2019 Semi-Annual Report (Unaudited) - iShares...(10.68)(17.99) 2.26 14.44 (17.99) 11.83 285.28 Index...

2019 Semi-Annual Report(Unaudited)

iShares Trust

• iShares Expanded Tech Sector ETF | IGM | NYSE Arca

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

• iShares Nasdaq Biotechnology ETF | IBB | NASDAQ

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

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

• iShares PHLX Semiconductor ETF | SOXX | NASDAQ

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of

each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your

financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be

notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow

the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to

receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election

to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any

action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial

intermediary. Please note that not all financial intermediaries may offer this service.

SEPTEMBER 30, 2019

Page

Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Table of Contents

Investment Objective

The iShares ExpandedTech Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the technology sector andselect North American equities from communication services and consumer discretionary sectors, as represented by the S&P North American Expanded Technology SectorTTIndex 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. Dueto 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55% 4.18% 18.16% 16.86% 4.18% 130.33% 374.90%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57 4.16 18.15 16.87 4.16 130.24 375.48Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.76 4.54 18.69 17.39 4.54 135.54 396.92

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemptionor sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(04/01/19)

EndingAccount Value

(09/30/19)

ExpensesPaid Duringthe Period (a)


(04/01/19)

EndingAccount Value

(09/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,055.50 $ 2.36 $ 1,000.00 $ 1,022.70 $ 2.33 0.46%

(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 ofdays in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

SectorPercent of

Total Investments(a)

Interactive Media & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.0%Data Processing & Outsourced Services . . . . . . . . . . . . . . . . . . . . . 13.9Systems Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0Internet & Direct Marketing Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Technology Hardware, Storage & Peripherals . . . . . . . . . . . . . . . . 10.2Application Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2IT Consulting & Other Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Communications Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Semiconductor Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Movies & Entertainment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Internet Services & Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Interactive Home Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Other (each representing less than 1%). . . . . . . . . . . . . . . . . . . . . . 3.0

TEN LARGEST HOLDINGS

SecurityPercent of


Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8%Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Amazon. com Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Facebook Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Alphabet Inc., Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Alphabet Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Mastercard Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Cisco Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7

(a) Excludes money market funds.

Fund Summary as of September 30, 2019 iShares� Expanded Tech Sector ETF

F U N D S U M M A R Y 3


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 softwareindustry and select North American equities from interactive home entertainment and interactive media and services industries, as represented by the S&P North AmericanExpanded Technology Software Index TM (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investmentprofile 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




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


Expense Example



(04/01/19)

EndingAccount Value

(09/30/19)



(04/01/19)

EndingAccount Value

(09/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,005.40 $ 2.31 $ 1,000.00 $ 1,022.70 $ 2.33 0.46%




SectorPercent of


Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90.4%Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Interactive Media & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1


SecurityPercent of


Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8%Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Adobe Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6salesforce. com Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3Intuit Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6ServiceNow Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Activision Blizzard Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Autodesk Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Electronic Arts Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Workday Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6


Fund Summary as of September 30, 2019 iShares� Expanded Tech-Software Sector ETF

4 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


The iShares Nasdaq Biotechnology ETF (the “Fund”) seeks to track the investment results of an index composed of biotechnology and pharmaceutical equities listed onthe NASDAQ, as represented by the NASDAQ Biotechnology Index� (the “Index”). The Fund invests in a representative sample of securities included in the Index thatcollectively 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 includedin the Index.

Performance



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.80)% (18.23)% 1.97% 14.13% (18.23)% 10.23% 275.06%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.87) (18.25) 1.95 14.14 (18.25) 10.15 275.22Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.68) (17.99) 2.26 14.44 (17.99) 11.83 285.28

Index performance through April 2, 2014 reflects the performance of the NASDAQ Biotechnology Index (price return). Index performance beginning on April 3, 2014 reflects theperformance of the NASDAQ Biotechnology Index (total return).


Expense Example



(04/01/19)

EndingAccount Value

(09/30/19)



(04/01/19)

EndingAccount Value

(09/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 892.00 $ 2.18 $ 1,000.00 $ 1,022.70 $ 2.33 0.46%




SectorPercent of


Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.1%Life Sciences Tools & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Pharmaceuticals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3Health Care Equipment & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Other (each representing less than 1%). . . . . . . . . . . . . . . . . . . . . . 0.2


SecurityPercent of


Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5%Gilead Sciences Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Amgen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7Illumina Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4Vertex Pharmaceuticals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Biogen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Regeneron Pharmaceuticals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Alexion Pharmaceuticals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Incyte Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Seattle Genetics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2


Fund Summary as of September 30, 2019 iShares� Nasdaq Biotechnology ETF



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 naturalresources sector, as represented by the S&P North American Natural Resources Sector IndexTM (the “Index”). The Fund invests in a representative sample of securitiesincluded 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 thesecurities that are included in the Index.

Performance



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.08)% (16.67)% (6.13)% 0.81% (16.67)% (27.13)% 8.38%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.08) (16.64) (6.13) 0.81 (16.64) (27.13) 8.41Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.82) (16.23) (5.68) 1.31 (16.23) (25.35) 13.91


Expense Example



(04/01/19)

EndingAccount Value

(09/30/19)



(04/01/19)

EndingAccount Value

(09/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 939.20 $ 2.23 $ 1,000.00 $ 1,022.70 $ 2.33 0.46%




SectorPercent of


Oil, Gas & Consumable Fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.7%Metals & Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.5Energy Equipment & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4Containers & Packaging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Construction Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Paper & Forest Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4


SecurityPercent of


Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9%Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8Enbridge Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Suncor Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1TC Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Schlumberger Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9EOG Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Kinder Morgan Inc./DE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6


Fund Summary as of September 30, 2019 iShares� North American Natural Resources ETF



The iShares North American Tech-Multimedia Networking ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities inthe multimedia and networking technology sectors, as represented by the S&P North American Technology Multimedia Networking IndexTM (the “Index”). The Fund investsin 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, theFund may or may not hold all of the securities that are included in the Index.

Performance



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.61)% (3.13)% 9.91% 7.81% (3.13)% 60.40% 112.09%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.65) (3.18) 9.89 7.80 (3.18) 60.25 111.85Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.43) (2.75) 10.31 8.16 (2.75) 63.30 119.17


Expense Example



(04/01/19)

EndingAccount Value

(09/30/19)



(04/01/19)

EndingAccount Value

(09/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 943.90 $ 2.24 $ 1,000.00 $ 1,022.70 $ 2.33 0.46%




SectorPercent of


Communications Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%Electronic Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0(b)


SecurityPercent of


Motorola Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3%Juniper Networks Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2F5 Networks Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0Cisco Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0Arista Networks Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Acacia Communications Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Ciena Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Viavi Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7ViaSat Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5CommScope Holding Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5

(a) Excludes money market funds.(b) Rounds to less than 0.1%.

Fund Summary as of September 30, 2019 iShares� North American Tech-Multimedia Networking ETF



The iShares PHLX Semiconductor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the semiconductor sector, asrepresented by the PHLX Semiconductor Sector IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively hasan 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




Index performance through October 14, 2010 reflects the performance of the S&P North American Technology-Semiconductors Index. Index performance beginning on October 15,2010 reflects the performance of the PHLX Semiconductor Sector Index.


Expense Example



(04/01/19)

EndingAccount Value

(09/30/19)



(04/01/19)

EndingAccount Value

(09/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,125.50 $ 2.44 $ 1,000.00 $ 1,022.70 $ 2.33 0.46%




SectorPercent of


Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.4%Semiconductor Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.6


SecurityPercent of


Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4%Texas Instruments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0QUALCOMM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Broadcom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Taiwan Semiconductor Manufacturing Co. Ltd. . . . . . . . . . . . . . . 4.2KLA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2NXP Semiconductors NV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Applied Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0


Fund Summary as of September 30, 2019 iShares� PHLX Semiconductor ETF


Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the mostrecent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deductionof 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 withchanges 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 mayreflect 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. The price used to calculatemarket return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fundare 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 reinvestedat 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 doesnot incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may bepayable 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) ongoingcosts, 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 (orfrom 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 andcents) 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 feewaivers, 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 valuedivided 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 yourFund’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 yourFund 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 commissionspaid 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 relativetotal costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

About Fund Performance

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 9

Security Shares Value

Common StocksCommunications Equipment — 3.8%Acacia Communications Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . 7,786 $ 509,205ADTRAN Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,832 111,544Arista Networks Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,335 2,708,158Ciena Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,309 1,267,482Cisco Systems Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883,229 43,640,345CommScope Holding Co. Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 39,786 467,883Comtech Telecommunications Corp. . . . . . . . . . . . . . . . . . . . . 4,964 161,330EchoStar Corp., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,528 377,499Extreme Networks Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,975 188,968F5 Networks Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,525 1,758,761Infinera Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,116 175,032InterDigital Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,449 338,379Juniper Networks Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,031 1,782,767Lumentum Holdings Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,018 857,924Motorola Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,484 5,876,419NETGEAR Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,314 203,437NetScout Systems Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,700 315,922Plantronics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,648 248,103Ubiquiti Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,716 321,194ViaSat Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,008 904,443Viavi Solutions Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,229 661,442

62,876,237Electronic Equipment, Instruments & Components — 3.0%Amphenol Corp., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,956 5,978,754Anixter International Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,252 432,138Arrow Electronics Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,235 1,285,386Avnet Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,477 955,404AVX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,961 151,407Badger Meter Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,051 324,939Belden Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,099 432,001Benchmark Electronics Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,694 223,588CDW Corp./DE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,041 3,702,253Celestica Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,271 159,683Cognex Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,528 1,745,491Coherent Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,937 758,916Corning Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,648 4,638,721Dolby Laboratories Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . 13,363 863,784Fabrinet(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,652 400,200Fitbit Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,299 180,209FLIR Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,246 1,485,457II-VI Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,766 625,526Insight Enterprises Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,415 412,941IPG Photonics Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,417 1,005,745Itron Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,315 541,017Jabil Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,983 1,036,722Keysight Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,071 3,799,655Knowles Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,840 362,866Littelfuse Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,079 900,557Methode Electronics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,555 254,150National Instruments Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,723 1,038,119Novanta Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,315 597,782OSI Systems Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,592 364,803Plexus Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,090 380,686Rogers Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,816 521,685Sanmina Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,226 456,797SYNNEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,530 963,037TE Connectivity Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,795 6,503,498Tech Data Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,340 765,122


Electronic Equipment, Instruments & Components (continued)Trimble Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,525 $ 2,038,495TTM Technologies Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,436 249,217Vishay Intertechnology Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,020 457,449Zebra Technologies Corp., Class A(a) . . . . . . . . . . . . . . . . . . . 11,272 2,326,203

49,320,403Entertainment — 2.6%Activision Blizzard Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,462 8,438,729Electronic Arts Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,222 5,988,736Netflix Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,091 24,377,773Take-Two Interactive Software Inc.(a). . . . . . . . . . . . . . . . . . . . 23,574 2,954,765Zynga Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196,135 1,141,506

42,901,509Interactive Media & Services — 15.0%Alphabet Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,441 70,143,503Alphabet Inc., Class C, NVS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 57,951 70,642,269Cargurus Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,765 456,977Cars.com Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,286 128,288Facebook Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,508 89,130,465IAC/InterActiveCorp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,044 3,279,141Match Group Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,274 805,414Snap Inc., Class A, NVS(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,636 2,506,449TripAdvisor Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,909 847,440Twitter Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,629 6,617,915Yelp Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,463 467,839Zillow Group Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,187 212,340Zillow Group Inc., Class C, NVS(a)(b) . . . . . . . . . . . . . . . . . . . . 26,011 775,648

