avatar Blackrock High Yield V.I. Fund Finance, Insurance, And Real Estate

Pages

  • Page 1

    MARCH 31, 2020 2020 Annual Report iShares Trust • iShares Russell Top 200 ETF | IWL | NYSE Arca • iShares Russell Top 200 Growth ETF | IWY | NYSE Arca • iShares Russell Top 200 Value ETF | IWX | NYSE Arca • iShares Russell 1000 ETF | IWB | NYSE Arca • iShares Russell 1000 Growth ETF | IWF | NYSE Arca • iShares Russell 1000 Value ETF | IWD | NYSE Arca • iShares Russell 2000 ETF | IWM | NYSE Arca • iShares Russell 2000 Growth ETF | IWO | NYSE Arca • iShares Russell 2000 Value ETF | IWN | NYSE Arca 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.


  • Page 2

    Table of Contents Page Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Schedules of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Financial Statements Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Statement Regarding Liquidity Risk Management Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Trustee and Officer Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103


  • Page 3

    Market Overview iShares Trust Domestic Market Overview U.S. stocks declined for the 12 months ended March 31, 2020 (“reporting period”), when the Russell 3000姞 Index, a broad measure of U.S. equity market performance, returned -9.13%. The coronavirus pandemic was the defining event of the reporting period, dividing it into two distinctive parts. Prior to the outbreak, equities posted solid returns on the strength of an economy that set records for the most consecutive months of both economic and job growth. However, as the extent of the coronavirus outbreak became apparent in February 2020 and the economic activity of countries worldwide was disrupted by restrictions on travel and work, U.S. equity prices declined sharply. A time of high volatility and uncertainty followed, as investors struggled to project the length of the disruption and its ultimate economic impact. As state and local governments issued shelter-in-place orders and other restrictions on public gatherings and non-essential work, whole portions of the U.S. economy shut down. Businesses associated with travel and leisure were particularly affected, as air traffic declined, and conferences and events were postponed. Similarly, industries that depend on a physical presence, such as restaurants and non-essential retail, were closed in many areas of the country. In consequence, millions of workers were laid-off. Unemployment, which had been a strength of the economy for much of the reporting period, was poised to increase dramatically. More than 9.9 million workers filed unemployment claims in the last two weeks of March, far surpassing the previous record. Many industries were affected by supply chain disruptions due to factory closures in Asia, and indicators of U.S. manufacturing activity pointed toward a contraction. Markets were further roiled by a dispute between Russia and Saudi Arabia, starting in March 2020, over oil production that led to a sudden decline in oil prices, pressuring energy producers and related industries. In response to the crisis, the federal government enacted a stimulus program totaling more than $2 trillion, designed to stabilize affected industries, make loans to small businesses, and provide direct cash payments to individuals. Equity markets reacted positively to the stimulus package but remained well below previous highs. U.S. Treasury yields initially increased in the wake of the stimulus due to concerns about the ability of markets to absorb large amounts of new issuance but later declined to end the reporting period near record lows. The U.S. Federal Reserve Bank (“Fed”), which had already lowered interest rates three times in 2019 in an attempt to boost a slowing economy, also responded to the crisis. Two emergency interest rate reductions in March 2020 were enacted in an attempt to restore confidence in markets, bringing short-term interest rates down to a range of 0.00%–0.25%. The Fed further acted to stabilize credit markets by launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans. While nearly all equities posted significantly negative returns for the reporting period, market conditions weighed on some classes of stock to a greater degree than others. Smaller-capitalization stocks typically struggled more than larger-capitalization stocks, as investors’ concerns about the generally weaker balance sheets and profitability of smaller companies were magnified by the economic downturn. Larger companies were also seen as more likely to benefit from the stimulus package. Stocks with a value focus declined more steeply than growth stocks, as value stocks were disproportionately affected by lower oil prices and declining interest rates. M A R K E T O V E R V I E W 3


  • Page 4

    Fund Summary as of March 31, 2020 iShares姞 Russell Top 200 ETF Investment Objective The iShares Russell Top 200 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200姞 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.24)% 7.77% 10.80% (4.24)% 45.39% 178.89% Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.26) 7.76 10.79 (4.26) 45.32 178.72 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.08) 7.93 10.98 (4.08) 46.46 183.44 GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE) $35,000 30,000 $28,344 $27,889 25,000 20,000 15,000 10,000 5,000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Fund Index Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 22 for more information. Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/19) (03/31/20) the Period (a) (10/01/19) (03/31/20) the Period (a) Ratio $ 1,000.00 $ 902.90 $ 0.71 $ 1,000.00 $ 1,024.30 $ 0.76 0.15% (a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 22 for more information. 4 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 5

    Fund Summary as of March 31, 2020 (continued) iShares姞 Russell Top 200 ETF Portfolio Management Commentary Large-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020 to their lowest levels in 21 years. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Many companies involved in shale oil production became unprofitable, constraining their ability to repay debt. Financials sector stocks, particularly banks, detracted significantly from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, banks posted solid returns, boosted by lower funding costs. Following the coronavirus outbreak, however, banks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in industries disrupted by shutdowns. Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft and global air traffic declined. On the upside, information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. The software industry was the top contributor, driven by the continued shift toward subscription-based cloud software products, which generate steady revenue streams. Equipment upgrades related to 5G compatibility and anticipation of new mobile phone offerings drove solid performance in the technology hardware and equipment industry. Portfolio Information ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.8% Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8% Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.4 Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9 Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3 Amazon. com Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0 Facebook Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2 Berkshire Hathaway Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 Alphabet Inc., Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Alphabet Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 (a) Excludes money market funds. F U N D SU M M A R Y 5


  • Page 6

    Fund Summary as of March 31, 2020 iShares姞 Russell Top 200 Growth ETF Investment Objective The iShares Russell Top 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Top 200姞 Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.55% 11.74% 13.43% 3.55% 74.17% 252.56% Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.59 11.74 13.42 3.59 74.23 252.30 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.72 11.94 13.65 3.72 75.72 259.45 GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE) $45,000 40,000 $35,945 35,000 $35,256 30,000 25,000 20,000 15,000 10,000 5,000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Fund Index Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 22 for more information. Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/19) (03/31/20) the Period (a) (10/01/19) (03/31/20) the Period (a) Ratio $ 1,000.00 $ 971.70 $ 0.99 $ 1,000.00 $ 1,024.00 $ 1.01 0.20% (a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 22 for more information. 6 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 7

    Fund Summary as of March 31, 2020 (continued) iShares姞 Russell Top 200 Growth ETF Portfolio Management Commentary Growth-oriented large-capitalization U.S. stocks advanced during the reporting period despite high market volatility and economic uncertainty caused by the coronavirus pandemic. Information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. Despite concerns about possible regulatory and political obstacles, the largest information technology companies posted solid earnings growth. Continued growth in cloud computing services for businesses, a reduction of trade tensions between the U.S. and China, and the expansion of services available for mobile customers all helped to power the sector’s growth. The software and services industry was the top contributor, driven by the continued shift toward subscription-based cloud software products, which generate steady revenue streams. Equipment upgrades related to 5G compatibility and anticipation of new mobile phone offerings drove solid performance in the technology hardware and equipment industry. On the downside, stocks in the industrials sector detracted the most from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. The initial outbreak of the coronavirus in China, which is an important center of manufacturing activity, caused supply chain disruptions as factories closed or reduced production. Subsequent restrictions on movement and activity in developed countries worldwide hindered demand for industrial products. Within the sector, aerospace and defense companies were the largest detractors as travel restrictions led to a sharp decrease in orders for new aircraft, and global air traffic declined. Industrial conglomerates also detracted from the Index’s performance amid declines in factory orders and employment. Portfolio Information ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.8% Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4% Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.7 Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.3 Amazon. com Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8 Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4 Facebook Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 Alphabet Inc., Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 Alphabet Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 UnitedHealth Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Mastercard Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 (a) Excludes money market funds. F U N D SU M M A R Y 7


  • Page 8

    Fund Summary as of March 31, 2020 iShares姞 Russell Top 200 Value ETF Investment Objective The iShares Russell Top 200 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell Top 200姞 Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13.72)% 3.01% 7.68% (13.72)% 16.01% 109.64% Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13.74) 3.02 7.69 (13.74) 16.03 109.77 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13.58) 3.22 7.91 (13.58) 17.16 114.17 GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE) $30,000 28,000 26,000 24,000 22,000 $21,417 $20,964 20,000 18,000 16,000 14,000 12,000 10,000 8,000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Fund Index Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 22 for more information. Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/19) (03/31/20) the Period (a) (10/01/19) (03/31/20) the Period (a) Ratio $ 1,000.00 $ 817.50 $ 0.91 $ 1,000.00 $ 1,024.00 $ 1.01 0.20% (a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 22 for more information. 8 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 9

    Fund Summary as of March 31, 2020 (continued) iShares姞 Russell Top 200 Value ETF Portfolio Management Commentary Value-oriented large-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020. A disagreement between Saudi Arabia and Russia, the second and third largest oil producers in the world, raised expectations for a large increase in oil production. Meanwhile, the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Oil prices declined below the costs of producing oil with hydraulic fracturing, or fracking, which meant many companies involved in shale oil production became unprofitable, constraining their ability to repay debt. Financials sector stocks, particularly banks, detracted significantly from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, banks posted solid returns, boosted by lower funding costs due to increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, banks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries that were disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured banks’ profitability. Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the industrials sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment. Portfolio Information ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.4% Berkshire Hathaway Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0% Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8 Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7 Procter & Gamble Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5 Verizon Communications Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3 AT&T Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Pfizer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 Walt Disney Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 (a) Excludes money market funds. F U N D SU M M A R Y 9


  • Page 10

    Fund Summary as of March 31, 2020 iShares姞 Russell 1000 ETF Investment Objective The iShares Russell 1000 ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Russell 1000姞 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.15)% 6.09% 10.25% (8.15)% 34.40% 165.40% Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.16) 6.10 10.25 (8.16) 34.44 165.35 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.03) 6.22 10.39 (8.03) 35.23 168.77 GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE) $35,000 30,000 $26,877 $26,540 25,000 20,000 15,000 10,000 5,000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Fund Index Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 22 for more information. Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/19) (03/31/20) the Period (a) (10/01/19) (03/31/20) the Period (a) Ratio $ 1,000.00 $ 869.30 $ 0.70 $ 1,000.00 $ 1,024.30 $ 0.76 0.15% (a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 22 for more information. 10 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 11

    Fund Summary as of March 31, 2020 (continued) iShares姞 Russell 1000 ETF Portfolio Management Commentary Large- and mid-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020, as the coronavirus outbreak precipitated a steep drop in demand for energy.The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Many companies involved in shale oil production became unprofitable, constraining their ability to repay debt. Financials sector stocks, particularly banks, detracted significantly from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, banks posted solid returns, boosted by lower funding costs. Following the coronavirus outbreak, however, banks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries disrupted by shutdowns. Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the industrials sector, the capital goods industry was the largest detractor amid declines in factory orders and employment. Aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft and global air traffic declined. On the upside, information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. The software industry was the top contributor, driven by the continued shift toward subscription-based cloud software products, which generate steady revenue streams. Portfolio Information ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.1% Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1% Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3 Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1 Amazon. com Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3 Facebook Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1 Berkshire Hathaway Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7 Alphabet Inc., Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3 Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 Alphabet Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 (a) Excludes money market funds. F U N D SU M M A R Y 11


  • Page 12

    Fund Summary as of March 31, 2020 iShares姞 Russell 1000 Growth ETF Investment Objective The iShares Russell 1000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 1000姞 Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.68% 10.16% 12.75% 0.68% 62.21% 232.14% Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.66 10.15 12.75 0.66 62.18 232.06 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.91 10.36 12.97 0.91 63.71 238.48 GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE) $45,000 40,000 35,000 $33,848 $33,214 30,000 25,000 20,000 15,000 10,000 5,000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Fund Index Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 22 for more information. Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/19) (03/31/20) the Period (a) (10/01/19) (03/31/20) the Period (a) Ratio $ 1,000.00 $ 949.10 $ 0.93 $ 1,000.00 $ 1,024.00 $ 0.96 0.19% (a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 22 for more information. 12 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 13

