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:	March 31, 2023

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

March

31,

2023

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

2023

Annual

Report

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

March

31,

2023,

as

investors

navigated

changing

economic

conditions

and

volatile

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

modest

growth

in

the

second

half

of

the

year,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high

before

beginning

to

moderate.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

declined,

although

equities

began

to

recover

in

the

second

half

of

the

period

as

inflation

eased

and

economic

growth

resumed.

Emerging

market

stocks

and

international

equities

from

developed

markets

declined

overall,

pressured

by

rising

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

fluctuating

inflation

data

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

higher

interest

rates

led

to

rising

borrowing

costs

for

corporate

issuers.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

we

believe

that

it

still

seems

determined

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,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

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.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

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

March

31,

2023

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)

15.62

%

(7.73

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

9.14

(11.61

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

27.27

(1.38

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

14.04

(10.70

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.93

2.52

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.38

(6.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.89

(4.78

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.00

0.26

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.88

(3.35

)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Market

Overview

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

4

Fund

Summary

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

5

About

Fund

Performance

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

31

Disclosure

of

Expenses

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

31

Schedules

of

Investments

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

32

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

74

Statements

of

Operations

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

78

Statements

of

Changes

in

Net

Assets

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

82

Financial

Highlights

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

89

Notes

to

Financial

Statements

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

102

Report

of

Independent

Registered

Public

Accounting

Firm

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

116

Important

Tax

Information

(Unaudited)

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

117

Statement

Regarding

Liquidity

Risk

Management

Program

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

118

Supplemental

Information

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

119

Trustee

and

Officer

Information

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

121

General

Information

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

123

Glossary

of

Terms

Used

in

this

Report

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

124

Market

Overview

4

2023

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

declined

for

the

12

months

ended

March

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-8.58%.

Elevated

inflation

and

rapid

tightening

of

monetary

policy

dampened

growth

and

weighed

on

equities.

Higher

interest

rates

drove

bond

yields

higher

and

increased

borrowing

costs

for

businesses

and

consumers.

Equities

began

to

recover

in

the

second

half

of

the

reporting

period,

as

the

broader

economy

remained

resilient

and

the

pace

of

inflation

declined.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value.

This

drove

concern

among

investors

about

the

resiliency

of

the

financial

system

in

the

face

of

rapidly

rising

interest

rates.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

multi-

decade

highs.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

But

the

rate

of

inflation

began

to

decline

as

the

reporting

period

wore

on,

decelerating

for

nine

consecutive

months

beginning

in

July

2022.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

decline

in

the

first

half

of

2022

to

post

modest

growth

in

the

third

and

fourth

quarters

of

2022.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

recorded

level

since

1969.

Furthermore,

the

labor

force

participation

rate—which

measures

the

total

proportion

of

employed

persons

of

working

age—rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to

reduce

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

iShares

®

U.S.

Aerospace

&

Defense

ETF

5

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

5.16

%

4.25

%

13.17

%

5.16

%

23.11

%

244.72

%

Fund

Market

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

5.07

4.25

13.18

–

%

5.07

23.13

244.76

Index

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

5.59

4.70

13.65

5.59

25.79

259.55

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,268.80

‌

$

2.26

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Aerospace

&

Defense

ETF

6

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

aerospace

and

defense

stocks

advanced

modestly

during

the

reporting

period,

as

geopolitical

tensions

and

the

growing

appetite

for

leisure

air

travel

accelerated

demand

for

new

aircraft.

Consumer

passenger

traffic

edged

closer

to

pre-pandemic

levels

amid

an

easing

of

travel

restrictions.

In

response

to

tensions

with

China

and

ongoing

conflict

in

Ukraine,

the

U.S.

government

passed

legislation

to

increase

military

spending

and

accelerate

weapon

sales

to

its

allies.

Additionally,

NATO

members

sought

to

ramp

up

spending

on

weapons

to

replenish

inventory.

Companies

that

develop

defense

technologies

were

among

the

largest

contributors

to

the

index’s

return,

as

steady

increases

in

demand

outweighed

supply-chain

issues.

Makers

of

equipment

and

software

for

law

enforcement

agencies

increased

sales

of

cloud-based

solutions

designed

to

integrate

physical

products

such

as

non-lethal

weapons

and

body

cameras.

This

strategy

of

cross-selling

operational

software

to

an

already

large

customer

base

led

to

sizable

growth

in

long-term

contracts

and

revenues.

Builders

of

weaponry

and

military

aircraft

benefited

from

an

increase

in

orders

from

the

U.S.

government

to

support

its

allies

in

Ukraine.

Ongoing

worker

and

parts

shortages

made

it

difficult

for

these

companies

to

fulfill

these

orders

in

the

short

term,

weighing

on

revenues.

However,

investors

responded

positively

to

continued

government

buying

and

stock-repurchase

programs.

Aerospace

companies

benefited

from

airliners’

efforts

to

meet

high

demand

for

leisure

travel.

Multiple

airline

operators,

especially

those

serving

fast-growing

markets

for

air

travel,

placed

record

orders

for

new

planes.

Manufacturers

increased

new

aircraft

deliveries,

though

supply

and

labor

issues

slowed

delivery

rates.

The

machinery

industry

also

contributed

to

the

Index’s

performance,

as

manufacturers

of

critical

airline

parts

benefited

from

the

broader

demand

for

aircraft.

These

companies

also

experienced

a

steady

increase

in

revenues

following

recent

acquisitions.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Aerospace

&

Defense

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

97.7‌

%

Industrial

Machinery

&

Supplies

&

Components

...........

1.9‌

Leisure

Products

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

0.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Raytheon

Technologies

Corp.

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

20.6‌

%

Boeing

Co.

(The)

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

17.2‌

Lockheed

Martin

Corp.

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

7.9‌

General

Dynamics

Corp.

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

4.5‌

Northrop

Grumman

Corp.

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

4.5‌

TransDigm

Group,

Inc.

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

4.4‌

Howmet

Aerospace,

Inc.

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

4.3‌

L3Harris

Technologies,

Inc.

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

4.3‌

Axon

Enterprise,

Inc.

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

4.2‌

Textron,

Inc.

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

4.1‌

      aaa

aa

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

7

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(6.43

)

%

8.87

%

14.49

%

(6.43

)

%

52.94

%

286.88

%

Fund

Market

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

(6.45

)

8.89

14.50

–

%

(6.45

)

53.11

287.17

Index

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

(6.03

)

9.23

14.89

(6.03

)

55.50

300.80

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,083.50

‌

$

2.08

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

8

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

broker-dealers

and

securities

exchanges

posted

a

negative

return

for

the

reporting

period.

Equity

and

bond

markets

declined,

reducing

assets

under

management

and,

in

turn,

decreasing

revenue

and

earnings.

Investment

product

fees

also

fell,

further

pressuring

industry

revenue.

Initial

public

offerings

dropped

substantially,

reducing

related

underwriting

and

exchange-listing

proceeds.

Net

interest

income

increased

for

many

firms

along

with

rising

interest

rates.

Stocks

throughout

the

financials

sector

faced

headwinds,

however,

amid

concern

about

the

impact

of

rising

interest

rates

on

balance

sheet

assets.

Firms

within

the

capital

markets

industry

detracted

the

most

from

the

Index’s

return.

The

U.S.

stock

market

posted

its

largest

annual

decline

since

2018

and

U.S.

bond

prices

also

fell

substantially.

Investors

in

2022

withdrew

more

money

than

they

placed

in

long-term

U.S.

equity

and

bond

investment

funds.

This

represented

the

first

time

the

industry

experienced

net

annual

investment

outflows

since

data

providers

began

tracking

calendar-year

investment

flows

in

1993.

The

net

withdrawals

exacerbated

the

industry’s

drop

in

assets

under

management

from

contracting

financial

markets.

Concerns

about

the

health

of

balance

sheets

and

liquidity

within

the

banking

system

created

turmoil

throughout

the

global

financials

sector

near

the

end

of

the

reporting

period.

Investors

grew

concerned

that

significant

deposit

withdrawals

put

stress

on

the

banking

system,

and

the

concern

spread

to

broker-dealers

who

fund

their

operations

with

large

amounts

of

cash

deposits.

Similar

to

banks,

some

broker-dealers

also

faced

sizable

unrealized

asset

losses

on

their

balance

sheets.

Amid

the

turmoil,

many

broker-dealer

clients

shifted

deposits

to

higher-yielding

money-market

funds.

That

raised

broker-dealer

costs

and

led

analysts

to

cut

earnings

estimates

as

traditional

cash

deposits

decreased.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Investment

Banking

&

Brokerage

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

74.6‌

%

Financial

Exchanges

&

Data

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

25.2‌

Asset

Management

&

Custody

Banks

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

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Morgan

Stanley

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

19.8‌

%

Goldman

Sachs

Group,

Inc.

(The)

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

19.1‌

MarketAxess

Holdings,

Inc.

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

5.3‌

Cboe

Global

Markets,

Inc.

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

5.3‌

Intercontinental

Exchange,

Inc.

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

4.9‌

CME

Group,

Inc.,

Class

A

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

4.9‌

Nasdaq,

Inc.

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

4.8‌

Charles

Schwab

Corp.

(The)

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

4.3‌

Raymond

James

Financial,

Inc.

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

4.2‌

Interactive

Brokers

Group,

Inc.,

Class

A

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

4.0‌

      aaa

aa

iShares

®

U.S.

Healthcare

Providers

ETF

9

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(11.81

)

%

11.00

%

13.33

%

(11.81

)

%

68.49

%

249.61

%

Fund

Market

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

(11.92

)

10.91

13.33

–

%

(11.92

)

67.85

249.38

Index

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

(11.57

)

11.43

13.78

(11.57

)

71.81

263.58

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

973.10

‌

$

1.97

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Healthcare

Providers

ETF

10

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

healthcare

providers

declined

during

the

reporting

period.

Rising

interest

rates

made

the

relatively

small

dividends

from

healthcare

stocks

less

attractive

when

compared

to

investments

in

bond

markets.

New

competition

and

government

programs

pressured

healthcare

providers

to

transform

their

businesses

to

integrate

services

such

as

medical

clinics

with

health

insurance,

prescription

plans,

and

pharmacies.

E-commerce

companies

that

offered

inexpensive

new

plans

to

deliver

generic

drugs

directly

to

consumers

provided

increasing

competition

to

bricks-and-mortar

retail

chains.

A

new

federal

law,

the

Inflation

Reduction

Act,

gave

the

government

more

power

to

negotiate

for

lower

prescription

prices

for

some

of

the

drugs

covered

under

Medicare.

Furthermore,

the

industry’s

diversification

efforts

encountered

the

government’s

increased

efforts

to

enforce

antitrust

measures,

including

litigating

mergers

and

acquisitions.

The

healthcare

providers

and

services

industry

detracted

the

most

from

the

Index’s

performance.

The

stock

price

of

a

major

drugstore

chain

dropped

after

a

federal

healthcare

agency

downgraded

its

rating

on

a

prescription

drug

plan,

reducing

payments

from

the

government,

and

a

major

health

insurance

company

dropped

the

drug

retailer

as

its

pharmacy

benefits

manager

to

negotiate

drug

prices.

Earnings

of

health

insurance

companies

were

pressured

as

more

patients

opted

to

schedule

non-urgent

care

procedures

that

they

deferred

during

the

COVID-19

pandemic,

increasing

medical

care

expenses.

However,

the

uptake

rate

of

patients

opting

for

the

procedures

slowed

as

labor

shortages

delayed

elective

care.

Stocks

in

the

healthcare

technology

industry

also

detracted

from

the

performance

of

the

Index.

The

stock

price

of

a

provider

of

remote

medical

advice,

which

soared

during

the

COVID-19

pandemic,

dropped

sharply

after

it

forecast

weaker

sales

and

higher

costs.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Managed

Health

Care

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

50.7‌

%

Health

Care

Services

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

31.7‌

Health

Care

Facilities

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

13.5‌

Health

Care

Technology

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

3.6‌

Life

Sciences

Tools

&

Services

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

0.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

UnitedHealth

Group,

Inc.

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

22.9‌

%

Elevance

Health,

Inc.

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

13.8‌

CVS

Health

Corp.

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

8.2‌

HCA

Healthcare,

Inc.

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

4.8‌

Humana,

Inc.

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

4.5‌

Laboratory

Corp.

of

America

Holdings

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

4.3‌

Centene

Corp.

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

4.3‌

Cigna

Group

(The)

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

4.2‌

Quest

Diagnostics,

Inc.

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

3.4‌

Molina

Healthcare,

Inc.

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

3.3‌

      aaa

aa

iShares

®

U.S.

Home

Construction

ETF

11

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

19.69

%

13.07

%

11.94

%

19.69

%

84.80

%

208.79

%

Fund

Market

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

19.64

12.92

11.94

–

%

19.64

83.61

208.97

Index

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

20.17

13.53

12.42

20.17

88.63

222.38

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,357.80

‌

$

2.35

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Home

Construction

ETF

12

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Home

construction

stocks

advanced

strongly

for

the

reporting

period,

as

rising

home

prices

and

solid

demand

for

new

home

construction

drove

gains

in

an

otherwise

difficult

environment

for

equities.

Several

trends

helped

stimulate

demand

for

new

homes

amid

transformations

accelerated

by

the

COVID-19

pandemic.

The

surge

in

remote

work

prompted

new

migration

patterns,

as

workers

sought

out

desirable

locales

for

home

offices.

This

led

to

higher

demand

in

some

areas

that

were

further

from

urban

cores,

as

workers

sought

other

amenities.

Many

remote

workers

that

stayed

local

also

upgraded

to

larger

homes

with

spaces

more

suitable

for

home

offices.

In

addition,

the

number

of

families

or

people

seeking

to

buy

their

own

home

grew,

far

outstripping

the

available

supply

of

new

housing

being

built.

Nonetheless,

homebuilders

faced

several

significant

headwinds

during

the

reporting

period.

Interest

rates

rose

sharply,

sending

average

mortgage

rates

to

the

highest

level

in

over

two

decades.

Higher

mortgage

rates

made

financing

more

expensive

for

prospective

buyers,

limiting

the

strong

demand

for

new

homes.

Inflation

also

weighed

on

the

industry,

as

the

price

of

building

materials

rose,

and

lumber

prices

surged

at

the

beginning

of

the

reporting

period

before

moderating.

And

a

tight

labor

market

drove

increased

costs,

as

homebuilders

struggled

to

recruit

and

retain

workers

amid

rising

wages,

particularly

for

lower-skilled

laborers.

Despite

these

challenges,

low

inventories

of

existing

homes

available

for

sale

and

persistently

high

home

prices

benefited

builders

of

new

homes.

High

profit

margins

in

the

industry

allowed

homebuilders

to

offer

incentives

to

new

home

purchasers

where

needed

while

still

maintaining

profitability.

Homebuilders

also

benefited

from

investors’

expectations

that

the

Fed

was

nearing

the

end

of

its

monetary

tightening

cycle.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Homebuilding

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

66.1‌

%

Building

Products

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

13.1‌

Home

Improvement

Retail

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

10.6‌

Specialty

Chemicals

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

4.4‌

Trading

Companies

&

Distributors

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

2.4‌

Home

Furnishings

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

1.8‌

Other

(each

representing

less

than

1%)

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

1.6‌

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

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

13.1‌

NVR,

Inc.

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

8.3‌

PulteGroup,

Inc.

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

6.5‌

Sherwin-Williams

Co.

(The)

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

4.5‌

Home

Depot,

Inc.

(The)

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

4.4‌

Lowe's

Companies,

Inc.

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

4.3‌

TopBuild

Corp.

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

3.3‌

Toll

Brothers,

Inc.

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

3.0‌

Builders

FirstSource,

Inc.

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

2.3‌

      aaa

aa

iShares

®

U.S.

Infrastructure

ETF

13

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

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

(2.08

)

%

10.48

%

(2.08

)

%

64.51

%

Fund

Market

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

(2.21

)

10.47

–

%

(2.21

)

64.40

Index

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

(1.81

)

10.89

(1.81

)

67.51

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,172.60

‌

$

1.62

‌

$

1,000.00

‌

$

1,023.44

‌

$

1.51

‌

0.30

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Infrastructure

ETF

14

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

infrastructure

stocks

declined

modestly

during

the

reporting

period.

Economic

growth

and

industrial

production

both

slowed

as

the

Fed

raised

interest

rates

to

address

elevated

inflation.

High

costs

for

fuel

and

raw

materials

negatively

impacted

a

variety

of

infrastructure-related

businesses.

However,

infrastructure

stocks

received

some

support

from

the

federal

government’s

Inflation

Reduction

and

CHIPS

and

Science

acts,

both

signed

into

law

in

August

2022.

The

former

provided

funding

for

green

energy

initiatives,

and

the

latter

targeted

funding

for

domestic

production

of

semiconductors

and

related

technology.

Multi-utilities

industry

stocks

detracted

the

most

from

the

Index’s

return.

Increased

costs

of

fuel,

supply

chain

disruptions,

and

elevated

inflation

drove

higher

utilities

rates

for

customers

and

negatively

impacted

the

industry’s

finances.

Supply-chain

constraints

and

weather

extremes

also

compromised

the

ability

to

provide

reliable

power

generation

and

distribution.

Renewable

energy

providers

faced

similar

supply-chain,

fuel,

and

labor

challenges

that

drove

costs

higher.

Stocks

in

the

chemicals

industry

also

detracted

from

the

Index’s

performance.

Chemical

companies

worldwide

faced

high

raw

material

prices

and

uncertain

demand

that

pressured

earnings.

A

company

that

provides

bioplastic

replacements

for

traditional

petroleum-based

products

struggled

with

heavy

debt

and

financial

losses.

On

the

upside,

construction

and

engineering

firms

contributed

to

the

Index’s

return.

Solid

demand

persisted

for

construction

projects

despite

the

economic

slowdown,

and

the

industry

benefited

from

substantial

project

backlogs.

In

particular,

non-residential

construction

increased,

as

did

broad-based

demand

for

civil

engineering

projects.

Final

prices

realized

for

finished

construction

projects

increased

in

2022,

and

the

industry

was

helped

by

slowing

inflation

for

construction

materials

as

the

reporting

period

progressed.

In

addition,

construction

firms

benefited

from

ongoing

funding

via

the

Infrastructure

Investment

and

Jobs

Act.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Electric

Utilities

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

20.1‌

%

Multi-Utilities

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

11.5‌

Construction

&

Engineering

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

11.1‌

Steel

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

7.8‌

Oil

&

Gas

Storage

&

Transportation

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

7.8‌

Building

Products

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

6.4‌

Water

Utilities

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

5.6‌

Gas

Utilities

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

4.7‌

Commodity

Chemicals

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

2.9‌

Trading

Companies

&

Distributors

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

2.6‌

Construction

Machinery

&

Heavy

Transportation

Equipment

...

2.2‌

Rail

Transportation

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

2.1‌

Construction

Materials

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

1.8‌

Specialty

Chemicals

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

1.8‌

Industrial

Machinery

&

Supplies

&

Components

...........

1.8‌

Aluminum

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

1.7‌

Environmental

&

Facilities

Services

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

1.2‌

Research

&

Consulting

Services

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

1.2‌

Forest

Products

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

1.1‌

Other

(each

representing

less

than

1%)

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

4.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Vistra

Corp.

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

0.8‌

%

MGE

Energy,

Inc.

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

0.8‌

Algonquin

Power

&

Utilities

Corp.

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

0.8‌

Southern

Co.

(The)

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

0.8‌

Fortis,

Inc.

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

0.8‌

WEC

Energy

Group,

Inc.

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

0.8‌

Consolidated

Edison,

Inc.

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

0.8‌

OGE

Energy

Corp.

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

0.8‌

IDACORP,

Inc.

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

0.8‌

Edison

International

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

0.8‌

      aaa

aa

iShares

®

U.S.

Insurance

ETF

15

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(4.35

)

%

8.06

%

10.55

%

(4.35

)

%

47.36

%

172.67

%

Fund

Market

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

(4.45

)

8.05

10.55

–

%

(4.45

)

47.30

172.57

Index

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

(3.92

)

8.50

11.01

(3.92

)

50.40

184.20

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,094.00

‌

$

2.09

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Insurance

ETF

16

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

insurance

stocks

declined

for

the

reporting

period.

Despite

rising

interest

rates,

which

can

benefit

insurance

providers

under

certain

conditions,

lower

earnings

weighed

on

the

industry’s

performance.

Insurance

stocks

were

also

negatively

impacted

by

the

wider

effects

of

two

bank

failures

late

in

the

reporting

period

amid

concern

about

unrealized

bond

losses

and

potential

liquidity

impacts.

Stocks

in

the

life

and

health

insurance

industry

detracted

the

most

from

the

Index’s

return.

Large

life

insurers

reported

relatively

flat

premium

and

fee

revenue

excluding

certain

pension-related

items.

At

the

same

time,

lower

investment

income

resulting

from

declining

net

investment

spreads

(the

difference

between

interest

earned

on

assets

and

interest

paid

on

liabilities)

and

private

equity

returns

reduced

annual

earnings.

Despite

record-high

annuity

sales

driven

by

demand

for

fixed

annuities,

market

depreciation

and

lower

income

from

variable

annuities

further

pressured

earnings.

In

addition,

insurers

offering

investment

management

services

reported

lower

revenue

as

assets

decreased

from

the

impact

of

rising

interest

rates

and

declining

equity

markets.

Both

insurers

and

their

investors,

meanwhile,

grappled

with

the

underwriting

challenges

the

industry

faced

in

the

wake

of

the

coronavirus

pandemic

and

pending

regulatory

guidance

regarding

insurance

applications.

Life

insurers

also

faced

scrutiny

and

lawsuits

from

practices

some

used

to

boost

their

income

in

the

low

interest

rate

environment

that

followed

the

2018

global

financial

crisis,

leading

to

partial

refunds

to

thousands

of

customers.

Along

with

myriad

banks,

investors

became

concerned

about

unrealized

losses

from

fixed-income

securities

investments

on

the

balance

sheet

of

many

insurers.

Concern

about

the

impact

of

bank

failures

reverberated

throughout

the

financials

sector,

sending

insurance

stocks

sharply

lower

late

in

the

reporting

period.

Amid

rising

interest

rates

that

reduced

the

value

of

their

fixed-income

and

alternative

investment

portfolios,

net

investment

income

declined

and

unrealized

losses

increased

for

large

multi-line

insurers.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Property

&

Casualty

Insurance

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

58.8‌

%

Life

&

Health

Insurance

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

23.2‌

Multi-line

Insurance

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

10.0‌

Insurance

Brokers

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

6.9‌

Diversified

Financial

Services

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

1.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Progressive

Corp.

(The)

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

12.3‌

%

Chubb

Ltd.

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

11.8‌

Travelers

Companies,

Inc.

(The)

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

5.8‌

MetLife,

Inc.

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

5.6‌

American

International

Group,

Inc.

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

5.5‌

Arthur

J

Gallagher

&

Co.

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

4.8‌

Aflac,

Inc.

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

4.6‌

Allstate

Corp.

(The)

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

4.3‌

Prudential

Financial,

Inc.

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

4.2‌

Arch

Capital

Group

Ltd.

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

3.9‌

      aaa

aa

iShares

®

U.S.

Medical

Devices

ETF

17

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(10.89

)

%

12.25

%

16.10

%

(10.89

)

%

78.25

%

344.98

%

Fund

Market

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

(11.01

)

12.23

16.09

–

%

(11.01

)

78.08

344.59

Index

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

(10.56

)

12.71

16.58

(10.56

)

81.88

363.53

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,148.40

‌

$

2.14

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Medical

Devices

ETF

18

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

medical

device

makers

declined

for

the

reporting

period.

Companies

in

the

healthcare

equipment

and

supplies

industry

detracted

the

most

from

the

Index’s

performance.

Although

demand

for

elective

surgical

procedures

mostly

rebounded

from

lows

during

the

height

of

the

COVID-19

pandemic,

chronic

hospital

labor

shortages

slowed

the

pace

of

the

recovery,

limiting

demand

for

medical

equipment

and

supplies.

Sales

of

coronavirus

diagnostic

test

kits

also

declined

as

the

infection

rate

waned.

Global

supply

chain

pressures,

compounded

by

geopolitical

tensions

and

rising

energy

costs,

weakened

profit

margins

and

net

earnings

in

the

industry.

Lockdowns

in

China

related

to

the

coronavirus

pandemic

further

pressured

the

financial

performance

of

U.S.

healthcare

equipment

and

supplies

companies,

as

did

ongoing

high

inflation

and

foreign

exchange

losses

from

the

stronger

U.S.

dollar.

Additionally,

rising

interest

rates

made

the

relatively

poor

dividends

on

healthcare

stocks

unattractive

when

compared

to

the

perceived

safer

investment

in

the

bond

markets,

limiting

investor

interest.

Disappointing

results

from

a

prominent

clinical

study

for

a

new

medical

device

to

treat

hypertension

also

weighed

on

the

healthcare

equipment

and

supplies

industry.

The

stock

price

of

a

manufacturer

of

diagnostic

and

nutrition

products

in

the

industry

declined

after

the

U.S.

Food

and

Drug

Administration

began

investigations

into

quality

control

issues

at

a

baby

formula

plant.

The

company

temporarily

halted

production

of

the

formula,

prompting

a

nationwide

shortage,

and

the

U.S.

Justice

Department

later

opened

a

criminal

investigation

into

conduct

at

the

plant.

Companies

in

the

life

sciences

tools

and

services

industry

also

detracted

from

the

Index’s

performance

as

declining

sales

of

coronavirus

testing

equipment

weakened

revenues.

In

addition,

the

outlook

for

sales

declined

as

insurers

pushed

the

costs

of

COVID-19

testing

onto

consumers.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Health

Care

Equipment

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

79.1‌

%

Life

Sciences

Tools

&

Services

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

20.6‌

Health

Care

Supplies

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

0.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Thermo

Fisher

Scientific,

Inc.

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

17.4‌

%

Abbott

Laboratories

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

13.6‌

Medtronic

PLC

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

8.2‌

Stryker

Corp.

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

5.5‌

Intuitive

Surgical,

Inc.

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

4.8‌

Boston

Scientific

Corp.

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

4.6‌

Becton

Dickinson

&

Co.

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

4.5‌

Edwards

Lifesciences

Corp.

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

4.5‌

Dexcom

,

Inc.

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

4.0‌

IDEXX

Laboratories,

Inc.

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

3.7‌

aaa

aa

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

19

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

6.40

%

9.40

%

3.73

%

6.40

%

56.67

%

44.16

%

Fund

Market

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

6.27

9.39

3.73

–

%

6.27

56.67

44.16

Index

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

6.86

9.84

4.14

6.86

59.87

50.04

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,053.80

‌

$

2.05

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

20

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

oil

and

gas

exploration

and

production

stocks

advanced

sharply

during

the

reporting

period.

The

stocks

of

oil

refineries,

which

produce

gasoline,

diesel,

and

other

petroleum

products

from

crude

oil,

contributed

the

most

to

the

Index’s

performance.

With

refineries

operating

at

nearly

full

capacity,

profit

margins

climbed

sharply

higher

amid

tight

supply

levels.

Total

U.S.

refining

capacity

dropped

to

the

lowest

level

in

at

least

eight

years

as

numerous

older

refineries

closed

during

the

pandemic

due

to

unprofitable

operations,

hurricane

damage,

and

other

factors.

Refineries

resisted

pressure

to

increase

output

by

building

more

capacity,

citing

long

completion

timelines,

significant

investment

costs,

and

the

ongoing

global

transition

to

renewable

energy.

Refinery

profits

increased

even

as

global

oil

prices

dropped

from

the

sharply

elevated

levels

at

the

beginning

of

the

reporting

period,

when

the

war

in

Ukraine

disrupted

global

supplies.