246,013,688Internet & Direct Marketing Retail — 10.2%Amazon.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,277 134,145,917Booking Holdings Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,844 17,357,323eBay Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,815 6,385,509Etsy Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,091 1,417,642Expedia Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,128 3,915,095Groupon Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,402 248,449GrubHub Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,878 1,061,132Qurate Retail Inc., Series A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 80,747 832,905Shutterstock Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,845 138,881Wayfair Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,504 1,514,069

167,016,922IT Services — 20.0%Accenture PLC, Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,556 25,497,147Akamai Technologies Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 34,364 3,140,182Alliance Data Systems Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,533 1,093,333Automatic Data Processing Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 90,281 14,573,159Black Knight Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,155 1,902,324Booz Allen Hamilton Holding Corp.. . . . . . . . . . . . . . . . . . . . . . 29,261 2,078,116Broadridge Financial Solutions Inc. . . . . . . . . . . . . . . . . . . . . . 23,804 2,961,932CACI International Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . 5,187 1,199,546Cardtronics PLC, Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 7,749 234,330CGI Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,093 3,964,360Cognizant Technology Solutions Corp., Class A . . . . . . . . . 114,769 6,916,554Conduent Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,335 213,564CoreLogic Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,790 776,873CSG Systems International Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 6,851 354,060DXC Technology Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,565 1,609,668EPAM Systems Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,424 2,082,824Euronet Worldwide Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,349 1,660,359EVERTEC Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,269 383,038ExlService Holdings Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,072 473,541

Schedule of Investments (unaudited)

September 30, 2019

iShares� Expanded Tech Sector ETF(Percentages shown are based on Net Assets)



IT Services (continued)Fidelity National Information Services Inc. . . . . . . . . . . . . . . . 127,627 $ 16,943,761Fiserv Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,736 12,299,862FleetCor Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,032 5,171,217Gartner Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,775 2,684,637Genpact Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,140 1,245,425Global Payments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,392 9,920,328GoDaddy Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,861 2,432,089GTT Communications Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,860 64,621International Business Machines Corp.. . . . . . . . . . . . . . . . . . 184,305 26,801,633Jack Henry & Associates Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,990 2,334,060KBR Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,737 729,746Leidos Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,157 2,418,123LiveRamp Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,227 611,192ManTech International Corp./VA, Class A. . . . . . . . . . . . . . . . 5,664 404,466Mastercard Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,740 50,441,412MAXIMUS Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,327 1,029,644MongoDB Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,255 874,082NIC Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,176 292,734Okta Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,203 2,186,107Paychex Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,616 5,513,806PayPal Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,806 25,359,454Perspecta Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,893 754,685Presidio Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,650 163,085Sabre Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,211 1,281,240Science Applications International Corp. . . . . . . . . . . . . . . . . 10,215 892,280Shopify Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,835 6,493,436Square Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,367 4,421,186Sykes Enterprises Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,178 250,574TTEC Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,848 136,362Twilio Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,316 2,783,747VeriSign Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,646 4,083,085Verra Mobility Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,802 341,559Virtusa Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,300 226,926Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359,295 61,802,333Western Union Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,293 2,045,749WEX Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,021 1,822,874

328,372,430Semiconductors & Semiconductor Equipment — 13.9%Advanced Energy Industries Inc.(a). . . . . . . . . . . . . . . . . . . . . . 8,051 462,208Advanced Micro Devices Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 225,558 6,538,926Amkor Technology Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,969 199,918Analog Devices Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,800 8,580,864Applied Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192,085 9,585,041Broadcom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,819 22,863,841Brooks Automation Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,917 552,377Cabot Microelectronics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,989 845,707Cirrus Logic Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,183 652,765Cree Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,282 1,091,818Cypress Semiconductor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 76,926 1,795,453Diodes Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,391 336,899Entegris Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,217 1,327,892First Solar Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,895 922,069Inphi Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,488 579,242Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921,657 47,492,985KLA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,171 5,289,116Kulicke & Soffa Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 12,905 303,009Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,034 6,941,158Lattice Semiconductor Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . 27,970 511,431MACOM Technology Solutions Holdings Inc.(a)(b) . . . . . . . . 9,327 200,484Marvell Technology Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 137,681 3,437,895


Semiconductors & Semiconductor Equipment (continued)Maxim Integrated Products Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 56,506 $ 3,272,262MaxLinear Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,264 296,848Microchip Technology Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,583 4,606,757Micron Technology Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,576 9,837,332MKS Instruments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,349 1,047,286Monolithic Power Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 8,377 1,303,712NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,702 22,055,017ON Semiconductor Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 85,073 1,634,252Power Integrations Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,097 551,352Qorvo Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,505 1,816,801QUALCOMM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,917 19,292,509Rambus Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,477 308,136Semtech Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,791 670,381Silicon Laboratories Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,998 1,001,927Skyworks Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,727 2,831,365SolarEdge Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 9,992 836,530SunPower Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,405 136,083Synaptics Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,625 264,669Teradyne Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,253 2,041,501Texas Instruments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,239 25,103,448Universal Display Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,804 1,478,192Versum Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,754 1,204,369Xilinx Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,616 5,045,874

227,147,701Software — 21.2%2U Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,193 214,7828x8 Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,681 428,510ACI Worldwide Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,311 761,542Adobe Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,995 27,899,869Alarm.com Holdings Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,575 353,298Altair Engineering Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . 7,863 272,217Alteryx Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,740 1,046,368ANSYS Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,518 3,877,784Appfolio Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,998 285,230Aspen Technology Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,315 1,761,890Autodesk Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,630 6,739,551Avalara Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,680 920,527Avaya Holdings Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,124 236,559Benefitfocus Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,198 147,574Blackbaud Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,253 926,256BlackBerry Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,450 537,862Blackline Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,873 424,218Bottomline Technologies DE Inc.(a). . . . . . . . . . . . . . . . . . . . . . 7,993 314,525Box Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,299 501,751Cadence Design Systems Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 58,354 3,856,032CDK Global Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,027 1,203,548Ceridian HCM Holding Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 18,562 916,406Cision Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,853 144,980Citrix Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,630 2,473,808Cloudera Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,418 446,703CommVault Systems Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,658 387,099Cornerstone OnDemand Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 11,110 609,050Coupa Software Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,867 1,667,177Descartes Systems Group Inc. (The)(a)(b). . . . . . . . . . . . . . . . 17,539 706,997Dropbox Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,564 898,856Ebix Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,425 186,292Envestnet Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,869 616,272Everbridge Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,991 431,415Fair Isaac Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,030 1,830,226FireEye Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,731 596,712

Schedule of Investments (unaudited) (continued)

September 30, 2019


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


Software (continued)Five9 Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,671 $ 680,940ForeScout Technologies Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . 7,441 282,163Fortinet Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,561 2,269,102Guidewire Software Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,041 1,795,781HubSpot Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,321 1,261,547Instructure Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,719 260,294Intuit Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,108 14,389,482j2 Global Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,707 881,590LivePerson Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,706 453,604LogMeIn Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,227 725,708Manhattan Associates Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,367 1,078,316Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,035,949 144,027,989MicroStrategy Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,695 251,487New Relic Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,341 635,454Nuance Communications Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . 59,667 973,169Nutanix Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,836 783,195Open Text Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,204 2,293,685Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 458,050 25,206,491Palo Alto Networks Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,991 4,074,766Paycom Software Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,177 2,131,980Paylocity Holding Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,408 722,873Pegasystems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,912 538,412Pivotal Software Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . 17,130 255,580Pluralsight Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,080 286,859Progress Software Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,285 353,387Proofpoint Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,679 1,507,175PROS Holdings Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,732 460,827PTC Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,592 1,472,143Q2 Holdings Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,947 705,650Qualys Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,951 525,287Rapid7 Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,054 410,961RealPage Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,579 1,042,156RingCentral Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,947 1,878,240SailPoint Technologies Holding Inc.(a) . . . . . . . . . . . . . . . . . . . 17,635 329,598salesforce.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,459 27,084,214ServiceNow Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,985 9,896,342Smartsheet Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,372 661,943Splunk Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,278 3,686,425SPS Commerce Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,341 345,541SS&C Technologies Holdings Inc.(b). . . . . . . . . . . . . . . . . . . . . 45,984 2,371,395Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,433 2,798,572Synopsys Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,304 4,296,474Teradata Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,594 731,414TiVo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,255 192,317Trade Desk Inc. (The), Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . 8,135 1,525,719Tyler Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,037 2,109,712Varonis Systems Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,329 378,348


Software (continued)Verint Systems Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,594 $ 581,551VMware Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,379 2,457,833Workday Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,744 5,735,130Workiva Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,803 342,005Yext Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,493 309,744Zendesk Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,117 1,684,767

346,757,223Technology Hardware, Storage & Peripherals — 10.2%3D Systems Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,590 192,258Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 638,608 143,029,034Dell Technologies Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . . . 32,281 1,674,093Hewlett Packard Enterprise Co.. . . . . . . . . . . . . . . . . . . . . . . . . 271,946 4,125,421HP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308,670 5,840,036NCR Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,509 836,624NetApp Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,555 2,602,133Pure Storage Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 46,391 785,864Seagate Technology PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,313 2,652,546Western Digital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,655 3,677,104Xerox Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,638 1,185,573

166,600,686

Total Common Stocks — 99.9%(Cost: $1,267,265,870). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,637,006,799

Short-Term InvestmentsMoney Market Funds — 3.6%BlackRock Cash Funds: Institutional, SL Agency Shares,

2.11%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,276,030 58,305,169BlackRock Cash Funds: Treasury, SL Agency Shares,

1.85%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,559,000 1,559,000

59,864,169

Total Short-Term Investments — 3.6%(Cost: $59,854,417). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,864,169

Total Investments in Securities — 103.5%(Cost: $1,327,120,287). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,696,870,968

Other Assets, Less Liabilities — (3.5)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (58,173,123)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,638,697,845

(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 cash collateral received from loaned

securities.


September 30, 2019



Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended September 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were asfollows:

Affiliated Issuer

SharesHeld at

03/31/19 Net Activity

SharesHeld at

09/30/19Value at

09/30/19 IncomeNet RealizedGain (Loss)(a)

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . 54,176,641 4,099,389 58,276,030 $58,305,169 $65,238(b) $ (4,406) $ 2,025BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . 1,136,060 422,940 1,559,000 1,559,000 22,071 — —

$59,864,169 $87,309 $ (4,406) $ 2,025

(a) Includes realized capital gain distributions from an affiliated fund, if any.(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to

and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Fair Value Measurements

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

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2019. The breakdown of the Fund'sinvestments into major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,637,006,799 $ — $ — $1,637,006,799Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,864,169 — — 59,864,169

$1,696,870,968 $ — $ — $1,696,870,968

See notes to financial statements.