    Fund Summary as of March 31, 2020 (continued) iShares姞 Russell 1000 Growth ETF Portfolio Management Commentary Growth-oriented large- and mid-capitalization U.S. stocks advanced modestly during the reporting period despite high market volatility and the economic uncertainty caused by the coronavirus pandemic. Information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. Despite concerns about possible regulatory and political obstacles, the largest information technology companies posted solid earnings growth. Continued growth in cloud computing services for businesses, a reduction of trade tensions between the U.S. and China, and the expansion of services available for mobile customers all helped to power the sector’s growth. The software and services industry was a top contributor, driven by the continued shift toward subscription-based cloud software products, which generate steady revenue streams. The technology hardware and equipment industry also helped the Index’s performance, as equipment upgrades related to 5G compatibility and anticipation of new mobile phone offerings drove solid performance in the industry. On the downside, stocks in the industrials sector detracted the most from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, the capital goods industry was the largest detractor amid declines in factory orders and employment. Aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft and global air traffic declined. Consumer discretionary stocks detracted modestly from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. The hotels, restaurants, and leisure industry was among the hardest hit by the coronavirus, as stay-at-home orders in the U.S. and Europe and worldwide travel restrictions led to a sharp decrease in revenues for travel and hospitality businesses. Portfolio Information ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.8% Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2% Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1 Amazon. com Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3 Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 Facebook Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0 Alphabet Inc., Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Alphabet Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 UnitedHealth Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Mastercard Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 (a) Excludes money market funds. F U N D SU M M A R Y 13


  • Page 14

    Fund Summary as of March 31, 2020 iShares姞 Russell 1000 Value ETF Investment Objective The iShares Russell 1000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 1000姞 Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17.30)% 1.74% 7.47% (17.30)% 9.02% 105.59% Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17.24) 1.76 7.48 (17.24) 9.10 105.70 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17.17) 1.90 7.67 (17.17) 9.89 109.31 GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE) $30,000 28,000 26,000 24,000 22,000 $20,931 20,000 $20,559 18,000 16,000 14,000 12,000 10,000 8,000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Fund Index Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 22 for more information. Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/19) (03/31/20) the Period (a) (10/01/19) (03/31/20) the Period (a) Ratio $ 1,000.00 $ 786.50 $ 0.85 $ 1,000.00 $ 1,024.00 $ 0.96 0.19% (a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 22 for more information. 14 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 15

    Fund Summary as of March 31, 2020 (continued) iShares姞 Russell 1000 Value ETF Portfolio Management Commentary Value-oriented large- and mid-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020. A disagreement between Saudi Arabia and Russia, the second and third largest oil producers in the world, raised expectations for a large increase in oil production. Meanwhile, the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Oil prices declined below the costs of producing oil with hydraulic fracturing, or fracking, which meant many companies involved in shale oil production became unprofitable, constraining their ability to repay debt. Financials sector stocks, particularly banks, detracted significantly from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, banks posted solid returns, boosted by lower funding costs due to increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, banks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured banks’ profitability. Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the industrials sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment. Portfolio Information ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.3% Berkshire Hathaway Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5% Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.5 Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5 Procter & Gamble Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8 Verizon Communications Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8 AT&T Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Pfizer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Walt Disney Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 (a) Excludes money market funds. F U N D SU M M A R Y 15


  • Page 16

    Fund Summary as of March 31, 2020 iShares姞 Russell 2000 ETF Investment Objective The iShares Russell 2000 ETF(the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Russell 2000姞 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24.04)% (0.24)% 6.91% (24.04)% (1.21)% 95.05% Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24.16) (0.27) 6.90 (24.16) (1.34) 94.86 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23.99) (0.25) 6.90 (23.99) (1.23) 94.94 GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE) $30,000 28,000 26,000 24,000 22,000 20,000 $19,505 18,000 $19,494 16,000 14,000 12,000 10,000 8,000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Fund Index Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 22 for more information. Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/19) (03/31/20) the Period (a) (10/01/19) (03/31/20) the Period (a) Ratio $ 1,000.00 $ 762.60 $ 0.84 $ 1,000.00 $ 1,024.00 $ 0.96 0.19% (a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 22 for more information. 16 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 17

    Fund Summary as of March 31, 2020 (continued) iShares姞 Russell 2000 ETF Portfolio Management Commentary Small-capitalization U.S. stocks declined sharply for the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Financials sector stocks detracted the most from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns. Bank profits were boosted by increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies that were disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured banks’ profitability. Consumer discretionary stocks detracted significantly from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. Restrictions on social contact affected retailers, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. The hotels, restaurants, and leisure industry also detracted, as stay-at-home orders and worldwide travel restrictions led to a sharp decrease in revenues. Stocks in the industrials sector also weighed on the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. The capital goods industry, which produces heavy equipment and machinery, was the sector’s largest detractor amid declines in factory orders and employment. The energy sector also detracted from the Index’s return. Already low oil prices declined rapidly in February 2020, as a disagreement between Saudi Arabia and Russia raised expectations of large oil production increases, while the coronavirus outbreak precipitated a steep drop in demand for energy. Oil, gas, and consumable fuels stocks led the sector’s decline amid concerns about credit downgrades and defaults as oil prices fell below the costs of production. Portfolio Information ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.3% Teladoc Health Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8% Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.6 Novocure Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3 Amedisys Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 Generac Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8 Lumentum Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 Repligen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 Haemonetics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 ACADIA Pharmaceuticals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Trex Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Rexford Industrial Realty Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 (a) Excludes money market funds. F U N D SU M M A R Y 17


  • Page 18

    Fund Summary as of March 31, 2020 iShares姞 Russell 2000 Growth ETF Investment Objective The iShares Russell 2000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 2000姞 Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.61)% 1.75% 8.96% (18.61)% 9.09% 135.94% Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.80) 1.72 8.95 (18.80) 8.89 135.58 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.58) 1.70 8.89 (18.58) 8.80 134.30 GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE) $35,000 30,000 25,000 $23,594 $23,430 20,000 15,000 10,000 5,000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Fund Index Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 22 for more information. Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/19) (03/31/20) the Period (a) (10/01/19) (03/31/20) the Period (a) Ratio $ 1,000.00 $ 826.70 $ 1.10 $ 1,000.00 $ 1,023.80 $ 1.21 0.24% (a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 22 for more information. 18 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 19

    Fund Summary as of March 31, 2020 (continued) iShares姞 Russell 2000 Growth ETF Portfolio Management Commentary Growth-oriented small-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Consumer discretionary stocks detracted the most from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on the consumer discretionary spending that provides the sector’s revenues. The hotels, restaurants, and leisure industry was among the hardest hit by the coronavirus, as stay-at-home orders in the U.S. and Europe and worldwide travel restrictions led to a sharp decrease in revenues for businesses related to travel and hospitality. Restrictions on social contact also affected retailers and apparel brands, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. The industrials sector detracted meaningfully from the Index’s performance. Factories closed or reduced production, and restrictions on movement and activity hindered demand, driving an abrupt slowdown in industrial activity. Commercial and professional services stocks were leading sector detractors, as investors anticipated sharply lower demand for employment services, outsourcing, and office supplies. The capital goods industry, which produces heavy equipment and machinery, also detracted amid declines in factory orders and employment. Healthcare stocks detracted from the Index’s return, driven by concerns about supply chain disruptions and delayed development schedules in the pharmaceuticals, biotechnology, and life sciences industry. Healthcare equipment and supplies declined, as hospitals deferred elective procedures to save capacity for a surge in coronavirus patients, leading to anticipated lower demand for the medical equipment used for elective procedures. Information technology stocks also detracted from the Index’s performance despite a generally favorable environment prior to the coronavirus outbreak. Despite relatively strong revenue growth, small-capitalization application software stocks declined, as several companies reported earnings that fell short of investors’ relatively high expectations for growth. Portfolio Information ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.9% Teladoc Health Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4% Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.2 Novocure Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.5 Amedisys Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5 Generac Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9 Repligen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 Haemonetics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 ACADIA Pharmaceuticals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Trex Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Five9 Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 Science Applications International Corp. . . . . . . . . . . . . . . . . . . . . . 0.5 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 (a) Excludes money market funds. F U N D SU M M A R Y 19


  • Page 20

    Fund Summary as of March 31, 2020 iShares姞 Russell 2000 Value ETF Investment Objective The iShares Russell 2000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 2000姞 Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. Performance Average Annual Total Returns Cumulative Total Returns 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29.79)% (2.53)% 4.66% (29.79)% (12.03)% 57.77% Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29.95) (2.57) 4.65 (29.95) (12.21) 57.51 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29.64) (2.42) 4.79 (29.64) (11.55) 59.65 GROWTH OF $10,000 INVESTMENT (AT NET ASSET VALUE) $26,000 24,000 22,000 20,000 18,000 $15,965 16,000 $15,777 14,000 12,000 10,000 8,000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Fund Index Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 22 for more information. Expense Example Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (10/01/19) (03/31/20) the Period (a) (10/01/19) (03/31/20) the Period (a) Ratio $ 1,000.00 $ 697.40 $ 1.02 $ 1,000.00 $ 1,023.80 $ 1.21 0.24% (a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 22 for more information. 20 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 21

    Fund Summary as of March 31, 2020 (continued) iShares姞 Russell 2000 Value ETF Portfolio Management Commentary Value-oriented small-capitalization U.S. stocks declined sharply during the reporting period due to high market volatility and economic uncertainty caused by the coronavirus pandemic. Financials sector stocks detracted the most from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, as bank profits were boosted by increased deposits, higher trading revenues, and a rise in consumer lending. Following the outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured profitability, particularly for banks that already had low deposit costs. Mortgage real estate investment trusts, which rely heavily on short-term borrowing, struggled when liquidity in funding markets decreased. The energy sector detracted significantly from the Index’s return, as already low oil prices declined to their lowest levels in 21 years. The oil, gas, and consumable fuels industry drove the sector’s performance amid concerns about credit downgrades and defaults. Oil prices declined below the costs of shale oil production, constraining the ability of producers to repay debt. Energy equipment and services stocks were also key detractors, as low oil prices caused producers to postpone new drilling and reduce the number of active wells. Consumer discretionary stocks detracted meaningfully from the Index’s return, as massive layoffs and store closures weighed on consumer discretionary spending. Restrictions on social contact affected retailers and apparel brands, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. Hotels, restaurants, and leisure companies were among the hardest hit by the coronavirus, as stay-at-home orders in the U.S. and Europe and worldwide travel restrictions led to a sharp decrease in revenues. Portfolio Information ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.6% Lumentum Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9% Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.5 Rexford Industrial Realty Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5 Tech Data Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4 ONE Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8 Portland General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 FTI Consulting Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 Black Hills Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 Cirrus Logic Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Spire Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Healthcare Realty Trust Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 (a) Excludes money market funds. F U N D SU M M A R Y 21


  • Page 22

    About Fund Performance Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower. Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market 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 fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively. An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Shareholder Expenses As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds. Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.” Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. 22 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 23

    Schedule of Investments iShares姞 Russell Top 200 ETF March 31, 2020 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks Capital Markets (continued) S&P Global Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,131 $ 1,257,352 Aerospace & Defense — 2.0% TD Ameritrade Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,555 192,536 Boeing Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,057 $ 1,649,041 General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,325 704,551 8,700,737 Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,160 1,748,982 Chemicals — 1.7% Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,251 983,590 Air Products & Chemicals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,598 917,807 Raytheon Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,846 766,703 Dow Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,608 456,378 United Technologies Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,937 1,597,667 DuPont de Nemours Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,592 531,687 Ecolab Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,247 817,640 7,450,534 Linde PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,213 1,939,849 Air Freight & Logistics — 0.5% LyondellBasell Industries NV, Class A . . . . . . . . . . . . . . . . . . . . . . . . 5,523 274,107 FedEx Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,037 610,787 PPG Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,922 411,479 United Parcel Service Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . 14,576 1,361,690 Sherwin-Williams Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,735 797,267 1,972,477 6,146,214 Airlines — 0.2% Commercial Services & Supplies — 0.2% Delta Air Lines Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,044 343,615 Waste Management Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,855 819,619 Southwest Airlines Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,651 343,672 687,287 Communications Equipment — 1.0% Automobiles — 0.7% Cisco Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,456 3,516,515 Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,372 393,027 Consumer Finance — 0.5% General Motors Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,885 537,890 American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,823 1,183,387 Tesla Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,008 1,576,192 Capital One Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,517 479,847 2,507,109 1,663,234 Banks — 4.4% Diversified Financial Services — 2.0% Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,911 3,543,521 Berkshire Hathaway Inc., Class B(a). . . . . . . . . . . . . . . . . . . . . . . . . . 40,845 7,467,691 Citigroup Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,119 1,858,292 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,117 5,862,484 Diversified Telecommunication Services — 2.5% PNC Financial Services Group Inc. (The) . . . . . . . . . . . . . . . . . . . . 9,027 864,064 AT&T Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152,454 4,444,034 Truist Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,079 865,956 Verizon Communications Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,424 4,643,562 U.S. Bancorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,197 1,005,837 9,087,596 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,783 2,232,372 Electric Utilities — 1.7% 16,232,526 American Electric Power Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,309 824,514 Beverages — 2.2% Duke Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,193 1,228,810 Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,043 3,541,903 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,205 743,746 Constellation Brands Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,316 475,382 NextEra Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,191 2,452,158 Keurig Dr Pepper Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,990 121,107 Southern Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,702 1,174,946 Monster Beverage Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,954 447,492 6,424,174 PepsiCo Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,251 3,513,045 Electrical Equipment — 0.3% 8,098,929 Eaton Corp. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,656 672,485 Biotechnology — 2.8% Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,865 613,017 AbbVie Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,882 2,352,900 1,285,502 Alexion Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,431 397,860 Energy Equipment & Services — 0.1% Amgen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,314 2,496,417 Schlumberger Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,001 391,224 Biogen Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,613 1,143,081 Gilead Sciences Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,632 1,991,008 Entertainment — 2.3% Regeneron Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,698 829,116 Activision Blizzard Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,833 941,747 Vertex Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,411 1,287,547 Electronic Arts Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,951 596,112 10,497,929 Netflix Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,798 3,303,649 Building Products — 0.1% Walt Disney Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,454 3,521,456 Johnson Controls International PLC . . . . . . . . . . . . . . . . . . . . . . . . . 15,882 428,179 8,362,964 Equity Real Estate Investment Trusts (REITs) — 1.8% Capital Markets — 2.4% American Tower Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,171 1,996,985 Bank of New York Mellon Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . 16,788 565,420 Crown Castle International Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,642 1,247,905 BlackRock Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,488 1,094,645 Equinix Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,777 1,109,861 Charles Schwab Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,107 810,477 Prologis Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,276 1,227,732 CME Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,392 1,278,151 Public Storage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,082 612,116 Goldman Sachs Group Inc. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,652 1,028,333 Simon Property Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,403 351,269 Intercontinental Exchange Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,468 926,041 Moody's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,391 717,196 6,545,868 Morgan Stanley. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,429 830,586 S C H E D U L E O F I N V E S T M E N T S 23


