Residential Trust Inc.		405		25,061
Office Properties Income Trust		865		21,910
Retail Opportunity Investments Corp.		2,172		37,836
Retail Properties of America Inc., Class A		3,859		49,704
RPT Realty		1,452		18,527
Safehold Inc.(b)		238		17,110
Saul Centers Inc.		232		10,222
Service Properties Trust		2,949		33,058
SITE Centers Corp.		3,223		49,763
Summit Hotel Properties Inc.(a)		1,905		18,345
Tanger Factory Outlet Centers Inc.		1,859		30,302
Uniti Group Inc.		4,176		51,657
Universal Health Realty Income Trust		229		12,657
Urstadt Biddle Properties Inc., Class A		541		10,241
Washington REIT		1,513		37,447
Whitestone REIT		775		7,579
Xenia Hotels & Resorts Inc.(a)		2,043		36,243
				1,366,827

Security	Shares		Value
Food & Staples Retailing — 0.8%
Andersons Inc. (The)		555	$	17,111
Chefs’ Warehouse Inc. (The)(a)		586		19,086
PriceSmart Inc.		429		33,269
SpartanNash Co.		651		14,257
United Natural Foods Inc.(a)		1,008		48,807
				132,530
Food Products — 1.2%
B&G Foods Inc.		1,159		34,643
Calavo Growers Inc.		317		12,122
Cal-Maine Foods Inc.		670		24,227
Fresh Del Monte Produce Inc.		597		19,235
J&J Snack Foods Corp.		265		40,497
John B Sanfilippo & Son Inc.		158		12,912
Seneca Foods Corp., Class A(a)		115		5,545
Simply Good Foods Co. (The)(a)		1,507		51,977
				201,158
Gas Utilities — 0.6%
Chesapeake Utilities Corp.		280		33,614
Northwest Natural Holding Co.		549		25,248
South Jersey Industries Inc.		2,011		42,754
				101,616
Health Care Equipment & Supplies — 3.4%
AngioDynamics Inc.(a)		689		17,873
Avanos Medical Inc.(a)		860		26,832
Cardiovascular Systems Inc.(a)		718		23,572
CONMED Corp.		522		68,293
CryoLife Inc.(a)		703		15,670
Cutera Inc.(a)		292		13,607
Glaukos Corp.(a)		832		40,077
Heska Corp.(a)		191		49,381
Inogen Inc.(a)		364		15,685
Integer Holdings Corp.(a)		590		52,711
Invacare Corp.(a)		626		2,980
Lantheus Holdings Inc.(a)		1,212		31,124
LeMaitre Vascular Inc.		343		18,210
Meridian Bioscience Inc.(a)		778		14,969
Merit Medical Systems Inc.(a)		905		64,979
Mesa Laboratories Inc.(b)		93		28,120
Natus Medical Inc.(a)		613		15,374
OraSure Technologies Inc.(a)		1,288		14,567
Orthofix Medical Inc.(a)		352		13,418
Surmodics Inc.(a)		249		13,844
Tactile Systems Technology Inc.(a)		355		15,780
Varex Imaging Corp.(a)		707		19,937
Zynex Inc.(a)		355		4,043
				581,046
Health Care Providers & Services — 4.3%
Addus HomeCare Corp.(a)		284		22,649
AMN Healthcare Services Inc.(a)		846		97,079
Apollo Medical Holdings Inc.(a)		672		61,186
Community Health Systems Inc.(a)		2,220		25,974
CorVel Corp.(a)(b)		168		31,285
Covetrus Inc.(a)		1,846		33,486
Cross Country Healthcare Inc.(a)		634		13,466
Ensign Group Inc. (The)		937		70,172
Fulgent Genetics Inc.(a)		343		30,853
Hanger Inc.(a)		660		14,494
Joint Corp. (The)(a)		257		25,191
Magellan Health Inc.(a)		416		39,333

