UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-09729
iShares Trust
(Exact name of registrant as specified in charter)
c/o: Citi Fund Services Ohio, Inc. 4400 Easton Way Suite 200 Columbus, Ohio				43219
(Address of principal executive offices)				(Zip code)
The Corporation Trust Company 1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
Registrant’s telephone number, including area code:			(415) 670-2000
Date of fiscal year end:	March 31, 2023
Date of reporting period:	September 30, 2022

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

September

30,

2022

iShares

Trust

iShares

U.S.

Aerospace

&

Defense

ETF

|

ITA

|

Cboe

BZX

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

|

IAI

|

NYSE

Arca

iShares

U.S.

Healthcare

Providers

ETF

|

IHF

|

NYSE

Arca

iShares

U.S.

Home

Construction

ETF

|

ITB

|

Cboe

BZX

iShares

U.S.

Infrastructure

ETF

|

IFRA

|

Cboe

BZX

iShares

U.S.

Insurance

ETF

|

IAK

|

NYSE

Arca

iShares

U.S.

Medical

Devices

ETF

|

IHI

|

NYSE

Arca

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

|

IEO

|

Cboe

BZX

iShares

U.S.

Oil

Equipment

&

Services

ETF

|

IEZ

|

NYSE

Arca

iShares

U.S.

Pharmaceuticals

ETF

|

IHE

|

NYSE

Arca

iShares

U.S.

Real

Estate

ETF

|

IYR

|

NYSE

Arca

iShares

U.S.

Regional

Banks

ETF

|

IAT

|

NYSE

Arca

iShares

U.S.

Telecommunications

ETF

|

IYZ

|

Cboe

BZX

2022

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

The

12-month

reporting

period

as

of

September

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

steeper.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

proving

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Total

Returns

as

of

September

30,

2022

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(20.20

)%

(15.47

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(19.01

)

(23.50

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(22.51

)

(25.13

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(21.70

)

(28.11

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.58

0.63

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(10.81

)

(16.20

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(9.22

)

(14.60

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(6.30

)

(11.50

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(10.42

)

(14.15

)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

17

Disclosure

of

Expenses

...................................................................................................

17

Schedules

of

Investments

.................................................................................................

18

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

56

Statements

of

Operations

................................................................................................

60

Statements

of

Changes

in

Net

Assets

........................................................................................

64

Financial

Highlights

.....................................................................................................

71

Notes

to

Financial

Statements

...............................................................................................

84

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

95

Supplemental

Information

.................................................................................................

103

General

Information

.....................................................................................................

104

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

105

iShares

®

U.S.

Aerospace

&

Defense

ETF

4

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Aerospace

&

Defense

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

aerospace

and

defense

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Aerospace

&

Defense

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(17.12

)

%

(11.71

)

%

1.63

%

12.21

%

(11.71

)

%

8.40

%

216.34

%

Fund

Market

................

(17.13

)

(11.66

)

1.64

12.22

–

%

(11.66

)

8.46

216.76

Index

.....................

(16.95

)

(11.39

)

2.06

12.67

(11.39

)

10.73

229.64

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

828.80

‌

$

1.83

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Aerospace

&

Defense

.............................

97.3‌

%

Industrial

Machinery

..............................

2.2‌

Leisure

Products

................................

0.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Raytheon

Technologies

Corp.

.......................

21.4‌

%

Lockheed

Martin

Corp.

............................

16.2‌

Boeing

Co.

(The)

................................

7.4‌

Northrop

Grumman

Corp.

..........................

4.8‌

General

Dynamics

Corp.

...........................

4.7‌

Textron,

Inc.

...................................

4.5‌

L3Harris

Technologies,

Inc.

.........................

4.5‌

TransDigm

Group,

Inc.

............................

4.3‌

Howmet

Aerospace,

Inc.

...........................

4.2‌

Huntington

Ingalls

Industries,

Inc.

.....................

3.2‌

aaa

aa

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

5

Fund

Summary

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

investment

services

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Investment

Services

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(13.64

)

%

(16.38

)

%

10.25

%

16.37

%

(16.38

)

%

62.87

%

355.57

%

Fund

Market

................

(13.64

)

(16.40

)

10.26

16.39

–

%

(16.40

)

62.97

356.06

Index

.....................

(13.46

)

(16.05

)

10.63

16.76

(16.05

)

65.68

370.86

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

863.60

‌

$

1.87

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Investment

Banking

&

Brokerage

.....................

77.4‌

%

Financial

Exchanges

&

Data

........................

22.3‌

Asset

Management

&

Custody

Banks

..................

0.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Morgan

Stanley

.................................

19.5‌

%

Goldman

Sachs

Group,

Inc.

(The)

....................

18.4‌

Charles

Schwab

Corp.

(The)

........................

7.0‌

LPL

Financial

Holdings,

Inc.

.........................

4.8‌

Cboe

Global

Markets,

Inc.

..........................

4.7‌

Raymond

James

Financial,

Inc.

......................

4.6‌

Nasdaq,

Inc.

...................................

4.5‌

MarketAxess

Holdings,

Inc.

.........................

4.4‌

CME

Group,

Inc.,

Class

A

..........................

4.4‌

Intercontinental

Exchange,

Inc.

......................

4.4‌

aaa

aa

iShares

®

U.S.

Healthcare

Providers

ETF

6

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Healthcare

Providers

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

healthcare

providers

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Health

Care

Providers

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

...................

(9.38

)

%

0.53

%

13.01

%

14.99

%

0.53

%

84.29

%

304.12

%

Fund

Market

.................

(9.40

)

0.49

13.02

14.99

–

%

0.49

84.37

304.29

Index

......................

(9.22

)

0.91

13.47

15.45

0.91

88.07

320.80

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

906.20

‌

$

1.91

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Managed

Health

Care

.............................

45.6‌

%

Health

Care

Services

.............................

38.6‌

Health

Care

Facilities

.............................

11.2‌

Health

Care

Technology

...........................

4.4‌

Life

Sciences

Tools

&

Services

.......................

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

UnitedHealth

Group,

Inc.

...........................

23.1‌

%

CVS

Health

Corp.

...............................

14.8‌

Elevance

Health,

Inc.

.............................

7.7‌

Humana,

Inc.

..................................

4.8‌

Cigna

Corp.

...................................

4.6‌

Centene

Corp.

..................................

4.2‌

HCA

Healthcare,

Inc.

.............................

4.1‌

Molina

Healthcare,

Inc.

............................

3.8‌

Laboratory

Corp.

of

America

Holdings

..................

3.6‌

Quest

Diagnostics,

Inc.

............................

2.8‌

aaa

aa

iShares

®

U.S.

Home

Construction

ETF

7

Fund

Summary

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Home

Construction

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

home

construction

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Home

Construction

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(11.85

)

%

(20.84

)

%

7.92

%

10.91

%

(20.84

)

%

46.41

%

181.74

%

Fund

Market

................

(11.78

)

(20.75

)

7.94

10.93

–

%

(20.75

)

46.54

182.14

Index

.....................

(11.68

)

(20.54

)

8.37

11.40

(20.54

)

49.50

194.21

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

881.50

‌

$

1.89

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Homebuilding

..................................

65.8‌

%

Building

Products

................................

13.2‌

Home

Improvement

Retail

..........................

10.6‌

Specialty

Chemicals

..............................

4.2‌

Trading

Companies

&

Distributors

.....................

2.4‌

Home

Furnishings

...............................

2.1‌

Other

(each

representing

less

than

1%)

.................

1.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

DR

Horton,

Inc.

.................................

15.0‌

%

Lennar

Corp.,

Class

A

.............................

13.4‌

NVR,

Inc.

.....................................

8.6‌

PulteGroup,

Inc.

................................

6.1‌

Lowe's

Companies,

Inc.

...........................

4.5‌

Home

Depot,

Inc.

(The)

...........................

4.5‌

Sherwin-Williams

Co.

(The)

.........................

4.2‌

TopBuild

Corp.

.................................

3.7‌

Toll

Brothers,

Inc.

................................

3.2‌

Masco

Corp.

...................................

2.3‌

aaa

aa

iShares

®

U.S.

Infrastructure

ETF

8

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Infrastructure

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

equities

of

U.S.

companies

that

have

infrastructure

exposure

and

that

could

benefit

from

a

potential

increase

in

domestic

infrastructure

activities,

as

represented

by

the

NYSE

®

FactSet

U.S.

Infrastructure

Index

SM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

April

3,

2018.

The

first

day

of

secondary

market

trading

was

April

5,

2018.

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

..............................................

(16.50

)

%

(3.64

)

%

7.82

%

(3.64

)

%

40.30

%

Fund

Market

............................................

(16.45

)

(3.58

)

7.85

–

%

(3.58

)

40.46

Index

.................................................

(16.46

)

(3.41

)

8

.

2

1

(3.41

)

40.

52

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

835.00

‌

$

1.38

‌

$

1,000.00

‌

$

1,023.56

‌

$

1.52

‌

0.30

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Electric

Utilities

.................................

19.0‌

%

Construction

&

Engineering

.........................

13.3‌

Multi-Utilities

...................................

10.5‌

Steel

........................................

7.6‌

Building

Products

................................

7.0‌

Oil

&

Gas

Storage

&

Transportation

...................

6.9‌

Gas

Utilities

...................................

5.3‌

Water

Utilities

..................................

5.2‌

Commodity

Chemicals

............................

3.6‌

Specialty

Chemicals

..............................

2.7‌

Trading

Companies

&

Distributors

.....................

2.5‌

Construction

Machinery

&

Heavy

Trucks

................

2.3‌

Railroads

.....................................

2.1‌

Industrial

Machinery

..............................

1.9‌

Construction

Materials

............................

1.8‌

Aluminum

.....................................

1.5‌

Forest

Products

.................................

1.2‌

Other

(each

representing

less

than

1%)

.................

5.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Constellation

Energy

Corp.

.........................

0.8‌

%

PG&E

Corp.

...................................

0.8‌

South

Jersey

Industries,

Inc.

........................

0.8‌

PNM

Resources,

Inc.

.............................

0.8‌

DT

Midstream,

Inc.

...............................

0.8‌

NextEra

Energy,

Inc.

.............................

0.7‌

American

States

Water

Co.

.........................

0.7‌

California

Water

Service

Group

......................

0.7‌

NorthWestern

Corp.

..............................

0.7‌

Antero

Midstream

Corp.

...........................

0.7‌

aaa

aa

iShares

®

U.S.

Insurance

ETF

9

Fund

Summary

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Insurance

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

insurance

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Insurance

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

...................

(12.57

)

%

2.87

%

6.65

%

11.59

%

2.87

%

38.01

%

199.28

%

Fund

Market

.................

(12.52

)

3.06

6.69

11.60

–

%

3.06

38.23

199.76

Index

......................

(12.36

)

3.34

7.09

12.05

3.34

40.82

212.10

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

874.30

‌

$

1.88

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Property

&

Casualty

Insurance

.......................

54.4‌

%

Life

&

Health

Insurance

............................

24.5‌

Multi-line

Insurance

..............................

10.3‌

Insurance

Brokers

...............................

7.9‌

Reinsurance

...................................

1.9‌

Other

Diversified

Financial

Services

...................

1.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Chubb

Ltd.

....................................

11.7‌

%

Progressive

Corp.

(The)

...........................

10.5‌

MetLife,

Inc.

...................................

6.3‌

American

International

Group,

Inc.

....................

5.6‌

Arthur

J

Gallagher

&

Co.

...........................

5.6‌

Allstate

Corp.

(The)

..............................

4.8‌

Travelers

Companies,

Inc.

(The)

......................

4.7‌

Aflac,

Inc.

.....................................

4.5‌

Prudential

Financial,

Inc.

...........................

4.3‌

Hartford

Financial

Services

Group,

Inc.

(The)

.............

3.3‌

aaa

aa

iShares

®

U.S.

Medical

Devices

ETF

10

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Medical

Devices

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

medical

devices

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Medical

Equipment

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(22.41

)

%

(24.63

)

%

11.48

%

15.78

%

(24.63

)

%

72.15

%

332.68

%

Fund

Market

................

(22.35

)

(24.51

)

11.49

15.80

–

%

(24.51

)

72.30

333.42

Index

.....................

(22.27

)

(24.36

)

11.93

16.25

(24.36

)

75.72

350.78

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

775.90

‌

$

1.78

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Health

Care

Equipment

............................

78.8‌

%

Life

Sciences

Tools

&

Services

.......................

20.8‌

Health

Care

Supplies

.............................

0.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Thermo

Fisher

Scientific,

Inc.

........................

17.6‌

%

Abbott

Laboratories

..............................

15.0‌

Medtronic

PLC

.................................

9.5‌

Stryker

Corp.

..................................

4.7‌

Boston

Scientific

Corp.

............................

4.6‌

Edwards

Lifesciences

Corp.

........................

4.4‌

Intuitive

Surgical,

Inc.

.............................

4.4‌

Becton

Dickinson

and

Co.

..........................

4.2‌

ResMed

,

Inc.

..................................

3.3‌

Dexcom

,

Inc.

...................................

3.3‌

aaa

aa

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

11

Fund

Summary

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

oil

and

gas

exploration

and

production

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Oil

Exploration

&

Production

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Certain

sectors

and

markets

performed

exceptionally

well

based

on

market

conditions

during

the

one-year

period.

Achieving

such

exceptional

returns

involves

the

risk

of

volatility

and

investors

should

not

expect

that

such

exceptional

returns

will

be

repeated.

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

....................

0.97

%

48.75

%

10.10

%

4.63

%

48.75

%

61.77

%

57.31

%

Fund

Market

..................

0.89

48.77

10.10

4.64

–

%

48.77

61.80

57.38

Index

.......................

1.18

49.37

10.54

5.05

49.37

65.07

63.74

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,009.70

‌

$

2.02

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Oil

&

Gas

Exploration

&

Production

....................

73.9‌

%

Oil

&

Gas

Refining

&

Marketing

......................

18.9‌

Oil

&

Gas

Storage

&

Transportation

...................

7.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

ConocoPhillips

.................................

18.1‌

%

EOG

Resources,

Inc.

.............................

9.1‌

Pioneer

Natural

Resources

Co.

......................

7.2‌

Marathon

Petroleum

Corp.

.........................

6.9‌

Cheniere

Energy,

Inc.

.............................

5.1‌

Valero

Energy

Corp.

..............................

4.5‌

Phillips

66

.....................................

4.5‌

Hess

Corp.

....................................

4.4‌

Devon

Energy

Corp.

..............................

4.3‌

Diamondback

Energy,

Inc.

..........................

3.3‌

aaa

aa

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

12

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Oil

Equipment

&

Services

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

oil

equipment

and

services

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Oil

Equipment

&

Services

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(25.13

)

%

5.96

%

(15.03

)

%

(10.53

)

%

5.96

%

(55.71

)

%

(67.14

)

%

Fund

Market

................

(24.98

)

6.06

(15.01

)

(10.52

)

–

%

6.06

(55.64

)

(67.11

)

Index

.....................

(25.01

)

6.32

(14.70

)

(10.26

)

6.32

(54.84

)

(66.13

)

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

748.70

‌

$

1.75

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Oil

&

Gas

Equipment

&

Services

.....................

82.5‌

%

Oil

&

Gas

Drilling

................................

17.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Schlumberger

NV

...............................

24.2‌

%

Halliburton

Co.

.................................

20.3‌

TechnipFMC

PLC

...............................

5.0‌

NOV,

Inc.

.....................................

4.7‌

ChampionX

Corp.

...............................

4.6‌

Valaris

,

Ltd.

....................................

4.5‌

Helmerich

&

Payne,

Inc.

...........................

4.4‌

Baker

Hughes

Co.,

Class

A

.........................

4.3‌

Patterson-UTI

Energy,

Inc.

.........................

3.8‌

Cactus,

Inc.,

Class

A

.............................

3.5‌

aaa

aa

iShares

®

U.S.

Pharmaceuticals

ETF

13

Fund

Summary

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Pharmaceuticals

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

pharmaceuticals

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Pharmaceuticals

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(11.99

)

%

(5.84

)

%

3.07

%

8.10

%

(5.84

)

%

16.35

%

117.80

%

Fund

Market

................

(11.94

)

(5.82

)

3.11

8.11

–

%

(5.82

)

16.52

118.04

Index

.....................

(11.86

)

(5.62

)

3.36

8.41

(5.62

)

17.99

124.22

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

880.10

‌

$

1.89

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Pharmaceuticals

................................

95.9‌

%

Biotechnology

..................................

4.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Johnson

&

Johnson

..............................

23.5‌

%

Pfizer,

Inc.

....................................

18.9‌

Eli

Lilly

&

Co.

..................................

4.9‌

Bristol-Myers

Squibb

Co.

...........................

4.9‌

Merck

&

Co.,

Inc.

................................

4.7‌

Royalty

Pharma

PLC,

Class

A

.......................

4.4‌

Zoetis,

Inc.,

Class

A

..............................

4.4‌

Viatris

,

Inc.

....................................

4.1‌

Catalent

,

Inc.

..................................

3.7‌

Jazz

Pharmaceuticals

PLC

.........................

3.5‌

aaa

aa

iShares

®

U.S.

Real

Estate

ETF

14

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Real

Estate

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

real

estate

sector,

as

represented

by

the

Dow

Jones

U.S.

Real

Estate

Capped

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

January

24,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Real

Esate

Index

TM

.

Index

performance

beginning

on

January

25,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Real

Estate

Capped

Index

TM

.

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(23.52

)

%

(18.19

)

%

3.36

%

5.97

%

(18.19

)

%

17.97

%

78.55

%

Fund

Market

................

(23.67

)

(18.17

)

3.36

5.96

–

%

(18.17

)

17.98

78.46

Index

.....................

(23.37

)

(17.87

)

3.70

6.42

(17.87

)

19.91

86.28

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

764.80

‌

$

1.77

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Specialized

REITs

...............................

39.7‌

%

Residential

REITs

...............................

14.9‌

Industrial

REITs

.................................

11.5‌

Retail

REITs

...................................

10.0‌

Health

Care

REITs

...............................

7.8‌

Office

REITs

...................................

5.1‌

Real

Estate

Services

.............................

3.2‌

Research

&

Consulting

Services

......................

2.4‌

Mortgage

REITs

................................

2.2‌

Diversified

REITs

................................

2.0‌

Other

(each

representing

less

than

1%)

.................

1.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

American

Tower

Corp.

............................

8.7‌

%

Prologis,

Inc.

...................................

6.6‌

Crown

Castle,

Inc.

...............................

5.5‌

Equinix

,

Inc.

...................................

4.5‌

Public

Storage

..................................

4.0‌

Realty

Income

Corp.

..............................

3.1‌

SBA

Communications

Corp.,

Class

A

...................

2.7‌

Welltower

,

Inc.

..................................

2.6‌

Simon

Property

Group,

Inc.

.........................

2.6‌

VICI

Properties,

Inc.

..............................

2.5‌

aaa

aa

iShares

®

U.S.

Regional

Banks

ETF

15

Fund

Summary

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Regional

Banks

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

regional

banks

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Regional

Banks

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(17.58

)

%

(18.99

)

%

2.90

%

8.84

%

(18.99

)

%

15.35

%

133.28

%

Fund

Market

................

(17.70

)

(19.07

)

2.88

8.83

–

%

(19.07

)

15.27

133.12

Index

.....................

(17.40

)

(18.66

)

3.31

9.30

(18.66

)

17.70

143.37

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

824.20

‌

$

1.83

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Regional

Banks

.................................

88.3‌

%

Diversified

Banks

................................

10.8‌

Thrifts

&

Mortgage

Finance

.........................

0.9‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

PNC

Financial

Services

Group,

Inc.

(The)

...............

12.1‌

%

Truist

Financial

Corp.

.............................

11.4‌

U.S.

Bancorp

..................................

10.8‌

M&T

Bank

Corp.

................................

6.1‌

Fifth

Third

Bancorp

..............................

4.4‌

First

Republic

Bank

..............................

4.2‌

SVB

Financial

Group

.............................

4.0‌

Huntington

Bancshares,

Inc.

........................

3.8‌

Regions

Financial

Corp.

...........................

3.8‌

Citizens

Financial

Group,

Inc.

.......................

3.4‌

aaa

aa

iShares

®

U.S.

Telecommunications

ETF

16

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

U.S.

Telecommunications

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

telecommunications

sector,

as

represented

by

the

Russell

1000

Telecommunications

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Select

Telecommunications

Index.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Telecommunications

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(29.43

)

%

(34.46

)

%

(4.95

)

%

0.50

%

(34.46

)

%

(22.41

)

%

5.14

%

Fund

Market

................

(29.42

)

(34.46

)

(4.93

)

0.51

–

%

(34.46

)

(22.34

)

5.19

Index

.....................

(29.31

)

(34.23

)

(4

.

71

)

0

.

71

(34.23

)

(21.44

)

7

.

30

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

705.70

‌

$

1.71

‌

$

1,000.00

‌

$

1,023.06

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Communications

Equipment

........................

39.6‌

%

Cable

&

Satellite

................................

26.4‌

Integrated

Telecommunication

Services

.................

24.0‌

Wireless

Telecommunication

Services

..................

4.3‌

Movies

&

Entertainment

...........................

3.0‌

Alternative

Carriers

..............................

2.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Cisco

Systems,

Inc.

..............................

16.8‌

%

Verizon

Communications,

Inc.

.......................

16.2‌

Comcast

Corp.,

Class

A

...........................

13.2‌

AT&T,

Inc.

.....................................

4.7‌

T-Mobile

U.S.,

Inc.

...............................

4.3‌

Arista

Networks,

Inc.

.............................

3.6‌

Motorola

Solutions,

Inc.

...........................

3.6‌

Juniper

Networks,

Inc.

............................

3.3‌

Ubiquiti,

Inc.

...................................

3.3‌

Ciena

Corp.

...................................

3.2‌

aaa

aa

About

Fund

Performance

17

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

U.S.

Aerospace

&

Defense

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

97

.2

%

AAR

Corp.

(a)

.............................

416,906

$

14,933,573

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

.............

937,219

37,479,388

AeroVironment,

Inc.

(a)

(b)

......................

309,766

25,822,094

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

................

1,733,849

4,525,346

Axon

Enterprise,

Inc.

(a)

(b)

.....................

836,971

96,879,393

Boeing

Co.

(The)

(a)

(b)

........................

2,078,425

251,655,699

BWX

Technologies,

Inc.

(b)

....................

1,130,636

56,950,135

Curtiss-Wright

Corp.

........................

475,912

66,227,914

General

Dynamics

Corp.

.....................

744,137

157,883,547

HEICO

Corp.

(b)

...........................

458,084

65,954,935

HEICO

Corp.

,

Class

A

.......................

797,110

91,364,748

Hexcel

Corp.

.............................

1,042,456

53,915,824

Howmet

Aerospace,

Inc.

(b)

....................

4,582,590

141,739,509

Huntington

Ingalls

Industries,

Inc.

...............

495,162

109,678,383

Kaman

Corp.

,

Class

A

.......................

346,873

9,688,163

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

(b)

.......

1,561,093

15,860,705

L3Harris

Technologies,

Inc.

...................

726,871

151,065,600

Lockheed

Martin

Corp.

......................

1,416,904

547,335,846

Maxar

Technologies,

Inc.

(b)

...................

919,781

17,218,300

Mercury

Systems,

Inc.

(a)

(b)

....................

714,865

29,023,519

Moog,

Inc.

,

Class

A

........................

358,975

25,253,891

National

Presto

Industries,

Inc.

.................

63,113

4,105,501

Northrop

Grumman

Corp.

(b)

...................

347,431

163,403,748

Parsons

Corp.

(a)

(b)

..........................

410,773

16,102,302

Raytheon

Technologies

Corp.

.................

8,865,304

725,713,785

Rocket

Lab

USA,

Inc.

(a)

(b)

.....................

2,673,858

10,882,602

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(b)

........

1,303,201

28,566,166

Textron,

Inc.

(b)

............................

2,621,968

152,755,856

TransDigm

Group,

Inc.

......................

275,618

144,649,839

Triumph

Group,

Inc.

(a)

.......................

803,575

6,902,709

Virgin

Galactic

Holdings,

Inc.

(a)

(b)

................

2,789,924

13,140,542

Security

Shares

Value

a

Aerospace

&

Defense

(continued)

Woodward,

Inc.

(b)

..........................

745,740

$

59,853,092

3,296,532,654

a

Industrial

Machinery

 — 

2

.2

%

RBC

Bearings,

Inc.

(a)

(b)

......................

358,604

74,521,497

a

Leisure

Products

 — 

0

.5

%

Smith

&

Wesson

Brands,

Inc.

..................

568,678

5,897,191

Sturm

Ruger

&

Co.,

Inc.

.....................

218,856

11,115,696

17,012,887

a

Total

Long-Term

 Investments

— 99.9%

(Cost:

$

3,784,033,380

)

...............................

3,388,067,038

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.18

%

(c)

(d)

(e)

............................

51,457,950

51,473,387

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.81

%

(c)

(d)

.............................

16,857,221

16,857,221

a

Total

Short-Term

Securities — 2.0%

(Cost:

$

68,303,536

)

.................................

68,330,608

Total

Investments

—

101.9%

(Cost:

$

3,852,336,916

)

...............................

3,456,397,646

Liabilities

in

Excess

of

Other

Assets

—

(

1

.9

)

%

...............

(

66,104,431

)

Net

Assets

—

100.0%

.................................

$

3,390,293,215

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

30,259,215

$

21,147,882

(a)

$

—

$

48,903

$

17,387

$

51,473,387

51,457,950

$

198,990

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

4,110,000

12,747,221

(a)

—

—

—

16,857,221

16,857,221

19,883

—

$

48,903

$

17,387

$

68,330,608

$

218,873

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Aerospace

&

Defense

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

19

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Index.

.................................................................

21

12/16/22

$

1,759

$

(

197,026

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

197,026

$

—

$

—

$

—

$

197,026

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

1,365,980

)

$

—

$

—

$

—

$

(

1,365,980

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

219,242

)

$

—

$

—

$

—

$

(

219,242

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,876,173

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Aerospace

&

Defense

ETF

20

2022

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.............................................

$

3,388,067,038

$

—

$

—

$

3,388,067,038

‌

Short-Term

Securities

Money

Market

Funds

..........................................

68,330,608

—

—

68,330,608

‌

$

3,456,397,646

$

—

$

—

$

3,456,397,646

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...............................................

$

(

197,026

)

$

—

$

—

$

(

197,026

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Schedule

of

Investments

(unaudited)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Asset

Management

&

Custody

Banks

 — 

0

.3

%

Diamond

Hill

Investment

Group,

Inc.

.............

8,505

$

1,403,325

a

Financial

Exchanges

&

Data

 — 

22

.3

%

Cboe

Global

Markets,

Inc.

....................

186,728

21,916,265

CME

Group,

Inc.

,

Class

A

....................

115,286

20,420,609

Intercontinental

Exchange,

Inc.

................

225,771

20,398,410

MarketAxess

Holdings,

Inc.

...................

93,236

20,744,078

Nasdaq,

Inc.

.............................

370,016

20,972,507

104,451,869

a

Investment

Banking

&

Brokerage

 — 

77

.3

%

B

Riley

Financial,

Inc.

.......................

43,482

1,935,819

BGC

Partners,

Inc.

,

Class

A

...................

899,935

2,825,796

Charles

Schwab

Corp.

(The)

..................

458,133

32,926,019

Cowen,

Inc.

,

Class

A

.......................

72,224

2,790,735

Evercore,

Inc.

,

Class

A

......................

98,973

8,140,529

Goldman

Sachs

Group,

Inc.

(The)

..............

295,057

86,466,454

Houlihan

Lokey,

Inc.

,

Class

A

..................

136,492

10,288,767

Interactive

Brokers

Group,

Inc.

,

Class

A

...........

282,647

18,063,970

Jefferies

Financial

Group,

Inc.

.................

511,082

15,076,919

Lazard

Ltd.

,

Class

A

........................

309,916

9,864,626

LPL

Financial

Holdings,

Inc.

(a)

.................

103,206

22,548,447

Moelis

&

Co.

,

Class

A

.......................

176,098

5,953,873

Morgan

Stanley

...........................

1,157,497

91,453,838

Piper

Sandler

Companies

....................

37,677

3,946,289

Security

Shares

Value

a

Investment

Banking

&

Brokerage

(continued)

PJT

Partners,

Inc.

,

Class

A

...................

66,581

$

4,448,942

Raymond

James

Financial,

Inc.

................

218,447

21,586,933

Stifel

Financial

Corp.

.......................

291,716

15,142,978

StoneX

Group,

Inc.

(a)

(b)

......................

47,333

3,925,799

Virtu

Financial,

Inc.

,

Class

A

...................

263,368

5,470,153

362,856,886

a

Total

Long-Term

 Investments

— 99.9%

(Cost:

$

550,567,865

)

................................

468,712,080

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.18

%

(c)

(d)

(e)

............................

5,343,277

5,344,880

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

5,344,880

)

..................................

5,344,880

Total

Investments

—

101.0%

(Cost:

$

555,912,745

)

................................

474,056,960

Liabilities

in

Excess

of

Other

Assets

—

(

1

.0

)

%

...............

(

4,708,120

)

Net

Assets

—

100.0%

.................................

$

469,348,840

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

—

$

5,343,461

(a)

$

—

$

1,419

$

—

$

5,344,880

5,343,277

$

1,203

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

......

720,000

—

(

720,000

)

(a)

—

—

—

—

2,539

—

$

1,419

$

—

$

5,344,880

$

3,742

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

22

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

........................................................

4

12/16/22

$

375

$

(

40,702

)

Russell

2000

E-Mini

Index

...............................................................

2

12/16/22

167

(

8,265

)

$

(

48,967

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

48,967

$

—

$

—

$

—

$

48,967

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

202,632

)

$

—

$

—

$

—

$

(

202,632

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

58,345

)

$

—

$

—

$

—

$

(

58,345

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

458,450

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

23

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

468,712,080

‌

$

—

‌

$

—

‌

$

468,712,080

‌

Short-Term

Securities

Money

Market

Funds

......................................

5,344,880

‌

—

‌

—

‌

5,344,880

‌

$

474,056,960

‌

$

—

‌

$

—

‌

$

474,056,960

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

48,967

)

$

—

‌

$

—

‌

$

(

48,967

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

U.S.

Healthcare

Providers

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Health

Care

Facilities

 — 11.3%

Acadia

Healthcare

Co.,

Inc.

(a)

..................

268,458

$

20,988,046

Brookdale

Senior

Living,

Inc.

(a)

.................

551,367

2,354,337

Cano

Health,

Inc.,

Class

A

(a)(b)

.................

514,030

4,456,640

Community

Health

Systems,

Inc.

(a)(b)

.............

369,617

794,677

Encompass

Health

Corp.

....................

294,869

13,336,925

Ensign

Group,

Inc.

(The)

(b)

....................

163,396

12,989,982

Hanger,

Inc.

(a)

............................

115,209

2,156,712

HCA

Healthcare,

Inc.

.......................

339,997

62,488,049

National

HealthCare

Corp.

....................

40,232

2,548,295

Pennant

Group,

Inc.

(The)

(a)(b)

.................

82,870

862,677

Select

Medical

Holdings

Corp.

.................

305,148

6,743,771

Surgery

Partners,

Inc.

(a)(b)

....................

114,156

2,671,250

Tenet

Healthcare

Corp.

(a)(b)

....................

318,839

16,445,716

U.S.

Physical

Therapy,

Inc.

...................

38,387

2,918,180

Universal

Health

Services,

Inc.,

Class

B

(b)

.........

194,210

17,125,438

168,880,695

a

Health

Care

Services

 — 38.6%

1Life

Healthcare,

Inc.

(a)(b)

.....................

496,059

8,507,412

Accolade,

Inc.

(a)

(b)

..........................

182,874

2,088,421

Addus

HomeCare

Corp.

(a)

....................

47,520

4,525,805

Agiliti,

Inc.

(a)(b)

............................

98,299

1,406,659

agilon

health,

Inc.

(a)(b)

.......................

582,922

13,652,033

Amedisys,

Inc.

(a)(b)

.........................

95,877

9,279,935

Apollo

Medical

Holdings,

Inc.

(a)(b)

................

116,083

4,527,237

Castle

Biosciences,

Inc.

(a)

....................

72,969

1,903,031

Chemed

Corp.

(b)

..........................

44,048

19,229,595

Cigna

Corp.

.............................

248,737

69,017,055

CorVel

Corp.

(a)(b)

...........................

27,340

3,784,676

CVS

Health

Corp.

.........................

2,345,159

223,657,814

DaVita,

Inc.

(a)(b)

...........................

164,587

13,622,866

DocGo,

Inc.

(a)

............................

238,571

2,366,624

Enhabit,

Inc.

(a)

............................

147,308

2,068,204

Fulgent

Genetics,

Inc.

(a)

.....................

59,859

2,281,825

Guardant

Health,

Inc.

(a)(b)

.....................

302,086

16,261,289

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

............

357,895

1,997,054

Invitae

Corp.

(a)(b)

...........................

652,810

1,605,913

Laboratory

Corp.

of

America

Holdings

............

267,155

54,716,016

LHC

Group,

Inc.

(a)

.........................

91,696

15,006,967

LifeStance

Health

Group,

Inc.

(a)(b)

...............

277,611

1,837,785

ModivCare,

Inc.

(a)

..........................

37,482

3,736,206

Oak

Street

Health,

Inc.

(a)(b)

....................

342,423

8,396,212

OPKO

Health,

Inc.

(a)(b)

.......................

1,207,730

2,282,610

Option

Care

Health,

Inc.

(a)(b)

...................

456,829

14,376,409

Pediatrix

Medical

Group,

Inc.

(a)(b)

................

249,288

4,115,745

Premier,

Inc.,

Class

A

.......................

348,682

11,834,267

Privia

Health

Group,

Inc.

(a)(b)

...................

144,880

4,934,613

Quest

Diagnostics,

Inc.

......................

344,600

42,278,974

R1

RCM,

Inc.

(a)

...........................

405,767

7,518,862

RadNet,

Inc.

(a)

............................

143,796

2,926,249

Sema4

Holdings

Corp.,

Class

A

(a)(b)

..............

790,653

693,798

Signify

Health,

Inc.,

Class

A

(a)(b)

................

203,869

5,942,781

582,380,942

a

Health

Care

Technology

 — 4.4%

American

Well

Corp.,

Class

A

(a)

................

710,289

2,549,938

Certara,

Inc.

(a)(b)

...........................

311,845

4,141,302

Change

Healthcare,

Inc.

(a)

....................

745,643

20,497,726

Definitive

Healthcare

Corp.,

Class

A

(a)(b)

...........

106,811

1,659,843

Doximity,

Inc.,

Class

A

(a)(b)

....................

326,458

9,865,561

GoodRx

Holdings,

Inc.,

Class

A

(a)(b)

..............

226,703

1,058,703

Health

Catalyst,

Inc.

(a)(b)

......................

161,536

1,566,899

HealthStream,

Inc.

(a)

........................

71,704

1,524,427

Security

Shares

Value

a

Health

Care

Technology

(continued)

Multiplan

Corp.,

Class

A

(a)(b)

...................

697,995

$

1,996,266

Phreesia,

Inc.

(a)

...........................

154,815

3,944,686

Schrodinger,

Inc.

(a)(b)

........................

157,645

3,937,972

Sharecare,

Inc.

(a)(b)

.........................

936,209

1,778,797

Teladoc

Health,

Inc.

(a)(b)

......................

477,741

12,110,734

66,632,854

a

Life

Sciences

Tools

&

Services

 — 0.2%

NeoGenomics,

Inc.

(a)(b)

......................

371,335

3,197,194

a

Managed

Health

Care

 — 45.6%

Alignment

Healthcare,

Inc.

(a)

..................

243,216

2,879,677

Centene

Corp.

(a)

..........................

807,497

62,831,342

Clover

Health

Investments

Corp.,

Class

A

(a)(b)

.......

961,608

1,634,734

Elevance

Health,

Inc.

.......................

256,810

116,653,374

HealthEquity,

Inc.

(a)

.........................

249,329

16,747,429

Humana,

Inc.

............................

149,757

72,660,599

Molina

Healthcare,

Inc.

(a)

.....................

171,700

56,633,528

Progyny,

Inc.

(a)(b)

..........................

220,419

8,168,728

UnitedHealth

Group,

Inc.

.....................

691,359

349,163,949

687,373,360

a

Total

Long-Term

 Investments

— 100.1%

(Cost:

$1,582,053,639)

...............................

1,508,465,045

a

Short-Term

Securities

Money

Market

Funds

 — 

5.7%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

85,390,198

85,415,815

a

Total

Short-Term

Securities — 5.7%

(Cost:

$85,369,863)

.................................

85,415,815

Total

Investments

—

105.8%

(Cost:

$1,667,423,502)

...............................

1,593,880,860

Liabilities

in

Excess

of

Other

Assets

—

(5.8)%

...............

(87,251,320)

Net

Assets

—

100.0%

.................................

$

1,506,629,540

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Healthcare

Providers

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

25

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Reali

zed

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

49,212,785

‌

$

36,163,785

(a)

$

—

‌

$

2,966

‌

$

36,279

‌

$

85,415,815

‌

85,390,198

‌

$

85,129

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

......

1,470,000

‌

—

‌

(1,470,000

)

(a)

—

‌

—

‌

—

‌

—

‌

7,954

‌

—

‌

$

2,966

‌

$

36,279

‌

$

85,415,815

‌

$

93,083

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Sector

Index

...........................................................

12

12/16/22

$

1,474

$

(23,045

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

23,045

$

—

$

—

$

—

$

23,045

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(170,425

)

$

—

$

—

$

—

$

(170,425

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(80,388

)

$

—

$

—

$

—

$

(80,388

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Healthcare

Providers

ETF

26

2022

iShares

Semi-Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,248,923

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,508,465,045

‌

$

—

‌

$

—

‌

$

1,508,465,045

‌

Short-Term

Securities

Money

Market

Funds

......................................

85,415,815

‌

—

‌

—

‌

85,415,815

‌

$

1,593,880,860

‌

$

—

‌

$

—

‌

$

1,593,880,860

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(23,045

)

$

—

‌

$

—

‌

$

(23,045

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Home

Construction

ETF

Schedule

of

Investments

(unaudited)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Building

Products

 — 13.2%

American

Woodmark

Corp.

(a)(b)

.................

41,925

$

1,838,830

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

...............

275,994

4,587,020

Builders

FirstSource,

Inc.

(a)(b)

..................

393,240

23,169,701

Fortune

Brands

Home

&

Security,

Inc.

............

325,822

17,493,383

Hayward

Holdings,

Inc.

(a)(b)

....................

255,672

2,267,811

JELD-WEN

Holding,

Inc.

(a)

....................

212,890

1,862,788

Lennox

International,

Inc.

....................

81,237

18,089,043

Masco

Corp.

.............................

568,212

26,529,818

Masonite

International

Corp.

(a)(b)

................

56,099

3,999,298

Owens

Corning

...........................

242,479

19,061,274

PGT

Innovations,

Inc.

(a)(b)

.....................

150,873

3,162,298

Quanex

Building

Products

Corp.

................

84,186

1,528,818

Simpson

Manufacturing

Co.,

Inc.

...............

108,760

8,526,784

Trex

Co.,

Inc.

(a)(b)

..........................

277,814

12,207,147

UFP

Industries,

Inc.

........................

155,263

11,203,778

155,527,791

a

Construction

Materials

 — 0.9%

Eagle

Materials,

Inc.

........................

94,949

10,176,634

a

Forest

Products

 — 0.8%

Louisiana-Pacific

Corp.

......................

186,125

9,527,739

a

Home

Furnishings

 — 2.0%

Ethan

Allen

Interiors,

Inc.

....................

57,603

1,217,728

Leggett

&

Platt,

Inc.

........................

334,141

11,100,164

Mohawk

Industries,

Inc.

(a)

....................

132,865

12,115,959

24,433,851

a

Home

Improvement

Retail

 — 10.6%

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

..........

267,166

18,771,083

Home

Depot,

Inc.

(The)

.....................

192,162

53,025,182

LL

Flooring

Holdings,

Inc.

(a)(b)

..................

74,123

513,672

Lowe's

Companies,

Inc.

.....................

283,966

53,331,655

125,641,592

a

Homebuilding

 — 65.8%

Beazer

Homes

USA,

Inc.

(a)

...................

243,027

2,350,071

Cavco

Industries,

Inc.

(a)

......................

68,499

14,094,354

Century

Communities,

Inc.

(b)

..................

237,838

10,174,710

DR

Horton,

Inc.

(b)

..........................

2,618,322

176,343,987

Green

Brick

Partners,

Inc.

(a)

...................

224,827

4,806,801

Installed

Building

Products,

Inc.

................

195,183

15,807,871

KB

Home

...............................

699,560

18,132,595

Lennar

Corp.,

Class

A

.......................

2,111,392

157,404,273

Lennar

Corp.,

Class

B

......................

120,560

7,174,526

LGI

Homes,

Inc.

(a)(b)

........................

169,585

13,799,132

M/I

Homes,

Inc.

(a)

..........................

229,871

8,328,226

MDC

Holdings,

Inc.

........................

471,359

12,924,664

Meritage

Homes

Corp.

(a)

.....................

302,789

21,276,983

NVR,

Inc.

(a)

..............................

25,553

101,881,855

PulteGroup,

Inc.

..........................

1,916,893

71,883,488

Skyline

Champion

Corp.

(a)(b)

...................

438,088

23,161,713

Taylor

Morrison

Home

Corp.

(a)(b)

................

941,141

21,947,408

Toll

Brothers,

Inc.

..........................

885,410

37,187,220

TopBuild

Corp.

(a)

..........................

268,112

44,179,495

Tri

Pointe

Homes,

Inc.

(a)

.....................

841,602

12,716,606

775,575,978

a

Specialty

Chemicals

 — 4.2%

Sherwin-Williams

Co.

(The)

(b)

..................

239,526

49,042,948

a

Security

Shares

Value

a

Trading

Companies

&

Distributors

 — 2.4%

Beacon

Roofing

Supply,

Inc.

(a)(b)

................

127,745

$

6,990,207

Watsco,

Inc.

.............................

83,666

21,540,648

28,530,855

a

Total

Long-Term

 Investments

— 99.9%

(Cost:

$1,741,770,209)

...............................

1,178,457,388

a

Short-Term

Securities

Money

Market

Funds

 — 

5.7%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

67,303,459

67,323,650

a

Total

Short-Term

Securities — 5.7%

(Cost:

$67,305,792)

.................................

67,323,650

Total

Investments

—

105.6%

(Cost:

$1,809,076,001)

...............................

1,245,781,038

Liabilities

in

Excess

of

Other

Assets

—

(5.6)%

...............

(66,138,485)

Net

Assets

—

100.0%

.................................

$

1,179,642,553

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Home

Construction

ETF

28

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

30,168,682

‌

$

37,124,601

(a)

$

—

‌

$

19,104

‌

$

11,263

‌

$

67,323,650

‌

67,303,459

‌

$

49,450

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

......

2,040,000

‌

—

‌

(2,040,000

)

(a)

—

‌

—

‌

—

‌

—

‌

6,830

‌

—

‌

$

19,104

‌

$

11,263

‌

$

67,323,650

‌

$

56,280

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

MidCap

400

E-Mini

Index

............................................................

5

12/16/22

$

1,104

$

(111,612

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

111,612

$

—

$

—

$

—

$

111,612

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(91,188

)

$

—

$

—

$

—

$

(91,188

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(204,320

)

$

—

$

—

$

—

$

(204,320

)

iShares

®

U.S.

Home

Construction

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

29

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,765,553

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.............................................

$

1,178,457,388

$

—

$

—

$

1,178,457,388

Short-Term

Securities

Money

Market

Funds

..........................................

67,323,650

—

—

67,323,650

$

1,245,781,038

$

—

$

—

$

1,245,781,038

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...............................................

$

(111,612)

$

—

$

—

$

(111,612)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

U.S.

Infrastructure

ETF

(Percentages

shown

are

based

on

Net

Assets)

30

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aluminum

 — 1.6%

Arconic

Corp.

(a)

...........................

390,609

$

6,655,977

Century

Aluminum

Co.

(a)(b)

....................

1,335,799

7,053,019

Kaiser

Aluminum

Corp.

......................

141,492

8,680,534

22,389,530

a

Auto

Parts

&

Equipment

 — 0.6%

XPEL,

Inc.

(a)(b)

............................

146,205

9,421,450

a

Building

Products

 — 6.9%

Advanced

Drainage

Systems,

Inc.

(b)

.............

73,908

9,191,938

Apogee

Enterprises,

Inc.

.....................

253,870

9,702,911

Armstrong

World

Industries,

Inc.

................

119,032

9,430,905

AZEK

Co.,

Inc.

(The),

Class

A

(a)

................

543,052

9,025,524

Builders

FirstSource,

Inc.

(a)

...................

166,648

9,818,900

Carlisle

Companies,

Inc.

.....................

33,104

9,282,693

Gibraltar

Industries,

Inc.

(a)

....................

251,762

10,304,619

Insteel

Industries,

Inc.

.......................

353,077

9,367,133

Owens

Corning

...........................

118,109

9,284,548

Simpson

Manufacturing

Co.,

Inc.

...............

109,813

8,609,339

Trex

Co.,

Inc.

(a)

...........................

212,758

9,348,587

103,367,097

a

Commodity

Chemicals

 — 3.6%

AdvanSix,

Inc.

............................

281,985

9,051,718

Hawkins,

Inc.

............................

264,833

10,325,839

LyondellBasell

Industries

NV,

Class

A

............

114,324

8,606,311

Olin

Corp.

...............................

181,854

7,797,900

Tredegar

Corp.

...........................

976,577

9,218,887

Westlake

Corp.

...........................

101,064

8,780,440

53,781,095

a

Construction

&

Engineering

 — 13.3%

AECOM

................................

134,749

9,212,789

API

Group

Corp.

(a)

.........................

639,084

8,480,645

Argan,

Inc.

..............................

306,176

9,849,682

Comfort

Systems

USA,

Inc.

(b)

..................

98,314

9,568,902

Construction

Partners,

Inc.,

Class

A

(a)

............

342,170

8,975,119

EMCOR

Group,

Inc.

........................

82,261

9,499,500

Fluor

Corp.

(a)

.............................

380,262

9,464,721

Granite

Construction,

Inc.

....................

341,045

8,659,133

Great

Lakes

Dredge

&

Dock

Corp.

(a)

.............

1,049,805

7,957,522

IES

Holdings,

Inc.

(a)

........................

334,789

9,246,872

Infrastructure

and

Energy

Alternatives,

Inc.

(a)

.......

694,929

9,409,339

MasTec,

Inc.

(a)(b)

...........................

122,775

7,796,212

MDU

Resources

Group,

Inc.

..................

331,430

9,064,610

MYR

Group,

Inc.

(a)

.........................

112,655

9,545,258

Northwest

Pipe

Co.

(a)

.......................

317,309

8,916,383

NV5

Global,

Inc.

(a)(b)

........................

73,923

9,153,146

Primoris

Services

Corp.

.....................

500,993

8,141,136

Quanta

Services,

Inc.

.......................

69,599

8,866,217

Stantec,

Inc.

(b)

............................

209,385

9,177,345

Sterling

Infrastructure,

Inc.

(a)

..................

409,248

8,786,555

Tutor

Perini

Corp.

(a)

........................

1,478,483

8,161,226

Valmont

Industries,

Inc.

(b)

....................

36,320

9,756,278

197,688,590

a

Construction

Machinery

&

Heavy

Trucks

 — 2.4%

Astec

Industries,

Inc.

.......................

264,028

8,235,034

Greenbrier

Companies,

Inc.

(The)

...............

354,397

8,601,215

Terex

Corp.

..............................

301,092

8,954,476

Trinity

Industries,

Inc.

.......................

417,509

8,913,817

34,704,542

a

Security

Shares

Value

a

Construction

Materials

 — 1.8%

Martin

Marietta

Materials,

Inc.

.................

29,126

$

9,381,193

Summit

Materials,

Inc.,

Class

A

(a)

...............

350,458

8,396,974

Vulcan

Materials

Co.

.......................

59,992

9,461,338

27,239,505

a

Copper

 — 0.7%

Taseko

Mines,

Ltd.

(a)(b)

.......................

9,545,985

10,882,423

a

Distributors

 — 0.6%

Pool

Corp.

..............................

29,098

9,259,275

a

Diversified

Metals

&

Mining

 — 0.7%

Compass

Minerals

International,

Inc.

.............

251,938

9,707,171

a

Electric

Utilities

 — 18.9%

ALLETE,

Inc.

............................

201,485

10,084,324

Alliant

Energy

Corp.

........................

190,547

10,097,086

American

Electric

Power

Co.,

Inc.

...............

118,592

10,252,278

Avangrid,

Inc.

............................

239,980

10,007,166

Constellation

Energy

Corp.

...................

145,298

12,087,341

Duke

Energy

Corp.

........................

106,164

9,875,375

Edison

International

........................

171,669

9,713,032

Entergy

Corp.

............................

100,646

10,128,007

Evergy,

Inc.

..............................

177,323

10,532,986

Eversource

Energy

........................

136,346

10,629,534

Exelon

Corp.

.............................

262,778

9,843,664

FirstEnergy

Corp.

.........................

290,030

10,731,110

Fortis,

Inc.

(b)

.............................

268,935

10,216,841

Hawaiian

Electric

Industries,

Inc.

...............

300,198

10,404,863

IDACORP,

Inc.

...........................

107,355

10,629,219

MGE

Energy,

Inc.

..........................

151,653

9,952,986

NextEra

Energy,

Inc.

.......................

141,055

11,060,123

NRG

Energy,

Inc.

..........................

281,198

10,761,447

OGE

Energy

Corp.

.........................

288,164

10,506,459

Otter

Tail

Corp.

...........................

160,912

9,899,306

PG&E

Corp.

(a)(b)

...........................

931,581

11,644,762

Pinnacle

West

Capital

Corp.

..................

156,507

10,096,267

PNM

Resources,

Inc.

.......................

252,096

11,528,350

Portland

General

Electric

Co.

..................

232,998

10,126,093

PPL

Corp.

..............................

404,714

10,259,500

Southern

Co.

(The)

........................

150,662

10,245,016

Xcel

Energy,

Inc.

..........................

164,558

10,531,712

281,844,847

a

Electrical

Components

&

Equipment

 — 0.7%

SunPower

Corp.

(a)

.........................

431,513

9,942,060

a

Environmental

&

Facilities

Services

 — 0.6%

Tetra

Tech,

Inc.

...........................

74,702

9,601,448

a

Forest

Products

 — 1.2%

Louisiana-Pacific

Corp.

......................

183,324

9,384,355

West

Fraser

Timber

Co.,

Ltd.

..................

115,242

8,353,893

17,738,248

a

Gas

Utilities

 — 5.3%

Atmos

Energy

Corp.

........................

106,459

10,842,849

Chesapeake

Utilities

Corp.

...................

39,604

4,569,905

New

Jersey

Resources

Corp.

..................

273,114

10,569,512

Northwest

Natural

Holding

Co.

.................

246,720

10,702,714

ONE

Gas,

Inc.

............................

151,735

10,680,627

South

Jersey

Industries,

Inc.

..................

348,347

11,641,757

Southwest

Gas

Holdings,

Inc.

.................

122,379

8,535,935

Spire,

Inc.

...............................

174,379

10,869,043

78,412,342

a

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

31

Schedule

of

Investments

Security

Shares

Value

a

Independent

Power

Producers

&

Energy

Traders

 — 0.7%

Vistra

Corp.

.............................

469,177

$

9,852,717

a

Industrial

Machinery

 — 1.8%

Luxfer

Holdings

PLC

.......................

622,864

9,031,528

Mueller

Industries,

Inc.

......................

157,198

9,343,849

Omega

Flex,

Inc.

..........................

100,052

9,266,816

27,642,193

a

Multi-Utilities

 — 10.5%

Algonquin

Power

&

Utilities

Corp.

(b)

..............

882,131

9,624,049

Ameren

Corp.

............................

126,081

10,155,825

Avista

Corp.

.............................

286,572

10,617,493

Black

Hills

Corp.

..........................

160,254

10,854,003

CenterPoint

Energy,

Inc.

.....................

379,449

10,692,873

CMS

Energy

Corp.

.........................

174,512

10,163,579

Consolidated

Edison,

Inc.

....................

120,279

10,315,127

Dominion

Energy,

Inc.

.......................

147,709

10,208,169

DTE

Energy

Co.

..........................

91,619

10,540,766

NiSource,

Inc.

............................

413,164

10,407,601

NorthWestern

Corp.

........................

221,596

10,920,251

Public

Service

Enterprise

Group,

Inc.

............

187,975

10,569,834

Sempra

Energy

...........................

71,273

10,686,674

Unitil

Corp.

..............................

224,067

10,407,912

WEC

Energy

Group,

Inc.

.....................

113,743

10,172,036

156,336,192

a

Oil

&

Gas

Equipment

&

Services

 — 0.5%

U.S.

Silica

Holdings,

Inc.

(a)

....................

720,638

7,890,986

a

Oil

&

Gas

Storage

&

Transportation

 — 6.9%

Antero

Midstream

Corp.

.....................

1,187,540

10,901,617

DT

Midstream,

Inc.

.........................

218,184

11,321,568

Enbridge,

Inc.

(b)

...........................

280,984

10,424,506

EnLink

Midstream

LLC

......................

1,109,383

9,862,415

Equitrans

Midstream

Corp.

...................

1,287,562

9,630,964

Kinder

Morgan,

Inc.,

Class

P

..................

631,034

10,500,406

Kinetik

Holdings,

Inc.,

Class

A

.................

327,677

10,675,717

ONEOK,

Inc.

.............................

190,913

9,782,382

TC

Energy

Corp.

..........................

244,852

9,865,087

Williams

Companies,

Inc.

(The)

................

349,658

10,010,708

102,975,370

a

Railroads

 — 2.0%

CSX

Corp.

..............................

379,172

10,101,142

Norfolk

Southern

Corp.

......................

49,204

10,315,619

Union

Pacific

Corp.

........................

52,143

10,158,499

30,575,260

a

Research

&

Consulting

Services

 — 0.6%

Jacobs

Solutions,

Inc.

.......................

81,748

8,868,841

a

Specialty

Chemicals

 — 2.7%

Avient

Corp.

.............................

229,206

6,944,942

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

..............

2,456,498

7,246,669

Eastman

Chemical

Co.

......................

106,804

7,588,424

Ecovyst,

Inc.

(a)

............................

1,108,628

9,356,820

Ingevity

Corp.

(a)

...........................

142,756

8,655,296

39,792,151

a

Steel

 — 7.5%

ATI,

Inc.

(a)(b)

..............................

332,214

8,840,215

Carpenter

Technology

Corp.

..................

303,398

9,447,814

Cleveland-Cliffs,

Inc.

(a)(b)

.....................

580,833

7,823,821

Commercial

Metals

Co.

......................

250,092

8,873,264

Haynes

International,

Inc.

....................

259,674

9,119,751

Nucor

Corp.

.............................

74,256

7,944,649

Security

Shares

Value

a

Steel

(continued)

Olympic

Steel,

Inc.

.........................

374,181

$

8,535,069

Reliance

Steel

&

Aluminum

Co.

................

53,224

9,282,798

Ryerson

Holding

Corp.

......................

351,619

9,050,673

Steel

Dynamics,

Inc.

........................

121,793

8,641,213

TimkenSteel

Corp.

(a)

........................

659,239

9,881,993

United

States

Steel

Corp.

....................

447,437

8,107,558

Worthington

Industries,

Inc.

...................

198,832

7,583,452

113,132,270

a

Trading

Companies

&

Distributors

 — 2.4%

BlueLinx

Holdings,

Inc.