September 30, 2019

iShares� Expanded Tech Sector ETF



Common StocksApplication Software — 60.2%2U Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,758 $ 2,568,3008x8 Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,766 5,050,832ACI Worldwide Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,486 8,942,849Adobe Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 792,740 218,994,425Alarm.com Holdings Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 89,682 4,182,768Altair Engineering Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . 93,708 3,244,171Alteryx Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,606 12,204,693ANSYS Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204,308 45,225,619Appfolio Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,713 3,397,735Aspen Technology Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,877 20,662,301Autodesk Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 533,085 78,736,655Avalara Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,514 10,733,697Avaya Holdings Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,756 2,820,984Benefitfocus Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,800 233,338Blackbaud Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,106 10,850,376Blackline Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,804 5,010,679Bottomline Technologies DE Inc.(a) . . . . . . . . . . . . . . . . . . . . 94,332 3,711,964Box Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362,365 6,000,764Cadence Design Systems Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . 680,555 44,971,074CDK Global Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295,376 14,204,632Ceridian HCM Holding Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 217,558 10,740,838Cision Ltd.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,770 1,759,241Citrix Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,237 28,882,355Cloudera Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 592,827 5,252,447Cornerstone OnDemand Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 129,328 7,089,761Coupa Software Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,370 19,483,441Descartes Systems Group Inc. (The)(a)(b) . . . . . . . . . . . . . . 205,785 8,295,193Dropbox Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522,689 10,542,637Ebix Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 4,715Envestnet Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,861 7,249,719Everbridge Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,455 5,088,298Fair Isaac Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,325 21,345,044Five9 Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,330 7,971,254Guidewire Software Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 199,133 20,984,636HubSpot Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,388 14,764,995Instructure Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,789 3,207,246Intuit Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 631,039 167,818,512j2 Global Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,502 10,308,252LivePerson Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,677 5,343,469LogMeIn Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,892 8,578,496Manhattan Associates Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 156,863 12,654,138MicroStrategy Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . 20,370 3,022,297New Relic Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,482 7,465,069Nuance Communications Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 696,998 11,368,037Nutanix Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,115 9,190,519Open Text Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 656,286 26,783,032Paycom Software Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,379 25,008,707Paylocity Holding Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,019 8,491,314Pegasystems Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,116 6,336,544Pivotal Software Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . 202,123 3,015,675Pluralsight Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,252 3,413,617PROS Holdings Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,977 5,362,629PTC Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,477 17,213,882Q2 Holdings Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,999 8,360,141RealPage Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,169 12,205,463RingCentral Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 174,601 21,940,362salesforce.com Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,424,225 211,411,959Smartsheet Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 214,065 7,712,762


Application Software (continued)Splunk Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364,804 $ 42,995,799SPS Commerce Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,092 4,052,350SS&C Technologies Holdings Inc.(b) . . . . . . . . . . . . . . . . . . . 536,855 27,685,612Synopsys Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365,068 50,105,583Trade Desk Inc. (The), Class A(a)(b) . . . . . . . . . . . . . . . . . . . . 95,085 17,833,192Tyler Technologies Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,866 24,639,825Verint Systems Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,085 6,891,216Workday Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393,361 66,855,636Workiva Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,414 4,050,506Yext Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,141 3,672,831Zendesk Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,143 19,688,022

1,535,885,124Interactive Home Entertainment — 8.5%Activision Blizzard Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,861,757 98,524,180Electronic Arts Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715,575 69,997,547Take-Two Interactive Software Inc.(a)(b) . . . . . . . . . . . . . . . . 275,061 34,476,146Zynga Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,295,582 13,360,287

216,358,160Interactive Media & Services — 1.1%Snap Inc., Class A, NVS(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,851,452 29,252,942

Systems Software — 30.1%BlackBerry Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,209,254 6,348,583CommVault Systems Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 102,339 4,575,577FireEye Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526,554 7,024,230ForeScout Technologies Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 90,432 3,429,181Fortinet Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,110 26,490,644Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,602,641 222,815,178Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,089,857 225,064,831Palo Alto Networks Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,113 47,515,423Progress Software Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,194 4,193,984Proofpoint Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,596 17,627,714Qualys Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,768 6,254,778Rapid7 Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,860 4,850,375SailPoint Technologies Holding Inc.(a)(b) . . . . . . . . . . . . . . . . 209,104 3,908,154ServiceNow Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454,479 115,369,494Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,382,025 32,657,251Teradata Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,941 8,647,171TiVo Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,698 20,545Varonis Systems Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,680 4,464,370VMware Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,183 28,688,921

769,946,404


Short-Term InvestmentsMoney Market Funds — 9.2%BlackRock Cash Funds: Institutional, SL Agency

Shares, 2.11%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,131,378 232,247,444


September 30, 2019

iShares� Expanded Tech-Software Sector ETF(Percentages shown are based on Net Assets)



Money Market Funds (continued)BlackRock Cash Funds: Treasury, SL Agency Shares,

1.85%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,747,000 $ 2,747,000

234,994,444

Total Short -Term Investments — 9.2%(Cost: $234,949,483) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,994,444



Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,553,086,583

(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 cash collateral received from

loaned securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

09/30/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . 114,415,154 117,716,224 232,131,378 $232,247,444 $248,128(b) $ (5,109) $ 19,374BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . 1,662,696 1,084,304 2,747,000 2,747,000 49,786 — —

$234,994,444 $297,914 $ (5,109) $ 19,374



Futures Contracts

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsE-mini S&P Select Sector Technology Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 12/20/19 $ 1,217 $ (14,284)Russell 2000 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 12/20/19 305 (11,275)

$ (25,559)

Derivative Financial Instruments Categorized by Risk Exposure

As of September 30, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

EquityContracts

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,559

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


September 30, 2019

iShares� Expanded Tech-Software Sector ETF(Percentages shown are based on Net Assets)


For the six months ended September 30, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

EquityContracts

Net Realized Gain (Loss) from:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 92,646

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (25,559)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $507,367

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





InvestmentsAssets


$2,786,437,074 $ — $ — $2,786,437,074

Derivative financial instruments(a)

LiabilitiesFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (25,559) $ — $ — $ (25,559)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.



September 30, 2019

iShares� Expanded Tech-Software Sector ETF



Common StocksBiotechnology — 80.0%AC Immune SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 658,548 $ 3,259,813ACADIA Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . 1,423,304 51,224,711Acceleron Pharma Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 520,451 20,563,019Achillion Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . 1,376,070 4,953,852Acorda Therapeutics Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . 470,837 1,351,302Adamas Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . 278,238 1,423,187Adaptimmune Therapeutics PLC, ADR(a)(b). . . . . . . . . . 825,641 1,246,718Aduro Biotech Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 770,744 816,989Adverum Biotechnologies Inc.(a)(b) . . . . . . . . . . . . . . . . . . 634,940 3,460,423Aeglea BioTherapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 285,479 2,195,333Agios Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 578,768 18,752,083Aimmune Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 617,348 12,927,267Akcea Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 916,437 14,103,965Akebia Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,170,879 4,589,846Alder Biopharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . 823,902 15,538,792Alexion Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 2,208,838 216,333,594Alkermes PLC(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,547,872 30,198,983Allakos Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476,872 37,496,445Alnylam Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . 1,095,254 88,080,327AMAG Pharmaceuticals Inc.(a)(b). . . . . . . . . . . . . . . . . . . . 333,927 3,856,857Amarin Corp. PLC, ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 3,233,884 49,025,681Amgen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,620,831 507,157,007Amicus Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 2,507,885 20,113,238AnaptysBio Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266,445 9,322,911Apellis Pharmaceuticals Inc.(a)(b). . . . . . . . . . . . . . . . . . . . 627,425 15,114,668Aptinyx Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328,105 1,145,086Arbutus Biopharma Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 566,163 863,399Arena Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 490,810 22,464,374Argenx SE, ADR(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,781 24,020,603ArQule Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,184,676 8,494,127Arrowhead Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . 938,776 26,454,708Ascendis Pharma A/S, ADR(a)(b) . . . . . . . . . . . . . . . . . . . . 449,954 43,339,569Atara Biotherapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 529,546 7,477,189Athenex Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761,396 9,262,382Audentes Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 447,581 12,572,550Aurinia Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 906,371 4,840,021Autolus Therapeutics PLC , ADR(a)(b) . . . . . . . . . . . . . . . 257,400 3,196,908Avrobio Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311,858 4,403,435Axovant Gene Therapies Ltd.(a)(b) . . . . . . . . . . . . . . . . . . 223,123 1,441,375BeiGene Ltd., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396,917 48,606,456BioCryst Pharmaceuticals Inc.(a)(b). . . . . . . . . . . . . . . . . . 1,082,523 3,101,428Biogen Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,244,152 289,663,469BioMarin Pharmaceutical Inc.(a)(b) . . . . . . . . . . . . . . . . . . 1,767,847 119,152,888Bluebird Bio Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544,446 49,991,032Blueprint Medicines Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 483,823 35,546,476Celgene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,649,679 561,013,125Cellectis SA, ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,787 1,744,985ChemoCentryx Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575,319 3,900,663China Biologic Products Holdings Inc.(a)(b) . . . . . . . . . . 376,970 43,151,756Clovis Oncology Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 538,334 2,115,653Coherus Biosciences Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 687,210 13,922,875Concert Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . 232,037 1,364,378Corbus Pharmaceuticals Holdings Inc.(a)(b) . . . . . . . . . . 631,622 3,075,999Crinetics Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . 239,789 3,606,427CRISPR Therapeutics AG(a)(b) . . . . . . . . . . . . . . . . . . . . . . 538,378 22,068,114Cytokinetics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 577,998 6,577,617CytomX Therapeutics Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 450,457 3,324,373DBV Technologies SA, ADR(a)(b) . . . . . . . . . . . . . . . . . . . . 288,196 2,478,486


Biotechnology (continued)Deciphera Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . 482,949 $ 16,391,289Denali Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 944,095 14,463,535Dicerna Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . 673,412 9,670,196Eagle Pharmaceuticals Inc./DE(a)(b) . . . . . . . . . . . . . . . . . 134,645 7,616,868Editas Medicine Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 487,756 11,091,571Eidos Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 363,332 13,069,052Eiger BioPharmaceuticals Inc.(a)(b). . . . . . . . . . . . . . . . . . 242,537 2,486,004Enanta Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 193,878 11,648,190Epizyme Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 896,793 9,250,420Esperion Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 267,645 9,811,866Exelixis Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,983,837 52,769,157Fate Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 644,106 10,002,966FibroGen Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 856,164 31,660,945Five Prime Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 362,260 1,403,757Flexion Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 375,368 5,144,418Forty Seven Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413,452 2,654,362G1 Therapeutics Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 369,625 8,420,057Galapagos NV, ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,412 12,733,676Genomic Health Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 367,320 24,911,642Geron Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,855,976 2,468,448Gilead Sciences Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,606,491 545,479,400Global Blood Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . 591,050 28,677,746GlycoMimetics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432,388 1,863,592Grifols SA, ADR(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,244,943 24,948,658Halozyme Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 1,441,247 22,353,741Homology Medicines Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 433,089 7,838,911ImmunoGen Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,476,414 3,572,922Immunomedics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,891,136 25,076,463Incyte Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,118,565 157,261,080Inovio Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 976,994 2,002,838Insmed Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 878,664 15,499,633Intellia Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 481,310 6,425,488Intercept Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . 322,083 21,373,428Intrexon Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,596,489 9,131,917Ionis Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 1,384,045 82,918,136Iovance Biotherapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 1,219,820 22,200,724Ironwood Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . 1,541,556 13,234,258Karyopharm Therapeutics Inc.(a)(b). . . . . . . . . . . . . . . . . . 609,927 5,867,498Kiniksa Pharmaceuticals Ltd., Class A(a)(b) . . . . . . . . . . 190,413 1,620,415Kura Oncology Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,415 6,756,946Lexicon Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . 1,046,819 3,150,925Ligand Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 187,311 18,644,937MacroGenics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481,644 6,145,777Magenta Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 382,405 3,923,475MannKind Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,867,717 2,334,646Medicines Co. (The)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 781,390 39,069,500MediciNova Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429,947 3,420,228Minerva Neurosciences Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 382,131 2,961,515Mirati Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 386,935 30,146,106Momenta Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . 972,365 12,601,850Myriad Genetics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 727,624 20,831,875Neurocrine Biosciences Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 902,126 81,290,574Novavax Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,096 1,160,102OPKO Health Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,064,298 12,674,383PDL BioPharma Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,125,331 2,430,715Portola Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 764,022 20,491,070Progenics Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . 851,282 4,303,230ProQR Therapeutics NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . 384,949 2,217,306Proteostasis Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . 481,307 406,704Prothena Corp. PLC(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 393,465 3,084,766