Sanctions

imposed

on

Russia

led

to

a

sharp

reduction

in

Russian

natural

gas

exports

to

Europe,

and

U.S.

producers

increased

their

European

exports

to

partially

make

up

for

the

disruption.

In

addition

to

the

tight

supplies,

U.S.

demand

for

gasoline,

diesel,

and

jet

fuel

strengthened

to

pre-pandemic

levels,

and

elevated

gas

prices

throughout

the

summer

of

2022

kept

some

Americans

from

travelling.

Late

in

the

reporting

period,

the

number

of

commercial

flights

surpassed

2019

levels

for

the

first

time

since

the

beginning

of

the

pandemic.

In

this

environment,

the

stock

price

of

several

refineries

hit

record

highs

amid

stronger

revenues,

earnings,

and

higher

cash

flow.

Refineries

used

the

excess

cash

to

pay

down

debt

and

rewarded

their

shareholders

by

increasing

dividends

and

buying

back

their

own

stock,

further

strengthening

stock

prices.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Oil

&

Gas

Exploration

&

Production

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

69.2‌

%

Oil

&

Gas

Refining

&

Marketing

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

23.4‌

Oil

&

Gas

Storage

&

Transportation

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

7.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

ConocoPhillips

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

16.7‌

%

EOG

Resources,

Inc.

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

9.3‌

Marathon

Petroleum

Corp.

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

8.4‌

Valero

Energy

Corp.

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

7.4‌

Phillips

66

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

4.7‌

Cheniere

Energy,

Inc.

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

4.7‌

Pioneer

Natural

Resources

Co.

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

4.6‌

Hess

Corp.

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

4.5‌

Devon

Energy

Corp.

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

4.3‌

Diamondback

Energy,

Inc.

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

4.0‌

      aaa

aa

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

21

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

1.16

%

(8.27

)

%

(8.74

)

%

1.16

%

(35.04

)

%

(59.94

)

%

Fund

Market

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

1.21

(8.27

)

(8.74

)

–

%

1.21

(35.05

)

(59.94

)

Index

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

1.54

(7.89

)

(8.46

)

1.54

(33.71

)

(58.71

)

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,351.10

‌

$

2.34

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

22

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

oil

equipment

and

services

stocks

rose

slightly

during

the

reporting

period.

Despite

record

profits,

relatively

strong

oil

prices,

and

political

pressure

to

increase

production,

oil

and

gas

extraction

companies

focused

on

managing

costs,

growing

profit

margins,

and

returning

cash

to

shareholders

rather

than

invest

heavily

in

new

drilling

operations.

That

focus

on

increasing

shareholder

returns

and

a

weakening

outlook

for

oil

and

gas

prices

limited

the

growth

for

the

energy

equipment

and

services

industry.

Oil

prices

retreated

from

highs

reached

in

the

months

following

Russia’s

invasion

of

Ukraine

as

rising

interest

rates

and

high

inflationary

pressures

weakened

the

outlook

for

global

economic

growth.

Coronavirus

related

lockdowns

in

China,

the

world’s

largest

importer

of

oil,

also

weakened

global

demand.

Meanwhile,

U.S.

natural

gas

futures

climbed

to

a

14-year

high

in

August

2022

when

Russia

announced

plans

to

shut

down

a

natural

gas

pipeline

to

Europe,

complicating

efforts

to

refill

supplies

ahead

of

the

winter.

However,

an

unseasonably

warm

winter

weakened

demand

for

natural

gas,

and

U.S.

supplies

of

natural

gas

uncharacteristically

outstripped

demand

during

the

winter

months,

sending

prices

for

the

fuel

sharply

lower

during

the

first

three

months

of

2023.

The

oil

and

gas

drilling

industry

contributed

the

most

to

the

Index’s

performance.

Companies

that

own

and

operate

offshore

oil

rigs

benefited

from

supply

disruptions

and

relatively

high

oil

prices.

Demand

for

offshore

oil

rigs

increased

to

near

full

capacity,

allowing

operators

to

increase

the

fees

they

charge

oil

companies.

The

oil

and

gas

equipment

and

services

industry

also

gained,

as

strong

demand

for

equipment

and

drilling

services

supported

growing

revenues

and

earnings,

allowing

companies

in

the

industry

to

boost

dividend

payments.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Oil

&

Gas

Equipment

&

Services

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

80.2‌

%

Oil

&

Gas

Drilling

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

19.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Schlumberger

Ltd.

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

23.5‌

%

Halliburton

Co.

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

18.8‌

Baker

Hughes

Co.,

Class

A

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

4.7‌

TechnipFMC

PLC

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

4.6‌

ChampionX

Corp.

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

4.6‌

NOV,

Inc.

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

4.2‌

Transocean,

Ltd.

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

4.1‌

Valaris

,

Ltd.

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

3.8‌

Noble

Corp.

PLC,

Class

A

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

3.7‌

Weatherford

International

PLC

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

3.7‌

aaa

aa

iShares

®

U.S.

Pharmaceuticals

ETF

23

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(7.83

)

%

5.19

%

7.77

%

(7.83

)

%

28.76

%

111.39

%

Fund

Market

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

(7.95

)

5.15

7.76

–

%

(7.95

)

28.53

111.22

Index

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

(7.64

)

5.48

8.08

(7.64

)

30.55

117.41

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,047.20

‌

$

2.04

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Pharmaceuticals

ETF

24

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Pharmaceuticals

stocks

declined

during

the

reporting

period.

Rising

interest

rates

increased

financing

costs

for

many

pharmaceutical

companies

as

they

typically

carry

high

levels

of

debt

to

fund

the

research

and

development

to

produce

new

drugs.

The

higher

interest

rates

and

mounting

inflation

pressures

also

increased

companies’

operating

costs,

weakening

their

ability

to

attract

capital

investments,

particularly

those

researching

drugs

with

longer

development

periods

before

commercialization.

In

addition,

rising

interest

rates

made

the

relatively

low

dividends

on

pharmaceutical

stocks

unattractive

when

compared

to

investments

in

the

bond

markets,

which

typically

provide

less

volatile

and

more

predictable

returns.

The

combination

of

slowing

economies

in

overseas

markets

and

a

strong

U.S.

dollar,

which

reduces

the

conversion

rate

of

foreign

profits,

also

weakened

financial

performance.

Demand

for

vaccines

against

COVID-19,

particularly

among

those

drugs

with

lower

efficacy,

dropped

as

the

pandemic

waned.

A

new

federal

law,

the

Inflation

Reduction

Act,

gave

the

government

more

power

to

negotiate

with

pharmaceutical

companies

for

lower

prices

for

prescription

drugs

covered

under

Medicare,

primarily

for

seniors.

The

new

law,

which

focuses

primarily

on

small

molecule

drugs

that

are

developed

by

many

large

pharmaceutical

companies,

will

compel

drug

companies

to

assess

the

financial

implications

of

the

law

on

their

products

and

strategy.

Weaker

merger

and

acquisition

activity

among

pharmaceutical

and

biotechnology

companies,

which

dropped

in

2022

to

the

lowest

levels

in

years,

limited

the

upside

in

stock

prices

as

buyers

typically

offer

premiums

for

the

companies

to

be

acquired.

Conversely,

stocks

in

the

biotechnology

sector,

which

constituted

on

average

approximately

3.4%

of

the

Index

during

the

reporting

period,

contributed

slightly

to

the

Index’s

performance.

The

stock

price

of

one

biotech

company

soared

after

reporting

positive

performance

from

a

clinical

study

for

treatment

of

a

severe

form

of

fatty

liver

disease.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Pharmaceuticals

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

96.4‌

%

Biotechnology

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

3.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Johnson

&

Johnson

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

22.8‌

%

Merck

&

Co.,

Inc.

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

19.5‌

Eli

Lilly

&

Co.

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

5.0‌

Royalty

Pharma

PLC,

Class

A

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

4.7‌

Bristol-Myers

Squibb

Co.

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

4.6‌

Pfizer,

Inc.

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

4.6‌

Zoetis,

Inc.,

Class

A

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

4.5‌

Catalent,

Inc.

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

4.2‌

Viatris,

Inc.

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

4.1‌

Jazz

Pharmaceuticals

PLC

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

3.6‌

      aaa

aa

iShares

®

U.S.

Real

Estate

ETF

25

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

January

24,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Real

Estate

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(19.04

)

%

5.34

%

5.53

%

(19.04

)

%

29.73

%

71.35

%

Fund

Market

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

(19.25

)

5.33

5.53

–

%

(19.25

)

29.67

71.36

Index

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

(18.72

)

5.67

5.98

(18.72

)

31.7

8

78.71

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,058.60

‌

$

2.05

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Real

Estate

ETF

26

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Real

estate

investment

trusts

(“REITs”)

declined

substantially

for

the

reporting

period

amid

higher

interest

rates

and

changing

homebuyer

and

tenant

preferences.

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

the

properties

they

manage,

and

the

sharp

rise

in

interest

rates

made

financing

more

expensive

for

REITs.

Furthermore,

higher

interest

rates

also

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors,

although

many

REITs

raised

dividends

during

the

reporting

period.

Specialized

REITs,

which

typically

invest

in

a

property

type

associated

with

a

particular

industry

or

service,

detracted

significantly

from

the

Index’s

performance.

Operators

of

large

networks

of

cellular

network

towers

faced

slowing

growth

as

sales

of

cell

phones

that

use

newer

network

technology

fell.

Higher

financing

costs

also

weighed

on

the

industry.

Demand

for

self-storage

units,

which

surged

during

the

pandemic

as

stay-at-home

Americans

decluttered

their

houses,

waned

as

lifestyles

resumed

pre-COVID-19

patterns.

Despite

brisk

demand

for

rentals,

residential

REITs

also

declined.

Rising

interest

rates

weighed

heavily

on

the

industry,

and

the

value

of

residential

REIT

properties

began

to

decline

as

the

reporting

period

wore

on.

High

levels

of

multifamily

unit

construction

increased

supply,

increasing

the

probability

of

excess

inventory.

Rent

rate

growth

cooled

in

2022

following

the

sharp

average

rent

increases

of

preceding

periods.

Office

REITs

also

detracted

from

the

Index’s

return,

as

remote

work

continued

to

pressure

managers

of

office

properties.

Office

occupancy

rates

remained

below

pre-

pandemic

levels

and

tenants

used

ample

supply

to

negotiate

reduced

rents

and

other

concessions.

Industrial

REITs

declined,

as

a

slowdown

in

e-commerce

raised

concerns

among

investors

for

the

managers

of

warehouses

and

logistics

facilities

used

for

fulfilment.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Telecom

Tower

REITs

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

15.1‌

%

Industrial

REITs

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

13.2‌

Retail

REITs

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

11.1‌

Multi-Family

Residential

REITs

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

8.8‌

Self-Storage

REITs

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

8.0‌

Data

Center

REITs

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

8.0‌

Health

Care

REITs

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

7.6‌

Other

Specialized

REITs

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

5.9‌

Single-Family

Residential

REITs

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

4.8‌

Office

REITs

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

4.2‌

Real

Estate

Services

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

3.4‌

Timber

REITs

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

2.6‌

Research

&

Consulting

Services

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

2.4‌

Mortgage

REITs

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

2.3‌

Diversified

REITs

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

1.4‌

Other

(each

representing

less

than

1%)

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

1.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Prologis,

Inc.

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

9.7‌

%

American

Tower

Corp.

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

8.0‌

Equinix,

Inc.

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

5.6‌

Crown

Castle,

Inc.

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

4.7‌

Public

Storage

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

4.0‌

Realty

Income

Corp.

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

3.3‌

Simon

Property

Group,

Inc.

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

3.1‌

Welltower,

Inc.

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

2.9‌

VICI

Properties,

Inc.

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

2.8‌

Digital

Realty

Trust,

Inc.

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

2.4‌

      aaa

aa

iShares

®

U.S.

Regional

Banks

ETF

27

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(37.30

)

%

(4.01

)

%

5.15

%

(37.30

)

%

(18.49

)

%

65.29

%

Fund

Market

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

(37.35

)

(3.99

)

5.16

–

%

(37.35

)

(18.40

)

65.35

Index

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

(37.09

)

(3.64

)

5.59

(37.09

)

(16.91

)

72.28

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

760.80

‌

$

1.76

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Regional

Banks

ETF

28

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

regional

banks,

which

operate

locally

but

may

offer

national

services,

declined

sharply

during

the

reporting

period.

Near

the

end

of

the

reporting

period,

Silvergate

Bank,

a

bank

closely

tied

to

cryptocurrency

that

was

not

in

the

Index,

closed

due

to

insolvency,

shortly

before

Silicon

Valley

Bank

(included

in

the

Index)

failed

to

raise

equity

capital

to

shore

up

its

balance

sheet

after

higher

interest

rates

led

to

large

losses

on

its

long-term

bond

investments,

which

led

to

heavy

withdrawals

by

its

customers.

The

failed

capital

raise

sent

bank

stocks

sharply

lower.

Thereafter,

Silicon

Valley

Bank

and

Signature

Bank

(included

in

the

Index)

failed,

marking

the

largest

collapse

for

the

industry

since

2008.

The

banks,

which

both

had

a

high

percentage

of

uninsured

deposits,

were

unable

to

meet

the

surge

in

customer

withdrawals.

The

government

intervened

to

help

depositors

and

provide

liquidity

to

maintain

the

stability

of

the

financial

system.

The

disruption

created

by

the

failures

led

investors

to

further

credit

downgrades

while

scrutiny

on

the

industry

increased,

particularly

for

banks

with

large

gaps

between

the

expected

maturity

of

assets

and

liabilities.

Ripple

effects

included

the

acquisition

of

Credit

Suisse,

a

beleaguered

European

bank

that

was

not

a

constituent

in

the

Index.

The

banking

industry

overall

faced

significant

challenges

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans

in

an

environment

of

rising

interest

rates.

While

higher

interest

rates

typically

support

bank

profitability,

persistently

high

inflation

during

the

reporting

period

led

to

significant

tightening

from

the

Fed,

and

investors

became

concerned

about

the

long-term

effect

of

this

tightening

on

loan

growth

and

credit

losses.

The

Fed’s

actions

also

prompted

concerns

about

a

prolonged

slowdown

in

economic

activity.

Typically,

economic

disruptions

affect

regional

banks

more

acutely

because

their

revenues

depend

heavily

on

local

economies

and

the

financial

health

of

specific

industries.

A

decrease

in

demand

for

home

loans

during

the

reporting

period

as

mortgage

rates

rose

also

pressured

regional

banks,

which

are

particularly

exposed

to

the

real

estate

market.

Rising

borrowing

costs

lowered

demand

for

home

loans,

and

mortgage

originations

dropped

substantially.

The

fourth

quarter

of

2022

was

the

seventh

consecutive

quarter

with

fewer

originations,

which

dropped

to

less

than

half

the

level

of

a

year

prior.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Regional

Banks

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

60.5‌

%

Diversified

Banks

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

39.3‌

Commercial

&

Residential

Mortgage

Finance

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

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

PNC

Financial

Services

Group,

Inc.

(The)

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

13.6‌

%

U.S.

Bancorp

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

13.4‌

Truist

Financial

Corp.

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

12.1‌

M&T

Bank

Corp.

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

5.4‌

Regions

Financial

Corp.

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

4.7‌

Fifth

Third

Bancorp

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

4.6‌

Huntington

Bancshares,

Inc.

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

4.3‌

Citizens

Financial

Group,

Inc.

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

4.0‌

KeyCorp

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

3.1‌

First

Citizens

BancShares,

Inc.,

Class

A

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

3.1‌

      aaa

aa

iShares

®

U.S.

Telecommunications

ETF

29

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(20.56

)

%

(0.70

)

%

2.04

%

(20.56

)

%

(3.44

)

%

22.44

%

Fund

Market

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

(20.56

)

(0.68

)

2.04

–

%

(20.56

)

(3.33

)

22.37

Index

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

(20.32

)

(0.40

)

2.23

(20.32

)

(1.98

)

24.69

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,125.70

‌

$

2.12

‌

$

1,000.00

‌

$

1,022.94

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

U.S.

Telecommunications

ETF

30

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Telecommunications

stocks

dropped

considerably

during

the

reporting

period,

driven

primarily

by

weakness

in

non-streaming

media

services.

Stocks

of

cable

and

satellite

companies

within

the

media

industry

detracted

the

most

from

the

Index’s

return.

Cable

television

subscriptions

have

declined

for

several

years

as

the

popularity

of

streaming

services

increased.

This

trend

accelerated

during

the

COVID-19

pandemic

as

consumers

shifted

toward

streaming

and

away

from

traditional

pay-TV

services,

including

satellite

TV

and

cable

alternatives.

Overall,

more

than

half

of

all

household

audiences

now

do

not

have

either

a

cable

or

satellite

TV

subscription.

In

2022,

subscriptions

at

the

nation’s

largest

cable

TV

provider

fell

1.9

million,

or

11%,

and

subscriptions

at

the

nation’s

largest

publicly

traded

satellite

TV

provider

fell

10%.

Cable

and

satellite

dish

providers

continued

diversifying

into

offering

streaming

services

against

entrenched

competitors,

but

investments

and

expenses

related

to

the

production

of

content

for

those

services

still

largely

outstrip

their

revenue.

Protracted

carriage

negotiations

with

a

high

profile

network

and

a

provider

of

local

TV

stations

also

weighed

on

stocks

of

the

nation’s

largest

publicly

traded

satellite

provider.

Diversified

telecom

services

stocks

also

detracted

from

performance.

Rising

interest

rates

increased

costs

for

alternative

providers

of

bundled

services,

and

their

sales

and

profits

declined.

The

suspension

of

a

shareholder

dividend

by

a

leading

telecommunications

company

triggered

a

sharp

selloff

as

investors

owning

stocks

in

the

company

specifically

for

its

traditionally

high

dividend

yield

departed.

Higher

interest

rates

also

contributed

to

lower

earnings

for

the

nation’s

largest

wireless

carrier,

whose

operating

expenses

increased

partly

from

costs

related

to

the

industry’s

ongoing

expansion

of

5G

service

coverage.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Communications

Equipment

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

40.8‌

%

Cable

&

Satellite

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

28.2‌

Integrated

Telecommunication

Services

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

21.4‌

Wireless

Telecommunication

Services

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

3.9‌

Movies

&

Entertainment

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

3.1‌

Alternative

Carriers

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

2.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Cisco

Systems,

Inc.

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

18.4‌

%

Verizon

Communications,

Inc.

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

14.2‌

Comcast

Corp.,

Class

A

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

13.9‌

AT&T,

Inc.

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

4.6‌

T-Mobile

U.S.,

Inc.

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

3.9‌

Arista

Networks,

Inc.

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

3.8‌

Motorola

Solutions,

Inc.

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

3.6‌

Charter

Communications,

Inc.,

Class

A

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

3.4‌

Juniper

Networks,

Inc.

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

3.3‌

Roku,

Inc.,

Class

A

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

3.1‌

      aaa

aa

About

Fund

Performance

31

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

March

31,

2023

iShares

®

U.S.

Aerospace

&

Defense

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

97

.6

%

AAR

Corp.

(a)

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

530,377

$

28,932,065

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

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

1,229,364

69,053,376

AeroVironment,

Inc.

(a)

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

408,403

37,434,219

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

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

2,303,300

6,587,438

Axon

Enterprise,

Inc.

(a)

(b)

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

1,096,322

246,508,002

Boeing

Co.

(The)

(a)

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

4,710,021

1,000,549,761

BWX

Technologies,

Inc.

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

1,479,272

93,253,307

Curtiss-Wright

Corp.

(b)

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

621,209

109,494,298

General

Dynamics

Corp.

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

1,160,563

264,852,082

HEICO

Corp.

(b)

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

641,084

109,651,007

HEICO

Corp.

,

Class

A

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

1,124,182

152,776,334

Hexcel

Corp.

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

1,366,781

93,282,803

Howmet

Aerospace,

Inc.

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

5,970,854

252,985,084

Huntington

Ingalls

Industries,

Inc.

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

646,312

133,799,510

Kaman

Corp.

,

Class

A

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

454,004

10,378,531

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

........

2,045,349

27,571,305

L3Harris

Technologies,

Inc.

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

1,267,336

248,702,017

Lockheed

Martin

Corp.

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

968,012

457,608,313

Maxar

Technologies,

Inc.

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

1,211,024

61,834,885

Mercury

Systems,

Inc.

(a)

(b)

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

942,158

48,163,117

Moog,

Inc.

,

Class

A

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

465,596

46,908,797

National

Presto

Industries,

Inc.

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

82,364

5,937,621

Northrop

Grumman

Corp.

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

566,400

261,518,208

Parsons

Corp.

(a)

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

538,057

24,072,670

Raytheon

Technologies

Corp.

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

12,269,980

1,201,599,141

Rocket

Lab

USA,

Inc.

(a)

(b)

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

3,527,713

14,251,961

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

.........

1,706,785

58,935,286

Textron,

Inc.

(b)

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

3,385,466

239,115,464

TransDigm

Group,

Inc.

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

344,698

254,059,661

Triumph

Group,

Inc.

(a)

(b)

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

1,053,459

12,209,590

V2X,

Inc.

(a)

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

177,714

7,058,800

Security

Shares

Value

a

Aerospace

&

Defense

(continued)

Virgin

Galactic

Holdings,

Inc.

(a)

(b)

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

3,870,407

$

15,675,148

Woodward,

Inc.

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

968,559

94,308,590

5,689,068,391

a

Industrial

Machinery

&

Supplies

&

Components

 — 

1

.9

%

RBC

Bearings,

Inc.

(a)

(b)

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

470,625

109,528,556

a

Leisure

Products

 — 

0

.4

%

Smith

&

Wesson

Brands,

Inc.

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

743,689

9,154,812

Sturm

Ruger

&

Co.,

Inc.

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

286,268

16,443,234

25,598,046

a

Total

Long-Term

 Investments

— 99.9%

(Cost:

$

5,324,228,059

)

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

5,824,194,993

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(c)

(d)

(e)

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

63,339,127

63,358,129

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.73

%

(c)

(d)

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

6,037,253

6,037,253

a

Total

Short-Term

Securities — 1.2%

(Cost:

$

69,356,197

)

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

69,395,382

Total

Investments

—

101.1%

(Cost:

$

5,393,584,256

)

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

5,893,590,375

Liabilities

in

Excess

of

Other

Assets

—

(

1

.1

)

%

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

(

64,085,480

)

Net

Assets

—

100.0%

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

$

5,829,504,895

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

30,259,215

$

33,040,084

(a)

$

—

$

29,330

$

29,500

$

63,358,129

63,339,127

$

378,495

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

4,110,000

1,927,253

(a)

—

—

—

6,037,253

6,037,253

141,285

7

$

29,330

$

29,500

$

69,395,382

$

519,780

$

7

(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

(continued)

March

31,

2023

33

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Index

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

66

06/16/23

$

6,785

$

327,349

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

327,349

$

—

$

—

$

—

$

327,349

(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

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

$

—

$

—

$

(

1,976,866

)

$

—

$

—

$

—

$

(

1,976,866

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

305,133

$

—

$

—

$

—

$

305,133

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

6,292,875

a

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

U.S.

Aerospace

&

Defense

ETF

34

2023

iShares

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

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

$

5,824,194,993

‌

$

—

‌

$

—

‌

$

5,824,194,993

‌

Short-Term

Securities

Money

Market

Funds

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

69,395,382

‌

—

‌

—

‌

69,395,382

‌

$

5,893,590,375

‌

$

—

‌

$

—

‌

$

5,893,590,375

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

327,349

‌

$

—

‌

$

—

‌

$

327,349

‌

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

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Asset

Management

&

Custody

Banks

 — 0.2%

Diamond

Hill

Investment

Group,

Inc.

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

10,683

$

1,758,208

a

Financial

Exchanges

&

Data

 — 25.2%

Cboe

Global

Markets,

Inc.

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

297,558

39,944,186

CME

Group,

Inc.

,

Class

A

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

193,369

37,034,031

Intercontinental

Exchange,

Inc.

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

357,355

37,268,553

MarketAxess

Holdings,

Inc.

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

102,114

39,956,187

Nasdaq,

Inc.

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

665,122

36,362,220

190,565,177

a

Investment

Banking

&

Brokerage

 — 74.2%

B

Riley

Financial,

Inc.

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

56,678

1,609,089

BGC

Partners,

Inc.,

Class

A

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

1,150,462

6,016,916

Charles

Schwab

Corp.

(The)

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

628,251

32,907,787

Evercore,

Inc.,

Class

A

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

126,743

14,623,607

Goldman

Sachs

Group,

Inc.

(The)

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

443,230

144,984,965

Houlihan

Lokey,

Inc.,

Class

A

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

178,958

15,657,036

Interactive

Brokers

Group,

Inc.,

Class

A

...........

364,904

30,126,474

Jefferies

Financial

Group,

Inc.

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

641,787

20,370,319

Lazard

Ltd.,

Class

A

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

400,000

13,244,000

LPL

Financial

Holdings,

Inc.

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

144,848

29,317,235

Moelis

&

Co.,

Class

A

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

226,891

8,721,690

Morgan

Stanley

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

1,710,042

150,141,688

Piper

Sandler

Companies

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

48,596

6,735,892

PJT

Partners,

Inc.,

Class

A

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

86,600

6,251,654

Raymond

James

Financial,

Inc.

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

344,205

32,104,000

Security

Shares

Value

a

Investment

Banking

&

Brokerage

(continued)

Robinhood

Markets,

Inc.,

Class

A

(a)(b)

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

1,817,835

$

17,651,178

Stifel

Financial

Corp.

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

373,687

22,081,165

StoneX

Group,

Inc.

(a)

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

62,259

6,445,674

Virtu

Financial,

Inc.,

Class

A

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

329,230

6,222,447

565,212,816

a

Total

Long-Term

 Investments

— 99.6%

(Cost:

$795,959,234)

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

757,536,201

a

Short-Term

Securities

Money

Market

Funds

 — 

1.1%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(c)(d)(e)

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

5,370,395

5,372,007

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

(c)(d)

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

2,515,774

2,515,774

a

Total

Short-Term

Securities — 1.1%

(Cost:

$7,888,202)

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

7,887,781

Total

Investments

—

100.7%

(Cost:

$803,847,436)

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

765,423,982

Liabilities

in

Excess

of

Other

Assets

—

(0.7)%

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

(5,116,801)

Net

Assets

—

100.0%

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

$

760,307,181

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

$

5,369,363

(a)

$

—

$

3,065

$

(421

)

$

5,372,007

5,370,395

$

16,018

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

720,000

1,795,774

(a)

—

—

—

2,515,774

2,515,774

23,581

1

$

3,065

$

(421

)

$

7,887,781

$

39,599

$

1

(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

(continued)

March

31,

2023

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

36

2023

iShares

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

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

20

06/16/23

$

1,996

$

27,772

Russell

2000

E-Mini

Index

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

9

06/16/23

816

11,638

$

39,410

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

39,410

$

—

$

—

$

—

$

39,410

(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

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

$

—

$

—

$

(563,251

)

$

—

$

—

$

—

$

(563,251

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

30,032

$

—

$

—

$

—

$

30,032

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

1,383,809

a

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Schedule

of

Investments

(continued)

March

31,

2023

37

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

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

$

757,536,201

‌

$

—

‌

$

—

‌

$

757,536,201

‌

Short-Term

Securities

Money

Market

Funds

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

7,887,781

‌

—

‌

—

‌

7,887,781

‌

$

765,423,982

‌

$

—

‌

$

—

‌

$

765,423,982

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

39,410

‌

$

—

‌

$

—

‌

$

39,410

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

U.S.