(a)(b)

....................

142,306

8,837,202

Boise

Cascade

Co.

(b)

.......................

157,589

9,370,242

H&E

Equipment

Services,

Inc.

.................

320,980

9,096,573

United

Rentals,

Inc.

(a)

.......................

34,006

9,185,701

36,489,718

a

Water

Utilities

 — 5.2%

American

States

Water

Co.

...................

141,404

11,022,442

American

Water

Works

Co.,

Inc.

................

79,103

10,296,047

Artesian

Resources

Corp.,

Class

A,

NVS

..........

214,981

10,344,886

California

Water

Service

Group

................

209,173

11,021,325

Essential

Utilities,

Inc.

.......................

238,339

9,862,468

Middlesex

Water

Co.

.......................

45,999

3,551,123

SJW

Group

..............................

182,789

10,528,646

York

Water

Co.

(The)

.......................

268,547

10,320,261

76,947,198

a

Total

Long-Term

 Investments

— 99.7%

(Cost:

$1,698,775,959)

...............................

1,486,482,519

a

Short-Term

Securities

Money

Market

Funds

 — 

1.6%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

24,344,716

24,352,020

a

Total

Short-Term

Securities — 1.6%

(Cost:

$24,340,929)

.................................

24,352,020

Total

Investments

—

101.3%

(Cost:

$1,723,116,888)

...............................

1,510,834,539

Liabilities

in

Excess

of

Other

Assets

—

(1.3)%

...............

(19,950,286)

Net

Assets

—

100.0%

.................................

$

1,490,884,253

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Infrastructure

ETF

32

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

6,922,144

‌

$

17,418,093

(a)

$

—

‌

$

1,648

‌

$

10,135

‌

$

24,352,020

‌

24,344,716

‌

$

788,084

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

......

1,310,000

‌

—

‌

(1,310,000

)

(a)

—

‌

—

‌

—

‌

—

‌

23,605

‌

—

‌

$

1,648

‌

$

10,135

‌

$

24,352,020

‌

$

811,689

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

.........................................................

5

12/16/22

$

377

$

(19,873

)

E-Mini

Utilities

Select

Sector

Index

.........................................................

17

12/16/22

1,128

(174,302

)

S&P

MidCap

400

E-Mini

Index

............................................................

11

12/16/22

2,429

(219,273

)

$

(413,448

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

413,448

$

—

$

—

$

—

$

413,448

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(213,920

)

$

—

$

—

$

—

$

(213,920

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(432,816

)

$

—

$

—

$

—

$

(432,816

)

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

33

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,535,407

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,486,482,519

‌

$

—

‌

$

—

‌

$

1,486,482,519

‌

Short-Term

Securities

Money

Market

Funds

......................................

24,352,020

‌

—

‌

—

‌

24,352,020

‌

$

1,510,834,539

‌

$

—

‌

$

—

‌

$

1,510,834,539

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(413,448

)

$

—

‌

$

—

‌

$

(413,448

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

U.S.

Insurance

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Insurance

Brokers

 — 7.9%

Arthur

J

Gallagher

&

Co.

.....................

99,982

$

17,118,918

Brown

&

Brown,

Inc.

........................

118,487

7,166,094

24,285,012

a

Life

&

Health

Insurance

 — 24.3%

Aflac,

Inc.

...............................

243,891

13,706,674

American

Equity

Investment

Life

Holding

Co.

.......

36,030

1,343,559

Brighthouse

Financial,

Inc.

(a)

..................

36,608

1,589,519

CNO

Financial

Group,

Inc.

....................

58,460

1,050,526

Genworth

Financial,

Inc.,

Class

A

(a)

..............

217,350

760,725

Globe

Life,

Inc.

...........................

46,084

4,594,575

Lincoln

National

Corp.

......................

78,803

3,460,240

MetLife,

Inc.

.............................

318,479

19,357,154

National

Western

Life

Group,

Inc.,

Class

A

.........

1,213

207,180

Oscar

Health,

Inc.,

Class

A

(a)

..................

56,546

282,164

Primerica,

Inc.

............................

18,914

2,334,933

Principal

Financial

Group,

Inc.

.................

117,150

8,452,372

Prudential

Financial,

Inc.

.....................

154,972

13,293,498

Trupanion,

Inc.

(a)(b)

.........................

17,900

1,063,797

Unum

Group

.............................

95,637

3,710,716

75,207,632

a

Multi-line

Insurance

 — 10.4%

American

International

Group,

Inc.

..............

361,459

17,162,073

Assurant,

Inc.

............................

27,067

3,932,023

Hartford

Financial

Services

Group,

Inc.

(The)

.......

163,320

10,116,041

Horace

Mann

Educators

Corp.

.................

16,953

598,271

31,808,408

a

Other

Diversified

Financial

Services

 — 1.0%

Voya

Financial,

Inc.

........................

49,844

3,015,562

a

Property

&

Casualty

Insurance

 — 54.3%

Allstate

Corp.

(The)

........................

118,632

14,773,243

Ambac

Financial

Group,

Inc.

(a)

.................

23,581

300,658

American

Financial

Group,

Inc.

................

35,524

4,366,965

AMERISAFE,

Inc.

.........................

10,271

479,964

Arch

Capital

Group

Ltd.

(a)(b)

...................

186,566

8,496,216

Argo

Group

International

Holdings,

Ltd.

...........

18,064

347,913

Assured

Guaranty

Ltd.

......................

31,260

1,514,547

Axis

Capital

Holdings

Ltd.

....................

38,901

1,911,984

Chubb

Ltd.

..............................

198,523

36,107,363

Cincinnati

Financial

Corp.

....................

80,461

7,206,892

CNA

Financial

Corp.

........................

14,669

541,286

Employers

Holdings,

Inc.

.....................

11,944

411,949

Erie

Indemnity

Co.,

Class

A,

NVS

...............

12,698

2,822,892

First

American

Financial

Corp.

.................

52,645

2,426,934

Hanover

Insurance

Group,

Inc.

(The)

............

17,993

2,305,623

James

River

Group

Holdings,

Ltd.

..............

19,182

437,541

Kemper

Corp.

............................

32,571

1,343,879

Kinsale

Capital

Group,

Inc.

(b)

..................

10,959

2,799,148

Lemonade,

Inc.

(a)(b)

.........................

23,043

488,051

Loews

Corp.

.............................

101,421

5,054,823

Markel

Corp.

(a)

............................

6,836

7,411,728

MBIA,

Inc.

(a)

.............................

24,851

228,629

Mercury

General

Corp.

......................

13,421

381,425

Old

Republic

International

Corp.

................

146,749

3,071,457

Palomar

Holdings,

Inc.

(a)

.....................

12,904

1,080,323

ProAssurance

Corp.

........................

21,936

427,971

Progressive

Corp.

(The)

.....................

278,036

32,310,564

RLI

Corp.

...............................

20,563

2,105,240

Safety

Insurance

Group,

Inc.

..................

6,984

569,615

Selective

Insurance

Group,

Inc.

................

30,753

2,503,294

Security

Shares

Value

a

Property

&

Casualty

Insurance

(continued)

Travelers

Companies,

Inc.

(The)

................

94,363

$

14,456,412

United

Fire

Group,

Inc.

......................

11,416

327,982

W

R

Berkley

Corp.

.........................

103,235

6,666,916

White

Mountains

Insurance

Group

Ltd.

...........

1,291

1,682,199

167,361,626

a

Reinsurance

 — 1.9%

Alleghany

Corp.

(a)

..........................

6,800

5,707,716

a

Total

Long-Term

 Investments

— 99.8%

(Cost:

$348,513,189)

................................

307,385,956

a

Short-Term

Securities

Money

Market

Funds

 — 

1.1%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

3,440,751

3,441,784

a

Total

Short-Term

Securities — 1.1%

(Cost:

$3,441,317)

..................................

3,441,784

Total

Investments

—

100.9%

(Cost:

$351,954,506)

................................

310,827,740

Liabilities

in

Excess

of

Other

Assets

—

(0.9)%

...............

(2,779,958)

Net

Assets

—

100.0%

.................................

$

308,047,782

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Insurance

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

35

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

1,049,986

‌

$

2,389,365

(a)

$

—

‌

$

2,158

‌

$

275

‌

$

3,441,784

‌

3,440,751

‌

$

42,294

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

......

510,000

‌

—

‌

(510,000

)

(a)

—

‌

—

‌

—

‌

—

‌

1,887

‌

—

‌

$

2,158

‌

$

275

‌

$

3,441,784

‌

$

44,181

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

........................................................

4

12/16/22

$

375

$

(43,246

)

S&P

MidCap

400

E-Mini

Index

............................................................

1

12/16/22

221

(22,872

)

$

(66,118

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

66,118

$

—

$

—

$

—

$

66,118

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(76,038

)

$

—

$

—

$

—

$

(76,038

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(67,130

)

$

—

$

—

$

—

$

(67,130

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Insurance

ETF

36

2022

iShares

Semi-Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

553,782

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

307,385,956

‌

$

—

‌

$

—

‌

$

307,385,956

‌

Short-Term

Securities

Money

Market

Funds

......................................

3,441,784

‌

—

‌

—

‌

3,441,784

‌

$

310,827,740

‌

$

—

‌

$

—

‌

$

310,827,740

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(66,118

)

$

—

‌

$

—

‌

$

(66,118

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Medical

Devices

ETF

Schedule

of

Investments

(unaudited)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

37

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Health

Care

Equipment

 — 78.7%

Abbott

Laboratories

........................

8,985,925

$

869,478,103

ABIOMED,

Inc.

(a)(b)

.........................

270,320

66,406,811

AngioDynamics,

Inc.

(a)

......................

233,057

4,768,346

Artivion,

Inc.

(a)(b)

...........................

241,183

3,337,973

AtriCure,

Inc.

(a)(b)

..........................

276,526

10,812,167

Axogen,

Inc.

(a)(b)

...........................

253,474

3,021,410

Axonics,

Inc.

(a)

............................

291,753

20,551,081

Baxter

International,

Inc.

.....................

2,994,575

161,287,809

Becton

Dickinson

and

Co.

....................

1,096,403

244,311,480

Boston

Scientific

Corp.

(a)

.....................

6,846,771

265,175,441

Butterfly

Network,

Inc.,

Class

A

(a)(b)

..............

855,837

4,022,434

Cardiovascular

Systems,

Inc.

(a)(b)

...............

242,133

3,355,963

CONMED

Corp.

(b)

.........................

181,462

14,547,809

Dexcom,

Inc.

(a)(b)

..........................

2,334,374

188,010,482

Edwards

Lifesciences

Corp.

(a)(b)

................

3,086,928

255,072,861

Enovis

Corp.

(a)

............................

283,729

13,071,395

Envista

Holdings

Corp.

(a)(b)

....................

971,450

31,873,274

Glaukos

Corp.

(a)

...........................

283,505

15,093,806

Globus

Medical,

Inc.,

Class

A

(a)(b)

...............

457,826

27,272,695

Heska

Corp.

(a)

............................

60,570

4,416,764

Hologic,

Inc.

(a)

............................

1,484,488

95,779,166

IDEXX

Laboratories,

Inc.

(a)(b)

..................

495,046

161,285,987

Inari

Medical,

Inc.

(a)(b)

.......................

285,307

20,724,700

Inogen,

Inc.

(a)(b)

...........................

136,201

3,306,960

Inspire

Medical

Systems,

Inc.

(a)(b)

...............

164,278

29,137,989

Insulet

Corp.

(a)(b)

...........................

412,690

94,671,086

Integer

Holdings

Corp.

(a)(b)

....................

196,527

12,229,875

Integra

LifeSciences

Holdings

Corp.

(a)(b)

...........

431,352

18,272,071

Intuitive

Surgical,

Inc.

(a)(b)

.....................

1,346,495

252,387,023

iRhythm

Technologies,

Inc.

(a)(b)

.................

178,388

22,348,449

LeMaitre

Vascular,

Inc.

(b)

.....................

114,601

5,807,979

LivaNova

PLC

(a)(b)

..........................

318,279

16,159,025

Masimo

Corp.

(a)

...........................

287,366

40,564,585

Medtronic

PLC

...........................

6,817,920

550,547,040

Mesa

Laboratories,

Inc.

(b)

....................

29,771

4,192,650

Nevro

Corp.

(a)(b)

...........................

210,778

9,822,255

Novocure

Ltd.

(a)(b)

..........................

535,607

40,695,420

NuVasive,

Inc.

(a)(b)

..........................

310,127

13,586,664

Omnicell,

Inc.

(a)(b)

..........................

263,115

22,898,898

Orthofix

Medical,

Inc.

(a)

......................

118,191

2,258,630

Outset

Medical,

Inc.

(a)(b)

......................

285,947

4,555,136

Penumbra,

Inc.

(a)(b)

.........................

225,289

42,714,794

PROCEPT

BioRobotics

Corp.

(a)

................

193,888

8,038,596

QuidelOrtho

Corp.

(a)

........................

322,220

23,032,286

ResMed,

Inc.

(b)

...........................

870,673

190,067,916

Senseonics

Holdings,

Inc.

(a)(b)

..................

2,772,340

3,659,489

Shockwave

Medical,

Inc.

(a)(b)

..................

213,629

59,403,816

SI-BONE,

Inc.

(a)(b)

..........................

179,812

3,139,517

STERIS

PLC

(b)

...........................

594,710

98,888,379

Stryker

Corp.

............................

1,344,328

272,280,193

Surmodics,

Inc.

(a)(b)

.........................

83,000

2,523,200

Tandem

Diabetes

Care,

Inc.

(a)(b)

................

382,513

18,303,247

Teleflex,

Inc.

.............................

278,908

56,188,806

TransMedics

Group,

Inc.

(a)

....................

186,693

7,792,566

Treace

Medical

Concepts,

Inc.

(a)(b)

...............

188,104

4,151,455

Varex

Imaging

Corp.

(a)(b)

.....................

236,232

4,993,944

ViewRay,

Inc.

(a)(b)

..........................

862,515

3,139,555

Zimmer

Biomet

Holdings,

Inc.

.................

1,247,634

130,440,135

Zimvie,

Inc.

(a)

.............................

123,886

1,222,755

4,557,100,341

a

Security

Shares

Value

a

Health

Care

Supplies

 — 0.3%

STAAR

Surgical

Co.

(a)(b)

......................

285,348

$

20,131,301

a

Life

Sciences

Tools

&

Services

 — 20.8%

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

.............

127,436

53,158,653

Bruker

Corp.

.............................

598,809

31,772,805

NanoString

Technologies,

Inc.

(a)(b)

...............

254,772

3,253,438

Thermo

Fisher

Scientific,

Inc.

..................

2,010,361

1,019,634,996

Waters

Corp.

(a)

...........................

356,035

95,962,114

1,203,782,006

a

Total

Long-Term

 Investments

— 99.8%

(Cost:

$6,599,997,870)

...............................

5,781,013,648

a

Short-Term

Securities

Money

Market

Funds

 — 

3.2%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

179,160,006

179,213,755

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

(c)(d)

.............................

8,092,308

8,092,308

a

Total

Short-Term

Securities — 3.2%

(Cost:

$187,257,625)

................................

187,306,063

Total

Investments

—

103.0%

(Cost:

$6,787,255,495)

...............................

5,968,319,711

Liabilities

in

Excess

of

Other

Assets

—

(3.0)%

...............

(174,213,196)

Net

Assets

—

100.0%

.................................

$

5,794,106,515

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Medical

Devices

ETF

38

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

149,913,062

‌

$

29,220,140

(a)

$

—

‌

$

80,296

‌

$

257

‌

$

179,213,755

‌

179,160,006

‌

$

358,660

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

5,130,000

‌

2,962,308

(a)

—

‌

—

‌

—

‌

8,092,308

‌

8,092,308

‌

31,352

‌

—

‌

$

80,296

‌

$

257

‌

$

187,306,063

‌

$

390,012

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Sector

Index

...........................................................

64

12/16/22

$

7,862

$

(375,175

)

E-Mini

Technology

Select

Sector

Index

......................................................

32

12/16/22

3,851

(339,915

)

$

(715,090

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

715,090

$

—

$

—

$

—

$

715,090

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(677,096

)

$

—

$

—

$

—

$

(677,096

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(1,104,253

)

$

—

$

—

$

—

$

(1,104,253

)

iShares

®

U.S.

Medical

Devices

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

39

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

10,421,190

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

5,781,013,648

‌

$

—

‌

$

—

‌

$

5,781,013,648

‌

Short-Term

Securities

Money

Market

Funds

......................................

187,306,063

‌

—

‌

—

‌

187,306,063

‌

$

5,968,319,711

‌

$

—

‌

$

—

‌

$

5,968,319,711

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(715,090

)

$

—

‌

$

—

‌

$

(715,090

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Oil

&

Gas

Exploration

&

Production

 — 73.7%

Antero

Resources

Corp.

(a)

....................

380,434

$

11,614,650

APA

Corp.

..............................

441,087

15,080,765

Brigham

Minerals,

Inc.,

Class

A

................

72,503

1,788,649

California

Resources

Corp.

(b)

..................

101,954

3,918,092

Callon

Petroleum

Co.

(a)(b)

.....................

69,125

2,420,066

Chesapeake

Energy

Corp.

...................

130,597

12,303,543

Chord

Energy

Corp.

........................

55,997

7,658,710

Civitas

Resources,

Inc.

......................

70,067

4,021,145

CNX

Resources

Corp.

(a)(b)

....................

256,209

3,978,926

Comstock

Resources,

Inc.

(a)(b)

.................

122,729

2,121,984

ConocoPhillips

...........................

1,541,438

157,750,765

Continental

Resources,

Inc.

...................

73,553

4,914,076

Coterra

Energy,

Inc.

........................

1,074,714

28,071,530

Denbury,

Inc.

(a)

...........................

67,202

5,796,845

Devon

Energy

Corp.

........................

622,435

37,427,017

Diamondback

Energy,

Inc.

....................

240,113

28,924,012

EOG

Resources,

Inc.

.......................

709,606

79,284,278

EQT

Corp.

..............................

499,749

20,364,772

Gulfport

Energy

Corp.

(a)

.....................

15,679

1,384,299

Hess

Corp.

(b)

.............................

353,864

38,567,637

Kosmos

Energy

Ltd.

(a)

.......................

615,231

3,180,744

Laredo

Petroleum,

Inc.

(a)(b)

....................

23,081

1,450,641

Magnolia

Oil

&

Gas

Corp.,

Class

A

..............

227,048

4,497,821

Marathon

Oil

Corp.

.........................

915,301

20,667,497

Matador

Resources

Co.

.....................

151,580

7,415,294

Murphy

Oil

Corp.

..........................

197,416

6,943,121

Northern

Oil

and

Gas,

Inc.

....................

92,666

2,539,975

Ovintiv

,

Inc.

..............................

343,512

15,801,552

PDC

Energy,

Inc.

..........................

130,094

7,518,132

Permian

Resources

Corp.,

Class

A

(a)

.............

273,145

1,857,386

Pioneer

Natural

Resources

Co.

................

288,987

62,574,355

Range

Resources

Corp.

.....................

334,716

8,454,926

SM

Energy

Co.

...........................

165,604

6,228,366

Southwestern

Energy

Co.

(a)

...................

1,505,240

9,212,069

Talos

Energy,

Inc.

(a)

........................

87,998

1,465,167

Tellurian,

Inc.

(a)(b)

..........................

690,664

1,650,687

Texas

Pacific

Land

Corp.

.....................

8,345

14,830,984

643,680,478

a

Security

Shares

Value

a

Oil

&

Gas

Refining

&

Marketing

 — 18.7%

Archaea

Energy,

Inc.,

Class

A

(a)

................

98,736

$

1,778,235

Clean

Energy

Fuels

Corp.

(a)

...................

236,929

1,265,201

CVR

Energy,

Inc.

..........................

39,281

1,138,363

Delek

U.S.

Holdings,

Inc.

....................

95,862

2,601,695

HF

Sinclair

Corp.

..........................

196,256

10,566,423

Marathon

Petroleum

Corp.

...................

603,753

59,970,786

Par

Pacific

Holdings,

Inc.

(a)

...................

75,145

1,233,129

PBF

Energy,

Inc.,

Class

A

(a)

...................

145,049

5,099,923

Phillips

66

...............................

483,570

39,033,770

Valero

Energy

Corp.

........................

370,642

39,603,098

World

Fuel

Services

Corp.

....................

83,560

1,958,646

164,249,269

a

Oil

&

Gas

Storage

&

Transportation

 — 7.2%

Cheniere

Energy,

Inc.

.......................

268,143

44,487,605

Targa

Resources

Corp.

......................

306,040

18,466,454

62,954,059

a

Total

Long-Term

 Investments

— 99.6%

(Cost:

$831,052,085)

................................

870,883,806

a

Short-Term

Securities

Money

Market

Funds

 — 

1.4%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

12,062,537

12,066,156

a

Total

Short-Term

Securities — 1.4%

(Cost:

$12,064,646)

.................................

12,066,156

Total

Investments

—

101.0%

(Cost:

$843,116,731)

................................

882,949,962

Liabilities

in

Excess

of

Other

Assets

—

(1.0)%

...............

(8,795,448)

Net

Assets

—

100.0%

.................................

$

874,154,514

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

2,984,384

‌

$

9,079,666

(a)

$

—

‌

$

1,193

‌

$

913

‌

$

12,066,156

‌

12,062,537

‌

$

8,949

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

......

1,490,000

‌

—

‌

(1,490,000

)

(a)

—

‌

—

‌

—

‌

—

‌

6,881

‌

—

‌

$

1,193

‌

$

913

‌

$

12,066,156

‌

$

15,830

‌

$

—

‌

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

41

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

.........................................................

43

12/16/22

$

3,240

$

(202,801

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

202,801

$

—

$

—

$

—

$

202,801

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(83,310

)

$

—

$

—

$

—

$

(83,310

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(225,245

)

$

—

$

—

$

—

$

(225,245

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,510,817

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

42

2022

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

870,883,806

‌

$

—

‌

$

—

‌

$

870,883,806

‌

Short-Term

Securities

Money

Market

Funds

......................................

12,066,156

‌

—

‌

—

‌

12,066,156

‌

$

882,949,962

‌

$

—

‌

$

—

‌

$

882,949,962

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(202,801

)

$

—

‌

$

—

‌

$

(202,801

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

Schedule

of

Investments

(unaudited)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

43

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Common

Stocks

Oil

&

Gas

Drilling

 — 17.4%

Diamond

Offshore

Drilling,

Inc.

(a)

................

200,448

$

1,328,970

Helmerich

&

Payne,

Inc.

.....................

154,707

5,719,518

Nabors

Industries,

Ltd.

(a)(b)

....................

17,696

1,795,259

Patterson-UTI

Energy,

Inc.

...................

428,687

5,007,064

Transocean,

Ltd.

(a)(b)

........................

1,283,635

3,170,578

Valaris,

Ltd.

(a)(b)

...........................

118,918

5,819,847

22,841,236

a

Oil

&

Gas

Equipment

&

Services

 — 82.3%

Archrock,

Inc.

............................

264,607

1,698,777

Baker

Hughes

Co.,

Class

A

...................

268,186

5,621,179

Bristow

Group,

Inc.

(a)

.......................

46,394

1,089,795

Cactus,

Inc.,

Class

A

(b)

......................

119,852

4,605,912

ChampionX

Corp.

.........................

303,587

5,941,198

Core

Laboratories

NV

(b)

......................

91,596

1,234,714

DMC

Global,

Inc.

(a)

.........................

36,725

586,866

Dril-Quip,

Inc.

(a)

...........................

67,973

1,326,833

Expro

Group

Holdings

NV

(a)(b)

..................

135,395

1,724,932

Halliburton

Co.

...........................

1,075,330

26,474,625

Helix

Energy

Solutions

Group,

Inc.

(a)

.............

281,993

1,088,493

Liberty

Energy,

Inc.,

Class

A

(a)(b)

................

314,034

3,981,951

NexTier

Oilfield

Solutions,

Inc.

(a)(b)

...............

313,745

2,321,713

NOV,

Inc.

(b)

..............................

377,912

6,114,616

Oceaneering

International,

Inc.

(a)

...............

198,227

1,577,887

ProPetro

Holding

Corp.

(a)

.....................

173,295

1,395,025

Security

Shares

Value

a

Oil

&

Gas

Equipment

&

Services

(continued)

RPC,

Inc.

...............................

164,512

$

1,140,068

Schlumberger

NV

.........................

881,015

31,628,438

TechnipFMC

PLC

(a)(b)

.......................

769,159

6,507,085

U.S.

Silica

Holdings,

Inc.

(a)

....................

149,374

1,635,645

107,695,752

a

Total

Long-Term

 Investments

— 99.7%

(Cost:

$174,682,832)

................................

130,536,988

a

Short-Term

Securities

Money

Market

Funds

 — 

5.5%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

7,237,676

7,239,848

a

Total

Short-Term

Securities — 5.5%

(Cost:

$7,236,343)

..................................

7,239,848

Total

Investments

—

105.2%

(Cost:

$181,919,175)

................................

137,776,836

Liabilities

in

Excess

of

Other

Assets

—

(5.2)%

...............

(6,867,957)

Net

Assets

—

100.0%

.................................

$

130,908,879

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

10,305,539

$

—

$

(3,069,756

)

(a)

$

3,212

$

853

$

7,239,848

7,237,676

$

8,585

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

.

160,000

—

(160,000

)

(a)

—

—

—

—

934

—

$

3,212

$

853

$

7,239,848

$

9,519

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

.........................................................

5

12/16/22

$

377

$

(36,065

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

44

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

36,065

$

—

$

—

$

—

$

36,065

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(130,237

)

$

—

$

—

$

—

$

(130,237

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(36,277

)

$

—

$

—

$

—

$

(36,277

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

377,843

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

130,536,988

‌

$

—

‌

$

—

‌

$

130,536,988

‌

Short-Term

Securities

Money

Market

Funds

......................................

7,239,848

‌

—

‌

—

‌

7,239,848

‌

$

137,776,836

‌

$

—

‌

$

—

‌

$

137,776,836

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(36,065

)

$

—

‌

$

—

‌

$

(36,065

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Pharmaceuticals

ETF

Schedule

of

Investments

(unaudited)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

45

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Biotechnology

 — 

4

.1

%

Amicus

Therapeutics,

Inc.

(a)

...................

397,488

$

4,149,775

Catalyst

Pharmaceuticals,

Inc.

(a)

................

150,615

1,932,390

ChemoCentryx,

Inc.

(a)

.......................

99,982

5,165,070

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

(a)

.........

212,261

2,199,024

Madrigal

Pharmaceuticals,

Inc.

(a)

...............

19,334

1,256,517

Vanda

Pharmaceuticals,

Inc.

(a)

.................

90,058

889,773

15,592,549

a

Pharmaceuticals

 — 

95

.8

%

Aerie

Pharmaceuticals,

Inc.

(a)

..................

78,592

1,189,097

Amphastar

Pharmaceuticals,

Inc.

(a)

..............

60,873

1,710,531

Amylyx

Pharmaceuticals,

Inc.

(a)

................

51,259

1,442,941

Arvinas,

Inc.

(a)

(b)

...........................

77,090

3,429,734

Atea

Pharmaceuticals,

Inc.

(a)

(b)

.................

120,628

686,373

Axsome

Therapeutics,

Inc.

(a)

..................

50,696

2,262,055

Bristol-Myers

Squibb

Co.

.....................

261,823

18,612,997

Cara

Therapeutics,

Inc.

(a)

....................

71,798

672,029

Cassava

Sciences,

Inc.

(a)

(b)

...................

60,014

2,509,785

Catalent,

Inc.

(a)

...........................

196,004

14,182,849

CinCor

Pharma,

Inc.

(a)

.......................

29,872

980,399

Collegium

Pharmaceutical,

Inc.

(a)

...............

54,337

870,479

Corcept

Therapeutics,

Inc.

(a)

(b)

.................

151,776

3,891,537

Elanco

Animal

Health,

Inc.

(a)

...................

709,575

8,805,826

Eli

Lilly

&

Co.

(b)

...........................

57,776

18,681,870

Harmony

Biosciences

Holdings,

Inc.

(a)

(b)

...........

47,098

2,085,970

Innoviva,

Inc.

(a)

...........................

99,889

1,159,711

Intra-Cellular

Therapies,

Inc.

(a)

(b)

................

139,788

6,504,336

Jazz

Pharmaceuticals

PLC

(a)

(b)

.................

99,802

13,302,609

Johnson

&

Johnson

........................

548,637

89,625,340

Merck

&

Co.,

Inc.

..........................

207,241

17,847,595

NGM

Biopharmaceuticals,

Inc.

(a)

(b)

...............

58,862

769,915

Nuvation

Bio,

Inc.

,

Class

A

(a)

..................

220,086

492,993

Organon

&

Co.

...........................

404,950

9,475,830

Security

Shares

Value

a

Pharmaceuticals

(continued)

Pacira

BioSciences,

Inc.

(a)

(b)

...................

72,962

$

3,880,849

Perrigo

Co.

PLC

..........................

214,342

7,643,436

Pfizer,

Inc.

..............................

1,643,949

71,939,208

Phibro

Animal

Health

Corp.

,

Class

A

.............

32,465

431,460

Pliant

Therapeutics,

Inc.

(a)

....................

53,483

1,117,260

Prestige

Consumer

Healthcare,

Inc.

(a)

............

79,234

3,948,230

Reata

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

..........

44,253

1,112,078

Revance

Therapeutics,

Inc.

(a)

(b)

.................

129,815

3,505,005

Royalty

Pharma

PLC

,

Class

A

.................

421,516

16,936,513

Theravance

Biopharma,

Inc.

(a)

.................

91,267

925,447

Viatris,

Inc.

..............................

1,852,157

15,780,378

Zoetis,

Inc.

,

Class

A

........................

112,238

16,643,773

365,056,438

a

Total

Long-Term

 Investments

— 99.9%

(Cost:

$

393,319,560

)

................................

380,648,987

a

Short-Term

Securities

Money

Market

Funds

 — 

4

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.18

%

(c)

(d)

(e)

............................

15,559,088

15,563,756

a

Total

Short-Term

Securities — 4.1%

(Cost:

$

15,559,497

)

.................................

15,563,756

Total

Investments

—

104.0%

(Cost:

$

408,879,057

)

................................

396,212,743

Liabilities

in

Excess

of

Other

Assets

—

(

4

.0

)

%

...............

(

15,133,409

)

Net

Assets

—

100.0%

.................................

$

381,079,334

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

11,796,050

$

3,764,434

(a)

$

—

$

3,487

$

(

215

)

$

15,563,756

15,559,088

$

201,413

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

.....

400,000

—

(

400,000

)

(a)

—

—

—

—

2,240

—

$

3,487

$

(

215

)

$

15,563,756

$

203,653

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Pharmaceuticals

ETF

46

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Sector

Index

...........................................................

3

12/16/22

$

369

$

(

18,442

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

18,442

$

—

$

—

$

—

$

18,442

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

128,848

)

$

—

$

—

$

—

$

(

128,848

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

32,213

)

$

—

$

—

$

—

$

(

32,213

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

436,757

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

U.S.

Pharmaceuticals

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

47

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

380,648,987

‌

$

—

‌

$

—

‌

$

380,648,987

‌

Short-Term

Securities

Money

Market

Funds

......................................

15,563,756

‌

—

‌

—

‌

15,563,756

‌

$

396,212,743

‌

$

—

‌

$

—

‌

$

396,212,743

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

18,442

)

$

—

‌

$

—

‌

$

(

18,442

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

U.S.

Real

Estate

ETF

(Percentages

shown

are

based

on

Net

Assets)

48

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Diversified

REITs

 — 2.0%

STORE

Capital

Corp.

.......................

771,079

$

24,157,905

WP

Carey,

Inc.

...........................

601,667

41,996,357

66,154,262

a

Health

Care

REITs

 — 7.8%

Healthcare

Realty

Trust,

Inc.,

Class

A

............

1,104,439

23,027,553

Healthpeak

Properties,

Inc.

...................

1,564,364

35,855,223

Medical

Properties

Trust,

Inc.

..................

1,738,963

20,624,101

National

Health

Investors,

Inc.

.................

129,233

7,305,541

Omega

Healthcare

Investors,

Inc.

...............

679,814

20,047,715

Physicians

Realty

Trust

......................

654,917

9,849,952

Sabra

Health

Care

REIT,

Inc.

..................

668,397

8,769,369

Ventas,

Inc.

.............................

1,158,684

46,544,336

Welltower,

Inc.

............................

1,343,202

86,394,753

258,418,543

a

Hotel

&

Resort

REITs

 — 1.0%

Host

Hotels

&

Resorts,

Inc.

...................

2,073,049

32,920,018

a

Industrial

REITs

 — 11.4%

Americold

Realty

Trust,

Inc.

...................

782,174

19,241,480

Duke

Realty

Corp.

.........................

1,229,550

59,264,310

EastGroup

Properties,

Inc.

...................

126,094

18,200,408

First

Industrial

Realty

Trust,

Inc.

................

382,167

17,124,903

LXP

Industrial

Trust

........................

809,988

7,419,490

Prologis,

Inc.

.............................

2,150,832

218,524,531

Rexford

Industrial

Realty,

Inc.

.................

496,349

25,810,148

STAG

Industrial,

Inc.

.......................

518,607

14,743,997

380,329,267

a

Mortgage

REITs

 — 2.2%

AGNC

Investment

Corp.

.....................

1,512,693

12,736,875

Annaly

Capital

Management,

Inc.

...............

1,249,383

21,439,412

Blackstone

Mortgage

Trust,

Inc.,

Class

A

..........

492,829

11,502,629

Rithm

Capital

Corp.

........................

1,350,961

9,889,034

Starwood

Property

Trust,

Inc.

..................

898,207

16,365,332

71,933,282

a

Office

REITs

 — 5.0%

Alexandria

Real

Estate

Equities,

Inc.

.............

430,400

60,337,776

Boston

Properties,

Inc.

......................

413,682

31,013,740

Corporate

Office

Properties

Trust

...............

325,267

7,555,952

Cousins

Properties,

Inc.

.....................

438,249

10,233,114

Douglas

Emmett,

Inc.

.......................

508,658

9,120,238

Equity

Commonwealth

......................

321,916

7,841,874

Highwoods

Properties,

Inc.

...................

304,325

8,204,602

JBG

SMITH

Properties

......................

287,790

5,347,138

Kilroy

Realty

Corp.

.........................

304,356

12,816,431

SL

Green

Realty

Corp.

......................

187,237

7,519,438

Vornado

Realty

Trust

.......................

466,126

10,795,478

170,785,781

a

Real

Estate

Development

 — 0.2%

Howard

Hughes

Corp.

(The)

(a)(b)

................

104,012

5,761,225

a

Real

Estate

Services

 — 3.2%

CBRE

Group,

Inc.,

Class

A

(a)

..................

930,953

62,848,637

Jones

Lang

LaSalle,

Inc.

(a)

....................

139,123

21,017,311

Opendoor

Technologies,

Inc.

(a)(b)

................

1,466,926

4,562,140

Zillow

Group,

Inc.,

Class

A

(a)

..................

171,541

4,911,219

Zillow

Group,

Inc.,

Class

C,

NVS

(a)(b)

.............

478,659

13,694,434

107,033,741

a

Security

Shares

Value

a

Research

&

Consulting

Services

 — 2.4%

CoStar

Group,

Inc.

(a)

........................

1,147,749

$

79,940,718

a

Residential

REITs

 — 15.0%

American

Homes

4

Rent,

Class

A

...............

875,440

28,723,186

Apartment

Income

REIT

Corp.

.................

446,194

17,232,012

AvalonBay

Communities,

Inc.

.................

405,348

74,661,048

Camden

Property

Trust

......................

308,847

36,891,774

Equity

LifeStyle

Properties,

Inc.

................

507,208

31,872,951

Equity

Residential

.........................

981,248

65,959,491

Essex

Property

Trust,

Inc.

....................

188,781

45,728,422

Invitation

Homes,

Inc.

.......................

1,680,842

56,762,034

Mid-America

Apartment

Communities,

Inc.

.........

334,593

51,885,337

Sun

Communities,

Inc.

......................

357,448

48,373,438

UDR,

Inc.

...............................

885,491

36,933,830

495,023,523

a

Retail

REITs

 — 10.0%

Agree

Realty

Corp.

........................

231,067

15,615,508

Brixmor

Property

Group,

Inc.

..................

867,225

16,017,646

Federal

Realty

Investment

Trust

................

211,463

19,057,046

Kimco

Realty

Corp.

........................

1,793,481

33,017,985

National

Retail

Properties,

Inc.

.................

514,212

20,496,490

Realty

Income

Corp.

........................

1,790,222

104,190,920

Regency

Centers

Corp.

.....................

446,931

24,067,234

Simon

Property

Group,

Inc.

...................

948,954

85,168,621

Spirit

Realty

Capital,

Inc.

.....................

394,541

14,266,603

331,898,053

a

Specialized

REITs

 — 39.5%

American

Tower

Corp.

......................

1,349,616

289,762,555

Crown

Castle,

Inc.

.........................

1,255,308

181,454,771

CubeSmart

..............................

651,246

26,088,915

Digital

Realty

Trust,

Inc.

.....................

833,103

82,627,156

Equinix,

Inc.

.............................

264,012

150,180,586

Extra

Space

Storage,

Inc.

....................

388,191

67,044,468

Gaming

and

Leisure

Properties,

Inc.

.............

740,798

32,772,904

Iron

Mountain,

Inc.

.........................

842,772

37,056,685

Lamar

Advertising

Co.,

Class

A

................

252,864

20,858,751

Life

Storage,

Inc.

..........................

244,787

27,112,608

National

Storage

Affiliates

Trust

................

246,981

10,269,470

PotlatchDeltic

Corp.

........................

233,145

9,568,271

Public

Storage

............................

457,927

134,085,605

Rayonier,

Inc.

............................

423,689

12,697,959

SBA

Communications

Corp.,

Class

A

.............

312,692

89,007,778

VICI

Properties,

Inc.

(b)

.......................

2,791,778

83,334,573

Weyerhaeuser

Co.

.........................

2,145,964

61,288,732

1,315,211,787

a

Total

Long-Term

 Investments

— 99.7%

(Cost:

$4,830,411,749)

...............................

3,315,410,200

a

Short-Term

Securities

Money

Market

Funds

 — 

0.5%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

17,373,302

17,378,514

a

Total

Short-Term

Securities — 0.5%

(Cost:

$17,366,399)

.................................

17,378,514

Total

Investments

—

100.2%

(Cost:

$4,847,778,148)

...............................

3,332,788,714

Liabilities

in

Excess

of

Other

Assets

—

(0.2)%

...............

(6,625,702)

Net

Assets

—

100.0%

.................................

$

3,326,163,012

iShares

®

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

49

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

60,300,476

$

—

$

(42,959,542

)

(a)

$

20,246

$

17,334

$

17,378,514

17,373,302

$

56,508

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

.

5,660,000

—

(

5,660,000

)

(a)

—

—

—

—

25,597

—

$

20,246

$

17,334

$

17,378,514

$

82,105

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

.........................................................

587

12/16/22

$

18,649

$

(841,578

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

841,578

$

—

$

—

$

—

$

841,578

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(1,228,196

)

$

—

$

—

$

—

$

(1,228,196

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(1,261,345

)

$

—

$

—

$

—

$

(1,261,345

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Real

Estate

ETF

(Percentages

shown

are

based

on

Net

Assets)

50

2022

iShares

Semi-Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

19,330,173

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,315,410,200

‌

$

—

‌

$

—

‌

$

3,315,410,200

‌

Short-Term

Securities

Money

Market

Funds

......................................

17,378,514

‌

—

‌

—

‌

17,378,514

‌

$

3,332,788,714

‌

$

—

‌

$

—

‌

$

3,332,788,714

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(841,578

)

$

—

‌

$

—

‌

$

(841,578

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Regional

Banks

ETF

Schedule

of

Investments

(unaudited)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

51

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Diversified

Banks

 — 10.8%

U.S.

Bancorp

............................

1,988,821

$

80,189,263

a

Regional

Banks

 — 88.0%

Bank

OZK

..............................

165,345

6,541,048

BOK

Financial

Corp.

........................

43,284

3,846,216

Citizens

Financial

Group,

Inc.

.................

736,918

25,320,502

Comerica,

Inc.

............................

194,503

13,829,163

Commerce

Bancshares,

Inc.

..................

162,199

10,731,086

Cullen/Frost

Bankers,

Inc.

....................

95,345

12,606,516

East

West

Bancorp,

Inc.

.....................

209,515

14,066,837

Fifth

Third

Bancorp

........................

1,020,222

32,606,295

First

Citizens

BancShares,

Inc.,

Class

A

...........

19,623

15,647,969

First

Financial

Bankshares,

Inc.

(a)

...............

192,858

8,067,250

First

Horizon

Corp.

.........................

797,828

18,270,261

First

Republic

Bank

........................

237,925

31,061,109

FNB

Corp.

..............................

521,472

6,049,075

Glacier

Bancorp,

Inc.

.......................

164,684

8,090,925

Home

BancShares,

Inc.

.....................

283,547

6,382,643

Huntington

Bancshares,

Inc.

..................

2,144,242

28,261,110

KeyCorp

................................

1,386,671

22,214,469

M&T

Bank

Corp.

..........................

258,320

45,546,982

Pinnacle

Financial

Partners,

Inc.

................

113,616

9,214,258

PNC

Financial

Services

Group,

Inc.

(The)

.........

603,272

90,140,902

Popular,

Inc.

.............................

111,526

8,036,564

Prosperity

Bancshares,

Inc.

...................

135,614

9,042,742

Regions

Financial

Corp.

.....................

1,389,252

27,882,288

Signature

Bank

...........................

93,562

14,127,862

SVB

Financial

Group

(a)(b)

.....................

87,841

29,495,251

Synovus

Financial

Corp.

.....................

216,135

8,107,224

Truist

Financial

Corp.

.......................

1,951,061

84,949,196

UMB

Financial

Corp.

.......................

64,639

5,448,421

Security

Shares

Value

a

Regional

Banks

(continued)

Umpqua

Holdings

Corp.

.....................

322,710

$

5,515,114

United

Bankshares,

Inc.

.....................

200,094

7,153,360

Valley

National

Bancorp

.....................

624,829

6,748,153

Webster

Financial

Corp.

.....................

261,429

11,816,591

Western

Alliance

Bancorp

....................

160,990

10,583,483

Wintrust

Financial

Corp.

.....................

90,302

7,364,128

Zions

Bancorp

NA

.........................

223,719

11,378,348

656,143,341

a

Thrifts

&

Mortgage

Finance

 — 0.9%

New

York

Community

Bancorp,

Inc.

.............

693,067

5,911,862

TFS

Financial

Corp.

........................

70,822

920,686

6,832,548

a

Total

Long-Term

 Investments

— 99.7%

(Cost:

$941,582,487)

................................

743,165,152

a

Short-Term

Securities

Money

Market

Funds

 — 

2.1%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

15,268,247

15,272,828

a

Total

Short-Term

Securities — 2.1%

(Cost:

$15,269,944)

.................................

15,272,828

Total

Investments

—

101.8%

(Cost:

$956,852,431)

................................

758,437,980

Liabilities

in

Excess

of

Other

Assets

—

(1.8)%

...............

(13,059,121)

Net

Assets

—

100.0%

.................................

$

745,378,859

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

5,957,651

$

9,310,005

(a)

$

—

$

2,288

$

2,884

$

15,272,828

15,268,247

$

6,465

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

......

1,697,000

—

(1,697,000

)

(a)

—

—

—

—

4,931

—

$

2,288

$

2,884

$

15,272,828

$

11,396

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

U.S.

Regional

Banks

ETF

52

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

........................................................

22

12/16/22

$

2,061

$

(222,240

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

222,240

$

—

$

—

$

—

$

222,240

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(277,151

)

$

—

$

—

$

—

$

(277,151

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(335,677

)

$

—

$

—

$

—

$

(335,677

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,453,154

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

U.S.

Regional

Banks

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

53

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

..........................................

$

743,165,152

‌

$

—

‌

$

—

‌

$

743,165,152

‌

Short-Term

Securities

Money

Market

Funds

.......................................

15,272,828

‌

—

‌

—

‌

15,272,828

‌

$

758,437,980

‌

$

—

‌

$

—

‌

$

758,437,980

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

............................................

$

(222,240)

$

—

‌

$

—

‌

$

(222,240

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

U.S.

Telecommunications

ETF

(Percentages

shown

are

based

on

Net

Assets)

54

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Common

Stocks

Alternative

Carriers

 — 2.6%

Lumen

Technologies,

Inc.

....................

1,620,897

$

11,800,130

a

Cable

&

Satellite

 — 26.4%

Altice

USA,

Inc.,

Class

A

(a)

....................

1,533,276

8,938,999

Cable

One,

Inc.

(b)

..........................

14,228

12,137,195

Charter

Communications,

Inc.,

Class

A

(a)

..........

45,172

13,702,926

Comcast

Corp.,

Class

A

.....................

2,007,857

58,890,446

DISH

Network

Corp.,

Class

A

(a)(b)

...............

875,283

12,105,164

Liberty

Broadband

Corp.,

Class

A

(a)

..............

21,288

1,588,085

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)

.........

143,281

10,574,138

117,936,953

a

Communications

Equipment

 — 39.6%

Arista

Networks,

Inc.

(a)

......................

142,736

16,113,467

Ciena

Corp.

(a)(b)

...........................

358,560

14,496,581

Cisco

Systems,

Inc.

........................

1,876,146

75,045,840

Juniper

Networks,

Inc.

......................

559,907

14,624,771

Lumentum

Holdings,

Inc.

(a)(b)

..................

196,526

13,475,788

Motorola

Solutions,

Inc.

.....................

71,876

16,098,067

Ubiquiti,

Inc.

(b)

............................

49,602

14,561,163

Viasat,

Inc.

(a)(b)

............................

422,391

12,768,880

177,184,557

a

Integrated

Telecommunication

Services

 — 24.0%

AT&T,

Inc.

...............................

1,381,637

21,194,312

Frontier

Communications

Parent,

Inc.

(a)(b)

..........

586,422

13,739,867

Verizon

Communications,

Inc.

.................

1,908,075

72,449,608

107,383,787

a

Security

Shares

Value

a

Movies

&

Entertainment

 — 3.0%

Roku,

Inc.,

Class

A

(a)(b)

......................

239,637

$

13,515,527

a

Wireless

Telecommunication

Services

 — 4.3%

T-Mobile

U.S.,

Inc.

(a)

........................

144,417

19,376,429

a

Total

Long-Term

 Investments

— 99.9%

(Cost:

$626,500,476)

................................

447,197,383

a

Short-Term

Securities

Money

Market

Funds

 — 

7.7%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

............................

33,571,706

33,581,777

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

(c)(d)

.............................

801,175

801,175

a

Total

Short-Term

Securities — 7.7%

(Cost:

$34,373,248)

.................................

34,382,952

Total

Investments

—

107.6%

(Cost:

$660,873,724)

................................

481,580,335

Liabilities

in

Excess

of

Other

Assets

—

(7.6)%

...............

(33,975,923)

Net

Assets

—

100.0%

.................................

$

447,604,412

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

5,513,644

$

28,058,625

(a)

$

—

$

366

$

9,142

$

33,581,777

33,571,706

$

43,235

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

490,000

311,175

(a)

—

—

—

801,175

801,175

2,124

—

$

366

$

9,142

$

34,382,952

$

45,359

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

Communication

Services

Select

Sector

Index

..........................................

6

12/16/22

$

378

$

(26,591

)

iShares

®

U.S.

Telecommunications

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

55

Schedule

of

Investments

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

26,591

$

—

$

—

$

—

$

26,591

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(211,665

)

$

—

$

—

$

—

$

(211,665

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(26,516

)

$

—

$

—

$

—

$

(26,516

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

340,453

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

447,197,383

‌

$

—

‌

$

—

‌

$

447,197,383

‌

Short-Term

Securities

Money

Market

Funds

......................................

34,382,952

‌

—

‌

—

‌

34,382,952

‌

$

481,580,335

‌

$

—

‌

$

—

‌

$

481,580,335

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(26,591

)

$

—

‌

$

—

‌

$

(26,591

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

56

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2022

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................

$

3,388,067,038

‌

$

468,712,080

‌

$

1,508,465,045

‌

$

1,178,457,388

‌

Investments,

at

value

—

affiliated

(c)

.......................................

68,330,608

‌

5,344,880

‌

85,415,815

‌

67,323,650

‌

Cash

...........................................................

—

‌

703,294

‌

1,614,243

‌

1,213,103

‌

Cash

pledged:

Futures

contracts

.................................................

107,000

‌

33,000

‌

159,000

‌

75,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................

21,085

‌

344

‌

16,906

‌

5,177

‌

Capital

shares

sold

................................................

6,698

‌

—

‌

—

‌

—

‌

Dividends

—

unaffiliated

............................................

281,336

‌

74,272

‌

193,713

‌

421,314

‌

Dividends

—

affiliated

..............................................

13,170

‌

1,564

‌

4,791

‌

3,630

‌

Total

assets

......................................................

3,456,826,935

‌

474,869,434

‌

1,595,869,513

‌

1,247,499,262

‌

LIABILITIES

Bank

overdraft

.....................................................

13,814,122

‌

—

‌

—

‌

—

‌

Collateral

on

securities

loaned

..........................................

51,476,732

‌

5,344,880

‌

85,416,441

‌

67,377,130

‌

Payables:

Investments

purchased

.............................................

—

‌

—

‌

3,261,691

‌

—

‌

Capital

shares

redeemed

............................................

—

‌

—

‌

—

‌

63,498

‌

Investment

advisory

fees

............................................

1,219,968

‌

169,547

‌

523,807

‌

407,573

‌

Variation

margin

on

futures

contracts

....................................

22,898

‌

6,167

‌

38,034

‌

8,508

‌

Total

liabilities

.....................................................

66,533,720

‌

5,520,594

‌

89,239,973

‌

67,856,709

‌

NET

ASSETS

.....................................................

$

3,390,293,215

‌

$

469,348,840

‌

$

1,506,629,540

‌

$

1,179,642,553

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

4,611,535,818

‌

$

637,431,087

‌

$

1,601,904,760

‌

$

2,075,359,423

‌

Accumulated

loss

..................................................

(

1,221,242,603

)

(

168,082,247

)

(

95,275,220

)

(

895,716,870

)

NET

ASSETS

.....................................................

$

3,390,293,215

‌

$

469,348,840

‌

$

1,506,629,540

‌

$

1,179,642,553

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

37,200,000

‌

5,500,000

‌

5,900,000

‌

22,700,000

‌

Net

asset

value

....................................................

$

91.14

‌

$

85.34

‌

$

255.36

‌

$

51.97

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

49,346,334

‌

$

5,288,832

‌

$

81,375,108

‌

$

65,653,547

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

3,784,033,380

‌

$

550,567,865

‌

$

1,582,053,639

‌

$

1,741,770,209

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

68,303,536

‌

$

5,344,880

‌

$

85,369,863

‌

$

67,305,792

‌

57

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2022

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

iShares

U.S.

Medical

Devices

ETF

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................

$

1,486,482,519

‌

$

307,385,956

‌

$

5,781,013,648

‌

$

870,883,806

‌

Investments,

at

value

—

affiliated

(c)

.......................................

24,352,020

‌

3,441,784

‌

187,306,063

‌

12,066,156

‌

Cash

...........................................................

2,605,834

‌

433,326

‌

—

‌

1,070,965

‌

Cash

pledged:

Futures

contracts

.................................................

256,000

‌

41,000

‌

744,000

‌

344,000

‌

Receivables:

Investments

sold

.................................................

—

‌

119,851

‌

—

‌

—

‌

Securities

lending

income

—

affiliated

...................................

91,538

‌

383

‌

50,023

‌

1,577

‌

Dividends

—

unaffiliated

............................................

2,076,281

‌

423,744

‌

7,402,918

‌

2,190,627

‌

Dividends

—

affiliated

..............................................

17,927

‌

1,105

‌

19,874

‌

4,476

‌

Total

assets

......................................................

1,515,882,119

‌

311,847,149

‌

5,976,536,526

‌

886,561,607

‌

LIABILITIES

Bank

overdraft

.....................................................

—

‌

—

‌

1,073,318

‌

—

‌

Collateral

on

securities

loaned

..........................................

24,342,289

‌

3,439,396

‌

179,093,225

‌

12,063,049

‌

Payables:

Investments

purchased

.............................................

171,303

‌

241,720

‌

—

‌

—

‌

Capital

shares

redeemed

............................................

36,315

‌

—

‌

—

‌

—

‌

Investment

advisory

fees

............................................

404,687

‌

112,401

‌

2,079,788

‌

319,964

‌

Variation

margin

on

futures

contracts

....................................

43,272

‌

5,850

‌

183,680

‌

24,080

‌

Total

liabilities

.....................................................

24,997,866

‌

3,799,367

‌

182,430,011

‌

12,407,093

‌

NET

ASSETS

.....................................................

$

1,490,884,253

‌

$

308,047,782

‌

$

5,794,106,515

‌

$

874,154,514

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

1,712,944,576

‌

$

347,485,001

‌

$

6,602,179,662

‌

$

991,982,021

‌

Accumulated

loss

..................................................

(

222,060,323

)

(

39,437,219

)

(

808,073,147

)

(

117,827,507

)

NET

ASSETS

.....................................................

$

1,490,884,253

‌

$

308,047,782

‌

$

5,794,106,515

‌

$

874,154,514

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

46,300,000

‌

3,900,000

‌

122,950,000

‌

10,500,000

‌

Net

asset

value

....................................................

$

32.20

‌

$

78.99

‌

$

47.13

‌

$

83.25

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

23,494,844

‌

$

3,333,688

‌

$

172,822,206

‌

$

11,776,088

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

1,698,775,959

‌

$

348,513,189

‌

$

6,599,997,870

‌

$

831,052,085

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

24,340,929

‌

$

3,441,317

‌

$

187,257,625

‌

$

12,064,646

‌

58

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2022

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

iShares

U.S.

Pharmaceuticals

ETF

iShares

U.S.

Real

Estate

ETF

iShares

U.S.

Regional

Banks

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................

$

130,536,988

‌

$

380,648,987

‌

$

3,315,410,200

‌

$

743,165,152

‌

Investments,

at

value

—

affiliated

(c)

.......................................

7,239,848

‌

15,563,756

‌

17,378,514

‌

15,272,828

‌

Cash

...........................................................

211,130

‌

344,287

‌

5,113,870

‌

843,886

‌

Cash

pledged:

Futures

contracts

.................................................

40,000

‌

22,000

‌

1,435,000

‌

149,000

‌

Receivables:

Investments

sold

.................................................

—

‌

—

‌

515,781

‌

—

‌

Securities

lending

income

—

affiliated

...................................

1,853

‌

49,419

‌

8,671

‌

3,418

‌

Dividends

—

unaffiliated

............................................

178,733

‌

155,478

‌

13,643,352

‌

2,616,375

‌

Dividends

—

affiliated

..............................................

425

‌

1,381

‌

16,448

‌

2,886

‌

Variation

margin

on

futures

contracts

....................................

—

‌

—

‌

162,280

‌

—

‌

Total

assets

......................................................

138,208,977

‌

396,785,308

‌

3,353,684,116

‌

762,053,545

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................

7,235,604

‌

15,565,473

‌

17,388,296

‌

15,266,950

‌

Payables:

Investments

purchased

.............................................

—

‌

—

‌

474,692

‌

1,103,345

‌

Capital

shares

redeemed

............................................

6,290

‌

—

‌

8,347,471

‌

6,723

‌

Investment

advisory

fees

............................................