September 30, 2019

iShares� Nasdaq Biotechnology ETF(Percentages shown are based on Net Assets)



Biotechnology (continued)PTC Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 580,680 $ 19,638,598Puma Biotechnology Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . 383,136 4,124,459Ra Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 463,133 10,953,095Radius Health Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454,372 11,700,079Regeneron Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . 942,404 261,422,870REGENXBIO Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362,570 12,907,492Replimune Group Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 311,929 4,335,813Retrophin Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 423,062 4,903,289Rhythm Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . 340,000 7,340,600Rigel Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 1,657,085 3,098,749Rocket Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 495,988 5,778,260Rubius Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 785,873 6,169,103Sage Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 508,842 71,385,444Sangamo Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 1,139,502 10,312,493Sarepta Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 732,311 55,157,664Savara Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405,639 1,074,943Seattle Genetics Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674,832 143,030,653Seres Therapeutics Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 688,562 2,761,134Solid Biosciences Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 455,218 4,706,954Spark Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 379,124 36,767,445Spectrum Pharmaceuticals Inc.(a)(b). . . . . . . . . . . . . . . . . 1,111,697 9,221,527Surface Oncology Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 271,003 384,824Synlogic Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308,576 706,639Syros Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 418,033 4,339,183Tocagen Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,473 152,665Translate Bio Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503,893 4,993,580Ultragenyx Pharmaceutical Inc.(a)(b). . . . . . . . . . . . . . . . . 568,307 24,312,173uniQure NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372,861 14,675,809United Therapeutics Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . 431,965 34,449,209UNITY Biotechnology Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 429,723 2,621,310Unum Therapeutics Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . 293,597 422,780UroGen Pharma Ltd.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 205,860 4,905,644Vanda Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 524,786 6,969,158Veracyte Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477,174 11,452,176Verastem Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 722,084 873,722Vertex Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 2,441,761 413,683,149Voyager Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 363,832 6,261,549Xencor Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557,742 18,812,638Xenon Pharmaceuticals Inc.(a)(b). . . . . . . . . . . . . . . . . . . . 255,391 2,301,073Zafgen Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,090 266,845Zai Lab Ltd., ADR(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,477 11,111,481

5,301,037,105Chemicals — 0.1%Amyris Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 996,716 4,744,368

Health Care Equipment & Supplies — 1.2%Cerus Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,382,177 7,125,122Neuronetics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,393 1,515,686Novocure Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 967,005 72,312,634

80,953,442Health Care Providers & Services — 0.1%PetIQ Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,317 6,169,402

Life Sciences Tools & Services — 10.2%Bio-Techne Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374,954 73,367,249Illumina Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,396,477 424,836,233Luminex Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443,751 9,163,458Medpace Holdings Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . 353,613 29,717,636NanoString Technologies Inc.(a)(b) . . . . . . . . . . . . . . . . . . 349,140 7,537,933Pacific Biosciences of California Inc.(a)(b) . . . . . . . . . . . . 1,506,841 7,775,300


Life Sciences Tools & Services (continued)PRA Health Sciences Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 648,780 $ 64,378,439Quanterix Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,043 6,039,944Syneos Health Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,019,437 54,244,243

677,060,435Pharmaceuticals — 8.3%AcelRx Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 785,122 1,727,268Aclaris Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 395,875 427,545Aerie Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 452,546 8,697,934Akorn Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,233,369 4,686,802Amphastar Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . 465,226 9,225,432ANI Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 119,056 8,676,801Aquestive Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 244,255 776,731Assertio Therapeutics Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . 629,881 806,248Cara Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 457,175 8,357,159Collegium Pharmaceutical Inc.(a)(b) . . . . . . . . . . . . . . . . . 329,699 3,784,945Corium International Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . 416,117 74,901Cymabay Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 676,737 3,464,893Dermira Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535,847 3,424,062Dova Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 283,699 7,929,387Elanco Animal Health Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 1 27Eloxx Pharmaceuticals Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . 393,980 1,780,790Endo International PLC(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 2,230,185 7,158,894Evolus Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271,625 4,242,782EyePoint Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . 1,061,623 1,921,538Foamix Pharmaceuticals Ltd.(a)(b). . . . . . . . . . . . . . . . . . . 594,523 1,807,350GW Pharmaceuticals PLC, ADR(a)(b) . . . . . . . . . . . . . . . . 289,926 33,350,188Horizon Therapeutics PLC(a) . . . . . . . . . . . . . . . . . . . . . . . 1,836,594 50,010,455Hutchison China MediTech Ltd., ADR(a)(b) . . . . . . . . . . . 356,158 6,353,859Innoviva Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 997,713 10,515,895Intra-Cellular Therapies Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 543,482 4,059,811Jazz Pharmaceuticals PLC(a)(b) . . . . . . . . . . . . . . . . . . . . . 557,771 71,472,776Kala Pharmaceuticals Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . 334,636 1,273,290Mylan NV(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,081,756 100,517,134MyoKardia Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454,295 23,691,484Nektar Therapeutics(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,726,550 31,449,108Ocular Therapeutix Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 464,708 1,412,712Omeros Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485,521 7,928,558Optinose Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408,143 2,857,001Pacira BioSciences Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 410,120 15,613,268Paratek Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . 326,486 1,410,420Reata Pharmaceuticals Inc., Class A(a)(b) . . . . . . . . . . . 241,159 19,362,656resTORbio Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356,797 3,154,085Revance Therapeutics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 434,432 5,647,616SIGA Technologies Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 801,570 4,104,038Strongbridge Biopharma PLC(a) . . . . . . . . . . . . . . . . . . . . 523,732 1,251,719Supernus Pharmaceuticals Inc.(a)(b). . . . . . . . . . . . . . . . . 516,661 14,197,844TherapeuticsMD Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 2,376,276 8,625,882Theravance Biopharma Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 557,905 10,867,989Tricida Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486,522 15,018,934WaVe Life Sciences Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 337,700 6,932,981Xeris Pharmaceuticals Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 264,796 2,602,945Zogenix Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419,067 16,779,443

549,433,580

Total Common Stocks — 99.9%(Cost: $9,193,271,809) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,619,398,332


September 30, 2019





Shares, 2.11%(d)(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,229,589,732 $ 1,230,204,526BlackRock Cash Funds: Treasury, SL Agency

Shares, 1.85%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,695,000 7,695,000

1,237,899,526

Total Short-Term Investments — 18.7%(Cost: $1,237,381,642) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,237,899,526

Total Investments in Securities — 118.6%(Cost: $10,430,653,451) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,857,297,858

Other Assets, Less Liabilities — (18.6)% . . . . . . . . . . . . . . . . . . . . . . . . . (1,230,974,498)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,626,323,360

(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 cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

09/30/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . 1,347,750,952 (118,161,220) 1,229,589,732 $1,230,204,526 $5,367,073(b) $ 10,039 $ 118,185BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . 8,677,695 (982,695) 7,695,000 7,695,000 58,572 — —

$1,237,899,526 $5,425,645 $ 10,039 $ 118,185



Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsRussell 2000 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 12/20/19 $ 2,821 $ (104,291)S&P MidCap 400 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 12/20/19 3,101 (42,774)

$ (147,065)



EquityContracts


Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $147,065



September 30, 2019




EquityContracts

Net Realized Gain (Loss) from:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 255,835

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(147,065)


Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,974,017






InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,619,323,431 $ — $ 74,901 $6,619,398,332Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,237,899,526 — — 1,237,899,526

$7,857,222,957 $ — $ 74,901 $7,857,297,858






September 30, 2019

iShares� Nasdaq Biotechnology ETF



Common StocksConstruction Materials — 2.8%Eagle Materials Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,955 $ 1,346,100Martin Marietta Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,189 6,082,005Summit Materials Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . 39,806 883,693Vulcan Materials Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,010 7,109,792

15,421,590Containers & Packaging — 7.2%AptarGroup Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,738 2,693,316Avery Dennison Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,913 3,397,219Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,981 8,590,197Berry Global Group Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,008 1,846,004Crown Holdings Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,143 3,180,327Graphic Packaging Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 104,608 1,542,968Greif Inc., Class A, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,380 355,408International Paper Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,595 5,837,863Owens-Illinois Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,509 570,077Packaging Corp. of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,633 3,568,461Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,848 2,276,741Silgan Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,698 831,909Sonoco Products Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,517 2,067,445Westrock Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,415 3,332,077

40,090,012Energy Equipment & Services — 7.4%Apergy Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,566 745,660Baker Hughes a GE Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,389 5,368,225Core Laboratories NV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,744 733,985Dril-Quip Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,847 644,663Frank's International NV(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,351 172,667Halliburton Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311,266 5,867,364Helmerich & Payne Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,942 1,560,406National Oilwell Varco Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,067 2,905,820Oceaneering International Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . 34,942 473,464Patterson-UTI Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,985 615,472RPC Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,444 103,471Schlumberger Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491,459 16,793,154TechnipFMC PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,113 3,599,588Transocean Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204,645 914,763Valaris PLC(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,392 338,586

40,837,288Metals & Mining — 10.4%Agnico Eagle Mines Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,675 4,539,427Alcoa Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,029 1,325,202B2Gold Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,670 1,164,964Barrick Gold Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 631,388 10,941,954Compass Minerals International Inc. . . . . . . . . . . . . . . . . . . . . . . 12,017 678,840Franco-Nevada Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,532 6,065,057Freeport-McMoRan Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515,577 4,934,072Kinross Gold Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444,567 2,045,008Kirkland Lake Gold Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,945 3,043,936Newmont Goldcorp Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,351 11,048,030Pan American Silver Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,546 1,168,881Royal Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,285 2,868,945Teck Resources Ltd., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 173,796 2,820,709Turquoise Hill Resources Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 344,558 163,734Wheaton Precious Metals Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . 158,583 4,161,218Yamana Gold Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338,211 1,075,511

58,045,488


Oil, Gas & Consumable Fuels — 71.6%Antero Resources Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,352 $ 233,603Apache Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,561 3,419,162Cabot Oil & Gas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,549 2,610,006Callon Petroleum Co.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,496 353,693Cameco Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,842 1,337,999Canadian Natural Resources Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . 422,346 11,247,074Cenovus Energy Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362,313 3,398,496Centennial Resource Development Inc./DE, Class A(a)(b). . . 68,076 307,363Cheniere Energy Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,033 5,236,061Chesapeake Energy Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,452 564,637Chevron Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,996 54,555,526Cimarex Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,099 1,730,586CNX Resources Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,431 482,289Concho Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,456 4,851,862ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394,494 22,478,268Continental Resources Inc./OK(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 30,647 943,621Crescent Point Energy Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,628 829,115CVR Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,304 453,685Delek U.S. Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,810 973,203Devon Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,596 3,454,920Diamondback Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,937 5,209,116Enbridge Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 719,185 25,229,010Encana Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461,026 2,120,720Enerplus Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,986 609,976EOG Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,230 15,306,391EQT Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,865 966,804Equitrans Midstream Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,603 1,056,374Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 775,950 54,789,829Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,969 5,562,285HollyFrontier Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,773 2,884,384Jagged Peak Energy Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,403 155,386Kinder Morgan Inc./DE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 691,826 14,258,534Kosmos Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,569 802,271Marathon Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,641 3,504,815Marathon Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,938 14,211,733Matador Resources Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,948 643,810Murphy Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,846 1,212,645Noble Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,930 3,816,628Oasis Petroleum Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,346 354,117Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317,859 14,135,190ONEOK Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,748 10,813,860Parsley Energy Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,033 1,680,554PBF Energy Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,256 985,801PDC Energy Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,901 580,003Peabody Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,091 398,779Pembina Pipeline Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,614 6,732,431Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,390 16,321,536Pioneer Natural Resources Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . 59,393 7,469,858QEP Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,104 314,885Range Resources Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,532 284,712SM Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,456 362,949Southwestern Energy Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193,485 373,426Suncor Energy Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552,796 17,457,298Targa Resources Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,690 3,321,657TC Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331,469 17,166,779Tellurian Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,972 274,162Valero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,260 12,552,442Vermilion Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,209 922,542Whiting Petroleum Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,648 262,163Williams Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . 430,697 10,362,570