Healthcare

Providers

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Health

Care

Facilities

 — 13.5%

Acadia

Healthcare

Co.,

Inc.

(a)(b)

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

226,079

$

16,334,208

Brookdale

Senior

Living,

Inc.

(a)(b)

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

461,762

1,362,198

Cano

Health,

Inc.,

Class

A

(a)(b)

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

453,416

412,609

Community

Health

Systems,

Inc.

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

312,153

1,529,550

Encompass

Health

Corp.

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

247,974

13,415,393

Ensign

Group,

Inc.

(The)

(b)

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

138,494

13,231,717

HCA

Healthcare,

Inc.

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

211,107

55,664,694

National

HealthCare

Corp.

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

33,575

1,949,700

Pennant

Group,

Inc.

(The)

(a)

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

69,691

995,187

Select

Medical

Holdings

Corp.

(b)

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

258,756

6,688,843

Surgery

Partners,

Inc.

(a)(b)

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

167,570

5,776,138

Tenet

Healthcare

Corp.

(a)

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

268,686

15,965,322

U.S.

Physical

Therapy,

Inc.

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

32,310

3,163,472

Universal

Health

Services,

Inc.,

Class

B

..........

159,431

20,263,680

156,752,711

a

Health

Care

Services

 — 31.7%

23andMe

Holding

Co.,

Class

A

(a)(b)

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

719,013

1,639,350

Accolade,

Inc.

(a)

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

157,411

2,263,570

Addus

HomeCare

Corp.

(a)

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

40,033

4,273,923

Agiliti,

Inc.

(a)(b)

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

82,398

1,316,720

agilon

health,

Inc.

(a)(b)

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

491,262

11,667,472

Amedisys,

Inc.

(a)

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

80,743

5,938,648

Apollo

Medical

Holdings,

Inc.

(a)(b)

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

97,729

3,564,177

Castle

Biosciences,

Inc.

(a)(b)

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

61,749

1,402,937

Chemed

Corp.

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

36,952

19,870,938

Cigna

Group

(The)

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

190,028

48,557,855

CorVel

Corp.

(a)

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

22,599

4,300,138

CVS

Health

Corp.

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

1,280,496

95,153,658

DaVita,

Inc.

(a)(b)

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

136,579

11,077,923

DocGo,

Inc.

(a)

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

203,867

1,763,450

Fulgent

Genetics,

Inc.

(a)(b)

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

49,138

1,534,088

Guardant

Health,

Inc.

(a)

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

254,554

5,966,746

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

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

302,202

2,997,844

Invitae

Corp.

(a)(b)

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

564,384

761,918

Laboratory

Corp.

of

America

Holdings

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

220,172

50,511,860

LifeStance

Health

Group,

Inc.

(a)(b)

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

233,956

1,738,293

ModivCare,

Inc.

(a)

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

31,620

2,658,610

Oak

Street

Health,

Inc.

(a)

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

289,878

11,212,481

OPKO

Health,

Inc.

(a)(b)

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

1,020,554

1,490,009

Option

Care

Health,

Inc.

(a)

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

415,863

13,211,967

Pediatrix

Medical

Group,

Inc.

(a)(b)

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

203,587

3,035,482

Premier,

Inc.,

Class

A

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

295,385

9,561,612

Privia

Health

Group,

Inc.

(a)(b)

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

124,897

3,448,406

Quest

Diagnostics,

Inc.

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

275,836

39,025,277

R1

RCM,

Inc.

(a)(b)

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

341,561

5,123,415

RadNet,

Inc.

(a)

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

121,161

3,032,660

368,101,427

a

Security

Shares

Value

a

Health

Care

Technology

 — 3.6%

American

Well

Corp.,

Class

A

(a)(b)

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

604,446

$

1,426,493

Certara,

Inc.

(a)(b)

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

261,880

6,313,927

Definitive

Healthcare

Corp.,

Class

A

(a)(b)

...........

93,508

965,938

Doximity,

Inc.,

Class

A

(a)(b)

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

294,980

9,551,452

GoodRx

Holdings,

Inc.,

Class

A

(a)(b)

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

185,482

1,159,263

Health

Catalyst,

Inc.

(a)

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

136,357

1,591,286

HealthStream,

Inc.

(a)

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

60,136

1,629,686

Phreesia,

Inc.

(a)

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

131,077

4,232,476

Schrodinger,

Inc.

(a)(b)

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

132,657

3,492,859

Sharecare,

Inc.

(a)(b)

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

791,863

1,124,445

Teladoc

Health,

Inc.

(a)(b)

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

402,390

10,421,901

41,909,726

a

Life

Sciences

Tools

&

Services

 — 0.5%

NeoGenomics,

Inc.

(a)

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

313,864

5,464,372

a

Managed

Health

Care

 — 50.6%

Alignment

Healthcare,

Inc.

(a)

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

203,669

1,295,335

Centene

Corp.

(a)

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

793,404

50,151,067

Clover

Health

Investments

Corp.,

Class

A

(a)(b)

.......

805,873

681,043

Elevance

Health,

Inc.

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

349,706

160,798,316

HealthEquity,

Inc.

(a)

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

210,331

12,348,533

Humana,

Inc.

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

108,477

52,661,244

Molina

Healthcare,

Inc.

(a)

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

145,124

38,819,219

Progyny,

Inc.

(a)

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

186,960

6,005,155

UnitedHealth

Group,

Inc.

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

563,948

266,516,185

589,276,097

a

Total

Long-Term

 Investments

— 99.9%

(Cost:

$1,307,323,437)

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

1,161,504,333

a

Short-Term

Securities

Money

Market

Funds

 — 

5.5%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(c)(d)(e)

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

62,448,179

62,466,913

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

(c)(d)

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

1,177,913

1,177,913

a

Total

Short-Term

Securities — 5.5%

(Cost:

$63,609,921)

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

63,644,826

Total

Investments

—

105.4%

(Cost:

$1,370,933,358)

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

1,225,149,159

Liabilities

in

Excess

of

Other

Assets

—

(5.4)%

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

(62,610,491)

Net

Assets

—

100.0%

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

$

1,162,538,668

(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

(continued)

March

31,

2023

39

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

March

31,

2023,

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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

49,212,785

$

13,215,272

(a)

$

—

$

13,624

$

25,232

$

62,466,913

62,448,179

$

181,586

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,470,000

—

(292,087

)

(a)

—

—

1,177,913

1,177,913

55,520

2

$

13,624

$

25,232

$

63,644,826

$

237,106

$

2

(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

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

9

06/16/23

$

1,187

$

32,465

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

32,465

$

—

$

—

$

—

$

32,465

(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

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

$

—

$

—

$

(65,195

)

$

—

$

—

$

—

$

(65,195

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(24,878

)

$

—

$

—

$

—

$

(24,878

)

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

U.S.

Healthcare

Providers

ETF

40

2023

iShares

Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

1,268,228

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

1,161,504,333

‌

$

—

‌

$

—

‌

$

1,161,504,333

‌

Short-Term

Securities

Money

Market

Funds

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

63,644,826

‌

—

‌

—

‌

63,644,826

‌

$

1,225,149,159

‌

$

—

‌

$

—

‌

$

1,225,149,159

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

32,465

‌

$

—

‌

$

—

‌

$

32,465

‌

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

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

41

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Building

Products

 — 13.0%

American

Woodmark

Corp.

(a)(b)

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

47,495

$

2,473,065

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

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

309,517

7,286,030

Builders

FirstSource,

Inc.

(a)(b)

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

419,766

37,266,826

Fortune

Brands

Innovations,

Inc.

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

365,763

21,481,261

Hayward

Holdings,

Inc.

(a)(b)

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

330,786

3,876,812

JELD-WEN

Holding,

Inc.

(a)

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

240,970

3,050,680

Lennox

International,

Inc.

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

92,072

23,135,852

Masco

Corp.

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

642,286

31,934,460

Masonite

International

Corp.

(a)(b)

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

63,551

5,768,524

Masterbrand,

Inc.

(a)

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

365,909

2,941,908

Owens

Corning

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

266,544

25,534,915

PGT

Innovations,

Inc.

(a)

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

171,184

4,298,430

Quanex

Building

Products

Corp.

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

94,654

2,037,901

Simpson

Manufacturing

Co.,

Inc.

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

121,502

13,321,479

Trex

Co.,

Inc.

(a)(b)

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

312,992

15,233,321

UFP

Industries,

Inc.

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

175,789

13,969,952

213,611,416

a

Construction

Materials

 — 0.9%

Eagle

Materials,

Inc.

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

102,834

15,090,890

a

Forest

Products

 — 0.7%

Louisiana-Pacific

Corp.

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

204,485

11,085,132

a

Home

Furnishings

 — 1.7%

Ethan

Allen

Interiors,

Inc.

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

65,183

1,789,925

Leggett

&

Platt,

Inc.

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

378,199

12,056,984

Mohawk

Industries,

Inc.

(a)(b)

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

150,408

15,073,890

28,920,799

a

Home

Improvement

Retail

 — 10.6%

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

..........

302,639

29,725,203

Home

Depot,

Inc.

(The)

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

244,558

72,173,957

LL

Flooring

Holdings,

Inc.

(a)

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

83,731

318,178

Lowe's

Companies,

Inc.

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

354,417

70,872,767

173,090,105

a

Homebuilding

 — 66.1%

Beazer

Homes

USA,

Inc.

(a)(b)

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

237,374

3,769,499

Cavco

Industries,

Inc.

(a)

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

65,118

20,690,593

Century

Communities,

Inc.

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

227,726

14,556,246

DR

Horton,

Inc.

(b)

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

2,516,374

245,824,576

Green

Brick

Partners,

Inc.

(a)

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

218,832

7,672,250

Installed

Building

Products,

Inc.

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

188,863

21,536,048

Security

Shares

Value

a

Homebuilding

(continued)

KB

Home

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

657,327

$

26,411,399

Lennar

Corp.,

Class

A

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

2,041,667

214,599,618

Lennar

Corp.,

Class

B

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

116,480

10,402,829

LGI

Homes,

Inc.

(a)(b)

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

165,036

18,819,055

M/I

Homes,

Inc.

(a)

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

220,878

13,935,193

MDC

Holdings,

Inc.

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

467,598

18,175,534

Meritage

Homes

Corp.

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

294,497

34,385,470

NVR,

Inc.

(a)(b)

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

24,359

135,732,976

PulteGroup,

Inc.

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

1,816,655

105,874,653

Skyline

Champion

Corp.

(a)

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

427,233

32,140,739

Taylor

Morrison

Home

Corp.

(a)

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

872,480

33,381,085

Toll

Brothers,

Inc.

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

828,069

49,708,982

TopBuild

Corp.

(a)(b)

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

257,448

53,585,227

Tri

Pointe

Homes,

Inc.

(a)

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

812,635

20,575,918

1,081,777,890

a

Specialty

Chemicals

 — 4.4%

Sherwin-Williams

Co.

(The)

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

323,972

72,819,186

a

Trading

Companies

&

Distributors

 — 2.4%

Beacon

Roofing

Supply,

Inc.

(a)(b)

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

144,751

8,518,596

Watsco,

Inc.

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

94,881

30,187,339

38,705,935

a

Total

Long-Term

 Investments

— 99.8%

(Cost:

$1,795,800,906)

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

1,635,101,353

a

Short-Term

Securities

Money

Market

Funds

 — 

4.5%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(c)(d)(e)

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

71,342,484

71,363,887

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

(c)(d)

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

1,937,714

1,937,714

a

Total

Short-Term

Securities — 4.5%

(Cost:

$73,276,338)

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

73,301,601

Total

Investments

—

104.3%

(Cost:

$1,869,077,244)

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

1,708,402,954

Liabilities

in

Excess

of

Other

Assets

—

(4.3)%

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

(70,931,681)

Net

Assets

—

100.0%

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

$

1,637,471,273

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

30,168,682

$

41,159,700

(a)

$

—

$

16,837

$

18,668

$

71,363,887

71,342,484

$

129,262

(b)

$

—

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

U.S.

Home

Construction

ETF

42

2023

iShares

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Affiliates

(continued)

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

2,040,000

$

—

$

(102,286

)

(a)

$

—

$

—

$

1,937,714

1,937,714

$

48,659

$

2

$

16,837

$

18,668

$

73,301,601

$

177,921

$

2

(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

MidCap

400

E-Mini

Index

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

10

06/16/23

$

2,530

$

138,762

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

138,762

$

—

$

—

$

—

$

138,762

(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

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

$

—

$

—

$

(16,578

)

$

—

$

—

$

—

$

(16,578

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

46,054

$

—

$

—

$

—

$

46,054

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,090,465

a

iShares

®

U.S.

Home

Construction

ETF

Schedule

of

Investments

(continued)

March

31,

2023

43

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

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

$

1,635,101,353

‌

$

—

‌

$

—

‌

$

1,635,101,353

‌

Short-Term

Securities

Money

Market

Funds

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

73,301,601

‌

—

‌

—

‌

73,301,601

‌

$

1,708,402,954

‌

$

—

‌

$

—

‌

$

1,708,402,954

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

138,762

‌

$

—

‌

$

—

‌

$

138,762

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

U.S.

Infrastructure

ETF

(Percentages

shown

are

based

on

Net

Assets)

44

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aluminum

 — 1.6%

Arconic

Corp.

(a)

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

414,183

$

10,864,020

Century

Aluminum

Co.

(a)

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

859,015

8,590,150

Kaiser

Aluminum

Corp.

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

131,399

9,806,307

29,260,477

a

Automotive

Parts

&

Equipment

 — 0.6%

XPEL,

Inc.

(a)

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

165,520

11,247,084

a

Building

Products

 — 6.3%

Advanced

Drainage

Systems,

Inc.

(b)

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

123,491

10,399,177

Apogee

Enterprises,

Inc.

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

231,881

10,028,853

Armstrong

World

Industries,

Inc.

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

142,307

10,137,951

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

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

453,974

10,686,548

Builders

FirstSource,

Inc.

(a)

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

124,263

11,032,069

Carlisle

Companies,

Inc.

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

41,755

9,439,553

Gibraltar

Industries,

Inc.

(a)

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

205,202

9,952,297

Insteel

Industries,

Inc.

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

361,069

10,044,940

Owens

Corning

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

109,421

10,482,532

Simpson

Manufacturing

Co.,

Inc.

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

98,805

10,832,980

Trex

Co.,

Inc.

(a)(b)

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

209,638

10,203,081

113,239,981

a

Commodity

Chemicals

 — 3.0%

AdvanSix,

Inc.

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

265,554

10,162,752

Hawkins,

Inc.

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

262,895

11,509,543

LyondellBasell

Industries

NV,

Class

A

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

113,951

10,698,860

Tredegar

Corp.

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

929,648

8,487,686

Westlake

Corp.

(b)

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

88,949

10,316,305

51,175,146

a

Construction

&

Engineering

 — 10.9%

AECOM

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

123,516

10,414,869

API

Group

Corp.

(a)

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

459,620

10,332,258

Argan,

Inc.

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

277,515

11,231,032

Comfort

Systems

USA,

Inc.

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

73,373

10,709,523

Construction

Partners,

Inc.,

Class

A

(a)(b)

...........

394,359

10,624,031

EMCOR

Group,

Inc.

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

65,594

10,664,928

Fluor

Corp.

(a)

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

295,031

9,119,408

Granite

Construction,

Inc.

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

254,685

10,462,460

Great

Lakes

Dredge

&

Dock

Corp.

(a)

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

1,910,576

10,374,428

MasTec,

Inc.

(a)

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

108,435

10,240,601

MDU

Resources

Group,

Inc.

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

350,239

10,675,285

MYR

Group,

Inc.

(a)

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

90,036

11,345,436

Northwest

Pipe

Co.

(a)

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

275,791

8,612,953

Primoris

Services

Corp.

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

398,039

9,815,642

Quanta

Services,

Inc.

(b)

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

67,928

11,319,522

Stantec,

Inc.

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

188,558

11,013,673

Sterling

Infrastructure,

Inc.

(a)

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

272,138

10,308,587

Tutor

Perini

Corp.

(a)

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

1,254,963

7,743,122

Valmont

Industries,

Inc.

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

33,221

10,606,801

195,614,559

a

Construction

Machinery

&

Heavy

Transportation

Equipment

 — 2.1%

Astec

Industries,

Inc.

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

224,911

9,277,579

Greenbrier

Companies,

Inc.

(The)

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

334,892

10,773,476

Terex

Corp.

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

183,712

8,887,987

Trinity

Industries,

Inc.

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

394,915

9,620,129

38,559,171

a

Construction

Materials

 — 1.8%

Martin

Marietta

Materials,

Inc.

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

30,301

10,758,673

Summit

Materials,

Inc.,

Class

A

(a)(b)

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

361,188

10,290,246

Security

Shares

Value

a

Construction

Materials

(continued)

Vulcan

Materials

Co.

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

60,733

$

10,419,354

31,468,273

a

Copper

 — 0.6%

Taseko

Mines,

Ltd.

(a)(b)

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

6,225,469

10,334,279

a

Distributors

 — 0.6%

Pool

Corp.

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

30,648

10,495,101

a

Diversified

Chemicals

 — 0.4%

LSB

Industries,

Inc.

(a)

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

763,698

7,889,000

a

Diversified

Metals

&

Mining

 — 0.5%

Compass

Minerals

International,

Inc.

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

271,206

9,299,654

a

Electric

Utilities

 — 19.8%

ALLETE,

Inc.

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

213,620

13,750,719

Alliant

Energy

Corp.

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

255,375

13,637,025

American

Electric

Power

Co.,

Inc.

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

149,266

13,581,713

Avangrid,

Inc.

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

338,363

13,493,917

Constellation

Energy

Corp.

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

168,370

13,217,045

Duke

Energy

Corp.

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

139,404

13,448,304

Edison

International

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

197,581

13,947,243

Entergy

Corp.

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

126,554

13,634,928

Evergy,

Inc.

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

223,384

13,653,230

Eversource

Energy

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

176,274

13,795,203

Exelon

Corp.

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

321,360

13,461,770

FirstEnergy

Corp.

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

334,447

13,397,947

Fortis,

Inc.

(b)

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

331,528

14,099,886

Hawaiian

Electric

Industries,

Inc.

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

332,270

12,759,168

IDACORP,

Inc.

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

128,880

13,961,570

MGE

Energy,

Inc.

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

186,636

14,496,018

NextEra

Energy,

Inc.

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

180,118

13,883,496

NRG

Energy,

Inc.

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

395,296

13,554,700

OGE

Energy

Corp.

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

371,434

13,988,205

PG&E

Corp.

(a)(b)

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

813,314

13,151,287

Pinnacle

West

Capital

Corp.

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

174,008

13,788,394

PNM

Resources,

Inc.

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

271,821

13,232,246

Portland

General

Electric

Co.

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

278,718

13,626,523

PPL

Corp.

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

485,494

13,491,878

Southern

Co.

(The)

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

205,170

14,275,729

Xcel

Energy,

Inc.

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

204,257

13,775,092

355,103,236

a

Electrical

Components

&

Equipment

 — 0.6%

SunPower

Corp.

(a)(b)

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

711,256

9,843,783

a

Environmental

&

Facilities

Services

 — 1.1%

Harsco

Corp.

(a)

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

1,323,929

9,042,435

Tetra

Tech,

Inc.

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

78,610

11,548,595

20,591,030

a

Forest

Products

 — 1.1%

Louisiana-Pacific

Corp.

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

183,619

9,953,986

West

Fraser

Timber

Co.,

Ltd.

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

143,264

10,206,127

20,160,113

a

Gas

Utilities

 — 4.6%

Atmos

Energy

Corp.

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

117,955

13,253,424

Chesapeake

Utilities

Corp.

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

40,281

5,155,565

New

Jersey

Resources

Corp.

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

258,968

13,777,097

Northwest

Natural

Holding

Co.

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

275,478

13,101,734

ONE

Gas,

Inc.

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

164,186

13,008,457

Southwest

Gas

Holdings,

Inc.

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

183,557

11,463,135

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

45

Schedule

of

Investments

Security

Shares

Value

a

Gas

Utilities

(continued)

Spire,

Inc.

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

190,016

$

13,327,722

83,087,134

a

Independent

Power

Producers

&

Energy

Traders

 — 0.8%

Vistra

Corp.

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

621,098

14,906,352

a

Industrial

Machinery

&

Supplies

&

Components

 — 1.9%

Luxfer

Holdings

PLC

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

688,285

11,632,016

Mueller

Industries,

Inc.

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

147,046

10,804,940

Omega

Flex,

Inc.

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

90,749

10,113,069

32,550,025

a

Multi-Utilities

 — 11.4%

Algonquin

Power

&

Utilities

Corp.

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

1,700,468

14,283,931

Ameren

Corp.

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

158,820

13,720,460

Avista

Corp.

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

288,950

12,265,927

Black

Hills

Corp.

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

213,551

13,475,068

CenterPoint

Energy,

Inc.

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

468,062

13,789,106

CMS

Energy

Corp.

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

222,223

13,640,048

Consolidated

Edison,

Inc.

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

146,619

14,027,040

Dominion

Energy,

Inc.

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

237,718

13,290,813

DTE

Energy

Co.

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

121,598

13,319,845

NiSource,

Inc.

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

480,050

13,422,198

NorthWestern

Corp.

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

230,458

13,334,300

Public

Service

Enterprise

Group,

Inc.

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

220,271

13,755,924

Sempra

Energy

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

88,123

13,320,673

Unitil

Corp.

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

244,082

13,922,437

WEC

Energy

Group,

Inc.

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

148,435

14,070,154

203,637,924

a

Oil

&

Gas

Equipment

&

Services

 — 0.5%

U.S.

Silica

Holdings,

Inc.

(a)

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

796,079

9,505,183

a

Oil

&

Gas

Storage

&

Transportation

 — 7.7%

Antero

Midstream

Corp.

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

1,230,121

12,903,969

DT

Midstream,

Inc.

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

256,915

12,683,894

Enbridge,

Inc.

(b)

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

342,194

13,054,701

EnLink

Midstream

LLC

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

1,146,342

12,426,347

Equitrans

Midstream

Corp.

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

2,120,827

12,258,380

Kinder

Morgan,

Inc.,

Class

P

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

753,405

13,192,122

Kinetik

Holdings,

Inc.,

Class

A

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

422,816

13,234,141

New

Fortress

Energy,

Inc.,

Class

A

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

367,841

10,825,561

ONEOK,

Inc.

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

195,984

12,452,823

TC

Energy

Corp.

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

321,739

12,518,864

Williams

Companies,

Inc.

(The)

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

429,367

12,820,899

138,371,701

a

Rail

Transportation

 — 2.1%

CSX

Corp.

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

426,892

12,781,147

Norfolk

Southern

Corp.

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

58,216

12,341,792

Union

Pacific

Corp.

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

63,517

12,783,431

37,906,370

a

Research

&

Consulting

Services

 — 1.2%

Jacobs

Solutions,

Inc.

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

89,830

10,555,923

NV5

Global,

Inc.

(a)(b)

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

104,577

10,872,871

21,428,794

a

Specialty

Chemicals

 — 1.7%

Eastman

Chemical

Co.

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

126,995

10,710,758

Ecovyst,

Inc.

(a)

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

1,005,572

11,111,571

Ingevity

Corp.

(a)(b)

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

135,654

9,701,974

31,524,303

a

Steel

 — 7.7%

Algoma

Steel

Group,

Inc.

(b)

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

1,223,100

9,882,648

ATI,

Inc.

(a)

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

259,085

10,223,494

Security

Shares

Value

a

Steel

(continued)

Carpenter

Technology

Corp.

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

212,973

$

9,532,671

Cleveland-Cliffs,

Inc.

(a)

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

486,236

8,912,706

Commercial

Metals

Co.

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

204,120

9,981,468

Haynes

International,

Inc.

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

188,688

9,451,382

Nucor

Corp.

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

62,120

9,595,676

Olympic

Steel,

Inc.

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

188,623

9,848,007

Reliance

Steel

&

Aluminum

Co.

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

42,054

10,796,944

Ryerson

Holding

Corp.

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

269,428

9,801,791

Steel

Dynamics,

Inc.

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

81,440

9,207,606

TimkenSteel

Corp.

(a)

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

561,656

10,300,771

United

States

Steel

Corp.

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

353,239

9,219,538

Worthington

Industries,

Inc.

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

176,906

11,436,973

138,191,675

a

Trading

Companies

&

Distributors

 — 2.5%

Alta

Equipment

Group,

Inc.

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

572,677

9,076,930

BlueLinx

Holdings,

Inc.

(a)(b)

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

125,417

8,523,339

Boise

Cascade

Co.

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

157,767

9,978,763

H&E

Equipment

Services,

Inc.

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

198,585

8,783,415

United

Rentals,

Inc.

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

23,107

9,144,826

45,507,273

a

Water

Utilities

 — 5.5%

American

States

Water

Co.

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

152,490

13,554,836

American

Water

Works

Co.,

Inc.

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

95,188

13,944,090

Artesian

Resources

Corp.,

Class

A,

NVS

..........

240,245

13,299,963

California

Water

Service

Group

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

233,956

13,616,239

Essential

Utilities,

Inc.

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

316,540

13,816,971

Middlesex

Water

Co.

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

45,999

3,593,442

SJW

Group

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

175,470

13,358,531

York

Water

Co.

(The)

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

306,249

13,689,331

98,873,403

a

Total

Long-Term

 Investments

— 98.6%

(Cost:

$1,731,790,031)

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

1,769,771,024

a

Short-Term

Securities

Money

Market

Funds

 — 

4.3%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(c)(d)(e)

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

53,883,979

53,900,144

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

(c)(d)

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

22,701,642

22,701,642

a

Total

Short-Term

Securities — 4.3%

(Cost:

$76,595,050)

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

76,601,786

Total

Investments

—

102.9%

(Cost:

$1,808,385,081)

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

1,846,372,810

Liabilities

in

Excess

of

Other

Assets

—

(2.9)%

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

(52,080,781)

Net

Assets

—

100.0%

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

$

1,794,292,029

(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

(continued)

March

31,

2023

iShares

®

U.S.

Infrastructure

ETF

46

2023

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

6,922,144

$

46,966,384

(a)

$

—

$

5,836

$

5,780

$

53,900,144

53,883,979

$

988,373

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

1,310,000

21,391,642

(a)

—

—

—

22,701,642

22,701,642

391,022

18

$

5,836

$

5,780

$

76,601,786

$

1,379,395

$

18

(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

Energy

Select

Sector

Index

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

5

06/16/23

$

437

$

27,122

E-Mini

Utilities

Select

Sector

Index

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

23

06/16/23

1,583

37,788

S&P

MidCap

400

E-Mini

Index

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

12

06/16/23

3,036

118,591

$

183,501

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)

08/19/26

$

6,838,252

$

195,808

(c

)

$

7,047,366

0.4

%

Monthly

HSBC

Bank

PLC

(d)

02/10/28

11,314,324

175,690

(e

)

11,487,456

0.6

Monthly

JPMorgan

Chase

Bank

NA

(f)

02/08/24

1,514,608

33,691

(g

)

1,552,736

0.1

$

405,189

$

20,087,558

(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

$(13,306)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$2,558

of

net

dividends

and

financing

fees.

(g)

Amount

includes

$(4,437)

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:

40

basis

points

40

basis

points

40

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

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(continued)

March

31,

2023

47

Schedule

of

Investments

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Derivatives

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: 

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

August

19,

2026

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Gas

Utilities

Chesapeake

Utilities

Corp.

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

1,658

$

212,208

3.0

%

a

Multi-Utilities

Avista

Corp.

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

3

127

—

a

Water

Utilities

Middlesex

Water

Co.