  • Page 24

    Schedule of Investments (continued) iShares姞 Russell Top 200 ETF March 31, 2020 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Food & Staples Retailing — 1.9% Insurance (continued) Costco Wholesale Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,175 $ 2,616,068 Travelers Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,303 $ 526,853 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,752 444,984 6,673,352 Walgreens Boots Alliance Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,758 720,928 Interactive Media & Services — 6.2% Walmart Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,018 3,297,025 Alphabet Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,247 7,258,701 7,079,005 Alphabet Inc., Class C, NVS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,254 7,272,214 Food Products — 0.7% Facebook Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,906 8,324,321 General Mills Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,702 670,285 22,855,236 Kraft Heinz Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,946 320,284 Internet & Direct Marketing Retail — 5.1% Mondelez International Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . 29,679 1,486,324 Amazon.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,732 17,024,955 2,476,893 Booking Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867 1,166,392 Health Care Equipment & Supplies — 3.6% eBay Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,746 473,325 Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,958 2,837,446 18,664,672 Baxter International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,046 815,635 IT Services — 5.5% Becton Dickinson and Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,594 1,285,333 Accenture PLC, Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,303 2,171,848 Boston Scientific Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,983 945,715 Automatic Data Processing Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,084 1,241,601 Danaher Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,867 1,780,921 Cognizant Technology Solutions Corp., Class A . . . . . . . . . . . . . . 11,567 537,518 Edwards Lifesciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,317 814,273 Fidelity National Information Services Inc.. . . . . . . . . . . . . . . . . . . . 12,737 1,549,328 Intuitive Surgical Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,391 1,184,047 International Business Machines Corp.. . . . . . . . . . . . . . . . . . . . . . . 18,517 2,054,091 Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,029 2,527,655 Mastercard Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,512 4,471,759 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,161 1,192,235 PayPal Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,524 2,347,928 13,383,260 Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,782 5,765,196 Health Care Providers & Services — 2.8% 20,139,269 Anthem Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,284 1,199,679 Life Sciences Tools & Services — 0.9% Cigna Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,644 1,354,364 Illumina Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,069 838,206 CVS Health Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,104 1,608,080 Thermo Fisher Scientific Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,327 2,361,537 HCA Healthcare Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,604 503,520 3,199,743 Humana Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,752 864,183 Machinery — 0.8% UnitedHealth Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,730 4,920,268 Caterpillar Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,187 1,298,139 10,450,094 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,910 816,526 Hotels, Restaurants & Leisure — 1.5% Illinois Tool Works Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,678 949,077 Carnival Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,136 107,151 3,063,742 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,957 295,464 Media — 1.2% Marriott International Inc./MD, Class A . . . . . . . . . . . . . . . . . . . . . . . 5,724 428,212 Charter Communications Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . 3,126 1,363,905 McDonald's Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,737 2,602,113 Comcast Corp., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,054 3,233,577 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,645 1,620,162 Yum! Brands Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,367 436,331 4,597,482 Metals & Mining — 0.0% 5,489,433 Southern Copper Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,679 47,281 Household Products — 2.1% Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,547 1,164,419 Multi-Utilities — 0.3% Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,114 909,667 Dominion Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,153 1,238,275 Procter & Gamble Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,806 5,588,660 Multiline Retail — 0.3% 7,662,746 Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,220 950,153 Industrial Conglomerates — 1.5% 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,682 1,594,710 Oil, Gas & Consumable Fuels — 2.5% General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,671 1,434,528 Chevron Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,805 2,884,270 Honeywell International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,017 2,009,124 ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,803 702,332 Roper Technologies Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,145 668,832 EOG Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,099 434,596 5,707,194 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,394 3,356,320 Insurance — 1.8% Kinder Morgan Inc./DE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,774 567,574 Aflac Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,143 518,496 Marathon Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,342 315,138 Allstate Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,613 606,610 Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,691 216,442 American International Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,100 438,925 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,170 491,971 Aon PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,814 794,503 Valero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,511 386,059 Chubb Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,408 1,050,779 9,354,702 Marsh & McLennan Companies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 10,565 913,450 Personal Products — 0.2% MetLife Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,173 494,409 Estee Lauder Companies Inc. (The), Class A. . . . . . . . . . . . . . . . . 4,539 723,244 Progressive Corp. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,154 897,451 Prudential Financial Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,283 431,876 24 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 25

    Schedule of Investments (continued) iShares姞 Russell Top 200 ETF March 31, 2020 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Pharmaceuticals — 6.2% Specialty Retail (continued) Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,842 $ 1,211,718 Ross Stores Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,412 $ 644,622 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,829 2,721,728 TJX Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,318 1,210,454 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,764 2,464,222 7,494,220 Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,476 7,274,568 Technology Hardware, Storage & Peripherals — 6.1% Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,182 4,091,823 Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,084 21,890,300 Pfizer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,175 3,791,952 Dell Technologies Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,119 123,357 Zoetis Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,988 1,175,488 HP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,216 524,550 22,731,499 22,538,207 Road & Rail — 1.2% Textiles, Apparel & Luxury Goods — 0.6% CSX Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,362 880,243 NIKE Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,404 2,019,187 Norfolk Southern Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,408 789,568 VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,447 348,654 Uber Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,674 549,298 2,367,841 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,495 2,044,375 Tobacco — 1.0% 4,263,484 Altria Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,066 1,510,682 Semiconductors & Semiconductor Equipment — 4.4% Philip Morris International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,453 2,367,771 Analog Devices Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,681 688,602 3,878,453 Applied Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,269 882,906 Wireless Telecommunication Services — 0.1% Broadcom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,070 1,913,397 T-Mobile U.S. Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,574 551,559 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,375 4,836,975 Micron Technology Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,059 969,861 Total Common Stocks — 99.7% NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,185 3,211,966 (Cost: $408,101,653) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368,270,940 QUALCOMM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,853 1,613,655 Texas Instruments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,576 1,956,230 Short-Term Investments 16,073,592 Money Market Funds — 0.2% Software — 9.8% BlackRock Cash Funds: Treasury, SL Agency Shares, Adobe Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,046 3,197,039 0.22%(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,000 625,000 Autodesk Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,598 717,748 Intuit Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,198 1,195,540 Total Short-Term Investments — 0.2% Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,948 24,909,979 (Cost: $625,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,000 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,901 2,025,075 salesforce.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,535 2,524,689 Total Investments in Securities — 99.9% ServiceNow Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,892 1,115,370 (Cost: $408,726,653) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368,895,940 VMware Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,588 192,307 Other Assets, Less Liabilities — 0.1% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347,527 Workday Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,473 452,254 Net Assets — 100.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 369,243,467 36,330,001 Specialty Retail — 2.0% (a) Non-income producing security. (b) Home Depot Inc. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,772 4,251,760 Affiliate of the Fund. (c) Lowe's Companies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,123 1,387,384 Annualized 7-day yield as of period-end. Affiliates Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: Change in Shares Shares Net Unrealized Held at Shares Shares Held at Value at Realized Appreciation Affiliated Issuer 03/31/19 Purchased Sold 03/31/20 03/31/20 Income Gain (Loss)(a) (Depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . — 0(b) — — $ — $ 5,516(c) $ (3,586) $ — BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . 234,377 390,623(b) — 625,000 625,000 10,053 — — BlackRock Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,351 1,556 (419) 2,488 1,094,645 23,010 16,665 (40,646) $1,719,645 $38,579 $ 13,079 $ (40,646) (a) Includes realized capital gain distributions from an affiliated fund, if any. (b) Net of purchases and sales. (c) 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. S C H E D U L E O F I N V E S T M E N T S 25


  • Page 26

    Schedule of Investments (continued) iShares姞 Russell Top 200 ETF March 31, 2020 Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 06/19/20 $ 899 $ (22,395) Derivative Financial Instruments Categorized by Risk Exposure As of March 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,395 (a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(130,785) Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (27,762) Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $390,269 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 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 valuation of 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 March 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $368,270,940 $ — $ — $368,270,940 Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,000 — — 625,000 $368,895,940 $ — $ — $368,895,940 Derivative financial instruments(a) Liabilities Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (22,395) $ — $ — $ (22,395) (a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. 26 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 27

    Schedule of Investments iShares姞 Russell Top 200 Growth ETF March 31, 2020 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks Entertainment (continued) Netflix Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,405 $ 25,310,577 Aerospace & Defense — 2.2% Boeing Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,694 $ 12,631,263 29,826,633 General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,704 357,766 Equity Real Estate Investment Trusts (REITs) — 2.4% Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,568 13,411,574 American Tower Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,284 15,304,341 Northrop Grumman Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,967 7,553,766 Crown Castle International Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 66,291 9,572,420 Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,836 3,650,691 Equinix Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,580 8,481,661 Public Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,003 3,575,576 37,605,060 Simon Property Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,822 2,404,075 Air Freight & Logistics — 0.6% United Parcel Service Inc., Class B . . . . . . . . . . . . . . . . . . . . . . 111,742 10,438,938 39,338,073 Food & Staples Retailing — 1.4% Airlines — 0.1% Costco Wholesale Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,316 20,049,201 Delta Air Lines Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,442 526,150 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,720 3,455,104 Southwest Airlines Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,574 1,587,280 23,504,305 2,113,430 Health Care Equipment & Supplies — 2.7% Automobiles — 0.7% Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,247 9,409,781 Tesla Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,084 12,096,016 Baxter International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,157 2,935,587 Becton Dickinson and Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,588 824,415 Beverages — 2.7% Boston Scientific Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221,708 7,234,332 Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418,414 18,514,820 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,182 717,240 Monster Beverage Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,855 3,423,702 Edwards Lifesciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,113 6,245,774 PepsiCo Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,302 22,615,070 Intuitive Surgical Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,308 9,066,304 44,553,592 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,818 9,126,649 Biotechnology — 3.2% 45,560,082 AbbVie Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,654 18,030,668 Health Care Providers & Services — 2.9% Alexion Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 25,703 2,307,872 Anthem Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,891 2,699,733 Amgen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,824 17,601,830 Cigna Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,998 3,188,886 Biogen Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,559 3,024,276 HCA Healthcare Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,637 2,303,484 Gilead Sciences Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,455 2,202,056 Humana Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,031 2,835,915 Regeneron Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 2,668 1,302,758 UnitedHealth Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,259 37,720,969 Vertex Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,505 9,876,115 48,748,987 54,345,575 Hotels, Restaurants & Leisure — 1.4% Capital Markets — 1.4% Las Vegas Sands Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,674 1,090,375 Charles Schwab Corp. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,454 3,713,463 Marriott International Inc./MD, Class A . . . . . . . . . . . . . . . . . . . 44,045 3,295,006 Intercontinental Exchange Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,087 2,833,275 McDonald's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,495 3,223,498 Moody's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,075 5,514,863 Starbucks Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,952 12,421,705 S&P Global Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,331 9,638,062 Yum! Brands Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,155 2,957,412 TD Ameritrade Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,668 1,305,573 22,987,996 23,005,236 Household Products — 0.2% Chemicals — 0.9% Procter & Gamble Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,639 2,490,290 Air Products & Chemicals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,067 1,011,424 Ecolab Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,456 6,304,259 Industrial Conglomerates — 1.1% PPG Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,084 1,010,222 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,462 9,345,747 Sherwin-Williams Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,227 6,078,071 Honeywell International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,049 7,498,796 14,403,976 Roper Technologies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,602 811,330 Commercial Services & Supplies — 0.3% 17,655,873 Waste Management Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,314 4,934,744 Insurance — 0.9% Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,674 6,052,677 Communications Equipment — 1.6% Marsh & McLennan Companies Inc.. . . . . . . . . . . . . . . . . . . . . . 71,049 6,142,897 Cisco Systems Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 685,645 26,952,705 Progressive Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,588 2,258,618 Consumer Finance — 0.3% Travelers Companies Inc. (The). . . . . . . . . . . . . . . . . . . . . . . . . . 6,692 664,850 American Express Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,004 5,051,332 15,119,042 Interactive Media & Services — 10.4% Electrical Equipment — 0.0% Alphabet Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,918 55,678,320 Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,374 399,021 Alphabet Inc., Class C, NVS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,984 55,796,275 Entertainment — 1.8% Facebook Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382,480 63,797,664 Activision Blizzard Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,423 382,040 175,272,259 Electronic Arts Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,270 4,134,016 Internet & Direct Marketing Retail — 8.5% Amazon.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,931 130,496,709 S C H E D U L E O F I N V E S T M E N T S 27