September 30, 2019

iShares� North American Natural Resources ETF(Percentages shown are based on Net Assets)



Oil, Gas & Consumable Fuels (continued)World Fuel Services Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,265 $ 929,204WPX Energy Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,314 1,591,825

397,450,623Paper & Forest Products — 0.4%Domtar Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,254 796,916Louisiana-Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,989 1,081,250Norbord Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,434 393,594

2,271,760

Total Common Stocks — 99.8%(Cost: $799,673,778) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 554,116,761


2.11%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,712,611 41,733,467BlackRock Cash Funds: Treasury, SL Agency Shares,

1.85%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,000 828,000

42,561,467

Total Short-Term Investments — 7.6%(Cost: $42,554,378) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,561,467

Total Investments in Securities — 107.4%(Cost: $842,228,156) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 596,678,228

Other Assets, Less Liabilities — (7.4)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (41,350,541)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 555,327,687

(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 cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

09/30/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . 34,147,105 7,565,506 41,712,611 $41,733,467 $57,630(b) $ 3,370 $ 252BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . 1,102,336 (274,336) 828,000 828,000 8,945 — —

$42,561,467 $66,575 $ 3,370 $ 252



Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsE-mini S&P Select Sector Energy Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 12/20/19 $ 1,012 $ (14,659)Russell 2000 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 12/20/19 153 (5,637)

$ (20,296)


September 30, 2019

iShares� North American Natural Resources ETF(Percentages shown are based on Net Assets)




EquityContracts





EquityContracts

Net Realized Gain (Loss) from:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $158,193









InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $554,116,761 $ — $ — $554,116,761Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,561,467 — — 42,561,467

$596,678,228 $ — $ — $596,678,228


LiabilitiesFutures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (20,296) $ — $ — $ (20,296)




September 30, 2019

iShares� North American Natural Resources ETF



Common StocksCommunications Equipment — 99.9%Acacia Communications Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,673 $ 3,902,614ADTRAN Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,876 996,953Arista Networks Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,970 6,921,512Ciena Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,950 3,803,349Cisco Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,021 7,165,488CommScope Holding Co. Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 303,997 3,575,005Comtech Telecommunications Corp. . . . . . . . . . . . . . . . . . . . . . . 44,367 1,441,927EchoStar Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,076 3,331,091Extreme Networks Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221,993 1,614,999F5 Networks Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,249 7,196,385Infinera Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283,580 1,545,511InterDigital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,213 3,001,966Juniper Networks Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,272 7,332,732Lumentum Holdings Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,059 3,377,440Motorola Solutions Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,583 7,426,979NETGEAR Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,188 1,842,597NetScout Systems Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,706 2,829,600Plantronics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,650 2,226,138Ubiquiti Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,972 2,834,929ViaSat Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,543 3,580,939Viavi Solutions Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266,394 3,730,848

79,679,002


Electronic Components — 0.0%II-VI Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 $ 29

Total Common Stocks — 99.9%(Cost: $92,281,204) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,679,031


2.11%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,153,448 19,163,025

Total Short -Term Investments — 24.0%(Cost: $19,162,226) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,163,025

Total Investments in Securities — 123.9%(Cost: $111,443,430) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,842,056


Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 79,785,455

(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 cash collateral received from

loaned securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

09/30/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . 7,435,473 11,717,975 19,153,448 $19,163,025 $27,810(b) $ (180) $ 378BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . 114,343 (114,343) — — 2,712 — —

$19,163,025 $30,522 $ (180) $ 378



Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsRussell 2000 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 12/20/19 $ 76 $ (2,819)


September 30, 2019

iShares� North American Tech-Multimedia Networking ETF(Percentages shown are based on Net Assets)




EquityContracts





EquityContracts




Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,417






InvestmentsAssets

Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $79,679,031 $ — $ — $79,679,031Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,163,025 — — 19,163,025

$98,842,056 $ — $ — $98,842,056


LiabilitiesFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2,819) $ — $ — $ (2,819)




September 30, 2019

iShares� North American Tech-Multimedia Networking ETF



Common StocksSemiconductor Equipment — 19.5%Applied Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,435,117 $ 71,612,338ASML Holding NV, NYS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,892 53,135,051Cabot Microelectronics Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 85,503 12,073,879Entegris Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 398,041 18,731,809KLA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465,952 74,296,046Lam Research Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,369 75,658,249MKS Instruments Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,438 14,805,219Teradyne Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,434 28,980,133

349,292,724Semiconductors — 80.3%Advanced Micro Devices Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 2,191,235 63,523,903Analog Devices Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 627,464 70,106,553Broadcom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 487,645 134,624,155Cirrus Logic Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,204 9,173,110Cree Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,007 15,435,343Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,907,163 149,806,109Marvell Technology Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1,946,427 48,602,282Maxim Integrated Products Inc.. . . . . . . . . . . . . . . . . . . . . . . . 798,810 46,259,087Microchip Technology Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,962 65,126,379Micron Technology Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,522,297 65,230,427Monolithic Power Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . 127,336 19,817,302NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 822,810 143,226,537NXP Semiconductors NV(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 674,703 73,623,591ON Semiconductor Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 1,208,725 23,219,607Qorvo Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346,835 25,714,347QUALCOMM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,772,261 135,188,069Semtech Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,910 9,523,185Silicon Laboratories Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 127,632 14,211,823Skyworks Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 505,611 40,069,672


Semiconductors (continued)Taiwan Semiconductor Manufacturing Co. Ltd., ADR . . . 1,616,566 $ 75,137,988Texas Instruments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113,765 143,942,989Xilinx Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 662,257 63,510,446

1,435,072,904



Shares, 2.11%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,651,768 103,703,594BlackRock Cash Funds: Treasury, SL Agency Shares,

1.85%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,628,000 1,628,000

105,331,594

Total Short -Term Investments — 5.9%(Cost: $105,327,539) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,331,594



Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,787,846,788

(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 cash collateral received from

loaned securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

09/30/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . 52,540,232 51,111,536 103,651,768 $103,703,594 $65,643(b) $ 17,684 $ (9,017)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . 625,188 1,002,812 1,628,000 1,628,000 18,038 — —

$105,331,594 $83,681 $ 17,684 $ (9,017)



Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsE-mini S&P Select Sector Technology Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 12/20/19 $ 2,759 $ (22,258)Russell 2000 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 12/20/19 229 (6,203)

$ (28,461)


September 30, 2019

iShares� PHLX Semiconductor ETF(Percentages shown are based on Net Assets)




EquityContracts





EquityContracts










InvestmentsAssets


$1,889,697,222 $ — $ — $1,889,697,222






September 30, 2019

iShares� PHLX Semiconductor ETF


iSharesExpanded Tech

Sector ETF

iSharesExpanded

Tech-SoftwareSector ETF

iSharesNasdaq

Biotechnology ETF

iSharesNorth American

Natural ResourcesETF

ASSETSInvestments in securities, at value (including securities on loan)(a):

Unaffiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,637,006,799 $2,551,442,630 $ 6,619,398,332 $ 554,116,761Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,864,169 234,994,444 1,237,899,526 42,561,467

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460 130 850 29,766Cash pledged:

Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 90,000 271,000 68,000Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,359 6,132,794 110,925 764,600Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,832 60,333 983,278 15,368Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 16,713 22,945 —Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 20,460 —Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529,523 7,263 51,240 898,944

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,698,015,142 2,792,744,307 7,858,758,556 598,454,906

LIABILITIESCollateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,305,883 232,235,035 1,229,652,928 41,727,372Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373,403 6,323,432 — 1,145,599Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 6,539Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,353 98,234 200,768 30,519Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,658 1,001,023 2,581,500 217,190

Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,317,297 239,657,724 1,232,435,196 43,127,219

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,638,697,845 $2,553,086,583 $ 6,626,323,360 $ 555,327,687

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,220,668,279 $2,392,942,450 $ 9,713,450,398 $1,205,339,826Accumulated earnings (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418,029,566 160,144,133 (3,087,127,038) (650,012,139)

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,638,697,845 $2,553,086,583 $ 6,626,323,360 $ 555,327,687

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,550,000 12,050,000 66,550,000 19,100,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 217.05 $ 211.87 $ 99.57 $ 29.07

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited Unlimited Unlimited Unlimited

Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None None

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 56,349,001 $ 228,782,872 $ 1,196,826,349 $ 39,243,283(b) Investments, at cost — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,267,265,870 $2,650,945,298 $ 9,193,271,809 $ 799,673,778(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 59,854,417 $ 234,949,483 $ 1,237,381,642 $ 42,554,378


Statements of Assets and Liabilities (unaudited)

September 30, 2019


iSharesNorth

AmericanTech-Multimedia

NetworkingETF

iSharesPHLX

SemiconductorETF

ASSETSInvestments in securities, at value (including securities on loan)(a):

Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 79,679,031 $1,784,365,628Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,163,025 105,331,594

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 318Cash pledged:

Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 141,000Receivables:

Investments sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,180,350 —Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,610 17,384Variation margin on futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 31,411Capital shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 62,202Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,414 2,228,411

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,063,475 1,892,177,948

LIABILITIESBank overdraft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,743,043 —Collateral on securities loaned, at value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,163,817 103,696,039Payables:

Investments purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,338,880 —Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,280 635,121

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,278,020 104,331,160

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 79,785,455 $1,787,846,788

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $156,481,422 $1,787,381,183Accumulated earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (76,695,967) 465,605

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 79,785,455 $1,787,846,788

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 8,450,000

Net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 53.19 $ 211.58

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited Unlimited

Par value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,077,313 $ 102,368,297(b) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 92,281,204 $1,834,273,273(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,162,226 $ 105,327,539


Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2019

F I N A N C I A L S T A T E M E N T S 29

iSharesExpanded

Tech SectorETF

iSharesExpanded

Tech-SoftwareSector ETF

iSharesNasdaq

BiotechnologyETF

iSharesNorth

AmericanNatural

ResourcesETF

INVESTMENT INCOMEDividends — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,709,055 $ 5,585,609 $ 21,551,021 $ 10,618,777Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,071 49,786 58,572 8,945Interest — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 14 — —Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,238 248,128 5,367,073 57,630Foreign taxes withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,943) (35,229) (41,621) (363,697)

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,793,421 5,848,308 26,935,045 10,321,655

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,794,921 6,322,227 16,866,552 1,474,024

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,794,921 6,322,227 16,866,552 1,474,024

Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,998,500 (473,919) 10,068,493 8,847,631

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 852,263 (21,846,838) (117,777,131) (34,336,540)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,406) (5,109) 10,039 3,370In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,127,642 308,927,188 241,380,865 (20,288,931)Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 92,646 255,835 158,193Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 5,542

Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,975,499 287,167,887 123,869,608 (54,458,366)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,102,426 (293,724,529) (973,594,611) 1,251,242Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,025 19,374 118,185 252Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (25,559) (147,065) (20,296)Foreign currency translations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (1,640)