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

87,494

6,835,031

97.0

a

Total

Reference

Entity

—

Long

7,047,366

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

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

$

7,047,366

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,

2028

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Gas

Utilities

Chesapeake

Utilities

Corp.

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

62,559

$

8,006,927

69.7

%

a

Shares

Value

%

of

Basket

Value

Multi-Utilities

Avista

Corp.

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

3

$

127

—

%

a

Water

Utilities

Middlesex

Water

Co.

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

44,552

3,480,402

30.3

a

Total

Reference

Entity

—

Long

11,487,456

Net

Value

of

Reference

Entity

—

HSBC

Bank

PLC

....

$

11,487,456

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,

2024

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Multi-Utilities

Avista

Corp.

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

36,578

$

1,552,736

100.0

%

a

Total

Reference

Entity

—

Long

1,552,736

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

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

$

1,552,736

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

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

$

—

$

—

$

405,1

89

$

—

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

183,501

$

—

$

—

$

—

$

183,501

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

........

—

—

405,18

9

—

—

—

405,18

9

$

—

$

—

$

588,6

90

$

—

$

—

$

—

$

588,690

(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).

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

U.S.

Infrastructure

ETF

48

2023

iShares

Annual

Report

to

Shareholders

For

the period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows: 

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(765,772

)

$

—

$

—

$

—

$

(765,772

)

Swaps

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

—

—

(148,708

)

—

—

—

(148,708

)

$

—

$

—

$

(914,480

)

$

—

$

—

$

—

$

(914,480

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

164,133

$

—

$

—

$

—

$

164,133

Swaps

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

—

—

405,189

—

—

—

405,189

$

—

$

—

$

569,322

$

—

$

—

$

—

$

569,322

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

4,298,613

Total

return

swaps

Average

notional

amount

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

$

9,343,466

a

Assets

Liabilities

Derivative

Financial

Instruments:

Futures

contracts

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

$

67,550

‌

$

—

‌

Swaps

—

OTC

(a)

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

405,189

‌

—

‌

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

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

$

472,739

‌

$

—

‌

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

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

(67,550

)

—

‌

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

405,189

‌

$

—

‌

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents

the

Fund’s

derivative

assets

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

a

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(

c

)

Goldman

Sachs

Bank

USA

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

$

195,808

‌

$

–

‌

$

–

‌

$

–

‌

$

195,808

‌

HSBC

Bank

PLC

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

175,690

‌

–

‌

–

‌

–

‌

175,690

‌

JPMorgan

Chase

Bank

NA

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

33,691

‌

–

‌

–

‌

–

‌

33,691

‌

$

405,189

‌

$

–

‌

$

–

‌

$

–

‌

$

405,189

‌

(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

received,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(continued)

March

31,

2023

49

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

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

$

1,769,771,024

‌

$

—

‌

$

—

‌

$

1,769,771,024

‌

Short-Term

Securities

Money

Market

Funds

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

76,601,786

‌

—

‌

—

‌

76,601,786

‌

$

1,846,372,810

‌

$

—

‌

$

—

‌

$

1,846,372,810

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

183,501

‌

$

405,189

‌

$

—

‌

$

588,690

‌

a

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

U.S.

Insurance

ETF

(Percentages

shown

are

based

on

Net

Assets)

50

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Diversified

Financial

Services

 — 1.0%

Voya

Financial,

Inc.

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

67,407

$

4,816,904

a

Insurance

Brokers

 — 6.9%

Arthur

J

Gallagher

&

Co.

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

113,070

21,631,422

Brown

&

Brown,

Inc.

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

162,467

9,328,855

30,960,277

a

Life

&

Health

Insurance

 — 23.1%

Aflac,

Inc.

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

323,228

20,854,671

American

Equity

Investment

Life

Holding

Co.

.......

49,548

1,808,007

Brighthouse

Financial,

Inc.

(a)(b)

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

48,618

2,144,540

CNO

Financial

Group,

Inc.

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

79,834

1,771,516

Genworth

Financial,

Inc.,

Class

A

(a)

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

217,350

1,091,097

Globe

Life,

Inc.

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

62,800

6,909,256

Lincoln

National

Corp.

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

106,851

2,400,942

MetLife,

Inc.

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

434,585

25,179,855

National

Western

Life

Group,

Inc.,

Class

A

.........

1,879

455,883

Oscar

Health,

Inc.,

Class

A

(a)

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

77,621

507,641

Primerica,

Inc.

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

25,644

4,416,923

Principal

Financial

Group,

Inc.

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

157,560

11,709,859

Prudential

Financial,

Inc.

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

226,108

18,708,176

Trupanion,

Inc.

(a)

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

24,287

1,041,669

Unum

Group

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

129,877

5,137,934

104,137,969

a

Multi-line

Insurance

 — 10.0%

American

International

Group,

Inc.

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

489,980

24,675,393

Assurant,

Inc.

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

36,532

4,386,397

Hartford

Financial

Services

Group,

Inc.

(The)

.......

218,334

15,215,696

Horace

Mann

Educators

Corp.

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

16,953

567,586

44,845,072

a

Property

&

Casualty

Insurance

 — 58.8%

Allstate

Corp.

(The)

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

174,560

19,342,994

Ambac

Financial

Group,

Inc.

(a)

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

34,289

530,794

American

Financial

Group,

Inc.

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

48,330

5,872,095

AMERISAFE,

Inc.

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

13,824

676,685

Arch

Capital

Group

Ltd.

(a)(b)

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

256,283

17,393,927

Argo

Group

International

Holdings,

Ltd.

...........

25,029

733,099

Assured

Guaranty

Ltd.

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

42,339

2,128,382

Axis

Capital

Holdings

Ltd.

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

53,603

2,922,436

Chubb

Ltd.

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

273,059

53,022,597

Cincinnati

Financial

Corp.

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

108,638

12,176,147

CNA

Financial

Corp.

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

19,079

744,653

Employers

Holdings,

Inc.

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

20,052

835,968

Security

Shares

Value

a

Property

&

Casualty

Insurance

(continued)

Erie

Indemnity

Co.,

Class

A,

NVS

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

17,240

$

3,993,818

First

American

Financial

Corp.

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

72,958

4,060,842

Hanover

Insurance

Group,

Inc.

(The)

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

24,769

3,182,816

James

River

Group

Holdings,

Ltd.

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

19,182

396,108

Kemper

Corp.

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

44,423

2,428,161

Kinsale

Capital

Group,

Inc.

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

14,984

4,497,448

Lemonade,

Inc.

(a)(b)

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

31,051

442,787

Loews

Corp.

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

135,177

7,842,970

Markel

Corp.

(a)(b)

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

9,279

11,853,087

MBIA,

Inc.

(a)(b)

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

32,987

305,460

Mercury

General

Corp.

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

19,088

605,853

Old

Republic

International

Corp.

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

191,606

4,784,402

Palomar

Holdings,

Inc.

(a)

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

17,428

962,026

ProAssurance

Corp.

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

36,130

667,682

Progressive

Corp.

(The)

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

384,785

55,047,342

RLI

Corp.

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

28,012

3,723,075

Safety

Insurance

Group,

Inc.

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

10,738

800,196

Selective

Insurance

Group,

Inc.

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

41,948

3,998,903

Travelers

Companies,

Inc.

(The)

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

152,381

26,119,627

United

Fire

Group,

Inc.

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

16,740

444,447

W

R

Berkley

Corp.

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

141,145

8,787,688

White

Mountains

Insurance

Group

Ltd.

(b)

..........

1,774

2,443,667

263,768,182

a

Total

Long-Term

 Investments

— 99.8%

(Cost:

$477,585,674)

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

448,528,404

a

Short-Term

Securities

Money

Market

Funds

 — 

1.1%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(c)(d)(e)

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

4,440,642

4,441,975

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

(c)(d)

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

541,341

541,341

a

Total

Short-Term

Securities — 1.1%

(Cost:

$4,983,774)

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

4,983,316

Total

Investments

—

100.9%

(Cost:

$482,569,448)

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

453,511,720

Liabilities

in

Excess

of

Other

Assets

—

(0.9)%

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

(3,851,551)

Net

Assets

—

100.0%

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

$

449,660,169

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,049,986

$

3,387,920

(a)

$

—

$

4,719

$

(650

)

$

4,441,975

4,440,642

$

24,706

(b)

$

—

iShares

®

U.S.

Insurance

ETF

Schedule

of

Investments

(continued)

March

31,

2023

51

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Affiliates

(continued)

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

$

510,000

$

31,341

(a)

$

—

$

—

$

—

$

541,341

541,341

$

17,705

$

1

$

4,719

$

(650

)

$

4,983,316

$

42,411

$

1

(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

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

10

06/16/23

$

998

$

(14,043

)

S&P

MidCap

400

E-Mini

Index

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

1

06/16/23

253

9,718

$

(4,325

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

9,718

$

—

$

—

$

—

$

9,718

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

14,043

$

—

$

—

$

—

$

14,043

(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

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

$

—

$

—

$

(292,995

)

$

—

$

—

$

—

$

(292,995

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(5,337

)

$

—

$

—

$

—

$

(5,337

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

886,422

a

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

U.S.

Insurance

ETF

52

2023

iShares

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

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

$

448,528,404

‌

$

—

‌

$

—

‌

$

448,528,404

‌

Short-Term

Securities

Money

Market

Funds

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

4,983,316

‌

—

‌

—

‌

4,983,316

‌

$

453,511,720

‌

$

—

‌

$

—

‌

$

453,511,720

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

9,718

‌

$

—

‌

$

—

‌

$

9,718

‌

Liabilities

Equity

Contracts

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

(14,043

)

—

‌

—

‌

(14,043

)

$

(4,325

)

$

—

‌

$

—

‌

$

(4,325

)

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

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

53

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Health

Care

Equipment

 — 78.9%

Abbott

Laboratories

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

8,025,908

$

812,703,444

AngioDynamics,

Inc.

(a)

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

207,774

2,148,383

Artivion,

Inc.

(a)(b)

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

214,137

2,805,195

AtriCure,

Inc.

(a)(b)

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

246,939

10,235,622

Axogen,

Inc.

(a)(b)

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

224,526

2,121,771

Axonics,

Inc.

(a)(b)

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

263,970

14,402,203

Baxter

International,

Inc.

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

2,683,647

108,848,722

Becton

Dickinson

&

Co.

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

1,098,914

272,025,172

Boston

Scientific

Corp.

(a)

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

5,512,893

275,810,037

Butterfly

Network,

Inc.,

Class

A

(a)(b)

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

767,290

1,442,505

Cardiovascular

Systems,

Inc.

(a)

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

222,789

4,424,589

CONMED

Corp.

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

162,482

16,875,380

Dexcom,

Inc.

(a)

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

2,054,796

238,726,199

Edwards

Lifesciences

Corp.

(a)

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

3,287,660

271,988,112

Enovis

Corp.

(a)(b)

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

252,998

13,532,863

Envista

Holdings

Corp.

(a)

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

868,032

35,485,148

GE

HealthCare

Technologies,

Inc.

(a)(b)

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

1,930,804

158,383,852

Glaukos

Corp.

(a)

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

253,281

12,689,378

Globus

Medical,

Inc.,

Class

A

(a)

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

414,487

23,476,544

Heska

Corp.

(a)(b)

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

54,038

5,275,190

Hologic,

Inc.

(a)(b)

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

1,311,080

105,804,156

IDEXX

Laboratories,

Inc.

(a)

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

440,393

220,231,731

Inari

Medical,

Inc.

(a)(b)

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

257,266

15,883,603

Inogen,

Inc.

(a)

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

121,695

1,518,754

Inspire

Medical

Systems,

Inc.

(a)(b)

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

154,456

36,153,516

Insulet

Corp.

(a)(b)

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

369,307

117,794,161

Integer

Holdings

Corp.

(a)(b)

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

175,914

13,633,335

Integra

LifeSciences

Holdings

Corp.

(a)(b)

...........

386,868

22,210,092

Intuitive

Surgical,

Inc.

(a)

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

1,118,618

285,773,340

iRhythm

Technologies,

Inc.

(a)(b)

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

160,385

19,892,552

LeMaitre

Vascular,

Inc.

(b)

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

102,802

5,291,219

LivaNova

PLC

(a)(b)

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

284,181

12,384,608

Masimo

Corp.

(a)(b)

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

257,154

47,455,199

Medtronic

PLC

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

6,122,991

493,635,534

Mesa

Laboratories,

Inc.

(b)

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

26,681

4,661,971

Nevro

Corp.

(a)(b)

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

188,110

6,800,176

Novocure

Ltd.

(a)(b)

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

480,227

28,880,852

NuVasive,

Inc.

(a)

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

276,800

11,434,608

Omnicell,

Inc.

(a)(b)

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

237,065

13,908,604

Orthofix

Medical,

Inc.

(a)(b)

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

181,495

3,040,041

Outset

Medical,

Inc.

(a)(b)

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

256,502

4,719,637

Paragon

28,

Inc.

(a)(b)

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

136,273

2,326,180

Penumbra,

Inc.

(a)(b)

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

201,956

56,283,118

PROCEPT

BioRobotics

Corp.

(a)(b)

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

173,333

4,922,657

QuidelOrtho

Corp.

(a)(b)

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

284,718

25,365,527

ResMed,

Inc.

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

781,197

171,074,331

Senseonics

Holdings,

Inc.

(a)(b)

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

2,539,310

1,802,910

Shockwave

Medical,

Inc.

(a)

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

192,198

41,674,292

SI-BONE,

Inc.

(a)(b)

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

161,171

3,170,234

STERIS

PLC

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

527,946

100,985,511

Stryker

Corp.

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

1,150,906

328,549,136

Surmodics,

Inc.

(a)(b)

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

74,993

1,708,340

Tandem

Diabetes

Care,

Inc.

(a)(b)

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

341,392

13,863,929

Teleflex,

Inc.

(b)

............................

249,433

63,183,873

TransMedics

Group,

Inc.

(a)(b)

...................

169,508

12,836,841

Treace

Medical

Concepts,

Inc.

(a)

................

184,556

4,648,966

Varex

Imaging

Corp.

(a)(b)

.....................

212,910

3,872,833

ViewRay,

Inc.

(a)

...........................

770,585

2,666,224

Zimmer

Biomet

Holdings,

Inc.

.................

1,115,916

144,176,347

4,737,619,247

a

Security

Shares

Value

a

Health

Care

Supplies

 — 0.3%

STAAR

Surgical

Co.

(a)(b)

......................

256,899

$

16,428,691

a

Life

Sciences

Tools

&

Services

 — 20.6%

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)(b)

...........

114,488

54,842,042

Bruker

Corp.

(b)

............................

531,856

41,931,527

NanoString

Technologies,

Inc.

(a)(b)

...............

227,851

2,255,725

Thermo

Fisher

Scientific,

Inc.

..................

1,805,340

1,040,543,816

Waters

Corp.

(a)(b)

..........................

315,912

97,815,832

1,237,388,942

a

Total

Long-Term

 Investments

— 99.8%

(Cost:

$6,089,623,172)

...............................

5,991,436,880

a

Short-Term

Securities

Money

Market

Funds

 — 

3.8%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(c)(d)(e)

............................

221,919,494

221,986,069

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

(c)(d)

.............................

5,113,089

5,113,089

a

Total

Short-Term

Securities — 3.8%

(Cost:

$227,054,372)

................................

227,099,158

Total

Investments

—

103.6%

(Cost:

$6,316,677,544)

...............................

6,218,536,038

Liabilities

in

Excess

of

Other

Assets

—

(3.6)%

...............

(216,200,567)

Net

Assets

—

100.0%

.................................

$

6,002,335,471

(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

(continued)

March

31,

2023

iShares

®

U.S.

Medical

Devices

ETF

54

2023

iShares

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

March

31,

2023,

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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

149,913,062

‌

$

72,028,371

(a)

$

—

‌

$

48,031

‌

$

(3,395

)

$

221,986,069

‌

221,919,494

‌

$

648,566

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

5,130,000

‌

—

‌

(16,911

)

(a)

—

‌

—

‌

5,113,089

‌

5,113,089

‌

216,146

‌

7

‌

$

48,031

‌

$

(3,395

)

$

227,099,158

‌

$

864,712

‌

$

7

‌

(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

............................................................

56

06/16/23

$

7,387

$

193,105

E-Mini

Technology

Select

Sector

Index

.......................................................

24

06/16/23

3,686

181,445

$

374,550

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

374,550

$

—

$

—

$

—

$

374,550

(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

..................................

$

—

$

—

$

(261,936

)

$

—

$

—

$

—

$

(261,936

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(14,613

)

$

—

$

—

$

—

$

(14,613

)

iShares

®

U.S.

Medical

Devices

ETF

Schedule

of

Investments

(continued)

March

31,

2023

55

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

10,952,208

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

5,991,436,880

‌

$

—

‌

$

—

‌

$

5,991,436,880

‌

Short-Term

Securities

Money

Market

Funds

......................................

227,099,158

‌

—

‌

—

‌

227,099,158

‌

$

6,218,536,038

‌

$

—

‌

$

—

‌

$

6,218,536,038

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

374,550

‌

$

—

‌

$

—

‌

$

374,550

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

(Percentages

shown

are

based

on

Net

Assets)

56

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Oil

&

Gas

Exploration

&

Production

 — 

69

.1

%

Antero

Resources

Corp.

(a)

(b)

...................

322,584

$

7,448,465

APA

Corp.

..............................

375,604

13,544,280

California

Resources

Corp.

...................

85,826

3,304,301

Callon

Petroleum

Co.

(a)

(b)

.....................

59,636

1,994,228

Chesapeake

Energy

Corp.

...................

125,232

9,522,641

Chord

Energy

Corp.

........................

48,611

6,543,041

Civitas

Resources,

Inc.

......................

60,655

4,145,163

CNX

Resources

Corp.

(a)

(b)

....................

198,863

3,185,785

Comstock

Resources,

Inc.

....................

106,812

1,152,501

ConocoPhillips

...........................

1,225,593

121,591,082

Coterra

Energy,

Inc.

........................

921,100

22,603,794

Denbury,

Inc.

(a)

...........................

58,178

5,098,138

Devon

Energy

Corp.

........................

618,217

31,287,962

Diamondback

Energy,

Inc.

....................

214,698

29,020,729

Earthstone

Energy,

Inc.

,

Class

A

(a)

(b)

.............

44,240

575,562

EOG

Resources,

Inc.

.......................

588,223

67,428,002

EQT

Corp.

..............................

428,896

13,686,071

Gulfport

Energy

Corp.

(a)

.....................

13,270

1,061,600

Hess

Corp.

..............................

247,996

32,819,791

Kosmos

Energy

Ltd.

(a)

.......................

532,612

3,962,633

Magnolia

Oil

&

Gas

Corp.

,

Class

A

..............

194,938

4,265,243

Marathon

Oil

Corp.

.........................

741,866

17,775,109

Matador

Resources

Co.

.....................

131,140

6,248,821

Murphy

Oil

Corp.

..........................

170,714

6,313,004

Northern

Oil

and

Gas,

Inc.

....................

86,491

2,625,002

Ovintiv,

Inc.

..............................

287,077

10,357,738

PDC

Energy,

Inc.

..........................

107,648

6,908,849

Permian

Resources

Corp.

,

Class

A

..............

272,925

2,865,713

Pioneer

Natural

Resources

Co.

................

164,901

33,679,380

Range

Resources

Corp.

.....................

282,290

7,472,216

SM

Energy

Co.

...........................

143,456

4,039,721

Southwestern

Energy

Co.

(a)

...................

1,289,251

6,446,255

Talos

Energy,

Inc.

(a)

(b)

.......................

76,063

1,128,775

Tellurian,

Inc.

(a)

(b)

..........................

612,081

752,860

Texas

Pacific

Land

Corp.

.....................

7,201

12,249,045

Vital

Energy,

Inc.

(a)

(b)

........................

19,619

893,449

503,996,949

a

Security

Shares

Value

a

Oil

&

Gas

Refining

&

Marketing

 — 

23

.4

%

Clean

Energy

Fuels

Corp.

(a)

...................

204,980

$

893,713

CVR

Energy,

Inc.

..........................

34,004

1,114,651

Delek

U.S.

Holdings,

Inc.

....................

81,273

1,865,215

HF

Sinclair

Corp.

..........................

157,093

7,600,159

Marathon

Petroleum

Corp.

...................

454,607

61,294,662

Par

Pacific

Holdings,

Inc.

(a)

...................

64,779

1,891,547

PBF

Energy,

Inc.

,

Class

A

....................

133,524

5,789,601

Phillips

66

...............................

339,325

34,400,769

Valero

Energy

Corp.

........................

385,982

53,883,087

World

Fuel

Services

Corp.

....................

72,560

1,853,908

170,587,312

a

Oil

&

Gas

Storage

&

Transportation

 — 

7

.3

%

Cheniere

Energy,

Inc.

.......................

217,156

34,223,786

Targa

Resources

Corp.

......................

264,421

19,289,512

53,513,298

a

Total

Long-Term

 Investments

— 99.8%

(Cost:

$

740,205,628

)

................................

728,097,559

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(c)

(d)

(e)

............................

4,915,325

4,916,800

a

Total

Short-Term

Securities — 0.7%

(Cost:

$

4,914,673

)

..................................

4,916,800

Total

Investments

—

100.5%

(Cost:

$

745,120,301

)

................................

733,014,359

Liabilities

in

Excess

of

Other

Assets

—

(

0

.5

)

%

...............

(

3,517,928

)

Net

Assets

—

100.0%

.................................

$

729,496,431

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

2,984,384

‌

$

1,930,568

(a)

$

—

‌

$

318

‌

$

1,530

‌

$

4,916,800

‌

4,915,325

‌

$

21,813

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

......

1,490,000

‌

—

‌

(

1,490,000

)

(a)

—

‌

—

‌

—

‌

—

‌

37,512

‌

2

‌

$

318

‌

$

1,530

‌

$

4,916,800

‌

$

59,325

‌

$

2

‌

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Schedule

of

Investments

(continued)

March

31,

2023

57

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(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

..........................................................

18

06/16/23

$

1,571

$

53,064

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

53,064

$

—

$

—

$

—

$

53,064

(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

..................................

$

—

$

—

$

(

409,156

)

$

—

$

—

$

—

$

(

409,156

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

30,620

$

—

$

—

$

—

$

30,620

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,573,878

a

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

58

2023

iShares

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

.........................................

$

728,097,559

‌

$

—

‌

$

—

‌

$

728,097,559

‌

Short-Term

Securities

Money

Market

Funds

......................................

4,916,800

‌

—

‌

—

‌

4,916,800

‌

$

733,014,359

‌

$

—

‌

$

—

‌

$

733,014,359

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

53,064

‌

$

—

‌

$

—

‌

$

53,064

‌

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

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

59

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Oil

&

Gas

Drilling

 — 19.7%

Diamond

Offshore

Drilling,

Inc.

(a)

................

216,903

$

2,611,512

Helmerich

&

Payne,

Inc.

.....................

223,261

7,981,581

Nabors

Industries,

Ltd.

(a)(b)

....................

19,198

2,340,428

Noble

Corp.

PLC,

Class

A

(a)(b)

..................

209,634

8,274,254

Patterson-UTI

Energy,

Inc.

...................

463,258

5,420,119

Transocean,

Ltd.

(a)(b)

........................

1,418,893

9,024,159

Valaris,

Ltd.

(a)(b)

...........................

128,510

8,360,861

44,012,914

a

Oil

&

Gas

Equipment

&

Services

 — 80.1%

Archrock,

Inc.

............................

285,903

2,793,272

Baker

Hughes

Co.,

Class

A

...................

363,200

10,481,952

Bristow

Group,

Inc.

(a)

.......................

50,325

1,127,280

Cactus,

Inc.,

Class

A

.......................

136,637

5,633,543

ChampionX

Corp.

.........................

377,837

10,250,718

Core

Laboratories

NV

(b)

......................

99,651

2,197,305

DMC

Global,

Inc.

(a)

.........................

39,624

870,539

Dril-Quip,

Inc.

(a)

...........................

72,462

2,078,935

Expro

Group

Holdings

NV

(a)(b)

..................

146,458

2,688,969

Halliburton

Co.

...........................

1,321,268

41,804,919

Helix

Energy

Solutions

Group,

Inc.

(a)

.............

304,898

2,359,911

Liberty

Energy,

Inc.,

Class

A

..................

319,796

4,096,587

NexTier

Oilfield

Solutions,

Inc.

(a)(b)

...............

340,976

2,710,759

NOV,

Inc.

...............................

505,780

9,361,988

Oceaneering

International,

Inc.

(a)

...............

214,222

3,776,734

ProFrac

Holding

Corp.,

Class

A

(a)

...............

69,102

875,522

ProPetro

Holding

Corp.

(a)

.....................

205,678

1,478,825

Security

Shares

Value

a

Oil

&

Gas

Equipment

&

Services

(continued)

RPC,

Inc.

...............................

177,848

$

1,367,651

Schlumberger

Ltd.

.........................

1,066,009

52,341,042

TechnipFMC

PLC

(a)(b)

.......................

752,491

10,271,502

U.S.

Silica

Holdings,

Inc.

(a)

....................

161,604

1,929,552

Weatherford

International

PLC

(a)

................

137,803

8,178,608

178,676,113

a

Total

Long-Term

 Investments

— 99.8%

(Cost:

$247,184,199)

................................

222,689,027

a

Short-Term

Securities

Money

Market

Funds

 — 

8.1%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(c)(d)(e)

............................

17,829,592

17,834,940

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

(c)(d)

.............................

272,477

272,477

a

Total

Short-Term

Securities — 8.1%

(Cost:

$18,102,442)

.................................

18,107,417

Total

Investments

—

107.9%

(Cost:

$265,286,641)

................................

240,796,444

Liabilities

in

Excess

of

Other

Assets

—

(7.9)%

...............

(17,550,708)

Net

Assets

—

100.0%

.................................

$

223,245,736

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

10,305,539

$

7,523,077

(a)

$

—

$

4,001

$

2,323

$

17,834,940

17,829,592

$

32,552

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

160,000

112,477

(a)

—

—

—

272,477

272,477

9,667

—

$

4,001

$

2,323

$

18,107,417

$

42,219

$

—

(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

(continued)

March

31,

2023

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

60

2023

iShares

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

..........................................................

7

06/16/23

$

611

$

18,284

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

18,284

$

—

$

—

$

—

$

18,284

(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

..................................

$

—

$

—

$

(221,936

)

$

—

$

—

$

—

$

(221,936

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

18,072

$

—

$

—

$

—

$

18,072

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

603,393

a

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

Schedule

of

Investments

(continued)

March

31,

2023

61

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

.........................................

$

222,689,027

‌

$

—

‌

$

—

‌

$

222,689,027

‌

Short-Term

Securities

Money

Market

Funds

......................................

18,107,417

‌

—

‌

—

‌

18,107,417

‌

$

240,796,444

‌

$

—

‌

$

—

‌

$

240,796,444

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

18,284

‌

$

—

‌

$

—

‌

$

18,284

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

U.S.

Pharmaceuticals

ETF

(Percentages

shown

are

based

on

Net

Assets)

62

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Biotechnology

 — 

3

.5

%

Amicus

Therapeutics,

Inc.

(a)

(b)

..................

369,691

$

4,099,873

Catalyst

Pharmaceuticals,

Inc.

(a)

(b)

...............

141,562

2,347,098

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

(a)

.........

197,314

2,075,744

Madrigal

Pharmaceuticals,

Inc.

(a)

...............

18,001

4,360,922

Vanda

Pharmaceuticals,

Inc.

(a)

.................

84,219

571,847

13,455,484

a

Pharmaceuticals

 — 

96

.4

%

Aclaris

Therapeutics,

Inc.