55,404

‌

135,311

‌

1,310,645

‌

274,837

‌

Variation

margin

on

futures

contracts

....................................

2,800

‌

5,190

‌

—

‌

22,831

‌

Total

liabilities

.....................................................

7,300,098

‌

15,705,974

‌

27,521,104

‌

16,674,686

‌

NET

ASSETS

.....................................................

$

130,908,879

‌

$

381,079,334

‌

$

3,326,163,012

‌

$

745,378,859

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

471,397,707

‌

$

584,726,799

‌

$

5,414,627,978

‌

$

994,502,180

‌

Accumulated

loss

..................................................

(

340,488,828

)

(

203,647,465

)

(

2,088,464,966

)

(

249,123,321

)

NET

ASSETS

.....................................................

$

130,908,879

‌

$

381,079,334

‌

$

3,326,163,012

‌

$

745,378,859

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

9,100,000

‌

2,250,000

‌

40,850,000

‌

15,600,000

‌

Net

asset

value

....................................................

$

14.39

‌

$

169.37

‌

$

81.42

‌

$

47.78

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

6,690,334

‌

$

15,035,513

‌

$

16,568,525

‌

$

14,860,056

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

174,682,832

‌

$

393,319,560

‌

$

4,830,411,749

‌

$

941,582,487

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

7,236,343

‌

$

15,559,497

‌

$

17,366,399

‌

$

15,269,944

‌

59

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2022

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................................

$

447,197,383

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................................

34,382,952

‌

Cash

pledged:

Futures

contracts

.................................................................................................

35,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................................

5,116

‌

Dividends

—

unaffiliated

............................................................................................

51,996

‌

Dividends

—

affiliated

..............................................................................................

1,377

‌

Total

assets

......................................................................................................

481,673,824

‌

LIABILITIES

Bank

overdraft

.....................................................................................................

351,810

‌

Collateral

on

securities

loaned

..........................................................................................

33,575,242

‌

Payables:

Capital

shares

redeemed

............................................................................................

9,332

‌

Investment

advisory

fees

............................................................................................

128,453

‌

Variation

margin

on

futures

contracts

....................................................................................

4,575

‌

Total

liabilities

.....................................................................................................

34,069,412

‌

NET

ASSETS

.....................................................................................................

$

447,604,412

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................................

$

885,499,424

‌

Accumulated

loss

..................................................................................................

(

437,895,012

)

NET

ASSETS

.....................................................................................................

$

447,604,412

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................................

21,450,000

‌

Net

asset

value

....................................................................................................

$

20.87

‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

None

(a)

Securities

loaned,

at

value

..........................................................................................

$

32,122,794

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................................

$

626,500,476

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................................

$

34,373,248

‌

60

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2022

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

31,096,038

‌

$

5,531,449

‌

$

7,806,211

‌

$

8,606,692

‌

Dividends

—

affiliated

..............................................

19,883

‌

2,539

‌

7,954

‌

6,830

‌

Interest

—

unaffiliated

..............................................

810

‌

41

‌

17

‌

76

‌

Securities

lending

income

—

affiliated

—

net

...............................

198,990

‌

1,203

‌

85,129

‌

49,450

‌

Total

investment

income

..............................................

31,315,721

‌

5,535,232

‌

7,899,311

‌

8,663,048

‌

EXPENSES

Investment

advisory

...............................................

7,504,357

‌

943,244

‌

3,016,103

‌

2,832,730

‌

Total

expenses

....................................................

7,504,357

‌

943,244

‌

3,016,103

‌

2,832,730

‌

Net

investment

income

...............................................

23,811,364

‌

4,591,988

‌

4,883,208

‌

5,830,318

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(29,981,298

)

(26,533,846

)

(11,251,494

)

(26,218,318

)

Investments

—

affiliated

...........................................

48,903

‌

1,419

‌

2,966

‌

19,104

‌

Futures

contracts

...............................................

(1,365,980

)

(202,632

)

(170,425

)

(91,188

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

123,858,754

‌

(5,752,905

)

107,522,138

‌

(143,806,295

)

92,560,379

‌

(32,487,964

)

96,103,185

‌

(170,096,697

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(807,256,569

)

(56,955,443

)

(256,615,233

)

(31,573,444

)

Investments

—

affiliated

...........................................

17,387

‌

—

‌

36,279

‌

11,263

‌

Futures

contracts

...............................................

(219,242

)

(58,345

)

(80,388

)

(204,320

)

(807,458,424

)

(57,013,788

)

(256,659,342

)

(31,766,501

)

Net

realized

and

unrealized

loss

.........................................

(714,898,045

)

(89,501,752

)

(160,556,157

)

(201,863,198

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............

$

(691,086,681

)

$

(84,909,764

)

$

(155,672,949

)

$

(196,032,880

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

61

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2022

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

iShares

U.S.

Medical

Devices

ETF

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

17,299,263

‌

$

3,432,848

‌

$

28,188,934

‌

$

23,091,426

‌

Dividends

—

affiliated

..............................................

23,605

‌

1,887

‌

31,352

‌

6,881

‌

Interest

—

unaffiliated

..............................................

140

‌

15

‌

979

‌

111

‌

Securities

lending

income

—

affiliated

—

net

...............................

788,084

‌

42,294

‌

358,660

‌

8,949

‌

Foreign

taxes

withheld

.............................................

(154,473

)

—

‌

—

‌

—

‌

Total

investment

income

..............................................

17,956,619

‌

3,477,044

‌

28,579,925

‌

23,107,367

‌

EXPENSES

Investment

advisory

...............................................

2,233,193

‌

644,220

‌

13,777,973

‌

1,812,987

‌

Total

expenses

....................................................

2,233,193

‌

644,220

‌

13,777,973

‌

1,812,987

‌

Net

investment

income

...............................................

15,723,426

‌

2,832,824

‌

14,801,952

‌

21,294,380

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(15,665,320

)

(3,282,531

)

(93,205,101

)

(7,920,233

)

Investments

—

affiliated

...........................................

1,648

‌

2,158

‌

80,296

‌

1,193

‌

Futures

contracts

...............................................

(213,920

)

(76,038

)

(677,096

)

(83,310

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

27,431,764

‌

8,962,730

‌

204,227,937

‌

67,730,167

‌

11,554,172

‌

5,606,319

‌

110,426,036

‌

59,727,817

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(279,250,072

)

(55,701,770

)

(1,895,162,635

)

(109,733,336

)

Investments

—

affiliated

...........................................

10,135

‌

275

‌

257

‌

913

‌

Futures

contracts

...............................................

(432,816

)

(67,130

)

(1,104,253

)

(225,245

)

(279,672,753

)

(55,768,625

)

(1,896,266,631

)

(109,957,668

)

Net

realized

and

unrealized

loss

.........................................

(268,118,581

)

(50,162,306

)

(1,785,840,595

)

(50,229,851

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............

$

(252,395,155

)

$

(47,329,482

)

$

(1,771,038,643

)

$

(28,935,471

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

62

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2022

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

iShares

U.S.

Pharmaceuticals

ETF

iShares

U.S.

Real

Estate

ETF

iShares

U.S.

Regional

Banks

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

1,593,464

‌

$

4,171,021

‌

$

51,711,390

‌

$

14,157,086

‌

Dividends

—

affiliated

..............................................

934

‌

2,240

‌

25,597

‌

4,931

‌

Interest

—

unaffiliated

..............................................

4

‌

15

‌

1,415

‌

30

‌

Securities

lending

income

—

affiliated

—

net

...............................

8,585

‌

201,413

‌

56,508

‌

6,465

‌

Foreign

taxes

withheld

.............................................

(486

)

—

‌

—

‌

(14,029

)

Total

investment

income

..............................................

1,602,501

‌

4,374,689

‌

51,794,910

‌

14,154,483

‌

EXPENSES

Investment

advisory

...............................................

532,489

‌

841,482

‌

8,990,529

‌

1,861,869

‌

Total

expenses

....................................................

532,489

‌

841,482

‌

8,990,529

‌

1,861,869

‌

Net

investment

income

...............................................

1,070,012

‌

3,533,207

‌

42,804,381

‌

12,292,614

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(4,489,298

)

(8,563,037

)

(85,853,548

)

(10,849,346

)

Investments

—

affiliated

...........................................

3,212

‌

3,487

‌

20,246

‌

2,288

‌

Futures

contracts

...............................................

(130,237

)

(128,848

)

(1,228,196

)

(277,151

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

(52,839

)

9,074,168

‌

(132,938,003

)

(7,438,605

)

(4,669,162

)

385,770

‌

(219,999,501

)

(18,562,814

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(81,865,302

)

(58,828,379

)

(1,001,766,193

)

(191,882,693

)

Investments

—

affiliated

...........................................

853

‌

(215

)

17,334

‌

2,884

‌

Futures

contracts

...............................................

(36,277

)

(32,213

)

(1,261,345

)

(335,677

)

(81,900,726

)

(58,860,807

)

(1,003,010,204

)

(192,215,486

)

Net

realized

and

unrealized

loss

.........................................

(86,569,888

)

(58,475,037

)

(1,223,009,705

)

(210,778,300

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............

$

(85,499,876

)

$

(54,941,830

)

$

(1,180,205,324

)

$

(198,485,686

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

63

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2022

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................................

$

5,006,204

‌

Dividends

—

affiliated

..............................................................................................

2,124

‌

Interest

—

unaffiliated

..............................................................................................

26

‌

Securities

lending

income

—

affiliated

—

net

...............................................................................

43,235

‌

Total

investment

income

..............................................................................................

5,051,589

‌

EXPENSES

Investment

advisory

...............................................................................................

801,350

‌

Total

expenses

....................................................................................................

801,350

‌

Net

investment

income

...............................................................................................

4,250,239

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................................

(19,752,637

)

Investments

—

affiliated

...........................................................................................

366

‌

Futures

contracts

...............................................................................................

(211,665

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................................................

7,934,989

‌

(12,028,947

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................................

(122,942,207

)

Investments

—

affiliated

...........................................................................................

9,142

‌

Futures

contracts

...............................................................................................

(26,516

)

(122,959,581

)

Net

realized

and

unrealized

loss

.........................................................................................

(134,988,528

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................................................

$

(130,738,289

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

64

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

23,811,364

‌

$

18,923,398

‌

$

4,591,988

‌

$

14,226,042

‌

Net

realized

gain

(loss)

.........................................

92,560,379

‌

(

8,807,962

)

(

32,487,964

)

98,120,916

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

807,458,424

)

181,282,158

‌

(

57,013,788

)

(

62,475,795

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

691,086,681

)

191,397,594

‌

(

84,909,764

)

49,871,163

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

24,169,835

)

(

18,744,404

)

(

4,560,004

)

(

14,480,571

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

435,534,658

‌

534,748,916

‌

(

15,155,009

)

128,635,346

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

279,721,858

)

707,402,106

‌

(

104,624,777

)

164,025,938

‌

Beginning

of

period

.............................................

3,670,015,073

‌

2,962,612,967

‌

573,973,617

‌

409,947,679

‌

End

of

period

.................................................

$

3,390,293,215

‌

$

3,670,015,073

‌

$

469,348,840

‌

$

573,973,617

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

65

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

4,883,208

‌

$

7,543,433

‌

$

5,830,318

‌

$

12,740,709

‌

Net

realized

gain

(loss)

.........................................

96,103,185

‌

169,476,201

‌

(

170,096,697

)

521,956,386

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

256,659,342

)

(

28,134,804

)

(

31,766,501

)

(

841,063,538

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

155,672,949

)

148,884,830

‌

(

196,032,880

)

(

306,366,443

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

4,943,298

)

(

7,445,339

)

(

5,935,342

)

(

12,816,171

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

338,503,869

‌

43,579,447

‌

(

383,364,767

)

(

561,414,419

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

177,887,622

‌

185,018,938

‌

(

585,332,989

)

(

880,597,033

)

Beginning

of

period

.............................................

1,328,741,918

‌

1,143,722,980

‌

1,764,975,542

‌

2,645,572,575

‌

End

of

period

.................................................

$

1,506,629,540

‌

$

1,328,741,918

‌

$

1,179,642,553

‌

$

1,764,975,542

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

66

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

15,723,426

‌

$

12,722,282

‌

$

2,832,824

‌

$

2,171,849

‌

Net

realized

gain

.............................................

11,554,172

‌

33,746,209

‌

5,606,319

‌

16,068,161

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

279,672,753

)

44,252,132

‌

(

55,768,625

)

6,019,373

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

252,395,155

)

90,720,623

‌

(

47,329,482

)

24,259,383

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

15,007,837

)

(

13,909,010

)

(

2,832,558

)

(

2,177,905

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

..............

859,172,764

‌

452,497,643

‌

171,349,692

‌

79,477,725

‌

NET

ASSETS

Total

increase

in

net

assets

........................................

591,769,772

‌

529,309,256

‌

121,187,652

‌

101,559,203

‌

Beginning

of

period

.............................................

899,114,481

‌

369,805,225

‌

186,860,130

‌

85,300,927

‌

End

of

period

.................................................

$

1,490,884,253

‌

$

899,114,481

‌

$

308,047,782

‌

$

186,860,130

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

67

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Medical

Devices

ETF

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

14,801,952

‌

$

21,735,101

‌

$

21,294,380

‌

$

12,731,655

‌

Net

realized

gain

.............................................

110,426,036

‌

1,224,731,110

‌

59,727,817

‌

30,812,978

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

1,896,266,631

)

(

480,419,454

)

(

109,957,668

)

191,285,446

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

1,771,038,643

)

766,046,757

‌

(

28,935,471

)

234,830,079

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

19,794,075

)

(

21,981,981

)

(

19,501,205

)

(

12,422,061

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

491,318,048

)

(

874,728,044

)

122,451,169

‌

334,558,987

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

2,282,150,766

)

(

130,663,268

)

74,014,493

‌

556,967,005

‌

Beginning

of

period

.............................................

8,076,257,281

‌

8,206,920,549

‌

800,140,021

‌

243,173,016

‌

End

of

period

.................................................

$

5,794,106,515

‌

$

8,076,257,281

‌

$

874,154,514

‌

$

800,140,021

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

68

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

iShares

U.S.

Pharmaceuticals

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

1,070,012

‌

$

724,866

‌

$

3,533,207

‌

$

6,210,467

‌

Net

realized

gain

(loss)

.........................................

(

4,669,162

)

9,241,052

‌

385,770

‌

15,412,515

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

81,900,726

)

47,969,785

‌

(

58,860,807

)

18,112,653

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

85,499,876

)

57,935,703

‌

(

54,941,830

)

39,735,635

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

1,080,206

)

(

935,137

)

(

3,648,622

)

(

6,432,724

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

66,188,472

)

(

144,838,846

)

31,896,621

‌

19,708,210

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

152,768,554

)

(

87,838,280

)

(

26,693,831

)

53,011,121

‌

Beginning

of

period

.............................................

283,677,433

‌

371,515,713

‌

407,773,165

‌

354,762,044

‌

End

of

period

.................................................

$

130,908,879

‌

$

283,677,433

‌

$

381,079,334

‌

$

407,773,165

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

69

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Real

Estate

ETF

iShares

U.S.

Regional

Banks

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

42,804,381

‌

$

99,806,560

‌

$

12,292,614

‌

$

25,681,150

‌

Net

realized

gain

(loss)

.........................................

(

219,999,501

)

853,822,015

‌

(

18,562,814

)

52,406,877

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

1,003,010,204

)

(

111,482,808

)

(

192,215,486

)

(

37,133,160

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

1,180,205,324

)

842,145,767

‌

(

198,485,686

)

40,954,867

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

56,852,302

)

(

140,375,492

)

(

12,746,431

)

(

24,749,500

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

815,645,945

)

(

9,950,229

)

(

429,733,281

)

696,331,202

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

2,052,703,571

)

691,820,046

‌

(

640,965,398

)

712,536,569

‌

Beginning

of

period

.............................................

5,378,866,583

‌

4,687,046,537

‌

1,386,344,257

‌

673,807,688

‌

End

of

period

.................................................

$

3,326,163,012

‌

$

5,378,866,583

‌

$

745,378,859

‌

$

1,386,344,257

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

70

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

4,250,239

‌

$

10,776,734

‌

Net

realized

gain

(loss)

............................................................................

(

12,028,947

)

33,236,725

‌

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

(

122,959,581

)

(

61,914,632

)

Net

decrease

in

net

assets

resulting

from

operations

..........................................................

(

130,738,289

)

(

17,901,173

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

4,284,490

)

(

10,823,757

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................................................

79,187,228

‌

106,283,084

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................................................

(

55,835,551

)

77,558,154

‌

Beginning

of

period

................................................................................

503,439,963

‌

425,881,809

‌

End

of

period

....................................................................................

$

447,604,412

‌

$

503,439,963

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

71

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Year

Ended

03/31/18

(a)

Net

asset

value,

beginning

of

period

.......

$

110.71

‌

$

104.13

‌

$

71.94

‌

$

99.80

‌

$

98.97

‌

$

74.40

‌

Net

investment

income

(b)

...............

0.65

‌

0.72

‌

0.89

‌

1.69

‌

0.89

‌

0.78

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(19.56

)

6.55

‌

32.23

‌

(27.74

)

1.01

‌

24.70

‌

Net

increase

(decrease)

from

investment

operations

.........................

(18.91

)

7.27

‌

33.12

‌

(26.05

)

1.90

‌

25.48

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

............

(0.66

)

(0.69

)

(0.93

)

(1.81

)

(0.92

)

(0.91

)

From

net

realized

gains

................

—

‌

—

‌

—

‌

—

‌

(0.15

)

—

‌

Total

distributions

.....................

(0.66

)

(0.69

)

(0.93

)

(1.81

)

(1.07

)

(0.91

)

Net

asset

value,

end

of

period

............

$

91.14

‌

$

110.71

‌

$

104.13

‌

$

71.94

‌

$

99.80

‌

$

98.97

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(17.12

)%

(f)

7.00

%

46.23

%

(26.58

)%

1.91

%

34.40

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0.40

%

(h)

0.39

%

0.42

%

0.42

%

0.42

%

0.43

%

Net

investment

income

..................

1.27

%

(h)

0.68

%

1.04

%

1.57

%

0.90

%

0.87

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

3,390,293

‌

$

3,670,015

‌

$

2,962,613

‌

$

2,834,403

‌

$

5,019,632

‌

$

5,749,730

‌

Portfolio

turnover

rate

(i)

..................

4

%

27

%

49

%

20

%

38

%

14

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

72

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

......

$

99.82

‌

$

92.12

‌

$

51.30

‌

$

58.82

‌

$

65.50

‌

$

51.31

‌

Net

investment

income

(a)

..............

0.89

‌

1.80

‌

1.07

‌

1.03

‌

0.88

‌

0.83

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(14.49

)

7.84

‌

40.82

‌

(7.46

)

(6.51

)

14.15

‌

Net

increase

(decrease)

from

investment

operations

........................

(13.60

)

9.64

‌

41.89

‌

(6.43

)

(5.63

)

14.98

‌

Distributions

from

net

investment

income

(c)

....

(0.88

)

(1.94

)

(1.07

)

(1.09

)

(1.05

)

(0.79

)

Net

asset

value,

end

of

period

...........

$

85.34

‌

$

99.82

‌

$

92.12

‌

$

51.30

‌

$

58.82

‌

$

65.50

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(13.64

)%

(e)

10.38

%

82.40

%

(11.15

)%

(8.63

)%

29.39

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0.40

%

(g)

0.39

%

0.41

%

0.42

%

0.42

%

0.43

%

Net

investment

income

.................

1.95

%

(g)

1.70

%

1.48

%

1.60

%

1.38

%

1.44

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

469,349

‌

$

573,974

‌

$

409,948

‌

$

141,086

‌

$

217,641

‌

$

347,155

‌

Portfolio

turnover

rate

(h)

.................

16

%

24

%

37

%

15

%

27

%

13

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

73

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

Providers

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

.......

$

282.71

‌

$

251.37

‌

$

166.85

‌

$

167.98

‌

$

157.08

‌

$

134.12

‌

Net

investment

income

(a)

...............

0.87

‌

1.65

‌

1.30

‌

1.25

‌

0.54

‌

0.35

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(27.38

)

31.33

‌

84.59

‌

(1.04

)

16.99

‌

22.97

‌

Net

increase

(decrease)

from

investment

operations

.........................

(26.51

)

32.98

‌

85.89

‌

0.21

‌

17.53

‌

23.32

‌

Distributions

from

net

investment

income

(c)

.....

(0.84

)

(1.64

)

(1.37

)

(1.34

)

(6.63

)

(0.36

)

Net

asset

value,

end

of

period

............

$

255.36

‌

$

282.71

‌

$

251.37

‌

$

166.85

‌

$

167.98

‌

$

157.08

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

(9.38

)%

(e)

13.15

%

51.63

%

0.10

%

11.25

%

17.40

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.......................

0.40

%

(g)

0.39

%

0.42

%

0.42

%

0.43

%

0.43

%

Net

investment

income

..................

0.65

%

(g)

0.61

%

0.61

%

0.70

%

0.29

%

0.24

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

1,506,630

‌

$

1,328,742

‌

$

1,143,723

‌

$

784,201

‌

$

797,909

‌

$

471,251

‌

Portfolio

turnover

rate

(h)

..................

6

%

24

%

27

%

30

%

48

%

20

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

74

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Home

Construction

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

.....

$

59.23

‌

$

67.84

‌

$

28.94

‌

$

35.26

‌

$

39.24

‌

$

31.97

‌

Net

investment

income

(a)

.............

0.24

‌

0.36

‌

0.27

‌

0.23

‌

0.19

‌

0.13

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

(7.25

)

(8.59

)

38.89

‌

(6.31

)

(3.97

)

7.28

‌

Net

increase

(decrease)

from

investment

operations

.......................

(7.01

)

(8.23

)

39.16

‌

(6.08

)

(3.78

)

7.41

‌

Distributions

from

net

investment

income

(c)

...

(0.25

)

(0.38

)

(0.26

)

(0.24

)

(0.20

)

(0.14

)

Net

asset

value,

end

of

period

..........

$

51.97

‌

$

59.23

‌

$

67.84

‌

$

28.94

‌

$

35.26

‌

$

39.24

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

..............

(11.85

)%

(e)

(12.21

)%

135.53

%

(17.40

)%

(9.60

)%

23.19

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.....................

0.40

%

(g)

0.39

%

0.41

%

0.42

%

0.42

%

0.43

%

Net

investment

income

................

0.82

%

(g)

0.50

%

0.50

%

0.55

%

0.53

%

0.34

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

1,179,643

‌

$

1,764,976

‌

$

2,645,573

‌

$

707,640

‌

$

1,147,657

‌

$

1,618,817

‌

Portfolio

turnover

rate

(h)

................

4

%

5

%

14

%

15

%

17

%

18

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

75

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Period

From

04/03/18

(a)

to

03/31/19

Net

asset

value,

beginning

of

period

.....................

$

38.92

‌

$

34.56

‌

$

20.27

‌

$

26.31

‌

$

25.31

‌

Net

investment

income

(b)

.............................

0.38

‌

0.67

‌

0.77

‌

0.49

‌

0.43

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...................

(6.78

)

4.38

‌

14.10

‌

(6.00

)

1.24

‌

Net

increase

(decrease)

from

investment

operations

............

(6.40

)

5.05

‌

14.87

‌

(5.51

)

1.67

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

..........................

(0.32

)

(0.69

)

(0.58

)

(0.47

)

(0.34

)

From

net

realized

gains

..............................

—

‌

—

‌

—

‌

—

‌

(0.33

)

Return

of

capital

...................................

—

‌

—

‌

—

‌

(0.06

)

(0.00

)

(e)

Total

distributions

...................................

(0.32

)

(0.69

)

(0.58

)

(0.53

)

(0.67

)

Net

asset

value,

end

of

period

..........................

$

32.20

‌

$

38.92

‌

$

34.56

‌

$

20.27

‌

$

26.31

‌

Total

Return

(f)

–

–

–

–

–

Based

on

net

asset

value

..............................

(16.50

)%

(g)

14.78

%

74.11

%

(21.26

)%

6.78

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

Total

expenses

.....................................

0.30

%

(i)

0.35

%

0.40

%

0.40

%

0.40

%

(i)

Net

investment

income

................................

2.11

%

(i)

1.85

%

2.54

%

1.84

%

1.67

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................

$

1,490,884

‌

$

899,114

‌

$

369,805

‌

$

5,068

‌

$

5,262

‌

Portfolio

turnover

rate

(j)

................................

13

%

33

%

65

%

23

%

43

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Rounds

to

less

than

$0.01.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions.

76

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Insurance

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

......

$

91.15

‌

$

74.17

‌

$

49.76

‌

$

63.64

‌

$

64.54

‌

$

60.46

‌

Net

investment

income

(a)

..............

0.75

‌

1.67

‌

1.51

‌

1.35

‌

1.23

‌

1.18

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(12.18

)

16.94

‌

24.37

‌

(13.77

)

(0.89

)

4.20

‌

Net

increase

(decrease)

from

investment

operations

........................

(11.43

)

18.61

‌

25.88

‌

(12.42

)

0.34

‌

5.38

‌

Distributions

from

net

investment

income

(c)

....

(0.73

)

(1.63

)

(1.47

)

(1.46

)

(1.24

)

(1.30

)

Net

asset

value,

end

of

period

...........

$

78.99

‌

$

91.15

‌

$

74.17

‌

$

49.76

‌

$

63.64

‌

$

64.54

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(12.57

)%

(e)

25.36

%

52.54

%

(19.92

)%

0.60

%

8.93

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0.40

%

(g)

0.39

%

0.42

%

0.42

%

0.43

%

0.43

%

Net

investment

income

.................

1.76

%

(g)

2.04

%

2.50

%

1.95

%

1.94

%

1.85

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

308,048

‌

$

186,860

‌

$

85,301

‌

$

62,206

‌

$

98,637

‌

$

132,302

‌

Portfolio

turnover

rate

(h)

.................

6

%

11

%

10

%

8

%

17

%

12

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

77

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Medical

Devices

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Year

Ended

03/31/18

(a)

Net

asset

value,

beginning

of

period

.......

$

60.93

‌

$

55.04

‌

$

37.54

‌

$

38.57

‌

$

30.81

‌

$

25.24

‌

Net

investment

income

(b)

...............

0.11

‌

0.16

‌

0.15

‌

0.16

‌

0.12

‌

0.11

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(13.75

)

5.89

‌

17.49

‌

(1.04

)

7.73

‌

5.55

‌

Net

increase

(decrease)

from

investment

operations

.........................

(13.64

)

6.05

‌

17.64

‌

(0.88

)

7.85

‌

5.66

‌

Distributions

from

net

investment

income

(d)

.....

(0.16

)

(0.16

)

(0.14

)

(0.15

)

(0.09

)

(0.09

)

Net

asset

value,

end

of

period

............

$

47.13

‌

$

60.93

‌

$

55.04

‌

$

37.54

‌

$

38.57

‌

$

30.81

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(22.41

)%

(f)

10.99

%

47.02

%

(2.32

)%

25.50

%

22.48

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0.40

%

(h)

0.39

%

0.41

%

0.42

%

0.43

%

0.43

%

Net

investment

income

..................

0.43

%

(h)

0.26

%

0.30

%

0.39

%

0.33

%

0.38

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

5,794,107

‌

$

8,076,257

‌

$

8,206,921

‌

$

4,144,859

‌

$

3,656,734

‌

$

1,719,373

‌

Portfolio

turnover

rate

(i)

..................

4

%

11

%

9

%

9

%

36

%

15

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

July

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

78

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

......

$

84.23

‌

$

48.63

‌

$

22.83

‌

$

58.20

‌

$

63.55

‌

$

61.16

‌

Net

investment

income

(a)

..............

2.05

‌

2.00

‌

0.98

‌

0.95

‌

0.67

‌

0.56

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(1.23

)

35.51

‌

25.92

‌

(35.22

)

(5.11

)

2.49

‌

Net

increase

(decrease)

from

investment

operations

........................

0.82

‌

37.51

‌

26.90

‌

(34.27

)

(4.44

)

3.05

‌

Distributions

from

net

investment

income

(c)

....

(1.80

)

(1.91

)

(1.10

)

(1.10

)

(0.91

)

(0.66

)

Net

asset

value,

end

of

period

...........

$

83.25

‌

$

84.23

‌

$

48.63

‌

$

22.83

‌

$

58.20

‌

$

63.55

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

0.97

%

(e)

78.44

%

120.05

%

(59.65

)%

(7.06

)%

5.09

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0.40

%

(g)

0.39

%

0.42

%

0.42

%

0.42

%

0.43

%

Net

investment

income

.................

4.70

%

(g)

3.27

%

2.81

%

1.87

%

1.00

%

0.96

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

874,155

‌

$

800,140

‌

$

243,173

‌

$

90,169

‌

$

276,450

‌

$

365,406

‌

Portfolio

turnover

rate

(h)

.................

7

%

17

%

21

%

25

%

12

%

17

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

79

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

.....

$

19.30

‌

$

13.41

‌

$

5.97

‌

$

25.24

‌

$

32.41

‌

$

42.09

‌

Net

investment

income

(a)

.............

0.07

‌

0.07

‌

0.14

‌

0.47

‌

0.34

‌

1.18

(b)

Net

realized

and

unrealized

gain

(loss)

(c)

...

(4.91

)

5.92

‌

7.50

‌

(19.27

)

(7.14

)

(9.61

)

Net

increase

(decrease)

from

investment

operations

.......................

(4.84

)

5.99

‌

7.64

‌

(18.80

)

(6.80

)

(8.43

)

Distributions

from

net

investment

income

(d)

...

(0.07

)

(0.10

)

(0.20

)

(0.47

)

(0.37

)

(1.25

)

Net

asset

value,

end

of

period

..........

$

14.39

‌

$

19.30

‌

$

13.41

‌

$

5.97

‌

$

25.24

‌

$

32.41

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

..............

(25.13

)%

(f)

44.88

%

129.06

%

(75.48

)%

(21.10

)%

(20.19

)%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.....................

0.40

%

(i)

0.39

%

0.41

%

0.42

%

0.42

%

0.43

%

Net

investment

income

................

0.80

%

(i)

0.49

%

1.37

%

2.44

%

1.09

%

3.37

%

(b)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

130,909

‌

$

283,677

‌

$

371,516

‌

$

25,669

‌

$

155,238

‌

$

204,188

‌

Portfolio

turnover

rate

(j)

................

6

%

55

%

71

%

23

%

35

%

25

%

(a)

Based

on

average

shares

outstanding.

(b)

Includes

a

one-time

special

distribution

from

Baker

Hughes

Inc.

Excluding

such

special

distribution,

the

net

investment

income

would

have

been

$0.37

per

share

and

1.05%

of

average

net

assets.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Includes

proceeds

received

from

a

class

action

litigation,

which

impacted

the

Fund’s

total

return.

Not

including

these

proceeds,

the

Fund’s

total

return

would

have

been

(20.37)%

for

the

year

ended

March

31,

2018.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions.

80

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Pharmaceuticals

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

......

$

194.18

‌

$

177.38

‌

$

134.83

‌

$

154.05

‌

$

147.20

‌

$

150.97

‌

Net

investment

income

(a)

..............

1.58

‌

3.06

‌

2.20

‌

2.14

‌

1.73

‌

2.25

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(24.79

)

16.88

‌

42.53

‌

(19.09

)

6.91

‌

(3.75

)

Net

increase

(decrease)

from

investment

operations

........................

(23.21

)

19.94

‌

44.73

‌

(16.95

)

8.64

‌

(1.50

)

Distributions

from

net

investment

income

(c)

....

(1.60

)

(3.14

)

(2.18

)

(2.27

)

(1.79

)

(2.27

)

Net

asset

value,

end

of

period

...........

$

169.37

‌

$

194.18

‌

$

177.38

‌

$

134.83

‌

$

154.05

‌

$

147.20

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(11.99

)%

(e)

11.29

%

33.30

%

(11.06

)%

5.88

%

(1.05

)%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0.40

%

(g)

0.39

%

0.42

%

0.42

%

0.42

%

0.43

%

Net

investment

income

.................

1.68

%

(g)

1.63

%

1.33

%

1.45

%

1.12

%

1.47

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

381,079

‌

$

407,773

‌

$

354,762

‌

$

276,404

‌

$

385,114

‌

$

390,088

‌

Portfolio

turnover

rate

(h)

.................

7

%

20

%

52

%

40

%

51

%

23

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

81

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Real

Estate

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

......

$

108.01

‌

$

91.81

‌

$

69.71

‌

$

86.99

‌

$

75.48

‌

$

78.51

‌

Net

investment

income

(a)

..............

0.93

‌

1.64

‌

1.67

‌

2.16

‌

2.28

‌

2.22

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(26.28

)

16.94

‌

22.49

‌

(16.61

)

11.86

‌

(2.36

)

Net

increase

(decrease)

from

investment

operations

........................

(25.35

)

18.58

‌

24.16

‌

(14.45

)

14.14

‌

(0.14

)

Distributions

from

net

investment

income

(c)

....

(1.24

)

(2.38

)

(2.06

)

(2.83

)

(2.63

)

(2.89

)

Net

asset

value,

end

of

period

...........

$

81.42

‌

$

108.01

‌

$

91.81

‌

$

69.71

‌

$

86.99

‌

$

75.48

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(23.52

)%

(e)

20.27

%

35.02

%

(17.14

)%

19.09

%

(0.29

)%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0.40

%

(g)

0.39

%

0.41

%

0.42

%

0.42

%

0.43

%

Net

investment

income

.................

1.91

%

(g)

1.56

%

2.03

%

2.39

%

2.85

%

2.80

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

3,326,163

‌

$

5,378,867

‌

$

4,687,047

‌

$

3,067,098

‌

$

4,597,605

‌

$

3,596,742

‌

Portfolio

turnover

rate

(h)

.................

4

%

9

%

14

%

8

%

11

%

13

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

82

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Regional

Banks

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

......

$

58.87

‌

$

56.62

‌

$

29.00

‌

$

43.44

‌

$

50.39

‌

$

44.79

‌

Net

investment

income

(a)

..............

0.70

‌

1.34

‌

1.32

‌

1.20

‌

1.01

‌

0.80

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(11.02

)

2.14

‌

27.52

‌

(14.32

)

(6.91

)

5.60

‌

Net

increase

(decrease)

from

investment

operations

........................

(10.32

)

3.48

‌

28.84

‌

(13.12

)

(5.90

)

6.40

‌

Distributions

from

net

investment

income

(c)

....

(0.77

)

(1.23

)

(1.22

)

(1.32

)

(1.05

)

(0.80

)

Net

asset

value,

end

of

period

...........

$

47.78

‌

$

58.87

‌

$

56.62

‌

$

29.00

‌

$

43.44

‌

$

50.39

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(17.58

)%

(e)

6.11

%

101.55

%

(31.09

)%

(11.79

)%

14.42

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0.40

%

(g)

0.39

%

0.41

%

0.42

%

0.42

%

0.43

%

Net

investment

income

.................

2.65

%

(g)

2.19

%

3.26

%

2.60

%

2.08

%

1.68

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

745,379

‌

$

1,386,344

‌

$

673,808

‌

$

197,182

‌

$

519,088

‌

$

902,061

‌

Portfolio

turnover

rate

(h)

.................

3

%

14

%

6

%

5

%

10

%

4

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

83

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

.....

$

29.88

‌

$

32.39

‌

$

24.88

‌

$

29.73

‌

$

27.06

‌

$

32.38

‌

Net

investment

income

(a)

.............

0.28

‌

0.77

‌

0.82

‌

0.71

‌

0.49

‌

0.74

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

(9.04

)

(2.54

)

7.50

‌

(4.80

)

2.71

‌

(5.08

)

Net

increase

(decrease)

from

investment

operations

.......................

(8.76

)

(1.77

)

8.32

‌

(4.09

)

3.20

‌

(4.34

)

Distributions

from

net

investment

income

(c)

...

(0.25

)

(0.74

)

(0.81

)

(0.76

)

(0.53

)

(0.98

)

Net

asset

value,

end

of

period

..........

$

20.87

‌

$

29.88

‌

$

32.39

‌

$

24.88

‌

$

29.73

‌

$

27.06

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

..............

(29.43

)%

(e)

(5.63

)%

33.82

%

(13.99

)%

11.91

%

(13.63

)%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.....................

0.40

%

(g)

0.39

%

0.42

%

0.42

%

0.42

%

0.43

%

Net

investment

income

................

2.12

%

(g)

2.37

%

2.82

%

2.40

%

1.73

%

2.41

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

447,604

‌

$

503,440

‌

$

425,882

‌

$

292,379

‌

$

463,756

‌

$

316,596

‌

Portfolio

turnover

rate

(h)

................

13

%

75

%

40

%

41

%

35

%

86

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

84

2022

iShares

Semi-Annual

Report

to

Shareholders

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

September

30,

2022,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Bank

Overdraft:

The

iShares

U.S.

Aerospace

&

Defense

ETF,

iShares

U.S.

Medical

Devices

ETF

and

iShares

U.S.

Telecommunications

ETF

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

and

utilized their

ability

to

temporarily

borrow

from

that

custodian

for

operational

purposes. Each

fund is obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

iShares

ETF

Diversification

Classification

U.S.

Aerospace

&

Defense

..............................................................................................

Non-diversified

U.S.

Broker-Dealers

&

Securities

Exchanges

..................................................................................

Non-diversified

U.S.

Healthcare

Providers

...............................................................................................

Non-diversified

U.S.

Home

Construction

................................................................................................

Non-diversified

U.S.

Infrastructure

....................................................................................................

Diversified

U.S.

Insurance

......................................................................................................

Non-diversified

U.S.

Medical

Devices

..................................................................................................

Non-diversified

U.S.

Oil

&

Gas

Exploration

&

Production

.....................................................................................

Non-diversified

U.S.

Oil

Equipment

&

Services

............................................................................................

Non-diversified

U.S.

Pharmaceuticals

..................................................................................................

Non-diversified

U.S.

Real

Estate

.....................................................................................................

Diversified

U.S.

Regional

Banks

..................................................................................................

Non-diversified

U.S.

Telecommunications

...............................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

85

Notes

to

Financial

Statements

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments 

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

Notes

to

Financial

Statements

(unaudited)

(continued)

86

2022

iShares

Semi-Annual

Report

to

Shareholders

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Aerospace

&

Defense

BNP

Paribas

SA

.................................................

$

10,472,938‌

$

(10,472,938‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

..............................................

9,246,054‌

(9,246,054‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

19,314‌

(19,314‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

4,629,642‌

(4,629,642‌)

—‌

—‌

HSBC

Bank

PLC

................................................

436,208‌

(436,208‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,914,853‌

(1,914,853‌)

—‌

—‌

Jefferies

LLC

...................................................

966,123‌

(966,123‌)

—‌

—‌

Morgan

Stanley

.................................................

1,889‌

(1,889‌)

—‌

—‌

National

Financial

Services

LLC

......................................

324,641‌

(324,641‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

1,410,960‌

(1,410,960‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

273,562‌

(273,562‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

132,742‌

(132,742‌)

—‌

—‌

UBS

AG

......................................................

13,148,472‌

(13,148,472‌)

—‌

—‌

UBS

Securities

LLC

..............................................

2,414,233‌

(2,414,233‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

257,784‌

(257,784‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

627,506‌

(627,506‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

3,069,413‌

(3,069,413‌)

—‌

—‌

$

49,346,334‌

$

(49,346,334‌)

$

—‌

$

—‌

a

U.S.

Broker-Dealers

&

Securities

Exchanges

UBS

AG

......................................................

5,156,128‌

(5,156,128‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

132,704‌

(132,704‌)

—‌

—‌

$

5,288,832‌

$

(5,288,832‌)

$

—‌

$

—‌

a

U.S.

Healthcare

Providers

Barclays

Bank

PLC

...............................................

1,702,740‌

(1,702,740‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

23,522‌

(23,522‌)

—‌

—‌

BNP

Paribas

SA

.................................................

18,246,552‌

(18,246,552‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

150,527‌

(150,527‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,983,981‌

(1,983,981‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

2,654,602‌

(2,654,602‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

30,350,838‌

(30,350,838‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

11,416,800‌

(11,416,800‌)

—‌

—‌

Morgan

Stanley

.................................................

4,223,547‌

(4,223,547‌)

—‌

—‌

National

Financial

Services

LLC

......................................

159,588‌

(159,588‌)

—‌

—‌

Natixis

S.A.

....................................................

246,185‌

(246,185‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

253,820‌

(253,820‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

3,419,754‌

(3,419,754‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

345,335‌

(345,335‌)

—‌

—‌

UBS

AG

......................................................

5,183,661‌

(5,183,661‌)

—‌

—‌

UBS

Securities

LLC

..............................................

458,133‌

(458,133‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

69,506‌

(69,506‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

486,017‌

(486,017‌)

—‌

—‌

$

81,375,108‌

$

(81,375,108‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

87

Notes

to

Financial

Statements

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Home

Construction

BNP

Paribas

SA

.................................................

$

3,090,165‌

$

(3,090,165‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

..............................................

13,221,648‌

(13,221,648‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

24,682,057‌

(24,682,057‌)

—‌

—‌

Jefferies

LLC

...................................................

162,282‌

(162,282‌)

—‌

—‌

Morgan

Stanley

.................................................

541,728‌

(541,728‌)

—‌

—‌

Natixis

S.A.

....................................................

3,240,684‌

(3,240,684‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

9,045,296‌

(9,045,296‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

10,744,879‌

(10,744,879‌)

—‌

—‌

UBS

AG

......................................................

489,997‌

(489,997‌)

—‌

—‌

UBS

Securities

LLC

..............................................

111,936‌

(111,936‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

184,275‌

(184,275‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

138,600‌

(138,600‌)

—‌

—‌

$

65,653,547‌

$

(65,653,547‌)

$

—‌

$

—‌

a

U.S.

Infrastructure

Barclays

Capital,

Inc.

.............................................

1,844,689‌

(1,844,689‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,132,856‌

(1,132,856‌)

—‌

—‌

HSBC

Bank

PLC

................................................

424,714‌

(424,714‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

8,748,352‌

(8,748,352‌)

—‌

—‌

Jefferies

LLC

...................................................

462,500‌

(462,500‌)

—‌

—‌

Morgan

Stanley

.................................................

8,699,332‌

(8,699,332‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

107,448‌

(107,448‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

389,487‌

(389,487‌)

—‌

—‌

UBS

AG

......................................................

1,033,937‌

(1,033,937‌)

—‌

—‌

UBS

Securities

LLC

..............................................

419,230‌

(419,230‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

232,299‌

(232,299‌)

—‌

—‌

$

23,494,844‌

$

(23,494,844‌)

$

—‌

$

—‌

a

U.S.

Insurance

Citigroup

Global

Markets,

Inc.

........................................

69,343‌

(69,343‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,976,311‌

(2,976,311‌)

—‌

—‌

Morgan

Stanley

.................................................

7,072‌

(7,072‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

280,962‌

(280,962‌)

—‌

—‌

$

3,333,688‌

$

(3,333,688‌)

$

—‌

$

—‌

a

U.S.

Medical

Devices

Barclays

Bank

PLC

...............................................

305,303‌

(305,303‌)

—‌

—‌

BNP

Paribas

SA

.................................................

29,235,999‌

(29,235,999‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

17,536,532‌

(17,536,532‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

42,317,161‌

(42,317,161‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

49,132‌

(49,132‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

9,951,069‌

(9,951,069‌)

—‌

—‌

HSBC

Bank

PLC

................................................

165,601‌

(165,601‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

45,088,331‌

(45,088,331‌)

—‌

—‌

Jefferies

LLC

...................................................

1,325,192‌

(1,325,192‌)

—‌

—‌

Morgan

Stanley

.................................................

5,207,716‌

(5,207,716‌)

—‌

—‌

National

Financial

Services

LLC

......................................

7,442,810‌

(7,442,810‌)

—‌

—‌

Natixis

S.A.

....................................................

182,908‌

(182,908‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

1,258,312‌

(1,258,312‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

1,359,946‌

(1,359,946‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

169,134‌

(169,134‌)

—‌

—‌

UBS

AG

......................................................

10,780,766‌

(10,780,766‌)

—‌

—‌

UBS

Securities

LLC

..............................................

127,028‌

(127,028‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

319,266‌

(319,266‌)

—‌

—‌

$

172,822,206‌

$

(172,822,206‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

88

2022

iShares

Semi-Annual

Report

to

Shareholders

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Oil

&

Gas

Exploration

&

Production

Barclays

Bank

PLC

...............................................

$

286,083‌

$

(286,083‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

..............................................

1,655,896‌

(1,655,896‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

551,377‌

(550,222‌)

—‌

1,155‌

J.P.

Morgan

Securities

LLC

.........................................

2,707,950‌

(2,707,950‌)

—‌

—‌

Natixis

S.A.

....................................................

73,134‌

(73,134‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

1,247,337‌

(1,247,337‌)

—‌

—‌

UBS

AG

......................................................

5,035,338‌

(5,035,338‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

218,973‌

(218,973‌)

—‌

—‌

$

11,776,088‌

$

(11,774,933‌)

$

—‌

$

1,155‌

a

U.S.

Oil

Equipment

&

Services

BNP

Paribas

SA

.................................................

1,084,795‌

(1,084,795‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

432,327‌

(432,327‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

379,764‌

(379,764‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,083,760‌

(1,083,760‌)

—‌

—‌

Morgan

Stanley

.................................................

3,175,845‌

(3,175,845‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

146,820‌

(146,820‌)

—‌

—‌

UBS

AG

......................................................

13,097‌

(13,097‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

373,926‌

(373,926‌)

—‌

—‌

$

6,690,334‌

$

(6,690,334‌)

$

—‌

$

—‌

a

U.S.

Pharmaceuticals

Barclays

Bank

PLC

...............................................

512,379‌

(512,379‌)

—‌

—‌

BNP

Paribas

SA

.................................................

1,754,892‌

(1,713,555‌)

—‌

41,337‌

Citigroup

Global

Markets,

Inc.

........................................

363,834‌

(363,834‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

8,232,259‌

(8,232,259‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

132,318‌

(132,318‌)

—‌

—‌

Jefferies

LLC

...................................................

1,689,647‌

(1,689,647‌)

—‌

—‌

Morgan

Stanley

.................................................

1,177,198‌

(1,177,198‌)

—‌

—‌

National

Financial

Services

LLC

......................................

282,040‌

(282,040‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

8,898‌

(8,898‌)

—‌

—‌

UBS

AG

......................................................

599,616‌

(599,616‌)

—‌

—‌

UBS

Securities

LLC

..............................................

202,974‌

(202,235‌)

—‌

739‌

Wells

Fargo

Securities

LLC

.........................................

79,458‌

(79,458‌)

—‌

—‌

$

15,035,513‌

$

(14,993,437‌)

$

—‌

$

42,076‌

a

U.S.

Real

Estate

BNP

Paribas

SA

.................................................

15,452,491‌

(15,452,491‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

62,685‌

(62,685‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,023,436‌

(1,023,436‌)

—‌

—‌

Morgan

Stanley

.................................................

18,500‌

(18,500‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

7,865‌

(7,865‌)

—‌

—‌

UBS

AG

......................................................

3,548‌

(3,548‌)

—‌

—‌

$

16,568,525‌

$

(16,568,525‌)

$

—‌

$

—‌

a

U.S.

Regional

Banks

Goldman

Sachs

&

Co.

LLC

.........................................

13,229,732‌

(13,229,732‌)

—‌

—‌

Morgan

Stanley

.................................................

1,630,324‌

(1,630,324‌)

—‌

—‌

$

14,860,056‌

$

(14,860,056‌)

$

—‌

$

—‌

a

U.S.

Telecommunications

BNP

Paribas

SA

.................................................

10,812,488‌

(10,812,488‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

4,334,701‌

(4,334,701‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

11,819,262‌

(11,819,262‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,201,447‌

(1,201,447‌)

—‌

—‌

Morgan

Stanley

.................................................

3,954,896‌

(3,954,896‌)

—‌

—‌

$

32,122,794‌

$

(32,122,794‌)

$

—‌

$

—‌

a

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statement

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

September

30,

2022.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

a

counterparty.

Notes

to

Financial

Statements

(unaudited)

(

continued)

89

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

the

following

Fund,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

its

investment

advisory

services

to

each

Fund,

except

for

the

iShares

U.S.

Infrastructure

ETF,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. Each

Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to

April

11,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

iShares

ETF

Investment

Advisory

Fees

U.S.

Infrastructure

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3400

Over

$40

billion,

up

to

and

including

$50

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3300

Over

$50

billion,

up

to

and

including

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3100

Over

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2945

Notes

to

Financial

Statements

(unaudited)

(continued)

90

2022

iShares

Semi-Annual

Report

to

Shareholders

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended September

30,

2022,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or

trustees

of

the

Trust

are

officers

and/or trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

September

30,

2022,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

iShares

ETF

Amounts

U.S.

Aerospace

&

Defense

.............................................................................................

$

68,615

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

.................................................................................

379

‌

U.S.

Healthcare

Providers

..............................................................................................

34,601

‌

U.S.

Home

Construction

...............................................................................................

19,060

‌

U.S.

Infrastructure

...................................................................................................

192,056

‌

U.S.

Insurance

.....................................................................................................

5,223

‌

U.S.

Medical

Devices

.................................................................................................

121,729

‌

U.S.

Oil

&

Gas

Exploration

&

Production

....................................................................................

3,779

‌

U.S.

Oil

Equipment

&

Services

...........................................................................................

3,716

‌

U.S.

Pharmaceuticals

.................................................................................................

50,447

‌

U.S.

Real

Estate

....................................................................................................

23,643

‌

U.S.

Regional

Banks

.................................................................................................

2,735

‌

U.S.

Telecommunications

..............................................................................................

14,804

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

U.S.

Aerospace

&

Defense

.........................................................

$

13,873,131

‌

$

16,411,909

‌

$

(3,601,662

)

U.S.

Broker-Dealers

&

Securities

Exchanges

.............................................

8,577,318

‌

26,903,387

‌

(9,245,636

)

U.S.

Healthcare

Providers

..........................................................

28,096,134

‌

37,058,206

‌

(3,133,923

)

U.S.

Home

Construction

...........................................................

27,315,912

‌

2,998,271

‌

(1,549,367

)

U.S.

Infrastructure

...............................................................

14,852,223

‌

27,123,452

‌

(3,180,146

)

U.S.

Insurance

.................................................................

3,112,455

‌

165,386

‌

(32,606

)

U.S.

Medical

Devices

.............................................................

25,350,484

‌

91,200,607

‌

(42,783,460

)

U.S.

Oil

&

Gas

Exploration

&

Production

................................................

10,406,949

‌

12,947,499

‌

(611,502

)

U.S.

Oil

Equipment

&

Services

.......................................................

815,019

‌

8,679,053

‌

(2,721,556

)

U.S.

Pharmaceuticals

.............................................................

5,733,688

‌

11,360,507

‌

(2,178,533

)

U.S.

Real

Estate

................................................................

5,544,327

‌

50,318,388

‌

(28,421,258

)

U.S.

Regional

Banks

.............................................................

2,496,335

‌

6,771,841

‌

(3,887,572

)

U.S.

Telecommunications

..........................................................

16,034,652

‌

37,420,990

‌

(12,446,395

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

91

Notes

to

Financial

Statements

7.

Purchases

and

Sales

For

the six

months

ended

September

30,

2022,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months

ended

September

30,

2022,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of March

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

iShares

ETF

Purchases

Sales

U.S.

Aerospace

&

Defense

...........................................................................

$

128,449,277

‌

$

128,620,638

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...............................................................

76,962,984

‌

77,058,813

‌

U.S.

Healthcare

Providers

............................................................................

100,382,523

‌

96,738,319

‌

U.S.

Home

Construction

.............................................................................

50,976,487

‌

50,698,785

‌

U.S.

Infrastructure

.................................................................................

200,513,970

‌

183,779,498

‌

U.S.

Insurance

...................................................................................

19,942,763

‌

17,464,153

‌

U.S.

Medical

Devices

...............................................................................

250,072,347

‌

260,109,022

‌

U.S.

Oil

&

Gas

Exploration

&

Production

..................................................................

67,893,307

‌

64,804,968

‌

U.S.

Oil

Equipment

&

Services

.........................................................................

15,561,493

‌

16,167,676

‌

U.S.

Pharmaceuticals

...............................................................................

27,312,716

‌

27,271,662

‌

U.S.

Real

Estate

..................................................................................

206,058,593

‌

193,877,446

‌

U.S.

Regional

Banks

...............................................................................

31,136,452

‌

32,132,867

‌

U.S.

Telecommunications

............................................................................

51,860,617

‌

52,513,806

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

U.S.

Aerospace

&

Defense

...........................................................................

$

1,031,303,775

‌

$

596,419,859

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...............................................................

104,420,345

‌

119,759,860

‌

U.S.

Healthcare

Providers

............................................................................

696,809,365

‌

358,755,511

‌

U.S.

Home

Construction

.............................................................................

2,053,264,626

‌

2,436,124,377

‌

U.S.

Infrastructure

.................................................................................

1,075,355,009

‌

234,754,322

‌

U.S.

Insurance

...................................................................................

263,087,729

‌

94,658,081

‌

U.S.

Medical

Devices

...............................................................................

564,327,634

‌

1,054,738,778

‌

U.S.

Oil

&

Gas

Exploration

&

Production

..................................................................

333,519,806

‌

217,557,803

‌

U.S.

Oil

Equipment

&

Services

.........................................................................

147,452,705

‌

213,381,888

‌

U.S.

Pharmaceuticals

...............................................................................

76,682,871

‌

44,904,280

‌

U.S.

Real

Estate

..................................................................................

6,612,611,249

‌

7,419,029,509

‌

U.S.

Regional

Banks

...............................................................................

32,088,791

‌

460,644,222

‌

U.S.

Telecommunications

............................................................................

791,199,091

‌

711,614,180

‌

iShares

ETF

Amounts

U.S.

Aerospace

&

Defense

.............................................................................................

$

881,214,186

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

.................................................................................

52,873,436

‌

U.S.

Healthcare

Providers

..............................................................................................

109,949,047

‌

U.S.

Home

Construction

...............................................................................................

161,538,130

‌

U.S.

Infrastructure

...................................................................................................

14,434,506

‌

U.S.

Insurance

.....................................................................................................

3,273,055

‌

U.S.

Medical

Devices

.................................................................................................

95,981,976

‌

U.S.

Oil

&

Gas

Exploration

&

Production

....................................................................................

213,062,102

‌

U.S.

Oil

Equipment

&

Services

...........................................................................................

290,293,620

‌

U.S.

Pharmaceuticals

.................................................................................................

186,461,269

‌

U.S.

Real

Estate

....................................................................................................

328,765,783

‌

U.S.

Regional

Banks

.................................................................................................

29,318,265

‌

U.S.

Telecommunications

..............................................................................................

242,235,368

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

92

2022

iShares

Semi-Annual

Report

to

Shareholders

As

of

September

30,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

U.S.

Aerospace

&

Defense

.......................................

$

3,888,587,723

‌

$

82,136,002

‌

$

(514,523,105

)

$

(432,387,103

)

U.S.

Broker-Dealers

&

Securities

Exchanges

...........................

556,751,446

‌

8,037,338

‌

(90,780,791

)

(82,743,453

)

U.S.

Healthcare

Providers

........................................

1,675,323,507

‌

118,104,551

‌

(199,570,243

)

(81,465,692

)

U.S.

Home

Construction

.........................................

1,809,553,737

‌

17,858

‌

(563,902,169

)

(563,884,311

)

U.S.

Infrastructure

.............................................

1,730,296,970

‌

28,822,365

‌

(248,698,244

)

(219,875,879

)

U.S.