  • Page 28

    Schedule of Investments (continued) iShares姞 Russell Top 200 Growth ETF March 31, 2020 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Internet & Direct Marketing Retail (continued) Software — 16.5% Booking Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,681 $ 8,988,083 Adobe Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,001 $ 24,504,798 eBay Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,902 3,634,314 Autodesk Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,280 4,258,408 143,119,106 Intuit Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,801 9,154,230 IT Services — 8.3% Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,210,526 190,912,056 Accenture PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,003 16,653,010 Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321,134 15,520,406 Automatic Data Processing Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 69,570 9,508,827 salesforce.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,378 19,347,745 Cognizant Technology Solutions Corp., Class A. . . . . . . . . . . 6,766 314,416 ServiceNow Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,785 8,535,785 Fidelity National Information Services Inc. . . . . . . . . . . . . . . . . 59,623 7,252,542 VMware Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,414 1,503,335 International Business Machines Corp. . . . . . . . . . . . . . . . . . . . 85,838 9,522,009 Workday Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,542 3,456,299 Mastercard Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,894 34,275,915 277,193,062 PayPal Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,020 18,001,035 Specialty Retail — 2.6% Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274,207 44,180,232 Home Depot Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,455 18,569,243 139,707,986 Lowe's Companies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,577 10,633,801 Life Sciences Tools & Services — 1.1% Ross Stores Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,796 4,939,548 Illumina Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,424 6,397,563 TJX Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,081 9,279,013 Thermo Fisher Scientific Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,453 12,323,271 43,421,605 18,720,834 Technology Hardware, Storage & Peripherals — 10.1% Machinery — 0.5% Apple Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 659,774 167,773,930 Caterpillar Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,718 779,556 Dell Technologies Inc., Class C(a)(b) . . . . . . . . . . . . . . . . . . . . . . 17,263 682,752 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 690,800 HP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,090 209,882 Illinois Tool Works Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,123 7,265,601 168,666,564 8,735,957 Textiles, Apparel & Luxury Goods — 1.1% Media — 1.1% NIKE Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,119 15,482,226 Charter Communications Inc., Class A(a) . . . . . . . . . . . . . . . . . 14,078 6,142,372 VF Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,369 2,669,876 Comcast Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338,777 11,647,153 18,152,102 17,789,525 Tobacco — 0.3% Metals & Mining — 0.0% Altria Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,570 5,667,862 Southern Copper Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,349 263,268 Wireless Telecommunication Services — 0.1% Multiline Retail — 0.0% T-Mobile U.S. Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,202 2,198,348 Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,142 385,082 Total Common Stocks — 99.8% Personal Products — 0.3% (Cost: $1,451,072,436). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674,633,737 Estee Lauder Companies Inc. (The), Class A . . . . . . . . . . . . . 34,976 5,573,076 Short-Term Investments Pharmaceuticals — 4.7% Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219,670 12,244,406 Money Market Funds — 0.7% Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,117 18,882,150 BlackRock Cash Funds: Institutional, SL Agency Shares, Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,139 8,410,547 1.32%(c)(d)(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,966,250 8,964,457 Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 386,453 29,733,694 BlackRock Cash Funds: Treasury, SL Agency Shares, Zoetis Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,544 9,008,463 0.22%(c)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,976,000 2,976,000 78,279,260 11,940,457 Road & Rail — 1.2% Total Short-Term Investments — 0.7% CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,649 2,443,788 (Cost: $11,933,303). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,940,457 Norfolk Southern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,613 819,498 Uber Technologies Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,265 454,119 Total Investments in Securities — 100.5% Union Pacific Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,134 15,674,339 (Cost: $1,463,005,739). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,686,574,194 19,391,744 Other Assets, Less Liabilities — (0.5)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,971,149) Semiconductors & Semiconductor Equipment — 4.2% Analog Devices Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,841 702,946 Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,678,603,045 Applied Materials Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,325 3,634,672 (a) Non-income producing security. Broadcom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,813 14,655,862 (b) All or a portion of this security is on loan. NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,375 24,613,650 (c) Affiliate of the Fund. (d) QUALCOMM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,777 12,364,864 Annualized 7-day yield as of period-end. (e) Texas Instruments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,037 14,993,197 All or a portion of this security was purchased with cash collateral received from loaned securities. 70,965,191 28 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 29

    Schedule of Investments (continued) iShares姞 Russell Top 200 Growth ETF March 31, 2020 Affiliates Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: Change in Shares Shares Unrealized Held at Held at Value at Net Realized Appreciation Affiliated Issuer 03/31/19 Net Activity 03/31/20 03/31/20 Income Gain (Loss)(a) (Depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . 5,098,460 3,867,790 8,966,250 $ 8,964,457 $ 69,326(b) $ (29,125) $ 6,707 BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . 3,943,519 (967,519) 2,976,000 2,976,000 56,930 — — $11,940,457 $126,256 $ (29,125) $ 6,707 (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. Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 06/19/20 $ 3,726 $ (119,725) Derivative Financial Instruments Categorized by Risk Exposure As of March 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 119,725 (a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(642,545) Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(209,878) Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,703,741 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 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 valuation of financial instruments, refer to the Notes to Financial Statements. SC H E D U L E O F I N V E S T M E N T S 29


  • Page 30

    Schedule of Investments (continued) iShares姞 Russell Top 200 Growth ETF March 31, 2020 Fair Value Measurements (continued) The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,674,633,737 $ — $ — $1,674,633,737 Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,940,457 — — 11,940,457 $1,686,574,194 $ — $ — $1,686,574,194 Derivative financial instruments(a) Liabilities Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (119,725) $ — $ — $ (119,725) (a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. 30 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 31

    Schedule of Investments iShares姞 Russell Top 200 Value ETF March 31, 2020 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks Chemicals (continued) PPG Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,631 $ 721,552 Aerospace & Defense — 1.7% General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,859 $ 1,701,375 11,057,974 Raytheon Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,761 755,555 Commercial Services & Supplies — 0.1% United Technologies Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,955 4,146,275 Waste Management Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,056 467,983 6,603,205 Consumer Finance — 0.7% Air Freight & Logistics — 0.4% American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,826 1,354,864 FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,036 1,580,745 Capital One Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,569 1,238,769 Airlines — 0.3% 2,593,633 Delta Air Lines Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,692 704,463 Diversified Financial Services — 5.0% Southwest Airlines Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,140 361,085 Berkshire Hathaway Inc., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . . 105,988 19,377,786 1,065,548 Diversified Telecommunication Services — 6.0% Automobiles — 0.6% AT&T Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,574 11,530,982 Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,277 1,025,298 Verizon Communications Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,239 12,048,362 General Motors Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,106 1,394,463 23,579,344 2,419,761 Electric Utilities — 4.3% Banks — 10.8% American Electric Power Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 26,715 2,136,666 Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433,124 9,195,223 Duke Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,499 3,194,679 Citigroup Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,502 4,822,824 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,445 1,930,500 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,968 15,212,189 NextEra Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,453 6,365,121 PNC Financial Services Group Inc. (The). . . . . . . . . . . . . . . . . . . 23,392 2,239,082 Southern Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,423 3,054,741 Truist Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,629 2,239,878 16,681,707 U.S. Bancorp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,572 2,603,456 Electrical Equipment — 0.8% Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,847 5,793,009 Eaton Corp. PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,317 1,733,808 42,105,661 Emerson Electric Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,232 1,440,555 Beverages — 1.5% 3,174,363 Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,132 2,926,341 Energy Equipment & Services — 0.3% Constellation Brands Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . 8,605 1,233,613 Schlumberger Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,907 1,010,495 Keurig Dr Pepper Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,796 310,559 PepsiCo Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,123 1,455,972 Entertainment — 3.0% 5,926,485 Activision Blizzard Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,754 2,305,088 Biotechnology — 2.3% Electronic Arts Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,532 153,460 Alexion Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,810 252,310 Walt Disney Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,595 9,137,877 Amgen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,569 520,813 11,596,425 Biogen Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,167 1,951,116 Equity Real Estate Investment Trusts (REITs) — 0.9% Gilead Sciences Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,174 4,423,848 Prologis Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,721 3,192,377 Regeneron Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 3,506 1,711,945 Public Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,970 391,262 8,860,032 Simon Property Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,878 103,027 Building Products — 0.3% 3,686,666 Johnson Controls International PLC. . . . . . . . . . . . . . . . . . . . . . . . 41,322 1,114,041 Food & Staples Retailing — 2.7% Walgreens Boots Alliance Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,748 1,864,221 Capital Markets — 3.8% Walmart Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,290 8,554,450 Bank of New York Mellon Corp. (The) . . . . . . . . . . . . . . . . . . . . . . 43,323 1,459,119 10,418,671 BlackRock Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,405 2,818,008 Food Products — 1.6% Charles Schwab Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,874 836,264 General Mills Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,717 1,726,476 CME Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,197 3,319,353 Kraft Heinz Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,670 832,996 Goldman Sachs Group Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . 17,278 2,671,006 Mondelez International Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 77,047 3,858,514 Intercontinental Exchange Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,884 1,444,133 Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,946 2,140,164 6,417,986 TD Ameritrade Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,885 65,334 Health Care Equipment & Supplies — 4.9% Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,932 4,176,864 14,753,381 Baxter International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,825 1,122,452 Chemicals — 2.8% Becton Dickinson and Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,288 3,053,184 Air Products & Chemicals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,207 2,037,419 Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,621 4,376,662 Dow Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,497 1,184,132 Medtronic PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,709 6,556,898 DuPont de Nemours Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,111 1,367,785 Linde PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,100 5,034,300 19,286,060 LyondellBasell Industries NV, Class A . . . . . . . . . . . . . . . . . . . . . . 14,362 712,786 Health Care Providers & Services — 2.7% Anthem Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,712 2,205,012 S C H E D U L E O F I N V E S T M E N T S 31


  • Page 32

    Schedule of Investments (continued) iShares姞 Russell Top 200 Value ETF March 31, 2020 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Health Care Providers & Services (continued) Oil, Gas & Consumable Fuels — 6.2% Cigna Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,753 $ 2,436,756 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,292 $ 7,484,538 CVS Health Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,361 4,174,518 ConocoPhillips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,737 1,809,099 HCA Healthcare Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,889 529,127 EOG Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,379 1,127,134 Humana Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,083 1,282,144 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,362 8,708,875 10,627,557 Kinder Morgan Inc./DE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,501 1,468,574 Hotels, Restaurants & Leisure — 1.7% Marathon Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,965 825,873 Carnival Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,584 284,261 Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,667 563,564 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,532 404,824 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,849 1,279,499 McDonald's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,253 5,663,734 Valero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,280 1,010,621 Yum! Brands Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,821 124,793 24,277,777 6,477,612 Pharmaceuticals — 8.3% Household Products — 4.9% Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,782 3,149,192 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,590 3,025,352 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,401 2,920,832 Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,461 2,360,608 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,200 16,024,086 Procter & Gamble Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,205 13,662,550 Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,202 554,122 Pfizer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301,444 9,839,132 19,048,510 Industrial Conglomerates — 2.3% 32,487,364 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,108 970,313 Road & Rail — 1.2% General Electric Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 469,102 3,724,670 CSX Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,532 1,462,984 Honeywell International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,972 2,672,054 Norfolk Southern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,075 1,762,950 Roper Technologies Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,672 1,456,776 Uber Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,920 1,282,086 8,823,813 4,508,020 Insurance — 3.1% Semiconductors & Semiconductor Equipment — 4.5% Aflac Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,375 1,348,200 Analog Devices Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,198 1,541,801 Allstate Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,204 1,578,123 Applied Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,265 1,066,002 American International Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 47,061 1,141,229 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,922 12,551,619 Chubb Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,447 2,730,486 Micron Technology Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,990 2,523,179 Marsh & McLennan Companies Inc. . . . . . . . . . . . . . . . . . . . . . . . 3,324 287,393 17,682,601 MetLife Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,055 1,285,621 Software — 0.1% Progressive Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,210 1,566,147 Autodesk Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700 421,470 Prudential Financial Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,438 1,117,777 Travelers Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,544 1,146,896 Specialty Retail — 1.2% Home Depot Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,404 4,743,181 12,201,872 IT Services — 1.3% Technology Hardware, Storage & Peripherals — 0.4% Cognizant Technology Solutions Corp., Class A . . . . . . . . . . . . 27,429 1,274,626 Dell Technologies Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,241 88,632 Fidelity National Information Services Inc. . . . . . . . . . . . . . . . . . . 12,799 1,556,870 HP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,582 1,294,743 International Business Machines Corp.. . . . . . . . . . . . . . . . . . . . . 18,954 2,102,567 1,383,375 4,934,063 Tobacco — 2.1% Life Sciences Tools & Services — 0.5% Altria Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,821 2,003,918 Thermo Fisher Scientific Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,878 1,950,601 Philip Morris International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,204 6,143,524 Machinery — 1.3% 8,147,442 Caterpillar Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,803 3,110,220 Wireless Telecommunication Services — 0.2% Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,617 1,881,325 T-Mobile U.S. Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,059 676,150 4,991,545 Total Common Stocks — 99.7% Media — 1.5% (Cost: $451,992,738) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388,658,104 Charter Communications Inc., Class A(a)(c) . . . . . . . . . . . . . . . . . 3,340 1,457,275 Comcast Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,370 4,447,741 Short-Term Investments 5,905,016 Money Market Funds — 0.5% Metals & Mining — 0.0% BlackRock Cash Funds: Institutional, SL Agency Shares, Southern Copper Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,218 34,299 1.32%(b)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,476,713 1,476,418 Multi-Utilities — 0.8% Dominion Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,568 3,217,364 Multiline Retail — 0.6% Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,175 2,340,520 32 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 33