(a)

(b)

..................

75,700

612,413

Amphastar

Pharmaceuticals,

Inc.

(a)

..............

55,738

2,090,175

Amylyx

Pharmaceuticals,

Inc.

(a)

(b)

...............

58,777

1,724,517

Arvinas,

Inc.

(a)

(b)

...........................

71,616

1,956,549

Atea

Pharmaceuticals,

Inc.

(a)

..................

112,409

376,570

Axsome

Therapeutics,

Inc.

(a)

(b)

.................

50,723

3,128,595

Bristol-Myers

Squibb

Co.

.....................

252,601

17,507,775

Cara

Therapeutics,

Inc.

(a)

....................

66,976

328,852

Cassava

Sciences,

Inc.

(a)

(b)

...................

57,991

1,398,743

Catalent,

Inc.

(a)

(b)

..........................

243,553

16,003,868

Collegium

Pharmaceutical,

Inc.

(a)

(b)

..............

49,637

1,190,792

Corcept

Therapeutics,

Inc.

(a)

(b)

.................

141,655

3,068,247

DICE

Therapeutics,

Inc.

(a)

....................

50,043

1,433,732

Elanco

Animal

Health,

Inc.

(a)

...................

659,055

6,195,117

Eli

Lilly

&

Co.

............................

54,385

18,676,897

Harmony

Biosciences

Holdings,

Inc.

(a)

............

43,852

1,431,768

Innoviva,

Inc.

(a)

(b)

..........................

92,817

1,044,191

Intra-Cellular

Therapies,

Inc.

(a)

.................

130,222

7,051,521

Jazz

Pharmaceuticals

PLC

(a)

..................

93,097

13,622,884

Johnson

&

Johnson

........................

555,620

86,121,100

Ligand

Pharmaceuticals,

Inc.

(a)

.................

23,729

1,745,505

Merck

&

Co.,

Inc.

..........................

691,803

73,600,921

Nuvation

Bio,

Inc.

,

Class

A

(a)

..................

201,176

333,952

Organon

&

Co.

...........................

376,083

8,845,472

Pacira

BioSciences,

Inc.

(a)

(b)

...................

67,838

2,768,469

Security

Shares

Value

a

Pharmaceuticals

(continued)

Perrigo

Co.

PLC

..........................

199,068

$

7,140,569

Pfizer,

Inc.

..............................

423,667

17,285,614

Phibro

Animal

Health

Corp.

,

Class

A

.............

30,164

462,113

Pliant

Therapeutics,

Inc.

(a)

(b)

...................

62,455

1,661,303

Prestige

Consumer

Healthcare,

Inc.

(a)

(b)

...........

73,465

4,601,113

Reata

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

..........

41,284

3,753,541

Revance

Therapeutics,

Inc.

(a)

(b)

.................

121,644

3,918,153

Royalty

Pharma

PLC

,

Class

A

.................

494,690

17,823,681

Theravance

Biopharma,

Inc.

(a)

.................

85,572

928,456

Ventyx

Biosciences,

Inc.

(a)

(b)

...................

41,032

1,374,572

Viatris,

Inc.

..............................

1,609,615

15,484,496

Zoetis,

Inc.

,

Class

A

........................

100,792

16,775,821

363,468,057

a

Total

Long-Term

 Investments

— 99.9%

(Cost:

$

383,623,587

)

................................

376,923,541

a

Short-Term

Securities

Money

Market

Funds

 — 

5

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(c)

(d)

(e)

............................

18,863,854

18,869,513

a

Total

Short-Term

Securities — 5.0%

(Cost:

$

18,864,348

)

.................................

18,869,513

Total

Investments

—

104.9%

(Cost:

$

402,487,935

)

................................

395,793,054

Liabilities

in

Excess

of

Other

Assets

—

(

4

.9

)

%

...............

(

18,634,106

)

Net

Assets

—

100.0%

.................................

$

377,158,948

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

11,796,050

$

7,065,308

(a)

$

—

$

7,464

$

691

$

18,869,513

18,863,854

$

360,483

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

(c)

......

400,000

—

(

400,000

)

(a)

—

—

—

—

15,150

—

$

7,464

$

691

$

18,869,513

$

375,633

$

—

(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.

iShares

®

U.S.

Pharmaceuticals

ETF

Schedule

of

Investments

(continued)

March

31,

2023

63

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Sector

Index

............................................................

2

06/16/23

$

264

$

7,989

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

7,989

$

—

$

—

$

—

$

7,989

(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

..................................

$

—

$

—

$

(

126,309

)

$

—

$

—

$

—

$

(

126,309

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

5,782

)

$

—

$

—

$

—

$

(

5,782

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

393,613

a

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

U.S.

Pharmaceuticals

ETF

64

2023

iShares

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

.........................................

$

376,923,541

‌

$

—

‌

$

—

‌

$

376,923,541

‌

Short-Term

Securities

Money

Market

Funds

......................................

18,869,513

‌

—

‌

—

‌

18,869,513

‌

$

395,793,054

‌

$

—

‌

$

—

‌

$

395,793,054

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

7,989

‌

$

—

‌

$

—

‌

$

7,989

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Real

Estate

ETF

Schedule

of

Investments

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

65

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Data

Center

REITs

 — 8.0%

Digital

Realty

Trust,

Inc.

.....................

780,021

$

76,683,864

Equinix

,

Inc.

.............................

250,598

180,691,182

257,375,046

a

Diversified

REITs

 — 1.4%

WP

Carey,

Inc.

...........................

571,403

44,255,162

a

Health

Care

REITs

 — 7.6%

Healthcare

Realty

Trust,

Inc.,

Class

A

............

1,032,454

19,957,336

Healthpeak

Properties,

Inc.

...................

1,483,394

32,590,166

Medical

Properties

Trust,

Inc.

(a)

.................

1,625,024

13,357,697

National

Health

Investors,

Inc.

.................

117,930

6,082,830

Omega

Healthcare

Investors,

Inc.

...............

635,518

17,419,548

Physicians

Realty

Trust

......................

619,701

9,252,136

Sabra

Health

Care

REIT,

Inc.

..................

627,710

7,218,665

Ventas,

Inc.

.............................

1,085,152

47,041,339

Welltower

,

Inc.

............................

1,281,900

91,899,411

244,819,128

a

Hotel

&

Resort

REITs

 — 1.0%

Host

Hotels

&

Resorts,

Inc.

...................

1,939,819

31,987,615

a

Industrial

REITs

 — 13.2%

Americold

Realty

Trust,

Inc.

...................

730,881

20,793,565

EastGroup

Properties,

Inc.

...................

118,234

19,546,445

First

Industrial

Realty

Trust,

Inc.

................

358,481

19,071,189

LXP

Industrial

Trust

........................

749,049

7,722,695

Prologis,

Inc.

.............................

2,499,747

311,893,433

Rexford

Industrial

Realty,

Inc.

.................

513,050

30,603,433

STAG

Industrial,

Inc.

.......................

486,192

16,443,013

426,073,773

a

Mortgage

REITs

 — 2.3%

AGNC

Investment

Corp.

.....................

1,558,869

15,713,400

Annaly

Capital

Management,

Inc.

...............

1,270,475

24,278,777

Blackstone

Mortgage

Trust,

Inc.,

Class

A

..........

467,830

8,350,766

Rithm

Capital

Corp.

........................

1,285,506

10,284,048

Starwood

Property

Trust,

Inc.

..................

842,490

14,903,648

73,530,639

a

Multi-Family

Residential

REITs

 — 8.8%

Apartment

Income

REIT

Corp.

.................

422,962

15,146,269

AvalonBay

Communities,

Inc.

.................

379,510

63,780,451

Camden

Property

Trust

......................

298,787

31,324,829

Equity

Residential

.........................

923,999

55,439,940

Essex

Property

Trust,

Inc.

....................

175,289

36,659,941

Mid-America

Apartment

Communities,

Inc.

.........

313,290

47,319,322

UDR,

Inc.

...............................

839,015

34,449,956

284,120,708

a

Office

REITs

 — 4.1%

Alexandria

Real

Estate

Equities,

Inc.

.............

427,294

53,663,853

Boston

Properties,

Inc.

......................

386,977

20,943,195

Corporate

Office

Properties

Trust

...............

305,530

7,244,116

Cousins

Properties,

Inc.

.....................

411,491

8,797,678

Douglas

Emmett,

Inc.

.......................

477,818

5,891,496

Equity

Commonwealth

......................

296,444

6,139,355

Highwoods

Properties,

Inc.

...................

285,950

6,631,181

JBG

SMITH

Properties

......................

267,855

4,033,896

Kilroy

Realty

Corp.

.........................

286,130

9,270,612

SL

Green

Realty

Corp.

......................

176,767

4,157,560

Vornado

Realty

Trust

.......................

437,989

6,731,891

133,504,833

a

Security

Shares

Value

a

Other

Specialized

REITs

 — 5.9%

Gaming

and

Leisure

Properties,

Inc.

.............

698,640

$

36,371,198

Iron

Mountain,

Inc.

.........................

788,713

41,730,805

Lamar

Advertising

Co.,

Class

A

................

236,735

23,647,459

VICI

Properties,

Inc.

........................

2,722,964

88,823,086

190,572,548

a

Real

Estate

Development

 — 0.2%

Howard

Hughes

Corp.

(The)

(a)(b)

................

93,536

7,482,880

a

Real

Estate

Services

 — 3.4%

CBRE

Group,

Inc.,

Class

A

(a)(b)

.................

857,152

62,409,237

Jones

Lang

LaSalle,

Inc.

(b)

....................

128,778

18,735,911

Opendoor

Technologies,

Inc.

(a)(b)

................

1,382,568

2,433,320

Zillow

Group,

Inc.,

Class

A

(a)(b)

.................

157,461

6,881,046

Zillow

Group,

Inc.,

Class

C,

NVS

(a)(b)

.............

441,958

19,653,872

110,113,386

a

Research

&

Consulting

Services

 — 2.3%

CoStar

Group,

Inc.

(a)(b)

.......................

1,103,318

75,963,444

a

Retail

REITs

 — 11.0%

Agree

Realty

Corp.

........................

240,286

16,486,023

Brixmor

Property

Group,

Inc.

..................

813,642

17,509,576

Federal

Realty

Investment

Trust

................

198,626

19,630,208

Kimco

Realty

Corp.

........................

1,677,902

32,769,426

National

Retail

Properties,

Inc.

.................

492,283

21,734,294

Realty

Income

Corp.

........................

1,701,425

107,734,231

Regency

Centers

Corp.

.....................

417,834

25,563,084

Simon

Property

Group,

Inc.

...................

886,954

99,312,239

Spirit

Realty

Capital,

Inc.

.....................

378,897

15,095,257

355,834,338

a

Self-Storage

REITs

 — 7.9%

CubeSmart

..............................

609,257

28,159,859

Extra

Space

Storage,

Inc.

....................

363,333

59,197,846

Life

Storage,

Inc.

..........................

230,589

30,227,912

National

Storage

Affiliates

Trust

................

229,405

9,584,541

Public

Storage

............................

428,827

129,565,790

256,735,948

a

Single-Family

Residential

REITs

 — 4.8%

American

Homes

4

Rent,

Class

A

...............

832,718

26,188,981

Equity

LifeStyle

Properties,

Inc.

................

474,623

31,861,442

Invitation

Homes,

Inc.

.......................

1,575,763

49,211,078

Sun

Communities,

Inc.

......................

336,079

47,346,810

154,608,311

a

Telecom

Tower

REITs

 — 15.1%

American

Tower

Corp.

......................

1,260,901

257,652,510

Crown

Castle,

Inc.

.........................

1,139,296

152,483,377

SBA

Communications

Corp.,

Class

A

.............

292,904

76,468,447

486,604,334

a

Timber

REITs

 — 2.6%

PotlatchDeltic

Corp.

........................

219,193

10,850,053

Rayonier,

Inc.

............................

399,581

13,290,064

Weyerhaeuser

Co.

.........................

1,988,053

59,900,037

84,040,154

a

Total

Long-Term

 Investments

— 99.6%

(Cost:

$4,481,631,887)

...............................

3,217,622,247

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

U.S.

Real

Estate

ETF

(Percentages

shown

are

based

on

Net

Assets)

66

2023

iShares

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: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1.1%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(c)(d)(e)

............................

31,149,706

$

31,159,050

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

(c)(d)

.............................

5,247,558

5,247,558

a

Total

Short-Term

Securities — 1.1%

(Cost:

$36,397,749)

.................................

36,406,608

Total

Investments

—

100.7%

(Cost:

$4,518,029,636)

...............................

3,254,028,855

Liabilities

in

Excess

of

Other

Assets

—

(0.7)%

...............

(21,647,073)

Net

Assets

—

100.0%

.................................

$

3,232,381,782

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

60,300,476

$

—

$

(29,190,340

)

(a)

$

34,836

$

14,078

$

31,159,050

31,149,706

$

122,210

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

5,660,000

—

(412,442

)

(a)

—

—

5,247,558

5,247,558

159,465

4

$

34,836

$

14,078

$

36,406,608

$

281,675

$

4

(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

Dow

Jones

U.S.

Real

Estate

Index

..........................................................

550

06/16/23

$

18,222

$

541,479

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

541,479

$

—

$

—

$

—

$

541,479

(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).

iShares

®

U.S.

Real

Estate

ETF

Schedule

of

Investments

(continued)

March

31,

2023

67

Schedule

of

Investments

For

the period

ended

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(2,723,725

)

$

—

$

—

$

—

$

(2,723,725

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

121,712

$

—

$

—

$

—

$

121,712

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

20,535,645

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,217,622,247

‌

$

—

‌

$

—

‌

$

3,217,622,247

‌

Short-Term

Securities

Money

Market

Funds

......................................

36,406,608

‌

—

‌

—

‌

36,406,608

‌

$

3,254,028,855

‌

$

—

‌

$

—

‌

$

3,254,028,855

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

541,479

‌

$

—

‌

$

—

‌

$

541,479

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

U.S.

Regional

Banks

ETF

(Percentages

shown

are

based

on

Net

Assets)

68

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Commercial

&

Residential

Mortgage

Finance

 — 

0

.2

%

TFS

Financial

Corp.

........................

106,189

$

1,341,167

a

Diversified

Banks

 — 

39

.3

%

Comerica,

Inc.

............................

281,185

12,209,053

Fifth

Third

Bancorp

........................

1,365,975

36,389,574

First

Citizens

BancShares,

Inc.

,

Class

A

...........

25,399

24,715,767

KeyCorp

................................

1,994,963

24,976,937

PNC

Financial

Services

Group,

Inc.

(The)

.........

852,558

108,360,122

U.S.

Bancorp

............................

2,962,083

106,783,092

313,434,545

a

Regional

Banks

 — 

60

.2

%

Bank

OZK

..............................

237,039

8,106,734

BOK

Financial

Corp.

........................

62,183

5,248,867

Citizens

Financial

Group,

Inc.

.................

1,052,775

31,972,777

Commerce

Bancshares,

Inc.

(a)

.................

243,136

14,186,986

Cullen/Frost

Bankers,

Inc.

....................

137,568

14,491,413

East

West

Bancorp,

Inc.

.....................

301,318

16,723,149

First

Financial

Bankshares,

Inc.

................

279,143

8,904,662

First

Horizon

Corp.

.........................

1,146,991

20,393,500

First

Republic

Bank

(a)

.......................

400,966

5,609,514

FNB

Corp.

..............................

775,159

8,991,844

Glacier

Bancorp,

Inc.

.......................

238,094

10,002,329

Home

BancShares,

Inc.

.....................

406,840

8,832,496

Huntington

Bancshares,

Inc.

..................

3,084,762

34,549,334

M&T

Bank

Corp.

..........................

359,918

43,035,395

New

York

Community

Bancorp,

Inc.

.............

1,456,381

13,165,684

Pinnacle

Financial

Partners,

Inc.

................

164,478

9,072,607

Popular,

Inc.

.............................

154,590

8,875,012

Prosperity

Bancshares,

Inc.

...................

196,068

12,062,103

Security

Shares

Value

a

Regional

Banks

(continued)

Regions

Financial

Corp.

.....................

1,996,549

$

37,055,949

Synovus

Financial

Corp.

.....................

312,714

9,640,973

Truist

Financial

Corp.

.......................

2,820,888

96,192,281

UMB

Financial

Corp.

.......................

93,872

5,418,292

United

Bankshares,

Inc.

.....................

255,760

9,002,752

Valley

National

Bancorp

.....................

904,079

8,353,690

Webster

Financial

Corp.

.....................

372,005

14,664,437

Western

Alliance

Bancorp

....................

234,315

8,327,555

Wintrust

Financial

Corp.

.....................

130,618

9,528,583

Zions

Bancorp

NA

(a)

........................

321,599

9,625,458

482,034,376

a

Total

Long-Term

 Investments

— 99.7%

(Cost:

$

1,070,964,915

)

...............................

796,810,088

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(b)

(c)

(d)

............................

11,923,242

11,926,819

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.73

%

(b)

(c)

.............................

1,687,254

1,687,254

a

Total

Short-Term

Securities — 1.7%

(Cost:

$

13,615,008

)

.................................

13,614,073

Total

Investments

—

101.4%

(Cost:

$

1,084,579,923

)

...............................

810,424,161

Liabilities

in

Excess

of

Other

Assets

—

(

1

.3

)

%

...............

(

10,558,808

)

Net

Assets

—

100.0%

.................................

$

799,865,353

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

5,957,651

$

5,973,739

(a)

$

—

$

(

3,636

)

$

(

935

)

$

11,926,819

11,923,242

$

42,257

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

1,697,000

—

(

9,746

)

(a)

—

—

1,687,254

1,687,254

31,253

1

$

(

3,636

)

$

(

935

)

$

13,614,073

$

73,510

$

1

(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.

Regional

Banks

ETF

Schedule

of

Investments

(continued)

March

31,

2023

69

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

.........................................................

31

06/16/23

$

3,094

$

64,931

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

64,931

$

—

$

—

$

—

$

64,931

(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

..................................

$

—

$

—

$

(

392,293

)

$

—

$

—

$

—

$

(

392,293

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

48,506

)

$

—

$

—

$

—

$

(

48,506

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,350,750

a

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

U.S.

Regional

Banks

ETF

70

2023

iShares

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

.........................................

$

796,810,088

‌

$

—

‌

$

—

‌

$

796,810,088

‌

Short-Term

Securities

Money

Market

Funds

......................................

13,614,073

‌

—

‌

—

‌

13,614,073

‌

$

810,424,161

‌

$

—

‌

$

—

‌

$

810,424,161

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

64,931

‌

$

—

‌

$

—

‌

$

64,931

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Telecommunications

ETF

Schedule

of

Investments

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

71

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Alternative

Carriers

 — 

2

.6

%

Lumen

Technologies,

Inc.

....................

2,944,467

$

7,802,838

a

Cable

&

Satellite

 — 

28

.2

%

Altice

USA,

Inc.

,

Class

A

(a)

....................

2,182,051

7,462,614

Cable

One,

Inc.

...........................

13,238

9,293,076

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

.........

28,412

10,160,415

Comcast

Corp.

,

Class

A

.....................

1,104,888

41,886,304

DISH

Network

Corp.

,

Class

A

(a)

................

793,051

7,399,166

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

.............

14,123

1,159,781

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

.........

96,611

7,893,119

85,254,475

a

Communications

Equipment

 — 

40

.8

%

Arista

Networks,

Inc.

(a)

......................

67,582

11,344,315

Ciena

Corp.

(a)

............................

177,235

9,308,382

Cisco

Systems,

Inc.

........................

1,060,847

55,455,777

Juniper

Networks,

Inc.

......................

291,599

10,036,838

Lumentum

Holdings,

Inc.

(a)

(b)

..................

165,488

8,938,007

Motorola

Solutions,

Inc.

.....................

38,442

10,999,409

Ubiquiti,

Inc.

.............................

32,316

8,779,934

Viasat,

Inc.

(a)

(b)

............................

246,816

8,352,253

123,214,915

a

Integrated

Telecommunication

Services

 — 

21

.3

%

AT&T,

Inc.

...............................

716,018

13,783,346

Frontier

Communications

Parent,

Inc.

(a)

(b)

..........

337,055

7,674,742

Verizon

Communications,

Inc.

.................

1,105,430

42,990,173

64,448,261

a

Security

Shares

Value

a

Movies

&

Entertainment

 — 

3

.1

%

Roku,

Inc.

,

Class

A

(a)

(b)

......................

143,086

$

9,417,920

a

Wireless

Telecommunication

Services

 — 

3

.9

%

T-Mobile

U.S.,

Inc.

(a)

........................

81,339

11,781,141

a

Total

Long-Term

 Investments

— 99.9%

(Cost:

$

413,470,403

)

................................

301,919,550

a

Short-Term

Securities

Money

Market

Funds

 — 

7

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(c)

(d)

(e)

............................

22,982,242

22,989,137

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.73

%

(c)

(d)

.............................

123,649

123,649

a

Total

Short-Term

Securities — 7.7%

(Cost:

$

23,101,030

)

.................................

23,112,786

Total

Investments

—

107.6%

(Cost:

$

436,571,433

)

................................

325,032,336

Liabilities

in

Excess

of

Other

Assets

—

(

7

.6

)

%

...............

(

22,901,611

)

Net

Assets

—

100.0%

.................................

$

302,130,725

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

5,513,644

$

17,472,129

(a)

$

—

$

(

7,830

)

$

11,194

$

22,989,137

22,982,242

$

82,523

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

490,000

—

(

366,351

)

(a)

—

—

123,649

123,649

13,753

1

$

(

7,830

)

$

11,194

$

23,112,786

$

96,276

$

1

(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

(continued)

March

31,

2023

iShares

®

U.S.

Telecommunications

ETF

72

2023

iShares

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

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

...........................................

1

06/16/23

$

76

$

3,954

S&P

500

E-Mini

Index

...................................................................

1

06/16/23

207

5,873

$

9,827

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

9,827

$

—

$

—

$

—

$

9,827

(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

..................................

$

—

$

—

$

(

41,824

)

$

—

$

—

$

—

$

(

41,824

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

9,902

$

—

$

—

$

—

$

9,902

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

316,331

a

iShares

®

U.S.

Telecommunications

ETF

Schedule

of

Investments

(continued)

March

31,

2023

73

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

.........................................

$

301,919,550

‌

$

—

‌

$

—

‌

$

301,919,550

‌

Short-Term

Securities

Money

Market

Funds

......................................

23,112,786

‌

—

‌

—

‌

23,112,786

‌

$

325,032,336

‌

$

—

‌

$

—

‌

$

325,032,336

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

9,827

‌

$

—

‌

$

—

‌

$

9,827

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

74

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

March

31,

2023

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)

....................................

$

5,824,194,993

‌

$

757,536,201

‌

$

1,161,504,333

‌

$

1,635,101,353

‌

Investments,

at

value

—

affiliated

(c)

.......................................

69,395,382

‌

7,887,781

‌

63,644,826

‌

73,301,601

‌

Cash

...........................................................

379,014

‌

—

‌

9,070

‌

—

‌

Cash

pledged:

Futures

contracts

.................................................

400,000

‌

86,000

‌

54,000

‌

160,000

‌

Receivables:

Investments

sold

.................................................

—

‌

1,557,315

‌

—

‌

—

‌

Securities

lending

income

—

affiliated

...................................

39,731

‌

2,678

‌

18,007

‌

12,150

‌

Capital

shares

sold

................................................

5,077

‌

—

‌

—

‌

74,655

‌

Dividends

—

unaffiliated

............................................

277,340

‌

144,565

‌

176,441

‌

687,578

‌

Dividends

—

affiliated

..............................................

26,605

‌

4,368

‌

4,949

‌

6,560

‌

Interest

—

unaffiliated

..............................................

3,591

‌

689

‌

1,133

‌

113

‌

Variation

margin

on

futures

contracts

....................................

87,780

‌

24,956

‌

11,708

‌

44,500

‌

Total

assets

......................................................

5,894,809,513

‌

767,244,553

‌

1,225,424,467

‌

1,709,388,510

‌

LIABILITIES

Bank

overdraft

.....................................................

—

‌

1,290,495

‌

—

‌

14,628

‌

Collateral

on

securities

loaned

..........................................

63,368,934

‌

5,367,852

‌

62,467,929

‌

71,412,229

‌

Payables:

Investments

purchased

.............................................

—

‌

—

‌

1,629

‌

—

‌

Investment

advisory

fees

............................................

1,935,684

‌

279,025

‌

416,241

‌

490,380

‌

Total

liabilities

.....................................................

65,304,618

‌

6,937,372

‌

62,885,799

‌

71,917,237

‌

NET

ASSETS

.....................................................

$

5,829,504,895

‌

$

760,307,181

‌

$

1,162,538,668

‌

$

1,637,471,273

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

6,318,091,920

‌

$

942,826,394

‌

$

1,480,016,604

‌

$

2,001,559,285

‌

Accumulated

loss

..................................................

(

488,587,025

)

(

182,519,213

)

(

317,477,936

)

(

364,088,012

)

NET

ASSETS

.....................................................

$

5,829,504,895

‌

$

760,307,181

‌

$

1,162,538,668

‌

$

1,637,471,273

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

50,650,000

‌

8,300,000

‌

4,700,000

‌

23,300,000

‌

Net

asset

value

....................................................

$

115.09

‌

$

91.60

‌

$

247.35

‌

$

70.28

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

60,918,744

‌

$

5,357,162

‌

$

61,973,810

‌

$

72,550,079

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

5,324,228,059

‌

$

795,959,234

‌

$

1,307,323,437

‌

$

1,795,800,906

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

69,356,197

‌

$

7,888,202

‌

$

63,609,921

‌

$

73,276,338

‌

75

Statements

of

Assets

and

Liabilities

(continued)

March

31,

2023

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)

....................................

$

1,769,771,024

‌

$

448,528,404

‌

$

5,991,436,880

‌

$

728,097,559

‌

Investments,

at

value

—

affiliated

(c)

.......................................

76,601,786

‌

4,983,316

‌

227,099,158

‌

4,916,800

‌

Cash

...........................................................

24,836

‌

6,272

‌

79,395

‌

—

‌

Cash

pledged:

Collateral

—

OTC

derivatives

.........................................

970,000

‌

—

‌

—

‌

—

‌

Futures

contracts

.................................................

308,000

‌

89,000

‌

570,000

‌

131,000

‌

Receivables:

Investments

sold

.................................................

—

‌

—

‌

—

‌

6,149,347

‌

Securities

lending

income

—

affiliated

...................................

9,792

‌

512

‌

50,813

‌

1,309

‌

Dividends

—

unaffiliated

............................................

2,359,123

‌

667,929

‌

6,835,563

‌

809,199

‌

Dividends

—

affiliated

..............................................

85,831

‌

1,978

‌

30,401

‌

2,780

‌

Interest

—

unaffiliated

..............................................

280

‌

52

‌

1,775

‌

250

‌

Variation

margin

on

futures

contracts

....................................

67,550

‌

15,075

‌

131,200

‌

34,454

‌

Unrealized

appreciation

on:

OTC

swaps

.....................................................

405,189

‌

—

‌

—

‌

—

‌

Total

assets

......................................................

1,850,603,411

‌

454,292,538

‌

6,226,235,185

‌

740,142,698

‌

LIABILITIES

Bank

overdraft

.....................................................

—

‌

—

‌

—

‌

1,809

‌

Collateral

on

securities

loaned

..........................................

53,890,580

‌

4,443,263

‌

221,901,457

‌

4,913,950

‌

Payables:

Investments

purchased

.............................................

—

‌

18,466

‌

—

‌

4,846,889

‌

Capital

shares

redeemed

............................................