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^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
MEDNAX Inc.(a)		1,543	$	43,867
ModivCare Inc.(a)		220		39,956
Owens & Minor Inc.		1,350		42,242
Pennant Group Inc. (The)(a)		483		13,567
RadNet Inc.(a)		792		23,214
Select Medical Holdings Corp.		1,902		68,795
Tivity Health Inc.(a)		791		18,240
U.S. Physical Therapy Inc.		230		25,438
				740,487
Health Care Technology — 1.2%
Allscripts Healthcare Solutions Inc.(a)		2,236		29,895
Computer Programs & Systems Inc.		264		9,362
HealthStream Inc.(a)		451		12,890
NextGen Healthcare Inc.(a)		1,011		14,255
Omnicell Inc.(a)		777		115,330
Simulations Plus Inc.		282		11,139
Tabula Rasa HealthCare Inc.(a)		411		10,772
				203,643
Hotels, Restaurants & Leisure — 1.7%
BJ’s Restaurants Inc.(a)		416		17,372
Bloomin’ Brands Inc.(a)		1,452		36,300
Brinker International Inc.(a)		819		40,172
Cheesecake Factory Inc. (The)(a)		868		40,796
Chuy’s Holdings Inc.(a)		358		11,288
Dave & Buster’s Entertainment Inc.(a)		689		26,409
Dine Brands Global Inc.(a)		307		24,931
El Pollo Loco Holdings Inc.(a)		348		5,881
Fiesta Restaurant Group Inc.(a)		313		3,431
Monarch Casino & Resort Inc.(a)		232		15,542
Red Robin Gourmet Burgers Inc.(a)		281		6,480
Ruth’s Hospitality Group Inc.(a)		578		11,970
Shake Shack Inc., Class A(a)		699		54,844
				295,416
Household Durables — 2.4%
Cavco Industries Inc.(a)		153		36,221
Century Communities Inc.		531		32,630
Ethan Allen Interiors Inc.		393		9,314
Installed Building Products Inc.		419		44,896
iRobot Corp.(a)		501		39,329
La-Z-Boy Inc.		808		26,042
LGI Homes Inc.(a)		387		54,919
M/I Homes Inc.(a)		524		30,287
MDC Holdings Inc.		1,010		47,187
Meritage Homes Corp.(a)		673		65,281
Tupperware Brands Corp.(a)		892		18,839
Universal Electronics Inc.(a)		241		11,869
				416,814
Household Products — 0.6%
Central Garden & Pet Co.(a)		175		8,400
Central Garden & Pet Co., Class A, NVS(a)		718		30,874
WD-40 Co.		244		56,481
				95,755
Industrial Conglomerates — 0.2%
Raven Industries Inc.(a)		642		36,986
Insurance — 2.1%
Ambac Financial Group Inc.(a)		830		11,886
American Equity Investment Life Holding Co.		1,472		43,527
AMERISAFE Inc.		347		19,488

Security	Shares		Value
Insurance (continued)
Assured Guaranty Ltd.		1,305	$	61,087
eHealth Inc.(a)		423		17,132
Employers Holdings Inc.		224		8,846
Genworth Financial Inc., Class A(a)		7,098		26,617
HCI Group Inc.		118		13,071
Horace Mann Educators Corp.		332		13,210
James River Group Holdings Ltd.		442		16,677
ProAssurance Corp.		431		10,249
Safety Insurance Group Inc.		226		17,910
SiriusPoint Ltd.(a)		1,562		14,464
Stewart Information Services Corp.		413		26,126
Trupanion Inc.(a)		612		47,534
United Fire Group Inc.		388		8,963
Universal Insurance Holdings Inc.		506		6,598
				363,385
Interactive Media & Services — 0.1%
QuinStreet Inc.(a)		883		15,505
Internet & Direct Marketing Retail — 1.0%
Liquidity Services Inc.(a)		477		10,308
PetMed Express Inc.		365		9,808
Shutterstock Inc.		419		47,481
Stamps.com Inc.(a)		328		108,171
				175,768
IT Services — 1.6%
CSG Systems International Inc.		586		28,245
EVERTEC Inc.		1,068		48,829
ExlService Holdings Inc.(a)		594		73,133
Perficient Inc.(a)		589		68,148
TTEC Holdings Inc.		328		30,678
Unisys Corp.(a)		1,200		30,168
				279,201
Life Sciences Tools & Services — 0.6%
NeoGenomics Inc.(a)		2,188		105,549
Machinery — 5.8%
Alamo Group Inc.		176		24,557
Albany International Corp., Class A		579		44,508
Astec Industries Inc.		407		21,901
Barnes Group Inc.		832		34,719
Chart Industries Inc.(a)		636		121,546
CIRCOR International Inc.(a)		362		11,950
Enerpac Tool Group Corp.		1,076		22,306
EnPro Industries Inc.		369		32,147
ESCO Technologies Inc.		465		35,805
Federal Signal Corp.		1,093		42,212
Franklin Electric Co. Inc.		697		55,656
Greenbrier Companies Inc. (The)		579		24,891
Hillenbrand Inc.		1,306		55,701
John Bean Technologies Corp.		568		79,832
Lindsay Corp.		194		29,447
Lydall Inc.(a)		321		19,931
Meritor Inc.(a)		1,254		26,723
Mueller Industries Inc.		1,022		42,004
Proto Labs Inc.(a)		496		33,034
SPX Corp.(a)		811		43,348
SPX FLOW Inc.		744		54,386
Standex International Corp.		218		21,562
Tennant Co.		334		24,699
Titan International Inc.(a)		919		6,580