Insurance

...............................................

352,531,359

‌

1,774,987

‌

(43,544,724

)

(41,769,737

)

U.S.

Medical

Devices

...........................................

6,791,125,997

‌

125,694,933

‌

(949,216,309

)

(823,521,376

)

U.S.

Oil

&

Gas

Exploration

&

Production

..............................

849,320,708

‌

66,218,311

‌

(32,791,858

)

33,426,453

‌

U.S.

Oil

Equipment

&

Services

.....................................

182,791,838

‌

653,644

‌

(45,704,711

)

(45,051,067

)

U.S.

Pharmaceuticals

...........................................

413,738,256

‌

31,545,689

‌

(49,089,644

)

(17,543,955

)

U.S.

Real

Estate

..............................................

4,857,179,129

‌

12,115

‌

(1,525,244,108

)

(1,525,231,993

)

U.S.

Regional

Banks

...........................................

960,571,049

‌

8,352,149

‌

(210,707,458

)

(202,355,309

)

U.S.

Telecommunications

........................................

665,150,265

‌

9,705

‌

(183,606,226

)

(183,596,521

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

93

Notes

to

Financial

Statements

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Six

Months

Ended

09/30/22

‌

Year

Ended

03/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

U.S.

Aerospace

&

Defense

Shares

sold

..............................................

10,000,000

‌

$

1,033,068,676

‌

11,950,000

‌

$

1,295,868,298

‌

Shares

redeemed

..........................................

(5,950,000

)

(597,534,018

)

(7,250,000

)

(761,119,382

)

4,050,000

‌

$

435,534,658

‌

4,700,000

‌

$

534,748,916

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

Shares

sold

..............................................

1,100,000

‌

$

105,024,637

‌

8,250,000

‌

$

850,130,332

‌

Shares

redeemed

..........................................

(1,350,000

)

(120,179,646

)

(6,950,000

)

(721,494,986

)

(250,000

)

$

(15,155,009

)

1,300,000

‌

$

128,635,346

‌

U.S.

Healthcare

Providers

Shares

sold

..............................................

2,550,000

‌

$

697,797,826

‌

2,150,000

‌

$

574,705,197

‌

Shares

redeemed

..........................................

(1,350,000

)

(359,293,957

)

(2,000,000

)

(531,125,750

)

1,200,000

‌

$

338,503,869

‌

150,000

‌

$

43,579,447

‌

U.S.

Home

Construction

Shares

sold

..............................................

35,850,000

‌

$

2,056,980,619

‌

74,150,000

‌

$

5,270,161,088

‌

Shares

redeemed

..........................................

(42,950,000

)

(2,440,345,386

)

(83,350,000

)

(5,831,575,507

)

(7,100,000

)

$

(383,364,767

)

(9,200,000

)

$

(561,414,419

)

U.S.

Infrastructure

Shares

sold

..............................................

30,000,000

‌

$

1,099,285,590

‌

19,100,000

‌

$

699,201,177

‌

Shares

redeemed

..........................................

(6,800,000

)

(240,112,826

)

(6,700,000

)

(246,703,534

)

23,200,000

‌

$

859,172,764

‌

12,400,000

‌

$

452,497,643

‌

U.S.

Insurance

Shares

sold

..............................................

3,000,000

‌

$

267,579,738

‌

1,650,000

‌

$

141,976,398

‌

Shares

redeemed

..........................................

(1,150,000

)

(96,230,046

)

(750,000

)

(62,498,673

)

1,850,000

‌

$

171,349,692

‌

900,000

‌

$

79,477,725

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

94

2022

iShares

Semi-Annual

Report

to

Shareholders

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

09/30/22

‌

Year

Ended

03/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

U.S.

Medical

Devices

Shares

sold

..............................................

10,450,000

‌

$

565,276,088

‌

43,050,000

(a)

$

2,720,563,100

‌

Shares

redeemed

..........................................

(20,050,000

)

(1,056,594,136

)

(59,600,000

)

(a)

(3,595,291,144

)

(9,600,000

)

$

(491,318,048

)

(16,550,000

)

$

(874,728,044

)

U.S.

Oil

&

Gas

Exploration

&

Production

Shares

sold

..............................................

3,750,000

‌

$

347,387,420

‌

9,350,000

‌

$

609,032,867

‌

Shares

redeemed

..........................................

(2,750,000

)

(224,936,251

)

(4,850,000

)

(274,473,880

)

1,000,000

‌

$

122,451,169

‌

4,500,000

‌

$

334,558,987

‌

U.S.

Oil

Equipment

&

Services

Shares

sold

..............................................

7,950,000

‌

$

147,613,751

‌

10,850,000

‌

$

174,454,955

‌

Shares

redeemed

..........................................

(13,550,000

)

(213,802,223

)

(23,850,000

)

(319,293,801

)

(5,600,000

)

$

(66,188,472

)

(13,000,000

)

$

(144,838,846

)

U.S.

Pharmaceuticals

Shares

sold

..............................................

400,000

‌

$

76,906,986

‌

400,000

‌

$

76,808,781

‌

Shares

redeemed

..........................................

(250,000

)

(45,010,365

)

(300,000

)

(57,100,571

)

150,000

‌

$

31,896,621

‌

100,000

‌

$

19,708,210

‌

U.S.

Real

Estate

Shares

sold

..............................................

68,500,000

‌

$

6,634,147,716

‌

274,950,000

‌

$

28,372,671,995

‌

Shares

redeemed

..........................................

(77,450,000

)

(7,449,793,661

)

(225,150,000

)

(23,255,569,795

)

(8,950,000

)

$

(815,645,945

)

49,800,000

‌

$

5,117,102,200

‌

U.S.

Regional

Banks

Shares

sold

..............................................

600,000

‌

$

32,303,615

‌

16,600,000

‌

$

999,516,077

‌

Shares

redeemed

..........................................

(8,550,000

)

(462,036,896

)

(4,950,000

)

(303,184,875

)

(7,950,000

)

$

(429,733,281

)

11,650,000

‌

$

696,331,202

‌

U.S.

Telecommunications

Shares

sold

..............................................

31,900,000

‌

$

792,528,737

‌

32,050,000

‌

$

993,515,548

‌

Shares

redeemed

..........................................

(27,300,000

)

(713,341,509

)

(28,350,000

)

(887,232,464

)

4,600,000

‌

$

79,187,228

‌

3,700,000

‌

$

106,283,084

‌

(a)

Share

transactions

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

July

16,

2021.

Board

Review

and

Approval

of

Investment

Advisory

Contract

95

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF,

iShares

U.S.

Oil

Equipment

&

Services

ETF,

iShares

U.S.

Telecommunications

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year

.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

96

2022

iShares

Semi-Annual

Report

to

Shareholders

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

U.S.

Aerospace

&

Defense

ETF,

iShares

U.S.

Healthcare

Providers

ETF,

iShares

U.S.

Medical

Devices

ETF,

iShares

U.S.

Pharmaceuticals

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

97

Board

Review

and

Approval

of

Investment

Advisory

Contract

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

te

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

98

2022

iShares

Semi-Annual

Report

to

Shareholders

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year

.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

i

Shares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF,

iShares

U.S.

Home

Construction

ETF,

iShares

U.S.

Insurance

ETF,

iShares

U.S.

Real

Estate

ETF,

iShares

U.S.

Regional

Banks

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

99

Board

Review

and

Approval

of

Investment

Advisory

Contract

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

100

2022

iShares

Semi-Annual

Report

to

Shareholders

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

U.S.

Infrastructure

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

101

Board

Review

and

Approval

of

Investment

Advisory

Contract

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

102

2022

iShares

Semi-Annual

Report

to

Shareholders

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

103

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

September

30,

2022

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

U.S.

Infrastructure

(a)

.................

$

0.315560

‌

$

—

‌

$

0.003347

‌

$

0.318907

‌

99

%

—

%

1

%

100

%

U.S.

Real

Estate

(a)

..................

1.234421

‌

—

‌

0.003101

‌

1.237522

‌

100

—

0

(b)

100

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

(b)

Rounds

to

less

than

1%.

General

Information

104

2022

iShares

Semi-Annual

Report

to

Shareholders

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

.

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the Trust’s

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

105

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

NVS

Non-Voting

Shares

iS-SAR-311-0922

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

FTSE

Russell,

ICE

Data

Indices,

LLC

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

September

30,

2022

iShares

Trust

iShares

Russell

1000

ETF

|

IWB

|

NYSE

Arca

iShares

Russell

1000

Growth

ETF

|

IWF

|

NYSE

Arca

iShares

Russell

1000

Value

ETF

|

IWD

|

NYSE

Arca

2022

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

The

12-month

reporting

period

as

of

September

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

steeper.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

proving

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Total

Returns

as

of

September

30,

2022

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(20.20

)%

(15.47

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(19.01

)

(23.50

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(22.51

)

(25.13

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(21.70

)

(28.11

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.58

0.63

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(10.81

)

(16.20

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(9.22

)

(14.60

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(6.30

)

(11.50

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(10.42

)

(14.15

)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

7

Disclosure

of

Expenses

...................................................................................................

7

Schedules

of

Investments

.................................................................................................

8

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

38

Statements

of

Operations

................................................................................................

39

Statements

of

Changes

in

Net

Assets

........................................................................................

40

Financial

Highlights

.....................................................................................................

42

Notes

to

Financial

Statements

...............................................................................................

45

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

53

Supplemental

Information

.................................................................................................

55

General

Information

.....................................................................................................

56

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

57

iShares

®

Russell

1000

ETF

4

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

Russell

1000

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities,

as

represented

by

the

Russell

1000

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(20.56

)

%

(17.33

)

%

8.85

%

11.46

%

(17.33

)

%

52.82

%

195.89

%

Fund

Market

................

(20.48

)

(17.23

)

8.88

11.48

–

%

(17.23

)

53.04

196.40

Index

.....................

(20.51

)

(17.22

)

9.00

11.60

(17.22

)

53.86

199.77

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

794.40

‌

$

0.67

‌

$

1,000.00

‌

$

1,024.32

‌

$

0.76

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

26.0‌

%

Health

Care

...................................

14.7‌

Consumer

Discretionary

...........................

11.6‌

Financials

.....................................

11.4‌

Industrials

.....................................

8.6‌

Communication

Services

...........................

7.8‌

Consumer

Staples

...............................

6.4‌

Energy

.......................................

4.6‌

Real

Estate

....................................

3.2‌

Utilities

.......................................

3.0‌

Materials

.....................................

2.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

....................................

6.3‌

%

Microsoft

Corp.

.................................

5.2‌

Amazon.com,

Inc.

...............................

3.0‌

Tesla,

Inc.

.....................................

2.0‌

Alphabet,

Inc.,

Class

A

............................

1.7‌

Alphabet,

Inc.,

Class

C,

NVS

........................

1.6‌

Berkshire

Hathaway,

Inc.,

Class

B

....................

1.4‌

UnitedHealth

Group,

Inc.

...........................

1.4‌

Johnson

&

Johnson

..............................

1.3‌

Exxon

Mobil

Corp.

...............................

1.1‌

aaa

aa

iShares

®

Russell

1000

Growth

ETF

5

Fund

Summary

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

Russell

1000

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Russell

1000

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(23.84

)

%

(22.73

)

%

11.95

%

13.49

%

(22.73

)

%

75.85

%

254.39

%

Fund

Market

................

(23.88

)

(22.67

)

11.97

13.50

–

%

(22.67

)

75.97

254.73

Index

.....................

(23.77

)

(22.59

)

12.17

13.70

(22.59

)

77.54

261.10

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

761.60

‌

$

0.84

‌

$

1,000.00

‌

$

1,024.12

‌

$

0.96

‌

0.19

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

42.7‌

%

Consumer

Discretionary

...........................

17.0‌

Health

Care

...................................

12.2‌

Communication

Services

...........................

7.6‌

Industrials

.....................................

7.2‌

Consumer

Staples

...............................

5.7‌

Financials

.....................................

3.0‌

Real

Estate

....................................

1.6‌

Energy

.......................................

1.6‌

Materials

.....................................

1.4‌

Utilities

.......................................

0.0‌

(b)

a

a

(a)

Excludes

money

market

funds.

(b)

Rounds

to

less

than

0.1%.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

....................................

12.5‌

%

Microsoft

Corp.

.................................

10.3‌

Amazon.com,

Inc.

...............................

5.9‌

Tesla,

Inc.

.....................................

4.0‌

Alphabet,

Inc.,

Class

A

............................

2.9‌

Alphabet,

Inc.,

Class

C,

NVS

........................

2.7‌

UnitedHealth

Group,

Inc.

...........................

2.5‌

Visa,

Inc.,

Class

A

...............................

1.7‌

NVIDIA

Corp.

..................................

1.7‌

Mastercard,

Inc.,

Class

A

...........................

1.5‌

      aaa

aa

iShares

®

Russell

1000

Value

ETF

6

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

Russell

1000

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

Russell

1000

®

Value

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

..................

(17.21

)

%

(11.54

)

%

5.12

%

8.98

%

(11.54

)

%

28.34

%

136.24

%

Fund

Market

................

(17.17

)

(11.40

)

5.14

8.99

–

%

(11.40

)

28.49

136.60

Index

.....................

(17.14

)

(11.36

)

5.29

9.17

(11.36

)

29.38

140.50

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

827.90

‌

$

0.87

‌

$

1,000.00

‌

$

1,024.12

‌

$

0.96

‌

0.19

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Financials

.....................................

20.0‌

%

Health

Care

...................................

17.3‌

Industrials

.....................................

10.0‌

Information

Technology

............................

8.8‌

Communication

Services

...........................

8.0‌

Energy

.......................................

7.8‌

Consumer

Staples

...............................

7.2‌

Consumer

Discretionary

...........................

6.0‌

Utilities

.......................................

6.0‌

Real

Estate

....................................

4.8‌

Materials

.....................................

4.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Berkshire

Hathaway,

Inc.,

Class

B

....................

2.9‌

%

Johnson

&

Johnson

..............................

2.6‌

Exxon

Mobil

Corp.

...............................

2.2‌

JPMorgan

Chase

&

Co.

...........................

1.8‌

Chevron

Corp.

..................................

1.7‌

Pfizer,

Inc.

....................................

1.5‌

Meta

Platforms,

Inc.,

Class

A

........................

1.5‌

Bank

of

America

Corp.

............................

1.3‌

Walmart,

Inc.

...................................

1.1‌

Thermo

Fisher

Scientific,

Inc.

........................

1.1‌

aaa

aa

About

Fund

Performance

7

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

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.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.6

%

Axon

Enterprise,

Inc.

(a)

...................

49,671

$

5,749,418

Boeing

Co.

(The)

(a)

(b)

.....................

404,322

48,955,308

BWX

Technologies,

Inc.

..................

62,687

3,157,544

Curtiss-Wright

Corp.

.....................

29,625

4,122,615

General

Dynamics

Corp.

..................

179,084

37,996,252

HEICO

Corp.

.........................

32,899

4,736,798

HEICO

Corp.

,

Class

A

....................

57,085

6,543,083

Hexcel

Corp.

..........................

62,474

3,231,155

Howmet

Aerospace,

Inc.

..................

281,638

8,711,063

Huntington

Ingalls

Industries,

Inc.

............

29,097

6,444,986

L3Harris

Technologies,

Inc.

(b)

...............

141,726

29,454,915

Lockheed

Martin

Corp.

...................

175,139

67,654,444

Mercury

Systems,

Inc.

(a)

..................

41,545

1,686,727

Northrop

Grumman

Corp.

.................

107,904

50,749,409

Raytheon

Technologies

Corp.

..............

1,097,221

89,818,511

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

......

81,224

1,780,430

Textron,

Inc.

(b)

.........................

153,848

8,963,185

TransDigm

Group,

Inc.

...................

38,020

19,953,656

Woodward,

Inc.

........................

46,040

3,695,171

403,404,670

a

Air

Freight

&

Logistics

 — 

0

.6

%

CH

Robinson

Worldwide,

Inc.

..............

89,874

8,655,765

Expeditors

International

of

Washington,

Inc.

.....

120,417

10,634,026

FedEx

Corp.

..........................

178,185

26,455,127

GXO

Logistics,

Inc.

(a)

(b)

...................

77,737

2,725,459

United

Parcel

Service,

Inc.

,

Class

B

..........

542,406

87,620,265

136,090,642

a

Airlines

 — 

0

.2

%

Alaska

Air

Group,

Inc.

(a)

...................

90,041

3,525,105

American

Airlines

Group,

Inc.

(a)

(b)

............

476,176

5,733,159

Copa

Holdings

SA

,

Class

A

,

NVS

(a)

(b)

..........

19,411

1,300,731

Delta

Air

Lines,

Inc.

(a)

....................

479,655

13,459,119

JetBlue

Airways

Corp.

(a)

..................

231,399

1,534,176

Southwest

Airlines

Co.

(a)

..................

436,112

13,449,694

United

Airlines

Holdings,

Inc.

(a)

(b)

.............

239,627

7,795,066

46,797,050

a

Auto

Components

 — 

0

.1

%

Aptiv

PLC

(a)

...........................

200,328

15,667,653

BorgWarner,

Inc.

.......................

167,960

5,273,944

Gentex

Corp.

.........................

164,773

3,928,188

Lear

Corp.

...........................

45,242

5,415,015

QuantumScape

Corp.

(a)

(b)

.................

204,242

1,717,675

32,002,475

a

Automobiles

 — 

2

.4

%

Ford

Motor

Co.

........................

2,903,854

32,523,165

General

Motors

Co.

.....................

1,071,611

34,387,997

Harley-Davidson,

Inc.

....................

98,994

3,452,911

Lucid

Group,

Inc.

(a)

(b)

.....................

407,692

5,695,457

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

...........

384,387

12,650,176

Tesla,

Inc.

(a)

...........................

1,876,985

497,870,271

Thor

Industries,

Inc.

.....................

41,035

2,871,629

589,451,606

a

Banks

 — 

3

.7

%

Bank

of

America

Corp.

...................

5,182,326

156,506,245

Bank

of

Hawaii

Corp.

....................

28,326

2,156,175

Bank

OZK

...........................

82,770

3,274,381

BOK

Financial

Corp.

.....................

19,053

1,693,050

Citigroup,

Inc.

.........................

1,428,291

59,516,886

Citizens

Financial

Group,

Inc.

..............

362,600

12,458,936

Security

Shares

Value

a

Banks

(continued)

Comerica,

Inc.

.........................

97,999

$

6,967,729

Commerce

Bancshares,

Inc.

...............

83,779

5,542,819

Cullen/Frost

Bankers,

Inc.

.................

42,186

5,577,833

East

West

Bancorp,

Inc.

..................

101,260

6,798,596

Fifth

Third

Bancorp

.....................

509,321

16,277,899

First

Citizens

BancShares,

Inc.

,

Class

A

(b)

......

8,976

7,157,732

First

Hawaiian,

Inc.

.....................

84,896

2,090,988

First

Horizon

Corp.

......................

391,964

8,975,976

First

Republic

Bank

.....................

134,621

17,574,771

FNB

Corp.

...........................

254,762

2,955,239

Huntington

Bancshares,

Inc.

...............

1,062,867

14,008,587

JPMorgan

Chase

&

Co.

..................

2,152,234

224,908,453

KeyCorp

.............................

692,566

11,094,907

M&T

Bank

Corp.

.......................

129,506

22,834,498

PacWest

Bancorp

......................

85,951

1,942,493

Pinnacle

Financial

Partners,

Inc.

.............

54,970

4,458,067

PNC

Financial

Services

Group,

Inc.

(The)

......

304,174

45,449,679

Popular,

Inc.

..........................

51,691

3,724,853

Prosperity

Bancshares,

Inc.

................

64,706

4,314,596

Regions

Financial

Corp.

..................

688,161

13,811,391

Signature

Bank

........................

45,425

6,859,175

SVB

Financial

Group

(a)

...................

43,919

14,747,122

Synovus

Financial

Corp.

..................

106,573

3,997,553

Truist

Financial

Corp.

....................

979,341

42,640,507

U.S.

Bancorp

.........................

994,468

40,096,950

Umpqua

Holdings

Corp.

..................

168,105

2,872,914

Webster

Financial

Corp.

..................

128,303

5,799,296

Wells

Fargo

&

Co.

......................

2,798,345

112,549,436

Western

Alliance

Bancorp

.................

79,517

5,227,448

Wintrust

Financial

Corp.

..................

44,198

3,604,347

Zions

Bancorp

NA

......................

109,888

5,588,904

906,056,431

a

Beverages

 — 

1

.7

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

(b)

....

6,964

2,253,899

Brown-Forman

Corp.

,

Class

A

(b)

.............

33,850

2,286,906

Brown-Forman

Corp.

,

Class

B

,

NVS

..........

135,793

9,039,740

Coca-Cola

Co.

(The)

....................

2,881,016

161,394,516

Constellation

Brands,

Inc.

,

Class

A

...........

111,849

25,689,478

Keurig

Dr

Pepper,

Inc.

...................

632,263

22,647,661

Molson

Coors

Beverage

Co.

,

Class

B

.........

131,490

6,310,205

Monster

Beverage

Corp.

(a)

.................

275,014

23,915,217

PepsiCo,

Inc.

.........................

1,020,056

166,534,343

420,071,965

a

Biotechnology

 — 

2

.4

%

AbbVie,

Inc.

..........................

1,304,066

175,018,698

Alnylam

Pharmaceuticals,

Inc.

(a)

.............

88,937

17,801,630

Amgen,

Inc.

..........................

394,000

88,807,600

Biogen,

Inc.

(a)

.........................

107,385

28,671,795

BioMarin

Pharmaceutical,

Inc.

(a)

.............

136,009

11,529,483

Exact

Sciences

Corp.

(a)

(b)

..................

128,779

4,184,030

Exelixis,

Inc.

(a)

.........................

225,059

3,528,925

Gilead

Sciences,

Inc.

....................

926,212

57,138,018

Horizon

Therapeutics

PLC

(a)

...............

165,418

10,237,720

Incyte

Corp.

(a)

(b)

........................

134,477

8,961,547

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

..............

101,815

4,503,278

Mirati

Therapeutics,

Inc.

(a)

(b)

................

31,558

2,204,011

Moderna,

Inc.

(a)

(b)

.......................

250,371

29,606,371

Natera,

Inc.

(a)

.........................

66,918

2,932,347

Neurocrine

Biosciences,

Inc.

(a)

..............

70,006

7,435,337

Novavax,

Inc.

(a)

(b)

.......................

52,922

963,180

Regeneron

Pharmaceuticals,

Inc.

(a)

(b)

..........

76,425

52,646,890

Sarepta

Therapeutics,

Inc.

(a)

(b)

..............

61,763

6,827,282

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Biotechnology

(continued)

Seagen,

Inc.

(a)

.........................

100,800

$

13,792,464

Ultragenyx

Pharmaceutical,

Inc.

(a)

............

45,386

1,879,434

United

Therapeutics

Corp.

(a)

................

31,905

6,680,269

Vertex

Pharmaceuticals,

Inc.

(a)

(b)

.............

188,495

54,576,842

589,927,151

a

Building

Products

 — 

0

.6

%

A

O

Smith

Corp.

.......................

96,374

4,681,849

Advanced

Drainage

Systems,

Inc.

...........

47,420

5,897,625

Allegion

PLC

..........................

67,073

6,015,107

Armstrong

World

Industries,

Inc.

.............

33,801

2,678,053

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

(b)

............

74,435

1,237,110

Builders

FirstSource,

Inc.

(a)

................

114,162

6,726,425

Carlisle

Companies,

Inc.

..................

37,900

10,627,539

Carrier

Global

Corp.

.....................

623,718

22,179,412

Fortune

Brands

Home

&

Security,

Inc.

.........

91,532

4,914,353

Hayward

Holdings,

Inc.

(a)

(b)

.................

52,713

467,564

Johnson

Controls

International

PLC

..........

512,024

25,201,821

Lennox

International,

Inc.

.................

22,757

5,067,301

Masco

Corp.

..........................

166,776

7,786,772

Owens

Corning

........................

73,460

5,774,691

Trane

Technologies

PLC

..................

171,996

24,906,741

Trex

Co.,

Inc.

(a)

(b)

.......................

77,434

3,402,450

137,564,813

a

Capital

Markets

 — 

3

.2

%

Affiliated

Managers

Group,

Inc.

.............

29,050

3,249,243

Ameriprise

Financial,

Inc.

.................

79,838

20,115,184

Ares

Management

Corp.

,

Class

A

............

115,230

7,138,499

Bank

of

New

York

Mellon

Corp.

(The)

.........

540,666

20,826,454

BlackRock,

Inc.

(c)

.......................

110,719

60,926,451

Blackstone,

Inc.

,

NVS

....................

518,347

43,385,644

Blue

Owl

Capital,

Inc.

,

Class

A

..............

321,322

2,965,802

Carlyle

Group,

Inc.

(The)

..................

151,767

3,921,659

Cboe

Global

Markets,

Inc.

.................

78,018

9,156,973

Charles

Schwab

Corp.

(The)

...............

1,121,481

80,600,839

CME

Group,

Inc.

,

Class

A

.................

264,262

46,808,728

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

............

117,557

7,581,251

Evercore,

Inc.

,

Class

A

...................

25,106

2,064,969

FactSet

Research

Systems,

Inc.

.............

27,942

11,179,874

Franklin

Resources,

Inc.

..................

208,281

4,482,207

Goldman

Sachs

Group,

Inc.

(The)

...........

245,455

71,930,588

Interactive

Brokers

Group,

Inc.

,

Class

A

........

68,273

4,363,327

Intercontinental

Exchange,

Inc.

.............

406,491

36,726,462

Invesco

Ltd.

..........................

274,805

3,764,829

Janus

Henderson

Group

PLC

..............

89,834

1,824,529

Jefferies

Financial

Group,

Inc.

..............

156,166

4,606,897

KKR

&

Co.,

Inc.

........................

426,500

18,339,500

Lazard

Ltd.

,

Class

A

.....................

65,715

2,091,708

LPL

Financial

Holdings,

Inc.

(b)

..............

58,738

12,833,078

MarketAxess

Holdings,

Inc.

................

27,763

6,176,990

Moody's

Corp.

.........................

117,676

28,608,212

Morgan

Stanley

........................

924,044

73,008,716

Morningstar,

Inc.

.......................

17,343

3,682,266

MSCI,

Inc.

,

Class

A

.....................

58,006

24,466,351

Nasdaq,

Inc.

..........................

257,524

14,596,460

Northern

Trust

Corp.

.....................

151,279

12,943,431

Raymond

James

Financial,

Inc.

.............

142,706

14,102,207

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

..........

434,293

4,386,359

S&P

Global,

Inc.

.......................

245,900

75,085,565

SEI

Investments

Co.

.....................

80,282

3,937,832

State

Street

Corp.

......................

270,081

16,423,626

Stifel

Financial

Corp.

....................

75,233

3,905,345

T

Rowe

Price

Group,

Inc.

.................

167,144

17,551,791

Tradeweb

Markets,

Inc.

,

Class

A

.............

76,537

4,318,218

Security

Shares

Value

a

Capital

Markets

(continued)

Virtu

Financial,

Inc.

,

Class

A

................

61,057

$

1,268,154

785,346,218

a

Chemicals

 — 

1

.8

%

Air

Products

and

Chemicals,

Inc.

............

163,333

38,012,489

Albemarle

Corp.

.......................

86,090

22,765,640

Ashland,

Inc.

..........................

38,218

3,629,563

Axalta

Coating

Systems

Ltd.

(a)

(b)

.............

162,499

3,422,229

Celanese

Corp.

........................

81,205

7,336,060

CF

Industries

Holdings,

Inc.

................

147,229

14,170,791

Chemours

Co.

(The)

.....................

116,535

2,872,588

Corteva,

Inc.

..........................

533,667

30,499,069

Dow,

Inc.

............................

530,690

23,313,212

DuPont

de

Nemours,

Inc.

.................

369,917

18,643,817

Eastman

Chemical

Co.

...................

90,610

6,437,840

Ecolab,

Inc.

..........................

182,693

26,384,523

Element

Solutions,

Inc.

...................

156,203

2,541,423

FMC

Corp.

...........................

92,745

9,803,147

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

603,941

1,884,296

Huntsman

Corp.

.......................

134,131

3,291,575

International

Flavors

&

Fragrances,

Inc.

........

188,483

17,119,911

Linde

PLC

...........................

370,722

99,942,944

LyondellBasell

Industries

NV

,

Class

A

.........

192,637

14,501,713

Mosaic

Co.

(The)

.......................

255,316

12,339,422

NewMarket

Corp.

.......................

4,827

1,452,106

Olin

Corp.

............................

93,931

4,027,761

PPG

Industries,

Inc.

.....................

175,712

19,449,561

RPM

International,

Inc.

...................

94,329

7,858,549

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

.........

25,213

1,077,856

Sherwin-Williams

Co.

(The)

................

176,164

36,069,579

Valvoline,

Inc.

.........................

139,060

3,523,780

Westlake

Corp.

........................

21,543

1,871,656

434,243,100

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Cintas

Corp.

..........................

63,927

24,815,822

Clean

Harbors,

Inc.

(a)

....................

37,553

4,130,079

Copart,

Inc.

(a)

(b)

........................

156,872

16,691,181

Driven

Brands

Holdings,

Inc.

(a)

..............

39,791

1,113,352

IAA,

Inc.

(a)

(b)

...........................

91,769

2,922,843

MSA

Safety,

Inc.

.......................

27,057

2,956,789

Republic

Services,

Inc.

...................

151,840

20,656,313

Rollins,

Inc.

...........................

169,779

5,887,936

Stericycle,

Inc.

(a)

.......................

67,709

2,851,226

Tetra

Tech,

Inc.

........................

39,210

5,039,661

Waste

Management,

Inc.

..................

305,763

48,986,290

136,051,492

a

Communications

Equipment

 — 

0

.8

%

Arista

Networks,

Inc.

(a)

...................

181,280

20,464,699

Ciena

Corp.

(a)

.........................

110,220

4,456,195

Cisco

Systems,

Inc.

.....................

3,067,862

122,714,480

F5,

Inc.

(a)

............................

43,702

6,324,990

Juniper

Networks,

Inc.

...................

236,068

6,166,096

Lumentum

Holdings,

Inc.

(a)

(b)

...............

50,735

3,478,899

Motorola

Solutions,

Inc.

..................

121,208

27,146,956

Ubiquiti,

Inc.

(b)

.........................

4,639

1,361,825

Viasat,

Inc.

(a)

(b)

.........................

56,177

1,698,231

193,812,371

a

Construction

&

Engineering

 — 

0

.1

%

AECOM

.............................

97,022

6,633,394

MasTec,

Inc.

(a)

(b)

........................

41,104

2,610,104

MDU

Resources

Group,

Inc.

...............

153,703

4,203,777

Quanta

Services,

Inc.

....................

104,879

13,360,536

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Construction

&

Engineering

(continued)

Valmont

Industries,

Inc.

...................

14,596

$

3,920,777

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

...

152,969

6,169,240

36,897,828

a

Construction

Materials

 — 

0

.1

%

Eagle

Materials,

Inc.

.....................

27,669

2,965,563

Martin

Marietta

Materials,

Inc.

..............

45,656

14,705,341

Vulcan

Materials

Co.

....................

98,691

15,564,558

33,235,462

a

Consumer

Finance

 — 

0

.5

%

Ally

Financial,

Inc.

......................

228,197

6,350,722

American

Express

Co.

...................

444,217

59,929,315

Capital

One

Financial

Corp.

................

281,982

25,990,281

Credit

Acceptance

Corp.

(a)

(b)

................

4,555

1,995,090

Discover

Financial

Services

................

202,027

18,368,295

OneMain

Holdings,

Inc.

...................

78,659

2,322,014

SLM

Corp.

...........................

182,328

2,550,769

SoFi

Technologies,

Inc.

(a)

(b)

................

585,101

2,855,293

Synchrony

Financial

.....................

355,415

10,019,149

Upstart

Holdings,

Inc.

(a)

(b)

..................

43,212

898,377

131,279,305

a

Containers

&

Packaging

 — 

0

.4

%

Amcor

PLC

...........................

1,118,494

12,001,441

AptarGroup,

Inc.

.......................

47,962

4,557,829

Ardagh

Group

SA

,

Class

A

................

12,001

102,969

Ardagh

Metal

Packaging

SA

...............

108,872

526,940

Avery

Dennison

Corp.

....................

59,920

9,748,984

Ball

Corp.

............................

226,197

10,929,839

Berry

Global

Group,

Inc.

(a)

.................

90,865

4,227,948

Crown

Holdings,

Inc.

....................

84,010

6,807,330

Graphic

Packaging

Holding

Co.

.............

224,601

4,433,624

International

Paper

Co.

...................

265,531

8,417,333

Packaging

Corp.

.......................

69,666

7,822,795

Sealed

Air

Corp.

.......................

109,976

4,895,032

Silgan

Holdings,

Inc.

.....................

60,134

2,528,033

Sonoco

Products

Co.

....................

71,622

4,063,116

Westrock

Co.

.........................

181,598

5,609,562

86,672,775

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

......................

102,282

15,272,748

LKQ

Corp.

...........................

188,090

8,868,444

Pool

Corp.

...........................

27,971

8,900,652

33,041,844

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

(b)

...........................

153,805

1,151,999

Bright

Horizons

Family

Solutions,

Inc.

(a)

........

45,461

2,620,827

Grand

Canyon

Education,

Inc.

(a)

.............

23,295

1,916,014

H&R

Block,

Inc.

........................

118,077

5,022,996

Mister

Car

Wash,

Inc.

(a)

(b)

..................

56,719

486,649

Service

Corp.

International

................

113,591

6,558,744

Terminix

Global

Holdings,

Inc.

(a)

.............

87,969

3,368,333

21,125,562

a

Diversified

Financial

Services

 — 

1

.5

%

Apollo

Global

Management,

Inc.

.............

342,817

15,940,991

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

..........

1,331,207

355,458,893

Equitable

Holdings,

Inc.

..................

272,700

7,185,645

Voya

Financial,

Inc.

.....................

71,449

4,322,664

382,908,193

a

Security

Shares

Value

a

Diversified

Telecommunication

Services

 — 

0

.8

%

AT&T,

Inc.

............................

5,282,870

$

81,039,226

Frontier

Communications

Parent,

Inc.

(a)

(b)

.......

180,254

4,223,351

Lumen

Technologies,

Inc.

.................

755,044

5,496,720

Verizon

Communications,

Inc.

..............

3,101,276

117,755,450

208,514,747

a

Electric

Utilities

 — 

1

.9

%

Alliant

Energy

Corp.

.....................

187,208

9,920,152

American

Electric

Power

Co.,

Inc.

............

378,742

32,742,246

Avangrid,

Inc.

.........................

52,166

2,175,322

Constellation

Energy

Corp.

................

240,736

20,026,828

Duke

Energy

Corp.

.....................

568,071

52,841,964

Edison

International

.....................

274,928

15,555,426

Entergy

Corp.

.........................

148,958

14,989,644

Evergy,

Inc.

...........................

163,596

9,717,602

Eversource

Energy

.....................

252,422

19,678,819

Exelon

Corp.

..........................

735,516

27,552,429

FirstEnergy

Corp.

......................

404,013

14,948,481

Hawaiian

Electric

Industries,

Inc.

............

75,071

2,601,961

IDACORP,

Inc.

........................

37,092

3,672,479

NextEra

Energy,

Inc.

....................

1,448,662

113,589,588

NRG

Energy,

Inc.

.......................

173,541

6,641,414

OGE

Energy

Corp.

......................

147,183

5,366,292

PG&E

Corp.

(a)

(b)

........................

1,142,492

14,281,150

Pinnacle

West

Capital

Corp.

...............

84,357

5,441,870

PPL

Corp.

...........................

551,763

13,987,192

Southern

Co.

(The)

(b)

....................

783,033

53,246,244

Xcel

Energy,

Inc.

.......................

402,056

25,731,584

464,708,687

a

Electrical

Equipment

 — 

0

.7

%

Acuity

Brands,

Inc.

......................

23,758

3,741,172

AMETEK,

Inc.

.........................

171,853

19,489,849

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

........

185,127

2,732,475

Eaton

Corp.

PLC

.......................

294,463

39,269,586

Emerson

Electric

Co.

(b)

...................

434,869

31,841,108

Generac

Holdings,

Inc.

(a)

..................

45,514

8,107,864

Hubbell,

Inc.

..........................

39,648

8,841,504

nVent

Electric

PLC

......................

114,648

3,624,023

Plug

Power,

Inc.

(a)

(b)

.....................

391,888

8,233,567

Regal

Rexnord

Corp.

....................

49,616

6,964,102

Rockwell

Automation,

Inc.

.................

85,357

18,361,144

Sensata

Technologies

Holding

PLC

..........

108,501

4,044,917

Sunrun,

Inc.

(a)

(b)

........................

149,335

4,120,153

Vertiv

Holdings

Co.

,

Class

A

(b)

..............

229,939

2,235,007

161,606,471

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Amphenol

Corp.

,

Class

A

.................

430,434

28,821,861

Arrow

Electronics,

Inc.

(a)

..................

45,641

4,207,644

Avnet,

Inc.

...........................

65,382

2,361,598

CDW

Corp.

...........................

99,539

15,536,047

Cognex

Corp.

.........................

123,702

5,127,448

Coherent

Corp.

(a)

.......................

88,116

3,070,843

Corning,

Inc.

..........................

561,248

16,287,417

IPG

Photonics

Corp.

(a)

...................

24,505

2,066,997

Jabil,

Inc.

............................

98,929

5,709,192

Keysight

Technologies,

Inc.

(a)

...............

132,705

20,882,459

Littelfuse,

Inc.

(b)

........................

16,944

3,366,603

National

Instruments

Corp.

................

94,848

3,579,563

TD

SYNNEX

Corp.

......................

30,787

2,499,596

Teledyne

Technologies,

Inc.

(a)

...............

34,353

11,593,107

Trimble,

Inc.

(a)

.........................

186,992

10,148,056

Vontier

Corp.

..........................

125,793

2,102,001

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.

,

Class

A

(a)

..........

38,110

$

9,985,201

147,345,633

a

Energy

Equipment

&

Services

 — 

0

.3

%

Baker

Hughes

Co.

,

Class

A

................

704,420

14,764,643

Halliburton

Co.

........................

662,335

16,306,688

NOV,

Inc.

............................

288,274

4,664,274

Schlumberger

NV

......................

1,042,077

37,410,564

73,146,169

a

Entertainment

 — 

1

.4

%

Activision

Blizzard,

Inc.

...................

572,981

42,595,408

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

...

380,349

2,651,032

Electronic

Arts,

Inc.

.....................

205,077

23,729,460

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

(b)

11,517

604,873

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

,

NVS

(a)

.............................

146,516

8,571,186

Live

Nation

Entertainment,

Inc.

(a)

............

116,321

8,845,049

Madison

Square

Garden

Sports

Corp.

,

Class

A

(a)

..

13,029

1,780,543

Netflix,

Inc.

(a)

..........................

323,024

76,052,771

Playtika

Holding

Corp.

(a)

(b)

.................

76,518

718,504

ROBLOX

Corp.

,

Class

A

(a)

(b)

................

330,080

11,830,067

Roku,

Inc.

,

Class

A

(a)

(b)

...................

92,151

5,197,316

Spotify

Technology

SA

(a)

(b)

.................

102,444

8,840,917

Take-Two

Interactive

Software,

Inc.

(a)

(b)

........

120,910

13,179,190

Walt

Disney

Co.

(The)

(a)

(b)

.................

1,344,416

126,818,761

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.......

1,736,494

19,969,681

World

Wrestling

Entertainment,

Inc.

,

Class

A

....

34,486

2,419,883

353,804,641

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

3

.1

%

Alexandria

Real

Estate

Equities,

Inc.

..........

121,043

16,969,018

American

Homes

4

Rent

,

Class

A

............

219,028

7,186,309

American

Tower

Corp.

...................

342,331

73,498,466

Americold

Realty

Trust,

Inc.

(b)

...............

193,052

4,749,079

Apartment

Income

REIT

Corp.

..............

108,993

4,209,310

AvalonBay

Communities,

Inc.

..............

102,740

18,923,681

Boston

Properties,

Inc.

...................

116,499

8,733,930

Brixmor

Property

Group,

Inc.

...............

231,590

4,277,467

Camden

Property

Trust

...................

76,260

9,109,257

Cousins

Properties,

Inc.

..................

107,223

2,503,657

Crown

Castle,

Inc.

......................

318,332

46,014,891

CubeSmart

...........................

161,639

6,475,258

Digital

Realty

Trust,

Inc.

..................

207,991

20,628,547

Douglas

Emmett,

Inc.

....................

114,766

2,057,754

Duke

Realty

Corp.

......................

279,647

13,478,985

EastGroup

Properties,

Inc.

................

30,228

4,363,110

EPR

Properties

........................

54,665

1,960,287

Equinix,

Inc.

..........................

66,949

38,083,269

Equity

LifeStyle

Properties,

Inc.

.............

127,739

8,027,119

Equity

Residential

......................

272,836

18,340,036

Essex

Property

Trust,

Inc.

.................

47,688

11,551,464

Extra

Space

Storage,

Inc.

.................

97,585

16,853,905

Federal

Realty

Investment

Trust

.............

60,900

5,488,308

First

Industrial

Realty

Trust,

Inc.

.............

94,583

4,238,264

Gaming

and

Leisure

Properties,

Inc.

..........

180,722

7,995,141

Healthcare

Realty

Trust,

Inc.

,

Class

A

.........

278,925

5,815,586

Healthpeak

Properties,

Inc.

................

403,404

9,246,020

Highwoods

Properties,

Inc.

................

80,870

2,180,255

Host

Hotels

&

Resorts,

Inc.

................

521,350

8,279,038

Hudson

Pacific

Properties,

Inc.

..............

117,655

1,288,322

Invitation

Homes,

Inc.

....................

448,627

15,150,134

Iron

Mountain,

Inc.

......................

213,277

9,377,790

JBG

SMITH

Properties

...................

90,108

1,674,207

Kilroy

Realty

Corp.

......................

85,666

3,607,395

Security

Shares

Value

a

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Kimco

Realty

Corp.

.....................

444,601

$

8,185,104

Lamar

Advertising

Co.

,

Class

A

.............

66,458

5,482,120

Life

Storage,

Inc.

.......................

62,280

6,898,133

Medical

Properties

Trust,

Inc.

...............

436,065

5,171,731

Mid-America

Apartment

Communities,

Inc.

......

85,883

13,317,877

National

Retail

Properties,

Inc.

..............

129,242

5,151,586

National

Storage

Affiliates

Trust

.............

62,479

2,597,877

Omega

Healthcare

Investors,

Inc.

............

171,435

5,055,618

Park

Hotels

&

Resorts,

Inc.

................

151,359

1,704,302

Prologis,

Inc.

..........................

544,931

55,364,990

Public

Storage

.........................

115,097

33,701,553

Rayonier,

Inc.

.........................

103,735

3,108,938

Realty

Income

Corp.

.....................

456,193

26,550,433

Regency

Centers

Corp.

..................

127,981

6,891,777

Rexford

Industrial

Realty,

Inc.

..............

128,162

6,664,424

SBA

Communications

Corp.

,

Class

A

..........

78,471

22,336,770

Simon

Property

Group,

Inc.

................

239,658

21,509,306

SL

Green

Realty

Corp.

...................

52,207

2,096,633

Spirit

Realty

Capital,

Inc.

..................

97,844

3,538,039

STORE

Capital

Corp.

....................

188,051

5,891,638

Sun

Communities,

Inc.

...................

90,062

12,188,091

UDR,

Inc.

............................

241,148

10,058,283

Ventas,

Inc.

..........................

291,333

11,702,847

VICI

Properties,

Inc.

.....................

708,118

21,137,322

Vornado

Realty

Trust

....................

124,300

2,878,788

Welltower,

Inc.

.........................

342,238

22,012,748

Weyerhaeuser

Co.

......................

555,649

15,869,335

WP

Carey,

Inc.

(b)

.......................

141,533

9,879,003

759,280,525

a

Food

&

Staples

Retailing

 — 

1

.5

%

Albertsons

Companies,

Inc.

,

Class

A

..........

124,566

3,096,711

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

..........

98,668

7,184,017

Casey's

General

Stores,

Inc.

(b)

..............

27,393

5,547,630

Costco

Wholesale

Corp.

..................

326,676

154,279,274

Grocery

Outlet

Holding

Corp.

(a)

..............

62,958

2,095,872

Kroger

Co.

(The)

.......................

483,376

21,147,700

Performance

Food

Group

Co.

(a)

.............

111,722

4,798,460

Sysco

Corp.

..........................

374,107

26,453,106

U.S.

Foods

Holding

Corp.

(a)

(b)

...............

149,529

3,953,547

Walgreens

Boots

Alliance,

Inc.

..............

536,060

16,832,284

Walmart,

Inc.

..........................

1,063,677

137,958,907

383,347,508

a

Food

Products

 — 

1

.1

%

Archer-Daniels-Midland

Co.

................

413,025

33,227,861

Bunge

Ltd.

...........................

101,545

8,384,571

Campbell

Soup

Co.

.....................

145,223

6,842,908

Conagra

Brands,

Inc.

....................

344,702

11,247,626

Darling

Ingredients,

Inc.

(a)

.................

117,667

7,783,672

Flowers

Foods,

Inc.

.....................

137,745

3,400,924

Freshpet,

Inc.

(a)

(b)

.......................

31,305

1,568,068

General

Mills,

Inc.

......................

439,936

33,703,497

Hershey

Co.

(The)

......................

107,056

23,602,636

Hormel

Foods

Corp.

.....................

208,562

9,477,057

Ingredion,

Inc.

.........................

49,816

4,011,184

JM

Smucker

Co.

(The)

...................

76,306

10,485,208

Kellogg

Co.

...........................

188,534

13,133,279

Kraft

Heinz

Co.

(The)

....................

515,237

17,183,154

Lamb

Weston

Holdings,

Inc.

...............

107,616

8,327,326

McCormick

&

Co.,

Inc.

,

NVS

...............

183,657

13,089,234

Mondelez

International,

Inc.

,

Class

A

..........

1,019,447

55,896,279

Pilgrim's

Pride

Corp.

(a)

...................

24,809

571,103

Post

Holdings,

Inc.

(a)

(b)

....................

42,231

3,459,141

Seaboard

Corp.

........................

201

683,935

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Food

Products

(continued)

Tyson

Foods,

Inc.

,

Class

A

................

209,831

$

13,834,158

279,912,821

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.....................

101,995

10,388,191

National

Fuel

Gas

Co.

...................

66,481

4,091,906

UGI

Corp.

............................

155,901

5,040,279

19,520,376

a

Health

Care

Equipment

&

Supplies

 — 

2

.6

%

Abbott

Laboratories

.....................

1,265,261

122,426,654

ABIOMED,

Inc.

(a)

.......................

32,910

8,084,671

Align

Technology,

Inc.

(a)

(b)

..................

58,251

12,064,365

Baxter

International,

Inc.

..................

370,565

19,958,631

Becton

Dickinson

and

Co.

.................

209,215

46,619,378

Boston

Scientific

Corp.

(a)

..................

1,052,734

40,772,388

Cooper

Companies,

Inc.

(The)

..............

35,524

9,374,784

Dentsply

Sirona,

Inc.

....................

165,231

4,684,299

Dexcom,

Inc.

(a)

........................

288,736

23,254,797

Edwards

Lifesciences

Corp.

(a)

..............

455,148

37,608,879

Enovis

Corp.

(a)

.........................

34,027

1,567,624

Envista

Holdings

Corp.

(a)

(b)

.................

118,326

3,882,276

Globus

Medical,

Inc.

,

Class

A

(a)

(b)

............

55,654

3,315,309

Hologic,

Inc.

(a)

.........................

182,793

11,793,804

ICU

Medical,

Inc.

(a)

......................

15,864

2,389,118

IDEXX

Laboratories,

Inc.

(a)

(b)

...............

62,163

20,252,705

Insulet

Corp.

(a)

(b)

........................

50,615

11,611,081

Integra

LifeSciences

Holdings

Corp.

(a)

.........

51,379

2,176,414

Intuitive

Surgical,

Inc.

(a)

(b)

..................

264,014

49,486,784

Masimo

Corp.

(a)

........................

34,148

4,820,332

Medtronic

PLC

........................

986,228

79,637,911

Novocure

Ltd.

(a)

(b)

.......................

76,473

5,810,419

Penumbra,

Inc.

(a)

(b)

......................

25,058

4,750,997

QuidelOrtho

Corp.

(a)

(b)

....................

33,323

2,381,928

ResMed,

Inc.

.........................

106,372

23,221,008

STERIS

PLC

(b)

........................

73,860

12,281,441

Stryker

Corp.

.........................

259,212

52,500,798

Tandem

Diabetes

Care,

Inc.

(a)

..............

46,842

2,241,390

Teleflex,

Inc.

..........................

34,494

6,949,161

Zimmer

Biomet

Holdings,

Inc.

..............

155,330

16,239,752

642,159,098

a

Health

Care

Providers

&

Services

 — 

3

.4

%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

..............

64,976

5,079,824

agilon

health,

Inc.

(a)

(b)

....................

148,838

3,485,786

Amedisys,

Inc.

(a)

.......................

23,593

2,283,566

AmerisourceBergen

Corp.

.................

109,304

14,792,110

Cardinal

Health,

Inc.

.....................

201,734

13,451,623

Centene

Corp.

(a)

.......................

421,029

32,760,267

Chemed

Corp.

.........................

11,225

4,900,386

Cigna

Corp.

..........................

220,640

61,220,981

CVS

Health

Corp.

......................

967,205

92,242,341

DaVita,

Inc.

(a)

..........................

39,970

3,308,317

Elevance

Health,

Inc.

....................

178,191

80,941,480

Encompass

Health

Corp.

.................

76,437

3,457,246

Enhabit,

Inc.

(a)

.........................

35,511

498,574

Guardant

Health,

Inc.

(a)

(b)

..................

67,892

3,654,626

HCA

Healthcare,

Inc.

....................

162,314

29,831,690

Henry

Schein,

Inc.

(a)

.....................

97,131

6,388,306

Humana,

Inc.

.........................

93,153

45,196,904

Laboratory

Corp.

of

America

Holdings

.........

66,869

13,695,440

McKesson

Corp.

.......................

106,938

36,345,018

Molina

Healthcare,

Inc.

(a)

..................

42,226

13,927,824

Oak

Street

Health,

Inc.

(a)

(b)

.................

85,727

2,102,026

Premier,

Inc.

,

Class

A

....................

89,825

3,048,661

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Quest

Diagnostics,

Inc.

...................

86,177

$

10,573,056

Signify

Health,

Inc.

,

Class

A

(a)

...............

52,389

1,527,139

Tenet

Healthcare

Corp.

(a)

..................

78,224

4,034,794

UnitedHealth

Group,

Inc.

..................

690,184

348,570,527

Universal

Health

Services,

Inc.

,

Class

B

.......

44,974

3,965,807

841,284,319

a

Health

Care

Technology

 — 

0

.1

%

Certara,

Inc.

(a)

(b)

........................

100,180

1,330,390

Change

Healthcare,

Inc.

(a)

.................

195,769

5,381,690

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

........

29,413

457,078

Doximity,

Inc.

,

Class

A

(a)

(b)

.................

80,492

2,432,468

Teladoc

Health,

Inc.

(a)

(b)

...................

110,826

2,809,439

Veeva

Systems,

Inc.

,

Class

A

(a)

.............

104,038

17,153,786

29,564,851

a

Hotels,

Restaurants

&

Leisure

 — 

2

.0

%

Airbnb,

Inc.

,

Class

A

(a)

(b)

...................

289,295

30,387,547

Aramark

.............................

171,509

5,351,081

Booking

Holdings,

Inc.

(a)

..................

29,271

48,098,400

Boyd

Gaming

Corp.

.....................

57,853

2,756,695

Caesars

Entertainment,

Inc.

(a)

(b)

.............

153,716

4,958,878

Carnival

Corp.

(a)

(b)

.......................

704,215

4,950,631

Chipotle

Mexican

Grill,

Inc.

(a)

...............

20,639

31,015,464

Choice

Hotels

International,

Inc.

.............

26,543

2,906,989

Churchill

Downs,

Inc.

....................

26,654

4,908,334

Darden

Restaurants,

Inc.

.................

90,498

11,431,707

Domino's

Pizza,

Inc.

.....................

26,444

8,202,929

DraftKings,

Inc.

,

Class

A

(a)

(b)

................

239,812

3,630,754

Expedia

Group,

Inc.

(a)

....................

113,940

10,675,038

Hilton

Worldwide

Holdings,

Inc.

.............

200,051

24,130,152

Hyatt

Hotels

Corp.

,

Class

A

(a)

(b)

..............

36,317

2,940,224

Las

Vegas

Sands

Corp.

(a)

.................

244,205

9,162,572

Marriott

International,

Inc.

,

Class

A

...........

202,407

28,365,317

Marriott

Vacations

Worldwide

Corp.

...........

28,388

3,459,362

McDonald's

Corp.

......................

545,289

125,819,984

MGM

Resorts

International

(b)

...............

243,087

7,224,546

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.......

307,803

3,496,642

Penn

Entertainment,

Inc.

(a)

(b)

...............

116,899

3,215,891

Planet

Fitness,

Inc.

,

Class

A

(a)

..............

61,489

3,545,456

Royal

Caribbean

Cruises

Ltd.

(a)

.............

161,982

6,139,118

Six

Flags

Entertainment

Corp.

(a)

.............

44,268

783,544

Starbucks

Corp.

........................

846,089

71,291,459

Travel

+

Leisure

Co.

.....................

55,766

1,902,736

Vail

Resorts,

Inc.

.......................

29,472

6,355,342

Wendy's

Co.

(The)

......................

131,113

2,450,502

Wyndham

Hotels

&

Resorts,

Inc.

............

65,279

4,004,867

Wynn

Resorts

Ltd.

(a)

(b)

....................

80,218

5,056,140

Yum!

Brands,

Inc.

......................

210,810

22,417,535

501,035,836

a

Household

Durables

 — 

0

.3

%

DR

Horton,

Inc.

........................

233,763

15,743,938

Garmin

Ltd.

...........................

112,319

9,020,339

Leggett

&

Platt,

Inc.

.....................

96,186

3,195,299

Lennar

Corp.

,

Class

A

....................

183,508

13,680,521

Lennar

Corp.

,

Class

B

...................

12,566

747,803

Mohawk

Industries,

Inc.

(a)

(b)

................

38,699

3,528,962

Newell

Brands,

Inc.

.....................

269,458

3,742,772

NVR,

Inc.

(a)

...........................

2,219

8,847,330

PulteGroup,

Inc.

.......................

165,937

6,222,637

Tempur

Sealy

International,

Inc.

.............

129,468

3,125,358

Toll

Brothers,

Inc.

.......................

74,978

3,149,076

TopBuild

Corp.

(a)

.......................

24,746

4,077,646

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Household

Durables

(continued)

Whirlpool

Corp.

........................

38,575

$

5,200,296

80,281,977

a

Household

Products

 — 

1

.3

%

Church

&

Dwight

Co.,

Inc.

.................

180,461

12,892,134

Clorox

Co.

(The)

.......................

91,114

11,698,127

Colgate-Palmolive

Co.

...................

610,783

42,907,506

Kimberly-Clark

Corp.

....................

247,923

27,901,254

Procter

&

Gamble

Co.

(The)

...............

1,763,505

222,642,506

Reynolds

Consumer

Products,

Inc.

...........

32,776

852,504

Spectrum

Brands

Holdings,

Inc.

.............

26,877

1,049,009

319,943,040

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.......................