1,107,735

‌

—

‌

19,594

‌

589,473

‌

Investment

advisory

fees

............................................

462,829

‌

170,640

‌

1,978,663

‌

294,146

‌

Swaps

........................................................

850,238

‌

—

‌

—

‌

—

‌

Total

liabilities

.....................................................

56,311,382

‌

4,632,369

‌

223,899,714

‌

10,646,267

‌

NET

ASSETS

.....................................................

$

1,794,292,029

‌

$

449,660,169

‌

$

6,002,335,471

‌

$

729,496,431

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

1,839,574,205

‌

$

488,356,323

‌

$

6,354,564,278

‌

$

977,516,467

‌

Accumulated

loss

..................................................

(

45,282,176

)

(

38,696,154

)

(

352,228,807

)

(

248,020,036

)

NET

ASSETS

.....................................................

$

1,794,292,029

‌

$

449,660,169

‌

$

6,002,335,471

‌

$

729,496,431

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

48,050,000

‌

5,250,000

‌

111,100,000

‌

8,500,000

‌

Net

asset

value

....................................................

$

37.34

‌

$

85.65

‌

$

54.03

‌

$

85.82

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

53,650,646

‌

$

4,399,827

‌

$

220,253,281

‌

$

4,839,190

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

1,731,790,031

‌

$

477,585,674

‌

$

6,089,623,172

‌

$

740,205,628

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

76,595,050

‌

$

4,983,774

‌

$

227,054,372

‌

$

4,914,673

‌

76

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(continued)

March

31,

2023

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)

....................................

$

222,689,027

‌

$

376,923,541

‌

$

3,217,622,247

‌

$

796,810,088

‌

Investments,

at

value

—

affiliated

(c)

.......................................

18,107,417

‌

18,869,513

‌

36,406,608

‌

13,614,073

‌

Cash

...........................................................

41,777

‌

213,528

‌

—

‌

902

‌

Cash

pledged:

Futures

contracts

.................................................

79,000

‌

14,000

‌

1,405,000

‌

216,000

‌

Receivables:

Investments

sold

.................................................

—

‌

—

‌

—

‌

14,700

‌

Securities

lending

income

—

affiliated

...................................

5,149

‌

7,737

‌

7,568

‌

31,307

‌

Capital

shares

sold

................................................

—

‌

—

‌

—

‌

147,248

‌

Dividends

—

unaffiliated

............................................

412,575

‌

119,545

‌

11,940,095

‌

3,180,241

‌

Dividends

—

affiliated

..............................................

1,544

‌

1,912

‌

23,709

‌

5,317

‌

Interest

—

unaffiliated

..............................................

47

‌

186

‌

—

‌

50

‌

Variation

margin

on

futures

contracts

....................................

3,936

‌

2,800

‌

373,817

‌

31,846

‌

Total

assets

......................................................

241,340,472

‌

396,152,762

‌

3,267,779,044

‌

814,051,772

‌

LIABILITIES

Bank

overdraft

.....................................................

—

‌

—

‌

279,532

‌

—

‌

Collateral

on

securities

loaned

..........................................

17,828,438

‌

18,866,348

‌

31,157,499

‌

11,931,275

‌

Payables:

Investments

purchased

.............................................

—

‌

—

‌

507,565

‌

2,025,202

‌

Capital

shares

redeemed

............................................

147,220

‌

—

‌

2,359,172

‌

—

‌

Interest

expense

.................................................

—

‌

—

‌

19

‌

—

‌

Investment

advisory

fees

............................................

119,078

‌

127,466

‌

1,093,475

‌

229,942

‌

Total

liabilities

.....................................................

18,094,736

‌

18,993,814

‌

35,397,262

‌

14,186,419

‌

NET

ASSETS

.....................................................

$

223,245,736

‌

$

377,158,948

‌

$

3,232,381,782

‌

$

799,865,353

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

550,136,297

‌

$

589,446,535

‌

$

4,930,665,979

‌

$

1,195,495,448

‌

Accumulated

loss

..................................................

(

326,890,561

)

(

212,287,587

)

(

1,698,284,197

)

(

395,630,095

)

NET

ASSETS

.....................................................

$

223,245,736

‌

$

377,158,948

‌

$

3,232,381,782

‌

$

799,865,353

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

11,550,000

‌

2,150,000

‌

38,050,000

‌

22,350,000

‌

Net

asset

value

....................................................

$

19.33

‌

$

175.42

‌

$

84.95

‌

$

35.79

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

16,886,296

‌

$

18,602,462

‌

$

31,314,240

‌

$

11,699,760

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

247,184,199

‌

$

383,623,587

‌

$

4,481,631,887

‌

$

1,070,964,915

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

18,102,442

‌

$

18,864,348

‌

$

36,397,749

‌

$

13,615,008

‌

77

Statements

of

Assets

and

Liabilities

(continued)

March

31,

2023

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................................

$

301,919,550

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................................

23,112,786

‌

Cash

...........................................................................................................

125,821

‌

Cash

pledged:

Futures

contracts

.................................................................................................

19,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................................

6,725

‌

Dividends

—

unaffiliated

............................................................................................

34,871

‌

Dividends

—

affiliated

..............................................................................................

1,755

‌

Interest

—

unaffiliated

..............................................................................................

121

‌

Variation

margin

on

futures

contracts

....................................................................................

4,250

‌

Total

assets

......................................................................................................

325,224,879

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................................

22,988,746

‌

Payables:

Capital

shares

redeemed

............................................................................................

2,991

‌

Investment

advisory

fees

............................................................................................

102,417

‌

Total

liabilities

.....................................................................................................

23,094,154

‌

NET

ASSETS

.....................................................................................................

$

302,130,725

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................................

$

700,416,650

‌

Accumulated

loss

..................................................................................................

(

398,285,925

)

NET

ASSETS

.....................................................................................................

$

302,130,725

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................................

13,050,000

‌

Net

asset

value

....................................................................................................

$

23.15

‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

None

(a)

Securities

loaned,

at

value

..........................................................................................

$

23,404,032

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................................

$

413,470,403

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................................

$

23,101,030

‌

78

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Operations

Year

Ended

March

31,

2023

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

............................................

$

64,272,087

‌

$

14,740,951

‌

$

17,064,810

‌

$

16,845,258

‌

Dividends

—

affiliated

..............................................

141,285

‌

23,581

‌

55,520

‌

48,659

‌

Interest

—

unaffiliated

..............................................

5,503

‌

1,405

‌

9,483

‌

3,467

‌

Securities

lending

income

—

affiliated

—

net

...............................

378,495

‌

16,018

‌

181,586

‌

129,262

‌

Total

investment

income

..............................................

64,797,370

‌

14,781,955

‌

17,311,399

‌

17,026,646

‌

EXPENSES

Investment

advisory

...............................................

16,931,619

‌

2,472,441

‌

5,943,522

‌

5,504,696

‌

Total

expenses

....................................................

16,931,619

‌

2,472,441

‌

5,943,522

‌

5,504,696

‌

Net

investment

income

...............................................

47,865,751

‌

12,309,514

‌

11,367,877

‌

11,521,950

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

72,138,961

)

(

90,417,853

)

(

58,569,018

)

(

42,562,776

)

Investments

—

affiliated

...........................................

29,330

‌

3,065

‌

13,624

‌

16,837

‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................

7

‌

1

‌

2

‌

2

‌

Futures

contracts

...............................................

(

1,976,866

)

(

563,251

)

(

65,195

)

(

16,578

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

198,473,319

‌

14,321,707

‌

191,394,221

‌

(

126,611,676

)

124,386,829

‌

(

76,656,331

)

132,773,634

‌

(

169,174,191

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

88,676,707

‌

(

13,522,691

)

(

328,845,743

)

371,039,824

‌

Investments

—

affiliated

...........................................

29,500

‌

(

421

)

25,232

‌

18,668

‌

Futures

contracts

...............................................

305,133

‌

30,032

‌

(

24,878

)

46,054

‌

89,011,340

‌

(

13,493,080

)

(

328,845,389

)

371,104,546

‌

Net

realized

and

unrealized

gain

(loss)

....................................

213,398,169

‌

(

90,149,411

)

(

196,071,755

)

201,930,355

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

261,263,920

‌

$

(

77,839,897

)

$

(

184,703,878

)

$

213,452,305

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

79

Statements

of

Operations

(continued)

Year

Ended

March

31,

2023

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

............................................

$

35,820,879

‌

$

9,009,291

‌

$

54,287,877

‌

$

44,946,090

‌

Dividends

—

affiliated

..............................................

391,022

‌

17,705

‌

216,146

‌

37,512

‌

Interest

—

unaffiliated

..............................................

2,403

‌

429

‌

8,612

‌

8,475

‌

Securities

lending

income

—

affiliated

—

net

...............................

988,373

‌

24,706

‌

648,566

‌

21,813

‌

Foreign

taxes

withheld

.............................................

(

434,318

)

—

‌

—

‌

—

‌

Total

investment

income

..............................................

36,768,359

‌

9,052,131

‌

55,161,201

‌

45,013,890

‌

EXPENSES

Investment

advisory

...............................................

4,872,327

‌

1,657,253

‌

25,961,632

‌

3,899,461

‌

Total

expenses

....................................................

4,872,327

‌

1,657,253

‌

25,961,632

‌

3,899,461

‌

Net

investment

income

...............................................

31,896,032

‌

7,394,878

‌

29,199,569

‌

41,114,429

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

60,726,070

)

(

5,835,203

)

(

160,703,290

)

(

19,524,867

)

Investments

—

affiliated

...........................................

5,836

‌

4,719

‌

48,031

‌

318

‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................

18

‌

1

‌

7

‌

2

‌

Futures

contracts

...............................................

(

765,772

)

(

292,995

)

(

261,936

)

(

409,156

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

63,641,517

‌

16,472,587

‌

374,363,830

‌

140,219,775

‌

Swaps  

......................................................

(

148,708

)

—

‌

—

‌

—

‌

2,006,821

‌

10,349,109

‌

213,446,642

‌

120,286,072

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

28,975,639

)

(

43,631,807

)

(

1,174,364,705

)

(

161,673,126

)

Investments

—

affiliated

...........................................

5,780

‌

(

650

)

(

3,395

)

1,530

‌

Futures

contracts

...............................................

164,133

‌

(

5,337

)

(

14,613

)

30,620

‌

Swaps  

......................................................

405,189

‌

—

‌

—

‌

—

‌

(

28,400,537

)

(

43,637,794

)

(

1,174,382,713

)

(

161,640,976

)

Net

realized

and

unrealized

loss

.........................................

(

26,393,716

)

(

33,288,685

)

(

960,936,071

)

(

41,354,904

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

5,502,316

‌

$

(

25,893,807

)

$

(

931,736,502

)

$

(

240,475

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

80

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Operations

(continued)

Year

Ended

March

31,

2023

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

............................................

$

3,619,829

‌

$

8,122,175

‌

$

117,395,547

‌

$

27,306,613

‌

Dividends

—

affiliated

..............................................

9,667

‌

15,150

‌

159,465

‌

31,253

‌

Interest

—

unaffiliated

..............................................

1,346

‌

3,035

‌

41,785

‌

706

‌

Securities

lending

income

—

affiliated

—

net

...............................

32,552

‌

360,483

‌

122,210

‌

42,257

‌

Foreign

taxes

withheld

.............................................

(

940

)

—

‌

—

‌

(

27,272

)

Total

investment

income

..............................................

3,662,454

‌

8,500,843

‌

117,719,007

‌

27,353,557

‌

EXPENSES

Investment

advisory

...............................................

1,176,966

‌

1,647,079

‌

15,930,149

‌

3,318,242

‌

Total

expenses

....................................................

1,176,966

‌

1,647,079

‌

15,930,149

‌

3,318,242

‌

Net

investment

income

...............................................

2,485,488

‌

6,853,764

‌

101,788,858

‌

24,035,315

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

10,693,365

)

(

13,228,191

)

(

104,306,036

)

(

92,141,400

)

Investments

—

affiliated

...........................................

4,001

‌

7,464

‌

34,836

‌

(

3,636

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................

—

‌

—

‌

4

‌

1

‌

Futures

contracts

...............................................

(

221,936

)

(

126,309

)

(

2,723,725

)

(

392,293

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

11,281,649

‌

22,878,564

‌

(

231,570,411

)

(

15,779,874

)

370,349

‌

9,531,528

‌

(

338,565,332

)

(

108,317,202

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

62,214,630

)

(

52,857,852

)

(

750,774,284

)

(

267,620,185

)

Investments

—

affiliated

...........................................

2,323

‌

691

‌

14,078

‌

(

935

)

Futures

contracts

...............................................

18,072

‌

(

5,782

)

121,712

‌

(

48,506

)

(

62,194,235

)

(

52,862,943

)

(

750,638,494

)

(

267,669,626

)

Net

realized

and

unrealized

loss

.........................................

(

61,823,886

)

(

43,331,415

)

(

1,089,203,826

)

(

375,986,828

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............

$

(

59,338,398

)

$

(

36,477,651

)

$

(

987,414,968

)

$

(

351,951,513

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

81

Statements

of

Operations

(continued)

Year

Ended

March

31,

2023

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................................

$

10,532,192

‌

Dividends

—

affiliated

..............................................................................................

13,753

‌

Interest

—

unaffiliated

..............................................................................................

1,794

‌

Securities

lending

income

—

affiliated

—

net

...............................................................................

82,523

‌

Total

investment

income

..............................................................................................

10,630,262

‌

EXPENSES

Investment

advisory

...............................................................................................

1,519,550

‌

Total

expenses

....................................................................................................

1,519,550

‌

Net

investment

income

...............................................................................................

9,110,712

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................................

(

41,646,187

)

Investments

—

affiliated

...........................................................................................

(

7,830

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................................................................

1

‌

Futures

contracts

...............................................................................................

(

41,824

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................................................

8,698,397

‌

(

32,997,443

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................................

(

55,189,967

)

Investments

—

affiliated

...........................................................................................

11,194

‌

Futures

contracts

...............................................................................................

9,902

‌

(

55,168,871

)

Net

realized

and

unrealized

loss

.........................................................................................

(

88,166,314

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................................................

$

(

79,055,602

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

82

2023

iShares

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

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

47,865,751

‌

$

18,923,398

‌

$

12,309,514

‌

$

14,226,042

‌

Net

realized

gain

(loss)

.........................................

124,386,829

‌

(

8,807,962

)

(

76,656,331

)

98,120,916

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

89,011,340

‌

181,282,158

‌

(

13,493,080

)

(

62,475,795

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

261,263,920

‌

191,397,594

‌

(

77,839,897

)

49,871,163

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

48,054,843

)

(

18,744,404

)

(

12,294,493

)

(

14,480,571

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

..............

1,946,280,745

‌

534,748,916

‌

276,467,954

‌

128,635,346

‌

NET

ASSETS

Total

increase

in

net

assets

........................................

2,159,489,822

‌

707,402,106

‌

186,333,564

‌

164,025,938

‌

Beginning

of

year

...............................................

3,670,015,073

‌

2,962,612,967

‌

573,973,617

‌

409,947,679

‌

End

of

year

...................................................

$

5,829,504,895

‌

$

3,670,015,073

‌

$

760,307,181

‌

$

573,973,617

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

83

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

11,367,877

‌

$

7,543,433

‌

$

11,521,950

‌

$

12,740,709

‌

Net

realized

gain

(loss)

.........................................

132,773,634

‌

169,476,201

‌

(

169,174,191

)

521,956,386

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

328,845,389

)

(

28,134,804

)

371,104,546

‌

(

841,063,538

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

184,703,878

)

148,884,830

‌

213,452,305

‌

(

306,366,443

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

11,479,684

)

(

7,445,339

)

(

11,584,706

)

(

12,816,171

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

29,980,312

‌

43,579,447

‌

(

329,371,868

)

(

561,414,419

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

166,203,250

)

185,018,938

‌

(

127,504,269

)

(

880,597,033

)

Beginning

of

year

...............................................

1,328,741,918

‌

1,143,722,980

‌

1,764,975,542

‌

2,645,572,575

‌

End

of

year

...................................................

$

1,162,538,668

‌

$

1,328,741,918

‌

$

1,637,471,273

‌

$

1,764,975,542

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

84

2023

iShares

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

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

31,896,032

‌

$

12,722,282

‌

$

7,394,878

‌

$

2,171,849

‌

Net

realized

gain

.............................................

2,006,821

‌

33,746,209

‌

10,349,109

‌

16,068,161

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

28,400,537

)

44,252,132

‌

(

43,637,794

)

6,019,373

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

5,502,316

‌

90,720,623

‌

(

25,893,807

)

24,259,383

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

34,752,301

)

(

13,909,010

)

(

7,403,653

)

(

2,177,905

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

..............

924,427,533

‌

452,497,643

‌

296,097,499

‌

79,477,725

‌

NET

ASSETS

Total

increase

in

net

assets

........................................

895,177,548

‌

529,309,256

‌

262,800,039

‌

101,559,203

‌

Beginning

of

year

...............................................

899,114,481

‌

369,805,225

‌

186,860,130

‌

85,300,927

‌

End

of

year

...................................................

$

1,794,292,029

‌

$

899,114,481

‌

$

449,660,169

‌

$

186,860,130

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

85

Financial

Statements

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

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

29,199,569

‌

$

21,735,101

‌

$

41,114,429

‌

$

12,731,655

‌

Net

realized

gain

.............................................

213,446,642

‌

1,224,731,110

‌

120,286,072

‌

30,812,978

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

1,174,382,713

)

(

480,419,454

)

(

161,640,976

)

191,285,446

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

931,736,502

)

766,046,757

‌

(

240,475

)

234,830,079

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

30,873,470

)

(

21,981,981

)

(

40,696,483

)

(

12,422,061

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

1,111,311,838

)

(

874,728,044

)

(

29,706,632

)

334,558,987

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

2,073,921,810

)

(

130,663,268

)

(

70,643,590

)

556,967,005

‌

Beginning

of

year

...............................................

8,076,257,281

‌

8,206,920,549

‌

800,140,021

‌

243,173,016

‌

End

of

year

...................................................

$

6,002,335,471

‌

$

8,076,257,281

‌

$

729,496,431

‌

$

800,140,021

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

86

2023

iShares

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

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

2,485,488

‌

$

724,866

‌

$

6,853,764

‌

$

6,210,467

‌

Net

realized

gain

.............................................

370,349

‌

9,241,052

‌

9,531,528

‌

15,412,515

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

62,194,235

)

47,969,785

‌

(

52,862,943

)

18,112,653

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

59,338,398

)

57,935,703

‌

(

36,477,651

)

39,735,635

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

2,739,043

)

(

935,137

)

(

8,101,994

)

(

6,432,724

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

1,645,744

‌

(

144,838,846

)

13,965,428

‌

19,708,210

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

60,431,697

)

(

87,838,280

)

(

30,614,217

)

53,011,121

‌

Beginning

of

year

...............................................

283,677,433

‌

371,515,713

‌

407,773,165

‌

354,762,044

‌

End

of

year

...................................................

$

223,245,736

‌

$

283,677,433

‌

$

377,158,948

‌

$

407,773,165

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

87

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Real

Estate

ETF

iShares

U.S.

Regional

Banks

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

101,788,858

‌

$

99,806,560

‌

$

24,035,315

‌

$

25,681,150

‌

Net

realized

gain

(loss)

.........................................

(

338,565,332

)

853,822,015

‌

(

108,317,202

)

52,406,877

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

750,638,494

)

(

111,482,808

)

(

267,669,626

)

(

37,133,160

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

987,414,968

)

842,145,767

‌

(

351,951,513

)

40,954,867

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

106,342,112

)

(

140,375,492

)

(

23,928,648

)

(

24,749,500

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

1,052,727,721

)

(

9,950,229

)

(

210,598,743

)

696,331,202

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

2,146,484,801

)

691,820,046

‌

(

586,478,904

)

712,536,569

‌

Beginning

of

year

...............................................

5,378,866,583

‌

4,687,046,537

‌

1,386,344,257

‌

673,807,688

‌

End

of

year

...................................................

$

3,232,381,782

‌

$

5,378,866,583

‌

$

799,865,353

‌

$

1,386,344,257

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

88

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

9,110,712

‌

$

10,776,734

‌

Net

realized

gain

(loss)

............................................................................

(

32,997,443

)

33,236,725

‌

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

(

55,168,871

)

(

61,914,632

)

Net

decrease

in

net

assets

resulting

from

operations

..........................................................

(

79,055,602

)

(

17,901,173

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

9,139,733

)

(

10,823,757

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........................................

(

113,113,903

)

106,283,084

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................................................

(

201,309,238

)

77,558,154

‌

Beginning

of

year

..................................................................................

503,439,963

‌

425,881,809

‌

End

of

year

......................................................................................

$

302,130,725

‌

$

503,439,963

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

89

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

year

..........................

$

110.71

‌

$

104.13

‌

$

71.94

‌

$

99.80

‌

$

98.97

‌

Net

investment

income

(b)

................................

1

.20

‌

0

.72

‌

0

.89

‌

1

.69

‌

0

.89

‌

Net

realized

and

unrealized

gain

(loss)

(c)

......................

4

.36

‌

6

.55

‌

32.23

‌

(

27.74

)

1

.01

‌

Net

increase

(decrease)

from

investment

operations

...............

5

.56

‌

7

.27

‌

33.12

‌

(

26.05

)

1

.90

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

.............................

(

1

.18

)

(

0

.69

)

(

0

.93

)

(

1

.81

)

(

0

.92

)

From

net

realized

gains

.................................

—

‌

—

‌

—

‌

—

‌

(

0

.15

)

Total

distributions

......................................

(

1

.18

)

(

0

.69

)

(

0

.93

)

(

1

.81

)

(

1

.07

)

Net

asset

value,

end

of

year

..............................

$

115.09

‌

$

110.71

‌

$

104.13

‌

$

71.94

‌

$

99.80

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

.................................

5

.16

%

7

.00

%

46.23

%

(

26.58

)

%

1

.91

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

........................................

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.42

%

Net

investment

income

...................................

1

.13

%

0

.68

%

1

.04

%

1

.57

%

0

.90

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

5,829,505

‌

$

3,670,015

‌

$

2,962,613

‌

$

2,834,403

‌

$

5,019,632

‌

Portfolio

turnover

rate

(g)

...................................

20

%

27

%

49

%

20

%

38

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

90

2023

iShares

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

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.........................

$

99.82

‌

$

92.12

‌

$

51.30

‌

$

58.82

‌

$

65.50

‌

Net

investment

income

(a)

...............................

1

.89

‌

1

.80

‌

1

.07

‌

1

.03

‌

0

.88

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

(

8

.35

)

7

.84

‌

40.82

‌

(

7

.46

)

(

6

.51

)

Net

increase

(decrease)

from

investment

operations

..............

(

6

.46

)

9

.64

‌

41.89

‌

(

6

.43

)

(

5

.63

)

Distributions

from

net

investment

income

(c)

.....................

(

1

.76

)

(

1

.94

)

(

1

.07

)

(

1

.09

)

(

1

.05

)

Net

asset

value,

end

of

year

.............................

$

91.60

‌

$

99.82

‌

$

92.12

‌

$

51.30

‌

$

58.82

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

(

6

.43

)

%

10.38

%

82.40

%

(

11.15

)

%

(

8

.63

)

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

..................................

1

.99

%

1

.70

%

1

.48

%

1

.60

%

1

.38

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

760,307

‌

$

573,974

‌

$

409,948

‌

$

141,086

‌

$

217,641

‌

Portfolio

turnover

rate

(f)

..................................

56

%

24

%

37

%

15

%

27

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

91

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

Providers

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

..........................

$

282.71

‌

$

251.37

‌

$

166.85

‌

$

167.98

‌

$

157.08

‌

Net

investment

income

(a)

................................

2

.04

‌

1

.65

‌

1

.30

‌

1

.25

‌

0

.54

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

(

35.36

)

31.33

‌

84.59

‌

(

1

.04

)

16.99

‌

Net

increase

(decrease)

from

investment

operations

...............

(

33.32

)

32.98

‌

85.89

‌

0

.21

‌

17.53

‌

Distributions

from

net

investment

income

(c)

......................

(

2

.04

)

(

1

.64

)

(

1

.37

)

(

1

.34

)

(

6

.63

)

Net

asset

value,

end

of

year

..............................

$

247.35

‌

$

282.71

‌

$

251.37

‌

$

166.85

‌

$

167.98

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

.................................

(

11.81

)

%

13.15

%

51.63

%

0

.10

%

11.25

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

........................................

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.43

%

Net

investment

income

...................................

0

.77

%

0

.61

%

0

.61

%

0

.70

%

0

.29

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

1,162,539

‌

$

1,328,742

‌

$

1,143,723

‌

$

784,201

‌

$

797,909

‌

Portfolio

turnover

rate

(f)

...................................

20

%

24

%

27

%

30

%

48

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

92

2023

iShares

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

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.........................

$

59.23

‌

$

67.84

‌

$

28.94

‌

$

35.26

‌

$

39.24

‌

Net

investment

income

(a)

...............................

0

.50

‌

0

.36

‌

0

.27

‌

0

.23

‌

0

.19

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

11.06

‌

(

8

.59

)

38.89

‌

(

6

.31

)

(

3

.97

)

Net

increase

(decrease)

from

investment

operations

..............

11.56

‌

(

8

.23

)

39.16

‌

(

6

.08

)

(

3

.78

)

Distributions

from

net

investment

income

(c)

.....................

(

0

.51

)

(

0

.38

)

(

0

.26

)

(

0

.24

)

(

0

.20

)

Net

asset

value,

end

of

year

.............................

$

70.28

‌

$

59.23

‌

$

67.84

‌

$

28.94

‌

$

35.26

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

19.69

%

(

12.21

)

%

135.53

%

(

17.40

)

%

(

9

.60

)

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

..................................

0

.84

%

0

.50

%

0

.50

%

0

.55

%

0

.53

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

1,637,471

‌

$

1,764,976

‌

$

2,645,573

‌

$

707,640

‌

$

1,147,657

‌

Portfolio

turnover

rate

(f)

..................................

9

%

5

%

14

%

15

%

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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

93

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

Year

Ended

03/31/23

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

.72

‌

0

.67

‌

0

.77

‌

0

.49

‌

0

.43

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................

(

1

.57

)

4

.38

‌

14.10

‌

(

6

.00

)

1

.24

‌

Net

increase

(decrease)

from

investment

operations

.............

(

0

.85

)

5

.05

‌

14.87

‌

(

5

.51

)

1

.67

‌

Distributions

(d)

–

–

–

–

–

From

net

investment

income

...........................

(

0

.73

)

(

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

.73

)

(

0

.69

)

(

0

.58

)

(

0

.53

)

(

0

.67

)

Net

asset

value,

end

of

period

...........................

$

37.34

‌

$

38.92

‌

$

34.56

‌

$

20.27

‌

$

26.31

‌

Total

Return

(f)

–

–

–

–

–

Based

on

net

asset

value

...............................

(

2

.08

)

%

14.78

%

74.11

%

(

21.26

)

%

6

.78

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

Total

expenses

......................................

0

.30

%

0

.35

%

0

.40

%

0

.40

%

0

.40

%

(i)

Net

investment

income

.................................

1

.96

%

1

.85

%

2

.54

%

1

.84

%

1

.67

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................

$

1,794,292

‌

$

899,114

‌

$

369,805

‌

$

5,068

‌

$

5,262

‌

Portfolio

turnover

rate

(j)

.................................

26

%

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.

94

2023

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Insurance

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.........................

$

91.15

‌

$

74.17

‌

$

49.76

‌

$

63.64

‌

$

64.54

‌

Net

investment

income

(a)

...............................