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,104,451 (293,730,714) (973,623,491) 1,229,558

Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,079,950 (6,562,827) (849,753,883) (53,228,808)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $86,078,450 $ (7,036,746) $(839,685,390) $(44,381,177)


Statements of Operations (unaudited)

Six Months Ended September 30, 2019


iSharesNorth

AmericanTech-Multimedia

NetworkingETF

iSharesPHLX

SemiconductorETF

INVESTMENT INCOMEDividends — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 481,112 $ 15,378,308Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,712 18,038Securities lending income — Affiliated — net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,810 65,643Foreign taxes withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (577,003)

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511,634 14,884,986

EXPENSESInvestment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279,827 3,347,486

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279,827 3,347,486

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,807 11,537,500

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,321,197) (20,537,393)Investments — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (180) 17,684In-kind redemptions — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,777,022 107,685,073Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,096 99,914

Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461,741 87,265,278

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,247,042) 52,148,329Investments — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378 (9,017)Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,819) (28,461)

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,249,483) 52,110,851

Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,787,742) 139,376,129

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(11,555,935) $150,913,629


Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2019


iSharesExpanded Tech Sector ETF

iSharesExpanded Tech-Software Sector ETF

Six Months Ended09/30/19

(unaudited)Year Ended

03/31/19



03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,998,500 $ 8,607,212 $ (473,919) $ 2,476,322Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,975,499 283,650,733 287,167,887 342,763,217Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,104,451 (90,566,740) (293,730,714) 70,647,702

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,078,450 201,691,205 (7,036,746) 415,887,241

DISTRIBUTIONS TO SHAREHOLDERS(a)

Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,620,096) (8,093,662) (570,991) (2,709,822)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . (30,693,005) (68,391,428) (168,768,800) 958,748,976

NET ASSETSTotal increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,765,349 125,206,115 (176,376,537) 1,371,926,395Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,587,932,496 1,462,726,381 2,729,463,120 1,357,536,725

End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,638,697,845 $1,587,932,496 $2,553,086,583 $2,729,463,120

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


Statements of Changes in Net Assets


iSharesNasdaq Biotechnology ETF

iSharesNorth American Natural Resources ETF



03/31/19



03/31/19


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,068,493 $ 12,909,077 $ 8,847,631 $ 17,562,911Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,869,608 585,308,012 (54,458,366) (67,193,551)Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (973,623,491) (249,981,678) 1,229,558 29,860,958

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (839,685,390) 348,235,411 (44,381,177) (19,769,682)


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,387,214) (15,462,961) (8,681,153) (19,762,048)

CAPITAL SHARE TRANSACTIONSNet decrease in net assets derived from capital share transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (549,746,314) (1,346,751,531) (152,980,398) (128,669,345)

NET ASSETSTotal decrease in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,399,818,918) (1,013,979,081) (206,042,728) (168,201,075)Beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,026,142,278 9,040,121,359 761,370,415 929,571,490

End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,626,323,360 $ 8,026,142,278 $ 555,327,687 $ 761,370,415



Statements of Changes in Net Assets (continued)


iSharesNorth American Tech-Multimedia

Networking ETFiShares

PHLX Semiconductor ETF



03/31/19



03/31/19


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 231,807 $ 285,216 $ 11,537,500 $ 21,725,845Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461,741 4,368,181 87,265,278 105,132,907Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,249,483) 739,823 52,110,851 (100,509,502)

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,555,935) 5,393,220 150,913,629 26,349,250


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (236,433) (306,034) (13,514,852) (18,214,300)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . (41,180,009) 63,321,903 588,611,796 (576,488,425)

NET ASSETSTotal increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (52,972,377) 68,409,089 726,010,573 (568,353,475)Beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,757,832 64,348,743 1,061,836,215 1,630,189,690

End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 79,785,455 $132,757,832 $1,787,846,788 $1,061,836,215



Statements of Changes in Net Assets (continued)


iShares Expanded Tech Sector ETF



03/31/19Year Ended

03/31/18Year Ended

03/31/17

Period From08/01/15

to 03/31/16 (a)Year Ended

07/31/15Year Ended

07/31/14

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . $ 206.22 $ 179.48 $ 138.39 $ 110.64 $ 107.65 $ 95.51 $ 77.54

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.52 1.09 0.88 1.00 0.74 0.88 0.79Net realized and unrealized gain(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.92 26.69 41.18 27.77 3.01 12.16 17.98

Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . 11.44 27.78 42.06 28.77 3.75 13.04 18.77

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.61) (1.04) (0.97) (1.02) (0.76) (0.90) (0.80)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.61) (1.04) (0.97) (1.02) (0.76) (0.90) (0.80)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 217.05 $ 206.22 $ 179.48 $ 138.39 $ 110.64 $ 107.65 $ 95.51

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55%(e) 15.52% 30.48% 26.13% 3.51%(e) 13.70% 24.29%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.46%(f) 0.46% 0.47% 0.48% 0.48%(f) 0.47% 0.48%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.48%(f) 0.56% 0.55% 0.82% 1.05%(f) 0.87% 0.90%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,638,698 $1,587,932 $1,462,726 $1,120,933 $862,984 $823,498 $716,340

Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4%(e) 8% 6% 7% 6%(e) 6% 9%

(a) The Fund's fiscal year-end changed from July 31 to March 31.(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) Not annualized.(f) Annualized.(g) Portfolio turnover rate excludes in-kind transactions.


Financial Highlights(For a share outstanding throughout each period)

F I N A N C I A L H I G H L I G H T S 35

iShares Expanded Tech-Software Sector ETF



03/31/19Year Ended

03/31/18Year Ended

03/31/17

Period From08/01/15


07/31/15Year Ended

07/31/14

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . $ 210.77 $ 169.69 $ 126.45 $ 100.66 $ 102.43 $ 84.80 $ 73.32

Net investment income (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.04) 0.24 0.12 0.22 0.68(c) 0.24 0.23Net realized and unrealized gain (loss)(d) . . . . . . . . . . . . . . . . . . . . . 1.19 41.10 43.23 25.75 (1.58) 17.63 11.59

Net increase (decrease) from investment operations . . . . . . . . . . . . . 1.15 41.34 43.35 25.97 (0.90) 17.87 11.82

Distributions(e)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.05) (0.26) (0.11) (0.18) (0.87) (0.24) (0.34)



Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.54%(f) 24.39% 34.30% 25.82% (0.86)%(f) 21.10% 16.14%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.46%(g) 0.46% 0.47% 0.48% 0.48%(g) 0.47% 0.48%

Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03)%(g) 0.13% 0.08% 0.19% 1.04%(c)(g) 0.25% 0.29%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,553,087 $2,729,463 $1,357,537 $815,631 $709,680 $1,080,639 $975,189

Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11%(f) 18% 12% 12% 9%(f) 15% 13%

(a) The Fund's fiscal year-end changed from July 31 to March 31.(b) Based on average shares outstanding.(c) Includes a one-time special distribution from Symantec Corp. Excluding such special distribution, the net investment income would have been $0.18 per share and 0.27% of average

net assets.(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) Not annualized.(g) Annualized.(h) Portfolio turnover rate excludes in-kind transactions.


Financial Highlights (continued)

(For a share outstanding throughout each period)


iShares Nasdaq Biotechnology ETF



03/31/19Year Ended

03/31/18(a)Year Ended



03/31/15(a)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 111.78 $ 106.73 $ 97.75 $ 86.90 $ 114.57 $ 78.77

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15 0.16 0.15 0.21 0.09 0.03(c)

Net realized and unrealized gain (loss)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.21) 5.08 9.05 10.85 (27.68) 35.92

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.06) 5.24 9.20 11.06 (27.59) 35.95

Distributions(e)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.15) (0.19) (0.22) (0.21) (0.08) (0.15)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.15) (0.19) (0.22) (0.21) (0.08) (0.15)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99.57 $ 111.78 $ 106.73 $ 97.75 $ 86.90 $ 114.57

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.80)%(f) 4.92% 9.41% 12.75% (24.09)% 45.69%

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.46%(g) 0.47% 0.47% 0.47% 0.47% 0.48%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.28%(g) 0.15% 0.14% 0.22% 0.08% 0.03%(c)

Supplemental DataNet assets, end of period (000). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,626,323 $8,026,142 $9,040,121 $8,343,317 $6,387,032 $8,352,336

Portfolio turnover rate(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%(f) 18% 26% 18% 24% 33%

(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) Includes a one-time special distribution from Theravance Ltd. Excluding such special distribution, the net investment income would have been $(0.07) per share and (0.02)% of average


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) Not annualized.(g) Annualized.(h) Portfolio turnover rate excludes in-kind transactions.





iShares North American Natural Resources ETF



03/31/19Year Ended

03/31/18Year Ended

03/31/17

Period From08/01/15


07/31/15Year Ended

07/31/14

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $ 31.40 $ 33.08 $ 34.26 $ 29.72 $ 33.03 $ 48.06 $ 40.54

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.41 0.65 0.75 0.57 0.51 0.78 0.66Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . (2.31) (1.59) (1.16) 4.55 (3.16) (15.08) 7.52

Net increase (decrease) from investment operations . . . . . . . . . . . . (1.90) (0.94) (0.41) 5.12 (2.65) (14.30) 8.18

Distributions(d)

From net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.43) (0.74) (0.77) (0.58) (0.66) (0.73) (0.66)



Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.08)%(e) (2.87)% (1.19)% 17.26% (7.96)%(e) (29.99)% 20.33%

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.46%(f) 0.46% 0.47% 0.48% 0.48%(f) 0.47% 0.48%

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75%(f) 1.94% 2.25% 1.67% 2.55%(f) 1.96% 1.50%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $555,328 $761,370 $929,571 $1,034,595 $1,034,097 $1,928,976 $2,422,183

Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%(e) 12% 7% 12% 9%(e) 9% 7%







iShares North American Tech-Multimedia Networking ETF



03/31/19Year Ended

03/31/18Year Ended

03/31/17

Period From08/01/15


07/31/15Year Ended

07/31/14

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 56.49 $ 51.48 $ 45.54 $ 36.57 $ 39.43 $ 34.11 $ 29.97

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10 0.23 0.30 0.26 0.22 0.21 0.14Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . (3.27) 5.04 5.95 8.97 (2.80) 5.34 4.13

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . (3.17) 5.27 6.25 9.23 (2.58) 5.55 4.27

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.13) (0.26) (0.31) (0.26) (0.28) (0.23) (0.13)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.13) (0.26) (0.31) (0.26) (0.28) (0.23) (0.13)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 53.19 $ 56.49 $ 51.48 $ 45.54 $ 36.57 $ 39.43 $ 34.11

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.61)%(e) 10.27% 13.77% 25.31% (6.54)%(e) 16.31% 14.25%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.46%(f) 0.46% 0.47% 0.48% 0.48%(f) 0.47% 0.48%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.38%(f) 0.44% 0.63% 0.64% 0.92%(f) 0.59% 0.44%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $79,785 $132,758 $64,349 $77,417 $53,020 $151,791 $324,033

Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17%(e) 29% 23% 27% 26%(e) 23% 30%







iShares PHLX Semiconductor ETF



03/31/19Year Ended

03/31/18Year Ended

03/31/17

Period From08/01/15


07/31/15Year Ended

07/31/14

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 189.61 $ 180.13 $ 136.85 $ 91.63 $ 87.51 $ 82.62 $ 64.95

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.59 2.66 1.51 1.36 0.68 1.45(c) 0.87Net realized and unrealized gain(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.10 9.12 43.32 45.26 4.36 4.96 17.78

Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . 23.69 11.78 44.83 46.62 5.04 6.41 18.65

Distributions(e)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.72) (2.30) (1.55) (1.40) (0.92) (1.52) (0.98)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.72) (2.30) (1.55) (1.40) (0.92) (1.52) (0.98)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 211.58 $ 189.61 $ 180.13 $ 136.85 $ 91.63 $ 87.51 $ 82.62

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.55%(f) 6.61% 32.91% 51.20% 5.84%(f) 7.65% 28.89%(g)

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.46%(h) 0.46% 0.47% 0.48% 0.48%(h) 0.47% 0.47%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.58%(h) 1.50% 0.93% 1.22% 1.19%(h) 1.59%(c) 1.16%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,787,847 $1,061,836 $1,630,190 $889,518 $380,278 $398,184 $483,318

Portfolio turnover rate(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10%(f) 26% 20% 38% 30%(f) 21% 34%

(a) The Fund's fiscal year-end changed from July 31 to March 31.(b) Based on average shares outstanding.(c) Includes a one-time special distribution from KLA-Tencor Corp. Excluding such special distribution, the net investment income would have been $0.97 per share and 1.06% of average


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) Not annualized.(g) Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 28.87%.(h) Annualized.(i) Portfolio turnover rate excludes in-kind transactions.