491,730

11,113,098

Brookfield

Renewable

Corp.

,

Class

A

.........

92,099

3,009,795

Vistra

Corp.

..........................

302,986

6,362,706

20,485,599

a

Industrial

Conglomerates

 — 

0

.7

%

3M

Co.

..............................

418,175

46,208,338

General

Electric

Co.

.....................

807,509

49,992,882

Honeywell

International,

Inc.

...............

497,270

83,029,172

179,230,392

a

Insurance

 — 

2

.4

%

Aflac,

Inc.

............................

464,008

26,077,250

Alleghany

Corp.

(a)

.......................

9,927

8,332,426

Allstate

Corp.

(The)

.....................

199,465

24,839,376

American

Financial

Group,

Inc.

.............

50,592

6,219,275

American

International

Group,

Inc.

...........

563,484

26,754,220

Aon

PLC

,

Class

A

......................

154,986

41,516,100

Arch

Capital

Group

Ltd.

(a)

(b)

................

259,497

11,817,493

Arthur

J

Gallagher

&

Co.

..................

153,130

26,218,919

Assurant,

Inc.

(b)

........................

37,856

5,499,341

Assured

Guaranty

Ltd.

...................

39,816

1,929,085

Axis

Capital

Holdings

Ltd.

.................

60,819

2,989,254

Brighthouse

Financial,

Inc.

(a)

...............

48,876

2,122,196

Brown

&

Brown,

Inc.

.....................

173,459

10,490,800

Chubb

Ltd.

...........................

306,526

55,750,949

Cincinnati

Financial

Corp.

.................

115,072

10,306,999

CNA

Financial

Corp.

.....................

18,397

678,849

Erie

Indemnity

Co.

,

Class

A

,

NVS

............

18,258

4,058,936

Everest

Re

Group

Ltd.

...................

28,406

7,454,871

Fidelity

National

Financial,

Inc.

..............

194,214

7,030,547

First

American

Financial

Corp.

..............

71,082

3,276,880

Globe

Life,

Inc.

........................

63,894

6,370,232

Hanover

Insurance

Group,

Inc.

(The)

.........

26,832

3,438,252

Hartford

Financial

Services

Group,

Inc.

(The)

....

237,472

14,709,016

Kemper

Corp.

.........................

46,751

1,928,946

Lincoln

National

Corp.

...................

120,557

5,293,658

Loews

Corp.

(b)

.........................

144,950

7,224,308

Markel

Corp.

(a)

.........................

9,995

10,836,779

Marsh

&

McLennan

Companies,

Inc.

..........

369,799

55,207,293

MetLife,

Inc.

..........................

497,550

30,241,089

Old

Republic

International

Corp.

.............

218,310

4,569,228

Primerica,

Inc.

.........................

27,550

3,401,048

Principal

Financial

Group,

Inc.

..............

180,547

13,026,466

Progressive

Corp.

(The)

..................

430,413

50,018,295

Prudential

Financial,

Inc.

..................

276,269

23,698,355

Reinsurance

Group

of

America,

Inc.

..........

47,453

5,970,062

RenaissanceRe

Holdings

Ltd.

..............

30,442

4,273,752

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

.......

60,523

2,458,444

Travelers

Companies,

Inc.

(The)

.............

174,755

26,772,466

Unum

Group

..........................

149,769

5,811,037

Security

Shares

Value

a

Insurance

(continued)

W

R

Berkley

Corp.

......................

151,529

$

9,785,743

White

Mountains

Insurance

Group

Ltd.

........

1,970

2,566,949

Willis

Towers

Watson

PLC

.................

80,303

16,136,085

587,101,269

a

Interactive

Media

&

Services

 — 

4

.4

%

Alphabet,

Inc.

,

Class

A

(a)

..................

4,438,467

424,539,369

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

..............

3,985,921

383,246,304

IAC,

Inc.

(a)

(b)

..........................

54,151

2,998,882

Match

Group,

Inc.

(a)

.....................

211,287

10,088,954

Meta

Platforms,

Inc.

,

Class

A

(a)

..............

1,691,914

229,558,892

Pinterest,

Inc.

,

Class

A

(a)

(b)

.................

431,090

10,044,397

TripAdvisor,

Inc.

(a)

......................

75,416

1,665,185

Twitter,

Inc.

(a)

..........................

549,433

24,087,143

ZoomInfo

Technologies,

Inc.

(a)

(b)

.............

208,380

8,681,111

1,094,910,237

a

Internet

&

Direct

Marketing

Retail

 — 

3

.1

%

Amazon.com,

Inc.

(a)

.....................

6,558,329

741,091,177

DoorDash,

Inc.

,

Class

A

(a)

(b)

................

188,187

9,305,847

eBay,

Inc.

............................

405,958

14,943,314

Etsy,

Inc.

(a)

(b)

..........................

93,272

9,339,325

Wayfair,

Inc.

,

Class

A

(a)

(b)

..................

54,359

1,769,386

776,449,049

a

IT

Services

 — 

4

.6

%

Accenture

PLC

,

Class

A

..................

467,528

120,294,954

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

.............

140,438

2,634,617

Akamai

Technologies,

Inc.

(a)

(b)

...............

112,898

9,067,967

Amdocs

Ltd.

..........................

91,390

7,260,936

Automatic

Data

Processing,

Inc.

.............

308,103

69,689,818

Block,

Inc.

,

Class

A

(a)

....................

391,173

21,510,603

Broadridge

Financial

Solutions,

Inc.

..........

85,930

12,401,418

Cloudflare,

Inc.

,

Class

A

(a)

(b)

................

205,550

11,368,971

Cognizant

Technology

Solutions

Corp.

,

Class

A

...

383,243

22,013,478

Concentrix

Corp.

.......................

32,949

3,678,097

DXC

Technology

Co.

(a)

...................

170,283

4,168,528

EPAM

Systems,

Inc.

(a)

....................

40,611

14,708,898

Euronet

Worldwide,

Inc.

(a)

.................

32,304

2,447,351

Fidelity

National

Information

Services,

Inc.

......

448,928

33,925,489

Fiserv,

Inc.

(a)

(b)

.........................

433,597

40,571,671

FleetCor

Technologies,

Inc.

(a)

...............

54,071

9,525,688

Gartner,

Inc.

(a)

.........................

56,632

15,669,508

Genpact

Ltd.

..........................

131,480

5,754,880

Global

Payments,

Inc.

...................

203,629

22,002,113

Globant

SA

(a)

(b)

........................

30,017

5,615,580

GoDaddy,

Inc.

,

Class

A

(a)

(b)

.................

115,542

8,189,617

International

Business

Machines

Corp.

........

664,000

78,889,840

Jack

Henry

&

Associates,

Inc.

..............

53,628

9,774,776

Kyndryl

Holdings,

Inc.

(a)

...................

157,965

1,306,371

Mastercard,

Inc.

,

Class

A

..................

635,183

180,607,934

MongoDB,

Inc.

,

Class

A

(a)

(b)

................

48,268

9,584,094

Okta,

Inc.

,

Class

A

(a)

.....................

110,385

6,277,595

Paychex,

Inc.

.........................

236,990

26,592,648

PayPal

Holdings,

Inc.

(a)

(b)

..................

854,217

73,522,457

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

............

33,378

1,488,993

Snowflake,

Inc.

,

Class

A

(a)

(b)

................

227,015

38,583,469

SS&C

Technologies

Holdings,

Inc.

...........

164,897

7,873,832

Switch,

Inc.

,

Class

A

.....................

105,560

3,556,316

Thoughtworks

Holding,

Inc.

(a)

(b)

..............

62,654

657,240

Toast,

Inc.

,

Class

A

(a)

(b)

...................

183,791

3,072,986

Twilio,

Inc.

,

Class

A

(a)

....................

129,762

8,971,745

VeriSign,

Inc.

(a)

........................

69,029

11,990,337

Visa,

Inc.

,

Class

A

(b)

.....................

1,214,763

215,802,647

Western

Union

Co.

(The)

.................

293,607

3,963,694

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

IT

Services

(continued)

WEX,

Inc.

(a)

...........................

31,210

$

3,961,797

Wix.com

Ltd.

(a)

(b)

.......................

39,458

3,086,799

1,132,065,752

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.......................

51,377

3,362,625

Hasbro,

Inc.

..........................

95,463

6,436,115

Mattel,

Inc.

(a)

..........................

257,388

4,874,929

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

..........

221,041

1,531,814

Polaris,

Inc.

...........................

40,814

3,903,859

YETI

Holdings,

Inc.

(a)

....................

57,769

1,647,572

21,756,914

a

Life

Sciences

Tools

&

Services

 — 

1

.8

%

10X

Genomics,

Inc.

,

Class

A

(a)

..............

75,047

2,137,338

Agilent

Technologies,

Inc.

.................

220,576

26,811,013

Avantor,

Inc.

(a)

.........................

456,530

8,947,988

Azenta,

Inc.

..........................

52,153

2,235,278

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

..........

15,794

6,588,309

Bio-Techne

Corp.

.......................

28,634

8,132,056

Bruker

Corp.

..........................

80,073

4,248,673

Charles

River

Laboratories

International,

Inc.

(a)

...

36,320

7,147,776

Danaher

Corp.

........................

477,640

123,369,636

Illumina,

Inc.

(a)

.........................

115,761

22,086,041

IQVIA

Holdings,

Inc.

(a)

....................

137,307

24,871,790

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

...

73,457

1,875,357

Mettler-Toledo

International,

Inc.

(a)

...........

16,697

18,101,552

PerkinElmer,

Inc.

.......................

92,759

11,161,690

QIAGEN

NV

(a)

.........................

165,740

6,841,747

Repligen

Corp.

(a)

(b)

......................

40,636

7,603,402

Sotera

Health

Co.

(a)

.....................

55,399

377,821

Syneos

Health,

Inc.

,

Class

A

(a)

..............

72,065

3,397,865

Thermo

Fisher

Scientific,

Inc.

...............

288,714

146,432,854

Waters

Corp.

(a)

........................

44,891

12,099,471

West

Pharmaceutical

Services,

Inc.

..........

53,986

13,284,875

457,752,532

a

Machinery

 — 

1

.7

%

AGCO

Corp.

..........................

43,446

4,178,202

Allison

Transmission

Holdings,

Inc.

...........

74,724

2,522,682

Caterpillar,

Inc.

........................

389,491

63,907,683

Crane

Holdings

Co.

.....................

36,101

3,160,282

Cummins,

Inc.

.........................

103,766

21,117,419

Deere

&

Co.

..........................

206,815

69,053,460

Donaldson

Co.,

Inc.

.....................

93,326

4,573,907

Dover

Corp.

..........................

105,436

12,291,729

Esab

Corp.

...........................

33,504

1,117,693

Flowserve

Corp.

.......................

94,254

2,290,372

Fortive

Corp.

..........................

264,059

15,394,640

Gates

Industrial

Corp.

PLC

(a)

(b)

..............

68,014

663,817

Graco,

Inc.

...........................

124,043

7,436,378

IDEX

Corp.

...........................

56,900

11,371,465

Illinois

Tool

Works,

Inc.

...................

228,260

41,235,169

Ingersoll

Rand,

Inc.

(b)

....................

304,529

13,173,924

ITT,

Inc.

(b)

............................

64,423

4,209,399

Lincoln

Electric

Holdings,

Inc.

..............

41,742

5,247,804

Middleby

Corp.

(The)

(a)

...................

38,137

4,888,019

Nordson

Corp.

.........................

42,621

9,047,160

Oshkosh

Corp.

........................

48,288

3,394,163

Otis

Worldwide

Corp.

....................

315,427

20,124,243

PACCAR,

Inc.

.........................

250,049

20,926,601

Parker-Hannifin

Corp.

....................

94,173

22,819,060

Pentair

PLC

..........................

124,211

5,046,693

Snap-on,

Inc.

.........................

38,708

7,793,856

Stanley

Black

&

Decker,

Inc.

...............

107,845

8,111,022

Security

Shares

Value

a

Machinery

(continued)

Timken

Co.

(The)

.......................

46,128

$

2,723,397

Toro

Co.

(The)

.........................

77,489

6,701,249

Westinghouse

Air

Brake

Technologies

Corp.

.....

133,263

10,840,945

Xylem,

Inc.

...........................

131,180

11,459,885

416,822,318

a

Marine

 — 

0

.0

%

Kirby

Corp.

(a)

..........................

43,644

2,652,246

a

Media

 — 

0

.9

%

Altice

USA,

Inc.

,

Class

A

(a)

(b)

................

154,942

903,312

Cable

One,

Inc.

........................

4,131

3,523,950

Charter

Communications,

Inc.

,

Class

A

(a)

.......

82,030

24,883,800

Comcast

Corp.

,

Class

A

..................

3,231,240

94,772,269

DISH

Network

Corp.

,

Class

A

(a)

(b)

............

183,424

2,536,754

Fox

Corp.

,

Class

A

,

NVS

..................

222,858

6,837,283

Fox

Corp.

,

Class

B

......................

97,938

2,791,233

Interpublic

Group

of

Companies,

Inc.

(The)

.....

288,244

7,379,046

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

..........

12,411

925,860

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

......

91,397

6,745,099

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(a)

(b)

.

55,233

2,102,720

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

,

NVS

(a)

.............................

118,267

4,459,849

New

York

Times

Co.

(The)

,

Class

A

...........

128,141

3,684,054

News

Corp.

,

Class

A

,

NVS

................

285,285

4,310,656

News

Corp.

,

Class

B

(b)

...................

86,361

1,331,687

Nexstar

Media

Group,

Inc.

.................

26,348

4,396,164

Omnicom

Group,

Inc.

....................

150,900

9,520,281

Paramount

Global

,

Class

A

(b)

...............

12

259

Paramount

Global

,

Class

B

,

NVS

(b)

...........

433,236

8,248,813

Sirius

XM

Holdings,

Inc.

(b)

.................

476,570

2,721,215

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

............

323,476

19,327,691

211,401,995

a

Metals

&

Mining

 — 

0

.5

%

Alcoa

Corp.

...........................

133,076

4,479,338

Cleveland-Cliffs,

Inc.

(a)

(b)

..................

363,696

4,898,985

Freeport-McMoRan,

Inc.

..................

1,056,037

28,861,491

MP

Materials

Corp.

,

Class

A

(a)

(b)

.............

66,781

1,823,121

Newmont

Corp.

........................

585,404

24,604,530

Nucor

Corp.

..........................

193,458

20,698,071

Reliance

Steel

&

Aluminum

Co.

.............

43,821

7,642,821

Royal

Gold,

Inc.

........................

46,854

4,395,842

Southern

Copper

Corp.

...................

60,500

2,712,820

SSR

Mining,

Inc.

(b)

......................

156,019

2,295,040

Steel

Dynamics,

Inc.

.....................

128,023

9,083,232

United

States

Steel

Corp.

(b)

................

173,998

3,152,844

114,648,135

a

Mortgage

Real

Estate

Investment

 — 

0

.1

%

AGNC

Investment

Corp.

..................

402,538

3,389,370

Annaly

Capital

Management,

Inc.

............

316,576

5,432,444

Rithm

Capital

Corp.

.....................

336,036

2,459,784

Starwood

Property

Trust,

Inc.

...............

214,177

3,902,305

15,183,903

a

Multiline

Retail

 — 

0

.5

%

Dollar

General

Corp.

....................

168,490

40,414,011

Dollar

Tree,

Inc.

(a)

.......................

156,523

21,302,780

Kohl's

Corp.

..........................

94,164

2,368,225

Macy's,

Inc.

..........................

192,971

3,023,856

Nordstrom,

Inc.

(b)

.......................

81,701

1,366,858

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

........

43,384

2,238,614

Target

Corp.

..........................

341,695

50,704,121

121,418,465

a

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Multi-Utilities

 — 

0

.8

%

Ameren

Corp.

.........................

190,619

$

15,354,360

CenterPoint

Energy,

Inc.

(b)

.................

463,976

13,074,844

CMS

Energy

Corp.

......................

216,333

12,599,234

Consolidated

Edison,

Inc.

.................

261,629

22,437,303

Dominion

Energy,

Inc.

....................

613,319

42,386,476

DTE

Energy

Co.

.......................

141,953

16,331,693

NiSource,

Inc.

.........................

298,922

7,529,845

Public

Service

Enterprise

Group,

Inc.

.........

366,573

20,612,400

Sempra

Energy

........................

231,749

34,748,445

WEC

Energy

Group,

Inc.

..................

231,959

20,744,093

205,818,693

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.3

%

Antero

Midstream

Corp.

..................

234,792

2,155,391

Antero

Resources

Corp.

(a)

.................

209,808

6,405,438

APA

Corp.

...........................

240,869

8,235,311

Cheniere

Energy,

Inc.

....................

184,294

30,576,218

Chesapeake

Energy

Corp.

................

89,653

8,446,209

Chevron

Corp.

.........................

1,450,050

208,328,684

ConocoPhillips

........................

939,591

96,157,743

Continental

Resources,

Inc.

................

26,537

1,772,937

Coterra

Energy,

Inc.

.....................

580,917

15,173,552

Devon

Energy

Corp.

.....................

484,019

29,104,063

Diamondback

Energy,

Inc.

.................

128,118

15,433,094

DT

Midstream,

Inc.

......................

71,328

3,701,210

Enviva,

Inc.

...........................

22,525

1,352,852

EOG

Resources,

Inc.

....................

431,389

48,199,093

EQT

Corp.

...........................

276,616

11,272,102

Exxon

Mobil

Corp.

......................

3,077,181

268,668,673

Hess

Corp.

...........................

206,880

22,547,851

HF

Sinclair

Corp.

.......................

105,679

5,689,757

Kinder

Morgan,

Inc.

,

Class

P

...............

1,462,771

24,340,509

Marathon

Oil

Corp.

......................

500,064

11,291,445

Marathon

Petroleum

Corp.

................

368,867

36,639,559

New

Fortress

Energy,

Inc.

,

Class

A

(b)

..........

35,457

1,549,825

Occidental

Petroleum

Corp.

................

602,639

37,032,167

ONEOK,

Inc.

..........................

329,414

16,879,173

Ovintiv,

Inc.

...........................

185,071

8,513,266

PDC

Energy,

Inc.

.......................

69,635

4,024,207

Phillips

66

............................

354,301

28,599,177

Pioneer

Natural

Resources

Co.

.............

174,931

37,877,809

Range

Resources

Corp.

..................

185,264

4,679,769

Southwestern

Energy

Co.

(a)

................

852,962

5,220,127

Targa

Resources

Corp.

...................

163,557

9,869,029

Texas

Pacific

Land

Corp.

..................

4,324

7,684,743

Valero

Energy

Corp.

.....................

291,260

31,121,131

Williams

Companies,

Inc.

(The)

.............

893,927

25,593,130

1,074,135,244

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

...................

54,216

2,775,317

a

Personal

Products

 — 

0

.2

%

Coty,

Inc.

,

Class

A

(a)

(b)

....................

226,740

1,432,997

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

....

169,274

36,546,256

Olaplex

Holdings,

Inc.

(a)

(b)

.................

91,458

873,424

38,852,677

a

Pharmaceuticals

 — 

4

.3

%

Bristol-Myers

Squibb

Co.

..................

1,571,455

111,714,736

Catalent,

Inc.

(a)

........................

126,214

9,132,845

Elanco

Animal

Health,

Inc.

(a)

................

334,195

4,147,360

Eli

Lilly

&

Co.

.........................

621,739

201,039,306

Jazz

Pharmaceuticals

PLC

(a)

...............

44,938

5,989,786

Johnson

&

Johnson

.....................

1,941,913

317,230,908

Security

Shares

Value

a

Pharmaceuticals

(continued)

Merck

&

Co.,

Inc.

.......................

1,866,589

$

160,750,645

Organon

&

Co.

........................

187,489

4,387,242

Perrigo

Co.

PLC

.......................

101,968

3,636,179

Pfizer,

Inc.

...........................

4,170,391

182,496,310

Royalty

Pharma

PLC

,

Class

A

..............

270,290

10,860,252

Viatris,

Inc.

...........................

917,479

7,816,921

Zoetis,

Inc.

,

Class

A

.....................

347,384

51,513,573

1,070,716,063

a

Professional

Services

 — 

0

.5

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.....

95,038

8,776,759

CACI

International,

Inc.

,

Class

A

(a)

...........

17,054

4,452,117

Clarivate

PLC

(a)

(b)

.......................

340,821

3,200,309

CoStar

Group,

Inc.

(a)

.....................

289,539

20,166,391

Dun

&

Bradstreet

Holdings,

Inc.

.............

185,034

2,292,571

Equifax,

Inc.

..........................

88,799

15,222,813

FTI

Consulting,

Inc.

(a)

(b)

...................

24,849

4,117,728

Jacobs

Solutions,

Inc.

....................

94,109

10,209,886

KBR,

Inc.

............................

101,873

4,402,951

Leidos

Holdings,

Inc.

....................

100,334

8,776,215

ManpowerGroup,

Inc.

....................

38,066

2,462,490

Nielsen

Holdings

PLC

....................

264,699

7,337,456

Robert

Half

International,

Inc.

...............

79,358

6,070,887

Science

Applications

International

Corp.

.......

40,328

3,566,205

TransUnion

...........................

141,654

8,426,997

Verisk

Analytics,

Inc.

.....................

115,819

19,750,614

129,232,389

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

...............

237,226

16,015,127

Howard

Hughes

Corp.

(The)

(a)

(b)

.............

24,476

1,355,726

Jones

Lang

LaSalle,

Inc.

(a)

(b)

................

34,569

5,222,339

Opendoor

Technologies,

Inc.

(a)

(b)

.............

301,187

936,691

WeWork,

Inc.

,

Class

A

(a)

(b)

.................

95,646

253,462

Zillow

Group,

Inc.

,

Class

A

(a)

(b)

..............

41,415

1,185,711

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

..........

118,642

3,394,348

28,363,404

a

Road

&

Rail

 — 

1

.1

%

AMERCO

............................

6,668

3,395,479

Avis

Budget

Group,

Inc.

(a)

.................

21,891

3,249,938

CSX

Corp.

...........................

1,575,981

41,984,134

Hertz

Global

Holdings,

Inc.

(a)

(b)

..............

150,799

2,455,008

JB

Hunt

Transport

Services,

Inc.

............

62,386

9,758,418

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

111,410

5,451,291

Landstar

System,

Inc.

(b)

...................

26,639

3,845,872

Lyft,

Inc.

,

Class

A

(a)

(b)

.....................

214,212

2,821,172

Norfolk

Southern

Corp.

...................

173,647

36,405,094

Old

Dominion

Freight

Line,

Inc.

(b)

............

74,407

18,510,229

Ryder

System,

Inc.

......................

38,218

2,885,077

Schneider

National,

Inc.

,

Class

B

............

43,773

888,592

Uber

Technologies,

Inc.

(a)

.................

1,391,221

36,867,356

Union

Pacific

Corp.

.....................

463,208

90,242,183

XPO

Logistics,

Inc.

(a)

....................

71,628

3,188,879

261,948,722

a

Semiconductors

&

Semiconductor

Equipment

 — 

4

.4

%

Advanced

Micro

Devices,

Inc.

(a)

.............

1,191,766

75,510,294

Allegro

MicroSystems,

Inc.

(a)

(b)

..............

54,090

1,181,866

Analog

Devices,

Inc.

.....................

385,122

53,662,899

Applied

Materials,

Inc.

...................

642,477

52,638,141

Broadcom,

Inc.

........................

291,420

129,393,394

Cirrus

Logic,

Inc.

(a)

......................

40,175

2,764,040

Enphase

Energy,

Inc.

(a)

...................

96,364

26,738,119

Entegris,

Inc.

..........................

112,083

9,305,131

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

First

Solar,

Inc.

(a)

.......................

77,430

$

10,241,666

GlobalFoundries,

Inc.

(a)

(b)

..................

50,663

2,449,556

Intel

Corp.

...........................

3,019,483

77,812,077

KLA

Corp.

............................

105,067

31,796,426

Lam

Research

Corp.

....................

100,715

36,861,690

Lattice

Semiconductor

Corp.

(a)

..............

99,824

4,912,339

Marvell

Technology,

Inc.

..................

624,589

26,801,114

Microchip

Technology,

Inc.

.................

396,206

24,180,452

Micron

Technology,

Inc.

...................

811,175

40,639,867

MKS

Instruments,

Inc.

(b)

..................

39,502

3,264,445

Monolithic

Power

Systems,

Inc.

.............

33,527

12,183,712

NVIDIA

Corp.

.........................

1,776,956

215,704,689

ON

Semiconductor

Corp.

(a)

(b)

...............

319,357

19,905,522

Qorvo,

Inc.

(a)

..........................

74,385

5,906,913

QUALCOMM,

Inc.

......................

826,771

93,408,588

Skyworks

Solutions,

Inc.

..................

120,729

10,294,562

Teradyne,

Inc.

.........................

114,529

8,606,854

Texas

Instruments,

Inc.

...................

680,332

105,301,787

Universal

Display

Corp.

..................

31,971

3,016,464

Wolfspeed,

Inc.

(a)

.......................

86,069

8,896,092

1,093,378,699

a

Software

 — 

9

.0

%

Adobe,

Inc.

(a)

..........................

348,217

95,829,318

Alteryx,

Inc.

,

Class

A

(a)

(b)

..................

43,768

2,444,005

ANSYS,

Inc.

(a)

.........................

63,905

14,167,739

AppLovin

Corp.

,

Class

A

(a)

.................

154,786

3,016,779

Aspen

Technology,

Inc.

(a)

(b)

.................

19,851

4,728,508

Atlassian

Corp.

,

Class

A

(a)

.................

100,607

21,186,828

Autodesk,

Inc.

(a)

........................

160,203

29,925,920

Avalara,

Inc.

(a)

.........................

61,504

5,646,067

Bentley

Systems,

Inc.

,

Class

B

(b)

.............

124,073

3,795,393

Bill.com

Holdings,

Inc.

(a)

(b)

.................

73,488

9,727,607

Black

Knight,

Inc.

(a)

......................

115,574

7,481,105

Cadence

Design

Systems,

Inc.

(a)

............

200,823

32,820,503

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

......

124,455

1,132,541

Ceridian

HCM

Holding,

Inc.

(a)

(b)

..............

100,481

5,614,878

Citrix

Systems,

Inc.

.....................

92,369

9,606,376

Confluent,

Inc.

,

Class

A

(a)

(b)

................

91,399

2,172,554

Coupa

Software,

Inc.

(a)

...................

57,190

3,362,772

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

(b)

........

154,674

25,491,822

Datadog,

Inc.

,

Class

A

(a)

(b)

.................

196,549

17,449,620

DocuSign,

Inc.

(a)

(b)

......................

142,355

7,611,722

Dolby

Laboratories,

Inc.

,

Class

A

............

42,339

2,758,386

DoubleVerify

Holdings,

Inc.

(a)

(b)

..............

48,714

1,332,328

Dropbox,

Inc.

,

Class

A

(a)

..................

192,267

3,983,772

Dynatrace,

Inc.

(a)

.......................

153,143

5,330,908

Elastic

NV

(a)

(b)

.........................

55,906

4,010,696

Fair

Isaac

Corp.

(a)

.......................

17,687

7,287,221

Five9,

Inc.

(a)

(b)

.........................

51,087

3,830,503

Fortinet,

Inc.

(a)

.........................

477,519

23,460,508

Guidewire

Software,

Inc.

(a)

(b)

................

64,765

3,988,229

HubSpot,

Inc.

(a)

(b)

.......................

33,288

8,991,755

Informatica,

Inc.

,

Class

A

(a)

(b)

...............

25,019

502,131

Intuit,

Inc.

............................

203,340

78,757,649

Jamf

Holding

Corp.

(a)

(b)

...................

48,006

1,063,813

Manhattan

Associates,

Inc.

(a)

...............

45,572

6,062,443

Microsoft

Corp.

........................

5,521,083

1,285,860,231

nCino,

Inc.

(a)

(b)

.........................

51,532

1,757,757

NCR

Corp.

(a)

..........................

97,604

1,855,452

New

Relic,

Inc.

(a)

.......................

42,735

2,452,134

NortonLifeLock,

Inc.

.....................

416,771

8,393,768

Nutanix,

Inc.

,

Class

A

(a)

...................

162,654

3,388,083

Oracle

Corp.

..........................

1,116,135

68,162,364

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

........

1,331,956

10,828,802

Security

Shares

Value

a

Software

(continued)

Palo

Alto

Networks,

Inc.

(a)

.................

217,773

$

35,669,040

Paycom

Software,

Inc.

(a)

..................

38,429

12,681,186

Paycor

HCM,

Inc.

(a)

(b)

....................

26,426

781,153

Paylocity

Holding

Corp.

(a)

.................

30,104

7,272,524

Pegasystems,

Inc.

......................

25,653

824,487

Procore

Technologies,

Inc.

(a)

(b)

..............

51,395

2,543,025

PTC,

Inc.

(a)

(b)

..........................

77,466

8,102,944

RingCentral,

Inc.

,

Class

A

(a)

................

59,250

2,367,630

Roper

Technologies,

Inc.

..................

77,674

27,934,677

Salesforce,

Inc.

(a)

.......................

710,126

102,144,524

SentinelOne,

Inc.

,

Class

A

(a)

................

136,826

3,497,273

ServiceNow,

Inc.

(a)

......................

147,744

55,789,612

Smartsheet,

Inc.

,

Class

A

(a)

(b)

...............

91,268

3,135,969

Splunk,

Inc.

(a)

(b)

........................

121,357

9,126,046

Synopsys,

Inc.

(a)

.......................

112,384

34,334,436

Teradata

Corp.

(a)

.......................

81,204

2,522,196

Tyler

Technologies,

Inc.

(a)

.................

30,068

10,448,630

UiPath,

Inc.

,

Class

A

(a)

(b)

..................

274,601

3,462,719

Unity

Software,

Inc.

(a)

(b)

...................

160,532

5,114,550

VMware,

Inc.

,

Class

A

....................

153,791

16,372,590

Workday,

Inc.

,

Class

A

(a)

..................

146,170

22,249,997

Zendesk,

Inc.

(a)

........................

89,582

6,817,190

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

....

185,853

13,676,922

Zscaler,

Inc.

(a)

(b)

........................

62,755

10,315,039

2,234,455,349

a

Specialty

Retail

 — 

2

.2

%

Advance

Auto

Parts,

Inc.

..................

46,449

7,261,837

AutoNation,

Inc.

(a)

(b)

.....................

28,195

2,872,225

AutoZone,

Inc.

(a)

.......................

14,414

30,873,779

Bath

&

Body

Works,

Inc.

..................

169,368

5,521,397

Best

Buy

Co.,

Inc.

......................

147,890

9,367,353

Burlington

Stores,

Inc.

(a)

(b)

.................

49,544

5,543,478

CarMax,

Inc.

(a)

(b)

........................

118,004

7,790,624

Carvana

Co.

,

Class

A

(a)

(b)

..................

76,771

1,558,451

Dick's

Sporting

Goods,

Inc.

(b)

...............

37,945

3,970,565

Five

Below,

Inc.

(a)

(b)

......................

40,626

5,592,981

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

73,369

5,154,906

GameStop

Corp.

,

Class

A

(a)

(b)

...............

207,325

5,210,077

Gap,

Inc.

(The)

........................

118,886

976,054

Home

Depot,

Inc.

(The)

..................

762,422

210,382,727

Leslie's,

Inc.

(a)

(b)

........................

128,377

1,888,426

Lithia

Motors,

Inc.

......................

19,863

4,261,607

Lowe's

Companies,

Inc.

..................

471,813

88,611,200

O'Reilly

Automotive,

Inc.

(a)

.................

46,452

32,672,014

Penske

Automotive

Group,

Inc.

(b)

............

17,612

1,733,549

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

...

59,228

660,984

RH

(a)

(b)

..............................

14,637

3,601,727

Ross

Stores,

Inc.

.......................

254,178

21,419,580

TJX

Companies,

Inc.

(The)

................

866,229

53,810,145

Tractor

Supply

Co.

......................

82,413

15,318,928

Ulta

Beauty,

Inc.

(a)

(b)

.....................

38,459

15,429,366

Victoria's

Secret

&

Co.

(a)

(b)

.................

53,564

1,559,784

Williams-Sonoma,

Inc.

...................

49,298

5,809,769

548,853,533

a

Technology

Hardware,

Storage

&

Peripherals

 — 

6

.5

%

Apple,

Inc.

...........................

11,282,860

1,559,291,252

Dell

Technologies,

Inc.

,

Class

C

.............

186,314

6,366,350

Hewlett

Packard

Enterprise

Co.

.............

956,091

11,453,970

HP,

Inc.

.............................

765,749

19,082,465

NetApp,

Inc.

..........................

161,159

9,967,684

Pure

Storage,

Inc.

,

Class

A

(a)

...............

199,976

5,473,343

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.

(a)

...................

229,056

$

7,455,773

1,619,090,837

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.6

%

Capri

Holdings

Ltd.

(a)

....................

99,689

3,832,045

Carter's,

Inc.

..........................

27,668

1,813,084

Columbia

Sportswear

Co.

.................

25,959

1,747,041

Deckers

Outdoor

Corp.

(a)

..................

19,511

6,099,334

Hanesbrands,

Inc.

......................

235,998

1,642,546

Lululemon

Athletica,

Inc.

(a)

.................

82,185

22,975,639

Nike,

Inc.

,

Class

B

......................

904,117

75,150,205

PVH

Corp.

...........................

51,533

2,308,678

Ralph

Lauren

Corp.

,

Class

A

...............

30,763

2,612,701

Skechers

U.S.A.,

Inc.

,

Class

A

(a)

.............

96,746

3,068,783

Tapestry,

Inc.

..........................

186,459

5,301,029

Under

Armour,

Inc.

,

Class

A

(a)

(b)

.............

146,164

971,991

Under

Armour,

Inc.

,

Class

C

(a)

..............

137,073

816,955

VF

Corp.

............................

263,915

7,893,698

136,233,729

a

Thrifts

&

Mortgage

Finance

 — 

0

.0

%

MGIC

Investment

Corp.

..................

206,317

2,644,984

New

York

Community

Bancorp,

Inc.

..........

341,643

2,914,215

Rocket

Companies,

Inc.

,

Class

A

(b)

...........

54,418

343,921

TFS

Financial

Corp.

.....................

28,484

370,292

UWM

Holdings

Corp.

,

Class

A

(b)

.............

67,429

197,567

6,470,979

a

Tobacco

 — 

0

.6

%

Altria

Group,

Inc.

.......................

1,336,353

53,961,934

Philip

Morris

International,

Inc.

..............

1,143,369

94,911,061

148,872,995

a

Trading

Companies

&

Distributors

 — 

0

.3

%

Air

Lease

Corp.

,

Class

A

..................

76,910

2,384,979

Core

&

Main,

Inc.

,

Class

A

(a)

................

54,126

1,230,825

Fastenal

Co.

..........................

426,241

19,624,136

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

........

35,419

2,578,857

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

...........

34,365

3,578,771

United

Rentals,

Inc.

(a)

....................

51,647

13,950,888

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

Univar

Solutions,

Inc.

(a)

...................

127,034

$

2,888,753

Watsco,

Inc.

..........................

24,259

6,245,722

WESCO

International,

Inc.

(a)

...............

32,785

3,913,873

WW

Grainger,

Inc.

......................

34,051

16,657,409

73,054,213

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

.............

133,427

17,366,858

Essential

Utilities,

Inc.

....................

170,215

7,043,497

24,410,355

a

Wireless

Telecommunication

Services

 — 

0

.2

%

T-Mobile

U.S.,

Inc.

(a)

.....................

439,566

58,976,570

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

24,133,877,916

)

............................

24,708,956,226

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.18

%

(c)

(d)

(e)

....................

525,831,500

525,989,250

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.81

%

(c)

(d)

.....................

31,431,602

31,431,602

a

Total

Short-Term

Securities — 2.2%

(Cost:

$

557,083,232

)

..............................

557,420,852

Total

Investments

—

102.0%

(Cost:

$

24,690,961,148

)

............................

25,266,377,078

Liabilities

in

Excess

of

Other

Assets

—

(

2

.0

)

%

.............

(

506,450,720

)

Net

Assets

—

100.0%

...............................

$

24,759,926,358

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

ETF

18

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

382,039,449

‌

$

143,694,445

(a)

$

—

‌

$

8,482

‌

$

246,874

‌

$

525,989,250

‌

525,831,500

‌

$

1,681,961

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

49,500,000

‌

—

‌

(

18,068,398

)

(a)

—

‌

—

‌

31,431,602

‌

31,431,602

‌

167,496

‌

—

‌

BlackRock,

Inc.

..

78,453,513

‌

14,207,840

‌

(

9,173,680

)

2,983,433

‌

(

25,544,655

)

60,926,451

‌

110,719

‌

511,253

‌

—

‌

$

2,991,915

‌

$

(

25,297,781

)

$

618,347,303

‌

$

2,360,710

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

..................................................................

306

12/16/22

$

55,103

$

(

4,694,964

)

S&P

MidCap

400

E-Mini

Index

............................................................

22

12/16/22

4,858

(

399,818

)

$

(

5,094,782

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

5,094,782

$

—

$

—

$

—

$

5,094,782

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

5,830,140

)

$

—

$

—

$

—

$

(

5,830,140

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

8,203,272

)

$

—

$

—

$

—

$

(

8,203,272

)

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

19

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

61,575,142

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

24,708,853,257

‌

$

102,969

‌

$

—

‌

$

24,708,956,226

‌

Short-Term

Securities

Money

Market

Funds

......................................

557,420,852

‌

—

‌

—

‌

557,420,852

‌

$

25,266,274,109

‌

$

102,969

‌

$

—

‌

$

25,266,377,078

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

5,094,782

)

$

—

‌

$

—

‌

$

(

5,094,782

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.9

%

Axon

Enterprise,

Inc.

(a)

(b)

..................

173,898

$

20,128,694

Boeing

Co.

(The)

(a)

......................

552,917

66,947,190

BWX

Technologies,

Inc.

..................

115,239

5,804,588

HEICO

Corp.

(b)

........................

139,574

20,095,865

HEICO

Corp.

,

Class

A

....................

243,094

27,863,434

Howmet

Aerospace,

Inc.

(b)

.................

118,469

3,664,246

Huntington

Ingalls

Industries,

Inc.

............

28,003

6,202,665

Lockheed

Martin

Corp.

...................

770,260

297,543,735

Northrop

Grumman

Corp.

.................

56,537

26,590,482

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(b)

.....

340,980

7,474,282

TransDigm

Group,

Inc.

...................

64,592

33,899,173

516,214,354

a

Air

Freight

&

Logistics

 — 

0

.7

%

CH

Robinson

Worldwide,

Inc.

..............

103,306

9,949,401

Expeditors

International

of

Washington,

Inc.

.....

161,144

14,230,627

GXO

Logistics,

Inc.

(a)

(b)

...................

24,575

861,599

United

Parcel

Service,

Inc.

,

Class

B

..........

2,127,987

343,755,020

368,796,647

a

Airlines

 — 

0

.1

%

Delta

Air

Lines,

Inc.

(a)

....................

2,066,467

57,985,064

a

Auto

Components

 — 

0

.0

%

Aptiv

PLC

(a)

...........................

225,066

17,602,412

a

Automobiles

 — 

4

.0

%

Lucid

Group,

Inc.

(a)

(b)

.....................

1,642,124

22,940,472

Tesla,

Inc.

(a)

(b)

.........................

8,255,456

2,189,759,704

2,212,700,176

a

Banks

 — 

0

.1

%

First

Citizens

BancShares,

Inc.

,

Class

A

(b)

......

10,387

8,282,906

Signature

Bank

........................

10,164

1,534,764

SVB

Financial

Group

(a)

(b)

..................

120,290

40,390,976

Western

Alliance

Bancorp

.................

216,935

14,261,307

64,469,953

a

Beverages

 — 

2

.3

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

(b)

....

28,966

9,374,846

Brown-Forman

Corp.

,

Class

A

(b)

.............

86,201

5,823,740

Brown-Forman

Corp.

,

Class

B

,

NVS

(b)

.........

356,537

23,734,668

Coca-Cola

Co.

(The)

....................

9,503,565

532,389,711

Monster

Beverage

Corp.

(a)

(b)

................

1,115,260

96,983,009

PepsiCo,

Inc.

.........................

3,791,084

618,932,374

1,287,238,348

a

Biotechnology

 — 

3

.1

%

AbbVie,

Inc.

..........................

5,735,608

769,775,950

Alnylam

Pharmaceuticals,

Inc.

(a)

(b)

............

389,557

77,973,729

Amgen,

Inc.

..........................

1,455,653

328,104,186

Exact

Sciences

Corp.

(a)

(b)

..................

88,477

2,874,618

Exelixis,

Inc.

(a)

.........................

883,506

13,853,374

Horizon

Therapeutics

PLC

(a)

...............

669,708

41,448,228

Incyte

Corp.

(a)

.........................

518,315

34,540,512

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

..............

430,739

19,051,586

Moderna,

Inc.

(a)

(b)

.......................

65,511

7,746,676

Natera,

Inc.

(a)

(b)

........................

258,447

11,325,148

Neurocrine

Biosciences,

Inc.

(a)

..............

311,621

33,097,266

Novavax,

Inc.

(a)

(b)

.......................

267,897

4,875,725

Regeneron

Pharmaceuticals,

Inc.

(a)

(b)

..........

49,701

34,237,528

Sarepta

Therapeutics,

Inc.

(a)

...............

270,106

29,857,517

Seagen,

Inc.

(a)

.........................

437,716

59,892,680

Ultragenyx

Pharmaceutical,

Inc.

(a)

(b)

...........

156,411

6,476,980

Security

Shares

Value

a

Biotechnology

(continued)

Vertex

Pharmaceuticals,

Inc.

(a)

..............

783,345

$

226,809,711

1,701,941,414

a

Building

Products

 — 

0

.3

%

A

O

Smith

Corp.

.......................

87,764

4,263,575

Advanced

Drainage

Systems,

Inc.

(b)

..........

208,148

25,887,367

Allegion

PLC

..........................

230,352

20,657,967

Armstrong

World

Industries,

Inc.

.............

79,545

6,302,350

Carlisle

Companies,

Inc.

..................

139,682

39,168,230

Fortune

Brands

Home

&

Security,

Inc.

.........

135,121

7,254,647

Masco

Corp.

..........................

26,932

1,257,455

Trane

Technologies

PLC

..................

438,088

63,439,523

Trex

Co.,

Inc.

(a)

(b)

.......................

355,450

15,618,473

183,849,587

a

Capital

Markets

 — 

1

.5

%

Ameriprise

Financial,

Inc.

.................

224,052

56,449,901

Ares

Management

Corp.

,

Class

A

............

497,157

30,798,876

Blackstone,

Inc.

,

NVS

....................

2,271,168

190,096,762

Blue

Owl

Capital,

Inc.

,

Class

A

..............

1,351,102

12,470,671

Charles

Schwab

Corp.

(The)

...............

2,736,019

196,637,686

FactSet

Research

Systems,

Inc.

(b)

...........

122,096

48,851,831

LPL

Financial

Holdings,

Inc.

(b)

..............

256,398

56,017,835

MarketAxess

Holdings,

Inc.

................

122,162

27,179,823

Moody's

Corp.

(b)

........................

488,780

118,827,306

Morningstar,

Inc.

(b)

......................

70,967

15,067,713

MSCI,

Inc.

,

Class

A

.....................

191,637

80,830,570

Raymond

James

Financial,

Inc.

.............

50,247

4,965,409

Tradeweb

Markets,

Inc.

,

Class

A

.............

228,212

12,875,721

851,070,104

a

Chemicals

 — 

1

.0

%

Albemarle

Corp.

(b)

......................

194,596

51,458,966

Axalta

Coating

Systems

Ltd.

(a)

(b)

.............

172,846

3,640,137

CF

Industries

Holdings,

Inc.

................

646,258

62,202,333

Chemours

Co.

(The)

.....................

302,567

7,458,277

Ecolab,

Inc.

..........................

710,490

102,608,966

FMC

Corp.

...........................

144,386

15,261,600

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

533,154

1,663,440

Linde

PLC

...........................

344,235

92,802,314

Mosaic

Co.

(The)

.......................

131,772

6,368,541

PPG

Industries,

Inc.

.....................

403,458

44,658,766

RPM

International,

Inc.

...................

15,104

1,258,314

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

.........

44,835

1,916,696

Sherwin-Williams

Co.

(The)

................

775,247

158,731,823

Valvoline,

Inc.

.........................

554,385

14,048,116

564,078,289

a

Commercial

Services

&

Supplies

 — 

0

.8

%

Cintas

Corp.

..........................

262,524

101,909,192

Copart,

Inc.

(a)

(b)

........................

687,619

73,162,662

Driven

Brands

Holdings,

Inc.

(a)

(b)

.............

32

895

IAA,

Inc.

(a)

(b)

...........................

357,633

11,390,611

MSA

Safety,

Inc.

.......................

45,943

5,020,651

Republic

Services,

Inc.

...................

42,554

5,789,046

Rollins,

Inc.

...........................

708,977

24,587,322

Tetra

Tech,

Inc.

(b)

.......................

74,891

9,625,740

Waste

Management,

Inc.

..................

1,260,872

202,004,303

433,490,422

a

Communications

Equipment

 — 

0

.2

%

Arista

Networks,

Inc.

(a)

...................

799,759

90,284,794

Ubiquiti,

Inc.

(b)

.........................

5,600

1,643,936

91,928,730

a

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Construction

&

Engineering

 — 

0

.1

%

AECOM

.............................

17,608

$

1,203,859

Quanta

Services,

Inc.

(b)

...................

250,412

31,899,985

Valmont

Industries,

Inc.

...................

9,394

2,523,416

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

...

356,302

14,369,660

49,996,920

a

Construction

Materials

 — 

0

.1

%

Eagle

Materials,

Inc.

.....................

99,293

10,642,224

Martin

Marietta

Materials,

Inc.

..............

17,594

5,666,851

Vulcan

Materials

Co.

....................

207,705

32,757,156

49,066,231

a

Consumer

Finance

 — 

0

.0

%

American

Express

Co.

...................

122,285

16,497,469

Credit

Acceptance

Corp.

(a)

(b)

................

1,926

843,588

Upstart

Holdings,

Inc.

(a)

(b)

..................

72

1,497

17,342,554

a

Containers

&

Packaging

 — 

0

.2

%

Ardagh

Metal

Packaging

SA

...............

156,832

759,067

Avery

Dennison

Corp.

....................

160,556

26,122,461

Ball

Corp.

............................

392,091

18,945,837

Berry

Global

Group,

Inc.

(a)

.................

191,236

8,898,211

Crown

Holdings,

Inc.

....................

332,346

26,929,996

Graphic

Packaging

Holding

Co.

.............

785,963

15,514,910

Sealed

Air

Corp.

.......................

481,563

21,434,369

118,604,851

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

......................

36,177

5,401,950

Pool

Corp.

...........................

123,991

39,455,176

44,857,126

a

Diversified

Consumer

Services

 — 

0

.0

%

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.......

44,902

2,588,600

H&R

Block,

Inc.

........................

426,437

18,140,630

Mister

Car

Wash,

Inc.

(a)

(b)

..................

154,209

1,323,113

22,052,343

a

Diversified

Financial

Services

 — 

0

.1

%

Apollo

Global

Management,

Inc.

.............

1,134,598

52,758,807

a

Electrical

Equipment

 — 

0

.3

%

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

........

812,553

11,993,282

Emerson

Electric

Co.

(b)

...................

606,326

44,395,190

Generac

Holdings,

Inc.

(a)

(b)

.................

200,841

35,777,816

Plug

Power,

Inc.

(a)

(b)

.....................

856,128

17,987,249

Rockwell

Automation,

Inc.

.................

253,739

54,581,796

Vertiv

Holdings

Co.

,

Class

A

(b)

..............

111,171

1,080,582

165,815,915

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Amphenol

Corp.

,

Class

A

.................

1,431,858

95,877,212

Arrow

Electronics,

Inc.

(a)

..................

16

1,475

CDW

Corp.

(b)

..........................

436,548

68,136,412

Cognex

Corp.

(b)

........................

522,822

21,670,972

Coherent

Corp.

(a)

.......................

51,734

1,802,930

Corning,

Inc.

..........................

127,549

3,701,472

Jabil,

Inc.

............................

356,052

20,547,761

Keysight

Technologies,

Inc.

(a)

...............

539,402

84,880,299

National

Instruments

Corp.

(b)

...............

54,663

2,062,981

Vontier

Corp.

..........................

301,698

5,041,373

Zebra

Technologies

Corp.

,

Class

A

(a)

..........

67,493

17,683,841

321,406,728

a

Security

Shares

Value

a

Energy

Equipment

&

Services

 — 

0

.1

%

Halliburton

Co.

........................

1,310,641

$

32,267,981

a

Entertainment

 — 

0

.8

%

Electronic

Arts,

Inc.

(b)

....................

55,918

6,470,272

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

(b)

16

840

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

,

NVS

(a)

.............................

72,293

4,229,141

Live

Nation

Entertainment,

Inc.

(a)

(b)

...........

254,858

19,379,402

Madison

Square

Garden

Sports

Corp.

,

Class

A

(a)

(b)

30,692

4,194,369

Netflix,

Inc.

(a)

(b)

.........................

640,481

150,794,847

Playtika

Holding

Corp.

(a)

(b)

.................

304,951

2,863,490

ROBLOX

Corp.

,

Class

A

(a)

(b)

................

1,418,989

50,856,566

Roku,

Inc.

,

Class

A

(a)

(b)

...................

110,237

6,217,367

Spotify

Technology

SA

(a)

(b)

.................

457,665

39,496,489

Take-Two

Interactive

Software,

Inc.

(a)

(b)

........

439,458

47,900,922

Walt

Disney

Co.

(The)

(a)

..................

394,074

37,173,000

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.......

5,612,527

64,544,060

World

Wrestling

Entertainment,

Inc.

,

Class

A

(b)

...

147,616

10,358,215

444,478,980

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

1

.6

%

American

Tower

Corp.

...................

1,154,878

247,952,307

Apartment

Income

REIT

Corp.

..............

26,249

1,013,736

Camden

Property

Trust

...................

27,999

3,344,481

Crown

Castle,

Inc.

......................

1,400,104

202,385,033

Equinix,

Inc.

(b)

.........................

222,092

126,334,813

Equity

LifeStyle

Properties,

Inc.

.............

359,619

22,598,458

Extra

Space

Storage,

Inc.

.................

54,005

9,327,204

Iron

Mountain,

Inc.

......................

701,801

30,858,190

Lamar

Advertising

Co.

,

Class

A

.............

251,874

20,777,086

Public

Storage

.........................

402,481

117,850,462

SBA

Communications

Corp.

,

Class

A

..........

80,334

22,867,073

Simon

Property

Group,

Inc.

................

518,026

46,492,833

851,801,676

a

Food

&

Staples

Retailing

 — 

1

.5

%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

..........

279,813

20,373,184

Costco

Wholesale

Corp.

..................

1,436,835

678,574,065

Grocery

Outlet

Holding

Corp.

(a)

(b)

.............

20,993

698,857

Performance

Food

Group

Co.

(a)

(b)

............

163,346

7,015,711

Sysco

Corp.

..........................

1,647,018

116,460,643

823,122,460

a

Food

Products

 — 

0

.3

%

Darling

Ingredients,

Inc.

(a)

(b)

................

29,987

1,983,640

Freshpet,

Inc.

(a)

(b)

.......................

82,208

4,117,799

Hershey

Co.

(The)

......................

410,328

90,465,014

Kellogg

Co.

...........................

454,760

31,678,582

Lamb

Weston

Holdings,

Inc.

...............

464,042

35,907,570

Pilgrim's

Pride

Corp.

(a)

...................

61,059

1,405,578

165,558,183

a

Gas

Utilities

 — 

0

.0

%

National

Fuel

Gas

Co.

...................

22,822

1,404,694

a

Health

Care

Equipment

&

Supplies

 — 

1

.9

%

Abbott

Laboratories

.....................

732,110

70,838,964

ABIOMED,

Inc.

(a)

(b)

......................

146,471

35,982,066

Align

Technology,

Inc.

(a)

...................

189,245

39,194,532

Baxter

International,

Inc.

..................

262,939

14,161,895

Dexcom,

Inc.

(a)

........................

1,275,948

102,764,852

Edwards

Lifesciences

Corp.

(a)

..............

2,002,083

165,432,118

Globus

Medical,

Inc.

,

Class

A

(a)

(b)

............

13,783

821,053

ICU

Medical,

Inc.

(a)

......................

12,054

1,815,332

IDEXX

Laboratories,

Inc.

(a)

(b)

...............

270,217

88,036,699

Insulet

Corp.

(a)

(b)

........................

221,673

50,851,786

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Intuitive

Surgical,

Inc.

(a)

...................

1,069,503

$

200,467,642

Masimo

Corp.

(a)

........................

117,938

16,648,128

Novocure

Ltd.

(a)

(b)

.......................

332,040

25,228,399

Penumbra,

Inc.

(a)

(b)

......................

115,346

21,869,602

ResMed,

Inc.

.........................

468,460

102,264,818

Stryker

Corp.

.........................

609,628

123,474,055

Tandem

Diabetes

Care,

Inc.

(a)

(b)

.............

190,693

9,124,660

1,068,976,601

a

Health

Care

Providers

&

Services

 — 

3

.4

%

agilon

health,

Inc.

(a)

(b)

....................

551,216

12,909,479

AmerisourceBergen

Corp.

.................

479,663

64,912,794

Chemed

Corp.

.........................

17,633

7,697,862

Cigna

Corp.

..........................

154,830

42,960,680

DaVita,

Inc.

(a)

(b)

........................

181,583

15,029,625

Elevance

Health,

Inc.

....................

237,614

107,933,783

Guardant

Health,

Inc.

(a)

(b)

..................

314,323

16,920,007

HCA

Healthcare,

Inc.

(b)

...................

43,460

7,987,513

Humana,

Inc.

.........................

289,520

140,472,209

McKesson

Corp.

.......................

91,194

30,994,105

Molina

Healthcare,

Inc.

(a)

..................

144,270

47,586,017

Signify

Health,

Inc.

,

Class

A

(a)

...............

64

1,866

UnitedHealth

Group,

Inc.

(b)

.................

2,762,361

1,395,102,799

1,890,508,739

a

Health

Care

Technology

 — 

0

.2

%

Certara,

Inc.

(a)

(b)

........................

224,096

2,975,995

Change

Healthcare,

Inc.

(a)

(b)

................

66,568

1,829,954

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

........

52,179

810,862

Doximity,

Inc.

,

Class

A

(a)

(b)

.................

164,636

4,975,300

Teladoc

Health,

Inc.

(a)

....................

49,569

1,256,574

Veeva

Systems,

Inc.

,

Class

A

(a)

.............

452,597

74,624,193

86,472,878

a

Hotels,

Restaurants

&

Leisure

 — 

2

.2

%

Airbnb,

Inc.

,

Class

A

(a)

(b)

...................

1,269,892

133,389,456

Booking

Holdings,

Inc.

(a)

(b)

.................

129,125

212,179,491

Caesars

Entertainment,

Inc.

(a)

(b)

.............

467,159

15,070,550

Chipotle

Mexican

Grill,

Inc.

(a)

(b)

..............

90,220

135,579,007

Choice

Hotels

International,

Inc.

.............

113,791

12,462,390

Churchill

Downs,

Inc.

....................

120,044

22,106,103

Darden

Restaurants,

Inc.

.................

289,464

36,565,093

Domino's

Pizza,

Inc.

.....................

83,801

25,995,070

DraftKings,

Inc.

,

Class

A

(a)

(b)

................

1,052,764

15,938,847

Expedia

Group,

Inc.