1

.57

‌

1

.67

‌

1

.51

‌

1

.35

‌

1

.23

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

(

5

.57

)

16.94

‌

24.37

‌

(

13.77

)

(

0

.89

)

Net

increase

(decrease)

from

investment

operations

..............

(

4

.00

)

18.61

‌

25.88

‌

(

12.42

)

0

.34

‌

Distributions

from

net

investment

income

(c)

.....................

(

1

.50

)

(

1

.63

)

(

1

.47

)

(

1

.46

)

(

1

.24

)

Net

asset

value,

end

of

year

.............................

$

85.65

‌

$

91.15

‌

$

74.17

‌

$

49.76

‌

$

63.64

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

(

4

.35

)

%

25.36

%

52.54

%

(

19.92

)

%

0

.60

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.43

%

Net

investment

income

..................................

1

.78

%

2

.04

%

2

.50

%

1

.95

%

1

.94

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

449,660

‌

$

186,860

‌

$

85,301

‌

$

62,206

‌

$

98,637

‌

Portfolio

turnover

rate

(f)

..................................

12

%

11

%

10

%

8

%

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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

95

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Medical

Devices

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

year

.........................

$

60.93

‌

$

55.04

‌

$

37.54

‌

$

38.57

‌

$

30.81

‌

Net

investment

income

(b)

...............................

0

.24

‌

0

.16

‌

0

.15

‌

0

.16

‌

0

.12

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

(

6

.89

)

5

.89

‌

17.49

‌

(

1

.04

)

7

.73

‌

Net

increase

(decrease)

from

investment

operations

..............

(

6

.65

)

6

.05

‌

17.64

‌

(

0

.88

)

7

.85

‌

Distributions

from

net

investment

income

(d)

.....................

(

0

.25

)

(

0

.16

)

(

0

.14

)

(

0

.15

)

(

0

.09

)

Net

asset

value,

end

of

year

.............................

$

54.03

‌

$

60.93

‌

$

55.04

‌

$

37.54

‌

$

38.57

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

(

10.89

)

%

10.99

%

47.02

%

(

2

.32

)

%

25.50

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.43

%

Net

investment

income

..................................

0

.45

%

0

.26

%

0

.30

%

0

.39

%

0

.33

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

6,002,335

‌

$

8,076,257

‌

$

8,206,921

‌

$

4,144,859

‌

$

3,656,734

‌

Portfolio

turnover

rate

(g)

..................................

10

%

11

%

9

%

9

%

36

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

96

2023

iShares

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

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.........................

$

84.23

‌

$

48.63

‌

$

22.83

‌

$

58.20

‌

$

63.55

‌

Net

investment

income

(a)

...............................

3

.81

‌

2

.00

‌

0

.98

‌

0

.95

‌

0

.67

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

1

.50

‌

35.51

‌

25.92

‌

(

35.22

)

(

5

.11

)

Net

increase

(decrease)

from

investment

operations

..............

5

.31

‌

37.51

‌

26.90

‌

(

34.27

)

(

4

.44

)

Distributions

from

net

investment

income

(c)

.....................

(

3

.72

)

(

1

.91

)

(

1

.10

)

(

1

.10

)

(

0

.91

)

Net

asset

value,

end

of

year

.............................

$

85.82

‌

$

84.23

‌

$

48.63

‌

$

22.83

‌

$

58.20

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

6

.40

%

78.44

%

120.05

%

(

59.65

)

%

(

7

.06

)

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.42

%

Net

investment

income

..................................

4

.22

%

3

.27

%

2

.81

%

1

.87

%

1

.00

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

729,496

‌

$

800,140

‌

$

243,173

‌

$

90,169

‌

$

276,450

‌

Portfolio

turnover

rate

(f)

..................................

15

%

17

%

21

%

25

%

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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

97

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.........................

$

19.30

‌

$

13.41

‌

$

5

.97

‌

$

25.24

‌

$

32.41

‌

Net

investment

income

(a)

...............................

0

.16

‌

0

.07

‌

0

.14

‌

0

.47

‌

0

.34

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

0

.05

‌

5

.92

‌

7

.50

‌

(

19.27

)

(

7

.14

)

Net

increase

(decrease)

from

investment

operations

..............

0

.21

‌

5

.99

‌

7

.64

‌

(

18.80

)

(

6

.80

)

Distributions

from

net

investment

income

(c)

.....................

(

0

.18

)

(

0

.10

)

(

0

.20

)

(

0

.47

)

(

0

.37

)

Net

asset

value,

end

of

year

.............................

$

19.33

‌

$

19.30

‌

$

13.41

‌

$

5

.97

‌

$

25.24

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

1

.16

%

44.88

%

129.06

%

(

75.48

)

%

(

21.10

)

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

..................................

0

.84

%

0

.49

%

1

.37

%

2

.44

%

1

.09

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

223,246

‌

$

283,677

‌

$

371,516

‌

$

25,669

‌

$

155,238

‌

Portfolio

turnover

rate

(f)

..................................

16

%

55

%

71

%

23

%

35

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

98

2023

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Pharmaceuticals

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.........................

$

194.18

‌

$

177.38

‌

$

134.83

‌

$

154.05

‌

$

147.20

‌

Net

investment

income

(a)

...............................

3

.07

‌

3

.06

‌

2

.20

‌

2

.14

‌

1

.73

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

(

18.22

)

16.88

‌

42.53

‌

(

19.09

)

6

.91

‌

Net

increase

(decrease)

from

investment

operations

..............

(

15.15

)

19.94

‌

44.73

‌

(

16.95

)

8

.64

‌

Distributions

from

net

investment

income

(c)

.....................

(

3

.61

)

(

3

.14

)

(

2

.18

)

(

2

.27

)

(

1

.79

)

Net

asset

value,

end

of

year

.............................

$

175.42

‌

$

194.18

‌

$

177.38

‌

$

134.83

‌

$

154.05

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

(

7

.83

)

%

11.29

%

33.30

%

(

11.06

)

%

5

.88

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.42

%

Net

investment

income

..................................

1

.66

%

1

.63

%

1

.33

%

1

.45

%

1

.12

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

377,159

‌

$

407,773

‌

$

354,762

‌

$

276,404

‌

$

385,114

‌

Portfolio

turnover

rate

(f)

..................................

46

%

20

%

52

%

40

%

51

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

99

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Real

Estate

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.........................

$

108.01

‌

$

91.81

‌

$

69.71

‌

$

86.99

‌

$

75.48

‌

Net

investment

income

(a)

...............................

2

.35

‌

1

.64

‌

1

.67

‌

2

.16

‌

2

.28

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

(

22.94

)

16.94

‌

22.49

‌

(

16.61

)

11.86

‌

Net

increase

(decrease)

from

investment

operations

..............

(

20.59

)

18.58

‌

24.16

‌

(

14.45

)

14.14

‌

Distributions

from

net

investment

income

(c)

.....................

(

2

.47

)

(

2

.38

)

(

2

.06

)

(

2

.83

)

(

2

.63

)

Net

asset

value,

end

of

year

.............................

$

84.95

‌

$

108.01

‌

$

91.81

‌

$

69.71

‌

$

86.99

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

(

19.04

)

%

20.27

%

35.02

%

(

17.14

)

%

19.09

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

..................................

2

.56

%

1

.56

%

2

.03

%

2

.39

%

2

.85

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

3,232,382

‌

$

5,378,867

‌

$

4,687,047

‌

$

3,067,098

‌

$

4,597,605

‌

Portfolio

turnover

rate

(f)

..................................

8

%

9

%

14

%

8

%

11

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

100

2023

iShares

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

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.........................

$

58.87

‌

$

56.62

‌

$

29.00

‌

$

43.44

‌

$

50.39

‌

Net

investment

income

(a)

...............................

1

.46

‌

1

.34

‌

1

.32

‌

1

.20

‌

1

.01

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

(

23.11

)

2

.14

‌

27.52

‌

(

14.32

)

(

6

.91

)

Net

increase

(decrease)

from

investment

operations

..............

(

21.65

)

3

.48

‌

28.84

‌

(

13.12

)

(

5

.90

)

Distributions

from

net

investment

income

(c)

.....................

(

1

.43

)

(

1

.23

)

(

1

.22

)

(

1

.32

)

(

1

.05

)

Net

asset

value,

end

of

year

.............................

$

35.79

‌

$

58.87

‌

$

56.62

‌

$

29.00

‌

$

43.44

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

(

37.30

)

%

6

.11

%

101.55

%

(

31.09

)

%

(

11.79

)

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

..................................

2

.90

%

2

.19

%

3

.26

%

2

.60

%

2

.08

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

799,865

‌

$

1,386,344

‌

$

673,808

‌

$

197,182

‌

$

519,088

‌

Portfolio

turnover

rate

(f)

..................................

7

%

14

%

6

%

5

%

10

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

101

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

.........................

$

29.88

‌

$

32.39

‌

$

24.88

‌

$

29.73

‌

$

27.06

‌

Net

investment

income

(a)

...............................

0

.58

‌

0

.77

‌

0

.82

‌

0

.71

‌

0

.49

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

(

6

.73

)

(

2

.54

)

7

.50

‌

(

4

.80

)

2

.71

‌

Net

increase

(decrease)

from

investment

operations

..............

(

6

.15

)

(

1

.77

)

8

.32

‌

(

4

.09

)

3

.20

‌

Distributions

from

net

investment

income

(c)

.....................

(

0

.58

)

(

0

.74

)

(

0

.81

)

(

0

.76

)

(

0

.53

)

Net

asset

value,

end

of

year

.............................

$

23.15

‌

$

29.88

‌

$

32.39

‌

$

24.88

‌

$

29.73

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

(

20.56

)

%

(

5

.63

)

%

33.82

%

(

13.99

)

%

11.91

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.42

%

Net

investment

income

..................................

2

.40

%

2

.37

%

2

.82

%

2

.40

%

1

.73

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

302,131

‌

$

503,440

‌

$

425,882

‌

$

292,379

‌

$

463,756

‌

Portfolio

turnover

rate

(f)

..................................

24

%

75

%

40

%

41

%

35

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

102

2023

iShares

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. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

March

31,

2023,

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. 

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

(

continued)

103

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.

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

Notes

to

Financial

Statements

(continued)

104

2023

iShares

Annual

Report

to

Shareholders

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

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

Barclays

Bank

PLC

...............................................

$

186,320‌

$

(186,320‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

..............................................

8,399,486‌

(8,399,486‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

7,347,320‌

(7,347,320‌)

—‌

—‌

HSBC

Bank

PLC

................................................

2,555,195‌

(2,525,218‌)

—‌

29,977‌

J.P.

Morgan

Securities

LLC

.........................................

8,246,059‌

(8,246,059‌)

—‌

—‌

Jefferies

LLC

...................................................

21,450‌

(21,450‌)

—‌

—‌

Morgan

Stanley

.................................................

23,086,251‌

(23,086,251‌)

—‌

—‌

National

Financial

Services

LLC

......................................

7,116‌

(7,116‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

1,512,745‌

(1,512,745‌)

—‌

—‌

UBS

AG

......................................................

8,632,590‌

(8,632,590‌)

—‌

—‌

UBS

Securities

LLC

..............................................

355,318‌

(355,318‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

568,894‌

(568,894‌)

—‌

—‌

$

60,918,744‌

$

(60,888,767‌)

$

—‌

$

29,977‌

a

U.S.

Broker-Dealers

&

Securities

Exchanges

BNP

Paribas

SA

.................................................

2,976,114‌

(2,976,114‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,232,329‌

(2,231,756‌)

—‌

573‌

HSBC

Bank

PLC

................................................

40,326‌

(40,326‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

4,496‌

(4,496‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

103,897‌

(103,897‌)

—‌

—‌

$

5,357,162‌

$

(5,356,589‌)

$

—‌

$

573‌

a

Notes

to

Financial

Statements

(

continued)

105

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.

Healthcare

Providers

Barclays

Bank

PLC

...............................................

$

4,428,757‌

$

(4,426,210‌)

$

—‌

$

2,547‌

Barclays

Capital,

Inc.

.............................................

3,684,422‌

(3,682,304‌)

—‌

2,118‌

BMO

Capital

Markets

Corp.

.........................................

779,760‌

(779,760‌)

—‌

—‌

BNP

Paribas

SA

.................................................

7,182,993‌

(7,182,993‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

6,917,102‌

(6,824,216‌)

—‌

92,886‌

Citadel

Clearing

LLC

..............................................

160,630‌

(157,548‌)

—‌

3,082‌

Citigroup

Global

Markets,

Inc.

........................................

408,482‌

(408,482‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

2,668,230‌

(2,668,230‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

8,715,150‌

(8,670,640‌)

—‌

44,510‌

HSBC

Bank

PLC

................................................

85,500‌

(85,500‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

10,049,621‌

(10,049,621‌)

—‌

—‌

Jefferies

LLC

...................................................

72,278‌

(72,278‌)

—‌

—‌

Morgan

Stanley

.................................................

15,295,103‌

(15,295,103‌)

—‌

—‌

National

Financial

Services

LLC

......................................

494,823‌

(494,823‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

48,258‌

(47,599‌)

—‌

659‌

SG

Americas

Securities

LLC

........................................

11,937‌

(11,937‌)

—‌

—‌

UBS

AG

......................................................

222,145‌

(222,145‌)

—‌

—‌

UBS

Securities

LLC

..............................................

547,196‌

(543,353‌)

—‌

3,843‌

Virtu

Americas

LLC

...............................................

178,703‌

(178,703‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

22,720‌

(22,720‌)

—‌

—‌

$

61,973,810‌

$

(61,824,165‌)

$

—‌

$

149,645‌

a

U.S.

Home

Construction

Barclays

Bank

PLC

...............................................

150,330‌

(147,651‌)

—‌

2,679‌

Barclays

Capital,

Inc.

.............................................

511,122‌

(502,014‌)

—‌

9,108‌

BNP

Paribas

SA

.................................................

92,883‌

(92,654‌)

—‌

229‌

BofA

Securities,

Inc.

..............................................

12,883,310‌

(12,690,247‌)

—‌

193,063‌

Citigroup

Global

Markets,

Inc.

........................................

417‌

(409‌)

—‌

8‌

Goldman

Sachs

&

Co.

LLC

.........................................

16,035,815‌

(15,774,265‌)

—‌

261,550‌

J.P.

Morgan

Securities

LLC

.........................................

9,475,670‌

(9,389,968‌)

—‌

85,702‌

Jefferies

LLC

...................................................

170,665‌

(170,665‌)

—‌

—‌

Natixis

SA

.....................................................

4,223,460‌

(4,157,464‌)

—‌

65,996‌

Nomura

Securities

International,

Inc.

...................................

20,644‌

(20,644‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

7,597,322‌

(7,484,620‌)

—‌

112,702‌

Scotia

Capital

(USA),

Inc.

..........................................

12,145,939‌

(11,846,020‌)

—‌

299,919‌

State

Street

Bank

&

Trust

Co.

........................................

181,540‌

(180,379‌)

—‌

1,161‌

Toronto-Dominion

Bank

............................................

5,994,367‌

(5,900,699‌)

—‌

93,668‌

UBS

AG

......................................................

2,415,546‌

(2,358,680‌)

—‌

56,866‌

UBS

Securities

LLC

..............................................

344,926‌

(342,151‌)

—‌

2,775‌

Wells

Fargo

Securities

LLC

.........................................

306,123‌

(304,896‌)

—‌

1,227‌

$

72,550,079‌

$

(71,363,426‌)

$

—‌

$

1,186,653‌

a

U.S.

Infrastructure

Barclays

Capital,

Inc.

.............................................

3,549,819‌

(3,537,048‌)

—‌

12,771‌

BofA

Securities,

Inc.

..............................................

9,200,667‌

(9,200,667‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

150,997‌

(150,997‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

125,356‌

(125,356‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

606,585‌

(606,585‌)

—‌

—‌

HSBC

Bank

PLC

................................................

13,763,003‌

(13,763,003‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

9,752,261‌

(9,752,261‌)

—‌

—‌

Jefferies

LLC

...................................................

134,385‌

(133,899‌)

—‌

486‌

Morgan

Stanley

.................................................

5,122,539‌

(5,122,539‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

8,699,892‌

(8,699,892‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

117,927‌

(115,113‌)

—‌

2,814‌

Toronto-Dominion

Bank

............................................

1,545,307‌

(1,493,712‌)

—‌

51,595‌

UBS

AG

......................................................

880,580‌

(879,606‌)

—‌

974‌

UBS

Securities

LLC

..............................................

1,328‌

(1,328‌)

—‌

—‌

$

53,650,646‌

$

(53,582,006‌)

$

—‌

$

68,640‌

a

Notes

to

Financial

Statements

(continued)

106

2023

iShares

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.

Insurance

Barclays

Bank

PLC

...............................................

$

158,399‌

$

(158,399‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

..............................................

342,520‌

(342,520‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

371,330‌

(364,455‌)

—‌

6,875‌

J.P.

Morgan

Securities

LLC

.........................................

2,123,058‌

(2,123,058‌)

—‌

—‌

UBS

AG

......................................................

101,416‌

(100,729‌)

—‌

687‌

Virtu

Americas

LLC

...............................................

1,303,104‌

(1,303,104‌)

—‌

—‌

$

4,399,827‌

$

(4,392,265‌)

$

—‌

$

7,562‌

a

U.S.

Medical

Devices

Barclays

Bank

PLC

...............................................

914,536‌

(914,536‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

263,579‌

(263,579‌)

—‌

—‌

BNP

Paribas

SA

.................................................

10,806,806‌

(10,763,871‌)

—‌

42,935‌

BofA

Securities,

Inc.

..............................................

4,668,247‌

(4,668,247‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

13,860,916‌

(13,860,916‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

5,198,906‌

(5,198,906‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

3,645‌

(3,632‌)

—‌

13‌

Goldman

Sachs

&

Co.

LLC

.........................................

31,993,298‌

(31,993,298‌)

—‌

—‌

HSBC

Bank

PLC

................................................

557,231‌

(557,231‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

72,659,773‌

(72,659,773‌)

—‌

—‌

Jefferies

LLC

...................................................

3,484,700‌

(3,484,700‌)

—‌

—‌

Morgan

Stanley

.................................................

50,825,212‌

(50,825,212‌)

—‌

—‌

National

Financial

Services

LLC

......................................

80,229‌

(80,229‌)

—‌

—‌

Natixis

SA

.....................................................

198,448‌

(198,448‌)

—‌

—‌

Pershing

LLC

...................................................

157,646‌

(157,646‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

22,418,829‌

(22,194,137‌)

—‌

224,692‌

SG

Americas

Securities

LLC

........................................

40,350‌

(40,350‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

579,689‌

(573,739‌)

—‌

5,950‌

UBS

AG

......................................................

991,389‌

(991,389‌)

—‌

—‌

UBS

Securities

LLC

..............................................

90,860‌

(90,619‌)

—‌

241‌

Virtu

Americas

LLC

...............................................

369,650‌

(369,650‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

89,342‌

(89,342‌)

—‌

—‌

$

220,253,281‌

$

(219,979,450‌)

$

—‌

$

273,831‌

a

U.S.

Oil

&

Gas

Exploration

&

Production

Barclays

Capital,

Inc.

.............................................

408,683‌

(408,683‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

227,369‌

(227,369‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,906,388‌

(2,906,388‌)

—‌

—‌

Morgan

Stanley

.................................................

179,268‌

(179,268‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

1,117,482‌

(1,117,482‌)

—‌

—‌

$

4,839,190‌

$

(4,839,190‌)

$

—‌

$

—‌

a

U.S.

Oil

Equipment

&

Services

Barclays

Capital,

Inc.

.............................................

2,284,922‌

(2,284,922‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

3,817,628‌

(3,817,628‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

48,764‌

(48,764‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

2,268,257‌

(2,268,257‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

149,940‌

(149,940‌)

—‌

—‌

HSBC

Bank

PLC

................................................

256,555‌

(256,555‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,853,205‌

(2,853,205‌)

—‌

—‌

Morgan

Stanley

.................................................

7,657‌

(7,657‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

364,336‌

(364,336‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

4,835,032‌

(4,835,032‌)

—‌

—‌

$

16,886,296‌

$

(16,886,296‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(

continued)

107

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.

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.

Pharmaceuticals

Barclays

Bank

PLC

...............................................

$

938,014‌

$

(938,014‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

120,496‌

(120,496‌)

—‌

—‌

BNP

Paribas

SA

.................................................

600,672‌

(600,672‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

1,507,781‌

(1,507,781‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,015,974‌

(984,988‌)

—‌

30,986‌

ING

Financial

Markets

LLC

.........................................

176,076‌

(176,076‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

8,464,122‌

(8,464,122‌)

—‌

—‌

Jefferies

LLC

...................................................

1,479,095‌

(1,479,095‌)

—‌

—‌

Morgan

Stanley

.................................................

240,235‌

(240,235‌)

—‌

—‌

National

Financial

Services

LLC

......................................

3,475,751‌

(3,475,751‌)

—‌

—‌

Natixis

SA

.....................................................

472,603‌

(472,603‌)

—‌

—‌

UBS

AG

......................................................

41,293‌

(41,293‌)

—‌

—‌

UBS

Securities

LLC

..............................................

70,350‌

(70,350‌)

—‌

—‌

$

18,602,462‌

$

(18,571,476‌)

$

—‌

$

30,986‌

a

U.S.

Real

Estate

Barclays

Bank

PLC

...............................................

6,150,015‌

(6,150,015‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

281,600‌

(280,014‌)

—‌

1,586‌

BNP

Paribas

SA

.................................................

3,180,277‌

(3,167,584‌)

—‌

12,693‌

BofA

Securities,

Inc.

..............................................

5,908,615‌

(5,908,615‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

7,456,836‌

(7,410,469‌)

—‌

46,367‌

Morgan

Stanley

.................................................

25,120‌

(25,120‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

249,032‌

(245,012‌)

—‌

4,020‌

UBS

AG

......................................................

2,284,735‌

(2,250,425‌)

—‌

34,310‌

UBS

Securities

LLC

..............................................

4,265,597‌

(4,199,408‌)

—‌

66,189‌

Virtu

Americas

LLC

...............................................

909,411‌

(894,732‌)

—‌

14,679‌

Wells

Fargo

Bank

NA

.............................................

353,970‌

(350,342‌)

—‌

3,628‌

Wells

Fargo

Securities

LLC

.........................................

249,032‌

(245,012‌)

—‌

4,020‌

$

31,314,240‌

$

(31,126,748‌)

$

—‌

$

187,492‌

a

U.S.

Regional

Banks

BMO

Capital

Markets

Corp.

.........................................

11,670‌

(11,670‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,148,285‌

(1,148,285‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

9,207,090‌

(9,207,090‌)

—‌

—‌

Morgan

Stanley

.................................................

1,323,146‌

(1,323,146‌)

—‌

—‌

UBS

AG

......................................................

5,400‌

(5,400‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

4,169‌

(4,169‌)

—‌

—‌

$

11,699,760‌

$

(11,699,760‌)

$

—‌

$

—‌

a

U.S.

Telecommunications

Barclays

Bank

PLC

...............................................

4,791,974‌

(4,772,103‌)

—‌

19,871‌

BNP

Paribas

SA

.................................................

3,430,779‌

(3,388,928‌)

—‌

41,851‌

Goldman

Sachs

&

Co.

LLC

.........................................

7,413,909‌

(7,312,985‌)

—‌

100,924‌

J.P.

Morgan

Securities

LLC

.........................................

1,334,047‌

(1,334,047‌)

—‌

—‌

Morgan

Stanley

.................................................

6,073,540‌

(5,811,319‌)

—‌

262,221‌

RBC

Capital

Markets

LLC

..........................................

109,071‌

(108,619‌)

—‌

452‌

Wells

Fargo

Bank

NA

.............................................

250,712‌

(249,497‌)

—‌

1,215‌

$

23,404,032‌

$

(22,977,498‌)

$

—‌

$

426,534‌

a

(a)

Collateral

received,

if

any,

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

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

March

31,

2023.

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

the

counterparty.

Notes

to

Financial

Statements

(continued)

108

2023

iShares

Annual

Report

to

Shareholders

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

U.S.

Infrastructure

ETF

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

or

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instruments

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities. 

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

Notes

to

Financial

Statements

(

continued)

109

Notes

to

Financial

Statements

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

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

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.

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

(continued)

110

2023

iShares

Annual

Report

to

Shareholders

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 year

ended March

31,

2023,

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

year

ended

March

31,

2023,

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 year

ended

March

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

U.S.

Aerospace

&

Defense

.............................................................................................

$

134,153

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

.................................................................................

5,810

‌

U.S.

Healthcare

Providers

..............................................................................................

71,116

‌

U.S.

Home

Construction

...............................................................................................

52,806

‌

U.S.

Infrastructure

...................................................................................................

244,997

‌

U.S.

Insurance

.....................................................................................................

6,927

‌

U.S.

Medical

Devices

.................................................................................................

226,745

‌

U.S.

Oil

&

Gas

Exploration

&

Production

....................................................................................

8,713

‌

U.S.

Oil

Equipment

&

Services

...........................................................................................

13,018

‌

U.S.

Pharmaceuticals

.................................................................................................

89,873

‌

U.S.

Real

Estate

....................................................................................................

49,276

‌

U.S.

Regional

Banks

.................................................................................................

12,008

‌

U.S.

Telecommunications

..............................................................................................

31,325

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

U.S.

Aerospace

&

Defense

.........................................................

$

78,383,415

‌

$

69,082,544

‌

$

(16,057,876

)

U.S.

Broker-Dealers

&

Securities

Exchanges

.............................................

81,393,147

‌

93,188,857

‌

(16,633,061

)

U.S.

Healthcare

Providers

..........................................................

79,789,815

‌

100,861,651

‌

(17,573,821

)

U.S.

Home

Construction

...........................................................

70,095,378

‌

27,267,807

‌

(6,237,043

)

U.S.

Infrastructure

...............................................................

45,197,019

‌

48,319,221

‌

(3,933,597

)

U.S.

Insurance

.................................................................

13,886,707

‌

6,990,915

‌

(500,125

)

U.S.

Medical

Devices

.............................................................

105,128,004

‌

240,265,445

‌

(77,888,061

)

U.S.

Oil

&

Gas

Exploration

&

Production

................................................

30,260,073

‌

41,391,917

‌

(9,257,109

)

U.S.

Oil

Equipment

&

Services

.......................................................

6,527,546

‌

25,865,854

‌

(6,075,767

)

U.S.

Pharmaceuticals

.............................................................

120,587,082

‌

126,343,924

‌

3,953,376

‌

U.S.

Real

Estate

................................................................

17,728,049

‌

69,049,037

‌

(32,894,584

)

U.S.

Regional

Banks

.............................................................

8,264,838

‌

12,774,746

‌

(6,368,005

)

U.S.

Telecommunications

..........................................................

26,104,275

‌

62,793,751

‌

(29,753,628

)

iShares

ETF

Purchases

Sales

U.S.

Aerospace

&

Defense

...........................................................................

$

863,731,105

‌

$

859,025,345

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...............................................................

346,331,015

‌

346,892,529

‌

U.S.

Healthcare

Providers

............................................................................

301,913,184

‌

301,385,718

‌

U.S.

Home

Construction

.............................................................................

124,429,711

‌

123,551,575

‌

U.S.

Infrastructure

.................................................................................

426,770,528

‌

421,592,387

‌

U.S.

Insurance

...................................................................................

49,163,938

‌

47,187,267

‌

U.S.

Medical

Devices

...............................................................................

667,350,744

‌

671,901,267

‌

U.S.

Oil

&

Gas

Exploration

&

Production

..................................................................

143,873,974

‌

154,816,240

‌

U.S.