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. TheTrust 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 ETFDiversificationClassification

Expanded Tech Sector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedExpanded Tech-Software Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedNasdaq Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedNorth American Natural Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiedNorth American Tech-Multimedia Networking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedPHLX Semiconductor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principlesgenerally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to makecertain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financialstatements 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.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions aredetermined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxeswithheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds mayinclude a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Uponnotification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cashdividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assetsand liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchasesand sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations arereflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currencygain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generallytreated 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 certainforeign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in whicheach Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source arepresented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividendsare 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 theirrespective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2019, if any, are disclosed in the statement of assets and liabilities.

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 netrealized 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 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 netinvestment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvestedin additional shares of the Funds.

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

Notes to Financial Statements (unaudited)

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

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 theFund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is notopen. 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 atthe measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by theBoard of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed bymanagement 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 last traded price or 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 net asset value (“NAV”).• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event thatapplication 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 priceis not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair ValuedInvestments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach.Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principalmarket for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, ifreasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities,prepayment speeds, loss severities, credit risks and/or default rates.

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 resultin 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 valuehierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets for identical assets or liabilities;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, 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 considered tobe active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, lossseverities, 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 GlobalValuation 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 tounobservable inputs (Level 3 measurements). Accordingly, the degree of judgement 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 classificationis determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is includedin its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is notnecessarily 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 andmaintains 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 securitieson 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 Fundor 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 loanedsecurities 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 requiredto return borrowed securities within the standard time period for settlement of securities transactions.

As of September 30, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money marketfunds managed by BlackRock FundAdvisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateralreceived cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in itsschedule of investments. The market value of any securities on loan as of September 30, 2019 and the value of the related cash collateral are disclosed in the statementsof assets and liabilities.

Notes to Financial Statements (unaudited) (continued)


Securities lending transactions are entered into by a 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. The valueof the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcyor 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 orinsolvency. 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 inconnection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of September 30, 2019:

iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

Expanded Tech SectorBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,143,267 $ 5,143,267 $ — $ —Barclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 779,150 779,150 — —BNP Paribas Prime Brokerage International Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,653,234 1,653,234 — —BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 687,595 687,595 — —BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,201,331 7,201,331 — —Citigroup Global Markets Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,940,290 4,940,290 — —Credit Suisse AG Dublin Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,512,737 3,512,737 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,489,240 1,489,240 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,362,049 1,362,049 — —Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,290,626 2,290,626 — —HSBC Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772,974 772,974 — —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,576,652 2,562,767 — (13,885)(b)

JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,366,416 12,366,416 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,268,069 4,268,069 — —National Financial Services LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 649,012 649,012 — —Nomura Securities International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,367 14,367 — —Scotia Capital (USA) Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332,451 330,971 — (1,480)(b)

UBS AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,044 128,044 — —UBS Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,178,622 3,178,622 — —Virtu Americas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284,019 284,019 — —Wells Fargo Bank, National Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,831,525 1,831,525 — —Wells Fargo Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887,331 887,331 — —

$ 56,349,001 $ 56,333,636 $ — $ (15,365)

Expanded Tech-Software SectorBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,072,780 $ 2,072,780 $ — $ —Barclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,138,234 1,138,234 — —BNP Paribas Prime Brokerage International Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,237,152 45,237,152 — —BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,082,099 3,082,099 — —BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,990,214 12,990,214 — —Citigroup Global Markets Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,731,557 28,731,557 — —Credit Suisse AG Dublin Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,001,638 7,001,638 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 717,915 717,915 — —Deutsche Bank Securities Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,926,427 1,926,427 — —Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,373,884 14,373,884 — —HSBC Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,650,773 1,650,773 — —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,680 123,680 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,695,527 57,695,527 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,230,859 25,230,859 — —National Financial Services LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520,800 520,800 — —Nomura Securities International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,031 4,031 — —RBC Capital Markets LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,012,201 3,012,201 — —Scotia Capital (USA) Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281,135 281,135 — —SG Americas Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,372 48,372 — —State Street Bank & Trust Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,713 19,713 — —UBS AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,415,395 11,319,011 — (96,384)(b)

UBS Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,860,644 10,860,644 — —Virtu Americas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 647,842 647,842 — —

$ 228,782,872 $ 228,686,488 $ — $ (96,384)






Received Net Amount

Nasdaq BiotechnologyBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,951,066 $ 19,951,066 $ — $ —Barclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,283,944 48,283,944 — —BMO Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,284,421 1,284,421 — —BNP Paribas New York Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,140 26,140 — —BNP Paribas Prime Brokerage International Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,667,400 70,667,400 — —BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620,637 620,637 — —BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,687,290 114,687,290 — —Citadel Clearing LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,012,320 14,012,320 — —Citigroup Global Markets Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,853,180 115,853,180 — —Credit Suisse AG Dublin Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,863,772 41,863,772 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,928,123 26,928,123 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,222,037 14,222,037 — —Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,544,075 95,544,075 — —HSBC Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,324 40,324 — —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,241,221 3,241,221 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302,360,926 302,360,926 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,438,622 178,438,622 — —National Financial Services LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,476,238 43,476,238 — —Scotia Capital (USA) Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,336,469 9,336,469 — —SG Americas Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,915,630 1,915,630 — —State Street Bank & Trust Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,863,275 29,863,275 — —TD Prime Services LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,210,702 1,210,702 — —UBS AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,238,889 36,238,889 — —UBS Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,794,041 9,794,041 — —Virtu Americas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 818,397 818,397 — —Wells Fargo Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,147,210 16,147,210 — —

$ 1,196,826,349 $ 1,196,826,349 $ — $ —

North American Natural ResourcesBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,624,275 $ 1,624,275 $ — $ —Barclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,028,556 1,028,556 — —BMO Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,106 459,106 — —BNP Paribas New York Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526,962 526,962 — —BNP Paribas Prime Brokerage International Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 518,929 518,929 — —BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,570 56,570 — —Citigroup Global Markets Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,507,680 2,507,680 — —Credit Suisse AG Dublin Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,277,579 3,277,579 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,281 108,281 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,817,257 7,817,257 — —Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 498,235 498,235 — —HSBC Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,084,146 1,084,146 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,778,641 3,778,641 — —SG Americas Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 48 — —State Street Bank & Trust Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115,801 1,115,801 — —UBS AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 493,978 493,978 — —UBS Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,851,454 12,851,454 — —Wells Fargo Bank, National Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710,783 710,783 — —Wells Fargo Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 785,002 785,002 — —

$ 39,243,283 $ 39,243,283 $ — $ —

North American Tech-Multimedia NetworkingBNP Paribas Prime Brokerage International Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 648,874 $ 648,874 $ — $ —BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,712 10,712 — —Credit Suisse AG Dublin Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,801,655 2,801,655 — —Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,023,153 4,023,153 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,989,823 6,989,823 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) . . . . . . . . . . . . . . . . . . . . . . . . . . . 344,754 344,754 — —State Street Bank & Trust Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253,730 253,730 — —Wells Fargo Bank, National Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,612 4,612 — —

$ 15,077,313 $ 15,077,313 $ — $ —






Received Net Amount

PHLX SemiconductorBarclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 997,365 $ 997,365 $ — $ —BNP Paribas Prime Brokerage International Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,880,353 18,880,353 — —BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,684 49,684 — —BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,470,157 8,470,157 — —Citigroup Global Markets Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,375 278,375 — —Credit Suisse AG Dublin Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867,300 867,300 — —Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,653 62,653 — —HSBC BANK PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522,527 522,527 — —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,876,473 1,876,473 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,835,542 51,835,542 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,337,292 14,337,292 — —Nomura Securities International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,835 233,835 — —SG AMERICAS SECURITIES LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,515,362 1,515,362 — —UBS Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 573,029 573,029 — —Virtu Americas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 438,800 438,282 — (518)(b)

Wells Fargo Bank, National Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,379,866 1,379,866 — —Wells Fargo Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,684 49,684 — —

$ 102,368,297 $ 102,367,779 $ — $ (518)

(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 statementof assets and liabilities.

(b) 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 eventof 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 mitigatethese risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of thesecurities 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 thevalue 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 collateralfalls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contractsin order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futurescontracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the termsof a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on thesettlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. governmentsecurities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securitiesdeposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statementof assets and liabilities.

Pursuant to the contract, a 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 (“variationmargin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in thestatement 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 notionalamount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreasesdue to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under thecontract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

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 Californiacorporation indirectly owned by BlackRock. Under the InvestmentAdvisoryAgreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest andtaxes; (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 iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources,iShares North American Tech-Multimedia Networking and iShares PHLX Semiconductor ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paidmonthly 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.43Over $20 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.38

For its investment advisory services to the iShares Nasdaq Biotechnology ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by theFund, 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4560Over $181 billion, up to and including $231 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4332Over $231 billion, up to and including $281 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4116Over $281 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3910

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net assetlevel.

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 orexpenses 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 operationalcosts directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a moneymarket fund 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 collateralinvestment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from thereinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion ofsecurities 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 73.5% of securities lending income (which excludes collateral investment fees) and the amountretained 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 ActiShares 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 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be lessthan 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 statement of operations. For the six months endedSeptember 30, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETFFees Paid

to BTC

Expanded Tech Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,936Expanded Tech-Software Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,244Nasdaq Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,186,253North American Natural Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,385North American Tech-Multimedia Networking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,701PHLX Semiconductor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,107

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 regularlyscheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forthby Rule 17a-7.

For the six months ended September 30, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF Purchases SalesNet Realized

Gain (Loss)

Expanded Tech Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,650,264 $ 10,861,321 $ (375,876)Expanded Tech-Software Sector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,603,413 102,938,126 (5,783,800)Nasdaq Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,969,124 33,489,351 (14,080,827)North American Natural Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,774,657 5,884,445 (2,786,364)North American Tech-Multimedia Networking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,639,459 6,334,798 (79,223)PHLX Semiconductor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,536,301 56,704,984 (12,550,894)

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 investmentsis 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’sunderlying index.