    Schedule of Investments (continued) iShares姞 Russell Top 200 Value ETF March 31, 2020 (Percentages shown are based on Net Assets) Security Shares Value (a) Money Market Funds (continued) Non-income producing security. (b) BlackRock Cash Funds: Treasury, SL Agency Shares, Affiliate of the Fund. (c) 0.22%(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470,000 $ 470,000 All or a portion of this security is on loan. (d) Annualized 7-day yield as of period-end. 1,946,418 (e) All or a portion of this security was purchased with cash collateral received from loaned Total Short-Term Investments — 0.5% securities. (Cost: $1,946,966). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,946,418 Total Investments in Securities — 100.2% (Cost: $453,939,704) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,604,522 Other Assets, Less Liabilities — (0.2)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (878,605) Net Assets — 100.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 389,725,917 Affiliates Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: Change in Shares Shares Net Unrealized Held at Shares Shares Held at Value at Realized Appreciation Affiliated Issuer 03/31/19 Purchased Sold 03/31/20 03/31/20 Income Gain (Loss)(a) (Depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . — 1,476,713(b) — 1,476,713 $1,476,418 $ 6,583(c) $ 1,925 $ (548) BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . 445,784 24,216(b) — 470,000 470,000 13,275 — — BlackRock Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,855 2,548 (1,998) 6,405 2,818,008 83,408 129,217 (45,521) $4,764,426 $103,266 $ 131,142 $ (46,069) (a) Includes realized capital gain distributions from an affiliated fund, if any. (b) Net of purchases and sales. (c) 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. Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 06/19/20 $ 1,028 $ (52,868) Derivative Financial Instruments Categorized by Risk Exposure As of March 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52,868 (a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). S C H E D U L E O F I N V E S T M E N T S 33


  • Page 34

    Schedule of Investments (continued) iShares姞 Russell Top 200 Value ETF March 31, 2020 For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(41,797) Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(66,382) Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $869,778 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 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 valuation of 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 March 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $388,658,104 $ — $ — $388,658,104 Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,946,418 — — 1,946,418 $390,604,522 $ — $ — $390,604,522 (a) Derivative financial instruments Liabilities Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (52,868) $ — $ — $ (52,868) (a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. 34 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 35

    Summary Schedule of Investments iShares姞 Russell 1000 ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net % of Net Security Shares Value Assets Security Shares Value Assets Diversified Consumer Services Common Stocks Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,951,126 0.1% Aerospace & Defense Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . $ 355,004,504 2.0% Diversified Financial Services Berkshire Hathaway Inc., Class B(b) . . . . . . . 1,491,371 272,667,360 1.5 Air Freight & Logistics Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 11,272,078 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 90,915,032 0.5 283,939,438 1.6 Airlines Diversified Telecommunication Services Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 39,607,425 0.2 AT&T Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,566,020 162,249,483 0.9 Verizon Communications Inc. . . . . . . . . . . . . . 3,155,232 169,530,615 1.0 Auto Components Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 12,242,433 0.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 22,583,650 0.1 344,022,531 1.9 Automobiles Electric Utilities Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 95,521,038 0.5 NextEra Energy Inc.(c) . . . . . . . . . . . . . . . . . . . . 372,241 89,568,630 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 295,273,747 1.7 Banks 384,842,377 2.2 Bank of America Corp. . . . . . . . . . . . . . . . . . . . 6,094,335 129,382,732 0.7 Electrical Equipment JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . 2,377,531 214,049,116 1.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 87,135,977 0.5 Wells Fargo & Co.. . . . . . . . . . . . . . . . . . . . . . . . 2,840,139 81,511,989 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 290,410,850 1.6 Electronic Equipment, Instruments & Components 715,354,687 4.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 95,841,037 0.5 Beverages Energy Equipment & Services Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . . . 2,922,550 129,322,837 0.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 29,186,381 0.2 PepsiCo Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,067,876 128,251,908 0.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 52,163,252 0.3 Entertainment 309,737,997 1.7 Netflix Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321,097 120,571,923 0.7 Biotechnology Walt Disney Co. (The) . . . . . . . . . . . . . . . . . . . . 1,331,036 128,578,078 0.7 AbbVie Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,127,346 85,892,492 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 102,788,723 0.6 Amgen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449,559 91,139,096 0.5 351,938,724 2.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 287,826,060 1.6 Equity Real Estate Investment Trusts (REITs) 464,857,648 2.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 635,450,882 3.5 Building Products Food & Staples Retailing Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 64,299,241 0.4 Costco Wholesale Corp.. . . . . . . . . . . . . . . . . . 334,968 95,509,426 0.5 Capital Markets Walmart Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,059,384 120,367,210 0.7 BlackRock Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 90,267 39,714,772 0.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 70,406,200 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 424,933,512 2.4 286,282,836 1.6 464,648,284 2.6 Food Products Chemicals Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 221,486,717 1.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 304,855,359 1.7 Gas Utilities Commercial Services & Supplies Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 15,816,811 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 77,704,361 0.4 Health Care Equipment & Supplies Communications Equipment Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . 1,312,823 103,594,863 0.6 Cisco Systems Inc.. . . . . . . . . . . . . . . . . . . . . . . 3,266,224 128,395,266 0.7 Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,023,116 92,264,601 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 45,841,261 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 463,797,312 2.6 174,236,527 1.0 659,656,776 3.7 Construction & Engineering Health Care Providers & Services Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 17,162,540 0.1 UnitedHealth Group Inc. . . . . . . . . . . . . . . . . . . 720,567 179,694,998 1.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 322,225,302 1.8 Construction Materials 501,920,300 2.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 21,741,693 0.1 Health Care Technology Consumer Finance Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 32,232,640 0.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 89,263,125 0.5 Hotels, Restaurants & Leisure Containers & Packaging McDonald's Corp. . . . . . . . . . . . . . . . . . . . . . . . . 574,491 94,992,087 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 69,177,795 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 203,840,669 1.1 298,832,756 1.7 Distributors Household Durables Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 17,850,125 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 53,206,618 0.3 S C H E D U L E O F I N V E S T M E N T S 35


  • Page 36

    Summary Schedule of Investments (continued) iShares姞 Russell 1000 ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net % of Net Security Shares Value Assets Security Shares Value Assets Household Products Oil, Gas & Consumable Fuels Procter & Gamble Co. (The) . . . . . . . . . . . . . . 1,855,290 $ 204,081,900 1.1% Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,453,423 $ 105,315,031 0.6% Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 107,981,771 0.6 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . 3,227,326 122,541,568 0.7 312,063,671 1.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 189,992,933 1.0 Independent Power and Renewable Electricity Producers 417,849,532 2.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 11,934,433 0.1 Paper & Forest Products Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 907,647 0.0 Industrial Conglomerates Honeywell International Inc. . . . . . . . . . . . . . . 548,192 73,342,608 0.4 Personal Products Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 140,147,533 0.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 30,730,195 0.2 213,490,141 1.2 Pharmaceuticals Insurance Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . 1,782,664 99,365,691 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 411,304,802 2.3 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648,423 89,949,239 0.5 Interactive Media & Services Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . 2,025,274 265,574,180 1.5 Alphabet Inc., Class A(b) . . . . . . . . . . . . . . . . . . 228,265 265,232,517 1.5 Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,941,906 149,410,248 0.8 Alphabet Inc., Class C, NVS(b) . . . . . . . . . . . . 228,581 265,796,273 1.5 Pfizer Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,241,506 138,442,756 0.8 Facebook Inc., Class A(b) . . . . . . . . . . . . . . . . . 1,822,006 303,910,601 1.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 121,074,898 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 33,165,612 0.1 863,817,012 4.8 868,105,003 4.8 Professional Services Internet & Direct Marketing Retail Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 82,107,600 0.5 Amazon.com Inc.(b) . . . . . . . . . . . . . . . . . . . . . . 318,828 621,625,328 3.5 Real Estate Management & Development Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 76,494,567 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 15,107,252 0.1 698,119,895 3.9 IT Services Road & Rail Accenture PLC, Class A . . . . . . . . . . . . . . . . . . 485,900 79,328,034 0.4 Union Pacific Corp.. . . . . . . . . . . . . . . . . . . . . . . 529,392 74,665,448 0.4 International Business Machines Corp. . . . . 676,165 75,006,983 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 119,686,787 0.7 Mastercard Inc., Class A. . . . . . . . . . . . . . . . . . 675,923 163,275,960 0.9 194,352,235 1.1 PayPal Holdings Inc.(b) . . . . . . . . . . . . . . . . . . . 895,680 85,752,403 0.5 Semiconductors & Semiconductor Equipment Visa Inc., Class A(c) . . . . . . . . . . . . . . . . . . . . . . 1,306,251 210,463,161 1.2 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,263,312 176,610,446 1.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 376,871,327 2.1 NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444,814 117,252,970 0.7 990,697,868 5.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 479,381,535 2.6 Leisure Products 773,244,951 4.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 13,450,583 0.1 Software Adobe Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366,805 116,732,023 0.7 Life Sciences Tools & Services Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,766,562 909,444,493 5.1 Thermo Fisher Scientific Inc.. . . . . . . . . . . . . . 303,953 86,201,071 0.5 Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,529,773 73,933,929 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 124,905,496 0.7 salesforce.com Inc.(b) . . . . . . . . . . . . . . . . . . . . 640,131 92,166,061 0.5 211,106,567 1.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 399,213,089 2.2 Machinery 1,591,489,595 8.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 281,130,782 1.6 Specialty Retail Marine Home Depot Inc. (The) . . . . . . . . . . . . . . . . . . . 831,193 155,192,045 0.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 2,024,833 0.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 224,302,265 1.2 379,494,310 2.1 Media Technology Hardware, Storage & Peripherals Comcast Corp., Class A . . . . . . . . . . . . . . . . . . 3,433,685 118,050,090 0.7 Apple Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,142,937 799,217,450 4.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 133,867,519 0.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 56,649,683 0.3 251,917,609 1.4 855,867,133 4.8 Metals & Mining Textiles, Apparel & Luxury Goods Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 59,815,296 0.3 NIKE Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . 891,377 73,752,533 0.4 Mortgage Real Estate Investment Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 48,870,081 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 16,232,400 0.1 122,622,614 0.7 Thrifts & Mortgage Finance Multi-Utilities Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 5,296,493 0.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 183,336,432 1.0 Tobacco Multiline Retail Philip Morris International Inc. . . . . . . . . . . . . 1,184,846 86,446,364 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 83,250,719 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 55,153,552 0.3 141,599,916 0.8 36 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 37