(a)

....................

491,068

46,008,161

Hilton

Worldwide

Holdings,

Inc.

.............

634,881

76,579,346

Las

Vegas

Sands

Corp.

(a)

.................

400,258

15,017,680

Marriott

International,

Inc.

,

Class

A

(b)

..........

890,093

124,737,633

McDonald's

Corp.

......................

582,322

134,364,978

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

.........

99,537

1,130,740

Planet

Fitness,

Inc.

,

Class

A

(a)

(b)

.............

199,611

11,509,570

Six

Flags

Entertainment

Corp.

(a)

.............

99,509

1,761,309

Starbucks

Corp.

........................

1,339,676

112,881,100

Travel

+

Leisure

Co.

.....................

188,390

6,427,867

Vail

Resorts,

Inc.

.......................

122,045

26,317,784

Wendy's

Co.

(The)

......................

526,816

9,846,191

Wyndham

Hotels

&

Resorts,

Inc.

............

200,177

12,280,859

Wynn

Resorts

Ltd.

(a)

(b)

....................

34,144

2,152,096

Yum!

Brands,

Inc.

......................

111,474

11,854,145

1,202,155,466

a

Household

Durables

 — 

0

.2

%

DR

Horton,

Inc.

(b)

.......................

536,979

36,165,536

NVR,

Inc.

(a)

(b)

..........................

6,933

27,642,426

PulteGroup,

Inc.

(b)

......................

282,504

10,593,900

Security

Shares

Value

a

Household

Durables

(continued)

Toll

Brothers,

Inc.

.......................

169,424

$

7,115,808

TopBuild

Corp.

(a)

.......................

87,848

14,475,593

95,993,263

a

Household

Products

 — 

1

.2

%

Church

&

Dwight

Co.,

Inc.

.................

352,319

25,169,669

Clorox

Co.

(The)

.......................

333,954

42,876,354

Colgate-Palmolive

Co.

...................

1,651,719

116,033,260

Kimberly-Clark

Corp.

....................

648,453

72,976,901

Procter

&

Gamble

Co.

(The)

...............

3,304,199

417,155,124

674,211,308

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.......................

408,789

9,238,631

Vistra

Corp.

..........................

767,191

16,111,011

25,349,642

a

Industrial

Conglomerates

 — 

0

.2

%

General

Electric

Co.

.....................

206,142

12,762,251

Honeywell

International,

Inc.

...............

644,544

107,619,512

120,381,763

a

Insurance

 — 

1

.2

%

Alleghany

Corp.

(a)

.......................

6,776

5,687,571

Aon

PLC

,

Class

A

(b)

.....................

642,513

172,109,957

Arch

Capital

Group

Ltd.

(a)

(b)

................

364,800

16,612,992

Arthur

J

Gallagher

&

Co.

(b)

.................

79,594

13,628,085

Assurant,

Inc.

.........................

10,477

1,521,994

Brown

&

Brown,

Inc.

(b)

....................

57,933

3,503,788

Erie

Indemnity

Co.

,

Class

A

,

NVS

............

58,901

13,094,281

Everest

Re

Group

Ltd.

...................

40,923

10,739,832

Lincoln

National

Corp.

...................

101,971

4,477,547

Markel

Corp.

(a)

(b)

........................

10,385

11,259,625

Marsh

&

McLennan

Companies,

Inc.

..........

1,452,474

216,839,843

Progressive

Corp.

(The)

..................

1,651,822

191,958,235

RenaissanceRe

Holdings

Ltd.

(b)

.............

79,585

11,172,938

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

(b)

......

278,966

11,331,599

683,938,287

a

Interactive

Media

&

Services

 — 

6

.3

%

Alphabet,

Inc.

,

Class

A

(a)

(b)

.................

16,983,710

1,624,491,862

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

..............

15,252,022

1,466,481,915

Match

Group,

Inc.

(a)

.....................

859,276

41,030,429

Meta

Platforms,

Inc.

,

Class

A

(a)

..............

1,585,008

215,053,885

Pinterest,

Inc.

,

Class

A

(a)

(b)

.................

420,150

9,789,495

TripAdvisor,

Inc.

(a)

......................

48

1,060

Twitter,

Inc.

(a)

..........................

2,252,939

98,768,846

ZoomInfo

Technologies,

Inc.

(a)

(b)

.............

885,133

36,874,641

3,492,492,133

a

Internet

&

Direct

Marketing

Retail

 — 

6

.1

%

Amazon.com,

Inc.

(a)

.....................

28,845,130

3,259,499,690

DoorDash,

Inc.

,

Class

A

(a)

(b)

................

711,847

35,200,834

eBay,

Inc.

............................

226,504

8,337,612

Etsy,

Inc.

(a)

(b)

..........................

413,507

41,404,456

Wayfair,

Inc.

,

Class

A

(a)

(b)

..................

169,946

5,531,743

3,349,974,335

a

IT

Services

 — 

6

.7

%

Accenture

PLC

,

Class

A

..................

2,056,336

529,095,253

Automatic

Data

Processing,

Inc.

.............

1,243,930

281,364,527

Broadridge

Financial

Solutions,

Inc.

..........

341,868

49,338,390

Cloudflare,

Inc.

,

Class

A

(a)

.................

901,777

49,877,286

EPAM

Systems,

Inc.

(a)

(b)

..................

178,356

64,598,760

Euronet

Worldwide,

Inc.

(a)

(b)

................

109,866

8,323,448

Fiserv,

Inc.

(a)

(b)

.........................

168,994

15,812,769

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

IT

Services

(continued)

FleetCor

Technologies,

Inc.

(a)

(b)

..............

237,319

$

41,808,488

Gartner,

Inc.

(a)

(b)

........................

249,444

69,018,660

Genpact

Ltd.

..........................

320,006

14,006,663

Globant

SA

(a)

(b)

........................

134,073

25,082,377

GoDaddy,

Inc.

,

Class

A

(a)

(b)

.................

64,037

4,538,943

International

Business

Machines

Corp.

........

1,950,909

231,787,498

Jack

Henry

&

Associates,

Inc.

..............

233,665

42,590,120

Mastercard,

Inc.

,

Class

A

..................

2,793,671

794,352,412

MongoDB,

Inc.

,

Class

A

(a)

(b)

................

211,894

42,073,673

Okta,

Inc.

,

Class

A

(a)

.....................

65,901

3,747,790

Paychex,

Inc.

.........................

1,045,747

117,343,271

PayPal

Holdings,

Inc.

(a)

(b)

..................

1,154,119

99,335,022

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

............

158,346

7,063,815

Snowflake,

Inc.

,

Class

A

(a)

(b)

................

932,655

158,514,044

Switch,

Inc.

,

Class

A

(b)

....................

274,087

9,233,991

Thoughtworks

Holding,

Inc.

(a)

(b)

..............

273,944

2,873,673

Toast,

Inc.

,

Class

A

(a)

(b)

...................

806,757

13,488,977

Twilio,

Inc.

,

Class

A

(a)

(b)

...................

216,832

14,991,764

VeriSign,

Inc.

(a)

........................

29,589

5,139,609

Visa,

Inc.

,

Class

A

(b)

.....................

5,342,787

949,146,110

Western

Union

Co.

(The)

.................

416,739

5,625,976

WEX,

Inc.

(a)

(b)

..........................

100,928

12,811,800

Wix.com

Ltd.

(a)

(b)

.......................

135,396

10,592,029

3,673,577,138

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.......................

34,369

2,249,451

Mattel,

Inc.

(a)

..........................

548,607

10,390,617

Polaris,

Inc.

...........................

140,523

13,441,025

YETI

Holdings,

Inc.

(a)

(b)

...................

264,133

7,533,073

33,614,166

a

Life

Sciences

Tools

&

Services

 — 

1

.3

%

10X

Genomics,

Inc.

,

Class

A

(a)

(b)

.............

280,985

8,002,453

Agilent

Technologies,

Inc.

.................

873,211

106,138,797

Avantor,

Inc.

(a)

(b)

........................

1,854,519

36,348,572

Bio-Techne

Corp.

.......................

127,408

36,183,872

Bruker

Corp.

(b)

.........................

352,377

18,697,124

Charles

River

Laboratories

International,

Inc.

(a)

...

154,804

30,465,427

Danaher

Corp.

........................

144,257

37,260,141

IQVIA

Holdings,

Inc.

(a)

....................

599,105

108,521,880

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

...

354,331

9,046,070

Mettler-Toledo

International,

Inc.

(a)

...........

72,240

78,316,829

Repligen

Corp.

(a)

(b)

......................

129,855

24,297,169

Sotera

Health

Co.

(a)

(b)

....................

346,450

2,362,789

Syneos

Health,

Inc.

,

Class

A

(a)

..............

57,798

2,725,176

Thermo

Fisher

Scientific,

Inc.

...............

155,181

78,706,251

Waters

Corp.

(a)

........................

194,451

52,410,378

West

Pharmaceutical

Services,

Inc.

..........

238,753

58,752,338

688,235,266

a

Machinery

 — 

1

.6

%

AGCO

Corp.

..........................

26,417

2,540,523

Allison

Transmission

Holdings,

Inc.

...........

262,053

8,846,909

Caterpillar,

Inc.

........................

1,492,376

244,869,054

Deere

&

Co.

..........................

909,705

303,741,402

Donaldson

Co.,

Inc.

.....................

66,794

3,273,574

Graco,

Inc.

...........................

380,873

22,833,336

IDEX

Corp.

...........................

43,556

8,704,667

Illinois

Tool

Works,

Inc.

...................

902,110

162,966,172

Lincoln

Electric

Holdings,

Inc.

..............

185,136

23,275,298

Middleby

Corp.

(The)

(a)

...................

8,075

1,034,973

Nordson

Corp.

.........................

43,689

9,273,864

Otis

Worldwide

Corp.

....................

174,783

11,151,155

Parker-Hannifin

Corp.

....................

95,936

23,246,252

Security

Shares

Value

a

Machinery

(continued)

Toro

Co.

(The)

.........................

343,397

$

29,696,973

Xylem,

Inc.

...........................

75,445

6,590,875

862,045,027

a

Media

 — 

0

.4

%

Cable

One,

Inc.

........................

11,213

9,565,250

Charter

Communications,

Inc.

,

Class

A

(a)

.......

359,944

109,189,012

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

..........

24,663

1,839,860

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

......

186,410

13,757,058

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(a)

(b)

.

67,106

2,554,725

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

,

NVS

(a)

.............................

138,365

5,217,744

Nexstar

Media

Group,

Inc.

.................

9,416

1,571,060

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

............

1,420,375

84,867,406

228,562,115

a

Metals

&

Mining

 — 

0

.0

%

MP

Materials

Corp.

,

Class

A

(a)

(b)

.............

310,585

8,478,970

Royal

Gold,

Inc.

........................

13,708

1,286,085

Southern

Copper

Corp.

...................

181,591

8,142,540

17,907,595

a

Multiline

Retail

 — 

0

.6

%

Dollar

General

Corp.

....................

741,298

177,807,738

Dollar

Tree,

Inc.

(a)

(b)

.....................

211,923

28,842,720

Nordstrom,

Inc.

........................

311,626

5,213,503

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

........

10,235

528,126

Target

Corp.

..........................

831,532

123,391,034

335,783,121

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.5

%

Antero

Resources

Corp.

(a)

.................

600,932

18,346,454

Cheniere

Energy,

Inc.

....................

465,195

77,180,502

Continental

Resources,

Inc.

................

87,370

5,837,190

Coterra

Energy,

Inc.

.....................

410,955

10,734,145

Devon

Energy

Corp.

.....................

1,037,748

62,399,787

Diamondback

Energy,

Inc.

.................

321,120

38,682,115

Enviva,

Inc.

...........................

98,631

5,923,778

EOG

Resources,

Inc.

....................

1,386,297

154,890,964

Hess

Corp.

(b)

..........................

714,912

77,918,259

New

Fortress

Energy,

Inc.

,

Class

A

(b)

..........

166,245

7,266,569

Occidental

Petroleum

Corp.

(b)

...............

2,190,509

134,606,778

ONEOK,

Inc.

..........................

171,188

8,771,673

Ovintiv,

Inc.

...........................

580,367

26,696,882

PDC

Energy,

Inc.

.......................

172,008

9,940,342

Pioneer

Natural

Resources

Co.

.............

425,067

92,039,758

Range

Resources

Corp.

..................

539,710

13,633,075

Southwestern

Energy

Co.

(a)

................

254,145

1,555,367

Targa

Resources

Corp.

...................

728,709

43,970,301

Texas

Pacific

Land

Corp.

(b)

................

18,817

33,442,137

823,836,076

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

...................

23,093

1,182,131

a

Personal

Products

 — 

0

.3

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

....

743,126

160,440,904

Olaplex

Holdings,

Inc.

(a)

(b)

.................

399,875

3,818,806

164,259,710

a

Pharmaceuticals

 — 

2

.3

%

Catalent,

Inc.

(a)

(b)

.......................

182,182

13,182,690

Eli

Lilly

&

Co.

.........................

2,225,897

719,743,795

Merck

&

Co.,

Inc.

.......................

3,439,871

296,241,690

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Pharmaceuticals

(continued)

Zoetis,

Inc.

,

Class

A

.....................

1,527,938

$

226,577,926

1,255,746,101

a

Professional

Services

 — 

0

.4

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.....

423,554

39,115,212

CoStar

Group,

Inc.

(a)

.....................

175,680

12,236,112

Equifax,

Inc.

(b)

.........................

195,971

33,595,308

FTI

Consulting,

Inc.

(a)

....................

45,766

7,583,884

KBR,

Inc.

............................

301,231

13,019,204

Robert

Half

International,

Inc.

...............

314,102

24,028,803

TransUnion

...........................

463,780

27,590,272

Verisk

Analytics,

Inc.

(b)

...................

503,634

85,884,706

243,053,501

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

...............

508,197

34,308,380

Opendoor

Technologies,

Inc.

(a)

(b)

.............

407,984

1,268,830

Zillow

Group,

Inc.

,

Class

A

(a)

(b)

..............

24

687

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

..........

48

1,373

35,579,270

a

Road

&

Rail

 — 

1

.3

%

CSX

Corp.

...........................

1,753,424

46,711,215

JB

Hunt

Transport

Services,

Inc.

............

243,351

38,064,963

Landstar

System,

Inc.

(b)

...................

101,798

14,696,577

Lyft,

Inc.

,

Class

A

(a)

(b)

.....................

827,277

10,895,238

Old

Dominion

Freight

Line,

Inc.

(b)

............

326,589

81,245,546

Uber

Technologies,

Inc.

(a)

.................

5,306,803

140,630,280

Union

Pacific

Corp.

.....................

2,037,359

396,918,280

XPO

Logistics,

Inc.

(a)

....................

14,015

623,948

729,786,047

a

Semiconductors

&

Semiconductor

Equipment

 — 

6

.5

%

Advanced

Micro

Devices,

Inc.

(a)

(b)

............

4,130,475

261,706,896

Allegro

MicroSystems,

Inc.

(a)

(b)

..............

215,248

4,703,169

Analog

Devices,

Inc.

.....................

340,081

47,386,886

Applied

Materials,

Inc.

...................

2,817,844

230,865,959

Broadcom,

Inc.

........................

1,281,774

569,120,474

Enphase

Energy,

Inc.

(a)

...................

423,535

117,518,256

Entegris,

Inc.

(b)

........................

480,390

39,881,978

GlobalFoundries,

Inc.

(a)

(b)

..................

48,879

2,363,300

KLA

Corp.

(b)

..........................

461,199

139,572,653

Lam

Research

Corp.

(b)

...................

443,548

162,338,568

Lattice

Semiconductor

Corp.

(a)

(b)

.............

448,060

22,049,033

Microchip

Technology,

Inc.

.................

1,493,072

91,122,184

Micron

Technology,

Inc.

...................

668,827

33,508,233

Monolithic

Power

Systems,

Inc.

.............

146,438

53,215,569

NVIDIA

Corp.

(b)

........................

7,815,532

948,727,430

ON

Semiconductor

Corp.

(a)

(b)

...............

873,418

54,440,144

QUALCOMM,

Inc.

......................

3,636,396

410,840,020

Teradyne,

Inc.

.........................

461,318

34,668,048

Texas

Instruments,

Inc.

...................

2,049,685

317,250,244

Universal

Display

Corp.

..................

140,220

13,229,757

3,554,508,801

a

Software

 — 

16

.2

%

Adobe,

Inc.

(a)

..........................

1,531,467

421,459,718

Alteryx,

Inc.

,

Class

A

(a)

(b)

..................

188,669

10,535,277

ANSYS,

Inc.

(a)

.........................

150,308

33,323,284

AppLovin

Corp.

,

Class

A

(a)

(b)

................

699,560

13,634,424

Aspen

Technology,

Inc.

(a)

(b)

.................

87,605

20,867,511

Atlassian

Corp.

,

Class

A

(a)

(b)

................

444,567

93,621,365

Autodesk,

Inc.

(a)

(b)

.......................

705,625

131,810,750

Avalara,

Inc.

(a)

(b)

........................

286,175

26,270,865

Bentley

Systems,

Inc.

,

Class

B

(b)

.............

560,935

17,159,002

Black

Knight,

Inc.

(a)

......................

46,229

2,992,403

Security

Shares

Value

a

Software

(continued)

Cadence

Design

Systems,

Inc.

(a)

(b)

...........

884,481

$

144,550,730

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

......

211,007

1,920,164

Ceridian

HCM

Holding,

Inc.

(a)

(b)

..............

83,628

4,673,133

Citrix

Systems,

Inc.

.....................

190,744

19,837,376

Confluent,

Inc.

,

Class

A

(a)

(b)

................

421,611

10,021,693

Coupa

Software,

Inc.

(a)

...................

135,320

7,956,816

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

(b)

........

681,446

112,309,115

Datadog,

Inc.

,

Class

A

(a)

(b)

.................

862,788

76,598,319

DocuSign,

Inc.

(a)

(b)

......................

647,484

34,620,970

DoubleVerify

Holdings,

Inc.

(a)

(b)

..............

177,059

4,842,564

Dropbox,

Inc.

,

Class

A

(a)

..................

815,731

16,901,946

Dynatrace,

Inc.

(a)

.......................

637,145

22,179,017

Elastic

NV

(a)

(b)

.........................

253,057

18,154,309

Fair

Isaac

Corp.

(a)

.......................

79,774

32,867,686

Five9,

Inc.

(a)

(b)

.........................

229,476

17,206,111

Fortinet,

Inc.

(a)

.........................

2,097,356

103,043,100

HubSpot,

Inc.

(a)

(b)

.......................

148,922

40,226,811

Informatica,

Inc.

,

Class

A

(a)

(b)

...............

40

803

Intuit,

Inc.

............................

894,313

346,385,311

Jamf

Holding

Corp.

(a)

(b)

...................

180,404

3,997,753

Manhattan

Associates,

Inc.

(a)

...............

129,195

17,186,811

Microsoft

Corp.

........................

24,283,121

5,655,538,881

nCino,

Inc.

(a)

(b)

.........................

52,730

1,798,620

NCR

Corp.

(a)

(b)

.........................

32

608

New

Relic,

Inc.

(a)

.......................

176,676

10,137,669

NortonLifeLock,

Inc.

.....................

643,002

12,950,060

Nutanix,

Inc.

,

Class

A

(a)

...................

381,326

7,943,021

Oracle

Corp.

..........................

3,372,583

205,963,644

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

........

5,816,310

47,286,600

Palo

Alto

Networks,

Inc.

(a)

(b)

................

955,915

156,569,318

Paycom

Software,

Inc.

(a)

..................

166,274

54,868,757

Paylocity

Holding

Corp.

(a)

.................

130,466

31,517,976

Pegasystems,

Inc.

......................

120,465

3,871,745

Procore

Technologies,

Inc.

(a)

(b)

..............

161,616

7,996,760

PTC,

Inc.

(a)

(b)

..........................

345,049

36,092,125

RingCentral,

Inc.

,

Class

A

(a)

(b)

...............

274,641

10,974,654

Salesforce,

Inc.

(a)

.......................

671,623

96,606,252

SentinelOne,

Inc.

,

Class

A

(a)

(b)

..............

422,249

10,792,684

ServiceNow,

Inc.

(a)

......................

649,779

245,363,048

Smartsheet,

Inc.

,

Class

A

(a)

(b)

...............

400,366

13,756,576

Splunk,

Inc.

(a)

(b)

........................

525,644

39,528,429

Synopsys,

Inc.

(a)

.......................

493,942

150,904,220

Teradata

Corp.

(a)

(b)

......................

163,572

5,080,546

Tyler

Technologies,

Inc.

(a)

.................

116,367

40,437,533

UiPath,

Inc.

,

Class

A

(a)

(b)

..................

110,404

1,392,194

Unity

Software,

Inc.

(a)

(b)

...................

468,526

14,927,238

VMware,

Inc.

,

Class

A

....................

333,419

35,495,787

Workday,

Inc.

,

Class

A

(a)

(b)

.................

641,641

97,670,593

Zendesk,

Inc.

(a)

........................

399,156

30,375,772

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

(b)

...

411,649

30,293,250

Zscaler,

Inc.

(a)

(b)

........................

268,086

44,065,296

8,907,354,993

a

Specialty

Retail

 — 

2

.9

%

Advance

Auto

Parts,

Inc.

..................

15,514

2,425,459

AutoZone,

Inc.

(a)

(b)

......................

57,434

123,019,608

Best

Buy

Co.,

Inc.

......................

211,208

13,377,915

Burlington

Stores,

Inc.

(a)

(b)

.................

203,494

22,768,944

CarMax,

Inc.

(a)

(b)

........................

59,980

3,959,880

Carvana

Co.

,

Class

A

(a)

(b)

..................

353,208

7,170,122

Five

Below,

Inc.

(a)

(b)

......................

180,611

24,864,716

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

340,557

23,927,535

Home

Depot,

Inc.

(The)

..................

1,944,887

536,672,119

Leslie's,

Inc.

(a)

(b)

........................

417,006

6,134,158

Lowe's

Companies,

Inc.

..................

1,790,855

336,340,477

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Specialty

Retail

(continued)

O'Reilly

Automotive,

Inc.

(a)

.................

83,216

$

58,529,974

RH

(a)

(b)

..............................

24,027

5,912,324

Ross

Stores,

Inc.

(b)

......................

474,576

39,992,519

TJX

Companies,

Inc.

(The)

................

3,809,970

236,675,336

Tractor

Supply

Co.

......................

360,748

67,055,838

Ulta

Beauty,

Inc.

(a)

(b)

.....................

166,615

66,844,272

Victoria's

Secret

&

Co.

(a)

(b)

.................

190,594

5,550,097

Williams-Sonoma,

Inc.

...................

173,269

20,419,752

1,601,641,045

a

Technology

Hardware,

Storage

&

Peripherals

 — 

12

.7

%

Apple,

Inc.

...........................

49,624,826

6,858,150,953

Dell

Technologies,

Inc.

,

Class

C

.............

117,026

3,998,779

HP,

Inc.

.............................

1,543,563

38,465,590

NetApp,

Inc.

..........................

713,874

44,153,107

Pure

Storage,

Inc.

,

Class

A

(a)

(b)

..............

928,001

25,399,387

6,970,167,816

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.8

%

Deckers

Outdoor

Corp.

(a)

(b)

.................

75,008

23,448,251

Lululemon

Athletica,

Inc.

(a)

(b)

................

362,148

101,242,095

Nike,

Inc.

,

Class

B

......................

3,976,488

330,525,682

Skechers

U.S.A.,

Inc.

,

Class

A

(a)

(b)

............

65,230

2,069,096

Tapestry,

Inc.

..........................

96,870

2,754,014

460,039,138

a

Thrifts

&

Mortgage

Finance

 — 

0

.0

%

Rocket

Companies,

Inc.

,

Class

A

(b)

...........

133,236

842,052

UWM

Holdings

Corp.

,

Class

A

(b)

.............

158,194

463,508

1,305,560

a

Security

Shares

Value

a

Trading

Companies

&

Distributors

 — 

0

.4

%

Core

&

Main,

Inc.

,

Class

A

(a)

................

66,576

$

1,513,938

Fastenal

Co.

..........................

1,866,436

85,930,713

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

...........

87,143

9,075,072

United

Rentals,

Inc.

(a)

(b)

...................

103,671

28,003,611

Watsco,

Inc.

..........................

58,265

15,000,907

WESCO

International,

Inc.

(a)

...............

80,319

9,588,482

WW

Grainger,

Inc.

(b)

.....................

147,188

72,002,898

221,115,621

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

48,796,689,937

)

............................

55,011,655,602

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.18

%

(c)

(d)

(e)

....................

1,079,771,301

1,080,095,232

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.81

%

(c)

(d)

.....................

198,971,860

198,971,860

a

Total

Short-Term

Securities — 2.3%

(Cost:

$

1,278,443,577

)

.............................

1,279,067,092

Total

Investments

—

102.2%

(Cost:

$

50,075,133,514

)

............................

56,290,722,694

Liabilities

in

Excess

of

Other

Assets

—

(

2

.2

)

%

.............

(

1,190,550,610

)

Net

Assets

—

100.0%

...............................

$

55,100,172,084

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

1,167,477,245

$

—

$

(

87,961,816

)

(a)

$

81,248

$

498,555

$

1,080,095,232

1,079,771,301

$

3,276,670

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

91,770,000

107,201,860

(a)

—

—

—

198,971,860

198,971,860

363,929

—

$

81,248

$

498,555

$

1,279,067,092

$

3,640,599

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

Growth

ETF

26

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

NASDAQ

100

E-Mini

Index

..............................................................

300

12/16/22

$

66,213

$

(

6,812,679

)

S&P

500

E-Mini

Index

..................................................................

196

12/16/22

35,295

(

3,412,546

)

$

(

10,225,225

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

10,225,225

$

—

$

—

$

—

$

10,225,225

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

15,343,735

)

$

—

$

—

$

—

$

(

15,343,735

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

18,290,378

)

$

—

$

—

$

—

$

(

18,290,378

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

101,869,268

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

27

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

55,011,655,602

‌

$

—

‌

$

—

‌

$

55,011,655,602

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,279,067,092

‌

—

‌

—

‌

1,279,067,092

‌

$

56,290,722,694

‌

$

—

‌

$

—

‌

$

56,290,722,694

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

10,225,225

)

$

—

‌

$

—

‌

$

(

10,225,225

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.3

%

Axon

Enterprise,

Inc.

(a)

(b)

..................

43,475

$

5,032,231

Boeing

Co.

(The)

(a)

......................

1,076,838

130,383,545

BWX

Technologies,

Inc.

..................

158,579

7,987,624

Curtiss-Wright

Corp.

.....................

107,580

14,970,833

General

Dynamics

Corp.

..................

693,701

147,182,541

HEICO

Corp.

(b)

........................

4,774

687,361

HEICO

Corp.

,

Class

A

....................

12,615

1,445,931

Hexcel

Corp.

(b)

.........................

231,498

11,973,077

Howmet

Aerospace,

Inc.

..................

976,940

30,216,754

Huntington

Ingalls

Industries,

Inc.

............

86,733

19,211,359

L3Harris

Technologies,

Inc.

................

548,617

114,019,071

Mercury

Systems,

Inc.

(a)

(b)

.................

155,853

6,327,632

Northrop

Grumman

Corp.

(b)

................

368,653

173,384,879

Raytheon

Technologies

Corp.

..............

4,241,187

347,183,568

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(b)

.....

54

1,184

Textron,

Inc.

(b)

.........................

604,285

35,205,644

TransDigm

Group,

Inc.

...................

89,692

47,072,155

Woodward,

Inc.

........................

165,668

13,296,514

1,105,581,903

a

Air

Freight

&

Logistics

 — 

0

.4

%

CH

Robinson

Worldwide,

Inc.

..............

254,431

24,504,250

Expeditors

International

of

Washington,

Inc.

.....

321,338

28,377,359

FedEx

Corp.

..........................

684,554

101,635,732

GXO

Logistics,

Inc.

(a)

(b)

...................

279,382

9,795,133

United

Parcel

Service,

Inc.

,

Class

B

..........

229,022

36,996,214

201,308,688

a

Airlines

 — 

0

.3

%

Alaska

Air

Group,

Inc.

(a)

...................

344,021

13,468,422

American

Airlines

Group,

Inc.

(a)

(b)

............

1,876,882

22,597,659

Copa

Holdings

SA

,

Class

A

,

NVS

(a)

(b)

..........

79,936

5,356,512

JetBlue

Airways

Corp.

(a)

..................

863,654

5,726,026

Southwest

Airlines

Co.

(a)

..................

1,685,943

51,994,482

United

Airlines

Holdings,

Inc.

(a)

..............

942,757

30,667,885

129,810,986

a

Auto

Components

 — 

0

.2

%

Aptiv

PLC

(a)

(b)

..........................

576,607

45,096,433

BorgWarner,

Inc.

(b)

......................

667,478

20,958,809

Gentex

Corp.

.........................

658,157

15,690,463

Lear

Corp.

...........................

167,414

20,037,782

QuantumScape

Corp.

(a)

(b)

.................

742,803

6,246,973

108,030,460

a

Automobiles

 — 

0

.7

%

Ford

Motor

Co.

........................

11,239,029

125,877,125

General

Motors

Co.

.....................

4,147,052

133,078,899

Harley-Davidson,

Inc.

....................

383,107

13,362,772

Lucid

Group,

Inc.

(a)

(b)

.....................

92,336

1,289,934

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

...........

1,485,872

48,900,047

Thor

Industries,

Inc.

.....................

157,440

11,017,651

333,526,428

a

Banks

 — 

7

.3

%

Bank

of

America

Corp.

...................

20,031,786

604,959,937

Bank

of

Hawaii

Corp.

....................

112,645

8,574,537

Bank

OZK

...........................

316,338

12,514,331

BOK

Financial

Corp.

.....................

78,897

7,010,787

Citigroup,

Inc.

.........................

5,520,863

230,054,361

Citizens

Financial

Group,

Inc.

..............

1,390,916

47,791,874

Comerica,

Inc.

.........................

372,127

26,458,230

Commerce

Bancshares,

Inc.

...............

313,730

20,756,377

Cullen/Frost

Bankers,

Inc.

.................

166,162

21,969,940

Security

Shares

Value

a

Banks

(continued)

East

West

Bancorp,

Inc.

..................

402,819

$

27,045,268

Fifth

Third

Bancorp

.....................

1,941,106

62,037,748

First

Citizens

BancShares,

Inc.

,

Class

A

(b)

......

26,725

21,311,317

First

Hawaiian,

Inc.

.....................

352,140

8,673,208

First

Horizon

Corp.

......................

1,507,561

34,523,147

First

Republic

Bank

(b)

....................

520,089

67,897,619

FNB

Corp.

...........................

994,088

11,531,421

Huntington

Bancshares,

Inc.

...............

4,089,088

53,894,180

JPMorgan

Chase

&

Co.

..................

8,319,195

869,355,878

KeyCorp

.............................

2,646,792

42,401,608

M&T

Bank

Corp.

.......................

497,897

87,789,199

PacWest

Bancorp

......................

350,945

7,931,357

Pinnacle

Financial

Partners,

Inc.

.............

213,504

17,315,174

PNC

Financial

Services

Group,

Inc.

(The)

......

1,177,288

175,910,373

Popular,

Inc.

..........................

205,614

14,816,545

Prosperity

Bancshares,

Inc.

................

244,637

16,312,395

Regions

Financial

Corp.

..................

2,655,772

53,301,344

Signature

Bank

........................

170,411

25,732,061

SVB

Financial

Group

(a)

(b)

..................

61,935

20,796,534

Synovus

Financial

Corp.

..................

410,131

15,384,014

Truist

Financial

Corp.

....................

3,791,072

165,063,275

U.S.

Bancorp

.........................

3,826,925

154,301,616

Umpqua

Holdings

Corp.

..................

593,771

10,147,546

Webster

Financial

Corp.

..................

500,593

22,626,804

Wells

Fargo

&

Co.

......................

10,816,756

435,049,926

Western

Alliance

Bancorp

.................

116,838

7,680,930

Wintrust

Financial

Corp.

..................

170,684

13,919,280

Zions

Bancorp

NA

......................

424,276

21,578,677

3,444,418,818

a

Beverages

 — 

1

.0

%

Brown-Forman

Corp.

,

Class

A

(b)

.............

46,286

3,127,082

Brown-Forman

Corp.

,

Class

B

,

NVS

..........

215,442

14,341,974

Coca-Cola

Co.

(The)

....................

2,784,073

155,963,770

Constellation

Brands,

Inc.

,

Class

A

...........

431,678

99,147,803

Keurig

Dr

Pepper,

Inc.

...................

2,444,044

87,545,656

Molson

Coors

Beverage

Co.

,

Class

B

.........

507,796

24,369,130

Monster

Beverage

Corp.

(a)

.................

73,669

6,406,256

PepsiCo,

Inc.

.........................

611,163

99,778,471

490,680,142

a

Biotechnology

 — 

1

.7

%

Amgen,

Inc.

..........................

243,673

54,923,894

Biogen,

Inc.

(a)

.........................

415,409

110,914,203

BioMarin

Pharmaceutical,

Inc.

(a)

(b)

............

525,800

44,572,066

Exact

Sciences

Corp.

(a)

(b)

..................

420,382

13,658,211

Exelixis,

Inc.

(a)

.........................

91,254

1,430,863

Gilead

Sciences,

Inc.

....................

3,580,235

220,864,697

Horizon

Therapeutics

PLC

(a)

...............

36,912

2,284,484

Incyte

Corp.

(a)

(b)

........................

63,135

4,207,316

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

..............

40,897

1,808,874

Mirati

Therapeutics,

Inc.

(a)

(b)

................

128,839

8,998,116

Moderna,

Inc.

(a)

(b)

.......................

905,754

107,105,411

Natera,

Inc.

(a)

.........................

26,939

1,180,467

Regeneron

Pharmaceuticals,

Inc.

(a)

(b)

..........

252,447

173,903,165

Ultragenyx

Pharmaceutical,

Inc.

(a)

(b)

...........

31,020

1,284,538

United

Therapeutics

Corp.

(a)

................

127,064

26,604,660

Vertex

Pharmaceuticals,

Inc.

(a)

..............

39,228

11,358,075

785,099,040

a

Building

Products

 — 

0

.8

%

A

O

Smith

Corp.

.......................

267,272

12,984,074

Allegion

PLC

..........................

51,953

4,659,145

Armstrong

World

Industries,

Inc.

.............

49,746

3,941,375

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

(b)

............

293,737

4,881,909

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Building

Products

(continued)

Builders

FirstSource,

Inc.

(a)

................

439,125

$

25,873,245

Carlisle

Companies,

Inc.

..................

22,337

6,263,518

Carrier

Global

Corp.

.....................

2,415,841

85,907,306

Fortune

Brands

Home

&

Security,

Inc.

.........

234,974

12,615,754

Hayward

Holdings,

Inc.

(a)

(b)

.................

146,518

1,299,615

Johnson

Controls

International

PLC

..........

1,982,950

97,600,799

Lennox

International,

Inc.

.................

89,934

20,025,604

Masco

Corp.

..........................

608,747

28,422,397

Owens

Corning

........................

280,915

22,082,728

Trane

Technologies

PLC

..................

281,822

40,810,644

367,368,113

a

Capital

Markets

 — 

4

.8

%

Affiliated

Managers

Group,

Inc.

(b)

............

105,143

11,760,245

Ameriprise

Financial,

Inc.

.................

111,402

28,067,734

Bank

of

New

York

Mellon

Corp.

(The)

.........

2,093,620

80,646,242

BlackRock,

Inc.

(c)

.......................

427,955

235,495,077

Carlyle

Group,

Inc.

(The)

..................

606,050

15,660,332

Cboe

Global

Markets,

Inc.

.................

301,619

35,401,022

Charles

Schwab

Corp.

(The)

...............

1,929,106

138,644,848

CME

Group,

Inc.

,

Class

A

.................

1,022,767

181,162,719

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

............

452,520

29,183,015

Evercore,

Inc.

,

Class

A

...................

103,615

8,522,334

Franklin

Resources,

Inc.

..................

806,027

17,345,701

Goldman

Sachs

Group,

Inc.

(The)

...........

948,727

278,024,447

Interactive

Brokers

Group,

Inc.

,

Class

A

(b)

.......

264,393

16,897,357

Intercontinental

Exchange,

Inc.

.............

1,573,612

142,175,844

Invesco

Ltd.

..........................

1,063,509

14,570,073

Janus

Henderson

Group

PLC

..............

370,452

7,523,880

Jefferies

Financial

Group,

Inc.

..............

579,329

17,090,206

KKR

&

Co.,

Inc.

........................

1,628,981

70,046,183

Lazard

Ltd.

,

Class

A

.....................

256,223

8,155,578

Moody's

Corp.

(b)

........................

27,757

6,748,004

Morgan

Stanley

........................

3,571,754

282,204,284

Morningstar,

Inc.

(b)

......................

5,912

1,255,236

MSCI,

Inc.

,

Class

A

(b)

....................

56,577

23,863,613

Nasdaq,

Inc.

(b)

.........................

979,332

55,508,538

Northern

Trust

Corp.

.....................

585,570

50,101,369

Raymond

James

Financial,

Inc.

.............

510,158

50,413,814

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

..........

1,630,123

16,464,242

S&P

Global,

Inc.

.......................

950,479

290,228,763

SEI

Investments

Co.

.....................

289,777

14,213,562

State

Street

Corp.

......................

1,045,119

63,553,686

Stifel

Financial

Corp.

....................

292,722

15,195,199

T

Rowe

Price

Group,

Inc.

.................

637,227

66,915,207

Tradeweb

Markets,

Inc.

,

Class

A

.............

112,993

6,375,065

Virtu

Financial,

Inc.

,

Class

A

................

260,082

5,401,903

2,284,815,322

a

Chemicals

 — 

2

.5

%

Air

Products

and

Chemicals,

Inc.

............

631,399

146,945,489

Albemarle

Corp.

(b)

......................

161,709

42,762,328

Ashland,

Inc.

..........................

143,183

13,598,089

Axalta

Coating

Systems

Ltd.

(a)

(b)

.............

468,617

9,869,074

Celanese

Corp.

........................

313,287

28,302,348

Chemours

Co.

(The)

.....................

174,569

4,303,126

Corteva,

Inc.

..........................

2,065,030

118,016,464

Dow,

Inc.

............................

2,053,766

90,221,940

DuPont

de

Nemours,

Inc.

.................

1,431,775

72,161,460

Eastman

Chemical

Co.

...................

350,921

24,932,937

Ecolab,

Inc.

(b)

.........................

82,566

11,924,182

Element

Solutions,

Inc.

...................

640,265

10,417,112

FMC

Corp.

...........................

236,136

24,959,575

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

1,864,229

5,816,394

Huntsman

Corp.

.......................

541,372

13,285,269

Security

Shares

Value

a

Chemicals

(continued)

International

Flavors

&

Fragrances,

Inc.

........

726,015

$

65,943,942

Linde

PLC

...........................

1,132,018

305,180,733

LyondellBasell

Industries

NV

,

Class

A

.........

732,133

55,114,972

Mosaic

Co.

(The)

.......................

867,205

41,912,018

NewMarket

Corp.

.......................

16,808

5,056,351

Olin

Corp.

............................

383,317

16,436,633

PPG

Industries,

Inc.

.....................

314,869

34,852,850

RPM

International,

Inc.

...................

344,726

28,719,123

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

.........

75,588

3,231,387

Westlake

Corp.

........................

93,851

8,153,775

1,182,117,571

a

Commercial

Services

&

Supplies

 — 

0

.3

%

Cintas

Corp.

..........................

15,462

6,002,194

Clean

Harbors,

Inc.

(a)

(b)

...................

145,091

15,957,108

Driven

Brands

Holdings,

Inc.

(a)

(b)

.............

158,766

4,442,273

IAA,

Inc.

(a)

(b)

...........................

50,301

1,602,087

MSA

Safety,

Inc.

.......................

64,583

7,057,630

Republic

Services,

Inc.

...................

550,061

74,830,298

Rollins,

Inc.

...........................

58,867

2,041,508

Stericycle,

Inc.

(a)

(b)

......................

268,422

11,303,250

Tetra

Tech,

Inc.

(b)

.......................

93,132

11,970,256

Waste

Management,

Inc.

..................

71,986

11,532,877

146,739,481

a

Communications

Equipment

 — 

1

.4

%

Ciena

Corp.

(a)

(b)

........................

420,036

16,982,055

Cisco

Systems,

Inc.

.....................

11,858,586

474,343,440

F5,

Inc.

(a)

............................

168,748

24,422,898

Juniper

Networks,

Inc.

...................

928,804

24,260,361

Lumentum

Holdings,

Inc.

(a)

(b)

...............

202,996

13,919,436

Motorola

Solutions,

Inc.

..................

469,205

105,087,844

Ubiquiti,

Inc.

(b)

.........................

12,076

3,545,031

Viasat,

Inc.

(a)

(b)

.........................

216,315

6,539,202

669,100,267

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

.............................

353,646

24,178,777

MasTec,

Inc.

(a)

.........................

167,119

10,612,057

MDU

Resources

Group,

Inc.

...............

565,744

15,473,099

Quanta

Services,

Inc.

(b)

...................

184,052

23,446,384

Valmont

Industries,

Inc.

...................

51,523

13,840,108

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

...

276,370

11,146,002

98,696,427

a

Construction

Materials

 — 

0

.2

%

Eagle

Materials,

Inc.

.....................

14,439

1,547,572

Martin

Marietta

Materials,

Inc.

(b)

.............

161,604

52,051,033

Vulcan

Materials

Co.

....................

193,154

30,462,317

84,060,922

a

Consumer

Finance

 — 

1

.0

%

Ally

Financial,

Inc.

......................

883,777

24,595,514

American

Express

Co.

...................

1,608,903

217,057,104

Capital

One

Financial

Corp.

................

1,085,236

100,026,202

Credit

Acceptance

Corp.

(a)

(b)

................

16,682

7,306,716

Discover

Financial

Services

................

780,697

70,980,971

OneMain

Holdings,

Inc.

...................

319,945

9,444,776

SLM

Corp.

...........................

716,991

10,030,704

SoFi

Technologies,

Inc.

(a)

(b)

................

2,347,584

11,456,210

Synchrony

Financial

.....................

1,376,507

38,803,732

Upstart

Holdings,

Inc.

(a)

(b)

..................

148,459

3,086,463

492,788,392

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

30

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Containers

&

Packaging

 — 

0

.5

%

Amcor

PLC

...........................

4,273,192

$

45,851,350

AptarGroup,

Inc.

.......................

183,635

17,450,834

Ardagh

Group

SA

,

Class

A

................

42,326

363,157

Ardagh

Metal

Packaging

SA

(b)

..............

216,122

1,046,030

Avery

Dennison

Corp.

....................

89,256

14,521,951

Ball

Corp.

............................

529,132

25,567,658

Berry

Global

Group,

Inc.

(a)

.................

182,369

8,485,630

Crown

Holdings,

Inc.

....................

34,754

2,816,117

Graphic

Packaging

Holding

Co.

.............

199,662

3,941,328

International

Paper

Co.

...................

1,032,011

32,714,749

Packaging

Corp.

.......................

263,264

29,561,914

Silgan

Holdings,

Inc.

(b)

...................

239,218

10,056,725

Sonoco

Products

Co.

....................

273,878

15,537,099

Westrock

Co.

.........................

733,993

22,673,044

230,587,586

a

Distributors

 — 

0

.2

%

Genuine

Parts

Co.

......................

363,549

54,285,137

LKQ

Corp.

...........................

736,055

34,704,993

88,990,130

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

(b)

...........................

595,297

4,458,775

Bright

Horizons

Family

Solutions,

Inc.

(a)

........

112,959

6,512,086

Grand

Canyon

Education,

Inc.

(a)

.............

84,353

6,938,034

H&R

Block,

Inc.

........................

75,799

3,224,489

Mister

Car

Wash,

Inc.

(a)

(b)

..................

324

2,780

Service

Corp.

International

(b)

...............

447,848

25,858,744

Terminix

Global

Holdings,

Inc.

(a)

.............

337,809

12,934,707

59,929,615

a

Diversified

Financial

Services

 — 

3

.0

%

Apollo

Global

Management,

Inc.

.............

320,461

14,901,437

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

..........

5,145,630

1,373,986,123

Equitable

Holdings,

Inc.

..................

1,072,583

28,262,562

Voya

Financial,

Inc.

.....................

274,511

16,607,915

1,433,758,037

a

Diversified

Telecommunication

Services

 — 

1

.7

%

AT&T,

Inc.

............................

20,420,484

313,250,225

Frontier

Communications

Parent,

Inc.

(a)

(b)

.......

717,793

16,817,890

Lumen

Technologies,

Inc.

.................

2,984,541

21,727,458

Verizon

Communications,

Inc.

..............

11,987,635

455,170,501

806,966,074

a

Electric

Utilities

 — 

3

.8

%

Alliant

Energy

Corp.

.....................

714,208

37,845,882

American

Electric

Power

Co.,

Inc.

............

1,465,980

126,733,971

Avangrid,

Inc.

.........................

201,695

8,410,681

Constellation

Energy

Corp.

(b)

...............

930,574

77,414,451

Duke

Energy

Corp.

.....................

2,195,883

204,261,037

Edison

International

.....................

1,071,224

60,609,854

Entergy

Corp.

.........................

578,448

58,209,222

Evergy,

Inc.

...........................

633,172

37,610,417

Eversource

Energy

.....................

982,048

76,560,462

Exelon

Corp.

..........................

2,832,528

106,106,499

FirstEnergy

Corp.

......................

1,547,397

57,253,689

Hawaiian

Electric

Industries,

Inc.

............

309,900

10,741,134

IDACORP,

Inc.

........................

143,371

14,195,163

NextEra

Energy,

Inc.

....................

5,599,601

439,064,714

NRG

Energy,

Inc.

.......................

671,747

25,707,758

OGE

Energy

Corp.

......................

568,878

20,741,292

PG&E

Corp.

(a)

(b)

........................

4,420,068

55,250,850

Pinnacle

West

Capital

Corp.

...............

321,602

20,746,545

PPL

Corp.

...........................

2,099,899

53,232,439

Southern

Co.

(The)

.....................

3,026,700

205,815,600

Security

Shares

Value

a

Electric

Utilities

(continued)

Xcel

Energy,

Inc.

.......................

1,554,184

$

99,467,776

1,795,979,436

a

Electrical

Equipment

 — 

1

.0

%

Acuity

Brands,

Inc.

(b)

.....................

92,402

14,550,543

AMETEK,

Inc.

.........................

656,481

74,451,510

Eaton

Corp.

PLC

.......................

1,138,255

151,797,687

Emerson

Electric

Co.

....................

1,146,652

83,957,859

Hubbell,

Inc.

..........................

152,551

34,018,873

nVent

Electric

PLC

......................

462,416

14,616,970

Plug

Power,

Inc.

(a)

(b)

.....................

761,308

15,995,081

Regal

Rexnord

Corp.

....................

190,898

26,794,443

Rockwell

Automation,

Inc.

.................

109,823

23,624,026

Sensata

Technologies

Holding

PLC

..........

434,389

16,194,022

Sunrun,

Inc.

(a)

(b)

........................

598,467

16,511,705

Vertiv

Holdings

Co.

,

Class

A

(b)

..............

767,409

7,459,215

479,971,934

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Amphenol

Corp.

,

Class

A

.................

417,578

27,961,023

Arrow

Electronics,

Inc.

(a)

(b)

.................

172,679

15,919,277

Avnet,

Inc.

...........................

263,970

9,534,596

Cognex

Corp.

(b)

........................

21,834

905,019

Coherent

Corp.

(a)

.......................

316,728

11,037,971

Corning,

Inc.

..........................

2,023,734

58,728,760

IPG

Photonics

Corp.

(a)

...................

92,945

7,839,911

Jabil,

Inc.

(b)

...........................

62,517

3,607,856

Keysight

Technologies,

Inc.

(a)

...............

35,167

5,533,879

Littelfuse,

Inc.

.........................

71,165

14,139,774

National

Instruments

Corp.

................

324,108

12,231,836

TD

SYNNEX

Corp.

......................

117,346

9,527,322

Teledyne

Technologies,

Inc.

(a)

(b)

.............

131,915

44,517,355

Trimble,

Inc.

(a)

(b)

........................

719,837

39,065,554

Vontier

Corp.

..........................

147,897

2,471,359

Zebra

Technologies

Corp.

,

Class

A

(a)

(b)

.........

86,075

22,552,511

285,574,003

a

Energy

Equipment

&

Services

 — 

0

.5

%

Baker

Hughes

Co.

,

Class

A

................

2,720,913

57,030,337

Halliburton

Co.

........................

1,399,662

34,459,678

NOV,

Inc.

............................

1,121,347

18,143,395

Schlumberger

NV

......................

4,028,117

144,609,400

254,242,810

a

Entertainment

 — 

2

.1

%

Activision

Blizzard,

Inc.

...................

2,214,868

164,653,287

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

...

1,527,011

10,643,267

Electronic

Arts,

Inc.

.....................

739,745

85,595,894

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

(b)

44,254

2,324,220

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

,

NVS

(a)

(b)

...........................

507,401

29,682,959

Live

Nation

Entertainment,

Inc.

(a)

............

224,987

17,108,011

Madison

Square

Garden

Sports

Corp.

,

Class

A

(a)

..

29,806

4,073,288

Netflix,

Inc.

(a)

..........................

685,443

161,380,700

Playtika

Holding

Corp.

(a)

(b)

.................

135

1,268

Roku,

Inc.

,

Class

A

(a)

(b)

...................

252,091

14,217,932

Take-Two

Interactive

Software,

Inc.

(a)

..........

81,828

8,919,252

Walt

Disney

Co.

(The)

(a)

(b)

.................

4,848,577

457,366,268

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.......

1,788,162

20,563,863

976,530,209

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

4

.6

%

Alexandria

Real

Estate

Equities,

Inc.

..........

461,588

64,710,022

American

Homes

4

Rent

,

Class

A

(b)

...........

863,831

28,342,295

American

Tower

Corp.

...................

308,136

66,156,799

Americold

Realty

Trust,

Inc.

(b)

...............

765,705

18,836,343

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

31

Schedule

of

Investments

Security

Shares

Value

a

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Apartment

Income

REIT

Corp.

..............

393,944

$

15,214,117

AvalonBay

Communities,

Inc.

(b)

.............

397,095

73,140,928

Boston

Properties,

Inc.

...................

446,319

33,460,535

Brixmor

Property

Group,

Inc.

...............

874,088

16,144,405

Camden

Property

Trust

...................

268,519

32,074,595

Cousins

Properties,

Inc.

..................

441,655

10,312,644

CubeSmart

...........................

648,320

25,971,699

Digital

Realty

Trust,

Inc.

..................

809,423

80,278,573

Douglas

Emmett,

Inc.

....................

480,991

8,624,169

Duke

Realty

Corp.

......................

1,089,391

52,508,646

EastGroup

Properties,

Inc.

................

120,255

17,357,607

EPR

Properties

........................

203,183

7,286,142

Equinix,

Inc.

(b)

.........................

63,721

36,247,054

Equity

LifeStyle

Properties,

Inc.

.............

195,736

12,300,050

Equity

Residential

......................

1,052,532

70,751,201

Essex

Property

Trust,

Inc.

.................

185,088

44,833,866

Extra

Space

Storage,

Inc.

.................

332,617

57,446,282

Federal

Realty

Investment

Trust

(b)

............

230,037

20,730,934

First

Industrial

Realty

Trust,

Inc.

.............

375,096

16,808,052

Gaming

and

Leisure

Properties,

Inc.

..........

688,935

30,478,484

Healthcare

Realty

Trust,

Inc.

,

Class

A

.........

1,101,377

22,963,710

Healthpeak

Properties,

Inc.

................

1,555,762

35,658,065

Highwoods

Properties,

Inc.

................

295,665

7,971,128

Host

Hotels

&

Resorts,

Inc.

................

2,044,920

32,473,330

Hudson

Pacific

Properties,

Inc.

..............

365,289

3,999,915

Invitation

Homes,

Inc.

....................

1,738,046

58,693,813

Iron

Mountain,

Inc.

......................

215,961

9,495,805

JBG

SMITH

Properties

...................

288,107

5,353,028

Kilroy

Realty

Corp.

......................

341,398

14,376,270

Kimco

Realty

Corp.

.....................

1,745,490

32,134,471

Lamar

Advertising

Co.

,

Class

A

.............

25,377

2,093,349

Life

Storage,

Inc.

.......................

239,529

26,530,232

Medical

Properties

Trust,

Inc.

...............

1,691,137

20,056,885

Mid-America

Apartment

Communities,

Inc.

......

327,054

50,716,264

National

Retail

Properties,

Inc.

..............

499,795

19,921,829

National

Storage

Affiliates

Trust

.............

252,443

10,496,580

Omega

Healthcare

Investors,

Inc.

............

655,629

19,334,499

Park

Hotels

&

Resorts,

Inc.

................

614,570

6,920,058

Prologis,

Inc.

..........................

2,106,389

214,009,122

Public

Storage

.........................

91,741

26,862,682

Rayonier,

Inc.

.........................

430,133

12,891,086

Realty

Income

Corp.

.....................

1,763,873

102,657,409

Regency

Centers

Corp.

..................

496,935

26,759,950

Rexford

Industrial

Realty,

Inc.

..............

482,310

25,080,120

SBA

Communications

Corp.

,

Class

A

..........

233,973

66,600,415

Simon

Property

Group,

Inc.

................

483,618

43,404,716

SL

Green

Realty

Corp.

...................

190,381

7,645,701

Spirit

Realty

Capital,

Inc.

..................

393,824

14,240,676

STORE

Capital

Corp.

....................

723,764

22,675,526

Sun

Communities,

Inc.

...................

345,415

46,745,012

UDR,

Inc.

............................

916,669

38,234,264

Ventas,

Inc.

..........................

1,137,100

45,677,307

VICI

Properties,

Inc.

.....................

2,741,123

81,822,522

Vornado

Realty

Trust

....................

502,472

11,637,252

Welltower,

Inc.

.........................

1,322,995

85,095,038

Weyerhaeuser

Co.

......................

2,120,618

60,564,850

WP

Carey,

Inc.

........................

546,010

38,111,498

2,189,919,819

a

Food

&

Staples

Retailing

 — 

1

.6

%

Albertsons

Companies,

Inc.

,

Class

A

(b)

.........

482,296

11,989,878

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

..........

140,848

10,255,143

Casey's

General

Stores,

Inc.

(b)

..............

105,588

21,383,682

Grocery

Outlet

Holding

Corp.

(a)

(b)

.............

221,738

7,381,658

Kroger

Co.

(The)

.......................

1,868,601

81,751,294

Security

Shares

Value

a

Food

&

Staples

Retailing

(continued)

Performance

Food

Group

Co.

(a)

.............

309,584

$

13,296,633

U.S.

Foods

Holding

Corp.

(a)

(b)

...............

561,360

14,842,358

Walgreens

Boots

Alliance,

Inc.

..............

2,059,234

64,659,948

Walmart,

Inc.

..........................

4,111,599

533,274,390

758,834,984

a

Food

Products

 — 

2

.0

%

Archer-Daniels-Midland

Co.

................

1,596,611

128,447,355

Bunge

Ltd.

...........................

399,184

32,960,623

Campbell

Soup

Co.

.....................

544,781

25,670,081

Conagra

Brands,

Inc.

....................

1,341,216

43,763,878

Darling

Ingredients,

Inc.

(a)

(b)

................

424,365

28,071,745

Flowers

Foods,

Inc.

.....................

533,934

13,182,830

Freshpet,

Inc.