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) (continued) September 30, 2021 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Wabash National Corp.		898	$	13,587
Watts Water Technologies Inc., Class A		492		82,700
				1,005,732
Marine — 0.4%
Matson Inc.		777		62,712
Media — 0.9%
AMC Networks Inc., Class A(a)(b)		522		24,320
EW Scripps Co. (The), Class A		1,022		18,457
Gannett Co. Inc.(a)		2,562		17,114
Meredith Corp.(a)		725		40,383
Scholastic Corp.		546		19,465
TechTarget Inc.(a)		453		37,336
				157,075
Metals & Mining — 1.3%
Allegheny Technologies Inc.(a)		2,275		37,833
Arconic Corp.(a)		1,956		61,692
Carpenter Technology Corp.		859		28,124
Century Aluminum Co.(a)		906		12,186
Haynes International Inc.		227		8,456
Kaiser Aluminum Corp.		283		30,836
Materion Corp.		365		25,053
Olympic Steel Inc.		166		4,044
SunCoke Energy Inc.		1,491		9,363
TimkenSteel Corp.(a)		738		9,653
				227,240
Mortgage Real Estate Investment — 1.5%
Apollo Commercial Real Estate Finance Inc.		2,352		34,880
ARMOUR Residential REIT Inc.		1,465		15,793
Capstead Mortgage Corp.		1,738		11,627
Ellington Financial Inc.		855		15,638
Granite Point Mortgage Trust Inc.		983		12,946
Invesco Mortgage Capital Inc.		5,206		16,399
KKR Real Estate Finance Trust Inc.		725		15,297
New York Mortgage Trust Inc.		6,787		28,913
PennyMac Mortgage Investment Trust		1,750		34,457
Ready Capital Corp.		1,023		14,762
Redwood Trust Inc.		2,022		26,064
Two Harbors Investment Corp.		5,614		35,593
				262,369
Multi-Utilities — 0.3%
Avista Corp.		1,052		41,154
Unitil Corp.		284		12,150
				53,304
Multiline Retail — 0.6%
Big Lots Inc.		619		26,840
Macy’s Inc.		3,749		84,727
				111,567
Oil, Gas & Consumable Fuels — 0.9%
Dorian LPG Ltd.		499		6,192
Green Plains Inc.(a)		588		19,198
Par Pacific Holdings Inc.(a)		822		12,922
PBF Energy Inc., Class A(a)		1,701		22,062
Renewable Energy Group Inc.(a)		898		45,080
REX American Resources Corp.(a)		94		7,508
World Fuel Services Corp.		1,136		38,192
				151,154
Paper & Forest Products — 0.5%
Clearwater Paper Corp.(a)		298		11,422

Security	Shares		Value
Paper & Forest Products (continued)
Domtar Corp.(a)		901	$	49,141
Glatfelter Corp.		799		11,266
Mercer International Inc.		723		8,380
Neenah Inc.		302		14,076
				94,285
Personal Products — 0.8%
Edgewell Personal Care Co.		972		35,283
elf Beauty Inc.(a)		852		24,751
Inter Parfums Inc.		317		23,702
Medifast Inc.		210		40,454
USANA Health Sciences Inc.(a)		214		19,731
				143,921
Pharmaceuticals — 1.4%
Amphastar Pharmaceuticals Inc.(a)		664		12,623
ANI Pharmaceuticals Inc.(a)		174		5,711
Cara Therapeutics Inc.(a)		756		11,680
Collegium Pharmaceutical Inc.(a)		639		12,614
Corcept Therapeutics Inc.(a)		1,866		36,723
Endo International PLC(a)		4,178		13,537
Innoviva Inc.(a)		1,122		18,749
Pacira BioSciences Inc.(a)		795		44,520
Phibro Animal Health Corp., Class A		365		7,862
Prestige Consumer Healthcare Inc.(a)		895		50,218
Supernus Pharmaceuticals Inc.(a)		950		25,336
				239,573
Professional Services — 1.4%
Exponent Inc.		931		105,343
Forrester Research Inc.(a)		199		9,803
Heidrick & Struggles International Inc.		349		15,576
Kelly Services Inc., Class A, NVS		646		12,196
Korn Ferry		995		71,998
Resources Connection Inc.		554		8,742
TrueBlue Inc.(a)		636		17,223
				240,881
Real Estate Management & Development — 0.5%
Marcus & Millichap Inc.(a)		447		18,157
RE/MAX Holdings Inc., Class A		339		10,563
Realogy Holdings Corp.(a)		2,085		36,571
St Joe Co. (The)		589		24,797
				90,088
Road & Rail — 0.4%
ArcBest Corp.		456		37,287
Heartland Express Inc.		842		13,489
Marten Transport Ltd.		1,067		16,741
				67,517
Semiconductors & Semiconductor Equipment — 3.9%
Axcelis Technologies Inc.(a)		600		28,218
CEVA Inc.(a)		410		17,495
Cohu Inc.(a)		869		27,756
Diodes Inc.(a)		804		72,834
DSP Group Inc.(a)		408		8,939
FormFactor Inc.(a)		1,389		51,851
Ichor Holdings Ltd.(a)		507		20,833
Kulicke & Soffa Industries Inc.		1,108		64,574
MaxLinear Inc.(a)		1,258		61,957
Onto Innovation Inc.(a)		880		63,580
PDF Solutions Inc.(a)		534		12,303
Photronics Inc.(a)		1,112		15,157
Power Integrations Inc.		1,078		106,711

