iOS 10.3 is the third major update to the iOS 10 operating system. Its main feature is a new "Find My AirPods" mode for locating lost AirPods. Not only that, the update also includes many other smaller changes and feature tweaks. 

Find My AirPods

According to The Verge, "Find My AirPods" is a new option available in the "Find My iPhone" app. It keeps track of the last known location where AirPods were connected to an iOS device over Bluetooth, making a misplaced AirPod easier to find. It also allows users to play a sound to locate a lost AirPod. It does not work when the AirPods are in the case and its functionality is somewhat limited because AirPods have no connection of their own.

App animation

Apple has tweaked the animation for opening and closing apps very slightly. As they open, apps now have more rounded edges, a difference that's noticeable on apps that open slowly.  

Apple ID Settings profile

There's a new "Apple ID" profile option that's displayed at the top of the "Settings" app. It shows all Apple ID info, including all devices you're signed into, and it has links to iCloud, iTunes & App Store, and Family Sharing. All of these options used to be listed under an "iCloud" setting, Engadget reports.  

iCloud storage breakdown

In the iCloud section of the new Apple ID Settings feature, there's a visual breakdown of how iCloud storage space is being used. It's more immediately clear how much space photos or iCloud backups are using. Tapping on the new storage option opens the standard iCloud management options. This section also lists all apps that use iCloud and includes the settings for Keychain, Find My iPhone, and iCloud Backup. 

SiriKit 

SiriKit, the iOS 10 feature that lets third-party apps access Siri, is being updated with new features that will let Siri be used to pay bills, check on the status of payments, and schedule future rides from services like Uber.  

CarPlay 

CarPlay has been updated with shortcuts for launching the most recently used apps and the location of EV charging stations.  

Maps
In the Maps app, there's now an option to 3D Touch on the weather icon to see a weather forecast and other weather-related details for your current location. 

HomeKit 

HomeKit has gained support for programmable light switches.

Apple File System 

When installing iOS 10.3, the iPhone's file system will be updated to use Apple File System (APFS). Apple recommends making a backup before downloading the new update. Announced at WWDC last year, APFS is optimized for Flash/SSD storage and includes features like strong encryption, space sharing, copy-on write metadata, cloning for files and directories, snapshots, and more.

As of now, iOS 10.3 available for developers, but Apple will likely release a public beta for public beta testers anytime soon. iOS 10.3 will likely remain in testing for a couple months before it sees a public release, so it could launch around March or April 2017.