(a)

(b)

.......................

44,554

2,231,710

General

Mills,

Inc.

......................

1,698,595

130,129,363

Hershey

Co.

(The)

......................

53,057

11,697,477

Hormel

Foods

Corp.

.....................

816,835

37,116,982

Ingredion,

Inc.

.........................

182,636

14,705,851

JM

Smucker

Co.

(The)

...................

291,401

40,041,411

Kellogg

Co.

...........................

325,089

22,645,700

Kraft

Heinz

Co.

(The)

....................

1,991,730

66,424,195

McCormick

&

Co.,

Inc.

,

NVS

...............

720,700

51,364,289

Mondelez

International,

Inc.

,

Class

A

..........

3,940,634

216,064,962

Pilgrim's

Pride

Corp.

(a)

...................

80,218

1,846,618

Post

Holdings,

Inc.

(a)

(b)

....................

150,330

12,313,530

Seaboard

Corp.

(b)

.......................

574

1,953,127

Tyson

Foods,

Inc.

,

Class

A

................

811,721

53,516,766

934,148,493

a

Gas

Utilities

 — 

0

.2

%

Atmos

Energy

Corp.

.....................

393,164

40,043,753

National

Fuel

Gas

Co.

...................

229,443

14,122,217

UGI

Corp.

............................

595,819

19,262,828

73,428,798

a

Health

Care

Equipment

&

Supplies

 — 

3

.3

%

Abbott

Laboratories

.....................

4,245,145

410,760,230

Align

Technology,

Inc.

(a)

(b)

..................

57,947

12,001,403

Baxter

International,

Inc.

..................

1,210,613

65,203,616

Becton

Dickinson

and

Co.

(b)

................

809,767

180,440,381

Boston

Scientific

Corp.

(a)

..................

4,069,334

157,605,306

Cooper

Companies,

Inc.

(The)

..............

140,097

36,971,598

Dentsply

Sirona,

Inc.

....................

598,252

16,960,444

Enovis

Corp.

(a)

.........................

134,282

6,186,372

Envista

Holdings

Corp.

(a)

..................

477,932

15,680,949

Globus

Medical,

Inc.

,

Class

A

(a)

.............

198,768

11,840,610

Hologic,

Inc.

(a)

.........................

708,404

45,706,226

ICU

Medical,

Inc.

(a)

......................

49,774

7,495,964

Integra

LifeSciences

Holdings

Corp.

(a)

.........

217,126

9,197,457

Intuitive

Surgical,

Inc.

(a)

(b)

..................

82,992

15,556,021

Masimo

Corp.

(a)

........................

29,650

4,185,394

Medtronic

PLC

........................

3,812,109

307,827,802

QuidelOrtho

Corp.

(a)

(b)

....................

146,964

10,504,987

STERIS

PLC

(b)

........................

282,545

46,981,583

Stryker

Corp.

.........................

465,936

94,370,678

Tandem

Diabetes

Care,

Inc.

(a)

..............

19,045

911,303

Teleflex,

Inc.

..........................

135,868

27,371,967

Zimmer

Biomet

Holdings,

Inc.

..............

597,606

62,479,707

1,546,239,998

a

Health

Care

Providers

&

Services

 — 

3

.4

%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

..............

253,626

19,828,481

agilon

health,

Inc.

(a)

(b)

....................

189

4,426

Amedisys,

Inc.

(a)

(b)

......................

95,445

9,238,121

Cardinal

Health,

Inc.

.....................

776,325

51,765,351

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Centene

Corp.

(a)

(b)

......................

1,620,356

$

126,079,900

Chemed

Corp.

.........................

26,795

11,697,625

Cigna

Corp.

..........................

717,952

199,210,141

CVS

Health

Corp.

......................

3,738,661

356,556,100

Elevance

Health,

Inc.

(b)

...................

478,516

217,361,108

Encompass

Health

Corp.

.................

278,860

12,612,838

Enhabit,

Inc.

(a)

.........................

105,640

1,483,186

HCA

Healthcare,

Inc.

....................

586,551

107,802,208

Henry

Schein,

Inc.

(a)

(b)

....................

381,177

25,070,011

Humana,

Inc.

.........................

105,978

51,419,466

Laboratory

Corp.

of

America

Holdings

.........

256,728

52,580,462

McKesson

Corp.

.......................

332,609

113,043,821

Molina

Healthcare,

Inc.

(a)

..................

35,463

11,697,116

Oak

Street

Health,

Inc.

(a)

(b)

.................

350,126

8,585,089

Premier,

Inc.

,

Class

A

....................

322,577

10,948,263

Quest

Diagnostics,

Inc.

...................

333,282

40,890,369

Signify

Health,

Inc.

,

Class

A

(a)

...............

174,825

5,096,149

Tenet

Healthcare

Corp.

(a)

(b)

.................

311,436

16,063,869

UnitedHealth

Group,

Inc.

..................

240,090

121,255,054

Universal

Health

Services,

Inc.

,

Class

B

.......

177,770

15,675,759

1,585,964,913

a

Health

Care

Technology

 — 

0

.1

%

Certara,

Inc.

(a)

(b)

........................

82,884

1,100,700

Change

Healthcare,

Inc.

(a)

(b)

................

684,499

18,816,878

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

........

189

2,937

Doximity,

Inc.

,

Class

A

(a)

(b)

.................

166,405

5,028,759

Teladoc

Health,

Inc.

(a)

(b)

...................

399,804

10,135,031

35,084,305

a

Hotels,

Restaurants

&

Leisure

 — 

1

.9

%

Aramark

(b)

............................

674,194

21,034,853

Boyd

Gaming

Corp.

.....................

218,712

10,421,627

Caesars

Entertainment,

Inc.

(a)

(b)

.............

183,540

5,921,000

Carnival

Corp.

(a)

(b)

.......................

2,773,834

19,500,053

Darden

Restaurants,

Inc.

.................

91,795

11,595,544

Domino's

Pizza,

Inc.

.....................

27,509

8,533,292

Hilton

Worldwide

Holdings,

Inc.

.............

212,567

25,639,832

Hyatt

Hotels

Corp.

,

Class

A

(a)

(b)

..............

138,482

11,211,503

Las

Vegas

Sands

Corp.

(a)

(b)

................

604,132

22,667,033

Marriott

Vacations

Worldwide

Corp.

...........

109,921

13,394,973

McDonald's

Corp.

(b)

.....................

1,595,579

368,163,898

MGM

Resorts

International

(b)

...............

941,538

27,982,509

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.......

1,103,252

12,532,943

Penn

Entertainment,

Inc.

(a)

(b)

...............

452,689

12,453,474

Planet

Fitness,

Inc.

,

Class

A

(a)

(b)

.............

69,870

4,028,704

Royal

Caribbean

Cruises

Ltd.

(a)

.............

627,563

23,784,638

Six

Flags

Entertainment

Corp.

(a)

.............

106,012

1,876,412

Starbucks

Corp.

........................

2,093,128

176,366,965

Travel

+

Leisure

Co.

.....................

76,047

2,594,724

Vail

Resorts,

Inc.

.......................

6,175

1,331,577

Wyndham

Hotels

&

Resorts,

Inc.

............

71,188

4,367,384

Wynn

Resorts

Ltd.

(a)

(b)

....................

255,751

16,119,986

Yum!

Brands,

Inc.

......................

722,015

76,779,075

878,301,999

a

Household

Durables

 — 

0

.5

%

DR

Horton,

Inc.

(b)

.......................

430,461

28,991,548

Garmin

Ltd.

...........................

439,127

35,266,290

Leggett

&

Platt,

Inc.

.....................

390,478

12,971,679

Lennar

Corp.

,

Class

A

....................

717,550

53,493,353

Lennar

Corp.

,

Class

B

...................

37,212

2,214,486

Mohawk

Industries,

Inc.

(a)

(b)

................

154,917

14,126,881

Newell

Brands,

Inc.

.....................

1,105,965

15,361,854

NVR,

Inc.

(a)

...........................

2,282

9,098,517

Security

Shares

Value

a

Household

Durables

(continued)

PulteGroup,

Inc.

.......................

396,804

$

14,880,150

Tempur

Sealy

International,

Inc.

(b)

............

468,980

11,321,177

Toll

Brothers,

Inc.

.......................

138,765

5,828,130

TopBuild

Corp.

(a)

.......................

11,645

1,918,863

Whirlpool

Corp.

........................

152,709

20,586,700

226,059,628

a

Household

Products

 — 

1

.4

%

Church

&

Dwight

Co.,

Inc.

.................

378,448

27,036,325

Clorox

Co.

(The)

.......................

60,051

7,709,948

Colgate-Palmolive

Co.

...................

908,993

63,856,758

Kimberly-Clark

Corp.

....................

390,438

43,939,893

Procter

&

Gamble

Co.

(The)

...............

3,912,761

493,986,076

Reynolds

Consumer

Products,

Inc.

...........

168,316

4,377,899

Spectrum

Brands

Holdings,

Inc.

.............

120,114

4,688,050

645,594,949

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.......................

1,558,219

35,215,749

Brookfield

Renewable

Corp.

,

Class

A

.........

363,303

11,872,742

Vistra

Corp.

..........................

514,112

10,796,352

57,884,843

a

Industrial

Conglomerates

 — 

1

.2

%

3M

Co.

..............................

1,618,573

178,852,317

General

Electric

Co.

.....................

2,948,352

182,532,472

Honeywell

International,

Inc.

...............

1,357,044

226,585,637

587,970,426

a

Insurance

 — 

3

.5

%

Aflac,

Inc.

............................

1,785,656

100,353,867

Alleghany

Corp.

(a)

.......................

31,722

26,626,495

Allstate

Corp.

(The)

.....................

767,218

95,541,658

American

Financial

Group,

Inc.

.............

192,829

23,704,469

American

International

Group,

Inc.

...........

2,168,597

102,964,986

Aon

PLC

,

Class

A

(b)

.....................

34,913

9,352,145

Arch

Capital

Group

Ltd.

(a)

.................

682,053

31,060,694

Arthur

J

Gallagher

&

Co.

..................

525,292

89,940,496

Assurant,

Inc.

.........................

143,061

20,782,471

Assured

Guaranty

Ltd.

...................

165,595

8,023,078

Axis

Capital

Holdings

Ltd.

.................

213,490

10,493,034

Brighthouse

Financial,

Inc.

(a)

(b)

..............

200,812

8,719,257

Brown

&

Brown,

Inc.

.....................

622,284

37,635,736

Chubb

Ltd.

(b)

..........................

1,185,258

215,574,725

Cincinnati

Financial

Corp.

.................

445,448

39,898,777

CNA

Financial

Corp.

.....................

66,281

2,445,769

Erie

Indemnity

Co.

,

Class

A

,

NVS

............

20,736

4,609,820

Everest

Re

Group

Ltd.

...................

78,450

20,588,418

Fidelity

National

Financial,

Inc.

..............

756,119

27,371,508

First

American

Financial

Corp.

..............

280,400

12,926,440

Globe

Life,

Inc.

........................

252,619

25,186,114

Hanover

Insurance

Group,

Inc.

(The)

.........

101,443

12,998,906

Hartford

Financial

Services

Group,

Inc.

(The)

....

922,105

57,115,184

Kemper

Corp.

.........................

180,925

7,464,965

Lincoln

National

Corp.

...................

376,476

16,531,061

Loews

Corp.

..........................

569,942

28,405,909

Markel

Corp.

(a)

(b)

........................

29,340

31,811,015

Marsh

&

McLennan

Companies,

Inc.

..........

152,955

22,834,652

MetLife,

Inc.

..........................

1,914,893

116,387,197

Old

Republic

International

Corp.

.............

809,952

16,952,295

Primerica,

Inc.

.........................

106,615

13,161,622

Principal

Financial

Group,

Inc.

..............

704,917

50,859,762

Progressive

Corp.

(The)

..................

216,449

25,153,538

Prudential

Financial,

Inc.

..................

1,069,398

91,732,960

Reinsurance

Group

of

America,

Inc.

..........

190,344

23,947,179

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Insurance

(continued)

RenaissanceRe

Holdings

Ltd.

..............

52,703

$

7,398,974

Travelers

Companies,

Inc.

(The)

(b)

...........

675,367

103,466,224

Unum

Group

..........................

581,201

22,550,599

W

R

Berkley

Corp.

......................

586,526

37,877,849

White

Mountains

Insurance

Group

Ltd.

(b)

.......

7,978

10,395,494

Willis

Towers

Watson

PLC

.................

312,621

62,818,064

1,673,663,406

a

Interactive

Media

&

Services

 — 

2

.5

%

Alphabet,

Inc.

,

Class

A

(a)

..................

2,230,330

213,331,064

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

..............

2,002,938

192,582,489

IAC,

Inc.

(a)

(b)

..........................

229,714

12,721,561

Match

Group,

Inc.

(a)

.....................

51,125

2,441,219

Meta

Platforms,

Inc.

,

Class

A

(a)

..............

5,146,847

698,324,201

Pinterest,

Inc.

,

Class

A

(a)

(b)

.................

1,317,066

30,687,638

TripAdvisor,

Inc.

(a)

(b)

.....................

267,259

5,901,079

Twitter,

Inc.

(a)

..........................

145,847

6,393,932

1,162,383,183

a

Internet

&

Direct

Marketing

Retail

 — 

0

.1

%

DoorDash,

Inc.

,

Class

A

(a)

(b)

................

81,833

4,046,642

eBay,

Inc.

............................

1,358,328

50,000,053

Wayfair,

Inc.

,

Class

A

(a)

(b)

..................

90,487

2,945,352

56,992,047

a

IT

Services

 — 

2

.4

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

.............

521,159

9,776,943

Akamai

Technologies,

Inc.

(a)

(b)

...............

446,967

35,900,389

Amdocs

Ltd.

..........................

342,723

27,229,342

Automatic

Data

Processing,

Inc.

.............

97,650

22,087,453

Block,

Inc.

,

Class

A

(a)

(b)

...................

1,509,668

83,016,643

Broadridge

Financial

Solutions,

Inc.

..........

28,928

4,174,889

Cognizant

Technology

Solutions

Corp.

,

Class

A

...

1,483,381

85,205,405

Concentrix

Corp.

.......................

122,946

13,724,462

DXC

Technology

Co.

(a)

...................

653,233

15,991,144

Euronet

Worldwide,

Inc.

(a)

.................

38,824

2,941,306

Fidelity

National

Information

Services,

Inc.

......

1,739,530

131,456,282

Fiserv,

Inc.

(a)

(b)

.........................

1,526,109

142,798,019

Genpact

Ltd.

..........................

242,752

10,625,255

Global

Payments,

Inc.

(b)

..................

786,115

84,939,726

GoDaddy,

Inc.

,

Class

A

(a)

(b)

.................

384,412

27,247,123

International

Business

Machines

Corp.

........

852,134

101,242,041

Kyndryl

Holdings,

Inc.

(a)

(b)

.................

563,660

4,661,468

Okta,

Inc.

,

Class

A

(a)

.....................

366,328

20,833,073

PayPal

Holdings,

Inc.

(a)

...................

2,284,930

196,663,925

Snowflake,

Inc.

,

Class

A

(a)

(b)

................

55,332

9,404,227

SS&C

Technologies

Holdings,

Inc.

...........

635,688

30,354,102

Switch,

Inc.

,

Class

A

.....................

154,332

5,199,445

Twilio,

Inc.

,

Class

A

(a)

(b)

...................

310,605

21,475,230

VeriSign,

Inc.

(a)

........................

239,402

41,584,127

Western

Union

Co.

(The)

.................

727,865

9,826,178

WEX,

Inc.

(a)

(b)

..........................

31,951

4,055,860

Wix.com

Ltd.

(a)

(b)

.......................

26,820

2,098,129

1,144,512,186

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.......................

175,409

11,480,519

Hasbro,

Inc.

..........................

380,681

25,665,513

Mattel,

Inc.

(a)

..........................

540,950

10,245,593

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

..........

898,741

6,228,275

Polaris,

Inc.

...........................

41,683

3,986,979

57,606,879

a

Life

Sciences

Tools

&

Services

 — 

2

.5

%

10X

Genomics,

Inc.

,

Class

A

(a)

..............

108

3,076

Agilent

Technologies,

Inc.

.................

84,814

10,309,142

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

Avantor,

Inc.

(a)

.........................

101,077

$

1,981,109

Azenta,

Inc.

..........................

220,978

9,471,117

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

..........

61,963

25,847,246

Charles

River

Laboratories

International,

Inc.

(a)

...

7,763

1,527,758

Danaher

Corp.

........................

1,720,744

444,450,968

Illumina,

Inc.

(a)

(b)

........................

447,955

85,465,334

PerkinElmer,

Inc.

(b)

......................

363,136

43,696,155

QIAGEN

NV

(a)

.........................

645,884

26,662,091

Repligen

Corp.

(a)

.......................

47,588

8,904,191

Syneos

Health,

Inc.

,

Class

A

(a)

..............

250,625

11,816,969

Thermo

Fisher

Scientific,

Inc.

...............

979,825

496,957,442

1,167,092,598

a

Machinery

 — 

1

.8

%

AGCO

Corp.

..........................

150,477

14,471,373

Allison

Transmission

Holdings,

Inc.

...........

70,387

2,376,265

Caterpillar,

Inc.

........................

195,214

32,030,713

Crane

Holdings

Co.

.....................

138,037

12,083,759

Cummins,

Inc.

.........................

401,529

81,715,167

Donaldson

Co.,

Inc.

.....................

292,345

14,327,828

Dover

Corp.

..........................

409,853

47,780,663

Esab

Corp.

...........................

144,349

4,815,483

Flowserve

Corp.

.......................

386,912

9,401,961

Fortive

Corp.

..........................

1,021,992

59,582,134

Gates

Industrial

Corp.

PLC

(a)

(b)

..............

269,586

2,631,159

Graco,

Inc.

...........................

150,119

8,999,634

IDEX

Corp.

...........................

177,930

35,559,310

Illinois

Tool

Works,

Inc.

...................

88,303

15,951,937

Ingersoll

Rand,

Inc.

(b)

....................

1,156,784

50,042,476

ITT,

Inc.

.............................

234,197

15,302,432

Middleby

Corp.

(The)

(a)

(b)

..................

140,545

18,013,653

Nordson

Corp.

.........................

126,402

26,831,352

Oshkosh

Corp.

........................

184,448

12,964,850

Otis

Worldwide

Corp.

....................

1,058,528

67,534,086

PACCAR,

Inc.

.........................

972,262

81,368,607

Parker-Hannifin

Corp.

....................

281,915

68,310,824

Pentair

PLC

..........................

468,728

19,044,419

Snap-on,

Inc.

.........................

149,800

30,162,230

Stanley

Black

&

Decker,

Inc.

...............

421,365

31,690,862

Timken

Co.

(The)

.......................

173,825

10,262,628

Westinghouse

Air

Brake

Technologies

Corp.

.....

513,559

41,778,025

Xylem,

Inc.

...........................

436,356

38,120,060

853,153,890

a

Marine

 — 

0

.0

%

Kirby

Corp.

(a)

..........................

164,816

10,015,868

a

Media

 — 

1

.3

%

Altice

USA,

Inc.

,

Class

A

(a)

(b)

................

595,638

3,472,570

Cable

One,

Inc.

(b)

.......................

6,000

5,118,300

Comcast

Corp.

,

Class

A

..................

12,490,101

366,334,662

DISH

Network

Corp.

,

Class

A

(a)

(b)

............

743,929

10,288,538

Fox

Corp.

,

Class

A

,

NVS

..................

858,015

26,323,900

Fox

Corp.

,

Class

B

......................

400,208

11,405,928

Interpublic

Group

of

Companies,

Inc.

(The)

.....

1,120,045

28,673,152

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

..........

26,165

1,951,909

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

(b)

.....

187,543

13,840,673

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(a)

(b)

.

141,858

5,400,534

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

,

NVS

(a)

.............................

318,272

12,002,037

New

York

Times

Co.

(The)

,

Class

A

(b)

.........

461,562

13,269,908

News

Corp.

,

Class

A

,

NVS

................

1,088,953

16,454,080

News

Corp.

,

Class

B

....................

322,483

4,972,688

Nexstar

Media

Group,

Inc.

.................

96,284

16,064,985

Omnicom

Group,

Inc.

....................

579,705

36,573,588

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Media

(continued)

Paramount

Global

,

Class

A

(b)

...............

135

$

2,908

Paramount

Global

,

Class

B

,

NVS

............

1,666,596

31,731,988

Sirius

XM

Holdings,

Inc.

(b)

.................

1,934,128

11,043,871

614,926,219

a

Metals

&

Mining

 — 

0

.9

%

Alcoa

Corp.

...........................

513,371

17,280,068

Cleveland-Cliffs,

Inc.

(a)

(b)

..................

1,442,462

19,429,963

Freeport-McMoRan,

Inc.

..................

4,064,315

111,077,729

Newmont

Corp.

........................

2,265,016

95,198,623

Nucor

Corp.

..........................

747,360

79,960,046

Reliance

Steel

&

Aluminum

Co.

.............

171,018

29,827,249

Royal

Gold,

Inc.

........................

174,553

16,376,563

Southern

Copper

Corp.

...................

83,166

3,729,163

SSR

Mining,

Inc.

(b)

......................

640,701

9,424,712

Steel

Dynamics,

Inc.

.....................

496,411

35,220,360

United

States

Steel

Corp.

(b)

................

665,525

12,059,313

429,583,789

a

Mortgage

Real

Estate

Investment

 — 

0

.1

%

AGNC

Investment

Corp.

..................

1,470,250

12,379,505

Annaly

Capital

Management,

Inc.

............

1,232,448

21,148,808

Rithm

Capital

Corp.

.....................

1,177,612

8,620,120

Starwood

Property

Trust,

Inc.

...............

836,352

15,238,333

57,386,766

a

Multiline

Retail

 — 

0

.4

%

Dollar

Tree,

Inc.

(a)

(b)

.....................

417,785

56,860,538

Kohl's

Corp.

..........................

364,347

9,163,327

Macy's,

Inc.

..........................

772,582

12,106,360

Nordstrom,

Inc.

(b)

.......................

189

3,162

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

........

165,789

8,554,712

Target

Corp.

..........................

593,040

88,001,206

174,689,305

a

Multi-Utilities

 — 

1

.7

%

Ameren

Corp.

.........................

733,399

59,075,289

CenterPoint

Energy,

Inc.

..................

1,795,400

50,594,372

CMS

Energy

Corp.

......................

824,961

48,045,729

Consolidated

Edison,

Inc.

.................

1,011,342

86,732,690

Dominion

Energy,

Inc.

....................

2,373,305

164,019,108

DTE

Energy

Co.

.......................

549,637

63,235,737

NiSource,

Inc.

.........................

1,156,868

29,141,505

Public

Service

Enterprise

Group,

Inc.

.........

1,418,991

79,789,864

Sempra

Energy

........................

896,957

134,489,733

WEC

Energy

Group,

Inc.

..................

899,325

80,426,635

795,550,662

a

Oil,

Gas

&

Consumable

Fuels

 — 

7

.2

%

Antero

Midstream

Corp.

..................

921,307

8,457,598

Antero

Resources

Corp.

(a)

(b)

................

279,590

8,535,883

APA

Corp.

...........................

932,831

31,893,492

Cheniere

Energy,

Inc.

(b)

...................

302,313

50,156,750

Chesapeake

Energy

Corp.

................

347,211

32,710,748

Chevron

Corp.

.........................

5,605,078

805,281,556

ConocoPhillips

........................

3,631,935

371,692,228

Continental

Resources,

Inc.

................

25,414

1,697,909

Coterra

Energy,

Inc.

.....................

1,873,888

48,945,955

Devon

Energy

Corp.

.....................

957,776

57,591,071

Diamondback

Energy,

Inc.

.................

212,786

25,632,202

DT

Midstream,

Inc.

......................

269,064

13,961,731

EOG

Resources,

Inc.

....................

448,628

50,125,206

EQT

Corp.

...........................

1,048,892

42,742,349

Exxon

Mobil

Corp.

......................

11,894,519

1,038,510,454

Hess

Corp.

(b)

..........................

174,129

18,978,320

HF

Sinclair

Corp.

.......................

417,335

22,469,316

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Kinder

Morgan,

Inc.

,

Class

P

...............

5,663,542

$

94,241,339

Marathon

Oil

Corp.

......................

1,930,352

43,587,348

Marathon

Petroleum

Corp.

................

1,419,511

141,000,028

Occidental

Petroleum

Corp.

................

405,905

24,942,862

ONEOK,

Inc.

..........................

1,123,149

57,550,155

Ovintiv,

Inc.

...........................

202,184

9,300,464

PDC

Energy,

Inc.

.......................

132,586

7,662,145

Phillips

66

............................

1,371,360

110,696,179

Pioneer

Natural

Resources

Co.

.............

303,948

65,813,860

Range

Resources

Corp.

..................

238,639

6,028,021

Southwestern

Energy

Co.

(a)

(b)

...............

3,007,783

18,407,632

Valero

Energy

Corp.

.....................

1,120,705

119,747,329

Williams

Companies,

Inc.

(The)

.............

3,471,176

99,379,769

3,427,739,899

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

...................

189,605

9,705,880

a

Personal

Products

 — 

0

.0

%

Coty,

Inc.

,

Class

A

(a)

(b)

....................

931,013

5,884,002

a

Pharmaceuticals

 — 

6

.4

%

Bristol-Myers

Squibb

Co.

..................

6,074,221

431,816,371

Catalent,

Inc.

(a)

........................

336,746

24,366,940

Elanco

Animal

Health,

Inc.

(a)

(b)

..............

1,302,071

16,158,701

Eli

Lilly

&

Co.

.........................

446,994

144,535,510

Jazz

Pharmaceuticals

PLC

(a)

...............

176,949

23,585,532

Johnson

&

Johnson

.....................

7,506,260

1,226,222,634

Merck

&

Co.,

Inc.

.......................

4,191,981

361,013,404

Organon

&

Co.

........................

742,016

17,363,174

Perrigo

Co.

PLC

.......................

375,253

13,381,522

Pfizer,

Inc.

...........................

16,120,242

705,421,790

Royalty

Pharma

PLC

,

Class

A

..............

1,045,505

42,008,391

Viatris,

Inc.

...........................

3,451,862

29,409,864

3,035,283,833

a

Professional

Services

 — 

0

.6

%

CACI

International,

Inc.

,

Class

A

(a)

...........

65,386

17,069,669

Clarivate

PLC

(a)

(b)

.......................

1,319,730

12,392,265

CoStar

Group,

Inc.

(a)

.....................

959,060

66,798,529

Dun

&

Bradstreet

Holdings,

Inc.

.............

751,512

9,311,234

Equifax,

Inc.

(b)

.........................

175,907

30,155,737

FTI

Consulting,

Inc.

(a)

(b)

...................

58,037

9,617,311

Jacobs

Solutions,

Inc.

....................

364,149

39,506,525

KBR,

Inc.

(b)

...........................

138,902

6,003,344

Leidos

Holdings,

Inc.

....................

385,443

33,714,699

ManpowerGroup,

Inc.

....................

145,775

9,430,185

Nielsen

Holdings

PLC

(b)

..................

1,020,447

28,286,791

Robert

Half

International,

Inc.

...............

30,127

2,304,716

Science

Applications

International

Corp.

.......

163,545

14,462,284

TransUnion

...........................

153,812

9,150,276

288,203,565

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

...............

463,757

31,308,235

Howard

Hughes

Corp.

(The)

(a)

(b)

.............

97,302

5,389,558

Jones

Lang

LaSalle,

Inc.

(a)

(b)

................

133,732

20,202,893

Opendoor

Technologies,

Inc.

(a)

(b)

.............

872,774

2,714,327

WeWork,

Inc.

,

Class

A

(a)

(b)

.................

239,854

635,613

Zillow

Group,

Inc.

,

Class

A

(a)

(b)

..............

141,152

4,041,182

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

..........

418,691

11,978,750

76,270,558

a

Road

&

Rail

 — 

0

.8

%

AMERCO

............................

26,408

13,447,482

Avis

Budget

Group,

Inc.

(a)

.................

87,808

13,035,976

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Road

&

Rail

(continued)

CSX

Corp.

(b)

..........................

4,563,150

$

121,562,316

Hertz

Global

Holdings,

Inc.

(a)

(b)

..............

575,070

9,362,140

JB

Hunt

Transport

Services,

Inc.

............

28,208

4,412,295

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

441,935

21,623,879

Landstar

System,

Inc.

(b)

...................

8,799

1,270,312

Lyft,

Inc.

,

Class

A

(a)

(b)

.....................

204,922

2,698,823

Norfolk

Southern

Corp.

...................

668,313

140,111,820

Ryder

System,

Inc.

......................

140,650

10,617,668

Schneider

National,

Inc.

,

Class

B

(b)

...........

139,372

2,829,252

Uber

Technologies,

Inc.

(a)

.................

737,606

19,546,559

XPO

Logistics,

Inc.

(a)

....................

279,391

12,438,487

372,957,009

a

Semiconductors

&

Semiconductor

Equipment

 — 

2

.3

%

Advanced

Micro

Devices,

Inc.

(a)

.............

976,611

61,878,073

Analog

Devices,

Inc.

.....................

1,189,523

165,748,135

Cirrus

Logic,

Inc.

(a)

......................

158,243

10,887,118

First

Solar,

Inc.

(a)

.......................

302,640

40,030,193

GlobalFoundries,

Inc.

(a)

(b)

..................

143,842

6,954,761

Intel

Corp.

...........................

11,671,503

300,774,632

Marvell

Technology,

Inc.

..................

2,418,514

103,778,436

Microchip

Technology,

Inc.

.................

223,869

13,662,725

Micron

Technology,

Inc.

...................

2,548,225

127,666,072

MKS

Instruments,

Inc.

(b)

..................

168,646

13,936,905

ON

Semiconductor

Corp.

(a)

................

464,806

28,971,358

Qorvo,

Inc.

(a)

(b)

.........................

293,067

23,272,450

Skyworks

Solutions,

Inc.

..................

463,217

39,498,514

Teradyne,

Inc.

.........................

36,150

2,716,673

Texas

Instruments,

Inc.

...................

828,365

128,214,335

Wolfspeed,

Inc.

(a)

(b)

......................

327,294

33,829,108

1,101,819,488

a

Software

 — 

1

.7

%

ANSYS,

Inc.

(a)

.........................

119,307

26,450,362

Bill.com

Holdings,

Inc.

(a)

(b)

.................

277,929

36,789,462

Black

Knight,

Inc.

(a)

......................

399,326

25,848,372

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

......

239,771

2,181,916

Ceridian

HCM

Holding,

Inc.

(a)

(b)

..............

324,322

18,123,113

Citrix

Systems,

Inc.

.....................

190,544

19,816,576

Coupa

Software,

Inc.

(a)

...................

95,075

5,590,410

Dolby

Laboratories,

Inc.

,

Class

A

(b)

...........

172,591

11,244,304

DoubleVerify

Holdings,

Inc.

(a)

(b)

..............

81

2,215

Dropbox,

Inc.

,

Class

A

(a)

..................

30,569

633,390

Guidewire

Software,

Inc.

(a)

(b)

................

232,627

14,325,171

Informatica,

Inc.

,

Class

A

(a)

(b)

...............

62,087

1,246,086

Jamf

Holding

Corp.

(a)

(b)

...................

44,098

977,212

Manhattan

Associates,

Inc.

(a)

...............

72,116

9,593,591

nCino,

Inc.

(a)

(b)

.........................

155,261

5,295,953

NCR

Corp.

(a)

..........................

360,661

6,856,166

NortonLifeLock,

Inc.

.....................

1,039,390

20,933,315

Nutanix,

Inc.

,

Class

A

(a)

(b)

..................

309,582

6,448,593

Oracle

Corp.

..........................

1,350,411

82,469,600

Paycor

HCM,

Inc.

(a)

(b)

....................

134,440

3,974,046

Procore

Technologies,

Inc.

(a)

(b)

..............

47,217

2,336,297

Roper

Technologies,

Inc.

..................

300,985

108,246,245

Salesforce,

Inc.

(a)

.......................

2,157,483

310,332,355

SentinelOne,

Inc.

,

Class

A

(a)

(b)

..............

163,485

4,178,677

Teradata

Corp.

(a)

.......................

119,569

3,713,813

Tyler

Technologies,

Inc.

(a)

(b)

................

13,588

4,721,830

UiPath,

Inc.

,

Class

A

(a)

(b)

..................

1,000,769

12,619,697

Unity

Software,

Inc.

(a)

(b)

...................

193,897

6,177,558

VMware,

Inc.

,

Class

A

....................

305,398

32,512,671

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

(b)

...

363,224

26,729,654

810,368,650

a

Security

Shares

Value

a

Specialty

Retail

 — 

1

.5

%

Advance

Auto

Parts,

Inc.

..................

160,228

$

25,050,046

AutoNation,

Inc.

(a)

(b)

.....................

109,146

11,118,703

AutoZone,

Inc.

(a)

(b)

......................

4,956

10,615,405

Bath

&

Body

Works,

Inc.

..................

655,934

21,383,448

Best

Buy

Co.,

Inc.

......................

393,291

24,911,052

Burlington

Stores,

Inc.

(a)

(b)

.................

11,594

1,297,253

CarMax,

Inc.

(a)

(b)

........................

403,842

26,661,649

Dick's

Sporting

Goods,

Inc.

................

153,522

16,064,542

GameStop

Corp.

,

Class

A

(a)

(b)

...............

782,855

19,673,146

Gap,

Inc.

(The)

........................

520,738

4,275,259

Home

Depot,

Inc.

(The)

..................

1,237,748

341,544,183

Leslie's,

Inc.

(a)

(b)

........................

49,531

728,601

Lithia

Motors,

Inc.

......................

77,731

16,677,186

Lowe's

Companies,

Inc.

..................

251,416

47,218,439

O'Reilly

Automotive,

Inc.

(a)

.................

105,804

74,417,243

Penske

Automotive

Group,

Inc.

(b)

............

73,307

7,215,608

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

...

229,139

2,557,191

RH

(a)

(b)

..............................

35,448

8,722,689

Ross

Stores,

Inc.

.......................

566,350

47,726,315

Victoria's

Secret

&

Co.

(a)

..................

67,114

1,954,360

Williams-Sonoma,

Inc.

...................

37,746

4,448,366

714,260,684

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.3

%

Dell

Technologies,

Inc.

,

Class

C

.............

624,513

21,339,609

Hewlett

Packard

Enterprise

Co.

.............

3,700,484

44,331,798

HP,

Inc.

.............................

1,598,605

39,837,237

Western

Digital

Corp.

(a)

...................

906,578

29,509,114

135,017,758

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.3

%

Capri

Holdings

Ltd.

(a)

(b)

...................

385,836

14,831,536

Carter's,

Inc.

..........................

106,592

6,984,974

Columbia

Sportswear

Co.

.................

109,528

7,371,234

Deckers

Outdoor

Corp.

(a)

(b)

.................

7,513

2,348,639

Hanesbrands,

Inc.

......................

1,052,168

7,323,089

PVH

Corp.

(b)

..........................

183,598

8,225,190

Ralph

Lauren

Corp.

,

Class

A

...............

121,333

10,304,812

Skechers

U.S.A.,

Inc.

,

Class

A

(a)

(b)

............

317,717

10,077,983

Tapestry,

Inc.

..........................

624,718

17,760,733

Under

Armour,

Inc.

,

Class

A

(a)

(b)

.............

486,170

3,233,031

Under

Armour,

Inc.

,

Class

C

(a)

..............

553,642

3,299,706

VF

Corp.

............................

1,008,160

30,154,066

121,914,993

a

Thrifts

&

Mortgage

Finance

 — 

0

.1

%

MGIC

Investment

Corp.

..................

840,510

10,775,338

New

York

Community

Bancorp,

Inc.

..........

1,279,550

10,914,562

Rocket

Companies,

Inc.

,

Class

A

(b)

...........

79,195

500,512

TFS

Financial

Corp.

.....................

121,345

1,577,485

UWM

Holdings

Corp.

,

Class

A

(b)

.............

134,893

395,237

24,163,134

a

Tobacco

 — 

1

.2

%

Altria

Group,

Inc.

.......................

5,165,647

208,588,826

Philip

Morris

International,

Inc.

..............

4,419,604

366,871,328

575,460,154

a

Trading

Companies

&

Distributors

 — 

0

.2

%

Air

Lease

Corp.

,

Class

A

..................

307,030

9,521,000

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

..............

112,904

2,567,437

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

........

131,622

9,583,398

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

...........

49,688

5,174,508

United

Rentals,

Inc.

(a)

(b)

...................

107,707

29,093,815

Univar

Solutions,

Inc.

(a)

...................

460,565

10,473,248

Watsco,

Inc.

..........................

43,487

11,196,163

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

36

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

WESCO

International,

Inc.

(a)

...............

63,555

$

7,587,196

85,196,765

a

Water

Utilities

 — 

0

.2

%

American

Water

Works

Co.,

Inc.

.............

518,356

67,469,217

Essential

Utilities,

Inc.

....................

659,242

27,279,434

94,748,651

a

Wireless

Telecommunication

Services

 — 

0

.5

%

T-Mobile

U.S.,

Inc.

(a)

(b)

....................

1,699,112

227,969,857

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

48,289,857,345

)

............................

47,160,627,627

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.18

%

(c)

(d)

(e)

....................

813,059,461

$

813,303,378

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.81

%

(c)

(d)

.....................

360,072,300

360,072,300

a

Total

Short-Term

Securities — 2.5%

(Cost:

$

1,172,896,292

)

.............................

1,173,375,678

Total

Investments

—

102.2%

(Cost:

$

49,462,753,637

)

............................

48,334,003,305

Liabilities

in

Excess

of

Other

Assets

—

(

2

.2

)

%

.............

(

1,051,624,546

)

Net

Assets

—

100.0%

...............................

$

47,282,378,759

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

555,372,018

$

257,497,147

(a)

$

—

$

30,336

$

403,877

$

813,303,378

813,059,461

$

3,185,957

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

115,810,000

244,262,300

(a)

—

—

—

360,072,300

360,072,300

379,041

—

BlackRock,

Inc.

...

303,843,926

45,293,739

(

26,345,304

)

9,140,651

(

96,437,935

)

235,495,077

427,955

1,944,983

—

$

9,170,987

$

(

96,034,058

)

$

1,408,870,755

$

5,509,981

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

DIJA

Mini

e-CBOT

Index

................................................................

427

12/16/22

$

61,490

$

(

4,477,434

)

S&P

500

E-Mini

Index

..................................................................

126

12/16/22

22,689

(

1,631,838

)

S&P

MidCap

400

E-Mini

Index

............................................................

218

12/16/22

48,139

(

3,614,857

)

$

(

9,724,129

)

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

37

Schedule

of

Investments

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

9,724,129

$

—

$

—

$

—

$

9,724,129

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

9,757,225

)

$

—

$

—

$

—

$

(

9,757,225

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

14,154,561

)

$

—

$

—

$

—

$

(

14,154,561

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

117,670,728

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

47,160,264,470

‌

$

363,157

‌

$

—

‌

$

47,160,627,627

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,173,375,678

‌

—

‌

—

‌

1,173,375,678

‌

$

48,333,640,148

‌

$

363,157

‌

$

—

‌

$

48,334,003,305

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

9,724,129

)

$

—

‌

$

—

‌

$

(

9,724,129

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

38

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2022

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

iShares

Russell

1000

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)(b)

.....................................................

$

24,648,029,775

‌

$

55,011,655,602

‌

$

46,925,132,550

‌

Investments,

at

value

—

affiliated

(c)

........................................................

618,347,303

‌

1,279,067,092

‌

1,408,870,755

‌

Cash

............................................................................

400,956

‌

—

‌

—

‌

Cash

pledged:

Futures

contracts

..................................................................

3,330,000

‌

7,177,840

‌

8,227,740

‌

Receivables:

Securities

lending

income

—

affiliated

....................................................

330,493

‌

323,700

‌

702,213

‌

Capital

shares

sold

.................................................................

—

‌

256,667

‌

—

‌

Dividends

—

unaffiliated

.............................................................

19,603,965

‌

16,958,709

‌

61,011,146

‌

Dividends

—

affiliated

...............................................................

96,434

‌

213,615

‌

248,564

‌

Total

assets

.......................................................................

25,290,138,926

‌

56,315,653,225

‌

48,404,192,968

‌

LIABILITIES

Bank

overdraft

......................................................................

—

‌

124,687,170

‌

298,754,509

‌

Collateral

on

securities

loaned

...........................................................

525,772,065

‌

1,079,889,929

‌

812,879,001

‌

Payables:

Investments

purchased

..............................................................

252,386

‌

—

‌

—

‌

Capital

shares

redeemed

.............................................................

57,132

‌

—

‌

578,321

‌

Investment

advisory

fees

.............................................................

3,287,834

‌

9,230,592

‌

7,866,113

‌

Variation

margin

on

futures

contracts

.....................................................

843,151

‌

1,673,450

‌

1,736,265

‌

Total

liabilities

......................................................................

530,212,568

‌

1,215,481,141

‌

1,121,814,209

‌

NET

ASSETS

......................................................................

$

24,759,926,358

‌

$

55,100,172,084

‌

$

47,282,378,759

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................

$

23,916,292,660

‌

$

49,636,445,436

‌

$

49,921,305,683

‌

Accumulated

earnings

(loss)

............................................................

843,633,698

‌

5,463,726,648

‌

(2,638,926,924

)

NET

ASSETS

......................................................................

$

24,759,926,358

‌

$

55,100,172,084

‌

$

47,282,378,759

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................

125,600,000

‌

261,950,000

‌

348,100,000

‌

Net

asset

value

.....................................................................

$

197.13

‌

$

210.35

‌

$

135.83

‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

None

None

None

(a)

Securities

loaned,

at

value

...........................................................

$

505,731,305

‌

$

1,046,794,116

‌

$

781,796,705

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................................

$

24,068,658,890

‌

$

48,796,689,937

‌

$

48,045,028,221

‌

(c)

Investments,

at

cost

—

affiliated

........................................................

$

622,302,258

‌

$

1,278,443,577

‌

$

1,417,725,416

‌

39

Financial

Statements

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2022

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

iShares

Russell

1000

Value

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................

$

226,110,495

‌

$

307,523,223

‌

$

605,617,623

‌

Dividends

—

affiliated

..............................................................

678,749

‌

363,929

‌

2,324,024

‌

Interest

—

unaffiliated

..............................................................

1,070

‌

3,119

‌

2,871

‌

Securities

lending

income

—

affiliated

—

net

...............................................

1,681,961

‌

3,276,670

‌

3,185,957

‌

Foreign

taxes

withheld

.............................................................

(

43,401

)

(

39,753

)

(

127,561

)

Total

investment

income

..............................................................

228,428,874

‌

311,127,188

‌

611,002,914

‌

EXPENSES

Investment

advisory

...............................................................

20,781,817

‌

58,088,550

‌

50,076,302

‌

Total

expenses

....................................................................

20,781,817

‌

58,088,550

‌

50,076,302

‌

Net

investment

income

...............................................................

207,647,057

‌

253,038,638

‌

560,926,612

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................

(

306,100,190

)

(

2,768,318,992

)

(

27,947,598

)

Investments

—

affiliated

...........................................................

(

165,500

)

81,248

‌

(

1,166,686

)

Futures

contracts

...............................................................

(

5,830,140

)

(

15,343,735

)

(

9,757,225

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................

1,406,610,521

‌

3,807,795,279

‌

1,394,532,709

‌

In-kind

redemptions

—

affiliated

(a)

....................................................

3,157,415

‌

—

‌

10,337,673

‌

1,097,672,105

‌

1,024,213,800

‌

1,365,998,873

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................

(

7,573,682,275

)

(

18,106,750,777

)

(

11,644,640,083

)

Investments

—

affiliated

...........................................................

(

25,297,781

)

498,555

‌

(

96,034,058

)

Futures

contracts

...............................................................

(

8,203,272

)

(

18,290,378

)

(

14,154,561

)

(

7,607,183,328

)

(

18,124,542,600

)

(

11,754,828,702

)

Net

realized

and

unrealized

loss

.........................................................

(

6,509,511,223

)

(

17,100,328,800

)

(

10,388,829,829

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................

$

(

6,301,864,166

)

$

(

16,847,290,162

)

$

(

9,827,903,217

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

40

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

207,647,057

‌

$

352,228,600

‌

$

253,038,638

‌

$

393,666,414

‌

Net

realized

gain

.............................................

1,097,672,105

‌

2,691,261,956

‌

1,024,213,800

‌

11,550,274,041

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

7,607,183,328

)

581,292,941

‌

(

18,124,542,600

)

(

2,627,760,691

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

6,301,864,166

)

3,624,783,497

‌

(

16,847,290,162

)

9,316,179,764

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

197,791,540

)

(

357,765,384

)

(

253,890,648

)

(

401,934,860

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

839,113,586

‌

5,598,922

‌

1,466,595,293

‌

(

1,335,411,437

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

5,660,542,120

)

3,272,617,035

‌

(

15,634,585,517

)

7,578,833,467

‌

Beginning

of

period

.............................................

30,420,468,478

‌

27,147,851,443

‌

70,734,757,601

‌

63,155,924,134

‌

End

of

period

.................................................

$

24,759,926,358

‌

$

30,420,468,478

‌

$

55,100,172,084

‌

$

70,734,757,601

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

41

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

Russell

1000

Value

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

560,926,612

‌

$

974,949,729

‌

Net

realized

gain

................................................................................

1,365,998,873

‌

4,757,318,937

‌

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

(

11,754,828,702

)

219,585,533

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................................................

(

9,827,903,217

)

5,951,854,199

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

548,385,481

)

(

973,061,947

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........................................

(

306,850,428

)

1,878,160,955

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................................................

(

10,683,139,126

)

6,856,953,207

‌

Beginning

of

period

................................................................................

57,965,517,885

‌

51,108,564,678

‌

End

of

period

....................................................................................

$

47,282,378,759

‌

$

57,965,517,885

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

42

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

......

$

250.07

‌

$

223.72

‌

$

141.59

‌

$

157.27

‌

$

146.79

‌

$

131.25

‌

Net

investment

income

(a)

..............

1

.68

‌

2

.88

‌

2

.74

‌

2

.96

‌

2

.74

‌

2

.50

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

53.03

)

26.40

‌

82.26

‌

(

15.46

)

10.60

‌

15.54

‌

Net

increase

(decrease)

from

investment

operations

........................

(

51.35

)

29.28

‌

85.00

‌

(

12.50

)

13.34

‌

18.04

‌

Distributions

from

net

investment

income

(c)

....

(

1

.59

)

(

2

.93

)

(

2

.87

)

(

3

.18

)

(

2

.86

)

(

2

.50

)

Net

asset

value,

end

of

period

...........

$

197.13

‌

$

250.07

‌

$

223.72

‌

$

141.59

‌

$

157.27

‌

$

146.79

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

20.56

)

%

(e)

13.09

%

60.37

%

(

8

.15

)

%

9

.18

%

(f)

13.83

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.15

%

(h)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

.................

1

.50

%

(h)

1

.17

%

1

.44

%

1

.78

%

1

.80

%

1

.77

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

24,759,926

‌

$

30,420,468

‌

$

27,147,851

‌

$

17,924,896

‌

$

19,312,905

‌

$

19,353,884

‌

Portfolio

turnover

rate

(i)

.................

3

%

6

%

5

%

5

%

6

%

4

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

43

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

Growth

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

.......

$

277.39

‌

$

243.05

‌

$

150.69

‌

$

151.33

‌

$

136.02

‌

$

113.76

‌

Net

investment

income

(a)

...............

0

.97

‌

1

.53

‌

1

.54

‌

1

.72

‌

1

.69

‌

1

.55

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(

67.04

)

34.37

‌

92.34

‌

(

0

.62

)

15.31

‌

22.26

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

66.07

)

35.90

‌

93.88

‌

1

.10

‌

17.00

‌

23.81

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.97

)

(

1

.56

)

(

1

.52

)

(

1

.74

)

(

1

.69

)

(

1

.55

)

Net

asset

value,

end

of

period

............

$

210.35

‌

$

277.39

‌

$

243.05

‌

$

150.69

‌

$

151.33

‌

$

136.02

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

23.84

)

%

(e)

14.77

%

62.44

%

0

.68

%

12.57

%

21.02

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.......................

0

.19

%

(g)

0

.18

%

0

.19

%

0

.19

%

0

.19

%

0

.20

%

Net

investment

income

..................

0

.82

%

(g)

0

.55

%

0

.72

%

1

.05

%

1

.17

%

1

.21

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

55,100,172

‌

$

70,734,758

‌

$

63,155,924

‌

$

42,834,345

‌

$

42,729,330

‌

$

39,975,377

‌

Portfolio

turnover

rate

(h)

..................

13

%

13

%

14

%

18

%

12

%

13

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

44

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

Value

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

......

$

165.88

‌

$

151.43

‌

$

99.22

‌

$

123.48

‌

$

119.95

‌

$

114.90

‌

Net

investment

income

(a)

..............

1

.62

‌

2

.83

‌

2

.69

‌

3

.14

‌

2

.86

‌

2

.67

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

30.09

)

14.44

‌

52.15

‌

(

23.93

)

3

.67

‌

5

.08

‌

Net

increase

(decrease)

from

investment

operations

........................

(

28.47

)

17.27

‌

54.84

‌

(

20.79

)

6

.53

‌

7

.75

‌

Distributions

from

net

investment

income

(c)

....

(

1

.58

)

(

2

.82

)

(

2

.63

)

(

3

.47

)

(

3

.00

)

(

2

.70

)

Net

asset

value,

end

of

period

...........

$

135.83

‌

$

165.88

‌

$

151.43

‌

$

99.22

‌

$

123.48

‌

$

119.95

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

17.21

)

%

(e)

11.45

%

55.84

%

(

17.30

)

%

5

.53

%

(f)

6

.78

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.19

%

(h)

0

.18

%

0

.19

%

0

.19

%

0

.19

%

0

.20

%

Net

investment

income

.................

2

.10

%

(h)

1

.75

%

2

.15

%

2

.46

%

2

.36

%

2

.23

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

47,282,379

‌

$

57,965,518

‌

$

51,108,565

‌

$

31,175,791

‌

$

37,877,550

‌

$

36,217,697

‌

Portfolio

turnover

rate

(i)

.................

14

%

17

%

18

%

16

%

17

%

15

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

45

Notes

to

Financial

Statements

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

September

30,

2022,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Bank

Overdraft:

The

iShares

Russell

1000

Growth

ETF

and

iShares

Russell

1000

Value

ETF

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

and

utilized

their

ability

to

temporarily

borrow

from

that

custodian

for

operational

purposes.

Each

Fund

is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

iShares

ETF

Diversification

Classification

Russell

1000

........................................................................................................

Diversified

Russell

1000

Growth

..................................................................................................

Diversified

Russell

1000

Value

...................................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

46

2022

iShares

Semi-Annual

Report

to

Shareholders

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments 

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

Notes

to

Financial

Statements

(unaudited)

(

continued)

47

Notes

to

Financial

Statements

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Russell

1000

Barclays

Bank

PLC

...............................................

$

76,899,690‌

$

(76,899,690‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

267,237‌

(267,237‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

111,453‌

(111,453‌)

—‌

—‌

BNP

Paribas

SA

.................................................

77,181,394‌

(77,181,394‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

22,915,148‌

(22,915,148‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

34,178,570‌

(34,178,570‌)

—‌

—‌

Deutsche

Bank

Securities,

Inc.

.......................................

2,064‌

(2,064‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

68,881,842‌

(68,881,842‌)

—‌

—‌

HSBC

Bank

PLC

................................................

1,883,298‌

(1,871,084‌)

—‌

12,214‌

J.P.

Morgan

Securities

LLC

.........................................

32,955,191‌

(32,955,191‌)

—‌

—‌

Jefferies

LLC

...................................................

7,714,504‌

(7,714,504‌)

—‌

—‌

Morgan

Stanley

.................................................

37,433,917‌

(37,433,917‌)

—‌

—‌

National

Financial

Services

LLC

......................................

733,085‌

(733,085‌)

—‌

—‌

Natixis

S.A.

....................................................

3,190,679‌

(3,190,679‌)

—‌

—‌

Pershing

LLC

...................................................

2,334‌

(2,334‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

9,543,392‌

(9,543,392‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

8,310,472‌

(8,310,472‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

3,412,444‌

(3,412,444‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

5,245,972‌

(5,245,972‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

62,547,751‌

(62,547,751‌)

—‌

—‌

UBS

AG

......................................................

43,819,642‌

(43,819,642‌)

—‌

—‌

UBS

Securities

LLC

..............................................

3,832,622‌

(3,832,622‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

2,681,018‌

(2,681,018‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

1,548,611‌

(1,548,611‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

438,975‌

(438,975‌)

—‌

—‌

$

505,731,305‌

$

(505,719,091‌)

$

—‌

$

12,214‌

a

Russell

1000

Growth

Barclays

Bank

PLC

...............................................

32,151,976‌

(32,151,976‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

1,335,454‌

(1,335,454‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

12,694‌

(12,694‌)

—‌

—‌

BNP

Paribas

SA

.................................................

161,955,666‌

(161,955,666‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

22,768,369‌

(22,768,369‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

3,590,745‌

(3,590,745‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

120,339,376‌

(120,339,376‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

84,236‌

(84,236‌)

—‌

—‌

Deutsche

Bank

Securities,

Inc.

.......................................

6,989‌

(6,989‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

189,961,515‌

(189,961,515‌)

—‌

—‌

HSBC

Bank

PLC

................................................

52,343,661‌

(52,343,661‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

162,850,688‌

(162,850,688‌)

—‌

—‌

Jefferies

LLC

...................................................

3,505,724‌

(3,505,724‌)

—‌

—‌

Morgan

Stanley

.................................................

58,205,555‌

(58,205,555‌)

—‌

—‌

National

Financial

Services

LLC

......................................

2,673,972‌

(2,673,972‌)

—‌

—‌

Natixis

S.A.

....................................................

2,177,942‌

(2,177,942‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

11,111,773‌

(11,111,773‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

15,776,735‌

(15,776,735‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

36,308,317‌

(36,308,317‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

7,864,378‌

(7,864,378‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

3,990,015‌

(3,990,015‌)

—‌

—‌

UBS

AG

......................................................

129,905,927‌

(129,905,927‌)

—‌

—‌

UBS

Securities

LLC

..............................................

2,059,444‌

(2,059,444‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

1,959,632‌

(1,959,632‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

7,831,547‌

(7,831,547‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

16,021,786‌

(16,021,786‌)

—‌

—‌

$

1,046,794,116‌

$

(1,046,794,116‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

48

2022

iShares

Semi-Annual

Report

to

Shareholders

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Russell

1000

Value

Barclays

Bank

PLC

...............................................

$

24,901,180‌

$

(24,901,180‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

577,371‌

(577,371‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

438,198‌

(438,198‌)

—‌

—‌

BNP

Paribas

SA

.................................................

167,814,665‌

(167,769,388‌)

—‌

45,277‌

BofA

Securities,

Inc.

..............................................

87,622,071‌

(87,622,071‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

20,877,225‌

(20,877,225‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

263,949‌

(263,949‌)

—‌

—‌

Deutsche

Bank

Securities,

Inc.

.......................................

84,379‌

(84,379‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

87,596,195‌

(87,596,195‌)

—‌

—‌

HSBC

Bank

PLC

................................................

9,562,476‌

(9,562,476‌)

—‌

—‌

ING

Financial

Markets

LLC

.........................................

478,234‌

(478,234‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

81,765,238‌

(81,765,238‌)

—‌

—‌

Jefferies

LLC

...................................................