7. PURCHASES AND SALES

For the six months ended September 30, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF Purchases Sales

Expanded Tech Sector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 64,289,178 $ 64,430,488Expanded Tech-Software Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303,935,541 303,903,610Nasdaq Biotechnology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557,121,413 559,171,022North American Natural Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,269,499 30,711,902North American Tech-Multimedia Networking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,192,583 20,292,504PHLX Semiconductor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,379,844 155,088,055

For the six months ended September 30, 2019, in-kind transactions were as follows:

iShares ETFIn-kind

PurchasesIn-kindSales

Expanded Tech Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 96,804,951 $ 127,518,867Expanded Tech-Software Sector. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,849,052,300 2,019,276,634Nasdaq Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,696,958,295 4,242,741,925North American Natural Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,431,072 153,829,773North American Tech-Multimedia Networking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,248,683 91,788,598PHLX Semiconductor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,941,830,650 2,354,184,026

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 the policy of each Fund to qualify as a regulated investmentcompany by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, asamended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieveit from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2019, inclusive of the open tax return years, and does not believethat there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

As of March 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF Non-Expiring

Expanded Tech Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,570,149Nasdaq Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393,062,012North American Natural Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321,925,577North American Tech-Multimedia Networking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,054,802PHLX Semiconductor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,973,091



As of September 30, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federalincome tax purposes were as follows:

iShares ETF Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

Expanded Tech Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,334,138,706 $ 397,025,046 $ (34,292,784) $ 362,732,262Expanded Tech-Software Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,912,522,391 61,431,798 (187,542,674) (126,110,876)Nasdaq Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,674,766,706 98,959,811 (2,916,575,724) (2,817,615,913)North American Natural Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 870,449,005 35,351,068 (309,142,141) (273,791,073)North American Tech-Multimedia Networking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,937,517 1,851,923 (15,950,203) (14,098,280)PHLX Semiconductor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,947,029,536 50,953,718 (108,314,493) (57,360,775)

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 variousrisks, 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 mayalso 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 socialinstability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus providesdetails 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 wellas 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 compositionof the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It representsthe potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixedincome and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general marketconditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instabilityor to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown inthe fund’s schedule of investments.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchaseagreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliatesmanage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and bymonitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally offinancial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets isapproximated by their value recorded in its statement of assets and liabilities.

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 particularinvestment 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.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and socialconditions 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.

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 whenaggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:


Year Ended03/31/19

iShares ETF Shares Amount Shares Amount

Expanded Tech SectorShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000 $ 97,768,325 2,750,000 $ 542,518,833Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (600,000) (128,461,330) (3,200,000) (610,910,261)

Net decrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (150,000) $ (30,693,005) (450,000) $ (68,391,428)




Year Ended03/31/19

iShares ETF Shares Amount Shares Amount

Expanded Tech-Software SectorShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,550,000 $ 1,854,237,941 19,550,000 $ 3,671,310,773Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,450,000) (2,023,006,741) (14,600,000) (2,712,561,797)

Net increase(decrease). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (900,000) $ (168,768,800) 4,950,000 $ 958,748,976

Nasdaq BiotechnologyShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 $ 3,702,549,729 64,750,000 $ 7,145,017,884Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (40,250,000) (4,252,296,043) (77,650,000) (8,491,769,415)

Net decrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,250,000) $ (549,746,314) (12,900,000) $(1,346,751,531)

North American Natural ResourcesShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 $ 1,435,055 2,350,000 $ 71,996,233Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,200,000) (154,415,453) (6,200,000) (200,665,578)

Net decrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,150,000) $ (152,980,398) (3,850,000) $ (128,669,345)

North American Tech-Multimedia NetworkingShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000 $ 51,409,563 2,800,000 $ 151,948,118Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,750,000) (92,589,572) (1,700,000) (88,626,215)

Net increase(decrease). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (850,000) $ (41,180,009) 1,100,000 $ 63,321,903

PHLX SemiconductorShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,700,000 $ 2,946,325,291 36,650,000 $ 6,422,663,153Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,850,000) (2,357,713,495) (40,100,000) (6,999,151,578)

Net increase(decrease). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,850,000 $ 588,611,796 (3,450,000) $ (576,488,425)

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 specifiedamount 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 Unitsmay 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 othertransaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may alsopay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, andbrokerage 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 transactionsare reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iSharesMorningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust,BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuitalleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-lossorders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that thePlaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs haveappealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal has been scheduled for November 19, 2019.

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 determinedthat there were no subsequent events requiring adjustment or additional disclosure in the financial statements.



iShares ExpandedTech Sector ETF, iShares ExpandedTech-Software Sector ETF, iShares North American Natural Resources ETF, iShares PHLX SemiconductorETF (the “Funds”)

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 Trustees”), is required annually to consider and approve the Investment AdvisoryContract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and itscommittees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative andshareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal andregulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel,deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees(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 their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019,the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent andquality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The IndependentTrustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature,extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (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 materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract arediscussed below.

Expenses and Performance of the Funds: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which eachFund invests (if applicable), and waivers/reimbursements (if applicable) of each 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 each Fund’s applicable peer group pursuant to Broadridge’s proprietaryETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine theapplicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information providedin Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were within range of the medianof the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective 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 any particular Fund, Broadridgealso provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and forthe quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlyingindex and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Suchperiodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fundgenerally performed in line with its respective 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 rateand expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, 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 underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered 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 complianceprogram and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managingthe Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment andrisk management processes and strategies provided at the June 17-19, 2019 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 theFunds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRockin managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA

Board Review and Approval of Investment Advisory Contract


and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iSharesfunds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillaryrevenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profitmargin as reflected in the Funds’ 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 Contract and from other relationships between the Funds andBFA 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 Funds increase, notingthat 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 providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed 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 scaleare 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 throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe Advisory Contract for the Funds already provided for breakpoints in the Funds’ investment advisory fee rate, and that BFA and the Board had considered during the June17-19, 2019 meeting whether to add additional breakpoints and, if so, at what level(s), as the assets of the Funds, on an aggregated basis with the assets of certain otheriShares 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, supportedthe Board’s approval of the continuance of the Advisory Contract 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 investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates do not manage Other Accounts with substantially the same investment objectives and strategies as the Funds and that track the same indexes. The Board furthernoted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of servicesand generally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services toinstitutional 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 overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in lightof differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for clientsegmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board alsoconsidered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that theinvestment advisory fee rates under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for certain of the OtherAccounts (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 servicesprovided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which wasincluded 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 Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’sincreased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a serviceprovider 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 notedthat 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 forportfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from anunderwriting syndicate in which a BFAaffiliate participates (including associated commissions) are 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 Funds and thus would not alter the Board’s conclusion withrespect to the appropriateness of approving the continuance of the Advisory Contract 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 theIndependent Trustees, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large asto 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 continuanceof the Advisory Contract for the coming year.

iShares Nasdaq 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 Trustees who are not“interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory

Board Review and Approval of Investment Advisory Contract (continued)

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 51

Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and itscommittees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative andshareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal andregulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel,deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees(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 their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019,the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent andquality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The IndependentTrustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Fund, the Board, including the Independent Trustees, 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) economies of scale; (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 materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract arediscussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which theFund 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 proprietaryETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’sPeer 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 reportmay or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of theinvestment advisory fee rates and overall expenses (net of any 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-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter endedDecember 31, 2018, 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, duringthe year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparativeperformance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed inline 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 rateand expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, 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 underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered 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 complianceprogram 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 compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed 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 managingthe Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and riskmanagement processes and strategies, which were provided at the June 17-19, 2019 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 theFund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract 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 BlackRockin managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFAand its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iSharesfunds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary



revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profitmargin 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 Contract and from other relationships between the Fund andBFA 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, notingthat 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 providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed 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 scaleare 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 throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe Advisory Contract 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 theassets 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.


Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further notedthat BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services andgenerally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services toinstitutional 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 overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in lightof differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for clientsegmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board alsoconsidered 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 theinvestment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the OtherAccounts (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 servicesprovided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which wasincluded 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’sincreased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a serviceprovider 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 notedthat 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 forportfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from anunderwriting syndicate in which a BFAaffiliate participates (including associated commissions) are 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 withrespect to the appropriateness of approving the continuance of the Advisory Contract 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 theIndependent Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large asto 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 continuanceof the Advisory Contract 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 Trustees who are not“interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment AdvisoryContract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and itscommittees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative andshareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal andregulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel,deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees



(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 their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019,the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent andquality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The IndependentTrustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Fund, the Board, including the Independent Trustees, 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) economies of scale; (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 materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract arediscussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which theFund 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 proprietaryETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’sPeer 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 reportmay or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of theinvestment advisory fee rates and overall expenses (net of any 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-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter endedDecember 31, 2018, 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, duringthe year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparativeperformance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed inline 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 rateand expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, 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 underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered 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 complianceprogram 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 compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed 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 managingthe Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and riskmanagement processes and strategies, which were provided at the June 17-19, 2019 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 theFund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract 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 BlackRockin managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFAand its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iSharesfunds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillaryrevenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profitmargin 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 Contract and from other relationships between the Fund andBFA 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, notingthat 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 providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed 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 scaleare 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 throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and that BFA and the Board had considered during the June17-19, 2019 meeting whether to add additional breakpoints and, if so, at what level(s), as the assets of the Fund, on an aggregated basis with the assets of certain otheriShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further notedthat BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services andgenerally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services toinstitutional 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 overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in lightof differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for clientsegmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board alsoconsidered 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 theinvestment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the OtherAccounts (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 servicesprovided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which wasincluded 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’sincreased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a serviceprovider 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 notedthat 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 forportfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from anunderwriting syndicate in which a BFAaffiliate participates (including associated commissions) are 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 withrespect to the appropriateness of approving the continuance of the Advisory Contract 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 theIndependent Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large asto 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 continuanceof the Advisory Contract for the coming year.



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 reportingpurposes. 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 changesbased 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 taxpurposes.

Total Cumulative Distributionsfor the Fiscal Year-to-Date

% Breakdown of the Total CumulativeDistributions for the Fiscal Year-to-Date

iShares ETF

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

Expanded Tech-Software Sector(a) . . . . . . . . . . . . . . . . $ — $ — $0.046422 $0.046422 —% —% 100% 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 returnof 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 theFund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce theFund's net asset value per share.

Supplemental Information (unaudited)


Electronic Delivery

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

To enroll in electronic delivery:

• Go to www.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 copyof certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contactyour 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 currentlyenrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-PORT and N-Q are available on theSEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

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 theiShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) bycalling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

General Information

G E N E R A L I N F O R M A T I O N 57

Portfolio Abbreviations - Equity

ADR American Depositary Receipt

NVS Non-Voting Shares

NYS New York Registered Shares

Glossary of Terms Used in this Report


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 Nasdaq, Inc. 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.

©2019 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-313-0919

2019 Semi-Annual Report (Unaudited) - iShares...(10.68)(17.99) 2.26 14.44 (17.99) 11.83 285.28 Index...

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Transcript of 2019 Semi-Annual Report (Unaudited) - iShares...(10.68)(17.99) 2.26 14.44 (17.99) 11.83 285.28 Index...