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^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Rambus Inc.(a)		1,948	$	43,246
SMART Global Holdings Inc.(a)		414		18,423
Ultra Clean Holdings Inc.(a)		799		34,037
Veeco Instruments Inc.(a)		904		20,078
				667,992
Software — 3.1%
8x8 Inc.(a)		2,004		46,874
Agilysys Inc.(a)		347		18,169
Alarm.com Holdings Inc.(a)(b)		821		64,194
Bottomline Technologies DE Inc.(a)		703		27,614
Ebix Inc.		426		11,472
InterDigital Inc.		549		37,233
LivePerson Inc.(a)		1,161		68,441
OneSpan Inc.(a)		621		11,662
Progress Software Corp.		783		38,516
SPS Commerce Inc.(a)		641		103,400
Vonage Holdings Corp.(a)		4,525		72,943
Xperi Holding Corp.		1,874		35,306
				535,824
Specialty Retail — 4.5%
Aaron’s Co. Inc. (The)		587		16,166
Abercrombie & Fitch Co., Class A(a)		1,101		41,431
America’s Car-Mart Inc./TX(a)		112		13,079
Asbury Automotive Group Inc.(a)		346		68,072
Barnes & Noble Education Inc.(a)		643		6,424
Bed Bath & Beyond Inc.(a)		1,869		32,287
Boot Barn Holdings Inc.(a)		528		46,923
Buckle Inc. (The)		525		20,785
Caleres Inc.		687		15,265
Cato Corp. (The), Class A		351		5,806
Chico’s FAS Inc.(a)		2,200		9,878
Children’s Place Inc. (The)(a)		249		18,740
Conn’s Inc.(a)		342		7,808
Designer Brands Inc. , Class A(a)		1,095		15,253
Genesco Inc.(a)		252		14,548
Group 1 Automotive Inc.		322		60,497
Guess? Inc.		699		14,686
Haverty Furniture Companies Inc.		275		9,270
Hibbett Inc.		270		19,100
Lumber Liquidators Holdings Inc.(a)		523		9,770
MarineMax Inc.(a)		390		18,923
Monro Inc.		599		34,448
ODP Corp. (The)(a)		849		34,096
Rent-A-Center Inc./TX		1,082		60,819
Sally Beauty Holdings Inc.(a)		2,021		34,054
Shoe Carnival Inc.		316		10,245
Signet Jewelers Ltd.		942		74,380
Sleep Number Corp.(a)		423		39,542
Sonic Automotive Inc., Class A		376		19,755
Zumiez Inc.(a)		391		15,546
				787,596
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)		2,241		61,784
Diebold Nixdorf Inc.(a)		1,309		13,234
				75,018
Textiles, Apparel & Luxury Goods — 1.3%
Fossil Group Inc.(a)		852		10,096
G-III Apparel Group Ltd.(a)		778		22,017
Kontoor Brands Inc.		856		42,757

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Movado Group Inc.		301	$	9,479
Oxford Industries Inc.		284		25,608
Steven Madden Ltd.		1,378		55,340
Unifi Inc.(a)		249		5,461
Vera Bradley Inc.(a)		456		4,291
Wolverine World Wide Inc.		1,470		43,865
				218,914
Thrifts & Mortgage Finance — 2.4%
Axos Financial Inc.(a)		949		48,911
Capitol Federal Financial Inc.		2,309		26,530
Flagstar Bancorp. Inc.		772		39,202
HomeStreet Inc.		171		7,037
Meta Financial Group Inc.		505		26,502
Mr Cooper Group Inc.(a)		1,541		63,443
NMI Holdings Inc., Class A(a)		1,533		34,661
Northfield Bancorp. Inc.		802		13,762
Northwest Bancshares Inc.		1,978		26,268
Provident Financial Services Inc.		1,121		26,310
TrustCo Bank Corp. NY		148		4,732
Walker & Dunlop Inc.		524		59,474
WSFS Financial Corp.		721		36,995
				413,827
Trading Companies & Distributors — 1.0%
Applied Industrial Technologies Inc.		695		62,640
Boise Cascade Co.		703		37,948
DXP Enterprises Inc./TX(a)		317		9,374
GMS Inc.(a)		770		33,726
NOW Inc.(a)		1,986		15,193
Veritiv Corp.(a)		252		22,569
				181,450
Water Utilities — 0.6%
American States Water Co.		660		56,443
California Water Service Group		922		54,334
				110,777
Wireless Telecommunication Services — 0.2%
Shenandoah Telecommunications Co.		894		28,232
Total Common Stocks — 95.9% (Cost: $17,040,142)				16,619,865
Short-Term Investments
Money Market Funds — 5.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		172,073		172,160
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		720,000		720,000
				892,160
Total Short-Term Investments — 5.1% (Cost: $892,160)				892,160
Total Investments in Securities — 101.0% (Cost: $17,932,302)				17,512,025
Other Assets, Less Liabilities — (1.0)%				(181,027	)
Net Assets — 100.0%			$	17,330,998

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

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) (continued) September 30, 2021 iShares^® ESG Screened S&P Small-Cap ETF

^(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 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	$	250,662	$	—			$(78,488	)(a)	$	(14	)	$	—	$	172,160		172,073	$	221	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		520,000		200,000	(a)		—			—			—		720,000		720,000		18			—
									$	(14	)	$	—	$	892,160			$	239		$	—

^(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
Russell 2000 E-Mini Index		1		12/17/21	$	110	$	(1,058	)

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long		Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	212,243	$	16,708	(c)	$	219,391		1.2	%
		Monthly	HSBC Bank PLC(d)		02/10/23		213,177		16,130	(e)		221,644		1.2
		Monthly	JPMorgan Chase Bank NA(f)		02/08/23		156,110		5,514	(g)		160,087		0.9
								$	38,352		$	601,122

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $9,560 of net dividends and financing fees.