    Summary Schedule of Investments (continued) iShares姞 Russell 1000 ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net Security Shares Value Assets (a) Trading Companies & Distributors Affiliate of the Fund. (b) Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,682,522 0.2% Non-income producing security. (c) All or a portion of this security is on loan. Transportation Infrastructure (d) Annualized 7-day yield as of period-end. (e) Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 1,504,849 0.0 All or a portion of this security was purchased with cash collateral received from loaned securities. Water Utilities Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 23,160,732 0.1 Wireless Telecommunication Services Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 25,230,353 0.1 Total Common Stocks (Cost: $18,849,053,396). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,870,310,933 99.7 Short-Term Investments Money Market Funds BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%(a)(d)(e) . . . . . . . . . . 597,080,822 596,961,406 3.3 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%(a)(d) . . . . . . . . . . . . 33,076,000 33,076,000 0.2 630,037,406 3.5 Total Short-Term Investments (Cost: $630,105,670). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630,037,406 3.5 Total Investments In Securities (Cost: $19,479,159,066). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,500,348,339 103.2 Other Assets, Less Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . (575,451,993) (3.2) Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,924,896,346 100.0% Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of March 31, 2020. Other securities may include securities on loan and non-income earning securities. Affiliates Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: Change in Shares Shares Net Unrealized Held at Shares Shares Held at Value at Realized Appreciation Affiliated Issuer 03/31/19 Purchased Sold 03/31/20 03/31/20 Income Gain (Loss)(a) (Depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379,438,707 217,642,115(b) — 597,080,822 $596,961,406 $2,209,338(c) $ (214,769) $ (158,519) BlackRock Cash Funds: Treasury, SL Agency Shares . . . 17,776,119 15,299,881(b) — 33,076,000 33,076,000 872,162 — — BlackRock Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,459 24,411 (22,603) 90,267 39,714,772 1,194,585 1,883,713 (619,430) $669,752,178 $4,276,085 $ 1,668,944 $ (777,949) (a) Includes realized capital gain distributions from an affiliated fund, if any. (b) Net of purchases and sales. (c) 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. S C H E D U L E O F I N V E S T M E N T S 37


  • Page 38

    Summary Schedule of Investments (continued) iShares姞 Russell 1000 ETF March 31, 2020 Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392 06/19/20 $50,366 $ (1,038,212) S&P MidCap 400 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 06/19/20 4,026 (10,600) $ (1,048,812) Derivative Financial Instruments Categorized by Risk Exposure As of March 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,048,812 (a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(22,850,910) Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,759,883) Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $38,174,669 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 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 valuation of 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 March 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,870,310,933 $ — $ — $17,870,310,933 Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630,037,406 — — 630,037,406 $18,500,348,339 $ — $ — $18,500,348,339 (a) Derivative financial instruments Liabilities Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,048,812) $ — $ — $ (1,048,812) (a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. 38 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 39

    Summary Schedule of Investments iShares姞 Russell 1000 Growth ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net % of Net Security Shares Value Assets Security Shares Value Assets Distributors Common Stocks Other securities . . . . . . . . . . . . . . . . . . . . . . . . $ 27,538,147 0.1% Aerospace & Defense Boeing Co. (The) . . . . . . . . . . . . . . . . . . . . . . . 1,740,114 $ 259,520,602 0.6% Diversified Consumer Services Lockheed Martin Corp. . . . . . . . . . . . . . . . . . 812,920 275,539,234 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 31,278,901 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 421,348,632 1.0 Diversified Financial Services 956,408,468 2.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 1,066,060 0.0 Air Freight & Logistics United Parcel Service Inc., Class B. . . . . . 2,295,631 214,457,848 0.5 Electrical Equipment Other securities . . . . . . . . . . . . . . . . . . . . . . . . 57,535,894 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 128,516,582 0.3 271,993,742 0.6 Electronic Equipment, Instruments & Components Airlines Other securities . . . . . . . . . . . . . . . . . . . . . . . . 247,894,647 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 55,803,527 0.1 Entertainment Auto Components Netflix Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 1,384,808 519,995,404 1.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 2,408,969 0.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 218,785,655 0.5 Automobiles 738,781,059 1.7 Tesla Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 474,140 248,449,360 0.6 Equity Real Estate Investment Trusts (REITs) American Tower Corp. . . . . . . . . . . . . . . . . . . 1,443,911 314,411,620 0.7 Banks Crown Castle International Corp.. . . . . . . . 1,362,706 196,774,746 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 22,105,391 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 531,228,543 1.2 Beverages 1,042,414,909 2.4 Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . 8,595,676 380,358,663 0.9 Food & Staples Retailing PepsiCo Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,868,321 464,585,352 1.1 Costco Wholesale Corp. . . . . . . . . . . . . . . . . 1,444,567 411,889,389 1.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 107,623,230 0.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 79,429,517 0.2 952,567,245 2.2 491,318,906 1.2 Biotechnology Food Products AbbVie Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,861,718 370,414,294 0.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 141,398,596 0.3 Amgen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,783,652 361,599,770 0.8 Health Care Equipment & Supplies Vertex Pharmaceuticals Inc.(a) . . . . . . . . . . 852,936 202,956,121 0.5 Abbott Laboratories . . . . . . . . . . . . . . . . . . . . 2,451,457 193,444,472 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 477,523,597 1.1 Intuitive Surgical Inc.(a) . . . . . . . . . . . . . . . . . 376,498 186,445,575 0.4 1,412,493,782 3.3 Stryker Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,127,355 187,693,334 0.4 Building Products Other securities . . . . . . . . . . . . . . . . . . . . . . . . 886,382,523 2.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 123,144,154 0.3 1,453,965,904 3.4 Capital Markets Health Care Providers & Services S&P Global Inc.(b) . . . . . . . . . . . . . . . . . . . . . . 808,465 198,114,348 0.5 UnitedHealth Group Inc.(b) . . . . . . . . . . . . . . 3,107,491 774,946,106 1.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 512,176,049 1.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 443,906,528 1.1 710,290,397 1.7 1,218,852,634 2.9 Chemicals Health Care Technology Other securities . . . . . . . . . . . . . . . . . . . . . . . . 335,185,869 0.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 135,531,643 0.3 Commercial Services & Supplies Hotels, Restaurants & Leisure Other securities . . . . . . . . . . . . . . . . . . . . . . . . 231,045,318 0.5 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . 3,881,723 255,184,470 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 517,173,835 1.2 Communications Equipment 772,358,305 1.8 Cisco Systems Inc. . . . . . . . . . . . . . . . . . . . . . 14,085,735 553,710,243 1.3 Household Durables Other securities . . . . . . . . . . . . . . . . . . . . . . . . 119,017,797 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 47,965,978 0.1 672,728,040 1.6 Construction & Engineering Household Products Other securities . . . . . . . . . . . . . . . . . . . . . . . . 3,292,019 0.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 163,784,879 0.4 Construction Materials Industrial Conglomerates Other securities . . . . . . . . . . . . . . . . . . . . . . . . 60,716,566 0.1 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,406,940 192,061,379 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 189,939,170 0.4 Consumer Finance 382,000,549 0.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 137,310,721 0.3 Insurance Containers & Packaging Other securities . . . . . . . . . . . . . . . . . . . . . . . . 373,355,887 0.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 124,072,917 0.3 Interactive Media & Services Alphabet Inc., Class A(a)(b) . . . . . . . . . . . . . . 984,399 1,143,822,418 2.7 S C H E D U L E O F I N V E S T M E N T S 39


  • Page 40

    Summary Schedule of Investments (continued) iShares姞 Russell 1000 Growth ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net % of Net Security Shares Value Assets Security Shares Value Assets Interactive Media & Services (continued) Semiconductors & Semiconductor Equipment (continued) Alphabet Inc., Class C, NVS(a) . . . . . . . . . . 985,733 $ 1,146,220,190 2.7% NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,918,189 $ 505,634,620 1.2% Facebook Inc., Class A(a) . . . . . . . . . . . . . . . 7,857,415 1,310,616,822 3.1 QUALCOMM Inc. . . . . . . . . . . . . . . . . . . . . . . 3,754,830 254,014,249 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 103,469,442 0.2 Texas Instruments Inc.. . . . . . . . . . . . . . . . . . 3,082,287 308,012,940 0.7 3,704,128,872 8.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 606,653,909 1.4 Internet & Direct Marketing Retail 1,975,385,298 4.6 Amazon.com Inc.(a). . . . . . . . . . . . . . . . . . . . . 1,374,977 2,680,820,156 6.3 Software Other securities . . . . . . . . . . . . . . . . . . . . . . . . 319,013,190 0.7 Adobe Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 1,581,826 503,400,306 1.2 2,999,833,346 7.0 Intuit Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 818,132 188,170,360 0.4 IT Services Microsoft Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . 24,868,496 3,922,010,504 9.2 Accenture PLC, Class A . . . . . . . . . . . . . . . . 2,095,508 342,112,636 0.8 Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,597,164 318,840,936 0.8 Automatic Data Processing Inc. . . . . . . . . . 1,430,318 195,495,864 0.5 salesforce.com Inc.(a) . . . . . . . . . . . . . . . . . . . 2,760,628 397,475,219 0.9 International Business Machines Corp. . . 1,764,142 195,696,272 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 1,424,045,910 3.3 Mastercard Inc., Class A. . . . . . . . . . . . . . . . 2,915,000 704,147,400 1.6 6,753,943,235 15.8 PayPal Holdings Inc.(a)(b) . . . . . . . . . . . . . . . 3,862,566 369,802,069 0.9 Specialty Retail Visa Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . 5,633,269 907,632,301 2.1 Home Depot Inc. (The) . . . . . . . . . . . . . . . . . 2,043,139 381,474,483 0.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 1,111,037,696 2.5 Lowe's Companies Inc. . . . . . . . . . . . . . . . . . 2,539,509 218,524,750 0.5 3,825,924,238 8.9 TJX Companies Inc. (The) . . . . . . . . . . . . . . 3,990,846 190,802,347 0.5 Leisure Products Other securities . . . . . . . . . . . . . . . . . . . . . . . . 398,683,765 0.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 44,463,473 0.1 1,189,485,345 2.8 Technology Hardware, Storage & Peripherals Life Sciences Tools & Services Apple Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,554,030 3,446,654,289 8.1 Thermo Fisher Scientific Inc.. . . . . . . . . . . . 892,659 253,158,092 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 66,007,671 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 352,158,992 0.8 3,512,661,960 8.2 605,317,084 1.4 Textiles, Apparel & Luxury Goods Machinery NIKE Inc., Class B(b) . . . . . . . . . . . . . . . . . . . 3,844,061 318,057,607 0.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 439,566,091 1.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 155,942,583 0.3 Media 474,000,190 1.1 Comcast Corp., Class A . . . . . . . . . . . . . . . . 6,959,683 239,273,901 0.6 Tobacco Other securities . . . . . . . . . . . . . . . . . . . . . . . . 250,336,087 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 115,991,902 0.3 489,609,988 1.1 Trading Companies & Distributors Metals & Mining Other securities . . . . . . . . . . . . . . . . . . . . . . . . 106,957,812 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 11,010,822 0.0 Wireless Telecommunication Services Multiline Retail Other securities . . . . . . . . . . . . . . . . . . . . . . . . 45,008,239 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 170,738,578 0.4 Total Common Stocks Oil, Gas & Consumable Fuels (Cost: $33,443,821,040). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,730,525,785 99.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 61,374,210 0.1 Personal Products Short-Term Investments Other securities . . . . . . . . . . . . . . . . . . . . . . . . 115,701,802 0.3 Money Market Funds Pharmaceuticals BlackRock Cash Funds: Institutional, SL Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 4,512,778 251,542,246 0.6 Agency Shares, 1.32%(c)(d)(e) . . . . . . . . . 1,699,346,300 1,699,006,431 3.9 Eli Lilly & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,796,381 387,913,972 0.9 BlackRock Cash Funds: Treasury, SL Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . 7,938,980 610,825,121 1.4 Agency Shares, 0.22%(c)(d) . . . . . . . . . . . 80,304,000 80,304,000 0.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 377,761,325 0.9 1,779,310,431 4.1 1,628,042,664 3.8 Total Short-Term Investments Professional Services (Cost: $1,779,469,700) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,779,310,431 4.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 287,748,052 0.7 Total Investments In Securities Real Estate Management & Development (Cost: $35,223,290,740). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,509,836,216 103.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 19,014,833 0.0 Other Assets, Less Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . (1,675,490,939) (3.9) Road & Rail Union Pacific Corp.. . . . . . . . . . . . . . . . . . . . . 2,283,077 322,005,180 0.8 Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 42,834,345,277 100.0% Other securities . . . . . . . . . . . . . . . . . . . . . . . . 114,572,500 0.2 Other securities are those securities, which individually, are not one of the 50 largest 436,577,680 1.0 unaffiliated issuers and which represent less than one percent of the net assets of the Semiconductors & Semiconductor Equipment Fund as of March 31, 2020. Other securities may include securities on loan and Broadcom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,269,800 301,069,580 0.7 non-income earning securities. 40 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 41

    Summary Schedule of Investments (continued) iShares姞 Russell 1000 Growth ETF March 31, 2020 (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 Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: Change in Shares Shares Unrealized Held at Held at Value at Net Realized Appreciation Affiliated Issuer 03/31/19 Net Activity 03/31/20 03/31/20 Income Gain (Loss)(a) (Depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . 820,577,806 878,768,494 1,699,346,300 $1,699,006,431 $4,237,898(b) $ (583,221) $ (409,489) BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . 66,964,943 13,339,057 80,304,000 80,304,000 1,421,884 — — $1,779,310,431 $5,659,782 $ (583,221) $ (409,489) (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. Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 708 06/19/20 $90,967 $ (961,639) Derivative Financial Instruments Categorized by Risk Exposure As of March 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $961,639 (a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(9,380,738) Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(3,150,431) Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $74,733,935 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. SC H E D U L E O F I N V E S T M E N T S 41