11,706,195‌

(11,706,195‌)

—‌

—‌

Morgan

Stanley

.................................................

72,817,212‌

(72,817,212‌)

—‌

—‌

National

Financial

Services

LLC

......................................

6,657,505‌

(6,657,505‌)

—‌

—‌

Natixis

S.A.

....................................................

812,404‌

(812,404‌)

—‌

—‌

Pershing

LLC

...................................................

109,101‌

(109,101‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

21,192,401‌

(21,192,401‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

23,693,888‌

(23,693,888‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

20,108,047‌

(20,108,047‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

9,046,675‌

(9,046,675‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

11,534,241‌

(11,534,241‌)

—‌

—‌

UBS

AG

......................................................

108,675,364‌

(108,675,364‌)

—‌

—‌

UBS

Securities

LLC

..............................................

5,053,714‌

(5,053,714‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

420,111‌

(420,111‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

5,050,016‌

(5,050,016‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

2,938,650‌

(2,938,650‌)

—‌

—‌

$

781,796,705‌

$

(781,751,428‌)

$

—‌

$

45,277‌

a

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statement

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

September

30,

2022.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

a

counterparty.

Notes

to

Financial

Statements

(unaudited)

(

continued)

49

Notes

to

Financial

Statements

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to the

following Fund,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

its

investment

advisory

services

to

each

of

the

iShares

Russell

1000

Growth

and

iShares

Russell

1000

Value

ETFs,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. Each

Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended September

30,

2022,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or

trustees

of

the

Trust

are

officers

and/or trustees

of

BlackRock

or

its

affiliates.

iShares

ETF

Investment

Advisory

Fees

Russell

1000

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2000%

Over

$121

billion,

up

to

and

including

$181

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1900

Over

$181

billion,

up

to

and

including

$231

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1805

Over

$231

billion,

up

to

and

including

$281

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1715

Over

$281

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1630

iShares

ETF

Amounts

Russell

1000

.......................................................................................................

$

504,776

‌

Russell

1000

Growth

.................................................................................................

1,012,414

‌

Russell

1000

Value

..................................................................................................

903,030

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

50

2022

iShares

Semi-Annual

Report

to

Shareholders

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

September

30,

2022,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

September

30,

2022,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months

ended

September

30,

2022,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of March

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

September

30,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Russell

1000

...................................................................

$

258,619,844

‌

$

222,595,429

‌

$

(138,269,659

)

Russell

1000

Growth

.............................................................

5,751,748,819

‌

4,366,106,839

‌

(1,990,690,149

)

Russell

1000

Value

..............................................................

5,358,823,389

‌

5,545,635,947

‌

225,431,492

‌

iShares

ETF

Purchases

Sales

Russell

1000

.....................................................................................

$

876,834,975

‌

$

861,064,958

‌

Russell

1000

Growth

...............................................................................

7,942,112,588

‌

7,958,016,412

‌

Russell

1000

Value

................................................................................

7,175,574,917

‌

7,197,454,122

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Russell

1000

.....................................................................................

$

4,348,260,234

‌

$

3,511,768,823

‌

Russell

1000

Growth

...............................................................................

8,281,720,169

‌

6,818,220,736

‌

Russell

1000

Value

................................................................................

4,487,324,798

‌

4,793,795,393

‌

iShares

ETF

Amounts

Russell

1000

.......................................................................................................

$

666,718,178

‌

Russell

1000

Growth

.................................................................................................

1,603,451,678

‌

Russell

1000

Value

..................................................................................................

2,426,541,811

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Russell

1000

.................................................

$

24,855,349,552

‌

$

3,152,818,927

‌

$

(2,746,886,183

)

$

405,932,744

‌

Russell

1000

Growth

...........................................

50,236,068,745

‌

9,311,943,007

‌

(3,267,514,283

)

6,044,428,724

‌

Russell

1000

Value

............................................

49,920,947,601

‌

4,461,382,680

‌

(6,058,051,105

)

(1,596,668,425

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

51

Notes

to

Financial

Statements

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

The

price

the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

Notes

to

Financial

Statements

(unaudited)

(continued)

52

2022

iShares

Semi-Annual

Report

to

Shareholders

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

09/30/22

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Russell

1000

Shares

sold

...............................................

19,950,000

‌

$

4,362,738,521

‌

22,500,000

‌

$

5,575,530,487

‌

Shares

redeemed

...........................................

(16,000,000

)

(3,523,624,935

)

(22,200,000

)

(5,569,931,565

)

3,950,000

‌

$

839,113,586

‌

300,000

‌

$

5,598,922

‌

Russell

1000

Growth

Shares

sold

...............................................

35,550,000

‌

$

8,298,370,253

‌

70,050,000

‌

$

19,313,363,514

‌

Shares

redeemed

...........................................

(28,600,000

)

(6,831,774,960

)

(74,900,000

)

(20,648,774,951

)

6,950,000

‌

$

1,466,595,293

‌

(4,850,000

)

$

(1,335,411,437

)

Russell

1000

Value

Shares

sold

...............................................

30,000,000

‌

$

4,511,493,396

‌

79,150,000

‌

$

12,783,707,883

‌

Shares

redeemed

...........................................

(31,350,000

)

(4,818,343,824

)

(67,200,000

)

(10,905,546,928

)

(1,350,000

)

$

(306,850,428

)

11,950,000

‌

$

1,878,160,955

‌

Board

Review

and

Approval

of

Investment

Advisory

Contract

53

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Russell

1000

ETF,

iShares

Russell

1000

Growth

ETF,

iSha

res

Russell

1000

Value

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

54

2022

iShares

Semi-Annual

Report

to

Shareholders

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

55

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

September

30,

2022

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Russell

1000

......................

$

1.593522

‌

$

—

‌

$

—

‌

$

1.593522

‌

100

%

—

%

—

%

100

%

Russell

1000

Value

(a)

................

1.554528

‌

—

‌

0.022145

‌

1.576673

‌

99

—

1

100

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

General

Information

56

2022

iShares

Semi-Annual

Report

to

Shareholders

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

.

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the Trust’s

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

57

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

NVS

Non-Voting

Shares

iS-SAR-317-0922

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

September

30,

2022

iShares

Trust

iShares

Focused

Value

Factor

ETF

|

FOVL

|

NYSE

Arca

iShares

US

Small

Cap

Value

Factor

ETF

|

SVAL

|

Cboe

BZX

2022

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

The

12-month

reporting

period

as

of

September

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

steeper.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

proving

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Total

Returns

as

of

September

30,

2022

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(20.20

)%

(15.47

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(19.01

)

(23.50

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(22.51

)

(25.13

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(21.70

)

(28.11

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.58

0.63

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(10.81

)

(16.20

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(9.22

)

(14.60

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(6.30

)

(11.50

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(10.42

)

(14.15

)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

6

Disclosure

of

Expenses

...................................................................................................

6

Schedules

of

Investments

.................................................................................................

7

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

16

Statements

of

Operations

................................................................................................

17

Statements

of

Changes

in

Net

Assets

........................................................................................

18

Financial

Highlights

.....................................................................................................

19

Notes

to

Financial

Statements

...............................................................................................

21

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

29

General

Information

.....................................................................................................

31

iShares

®

Focused

Value

Factor

ETF

4

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

Focused

Value

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

with

prominent

value

characteristics,

as

represented

by

the

Focused

Value

Select

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

March

19,

2019.

The

first

day

of

secondary

market

trading

was

March

21,

2019.

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

..............................................

(20.67

)

%

(14.14

)

%

0.92

%

(14.14

)

%

3.29

%

Fund

Market

............................................

(20.83

)

(14.28

)

0.90

–

%

(14.28

)

3.21

Index

.................................................

(20.57

)

(13.91

)

1.20

(13.91

)

4.32

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

793.30

‌

$

1.12

‌

$

1,000.00

‌

$

1,023.82

‌

$

1.27

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Financials

.....................................

45.6‌

%

Consumer

Discretionary

...........................

14.3‌

Materials

.....................................

12.1‌

Energy

.......................................

11.2‌

Communication

Services

...........................

4.7‌

Utilities

.......................................

4.6‌

Industrials

.....................................

2.8‌

Consumer

Staples

...............................

2.4‌

Real

Estate

....................................

2.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Marathon

Petroleum

Corp.

.........................

3.2‌

%

Regions

Financial

Corp.

...........................

2.8‌

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

.........

2.8‌

Bank

OZK

....................................

2.8‌

Ovintiv,

Inc.

....................................

2.8‌

Synovus

Financial

Corp.

...........................

2.8‌

Nucor

Corp.

...................................

2.7‌

Nexstar

Media

Group,

Inc.

..........................

2.7‌

Umpqua

Holdings

Corp.

...........................

2.7‌

MGIC

Investment

Corp.

...........................

2.7‌

      aaa

aa

iShares

®

US

Small

Cap

Value

Factor

ETF

5

Fund

Summary

Fund

Summary

as

of

September

30,

2022

Investment

Objective

The

iShares

US

Small

Cap

Value

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

small-capitalization

stocks

with

prominent

value

characteristics,

as

represented

by

the

Russell

2000

Focused

Value

Select

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

October

27,

2020.

The

first

day

of

secondary

market

trading

was

October

29,

2020.

Past

performance

is

not

an

indication

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”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

..............................................

(15.02

)

%

(12.04

)

%

17.81

%

(12.04

)

%

37.19

%

Fund

Market

............................................

(15.05

)

(12.06

)

17.85

–

%

(

12.06

)

37.26

Index

.................................................

(14.93

)

(11.89

)

18.

2

5

(11.89

)

38.14

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

849.80

‌

$

1.39

‌

$

1,000.00

‌

$

1,023.56

‌

$

1.52

‌

0.30

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Financials

.....................................

48.4‌

%

Industrials

.....................................

14.2‌

Consumer

Discretionary

...........................

13.8‌

Information

Technology

............................

5.8‌

Energy

.......................................

5.6‌

Materials

.....................................

4.5‌

Real

Estate

....................................

2.9‌

Consumer

Staples

...............................

1.8‌

Utilities

.......................................

1.3‌

Other

(each

representing

less

than

1%)

.................

1.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Chord

Energy

Corp.

..............................

0.9‌

%

Simmons

First

National

Corp.,

Class

A

.................

0.8‌

Clearwater

Paper

Corp.

...........................

0.7‌

Covenant

Logistics

Group,

Inc.,

Class

A

.................

0.7‌

DHT

Holdings,

Inc.

...............................

0.6‌

TravelCenters

of

America,

Inc.

.......................

0.6‌

Caleres,

Inc.

...................................

0.6‌

Adtalem

Global

Education,

Inc.

......................

0.6‌

Funko,

Inc.,

Class

A

..............................

0.6‌

Stride,

Inc.

....................................

0.6‌

      aaa

aa

About

Fund

Performance

6

2022

iShares

Semi-Annual

Report

to

Shareholders

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

iShares

®

Focused

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Automobiles

 — 

2

.5

%

Thor

Industries,

Inc.

.....................

7,284

$

509,734

a

Banks

 — 

18

.6

%

Bank

OZK

...........................

14,505

573,818

JPMorgan

Chase

&

Co.

..................

4,834

505,153

Popular,

Inc.

..........................

7,076

509,897

Prosperity

Bancshares,

Inc.

................

7,974

531,706

Regions

Financial

Corp.

..................

29,033

582,692

Synovus

Financial

Corp.

..................

15,100

566,401

Umpqua

Holdings

Corp.

..................

32,461

554,759

3,824,426

a

Beverages

 — 

2

.3

%

Molson

Coors

Beverage

Co.

,

Class

B

.........

9,986

479,228

a

Chemicals

 — 

9

.4

%

Dow,

Inc.

............................

10,548

463,374

LyondellBasell

Industries

NV

,

Class

A

.........

6,224

468,543

Olin

Corp.

............................

11,762

504,354

Westlake

Corp.

........................

5,554

482,531

1,918,802

a

Consumer

Finance

 — 

4

.8

%

Ally

Financial,

Inc.

......................

16,245

452,098

Discover

Financial

Services

................

5,756

523,336

975,434

a

Diversified

Telecommunication

Services

 — 

2

.0

%

Verizon

Communications,

Inc.

..............

10,726

407,266

a

Electric

Utilities

 — 

2

.4

%

Avangrid,

Inc.

.........................

11,803

492,185

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

2

.3

%

SL

Green

Realty

Corp.

...................

11,796

473,727

a

Gas

Utilities

 — 

2

.2

%

UGI

Corp.

............................

14,099

455,821

a

Household

Durables

 — 

4

.8

%

Toll

Brothers,

Inc.

.......................

12,205

512,610

Whirlpool

Corp.

........................

3,515

473,857

986,467

a

Insurance

 — 

19

.4

%

American

Financial

Group,

Inc.

.............

3,922

482,131

American

International

Group,

Inc.

...........

10,647

505,519

Arch

Capital

Group

Ltd.

(a)

.................

11,967

544,977

Axis

Capital

Holdings

Ltd.

.................

9,535

468,645

CNA

Financial

Corp.

.....................

12,124

447,376

Fidelity

National

Financial,

Inc.

..............

14,728

533,154

First

American

Financial

Corp.

..............

10,287

474,231

MetLife,

Inc.

..........................

8,670

526,963

3,982,996

a

Media

 — 

2

.7

%

Nexstar

Media

Group,

Inc.

.................

3,342

557,613

a

Metals

&

Mining

 — 

2

.7

%

Nucor

Corp.

..........................

5,214

557,846

a

Oil,

Gas

&

Consumable

Fuels

 — 

11

.1

%

Marathon

Oil

Corp.

......................

24,215

546,775

Marathon

Petroleum

Corp.

................

6,622

657,763

Ovintiv,

Inc.

...........................

12,319

566,674

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

PDC

Energy,

Inc.

.......................

8,836

$

510,632

2,281,844

a

Road

&

Rail

 — 

2

.8

%

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

11,760

575,417

a

Specialty

Retail

 — 

4

.9

%

AutoNation,

Inc.

(a)

(b)

.....................

4,871

496,209

Penske

Automotive

Group,

Inc.

.............

5,200

511,836

1,008,045

a

Textiles,

Apparel

&

Luxury

Goods

 — 

2

.1

%

PVH

Corp.

...........................

9,567

428,602

a

Thrifts

&

Mortgage

Finance

 — 

2

.7

%

MGIC

Investment

Corp.

..................

43,204

553,875

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

22,801,830

)

...............................

20,469,328

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.18

%

(c)

(d)

(e)

....................

61,695

61,714

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.81

%

(c)

(d)

.....................

90,379

90,379

a

Total

Short-Term

Securities — 0.7%

(Cost:

$

152,074

)

.................................

152,093

Total

Investments

—

100.4%

(Cost:

$

22,953,904

)

...............................

20,621,421

Liabilities

in

Excess

of

Other

Assets

—

(

0

.4

)

%

.............

(

81,425

)

Net

Assets

—

100.0%

...............................

$

20,539,996

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Focused

Value

Factor

ETF

8

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

‌

$

61,660

(a)

$

—

‌

$

35

‌

$

19

‌

$

61,714

‌

61,695

‌

$

94

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

90,000

‌

379

(a)

—

‌

—

‌

—

‌

90,379

‌

90,379

‌

205

‌

—

‌

$

35

‌

$

19

‌

$

152,093

‌

$

299

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

15,307

)

$

—

$

—

$

—

$

(

15,307

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

5,598

)

$

—

$

—

$

—

$

(

5,598

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

71,667

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

20,469,328

‌

$

—

‌

$

—

‌

$

20,469,328

‌

Short-Term

Securities

Money

Market

Funds

......................................

152,093

‌

—

‌

—

‌

152,093

‌

$

20,621,421

‌

$

—

‌

$

—

‌

$

20,621,421

‌

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 0.4%

Moog,

Inc.,

Class

A

....................

6,126

$

430,964

a

Air

Freight

&

Logistics

 — 1.3%

Air

Transport

Services

Group,

Inc.

(a)

.........

16,081

387,391

Atlas

Air

Worldwide

Holdings,

Inc.

(a)

.........

6,239

596,261

Hub

Group,

Inc.,

Class

A

(a)

................

6,967

480,584

1,464,236

a

Airlines

 — 0.3%

SkyWest,

Inc.

(a)

.......................

18,645

303,168

a

Auto

Components

 — 0.4%

Standard

Motor

Products,

Inc.

.............

12,469

405,243

a

Automobiles

 — 0.5%

Winnebago

Industries,

Inc.

...............

9,956

529,759

a

Banks

 — 39.8%

1st

Source

Corp.

......................

11,630

538,469

Allegiance

Bancshares,

Inc.

...............

11,912

495,897

Amerant

Bancorp,

Inc.,

Class

A

............

17,027

422,951

Ameris

Bancorp

.......................

12,116

541,706

Associated

Banc-Corp.

..................

23,653

474,952

Atlantic

Union

Bankshares

Corp.

...........

14,649

445,037

Banc

of

California,

Inc.

..................

27,785

443,726

BancFirst

Corp.

.......................

6,464

578,334

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

.......

14,991

486,608

BankUnited

,

Inc.

......................

12,094

413,252

Banner

Corp.

........................

9,083

536,624

Brookline

Bancorp,

Inc.

..................

33,606

391,510

Byline

Bancorp,

Inc.

....................

20,161

408,260

Cadence

Bank

.......................

18,159

461,420

Camden

National

Corp.

.................

11,435

487,131

Cathay

General

Bancorp

.................

12,020

462,289

CBTX,

Inc.

..........................

17,352

507,546

Central

Pacific

Financial

Corp.

.............

19,055

394,248

City

Holding

Co.

......................

6,755

599,101

Columbia

Banking

System,

Inc.

............

16,475

475,963

Community

Trust

Bancorp,

Inc.

............

13,056

529,421

ConnectOne

Bancorp,

Inc.

...............

16,804

387,500

Customers

Bancorp,

Inc.

(a)

................

10,196

300,578

CVB

Financial

Corp.

....................

22,906

579,980

Dime

Community

Bancshares,

Inc.

..........

15,548

455,245

Eagle

Bancorp,

Inc.

....................

9,325

417,946

Eastern

Bankshares

,

Inc.

................

24,954

490,097

Enterprise

Financial

Services

Corp.

.........

11,369

500,691

First

Bancorp

........................

12,718

465,224

First

BanCorp

........................

40,522

554,341

First

Bancshares,

Inc.

(The)

(b)

.............

15,995

477,771

First

Busey

Corp.

......................

21,227

466,569

First

Financial

Bancorp

..................

23,048

485,852

First

Financial

Corp.

....................

12,429

561,667

First

Foundation,

Inc.

...................

22,144

401,692

First

Internet

Bancorp

...................

12,506

423,453

First

Interstate

BancSystem

,

Inc.,

Class

A

.....

14,629

590,280

First

Merchants

Corp.

...................

12,921

499,784

Fulton

Financial

Corp.

...................

32,411

512,094

German

American

Bancorp,

Inc.

............

14,159

505,618

Great

Southern

Bancorp,

Inc.

..............

9,115

520,193

Hancock

Whitney

Corp.

.................

10,314

472,484

Hanmi

Financial

Corp.

..................

21,587

511,180

HarborOne

Bancorp,

Inc.

................

38,366

514,872

Heartland

Financial

USA,

Inc.

.............

11,246

487,627

Security

Shares

Value

a

Banks

(continued)

Heritage

Financial

Corp.

.................

21,215

$

561,561

Hilltop

Holdings,

Inc.

....................

18,296

454,656

Home

BancShares

,

Inc.

.................

23,801

535,761

HomeStreet

,

Inc.

......................

11,221

323,277

Hope

Bancorp,

Inc.

....................

33,062

417,904

Horizon

Bancorp,

Inc.

...................

28,811

517,446

Independent

Bank

Corp.

.................

24,451

467,014

Independent

Bank

Group,

Inc.

.............

7,559

464,047

Lakeland

Bancorp,

Inc.

..................

32,254

516,387

National

Bank

Holdings

Corp.,

Class

A

.......

13,189

487,861

NBT

Bancorp,

Inc.

.....................

14,715

558,434

Nicolet

Bankshares

,

Inc.

(a)(b)

...............

5,749

404,960

Northwest

Bancshares,

Inc.

...............

39,352

531,646

OceanFirst

Financial

Corp.

...............

26,800

499,552

OFG

Bancorp

........................

19,957

501,519

Old

National

Bancorp

...................

32,839

540,858

Old

Second

Bancorp,

Inc.

................

37,071

483,777

Origin

Bancorp,

Inc.

....................

12,719

489,300

Pacific

Premier

Bancorp,

Inc.

..............

15,067

466,474

Park

National

Corp.

....................

4,092

509,372

Pathward

Financial,

Inc.

.................

9,680

319,053

Peapack

-Gladstone

Financial

Corp.

.........

15,468

520,498

Peoples

Bancorp,

Inc.

..................

17,180

497,017

Premier

Financial

Corp.

.................

17,735

455,789

QCR

Holdings,

Inc.

....................

9,506

484,236

Renasant

Corp.

.......................

15,894

497,164

Republic

First

Bancorp,

Inc.

(a)

..............

104,250

295,027

S&T

Bancorp,

Inc.

.....................

17,973

526,789

Sandy

Spring

Bancorp,

Inc.

...............

11,974

422,203

Seacoast

Banking

Corp.

.................

15,169

458,559

Simmons

First

National

Corp.,

Class

A

.......

40,719

887,267

Southside

Bancshares,

Inc.

...............

13,135

464,454

SouthState

Corp.

......................

6,603

522,429

Texas

Capital

Bancshares,

Inc.

(a)

...........

9,386

554,056

Towne

Bank

.........................

17,966

482,028

TriCo

Bancshares

.....................

13,437

599,962

Trustmark

Corp.

......................

17,494

535,841

UMB

Financial

Corp.

...................

5,542

467,135

United

Bankshares

,

Inc.

.................

15,421

551,301

United

Community

Banks,

Inc.

.............

15,266

505,305

Univest

Financial

Corp.

..................

20,132

472,699

Valley

National

Bancorp

.................

41,313

446,180

Washington

Federal,

Inc.

.................

16,390

491,372

Washington

Trust

Bancorp,

Inc.

............

10,246

476,234

WesBanco

,

Inc.

.......................

15,655

522,407

43,863,994

a

Biotechnology

 — 0.3%

iTeos

Therapeutics,

Inc.

(a)

................

16,715

318,421

a

Building

Products

 — 1.2%

Insteel

Industries,

Inc.

...................

14,542

385,799

Quanex

Building

Products

Corp.

............

25,626

465,368

UFP

Industries,

Inc.

....................

6,971

503,028

1,354,195

a

Capital

Markets

 — 0.3%

BGC

Partners,

Inc.,

Class

A

...............

122,250

383,865

a

Chemicals

 — 1.4%

AdvanSix

,

Inc.

........................

10,528

337,949

American

Vanguard

Corp.

................

26,472

495,026

Kronos

Worldwide,

Inc.

..................

34,658

323,706

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

US

Small

Cap

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Chemicals

(continued)

Minerals

Technologies,

Inc.

...............

8,132

$

401,802

1,558,483

a

Commercial

Services

&

Supplies

 — 1.7%

ABM

Industries,

Inc.

....................

11,683

446,641

BrightView

Holdings,

Inc.

(a)

...............

39,523

313,813

CoreCivic

,

Inc.

(a)

......................

48,156

425,699

Interface,

Inc.

........................

39,639

356,354

Matthews

International

Corp.,

Class

A

........

16,622

372,499

1,915,006

a

Communications

Equipment

 — 0.9%

NETGEAR,

Inc.

(a)

......................

21,794

436,752

NetScout

Systems,

Inc.

(a)

................

16,767

525,142

961,894

a

Construction

&

Engineering

 — 0.8%

Argan

,

Inc.

..........................

13,252

426,317

Sterling

Infrastructure,

Inc.

(a)

..............

20,070

430,903

857,220

a

Construction

Materials

 — 0.4%

Summit

Materials,

Inc.,

Class

A

(a)

...........

17,318

414,939

a

Containers

&

Packaging

 — 0.4%

Greif,

Inc.,

Class

A

.....................

8,268

492,525

a

Distributors

 — 0.6%

Funko

,

Inc.,

Class

A

(a)

...................

31,183

630,520

a

Diversified

Consumer

Services

 — 1.2%

Adtalem

Global

Education,

Inc.

(a)

...........

18,105

659,928

Stride,

Inc.

(a)

.........................

14,806

622,296

1,282,224

a

Diversified

Financial

Services

 — 0.4%

A-Mark

Precious

Metals,

Inc.

..............

13,910

394,905

a

Diversified

Telecommunication

Services

 — 0.3%

EchoStar

Corp.,

Class

A

(a)

................

22,099

363,971

a

Electric

Utilities

 — 0.8%

PNM

Resources,

Inc.

...................

11,284

516,017

Portland

General

Electric

Co.

..............

9,753

423,866

939,883

a

Electrical

Equipment

 — 0.9%

Atkore

,

Inc.

(a)

.........................

5,465

425,232

Encore

Wire

Corp.

(b)

....................

4,716

544,886

970,118

a

Electronic

Equipment,

Instruments

&

Components

 — 2.6%

Benchmark

Electronics,

Inc.

..............

21,482

532,324

Knowles

Corp.

(a)

......................

24,984

304,055

Methode

Electronics,

Inc.

................

12,437

462,034

Sanmina

Corp.

(a)

......................

13,308

613,233

TTM

Technologies,

Inc.

(a)

.................

36,295

478,368

Vishay

Intertechnology

,

Inc.

...............

27,444

488,229

2,878,243

a

Energy

Equipment

&

Services

 — 0.6%

Bristow

Group,

Inc.

(a)

...................

14,507

340,769

ProPetro

Holding

Corp.

(a)

.................

38,614

310,843

651,612

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 2.4%

Acadia

Realty

Trust

....................

24,534

309,619

Broadstone

Net

Lease,

Inc.

...............

24,697

383,545

Security

Shares

Value

a

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Chatham

Lodging

Trust

(a)

................

39,007

$

384,999

City

Office

REIT,

Inc.

...................

30,458

303,666

CTO

Realty

Growth,

Inc.

.................

24,332

455,982

PotlatchDeltic

Corp.

....................

10,201

418,649

SITE

Centers

Corp.

....................

32,190

344,755

2,601,215

a

Food

&

Staples

Retailing

 — 0.8%

SpartanNash

Co.

......................

16,305

473,171

Sprouts

Farmers

Market,

Inc.

(a)(b)

...........

16,820

466,755

939,926

a

Food

Products

 — 0.5%

Hostess

Brands,

Inc.,

Class

A

(a)(b)

...........

24,517

569,775

a

Health

Care

Technology

 — 0.4%

Computer

Programs

and

Systems,

Inc.

(a)

......

15,614

435,318

a

Hotels,

Restaurants

&

Leisure

 — 0.7%

Bloomin

'

Brands,

Inc.

...................

24,517

449,397

Brinker

International,

Inc.

(a)(b)

..............

14,096

352,118

801,515

a

Household

Durables

 — 3.1%

Century

Communities,

Inc.

...............

10,041

429,554

Ethan

Allen

Interiors,

Inc.

................

20,633

436,182

GoPro,

Inc.,

Class

A

(a)

...................

63,059

310,881

KB

Home

...........................

16,612

430,583

M/I

Homes,

Inc.

(a)

......................

12,128

439,397

Meritage

Homes

Corp.

(a)

.................

6,789

477,063

Taylor

Morrison

Home

Corp.

(a)

.............

19,761

460,826

Tri

Pointe

Homes,

Inc.

(a)

.................

26,787

404,752

3,389,238

a

Household

Products

 — 0.4%

Central

Garden

&

Pet

Co.,

Class

A

(a)

.........

13,190

450,570

a

Insurance

 — 3.4%

Argo

Group

International

Holdings,

Ltd.

.......

13,031

250,977

CNO

Financial

Group,

Inc.

................

21,438

385,241

Employers

Holdings,

Inc.

.................

12,961

447,025

Horace

Mann

Educators

Corp.

.............

12,710

448,536

ProAssurance

Corp.

....................

19,778

385,869

Safety

Insurance

Group,

Inc.

..............

5,852

477,289

Selective

Insurance

Group,

Inc.

(b)

...........

6,019

489,947

Stewart

Information

Services

Corp.

..........

8,772

382,810

United

Fire

Group,

Inc.

..................

17,313

497,402

3,765,096

a

Interactive

Media

&

Services

 — 0.3%

Ziff

Davis,

Inc.

(a)(b)

......................

5,558

380,612

a

Leisure

Products

 — 0.7%

MasterCraft

Boat

Holdings,

Inc.

(a)

...........

21,857

412,004

Vista

Outdoor,

Inc.

(a)

....................

15,071

366,527

778,531

a

Machinery

 — 1.3%

Hillenbrand,

Inc.

......................

12,178

447,176

Mueller

Industries,

Inc.

..................

9,929

590,180

Terex

Corp.

..........................

15,084

448,598

1,485,954

a

Marine

 — 1.1%

Eagle

Bulk

Shipping,

Inc.

................

7,898

341,035

Genco

Shipping

&

Trading

Ltd.

.............

22,773

285,346

Matson,

Inc.

.........................

4,460

274,379

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Marine

(continued)

Safe

Bulkers,

Inc.

.....................

113,004

$

279,120

1,179,880

a

Metals

&

Mining

 — 1.4%

Commercial

Metals

Co.

..................

12,924

458,543

Schnitzer

Steel

Industries,

Inc.,

Class

A

.......

10,356

294,732

TimkenSteel

Corp.

(a)

....................

24,584

368,514

Warrior

Met

Coal,

Inc.

...................

14,495

412,238

1,534,027

a

Multi-Utilities

 — 0.5%

Unitil

Corp.

..........................

10,783

500,870

a

Oil,

Gas

&

Consumable

Fuels

 — 5.0%

Berry

Corp.

..........................

52,122

390,915

Chord

Energy

Corp.

....................

7,487

1,023,997

CNX

Resources

Corp.

(a)

.................

25,960

403,159

CVR

Energy,

Inc.

......................

21,061

610,348

DHT

Holdings,

Inc.

.....................

92,741

701,122

Dorian

LPG,

Ltd.

......................

37,122

503,745

Matador

Resources

Co.

.................

10,153

496,685

Murphy

Oil

Corp.

......................

13,318

468,394

Sitio

Royalties

Corp.

....................

19,952

441,139

World

Fuel

Services

Corp.

................

19,892

466,268

5,505,772

a

Paper

&

Forest

Products

 — 0.8%

Clearwater

Paper

Corp.

(a)

................

19,190

721,544

Glatfelter

Corp.

.......................

43,736

136,019

857,563

a

Pharmaceuticals

 — 0.3%

Innoviva

,

Inc.

(a)

.......................

27,798

322,735

a

Professional

Services

 — 0.5%

CRA

International,

Inc.

..................

6,384

566,516

a

Real

Estate

Management

&

Development

 — 0.5%

Anywhere

Real

Estate,

Inc.

(a)

..............

34,305

278,214

Newmark

Group,

Inc.,

Class

A

.............

33,788

272,331

550,545

a

Road

&

Rail

 — 2.1%

Covenant

Logistics

Group,

Inc.,

Class

A

.......

24,984

717,041

Heartland

Express,

Inc.

..................

38,231

547,085

Marten

Transport

Ltd.

...................

30,287

580,299

Werner

Enterprises,

Inc.

.................

13,120

493,312

2,337,737

a

Semiconductors

&

Semiconductor

Equipment

 — 1.8%

Alpha

&

Omega

Semiconductor

Ltd.

(a)

........

9,842

302,740

Amkor

Technology,

Inc.

..................

24,765

422,243

Cohu

,

Inc.

(a)

.........................

18,172

468,474

Kulicke

&

Soffa

Industries,

Inc.

.............

9,602

369,965

Photronics

,

Inc.

(a)

......................

31,698

463,425

2,026,847

a

Software

 — 0.4%

Xperi

Holding

Corp.

....................

31,056

439,132

a

Specialty

Retail

 — 5.8%

Arko

Corp.

..........................

59,109

555,034

Caleres

,

Inc.

.........................

27,828

673,994

Conn's,

Inc.

(a)

........................

34,906

247,135

Security

Shares

Value

a

Specialty

Retail

(continued)

Container

Store

Group,

Inc.

(The)

(a)(b)

........

65,839

$

322,611

Genesco,

Inc.

(a)

.......................

8,456

332,490

Group

1

Automotive,

Inc.

.................

3,205

457,898

Haverty

Furniture

Cos.,

Inc.

...............

19,618

488,488

LL

Flooring

Holdings,

Inc.

(a)

...............

38,366

265,876

MarineMax

,

Inc.

(a)

......................

13,360

397,995

ODP

Corp.

(The)

(a)

.....................

11,736

412,520

Shoe

Carnival,

Inc.

.....................

18,446

395,482

Signet

Jewelers

Ltd.

....................

7,399

423,149

TravelCenters

of

America,

Inc.

(a)

............

12,521

675,258

Urban

Outfitters,

Inc.

(a)

..................

21,422

420,942

Zumiez

,

Inc.

(a)

........................

14,078

303,099

6,371,971

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.8%

G-III

Apparel

Group

Ltd.

(a)

................

19,885

297,281

Oxford

Industries,

Inc.

..................

5,944

533,652

830,933

a

Thrifts

&

Mortgage

Finance

 — 3.9%

Capitol

Federal

Financial,

Inc.

.............

48,864

405,571

Kearny

Financial

Corp.

..................

41,763

443,523

NMI

Holdings,

Inc.,

Class

A

(a)

..............

26,086

531,372

Northfield

Bancorp,

Inc.

.................

37,460

536,053

Provident

Financial

Services,

Inc.

...........

22,720

443,040

Radian

Group,

Inc.

.....................

24,219

467,184

TrustCo

Bank

Corp.

....................

16,650

523,143

Waterstone

Financial,

Inc.

................

27,812

449,442

WSFS

Financial

Corp.

..................

11,404

529,830

4,329,158

a

Trading

Companies

&

Distributors

 — 2.3%

Boise

Cascade

Co.

....................

7,743

460,399

DXP

Enterprises,

Inc.

(a)

..................

19,856

470,190

Herc

Holdings,

Inc.

.....................

3,219

334,389

MRC

Global,

Inc.

(a)(b)

....................

45,163

324,722

Rush

Enterprises,

Inc.,

Class

A

............

10,566

463,425

Titan

Machinery,

Inc.

(a)

..................

19,034

537,901

2,591,026

a

Total

Long-Term

Investments — 98.7%

(Cost:

$126,239,593)

.............................

108,907,850

a

Short-Term

Securities

Money

Market

Funds

 — 

5.0%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(c)(d)(e)

...................

3,485,991

3,487,037

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

(c)(d)

....................

2,036,924

2,036,924

a

Total

Short-Term

Securities — 5.0%

(Cost:

$5,522,349)

...............................

5,523,961

Total

Investments

—

103.7%

(Cost:

$131,761,942)

.............................

114,431,811

Liabilities

in

Excess

of

Other

Assets

—

(3.7)%

............

(4,105,853

)

Net

Assets

—

100.0%

..............................

$

110,325,958

(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.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

US

Small

Cap

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

  Shares

Held

at

09/30/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

3,779,361

$

—

$

(295,248

)

(a)

$

1,555

$

1,369

$

3,487,037

3,485,991

$

5,251

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

6,160,000

—

(4,123,076

)

(a)

—

—

2,036,924

2,036,924

13,836

—

$

1,555

$

1,369

$

5,523,961

$

19,087

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

........................................................

1

12/16/22

$

94

$

(11,333

)

Russell

2000

E-Mini

Index

...............................................................

1

12/16/22

83

(8,858

)

$

(20,191

)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long

........

Monthly

Goldman

Sachs

Bank

USA

(b)

02/27/23

$

721,54

5

$

(38,46

5

)

(c)

$

683,523

0.7

%

Monthly

HSBC

Bank

PLC

(d)

02/10/23

112,343

(2,309

)

(e)

110,117

0.1

Monthly

JPMorgan

Chase

Bank

NA

(f)

02/08/23

429,037

(20,89

7

)

(g)

409,585

0.4

$

(61,671

)

$

1,203,225

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

(c)

Amount

includes

$(443)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$(83)

of

net

dividends

and

financing

fees.

(g)

Amount

includes

$(1,445)

of

net

dividends

and

financing

fees.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(b)

(d)

(f)

Range:

65

basis

points

65

basis

points

65

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

13

Schedule

of

Investments

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Derivatives

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA

as

of

period

end,

termination

date

February

27,

2023

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

BankUnited

,

Inc.

....................

143

$

4,886

0.7

%

Berkshire

Hills

Bancorp,

Inc.

............

17,722

483,811

70.8

Brookline

Bancorp,

Inc.

................

397

4,625

0.7

Cadence

Bank

.....................

226

5,743

0.9

City

Holding

Co.

....................

80

7,095

1.0

Columbia

Banking

System,

Inc.

..........

195

5,634

0.8

CVB

Financial

Corp.

..................

271

6,862

1.0

Eagle

Bancorp,

Inc.

..................

111

4,975

0.7

First

Bancorp

......................

639

12,405

1.8

First

Commonwealth

Financial

Corp.

.......

653

8,385

1.2

First

Financial

Bancorp

................

290

6,113

0.9

Hanmi

Financial

Corp.

................

271

6,417

0.9

Heritage

Financial

Corp.

...............

251

6,644

1.0

HomeStreet

,

Inc.

....................

133

3,832

0.6

Hope

Bancorp,

Inc.

..................

392

4,955

0.7

National

Bank

Holdings

Corp.,

Class

A

.....

166

6,140

0.9

NBT

Bancorp,

Inc.

...................

174

6,603

1.0

Northwest

Bancshares,

Inc.

.............

466

6,296

0.9

OFG

Bancorp

......................

236

5,931

0.9

Pacific

Premier

Bancorp,

Inc.

............

123

3,808

0.6

Renasant

Corp.

.....................

188

5,881

0.9

S&T

Bancorp,

Inc.

...................

213

6,243

0.9

Seacoast

Banking

Corp.

...............

192

5,804

0.9

Simmons

First

National

Corp.,

Class

A

.....

481

10,481

1.5

Southside

Bancshares,

Inc.

.............

40

1,414

0.2

United

Community

Banks,

Inc.

...........

192

6,355

0.9

637,338

Thrifts

&

Mortgage

Finance

Capitol

Federal

Financial,

Inc.

...........

579

4,805

0.7

TrustCo

Bank

Corp.

..................

197

6,190

0.9

WSFS

Financial

Corp.

................

135

6,272

0.9

17,267

Equity

Real

Estate

Investment

Trusts

(REITs)

Acadia

Realty

Trust

..................

290

3,660

0.5

a

Insurance

Employers

Holdings,

Inc.

...............

153

5,277

0.8

Horace

Mann

Educators

Corp.

...........

150

5,293

0.8

ProAssurance

Corp.

..................

234

4,565

0.7

Safety

Insurance

Group,

Inc.

............

69

5,628

0.8

Shares

Value

%

of

Basket

Value

Insurance

(continued)

Stewart

Information

Services

Corp.

........

103

$

4,495

0.6

%

25,258

Total

Reference

Entity

—

Long

683,523

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

...................................

$

683,523

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

PLC

as

of

period

end,

termination

date

February

10,

2023

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Allegiance

Bancshares,

Inc.

.............

291

$

12,119

11.0

%

Ameris

Bancorp

.....................

143

6,394

5.8

Banner

Corp.

......................

108

6,381

5.8

Berkshire

Hills

Bancorp,

Inc.

............

847

23,123

21.0

Central

Pacific

Financial

Corp.

...........

226

4,676

4.3

Customers

Bancorp,

Inc.

...............

121

3,567

3.2

First

Commonwealth

Financial

Corp.

.......

2,997

38,482

34.9

Pathward

Financial,

Inc.

...............

115

3,790

3.4

Trustmark

Corp.

....................

207

6,340

5.8

104,872

Thrifts

&

Mortgage

Finance

Provident

Financial

Services,

Inc.

.........

269

5,245

4.8

a

Total

Reference

Entity

—

Long

110,117

Net

Value

of

Reference

Entity

—

HSBC

Bank

PLC

....

$

110,117

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA

as

of

period

end,

termination

date

February

8,

2023

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

First

Commonwealth

Financial

Corp.

.......

31,834

$

408,749

99.8

%

Pacific

Premier

Bancorp,

Inc.

............

27

836

0.2

409,585

Total

Reference

Entity

—

Long

409,585

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

....................................

$

409,585

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

................................................................

$

—

$

—

$

—

$

(61,671

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

US

Small

Cap

Value

Factor

ETF

14

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows: 

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

20,191

$

—

$

—

$

—

$

20,191

Swaps

-

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

—

—

61,671

—

—

—

61,671

$

—

$

—

$

81,862

$

—

$

—

$

—

$

81,862

(a)

Net

cumulative

unrealized

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(43,674

)

$

—

$

—

$

—

$

(43,674

)

Swaps

.........................................

—

—

(442,317

)

—

—

—

(442,317

)

$

—

$

—

$

(485,991

)

$

—

$

—

$

—

$

(485,991

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(28,303

)

$

—

$

—

$

—

$

(28,303

)

Swaps

.........................................

—

—

(69,387

)

—

—

—

(69,387

)

$

—

$

—

$

(97,690

)

$

—

$

—

$

—

$

(97,690

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

312,463

Total

return

swaps

Average

notional

amount

...............................................................................................

$

4,022,883

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Assets

Liabilities

Derivative

Financial

Instruments:

Futures

contracts

................................................................................

$

—

‌

$

20,191

‌

Swaps

—

OTC

(a)

................................................................................

—

‌

61,671

‌

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

........................................

$

—

‌

$

81,862

‌

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.....................................

—

‌

(20,191

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

........................................................

$

—

‌

$

61,671

‌

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

15

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

The

following

table

presents

the

Fund’s

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

a

a

a

a

a

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)

Goldman

Sachs

Bank

USA

..............................

$

38,465

‌

$

–

‌

$

–

‌

$

–

‌

$

38,465

‌

HSBC

Bank

PLC

.....................................

2,309

‌

–

‌

–

‌

–

‌

2,309

‌

JPMorgan

Chase

Bank

NA

..............................

20,897

‌

–

‌

–

‌

–

‌

20,897

‌

$

61,671

‌

$

–

‌

$

–

‌

$

–

‌

$

61,671

‌

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivatives

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

........................................

$

108,907,850

‌

$

—

‌

$

—

‌

$

108,907,850

‌

Short-Term

Securities

Money

Market

Funds

.....................................

5,523,961

‌

—

‌

—

‌

5,523,961

‌

$

114,431,811

‌

$

—

‌

$

—

‌

$

114,431,811

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

..........................................

$

(20,191

)

$

(61,671

)

$

—

‌

$

(81,862

)

a

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

16

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2022

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

iShares

US

Small

Cap

Value

Factor

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

20,469,328

‌

$

108,907,850

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

152,093

‌

5,523,961

‌

Cash

pledged:

Futures

contracts

.................................................................................

—

‌

14,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................

54

‌

1,234

‌

Dividends

—

unaffiliated

............................................................................

39,429

‌

115,489

‌

Dividends

—

affiliated

..............................................................................

108

‌

3,609

‌

Total

assets

......................................................................................

20,661,012

‌

114,566,143

‌

LIABILITIES

Bank

overdraft

.....................................................................................

54,776

‌

666,901

‌

Collateral

on

securities

loaned

..........................................................................

61,660

‌

3,486,595

‌

Payables:

Investments

purchased

.............................................................................

—

‌

4,082

‌

Investment

advisory

fees

............................................................................

4,580

‌

19,283

‌

Variation

margin

on

futures

contracts

....................................................................

—

‌

1,653

‌

Unrealized

depreciation

on:

OTC

swaps

.....................................................................................

—

‌

61,671

‌

Total

liabilities

.....................................................................................

121,016

‌

4,240,185

‌

NET

ASSETS

.....................................................................................

$

20,539,996

‌

$

110,325,958

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

27,784,335

‌

$

130,872,864

‌

Accumulated

loss

..................................................................................

(

7,244,339

)

(

20,546,906

)

NET

ASSETS

.....................................................................................

$

20,539,996

‌

$

110,325,958

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

450,000

‌

4,300,000

‌

Net

asset

value

....................................................................................

$

45.64

‌

$

25.66

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

61,122

‌

$

3,120,139

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

22,801,830

‌

$

126,239,593

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

152,074

‌

$

5,522,349

‌

17

Financial

Statements

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2022

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

iShares

US

Small

Cap

Value

Factor

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

431,911

‌

$

1,900,206

‌

Dividends

—

affiliated

..............................................................................

205

‌

13,836

‌

Interest

—

unaffiliated

..............................................................................

—

‌

48

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

94

‌

5,251

‌

Foreign

taxes

withheld

.............................................................................

(

864

)

(

1,891

)

Total

investment

income

..............................................................................

431,346

‌

1,917,450

‌

EXPENSES

Investment

advisory

...............................................................................

33,706

‌

220,377

‌

Total

expenses

....................................................................................

33,706

‌

220,377

‌

Less:

—

‌

(

75,037

)

Investment

advisory

fees

waived

.......................................................................

—

‌

(

75,037

)

Total

expenses

after

fees

waived

........................................................................

33,706

‌

145,340

‌

Net

investment

income

...............................................................................

397,640

‌

1,772,110

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

4,553,079

)

(

4,226,009

)

Investments

—

affiliated

...........................................................................

35

‌

1,555

‌

Futures

contracts

...............................................................................

(

15,307

)

(

43,674

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

297,848

‌

3,070,222

‌

Swaps  

......................................................................................

—

‌

(

442,317

)

(

4,270,503

)

(

1,640,223

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

(

2,217,321

)

(

21,295,733

)

Investments

—

affiliated

...........................................................................

19

‌

1,369

‌

Futures

contracts

...............................................................................

(

5,598

)

(

28,303

)

Swaps  

......................................................................................

—

‌

(

69,387

)

(

2,222,900

)

(

21,392,054

)

Net

realized

and

unrealized

loss

.........................................................................

(

6,493,403

)

(

23,032,277

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................................

$

(

6,095,763

)

$

(

21,260,167

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

18

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

iShares

US

Small

Cap

Value

Factor

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

397,640

‌

$

1,151,152

‌

$

1,772,110

‌

$

2,601,165

‌

Net

realized

gain

(loss)

.........................................

(

4,270,503

)

14,306,514

‌

(

1,640,223

)

5,799,701

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

2,222,900

)

(

10,805,165

)

(

21,392,054

)

(

6,804,306

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

6,095,763

)

4,652,501

‌

(

21,260,167

)

1,596,560

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

388,343

)

(

1,163,130

)

(

2,050,140

)

(

3,383,522

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

8,071,779

)

(

8,396,139

)

(

45,862,226

)

68,225,121

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

14,555,885

)

(

4,906,768

)

(

69,172,533

)

66,438,159

‌

Beginning

of

period

.............................................

35,095,881

‌

40,002,649

‌

179,498,491

‌

113,060,332

‌

End

of

period

.................................................

$

20,539,996

‌

$

35,095,881

‌

$

110,325,958

‌

$

179,498,491

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

19

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Period

From

03/19/19

(a)

to

03/31/19

Net

asset

value,

beginning

of

period

.....................

$

58.49

‌

$

53.34

‌

$

30.23

‌

$

48.63

‌

$

49.43

‌

Net

investment

income

(b)

.............................

0

.78

‌

1

.71

‌

1

.23

‌

1

.33

‌

0

.04

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...................

(

12.81

)

5

.25

‌

23.04

‌

(

18.31

)

(

0

.84

)

Net

increase

(decrease)

from

investment

operations

............

(

12.03

)

6

.96

‌

24.27

‌

(

16.98

)

(

0

.80

)

Distributions

from

net

investment

income

(d)

...................

(

0

.82

)

(

1

.81

)

(

1

.16

)

(

1

.42

)

—

‌

Net

asset

value,

end

of

period

..........................

$

45.64

‌

$

58.49

‌

$

53.34

‌

$

30.23

‌

$

48.63

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

..............................

(

20.67

)

%

(f)

13.20

%

81.85

%

(

35.71

)

%

(

1

.62

)

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

Total

expenses

.....................................

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.25

%

(h)

Net

investment

income

................................

2

.96

%

(h)

3

.01

%

3

.20

%

2

.76

%

2

.36

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................

$

20,540

‌

$

35,096

‌

$

40,003

‌

$

18,141

‌

$

31,607

‌

Portfolio

turnover

rate

(i)

................................

120

%

138

%

70

%

149

%

0

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

20

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

US

Small

Cap

Value

Factor

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Period

From

10/27/20

(a)

to

03/31/21

Net

asset

value,

beginning

of

period

.....................................................

$

30.68

‌

$

30.56

‌

$

19.56

‌

Net

investment

income

(b)

.............................................................

0

.35

‌

0

.57

‌

0

.20

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...................................................

(

4

.93

)

0

.28

‌

10.94

‌

Net

increase

(decrease)

from

investment

operations

............................................

(

4

.58

)

0

.85

‌

11.14

‌

Distributions

from

net

investment

income

(d)

...................................................

(

0

.44

)

(

0

.73

)

(

0

.14

)

Net

asset

value,

end

of

period

..........................................................

$

25.66

‌

$

30.68

‌

$

30.56

‌

Total

Return

(e)

–

–

–

Based

on

net

asset

value

..............................................................

(

15.02

)

%

(f)

2

.79

%

57.05

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

Total

expenses

.....................................................................

0

.30

%

(h)

0

.30

%

0

.30

%

(h)

Total

expenses

after

fees

waived

.........................................................

0

.20

%

(h)

0

.20

%

0

.20

%

(h)

Net

investment

income

................................................................

2

.42

%

(h)

1

.84

%

1

.74

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................

$

110,326

‌

$

179,498

‌

$

113,060

‌

Portfolio

turnover

rate

(i)

................................................................

64

%

13

%

14

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

21

Notes

to

Financial

Statements

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

September

30,

2022,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Bank

Overdraft:

 The

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

and

utilized their

ability

to

temporarily

borrow

from

that

custodian

for

operational

purposes.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

iShares

ETF

Diversification

Classification

Focused

Value

Factor

..................................................................................................

Diversified

US

Small

Cap

Value

Factor

..............................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

22

2022

iShares

Semi-Annual

Report

to

Shareholders

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments 

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

Notes

to

Financial

Statements

(unaudited)

(

continued)

23

Notes

to

Financial

Statements

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”). For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

 Total

return

swaps

are

entered

into

by

the iShares

US

Small

Cap

Value

Factor

ETF

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk). 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Focused

Value

Factor

Goldman

Sachs

&

Co.

LLC

.....................................

$

61,122

‌

$

(61,122

)

$

—

‌

$

—

‌

$

61,122

‌

$

(61,122

)

$

—

‌

$

—

‌

a

US

Small

Cap

Value

Factor

BNP

Paribas

SA

.............................................

428,815

‌

(428,815

)

—

‌

—

‌

BofA

Securities,

Inc.

..........................................

725,268

‌

(725,268

)

—

‌

—

‌

Goldman

Sachs

&

Co.

LLC

.....................................

801,206

‌

(801,206

)

—

‌

—

‌

Jefferies

LLC

...............................................

372,394

‌

(372,394

)

—

‌

—

‌

National

Financial

Services

LLC

..................................

470,826

‌

(470,826

)

—

‌

—

‌

Toronto-Dominion

Bank

........................................

107,532

‌

(107,532

)

—

‌

—

‌

UBS

AG

..................................................

115,482

‌

(115,482

)

—

‌

—

‌

UBS

Securities

LLC

..........................................

98,616

‌

(98,616

)

—

‌

—

‌

$

3,120,139

‌

$

(3,120,139

)

$

—

‌

$

—

‌

a

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

24

2022

iShares

Semi-Annual

Report

to

Shareholders

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

or

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instruments

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time. 

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities. 

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes, each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

Expense

Waivers:

The

total

of

the

investment

advisory

fee

and

any

fund

other

expenses

are

a

fund’s

total

annual

operating

expenses.

For

the

iShares

US

Small

Cap

Value

Factor

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

management

fee

so

that

the

Fund’s

total

annual

fund

operating

expenses

after

the

fee

waiver

will

not

exceed

0.20%

through

March

31,

2023.

iShares

ETF

Investment

Advisory

Fees

Focused

Value

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

US

Small

Cap

Value

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30

Notes

to

Financial

Statements

(unaudited)

(

continued)

25

Notes

to

Financial

Statements

This

amount

is

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the six

months

ended

September

30,

2022,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. Each

Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to

April

11,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company

for

the

iShares

Focused

Value

Factor

ETF.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company

for

the

iShares

US

Small

Cap

Value

Factor

ETF.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended September

30,

2022,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or

trustees

of

the

Trust

are

officers

and/or trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

September

30,

2022,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

iShares

ETF

Amounts

Waived

US

Small

Cap

Value

Factor

.............................................................................................................................................

$

75,037

‌

iShares

ETF

Amounts

Focused

Value

Factor

.................................................................................................

$

39

‌

US

Small

Cap

Value

Factor

.............................................................................................

2,012

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Focused

Value

Factor

.............................................................

$

2,682,067

‌

$

2,810,494

‌

$

(606,965

)

US

Small

Cap

Value

Factor

.........................................................

349,104

‌

2,225,142

‌

(247,881

)

Notes

to

Financial

Statements

(unaudited)

(continued)

26

2022

iShares

Semi-Annual

Report

to

Shareholders

7.

Purchases

and

Sales

For

the six

months

ended

September

30,

2022,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months

ended

September

30,

2022,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of March

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

As

of

September

30,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

iShares

ETF

Purchases

Sales

Focused

Value

Factor

...............................................................................

$

32,477,025

‌

$

32,450,154

‌

US

Small

Cap

Value

Factor

...........................................................................

90,831,107

‌

96,982,499

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Focused

Value

Factor

...............................................................................

$

—

‌

$

8,045,821

‌

US

Small

Cap

Value

Factor

...........................................................................

6,674,961

‌

43,377,431

‌

iShares

ETF

Amounts

Focused

Value

Factor

.................................................................................................

$

548,219

‌

US

Small

Cap

Value

Factor

.............................................................................................

539,143

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Focused

Value

Factor

...........................................

$

23,050,737

‌

$

338,617

‌

$

(2,767,933

)

$

(2,429,316

)

US

Small

Cap

Value

Factor

.......................................

132,721,908

‌

3,260,081

‌

(21,632,040

)

(18,371,959

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

27

Notes

to

Financial

Statements

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

Six

Months

Ended

09/30/22

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Focused

Value

Factor

Shares

sold

...............................................

—

‌

$

—

‌

500,000

‌

$

29,481,775

‌

Shares

redeemed

...........................................

(150,000

)

(8,071,779

)

(650,000

)

(37,877,914

)

(150,000

)

$

(8,071,779

)

(150,000

)

$

(8,396,139

)

US

Small

Cap

Value

Factor

Shares

sold

...............................................

300,000

‌

$

8,289,804

‌

3,300,000

‌

$

103,708,907

‌

Shares

redeemed

...........................................

(1,850,000

)

(54,152,030

)

(1,150,000

)

(35,483,786

)

(1,550,000

)

$

(45,862,226

)

2,150,000

‌

$

68,225,121

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

28

2022

iShares

Semi-Annual

Report

to

Shareholders

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Board

Review

and

Approval

of

Investment

Advisory

Contract

29

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Focused

Value

Factor

ETF,

iShares

US

Small

Cap

Value

Factor

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

30

2022

iShares

Semi-Annual

Report

to

Shareholders

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

General

Information

31

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

.

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the Trust’s

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

iS-SAR-320-0922

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.      Code of Ethics.

Not applicable to this semi-annual report.

Item 3.      Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a)The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a)

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)
Date:	November 21, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)
Date:		November 21, 2022
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		November 21, 2022