^(e)  Amount includes $7,663 of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $1,537 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

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^® ESG Screened S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of September 30, 2021 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Ameris Bancorp.		78	$	4,047		1.8	%
Bancorp. Inc. (The)(a)		312		7,940		3.6
BankUnited Inc.		29		1,213		0.6
Banner Corp.		37		2,043		0.9
Berkshire Hills Bancorp. Inc.		295		7,959		3.6
Brookline Bancorp. Inc.		304		4,639		2.1
Cadence BanCorp.		249		5,468		2.5
Central Pacific Financial Corp.		173		4,443		2.0
City Holding Co.		61		4,753		2.2
First Bancorp./Southern Pines NC		120		5,161		2.4
First Commonwealth Financial Corp.		11		150		0.1
First Financial Bancorp.		399		9,341		4.3
Hanmi Financial Corp.		62		1,244		0.6
Heritage Financial Corp./WA		19		485		0.2
Hope Bancorp Inc.		249		3,596		1.6
Independent Bank Corp.		10		762		0.3
NBT Bancorp. Inc.		9		325		0.1
Old National Bancorp./IN		984		16,679		7.6
Pacific Premier Bancorp. Inc.		388		16,079		7.3
Preferred Bank/Los Angeles CA		55		3,667		1.7
Renasant Corp.		10		361		0.2
S&T Bancorp. Inc.		1		29		0.0
Seacoast Banking Corp. of Florida		215		7,269		3.3
Simmons First National Corp.		622		18,386		8.4
Southside Bancshares Inc.		68		2,604		1.2
Westamerica Bancorp.		54		3,038		1.4
				131,681
Commercial Services & Supplies
Pitney Bowes Inc.		21		151		0.1
Equity Real Estate Investment Trusts (REITs)
GEO Group Inc. (The)		279		2,084		0.9
Gas Utilities
Chesapeake Utilities Corp.		35		4,202		1.9
Insurance
Employers Holdings Inc.		63		2,488		1.1
Horace Mann Educators Corp.		90		3,581		1.6
James River Group Holdings Ltd.		161		6,075		2.8
ProAssurance Corp.		317		7,538		3.5
				19,682
Multi-Utilities
Avista Corp.		56		2,191		1.0
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		372		12,146		5.5
Thrifts & Mortgage Finance
HomeStreet Inc.		169		6,954		3.2
Northwest Bancshares Inc.		40		531		0.2
Provident Financial Services Inc.		272		6,384		2.9
TrustCo Bank Corp. NY		38		1,215		0.6
				15,084

	Shares		Value		% of Basket Value
Water Utilities
Middlesex Water Co.		313	$	32,170		14.7
Total Reference Entity — Long				219,391
Net Value of Reference Entity — Goldman Sachs Bank USA			$	219,391

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Allegiance Bancshares Inc.		36	$	1,373		0.6	%
Ameris Bancorp.		7		363		0.2
Banner Corp.		74		4,086		1.8
Cadence BanCorp.		5		110		0.0
City Holding Co.		89		6,934		3.1
Columbia Banking System Inc.		264		10,029		4.5
Community Bank System Inc.		15		1,026		0.5
First BanCorp./Puerto Rico		1,707		22,447		10.1
First Bancorp./Southern Pines NC		56		2,409		1.1
First Commonwealth Financial Corp.		443		6,038		2.7
First Financial Bancorp.		536		12,548		5.7
First Midwest Bancorp. Inc.		30		570		0.3
Great Western Bancorp. Inc.		16		524		0.2
Hanmi Financial Corp.		130		2,608		1.2
Hope Bancorp Inc.		254		3,668		1.7
Lakeland Financial Corp.		453		32,272		14.6
OFG Bancorp.		297		7,490		3.4
Pacific Premier Bancorp. Inc.		196		8,122		3.7
Renasant Corp.		1		36		0.0
S&T Bancorp. Inc.		27		796		0.4
Seacoast Banking Corp. of Florida		335		11,326		5.1
Simmons First National Corp.		442		13,066		5.9
Southside Bancshares Inc.		64		2,451		1.1
United Community Banks Inc./GA		347		11,389		5.1
Veritex Holdings Inc.		6		236		0.1
Westamerica Bancorp.		5		281		0.1
				162,198
Commercial Services & Supplies
Pitney Bowes Inc.		1,764		12,718		5.7
Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		399		8,108		3.7
GEO Group Inc. (The)		491		3,668		1.6
				11,776
Insurance
Employers Holdings Inc.		94		3,712		1.7
Genworth Financial Inc.(a)		1,006		3,773		1.7
Horace Mann Educators Corp.		240		9,550		4.3
James River Group Holdings Ltd.		64		2,415		1.1
ProAssurance Corp.		218		5,184		2.4
Safety Insurance Group Inc.		1		79		0.0
				24,713

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  (unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Thrifts & Mortgage Finance
Northwest Bancshares Inc.		253	$	3,360		1.5
TrustCo Bank Corp. NY		159		5,083		2.3
WSFS Financial Corp.		35		1,796		0.8
				10,239
Total Reference Entity — Long				221,644
Net Value of Reference Entity — HSBC Bank PLC			$	221,644

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan    Chase Bank NA as of September 30, 2021 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Allegiance Bancshares Inc.		3	$	114		0.1	%
Banner Corp.		130		7,177		4.5
Brookline Bancorp. Inc.		470		7,172		4.5
Cadence BanCorp.		261		5,732		3.6
Central Pacific Financial Corp.		106		2,722		1.7
Eagle Bancorp. Inc.		5		288		0.2
First Bancorp./Southern Pines NC		106		4,559		2.8
First Commonwealth Financial Corp.		494		6,733		4.2
Hanmi Financial Corp.		112		2,247		1.4
Hope Bancorp Inc.		708		10,224		6.4
National Bank Holdings Corp.		4		162		0.1
OFG Bancorp.		215		5,422		3.4
Old National Bancorp./IN		657		11,136		6.9