  • Page 42

    Summary Schedule of Investments (continued) iShares姞 Russell 1000 Growth ETF March 31, 2020 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 valuation of 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 March 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $42,730,525,785 $ — $ — $42,730,525,785 Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,779,310,431 — — 1,779,310,431 $44,509,836,216 $ — $ — $44,509,836,216 (a) Derivative financial instruments Liabilities Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (961,639) $ — $ — $ (961,639) (a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. 42 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 43

    Summary Schedule of Investments iShares姞 Russell 1000 Value ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net % of Net Security Shares Value Assets Security Shares Value Assets Containers & Packaging Common Stocks Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . $ 157,412,008 0.5% Aerospace & Defense United Technologies Corp.. . . . . . . . . . . . . . . . 2,408,517 $ 227,195,409 0.7% Distributors Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 292,494,410 1.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 44,457,315 0.1 519,689,819 1.7 Diversified Consumer Services Air Freight & Logistics Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 51,744,101 0.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 108,603,840 0.3 Diversified Financial Services Airlines Berkshire Hathaway Inc., Class B(c) . . . . . . . 5,814,732 1,063,107,452 3.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 105,513,622 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 43,318,136 0.2 Auto Components 1,106,425,588 3.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 85,128,709 0.3 Diversified Telecommunication Services AT&T Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,701,494 632,598,550 2.0 Automobiles Verizon Communications Inc. . . . . . . . . . . . . . 12,302,021 660,987,589 2.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 148,105,063 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 47,013,857 0.2 Banks 1,340,599,996 4.3 Bank of America Corp. . . . . . . . . . . . . . . . . . . . 23,761,347 504,453,397 1.6 Electric Utilities Citigroup Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,275,661 264,330,841 0.9 Duke Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . 2,162,684 174,917,882 0.6 JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . 9,269,800 834,560,094 2.7 NextEra Energy Inc.(b) . . . . . . . . . . . . . . . . . . . . 1,451,441 349,245,733 1.1 PNC Financial Services Group Inc. (The). . 1,283,959 122,900,556 0.4 Southern Co. (The). . . . . . . . . . . . . . . . . . . . . . . 3,089,222 167,250,479 0.5 U.S. Bancorp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,135,716 142,475,416 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 809,175,919 2.6 Wells Fargo & Co.. . . . . . . . . . . . . . . . . . . . . . . . 11,073,996 317,823,685 1.0 1,500,590,013 4.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 585,343,806 1.8 Electrical Equipment 2,771,887,795 8.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 224,862,444 0.7 Beverages Electronic Equipment, Instruments & Components Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . . . 3,620,381 160,201,859 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 148,353,815 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 186,800,890 0.6 347,002,749 1.1 Energy Equipment & Services Biotechnology Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 114,333,660 0.4 Gilead Sciences Inc. . . . . . . . . . . . . . . . . . . . . . 3,242,307 242,394,871 0.8 Entertainment Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 292,678,170 0.9 Activision Blizzard Inc.. . . . . . . . . . . . . . . . . . . . 2,127,551 126,546,734 0.4 535,073,041 1.7 Walt Disney Co. (The) . . . . . . . . . . . . . . . . . . . . 5,189,593 501,314,684 1.6 Building Products Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 77,338,058 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 139,526,348 0.4 705,199,476 2.3 Capital Markets Equity Real Estate Investment Trusts (REITs) BlackRock Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 351,626 154,704,891 0.5 Prologis Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,174,776 174,786,747 0.6 CME Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 1,051,142 181,752,963 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 1,358,432,109 4.3 Goldman Sachs Group Inc. (The) . . . . . . . . . 945,966 146,236,884 0.5 1,533,218,856 4.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 687,702,798 2.2 Food & Staples Retailing 1,170,397,536 3.8 Walmart Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,130,493 469,306,615 1.5 Chemicals Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 203,492,939 0.7 Linde PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,594,978 275,931,194 0.9 672,799,554 2.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 609,928,428 1.9 Food Products 885,859,622 2.8 Mondelez International Inc., Class A . . . . . . 4,220,456 211,360,436 0.7 Commercial Services & Supplies Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 523,878,900 1.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 93,462,154 0.3 735,239,336 2.4 Gas Utilities Communications Equipment Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 61,360,920 0.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 72,516,111 0.2 Health Care Equipment & Supplies Construction & Engineering Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . 2,899,672 228,813,117 0.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 63,635,484 0.2 Becton Dickinson and Co. . . . . . . . . . . . . . . . . 727,426 167,140,672 0.6 Construction Materials Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,732,737 239,828,128 0.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 28,926,459 0.1 Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,989,045 359,732,078 1.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 261,208,605 0.7 Consumer Finance 1,256,722,600 4.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 223,594,447 0.7 S C H E D U L E O F I N V E S T M E N T S 43


  • Page 44

    Summary Schedule of Investments (continued) iShares姞 Russell 1000 Value ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net % of Net Security Shares Value Assets Security Shares Value Assets Health Care Providers & Services Mortgage Real Estate Investment Cigna Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 755,034 $ 133,776,924 0.4% Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,008,654 0.2% CVS Health Corp. . . . . . . . . . . . . . . . . . . . . . . . . 3,854,606 228,693,774 0.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 494,117,495 1.6 Multi-Utilities Dominion Energy Inc. . . . . . . . . . . . . . . . . . . . . 2,440,462 176,176,952 0.6 856,588,193 2.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 539,268,587 1.7 Health Care Technology Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 3,689,667 0.0 715,445,539 2.3 Multiline Retail Hotels, Restaurants & Leisure Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,377,408 128,057,622 0.4 McDonald's Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1,879,520 310,778,632 1.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 41,322,993 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 155,390,556 0.5 169,380,615 0.5 466,169,188 1.5 Oil, Gas & Consumable Fuels Household Durables Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,666,784 410,615,169 1.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 163,056,652 0.5 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . 12,583,068 477,779,092 1.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 686,948,631 2.2 Household Products Colgate-Palmolive Co.. . . . . . . . . . . . . . . . . . . . 2,495,754 165,618,235 0.5 1,575,342,892 5.1 Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . 1,013,370 129,579,622 0.4 Paper & Forest Products Procter & Gamble Co. (The) . . . . . . . . . . . . . . 6,814,052 749,545,720 2.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 3,826,212 0.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 24,646,981 0.1 Personal Products 1,069,390,558 3.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 15,562,654 0.1 Independent Power and Renewable Electricity Producers Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 46,873,001 0.2 Pharmaceuticals Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 973,774 172,455,375 0.6 Industrial Conglomerates Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . 2,867,973 159,860,815 0.5 General Electric Co.. . . . . . . . . . . . . . . . . . . . . . 25,695,752 204,024,271 0.6 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . 6,704,044 879,101,290 2.8 Honeywell International Inc. . . . . . . . . . . . . . . 1,093,357 146,280,233 0.5 Pfizer Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,537,329 539,778,418 1.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 135,869,242 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 144,808,863 0.5 486,173,746 1.6 1,896,004,761 6.1 Insurance Professional Services Chubb Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,337,946 149,435,189 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 60,146,501 0.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 1,116,601,528 3.6 Real Estate Management & Development 1,266,036,717 4.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 41,780,543 0.1 Interactive Media & Services Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 36,137,282 0.1 Road & Rail Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 363,890,410 1.2 Internet & Direct Marketing Retail Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 9,754,467 0.0 Semiconductors & Semiconductor Equipment Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,723,392 688,589,975 2.2 IT Services Micron Technology Inc.(b)(c) . . . . . . . . . . . . . . . 3,283,646 138,110,151 0.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 404,442,094 1.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 401,425,408 1.2 Leisure Products 1,228,125,534 3.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 12,460,644 0.0 Software Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 99,190,558 0.3 Life Sciences Tools & Services Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 274,069,738 0.9 Specialty Retail Home Depot Inc. (The) . . . . . . . . . . . . . . . . . . . 1,392,389 259,972,950 0.8 Machinery Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 143,797,688 0.5 Caterpillar Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,467,474 170,285,683 0.6 403,770,638 1.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 526,592,848 1.6 Technology Hardware, Storage & Peripherals 696,878,531 2.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 160,308,502 0.5 Marine Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 7,467,972 0.0 Textiles, Apparel & Luxury Goods Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 48,826,574 0.2 Media Comcast Corp., Class A . . . . . . . . . . . . . . . . . . 7,089,269 243,729,068 0.8 Thrifts & Mortgage Finance Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 294,603,480 0.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 21,455,655 0.1 538,332,548 1.7 Tobacco Metals & Mining Philip Morris International Inc. . . . . . . . . . . . . 4,620,119 337,083,882 1.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 222,238,749 0.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 110,007,217 0.3 447,091,099 1.4 44 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 45

    Summary Schedule of Investments (continued) iShares姞 Russell 1000 Value ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net Security Shares Value Assets (a) Trading Companies & Distributors Affiliate of the Fund. (b) Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62,472,098 0.2% All or a portion of this security is on loan. (c) Non-income producing security. Transportation Infrastructure (d) Annualized 7-day yield as of period-end. (e) Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 5,491,774 0.0 All or a portion of this security was purchased with cash collateral received from loaned securities. Water Utilities Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 90,083,578 0.3 Wireless Telecommunication Services Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . 57,815,418 0.2 Total Common Stocks (Cost: $36,855,568,932). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,041,022,437 99.5 Short-Term Investments Money Market Funds BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%(a)(d)(e) . . . . . . . . . . 591,562,931 591,444,619 1.9 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%(a)(d) . . . . . . . . . . . . 88,826,000 88,826,000 0.3 680,270,619 2.2 Total Short-Term Investments (Cost: $680,305,028). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680,270,619 2.2 Total Investments In Securities (Cost: $37,535,873,960). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,721,293,056 101.7 Other Assets, Less Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . (545,502,273) (1.7) Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,175,790,783 100.0% Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of March 31, 2020. Other securities may include securities on loan and non-income earning securities. Affiliates Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: Change in Shares Shares Net Unrealized Held at Shares Shares Held at Value at Realized Appreciation Affiliated Issuer 03/31/19 Purchased Sold 03/31/20 03/31/20 Income Gain (Loss)(a) (Depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,789,024 414,773,907(b) — 591,562,931 $591,444,619 $3,332,479(c) $ (290,006) $ (92,208) BlackRock Cash Funds: Treasury, SL Agency Shares. . 46,096,335 42,729,665(b) — 88,826,000 88,826,000 1,391,398 — — BlackRock Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,977 108,675 (108,026) 351,626 154,704,891 4,654,384 5,234,065 538,050 $834,975,510 $9,378,261 $ 4,944,059 $ 445,842 (a) Includes realized capital gain distributions from an affiliated fund, if any. (b) Net of purchases and sales. (c) 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. S C H E D U L E O F I N V E S T M E N T S 45


  • Page 46

    Summary Schedule of Investments (continued) iShares姞 Russell 1000 Value ETF March 31, 2020 Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673 06/19/20 $86,470 $ (2,495,449) S&P MidCap 400 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277 06/19/20 39,827 (921,470) $ (3,416,919) Derivative Financial Instruments Categorized by Risk Exposure As of March 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,416,919 (a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(16,904,500) Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (5,625,771) Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $105,512,550 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 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 valuation of 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 March 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $31,041,022,437 $ — $ — $31,041,022,437 Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680,270,619 — — 680,270,619 $31,721,293,056 $ — $ — $31,721,293,056 (a) Derivative financial instruments Liabilities Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (3,416,919) $ — $ — $ (3,416,919) (a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. 46 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 47