	Shares		Value		% of Basket Value
Preferred Bank/Los Angeles CA		84		5,601		3.5
Simmons First National Corp.		8		236		0.1
Southside Bancshares Inc.		20	$	766		0.5
United Community Banks Inc./GA		509		16,705		10.4
				86,996
Capital Markets
Virtus Investment Partners Inc.		15		4,655		2.9
Commercial Services & Supplies
Pitney Bowes Inc.		172		1,240		0.8
Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		1		20		0.0
GEO Group Inc. (The)		485		3,623		2.3
iStar Inc.		108		2,709		1.7
				6,352
Insurance
Employers Holdings Inc.		125		4,936		3.1
Horace Mann Educators Corp.		80		3,183		2.0
Stewart Information Services Corp.		16		1,012		0.6
				9,131
Multiline Retail
Macy’s Inc.		1,832		41,403		25.9
Thrifts & Mortgage Finance
Flagstar Bancorp. Inc.		174		8,836		5.5
HomeStreet Inc.		32		1,317		0.8
Meta Financial Group Inc.		3		157		0.1
				10,310
Total Reference Entity — Long			160,087
Net Value of Reference Entity — JPMorgan Chase Bank NA			$160,087

(a) Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid			Premiums Received			Unrealized Appreciation			Unrealized Depreciation
Total Return Swaps		$	—		$	—		$	38,352		$	—

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
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	38,352
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,058

(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).

28 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^® ESG Screened S&P Small-Cap ETF

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:
Swaps	$	(59,779	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,058	)
Swaps		55,271
	$	54,213

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	36,680
Total return swaps:
Average notional value	$	552,747

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	1,058
Swaps - OTC		38,352		—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		38,352		1,058
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,058	)
Total derivative assets and liabilities subject to an MNA		38,352		—

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
Goldman Sachs Bank USA	$	16,708	$	—		$	—	$	—	$	16,708
HSBC Bank PLC		16,130		—			—		—		16,130
JPMorgan Chase Bank NA		5,514		—			—		—		5,514
	$	38,352	$	—		$	—	$	—	$	38,352

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

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.

S C H E D U L E  O F  I N V E S T M E N  T S 29

Schedule of Investments(unaudited) (continued) September 30, 2021 iShares^® ESG Screened S&P Small-Cap 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	$	16,619,865		$	—	$	—	$	16,619,865
Money Market Funds		892,160			—		—		892,160
	$	17,512,025		$	—	$	—	$	17,512,025
Derivative financial instruments(a)
Assets
Swaps	$	—		$	38,352	$	—	$	38,352
Liabilities
Futures Contracts		(1,058	)		—		—		(1,058	)
	$	(1,058	)	$	38,352	$	—	$	37,294

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

30 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

Statements of Assets and Liabilities(unaudited)

September 30, 2021

	iShares ESG Screened S&P 500 ETF		iShares ESG Screened S&P Mid-Cap ETF		iShares ESG Screened S&P Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	146,163,135	$	39,633,984	$	16,619,865
Affiliated(c)		679,843		276,670		892,160
Cash		10,172		5,821		5,283
Cash pledged:
Futures contracts		7,000		—		—
Receivables:
Investments sold		22,893		—		1,366
Securities lending income — Affiliated		24		38		37
Capital shares sold		160,603		21,930		281,871
Dividends		56,875		44,423		15,989
Unrealized appreciation on:
OTC swaps		—		—		38,352
Total assets		147,100,545		39,982,866		17,854,923
LIABILITIES
Collateral on securities loaned, at value		33,984		236,706		172,180
Payables:
Investments purchased		93,643		52,933		349,118
Variation margin on futures contracts		1,347		—		1,058
Capital shares redeemed		22,893		—		—
Investment advisory fees		6,765		3,869		1,569
Total liabilities		158,632		293,508		523,925
NET ASSETS	$	146,941,913	$	39,689,358	$	17,330,998
NET ASSETS CONSIST OF:
Paid-in capital	$	142,677,499	$	39,116,849	$	16,372,855
Accumulated earnings		4,264,414		572,509		958,143
NET ASSETS	$	146,941,913	$	39,689,358	$	17,330,998
Shares outstanding		4,450,000		1,100,000		450,000
Net asset value	$	33.02	$	36.08	$	38.51
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Securities loaned, at value	$	32,718	$	227,556	$	142,769
(b) Investments, at cost — Unaffiliated	$	142,216,630	$	40,009,233	$	17,040,142
(c) Investments, at cost — Affiliated	$	666,529	$	276,670	$	892,160

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 31

Statements of Operations(unaudited)