    Summary Schedule of Investments iShares姞 Russell 2000 ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net % of Net Security Shares Value Assets Security Shares Value Assets Containers & Packaging Common Stocks Other securities . . . . . . . . . . . . . . . . . . . . . . . . $ 38,092,444 0.1% Aerospace & Defense Axon Enterprise Inc.(a)(b) . . . . . . . . . . . . . . . . 1,305,749 $ 92,407,857 0.3% Distributors Mercury Systems Inc.(a)(b) . . . . . . . . . . . . . . 1,215,117 86,686,447 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 34,081,044 0.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 272,588,493 0.8 Diversified Consumer Services 451,682,797 1.4 Chegg Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 2,650,813 94,846,089 0.3 Air Freight & Logistics Other securities . . . . . . . . . . . . . . . . . . . . . . . . 205,978,746 0.6 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 115,916,659 0.4 300,824,835 0.9 Airlines Diversified Financial Services Other securities . . . . . . . . . . . . . . . . . . . . . . . . 84,819,730 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 100,901,217 0.3 Auto Components Diversified Telecommunication Services Other securities . . . . . . . . . . . . . . . . . . . . . . . . 275,620,959 0.8 Cogent Communications Holdings Inc. . . 950,795 77,936,666 0.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 173,934,132 0.6 Automobiles 251,870,798 0.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 19,570,648 0.1 Electric Utilities Banks Portland General Electric Co.(b) . . . . . . . . . 2,010,143 96,366,255 0.3 First Financial Bankshares Inc.(b). . . . . . . . 2,906,805 78,018,646 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 294,413,565 0.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 2,842,646,987 8.7 390,779,820 1.2 2,920,665,633 9.0 Electrical Equipment Beverages Generac Holdings Inc.(a)(b) . . . . . . . . . . . . . . 1,368,426 127,496,250 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 119,043,351 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 219,251,412 0.7 346,747,662 1.1 Biotechnology Electronic Equipment, Instruments & Components ACADIA Pharmaceuticals Inc.(a)(b). . . . . . . 2,519,399 106,444,608 0.3 Tech Data Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . 794,821 104,002,328 0.3 Acceleron Pharma Inc.(a)(b) . . . . . . . . . . . . . 1,008,305 90,616,370 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 831,416,485 2.6 Iovance Biotherapeutics Inc.(a)(b) . . . . . . . . 2,623,872 78,545,608 0.3 935,418,813 2.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 2,743,576,799 8.4 Energy Equipment & Services 3,019,183,385 9.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 151,262,449 0.5 Building Products Trex Co. Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,315,120 105,393,717 0.3 Entertainment Other securities . . . . . . . . . . . . . . . . . . . . . . . . 398,281,155 1.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 63,858,571 0.2 503,674,872 1.5 Equity Real Estate Investment Trusts (REITs) Capital Markets EastGroup Properties Inc. . . . . . . . . . . . . . . 861,091 89,966,788 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 489,998,220 1.5 First Industrial Realty Trust Inc. . . . . . . . . . 2,824,003 93,841,620 0.3 Chemicals Healthcare Realty Trust Inc.(b) . . . . . . . . . . 2,966,260 82,847,642 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 555,184,541 1.7 Rexford Industrial Realty Inc. . . . . . . . . . . . 2,543,064 104,291,055 0.3 Terreno Realty Corp. . . . . . . . . . . . . . . . . . . . 1,478,793 76,527,538 0.2 Commercial Services & Supplies Other securities . . . . . . . . . . . . . . . . . . . . . . . . 1,822,217,676 5.6 MSA Safety Inc.(b) . . . . . . . . . . . . . . . . . . . . . . 791,105 80,059,826 0.2 2,269,692,319 7.0 Tetra Tech Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . 1,222,311 86,319,603 0.3 Food & Staples Retailing Other securities . . . . . . . . . . . . . . . . . . . . . . . . 682,782,713 2.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 243,703,824 0.7 849,162,142 2.6 Communications Equipment Food Products Lumentum Holdings Inc.(a)(b) . . . . . . . . . . . . 1,673,846 123,362,450 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 490,047,743 1.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 304,303,805 0.9 Gas Utilities 427,666,255 1.3 ONE Gas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,169,867 97,824,279 0.3 Construction & Engineering Southwest Gas Holdings Inc. . . . . . . . . . . . 1,216,445 84,615,914 0.3 EMCOR Group Inc.(b). . . . . . . . . . . . . . . . . . . 1,251,069 76,715,551 0.3 Spire Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113,750 82,952,100 0.2 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 269,741,444 0.8 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 201,852,395 0.6 346,456,995 1.1 467,244,688 1.4 Construction Materials Health Care Equipment & Supplies Other securities . . . . . . . . . . . . . . . . . . . . . . . . 50,544,739 0.2 Haemonetics Corp.(a)(b) . . . . . . . . . . . . . . . . . 1,129,975 112,613,308 0.4 Neogen Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 1,158,802 77,628,146 0.2 Consumer Finance Novocure Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 1,943,065 130,845,997 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 197,570,593 0.6 Quidel Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 800,536 78,300,426 0.2 Tandem Diabetes Care Inc.(a)(b) . . . . . . . . . 1,255,302 80,778,684 0.3 Wright Medical Group NV(a)(b) . . . . . . . . . . . 2,826,143 80,968,997 0.3 S C H E D U L E O F I N V E S T M E N T S 47


  • Page 48

    Summary Schedule of Investments (continued) iShares姞 Russell 2000 ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net % of Net Security Shares Value Assets Security Shares Value Assets Health Care Equipment & Supplies (continued) Metals & Mining Other securities . . . . . . . . . . . . . . . . . . . . . . . . $ 951,209,360 2.8% Other securities . . . . . . . . . . . . . . . . . . . . . . . . $ 339,498,403 1.0% 1,512,344,918 4.6 Mortgage Real Estate Investment Health Care Providers & Services PennyMac Mortgage Investment Trust(c) . 2,215,677 23,530,490 0.1 Amedisys Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 701,761 128,801,214 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 218,530,972 0.6 HealthEquity Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 1,551,210 78,475,714 0.3 LHC Group Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 674,177 94,519,615 0.3 242,061,462 0.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 502,148,180 1.5 Multi-Utilities Black Hills Corp. . . . . . . . . . . . . . . . . . . . . . . . 1,367,731 87,575,816 0.3 803,944,723 2.5 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 148,577,190 0.4 Health Care Technology Teladoc Health Inc.(a)(b) . . . . . . . . . . . . . . . . . 1,615,303 250,388,118 0.8 236,153,006 0.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 344,817,768 1.0 Multiline Retail Other securities . . . . . . . . . . . . . . . . . . . . . . . . 23,120,694 0.1 595,205,886 1.8 Hotels, Restaurants & Leisure Oil, Gas & Consumable Fuels Churchill Downs Inc.(b). . . . . . . . . . . . . . . . . . 787,310 81,053,565 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 408,532,997 1.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 539,289,071 1.6 Paper & Forest Products 620,342,636 1.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 128,418,757 0.4 Household Durables Helen of Troy Ltd.(a)(b) . . . . . . . . . . . . . . . . . . 562,705 81,046,401 0.2 Personal Products Other securities . . . . . . . . . . . . . . . . . . . . . . . . 421,215,318 1.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 107,256,735 0.3 502,261,719 1.5 Pharmaceuticals Household Products Other securities . . . . . . . . . . . . . . . . . . . . . . . . 636,665,774 2.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 94,654,227 0.3 Professional Services Independent Power and Renewable Electricity Producers Exponent Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . 1,158,946 83,339,807 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 147,198,080 0.4 FTI Consulting Inc.(a)(b) . . . . . . . . . . . . . . . . . 833,704 99,852,728 0.3 Industrial Conglomerates Other securities . . . . . . . . . . . . . . . . . . . . . . . . 306,593,445 0.9 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 17,098,748 0.0 489,785,980 1.5 Real Estate Management & Development Insurance Other securities . . . . . . . . . . . . . . . . . . . . . . . . 199,144,120 0.6 RLI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 894,976 78,695,240 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 792,747,871 2.4 Road & Rail 871,443,111 2.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 170,045,572 0.5 Interactive Media & Services Semiconductors & Semiconductor Equipment Other securities . . . . . . . . . . . . . . . . . . . . . . . . 106,170,606 0.3 Cirrus Logic Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 1,305,066 85,651,482 0.3 Internet & Direct Marketing Retail Inphi Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 1,007,285 79,746,753 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 135,782,438 0.4 Silicon Laboratories Inc.(a)(b) . . . . . . . . . . . . 963,028 82,252,221 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 822,372,114 2.4 IT Services 1,070,022,570 3.3 MAXIMUS Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,425,201 82,946,698 0.3 Software Science Applications International Corp. . 1,296,137 96,730,704 0.3 Everbridge Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 744,716 79,207,994 0.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 576,419,943 1.7 Five9 Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,338,929 102,374,511 0.3 756,097,345 2.3 j2 Global Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,045,270 78,238,459 0.2 Leisure Products Other securities . . . . . . . . . . . . . . . . . . . . . . . . 1,414,224,323 4.3 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 137,495,775 0.4 1,674,045,287 5.1 Life Sciences Tools & Services Specialty Retail Repligen Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . 1,169,566 112,909,902 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 549,733,267 1.7 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 247,641,686 0.7 Technology Hardware, Storage & Peripherals 360,551,588 1.1 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 53,406,072 0.2 Machinery Other securities . . . . . . . . . . . . . . . . . . . . . . . . 1,155,135,679 3.5 Textiles, Apparel & Luxury Goods Deckers Outdoor Corp.(a)(b) . . . . . . . . . . . . . 629,313 84,327,942 0.3 Marine Other securities . . . . . . . . . . . . . . . . . . . . . . . . 159,914,804 0.4 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 42,791,701 0.1 244,242,746 0.7 Media Thrifts & Mortgage Finance Other securities . . . . . . . . . . . . . . . . . . . . . . . . 241,718,360 0.7 PennyMac Financial Services Inc.(c) . . . . . 224,219 4,957,482 0.0 Other securities . . . . . . . . . . . . . . . . . . . . . . . . 576,296,455 1.8 581,253,937 1.8 48 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S


  • Page 49

    Summary Schedule of Investments (continued) iShares姞 Russell 2000 ETF March 31, 2020 (Percentages shown are based on Net Assets) % of Net Security Shares Value Assets (a) Tobacco Non-income producing security. (b) Other securities . . . . . . . . . . . . . . . . . . . . . . . . $ 53,878,783 0.2% All or a portion of this security is on loan. (c) Affiliate of the Fund. Trading Companies & Distributors (d) Annualized 7-day yield as of period-end. (e) Other securities . . . . . . . . . . . . . . . . . . . . . . . . 383,525,270 1.2 All or a portion of this security was purchased with cash collateral received from loaned securities. Water Utilities Other securities . . . . . . . . . . . . . . . . . . . . . . . . 213,177,270 0.7 Wireless Telecommunication Services Other securities . . . . . . . . . . . . . . . . . . . . . . . . 70,397,151 0.2 Total Common Stocks (Cost: $55,584,985,796). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,485,891,139 99.6 Short-Term Investments Money Market Funds BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%(c)(d)(e) . . . . . . . . . 4,509,704,685 4,508,802,744 13.8 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%(c)(d) . . . . . . . . . . . 119,910,000 119,910,000 0.4 4,628,712,744 14.2 Total Short-Term Investments (Cost: $4,629,031,082) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,628,712,744 14.2 Total Investments In Securities (Cost: $60,214,016,878). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,114,603,883 113.8 Other Assets, Less Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . (4,511,931,015) (13.8) Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32,602,672,868 100.0% Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of March 31, 2020. Other securities may include securities on loan and non-income earning securities. Affiliates Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: Change in Shares Shares Net Unrealized Held at Shares Shares Held at Value at Realized Appreciation Affiliated Issuer 03/31/19 Purchased Sold 03/31/20 03/31/20 Income Gain (Loss)(a) (Depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,523,053,648 — (13,348,963)(b) 4,509,704,685 $4,508,802,744 $65,648,531(c) $ (430,871) $ (2,040,865) BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,368,036 89,541,964(b) — 119,910,000 119,910,000 1,464,733 — — PennyMac Financial Services Inc. . . . . . . . . . . . . 224,219 — — 224,219 4,957,482 53,813 — (29,148) PennyMac Mortgage Investment Trust. . . . . . . . 1,268,171 3,638,262 (2,690,756) 2,215,677 23,530,490 3,204,611 2,924,324 (22,189,123) $4,657,200,716 $70,371,688 $ 2,493,453 $(24,259,136) (a) Includes realized capital gain distributions from an affiliated fund, if any. (b) Net of purchases and sales. (c) 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. S C H E D U L E O F I N V E S T M E N T S 49


  • Page 50

    Summary Schedule of Investments (continued) iShares姞 Russell 2000 ETF March 31, 2020 Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts Russell 2000 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,376 06/19/20 $136,335 $ 12,321,001 Derivative Financial Instruments Categorized by Risk Exposure As of March 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: Equity Contracts Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,321,001 (a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: Equity Contracts Net Realized Gain (Loss) from: Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(46,242,406) Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,805,448 Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $112,095,527 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 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 valuation of 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 March 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32,485,623,174 $ — $ 267,965 $32,485,891,139 Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,628,712,744 — — 4,628,712,744 $37,114,335,918 $ — $ 267,965 $37,114,603,883 Derivative financial instruments(a) Assets Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,321,001 $ — $ — $ 12,321,001 (a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. 50 2020 I SH A R E S AN N U A L RE P O R T T O SH A R E H O L D E R S

  • View More

Get the full picture and Receive alerts on lawsuits, news articles, publications and more!