Six Months Ended September 30, 2021

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	480,113		$	193,809		$	82,888
Dividends — Affiliated		3,019			1			18
Securities lending income — Affiliated — net		63			191			221
Foreign taxes withheld		(70	)		—			(76	)
Total investment income		483,125			194,001			83,051
EXPENSES
Investment advisory fees		30,886			18,616			7,201
Total expenses		30,886			18,616			7,201
Net investment income		452,239			175,385			75,850
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(60,910	)		(464,681	)		(199,349	)
Investments — Affiliated		20			(32	)		(14	)
In-kind redemptions — Unaffiliated		371,355			1,486,608			1,593,674
In-kind redemptions — Affiliated		2,296			—			—
Futures contracts		12,811			—			—
Swaps		—			—			(59,779	)
Net realized gain		325,572			1,021,895			1,334,532
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		2,640,979			(1,643,186	)		(1,617,220	)
Investments — Affiliated		3,037			—			—
Futures contracts		(5,397	)		—			(1,058	)
Swaps		—			—			55,271
Net change in unrealized appreciation (depreciation)		2,638,619			(1,643,186	)		(1,563,007	)
Net realized and unrealized gain (loss)		2,964,191			(621,291	)		(228,475	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,416,430		$	(445,906	)	$	(152,625	)

See notes to financial statements.

32 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

Statements of Changes in Net Assets

	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF
		Six Months Ended 09/30/21 (unaudited	)		Period From 09/22/20 to 03/31/21	(a)		Six Months Ended 09/30/21 (unaudited	)		Period From 09/22/20 to 03/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	452,239		$	74,190		$	175,385		$	75,611
Net realized gain		325,572			222,607			1,021,895			1,982,039
Net change in unrealized appreciation (depreciation)		2,638,619			1,316,557			(1,643,186	)		1,267,937
Net increase (decrease) in net assets resulting from operations		3,416,430			1,613,354			(445,906	)		3,325,587
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(429,085	)		(69,238	)		(187,020	)		(72,947	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		113,680,973			28,729,479			20,582,013			16,487,631
NET ASSETS
Total increase in net assets		116,668,318			30,273,595			19,949,087			19,740,271
Beginning of period		30,273,595			—			19,740,271			—
End of period	$	146,941,913		$	30,273,595		$	39,689,358		$	19,740,271

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 33

Statements of Changes in Net Assets(continued)

	iShares ESG Screened S&P Small-Cap ETF
		Six Months Ended 09/30/21 (unaudited	)		Period From 09/22/20 to 03/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	75,850		$	43,432
Net realized gain		1,334,532			1,750,921
Net change in unrealized appreciation (depreciation)		(1,563,007	)		1,180,024
Net increase (decrease) in net assets resulting from operations		(152,625	)		2,974,377
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(145,245	)		(54,674	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		7,927,557			6,781,608
NET ASSETS
Total increase in net assets		7,629,687			9,701,311
Beginning of period		9,701,311			—
End of period	$	17,330,998		$	9,701,311

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

34 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

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Screened S&P 500 ETF
	Six Months Ended 09/30/21 (unaudited)			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period		$    30.27		$      25.29
Net investment income(b)		0.19		0.21
Net realized and unrealized gain(c)		2.72		4.91
Net increase from investment operations		2.91		5.12
Distributions(d)
From net investment income		(0.16	)	(0.14	)
Total distributions		(0.16	)	(0.14	)
Net asset value, end of period		$    33.02		$      30.27
Total Return(e)
Based on net asset value		9.61	%(f)	20.27	%(f)
Ratios to Average Net Assets
Total expenses		0.08	%(g)	0.08	%(g)
Net investment income		1.17	%(g)	1.37	%(g)
Supplemental Data
Net assets, end of period (000)		$146,942		$    30,274
Portfolio turnover rate(h)		2	%(f)	6	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 35

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares ESG Screened S&P Mid-Cap ETF
	Six Months Ended 09/30/21 (unaudited)			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period		$  35.89		$      25.19
Net investment income(b)		0.21		0.22
Net realized and unrealized gain(c)		0.18		10.66
Net increase from investment operations		0.39		10.88
Distributions(d)
From net investment income		(0.20	)	(0.18	)
Total distributions		(0. 20	)	(0.18	)
Net asset value, end of period		$  36.08		$      35.89
Total Return(e)
Based on net asset value		1.06	%(f)	43.29	%(f)
Ratios to Average Net Assets
Total expenses		0.12	%(g)	0.12	%(g)
Net investment income		1.13	%(g)	1.29	%(g)
Supplemental Data
Net assets, end of period (000)		$39,689		$    19,740
Portfolio turnover rate(h)		14	%(f)	11	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares ESG Screened S&P Small-Cap ETF
	Six Months Ended 09/30/21 (unaudited)					Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period		$	38.81		$	25.18
Net investment income(b)			0.25			0.20
Net realized and unrealized gain (loss)(c)			(0.06	)		13.69
Net increase from investment operations			0.19			13.89
Distributions(d)
From net investment income			(0.49	)		(0.26	)
Total distributions			(0.49	)		(0.26	)
Net asset value, end of period		$	38.51		$	38.81
Total Return(e)
Based on net asset value			0.45	%(f)		55.32	%(f)
Ratios to Average Net Assets
Total expenses			0.12	%(g)		0.12	%(g)
Net investment income			1.26	%(g)		1.13	%(g)
Supplemental Data
Net assets, end of period (000)		$	17,331		$	9,701
Portfolio turnover rate(h)			16	%(f)		18	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 37

Notes to Financial Statements(unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
ESG Screened S&P 500	Non-diversified
ESG Screened S&P Mid-Cap	Non-diversified
ESG Screened S&P Small-Cap	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments

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Notes to Financial Statements(unaudited) (continued)

using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When

N O T E S  T O  F I N A N C I A L  S  T A T E M E N T S 39

Notes to Financial Statements(unaudited) (continued)

the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
ESG Screened S&P 500
Barclays Bank PLC	$	964	$	964		$	—	$	—
BNP Paribas SA		20,460		20,460			—		—
Citigroup Global Markets, Inc.		11,294		11,294			—		—
	$	32,718	$	32,718		$	—	$	—
ESG Screened S&P Mid-Cap
Barclays Bank PLC	$	121,395	$	121,395		$	—	$	—
Citigroup Global Markets, Inc.		63,229		63,229			—		—
Jefferies LLC		42,932		42,932			—		—
	$	227,556	$	227,556		$	—	$	—
ESG Screened S&P Small-Cap
Barclays Bank PLC	$	44,456	$	44,456		$	—	$	—
BofA Securities, Inc.		11,151		11,151			—		—
Goldman Sachs & Co. LLC		56,783		56,783			—		—
Toronto Dominion Bank		30,379		30,379			—		—
	$	142,769	$	142,769		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded

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Notes to Financial Statements(unaudited) (continued)

in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares ESG Screened S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

N O T E S  T O  F I N A N C I A L  S  T A T E M E N T S 41

Notes to Financial Statements(unaudited) (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
ESG Screened S&P 500		0.08	%
ESG Screened S&P Mid-Cap		0.12
ESG Screened S&P Small-Cap		0.12

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
ESG Screened S&P 500	$	27
ESG Screened S&P Mid-Cap		82
ESG Screened S&P Small-Cap		95

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Screened S&P 500	$	334,478	$	405,948	$	(22,965	)
ESG Screened S&P Mid-Cap		527,440		991,588		(105,059	)
ESG Screened S&P Small-Cap		66,636		134,703		(20,802	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

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Notes to Financial Statements(unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Screened S&P 500	$	1,723,333	$	1,485,949
ESG Screened S&P Mid-Cap		4,566,892		4,318,356
ESG Screened S&P Small-Cap		3,842,006		1,939,589

For the six months ended September 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Screened S&P 500	$	114,895,144	$	1,587,421
ESG Screened S&P Mid-Cap		27,699,521		7,366,159
ESG Screened S&P Small-Cap		13,464,908		7,745,546

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
ESG Screened S&P 500	$	34,318
ESG Screened S&P Mid-Cap		53,137
ESG Screened S&P Small-Cap		18,543

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Screened S&P 500	$	142,892,527	$	5,756,570	$	(1,810,762	)	$	3,945,808
ESG Screened S&P Mid-Cap		40,297,932		1,426,682		(1,813,960	)		(387,278	)
ESG Screened S&P Small-Cap		17,933,685		494,981		(879,347	)		(384,366	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time.

N O T E S  T O  F I N A N C I A L  S  T A T E M E N T S 43

Notes to Financial Statements(unaudited) (continued)

This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/21						Period Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Screened S&P 500
Shares sold		3,500,000		$	115,341,000			1,050,000		$	30,222,032
Shares redeemed		(50,000	)		(1,660,027	)		(50,000	)		(1,492,553	)
Net increase		3,450,000		$	113,680,973			1,000,000		$	28,729,479
ESG Screened S&P Mid-Cap
Shares sold		750,000		$	27,955,666			800,000		$	24,979,421
Shares redeemed		(200,000	)		(7,373,653	)		(250,000	)		(8,491,790	)
Net increase		550,000		$	20,582,013			550,000		$	16,487,631

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Notes to Financial Statements(unaudited) (continued)

	Six Months Ended 09/30/21						Period Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Screened S&P Small-Cap
Shares sold		400,000		$	15,765,045			400,000		$	12,170,388
Shares redeemed		(200,000	)		(7,837,488	)		(150,000	)		(5,388,780	)
Net increase		200,000		$	7,927,557			250,000		$	6,781,608

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S  T O  F I N A N C I A L  S  T A T E M E N T S 45

Board Review and Approval of Investment Advisory Contract  

iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF, iShares ESG Screened S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

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Board Review and Approval of Investment Advisory Contract(continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D  R E V I E W  A N D  A P  P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C  O N T R A C T 47

Supplemental Information(unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG Screened S&P 500(a)	$	0.157819	$	—	$	0.002772	$	0.160591		98	%		—	%		2	%		100	%
ESG Screened S&P Mid-Cap(a)		0.186106		—		0.010642		0.196748		95			—			5			100
ESG Screened S&P Small-Cap(a)		0.455000		—		0.034257		0.489257		93			—			7			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information  

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L  I N F O R M A T I O N 49

Glossary of Terms Used in this Report  

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

50 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

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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-315-0921

(b) Not Applicable

Item 2 – Code of Ethics.

Not applicable to this semi-annual report.

Item 3 – Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4 – Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5 – Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6 – Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10 – Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11 – Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13 – Exhibits.

(a) (1) – Not applicable to this semi-annual report.

(a) (2) – Section 302 Certifications are attached.

(a) (3) – Not applicable.

(a) (4) – Not applicable.

(b) – Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: December 03, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: December 03, 2021

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: December 03, 2021