Oil

Equipment

&

Services

.........................................................................

46,071,501

‌

47,047,051

‌

U.S.

Pharmaceuticals

...............................................................................

188,290,852

‌

188,783,140

‌

U.S.

Real

Estate

..................................................................................

345,084,669

‌

325,951,989

‌

U.S.

Regional

Banks

...............................................................................

62,558,387

‌

59,378,424

‌

U.S.

Telecommunications

............................................................................

90,281,564

‌

91,786,656

‌

Notes

to

Financial

Statements

(

continued)

111

Notes

to

Financial

Statements

For

the year

ended

March

31,

2023,

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

March

31,

2023,

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.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

March

31,

2023,

permanent

differences

attributable

to

distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

iShares

ETF

In-kind

Purchases

In-kind

Sales

U.S.

Aerospace

&

Defense

...........................................................................

$

2,823,855,479

‌

$

886,820,601

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...............................................................

613,042,529

‌

338,470,062

‌

U.S.

Healthcare

Providers

............................................................................

778,164,875

‌

748,153,529

‌

U.S.

Home

Construction

.............................................................................

3,844,957,410

‌

4,175,033,527

‌

U.S.

Infrastructure

.................................................................................

1,316,070,828

‌

411,890,644

‌

U.S.

Insurance

...................................................................................

489,940,179

‌

196,893,290

‌

U.S.

Medical

Devices

...............................................................................

866,222,685

‌

1,974,949,144

‌

U.S.

Oil

&

Gas

Exploration

&

Production

..................................................................

533,642,454

‌

555,643,789

‌

U.S.

Oil

Equipment

&

Services

.........................................................................

413,494,720

‌

411,536,623

‌

U.S.

Pharmaceuticals

...............................................................................

112,755,612

‌

98,836,244

‌

U.S.

Real

Estate

..................................................................................

12,310,074,467

‌

13,356,287,511

‌

U.S.

Regional

Banks

...............................................................................

356,765,280

‌

570,481,006

‌

U.S.

Telecommunications

............................................................................

1,601,132,490

‌

1,712,384,683

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

U.S.

Aerospace

&

Defense

..........................................................................

$

195,810,015

‌

$

(195,810,015

)

U.S.

Broker-Dealers

&

Securities

Exchanges

..............................................................

13,772,344

‌

(13,772,344

)

U.S.

Healthcare

Providers

...........................................................................

186,635,401

‌

(186,635,401

)

U.S.

Home

Construction

............................................................................

(127,793,037

)

127,793,037

‌

U.S.

Infrastructure

................................................................................

61,374,860

‌

(61,374,860

)

U.S.

Insurance

..................................................................................

16,123,515

‌

(16,123,515

)

U.S.

Medical

Devices

..............................................................................

372,378,406

‌

(372,378,406

)

U.S.

Oil

&

Gas

Exploration

&

Production

.................................................................

137,692,247

‌

(137,692,247

)

U.S.

Oil

Equipment

&

Services

........................................................................

10,904,374

‌

(10,904,374

)

U.S.

Pharmaceuticals

..............................................................................

22,650,929

‌

(22,650,929

)

U.S.

Real

Estate

.................................................................................

(246,880,223

)

246,880,223

‌

U.S.

Regional

Banks

..............................................................................

(18,141,270

)

18,141,270

‌

U.S.

Telecommunications

...........................................................................

7,218,357

‌

(7,218,357

)

Notes

to

Financial

Statements

(continued)

112

2023

iShares

Annual

Report

to

Shareholders

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2023,

the

tax

components

of

accumulated

net earnings

(losses)

were

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.

iShares

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

U.S.

Aerospace

&

Defense

Ordinary

income

..........................................................................................

$

48,054,843

‌

$

18,744,404

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

Ordinary

income

..........................................................................................

$

12,294,493

‌

$

14,480,571

‌

U.S.

Healthcare

Providers

Ordinary

income

..........................................................................................

$

11,479,684

‌

$

7,445,339

‌

U.S.

Home

Construction

Ordinary

income

..........................................................................................

$

11,584,706

‌

$

12,816,171

‌

U.S.

Infrastructure

Ordinary

income

..........................................................................................

$

34,752,301

‌

$

13,909,010

‌

U.S.

Insurance

Ordinary

income

..........................................................................................

$

7,403,653

‌

$

2,177,905

‌

U.S.

Medical

Devices

Ordinary

income

..........................................................................................

$

30,873,470

‌

$

21,981,981

‌

U.S.

Oil

&

Gas

Exploration

&

Production

Ordinary

income

..........................................................................................

$

40,696,483

‌

$

12,422,061

‌

U.S.

Oil

Equipment

&

Services

Ordinary

income

..........................................................................................

$

2,739,043

‌

$

935,137

‌

U.S.

Pharmaceuticals

Ordinary

income

..........................................................................................

$

8,101,994

‌

$

6,432,724

‌

U.S.

Real

Estate

Ordinary

income

..........................................................................................

$

106,342,112

‌

$

140,375,492

‌

U.S.

Regional

Banks

Ordinary

income

..........................................................................................

$

23,928,648

‌

$

24,749,500

‌

U.S.

Telecommunications

Ordinary

income

..........................................................................................

$

9,139,733

‌

$

10,823,757

‌

iShares

ETF

Undistributed

Ordinary

Income

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Losses

(c)

Total

U.S.

Aerospace

&

Defense

..........................

$

—‌

$

(959,069,232‌)

$

470,482,207‌

$

—‌

$

(488,587,025‌)

U.S.

Broker-Dealers

&

Securities

Exchanges

..............

7,613‌

(142,483,232‌)

(40,043,594‌)

—‌

(182,519,213‌)

U.S.

Healthcare

Providers

...........................

41,960‌

(162,814,328‌)

(154,705,568‌)

—‌

(317,477,936‌)

U.S.

Home

Construction

............................

—‌

(203,011,003‌)

(161,077,009‌)

—‌

(364,088,012‌)

U.S.

Infrastructure

................................

—‌

(79,528,981‌)

34,833,233‌

(586,428‌)

(45,282,176‌)

U.S.

Insurance

..................................

—‌

(8,758,967‌)

(29,937,187‌)

—‌

(38,696,154‌)

U.S.

Medical

Devices

..............................

4,711,554‌

(248,204,930‌)

(108,735,431‌)

—‌

(352,228,807‌)

U.S.

Oil

&

Gas

Exploration

&

Production

.................

727,540‌

(230,439,768‌)

(18,307,808‌)

—‌

(248,020,036‌)

U.S.

Oil

Equipment

&

Services

........................

—‌

(301,671,033‌)

(25,219,528‌)

—‌

(326,890,561‌)

U.S.

Pharmaceuticals

..............................

—‌

(202,191,795‌)

(8,990,332‌)

(1,105,460‌)

(212,287,587‌)

U.S.

Real

Estate

.................................

—‌

(412,805,177‌)

(1,285,479,020‌)

—‌

(1,698,284,197‌)

U.S.

Regional

Banks

..............................

1,786,988‌

(118,291,081‌)

(279,126,002‌)

—‌

(395,630,095‌)

U.S.

Telecommunications

...........................

—‌

(285,175,246‌)

(113,110,679‌)

—‌

(398,285,925‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

partnership

income,

the

accounting

for

swap

agreements,

the

characterization

of

corporate

actions

and

the

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes.

(c)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

Notes

to

Financial

Statements

(

continued)

113

Notes

to

Financial

Statements

As

of

March

31,

2023,

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.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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

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.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

U.S.

Aerospace

&

Defense

.......................................

$

5,423,108,168

‌

$

637,309,565

‌

$

(166,827,358

)

$

470,482,207

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...........................

805,467,576

‌

20,437,832

‌

(60,481,426

)

(40,043,594

)

U.S.

Healthcare

Providers

........................................

1,379,854,727

‌

43,021,783

‌

(197,727,351

)

(154,705,568

)

U.S.

Home

Construction

.........................................

1,869,479,963

‌

20,636,722

‌

(181,713,731

)

(161,077,009

)

U.S.

Infrastructure

.............................................

1,811,539,246

‌

122,348,781

‌

(87,515,217

)

34,833,564

‌

U.S.

Insurance

...............................................

483,448,907

‌

16,487,650

‌

(46,424,837

)

(29,937,187

)

U.S.

Medical

Devices

...........................................

6,327,271,469

‌

494,407,828

‌

(603,143,259

)

(108,735,431

)

U.S.

Oil

&

Gas

Exploration

&

Production

..............................

751,322,167

‌

56,683,946

‌

(74,991,754

)

(18,307,808

)

U.S.

Oil

Equipment

&

Services

.....................................

266,015,972

‌

8,066,564

‌

(33,286,092

)

(25,219,528

)

U.S.

Pharmaceuticals

...........................................

404,783,386

‌

29,761,343

‌

(38,751,675

)

(8,990,332

)

U.S.

Real

Estate

..............................................

4,539,347,640

‌

550,338

‌

(1,285,869,123

)

(1,285,318,785

)

U.S.

Regional

Banks

...........................................

1,089,550,163

‌

5,771,048

‌

(284,897,050

)

(279,126,002

)

U.S.

Telecommunications

........................................

438,143,015

‌

2,699,217

‌

(115,809,896

)

(113,110,679

)

Notes

to

Financial

Statements

(continued)

114

2023

iShares

Annual

Report

to

Shareholders

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.

The 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.

Certain Funds

invest

a

significant

portion

of their

assets

within

the

financials

sector.

Performance

of

companies

in

the

financials

sector

may

be

adversely

impacted

by

many

factors,

including,

among

others,

changes

in

government

regulations,

economic

conditions,

and

interest

rates,

credit

downgrades,

adverse

public

perception,

exposure

concentration

and

decreased

liquidity

in

credit

markets.

The

impact

of

changes

in

a

capital

requirements

and

recent

or

future

regulation

of

any

individual

financial

company,

or

of

the

financials

sector

as

a

whole,

cannot

be

predicted,

but

may

negatively

impact

the

Funds.

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.

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:

Year

Ended

03/31/23

‌

Year

Ended

03/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

U.S.

Aerospace

&

Defense

Shares

sold

..............................................

26,150,000

‌

$

2,834,703,726

‌

11,950,000

‌

$

1,295,868,298

‌

Shares

redeemed

..........................................

(8,650,000

)

(888,422,981

)

(7,250,000

)

(761,119,382

)

17,500,000

‌

$

1,946,280,745

‌

4,700,000

‌

$

534,748,916

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

Shares

sold

..............................................

6,250,000

‌

$

615,882,178

‌

8,250,000

‌

$

850,130,332

‌

Shares

redeemed

..........................................

(3,700,000

)

(339,414,224

)

(6,950,000

)

(721,494,986

)

2,550,000

‌

$

276,467,954

‌

1,300,000

‌

$

128,635,346

‌

U.S.

Healthcare

Providers

Shares

sold

..............................................

2,850,000

‌

$

779,298,746

‌

2,150,000

‌

$

574,705,197

‌

Shares

redeemed

..........................................

(2,850,000

)

(749,318,434

)

(2,000,000

)

(531,125,750

)

—

‌

$

29,980,312

‌

150,000

‌

$

43,579,447

‌

U.S.

Home

Construction

Shares

sold

..............................................

64,250,000

‌

$

3,852,709,335

‌

74,150,000

‌

$

5,270,161,088

‌

Shares

redeemed

..........................................

(70,750,000

)

(4,182,081,203

)

(83,350,000

)

(5,831,575,507

)

(6,500,000

)

$

(329,371,868

)

(9,200,000

)

$

(561,414,419

)

U.S.

Infrastructure

Shares

sold

..............................................

36,750,000

‌

$

1,347,773,078

‌

19,100,000

‌

$

699,201,177

‌

Shares

redeemed

..........................................

(11,800,000

)

(423,345,545

)

(6,700,000

)

(246,703,534

)

24,950,000

‌

$

924,427,533

‌

12,400,000

‌

$

452,497,643

‌

U.S.

Insurance

Shares

sold

..............................................

5,600,000

‌

$

500,052,749

‌

1,650,000

‌

$

141,976,398

‌

Shares

redeemed

..........................................

(2,400,000

)

(203,955,250

)

(750,000

)

(62,498,673

)

3,200,000

‌

$

296,097,499

‌

900,000

‌

$

79,477,725

‌

U.S.

Medical

Devices

Shares

sold

..............................................

16,300,000

‌

$

868,104,395

‌

43,050,000

(a)

$

2,720,563,100

‌

Shares

redeemed

..........................................

(37,750,000

)

(1,979,416,233

)

(59,600,000

)

(a)

(3,595,291,144

)

(21,450,000

)

$

(1,111,311,838

)

(16,550,000

)

$

(874,728,044

)

Notes

to

Financial

Statements

(

continued)

115

Notes

to

Financial

Statements

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.

Year

Ended

03/31/23

‌

Year

Ended

03/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

U.S.

Oil

&

Gas

Exploration

&

Production

Shares

sold

..............................................

5,800,000

‌

$

548,875,956

‌

9,350,000

‌

$

609,032,867

‌

Shares

redeemed

..........................................

(6,800,000

)

(578,582,588

)

(4,850,000

)

(274,473,880

)

(1,000,000

)

$

(29,706,632

)

4,500,000

‌

$

334,558,987

‌

U.S.

Oil

Equipment

&

Services

Shares

sold

..............................................

20,750,000

‌

$

414,100,905

‌

10,850,000

‌

$

174,454,955

‌

Shares

redeemed

..........................................

(23,900,000

)

(412,455,161

)

(23,850,000

)

(319,293,801

)

(3,150,000

)

$

1,645,744

‌

(13,000,000

)

$

(144,838,846

)

U.S.

Pharmaceuticals

Shares

sold

..............................................

600,000

‌

$

113,040,984

‌

400,000

‌

$

76,808,781

‌

Shares

redeemed

..........................................

(550,000

)

(99,075,556

)

(300,000

)

(57,100,571

)

50,000

‌

$

13,965,428

‌

100,000

‌

$

19,708,210

‌

U.S.

Real

Estate

Shares

sold

..............................................

135,400,000

‌

$

12,357,971,292

‌

223,400,000

‌

$

23,245,619,566

‌

Shares

redeemed

..........................................

(147,150,000

)

(13,410,699,013

)

(224,650,000

)

(23,255,569,795

)

(11,750,000

)

$

(1,052,727,721

)

(1,250,000

)

$

(9,950,229

)

U.S.

Regional

Banks

Shares

sold

..............................................

9,750,000

‌

$

362,333,536

‌

16,600,000

‌

$

999,516,077

‌

Shares

redeemed

..........................................

(10,950,000

)

(572,932,279

)

(4,950,000

)

(303,184,875

)

(1,200,000

)

$

(210,598,743

)

11,650,000

‌

$

696,331,202

‌

U.S.

Telecommunications

Shares

sold

..............................................

68,200,000

‌

$

1,604,844,940

‌

32,050,000

‌

$

993,515,548

‌

Shares

redeemed

..........................................

(72,000,000

)

(1,717,958,843

)

(28,350,000

)

(887,232,464

)

(3,800,000

)

$

(113,113,903

)

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.

Report

of

Independent

Registered

Public

Accounting

Firm

116

2023

iShares

Annual

Report

to

Shareholders

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the thirteen funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(thirteen

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the

“Funds”)

as

of

March

31,

2023,

the

related

statements

of

operations

for

the

year

ended

March

31,

2023, the

statements

of changes

in

net

assets

for

each

of

the

two

years

in

the period

ended

March

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended, the

changes

in

each

of

their

net

assets

for

each

of

the

two

years in

the period

ended

March 31,

2023

and

each

of

the

financial

highlights

for

each

of

the periods

indicated

therein, in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America. 

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2023 by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

25,

2023

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

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

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

iShares

U.S.

Medical

Devices

ETF

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

iShares

U.S.

Oil

Equipment

&

Services

ETF

iShares

U.S.

Pharmaceuticals

ETF

iShares

U.S.

Real

Estate

ETF

iShares

U.S.

Regional

Banks

ETF

iShares

U.S.

Telecommunications

ETF

Important

Tax

Information

(unaudited)

117

Important

Tax

Information

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

March

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

U.S.

Aerospace

&

Defense

..............................................................................................

$

63,269,104‌

U.S.

Broker-Dealers

&

Securities

Exchanges

..................................................................................

14,065,677‌

U.S.

Healthcare

Providers

...............................................................................................

16,686,184‌

U.S.

Home

Construction

................................................................................................

16,034,737‌

U.S.

Infrastructure

....................................................................................................

35,556,881‌

U.S.

Insurance

......................................................................................................

8,804,236‌

U.S.

Medical

Devices

..................................................................................................

54,246,034‌

U.S.

Oil

&

Gas

Exploration

&

Production

.....................................................................................

44,712,478‌

U.S.

Oil

Equipment

&

Services

............................................................................................

3,589,082‌

U.S.

Pharmaceuticals

..................................................................................................

7,724,733‌

U.S.

Real

Estate

.....................................................................................................

10,617,142‌

U.S.

Regional

Banks

..................................................................................................

27,272,874‌

U.S.

Telecommunications

...............................................................................................

7,767,929‌

iShares

ETF

Qualified

Business

Income

U.S.

Real

Estate

.....................................................................................................

$

61,669,847‌

iShares

ETF

Dividends-Received

Deduction

U.S.

Aerospace

&

Defense

..............................................................................................

100.00‌

%

U.S.

Broker-Dealers

&

Securities

Exchanges

..................................................................................

100.00‌

U.S.

Healthcare

Providers

...............................................................................................

100.00‌

U.S.

Home

Construction

................................................................................................

100.00‌

U.S.

Infrastructure

....................................................................................................

90.36‌

U.S.

Insurance

......................................................................................................

100.00‌

U.S.

Medical

Devices

..................................................................................................

100.00‌

U.S.

Oil

&

Gas

Exploration

&

Production

.....................................................................................

100.00‌

U.S.

Oil

Equipment

&

Services

............................................................................................

89.08‌

U.S.

Pharmaceuticals

..................................................................................................

94.07‌

U.S.

Real

Estate

.....................................................................................................

9.29‌

U.S.

Regional

Banks

..................................................................................................

100.00‌

U.S.

Telecommunications

...............................................................................................

88.71‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

118

2023

iShares

Annual

Report

to

Shareholders

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for 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,

iShares

U.S.

Infrastructure

ETF,

iShares

U.S.

Insurance

ETF,

iShares

U.S.

Medical

Devices

ETF,

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF,

iShares

U.S.

Oil

Equipment

&

Services

ETF,

iShares

U.S.

Pharmaceuticals

ETF,

iShares

U.S.

Real

Estate

ETF,

iShares

U.S.

Regional

Banks

ETF

and

iShares

U.S.

Telecommunications

ETF

(the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”). 

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays,

the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/

discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

119

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.

March

31,

2023

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive,

and

its

United

Kingdom

(“UK”)

equivalent,

(

“AIFMD”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK,

such

as BFA

(the

“Company”).

Rather,

the

Company

is

only

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

AIFMD

because

it

has

registered

the iShares

U.S.

Real

Estate

ETF

and iShares

U.S.

Regional

Banks

ETF

(the

“Funds”)

to

be

marketed

to

investors

in

the

EU

and/or

UK.

Report

on

Remuneration

The

Company

is

required

under

AIFMD

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of

the

Company;

(b)

staff

who

are

senior

management;

and

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Funds.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

Funds

is

included

in

the

aggregate

figures

disclosed.

BlackRock

has

a

clear

and

well

defined

pay-for-performance

philosophy,

and

compensation

programs

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management

and

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Funds,

a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

clawback

policy.

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.

Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.

No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

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.

Healthcare

Providers

.............

$

2.044088

‌

$

—

‌

$

—

‌

$

2.044088

‌

100

%

—

%

—

%

100

%

U.S.

Home

Construction

..............

0.513870

‌

—

‌

—

‌

0.513870

‌

100

—

—

100

U.S.

Infrastructure

(a)

.................

0.712568

‌

—

‌

0.012688

‌

0.725256

‌

98

—

2

100

U.S.

Insurance

(a)

...................

1.501673

‌

—

‌

0.000001

‌

1.501674

‌

100

—

—

(b)

100

U.S.

Medical

Devices

................

0.251397

‌

—

‌

—

‌

0.251397

‌

100

—

—

100

U.S.

Oil

&

Gas

Exploration

&

Production

...

3.720266

‌

—

‌

—

‌

3.720266

‌

100

—

—

100

U.S.

Pharmaceuticals

(a)

...............

3.094699

‌

—

‌

0.516392

‌

3.611091

‌

86

—

14

100

U.S.

Real

Estate

...................

2.472624

‌

—

‌

—

‌

2.472624

‌

100

—

—

100

U.S.

Regional

Banks

................

1.433848

‌

—

‌

—

‌

1.433848

‌

100

—

—

100

U.S.

Telecommunications

.............

0.580937

‌

—

‌

—

‌

0.580937

‌

100

—

—

100

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

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%.

Supplemental

Information

(unaudited)

(continued)

120

2023

iShares

Annual

Report

to

Shareholders

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock’s

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

and

Internal

Audit)

each

have

their

own

organizational

structures

which

are

independent

of

the

business

units

and

therefore

staff

members

in

control

functions

are

remunerated

independently

of

the

business

they

oversee.

Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock’s

independent

remuneration

committee.

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Conversely,

members

of

staff

and

senior

management

of

the

broader

BlackRock

group

may

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

broader

BlackRock

group

and

of

the

Company.

Therefore,

the

figures

disclosed

are

a

sum

of

individuals’

portion

of

remuneration

attributable

to

the

Company

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company

and

the

broader

BlackRock

group.

Accordingly,

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

The

amount

of

the

total

remuneration

awarded

to

the

Company’s

staff

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022

was

USD

4,121

million.

This

figure

is

comprised

of

fixed

remuneration

of

USD

685

million

and

variable

remuneration

of

USD

3,436

million.

There

was

a

total

of

8

beneficiaries

of

the

remuneration

described

above.

The

amount

of

the

aggregate

remuneration

awarded

by

the

Company

in

respect

of

the

Company’s

financial

year

ending December

31,

2022,

to

its

senior

management

was

USD

2,958

million,

and

to

other

members

of

its

staff

whose

actions

potentially

have

a

material

impact

on

the

risk

profile

of

the

Company

or

its

funds

was

USD

970

million.

These

figures

relate

to

the

entire

Company

and

not

to

the

Funds.

Disclosures

under

the

EU

Sustainable

Finance

Disclosure

Regulation

The iShares

U.S.

Real

Estate

ETF

and

iShares

U.S.

Regional

Banks

ETF (the

“Funds”)

are

registered

under

the

Alternative

Investment

Fund

Managers

Directive

to

be

marketed

to

European

Union

(“EU”)

investors,

as

noted

above.

As

a

result,

certain

disclosures

are

required

under

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”).

Each

Fund

has

not

been

categorized

under

the

SFDR

as

an

“Article

8”

or

“Article

9”

product.

In

addition,

each

Fund’s

investment

strategy

does

not

take

into

account

the

criteria

for

environmentally

sustainable

economic

activities

under

the

EU

sustainable

investment

taxonomy

regulation

or

principal

adverse

impacts

(“PAIs”)

on

sustainability

factors

under

the

SFDR.

PAIs

are

identified

under

the

SFDR

as

the

material

impacts

of

investment

decisions

on

sustainability

factors

relating

to

environmental,

social

and

employee

matters,

respect

for

human

rights,

and

anti-corruption

and

anti-bribery

matters.

Trustee

and

Officer

Information

(unaudited)

121

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”). 

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

March

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards, New

York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-

2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(continued)

122

2023

iShares

Annual

Report

to

Shareholders

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(

continued

)

General

Information

123

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

.

Glossary

of

Terms

Used

in

this

Report

124

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-311-0323

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.

©2023

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.

March

31,

2023

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

2023

Annual

Report

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

March

31,

2023,

as

investors

navigated

changing

economic

conditions

and

volatile

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

modest

growth

in

the

second

half

of

the

year,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high

before

beginning

to

moderate.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

declined,

although

equities

began

to

recover

in

the

second

half

of

the

period

as

inflation

eased

and

economic

growth

resumed.

Emerging

market

stocks

and

international

equities

from

developed

markets

declined

overall,

pressured

by

rising

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

fluctuating

inflation

data

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

higher

interest

rates

led

to

rising

borrowing

costs

for

corporate

issuers.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

we

believe

that

it

still

seems

determined

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,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

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.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

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

March

31,

2023

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)

15.62

%

(7.73

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

9.14

(11.61

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

27.27

(1.38

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

14.04

(10.70

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.93

2.52

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.38

(6.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.89

(4.78

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.00

0.26

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.88

(3.35

)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

11

Disclosure

of

Expenses

...................................................................................................

11

Schedules

of

Investments

.................................................................................................

12

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

43

Statements

of

Operations

................................................................................................

44

Statements

of

Changes

in

Net

Assets

........................................................................................

45

Financial

Highlights

.....................................................................................................

47

Notes

to

Financial

Statements

...............................................................................................

50

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

58

Important

Tax

Information

(Unaudited)

.................................................................................................

59

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

60

Supplemental

Information

.................................................................................................

61

Trustee

and

Officer

Information

..............................................................................................

63

General

Information

.....................................................................................................

65

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

66

Market

Overview

4

2023

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

declined

for

the

12

months

ended

March

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-8.58%.

Elevated

inflation

and

rapid

tightening

of

monetary

policy

dampened

growth

and

weighed

on

equities.

Higher

interest

rates

drove

bond

yields

higher

and

increased

borrowing

costs

for

businesses

and

consumers.

Equities

began

to

recover

in

the

second

half

of

the

reporting

period,

as

the

broader

economy

remained

resilient

and

the

pace

of

inflation

declined.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value.

This

drove

concern

among

investors

about

the

resiliency

of

the

financial

system

in

the

face

of

rapidly

rising

interest

rates.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

multi-

decade

highs.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

But

the

rate

of

inflation

began

to

decline

as

the

reporting

period

wore

on,

decelerating

for

nine

consecutive

months

beginning

in

July

2022.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

decline

in

the

first

half

of

2022

to

post

modest

growth

in

the

third

and

fourth

quarters

of

2022.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

recorded

level

since

1969.

Furthermore,

the

labor

force

participation

rate—which

measures

the

total

proportion

of

employed

persons

of

working

age—rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to

reduce

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

iShares

®

Russell

1000

ETF

5

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.................................

(8.51

)

%

10.72

%

11.87

%

(8.51

)

%

66.39

%

206.96

%

Fund

Market

...............................

(8.51

)

10.71

11.88

–

%

(8.51

)

66.35

207.18

Index

....................................

(8.39

)

10.87

12.01

(8.39

)

67.51

210.95

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,151.70

‌

$

0.80

‌

$

1,000.00

‌

$

1,024.18

‌

$

0.76

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

Russell

1000

ETF

6

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Large-

and

mid-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

consumer

discretionary

sector

detracted

the

most

from

the

Index’s

return,

primarily

due

to

weakness

in

the

internet

and

direct

marketing

retail

industry.

The

pandemic-related

rise

in

e-commerce

waned

as

the

economy

reopened.

Warehouse

overbuilding

weighed

on

industry

cash

flow.

Slowing

revenue

growth

from

data

cloud

services

further

pressured

the

industry,

as

business

customers

reduced

expenditures

amid

economic

uncertainty.

The

automobiles

industry

also

declined

amid

concerns

about

the

market

for

electric

vehicles

(“EVs”)

in

the

weakening

economy.

While

EV

sales

grew,

production

did

not

meet

analysts’

expectations.

The

information

technology

sector

detracted

significantly

from

the

Index’s

return,

as

sharply

higher

interest

rates

reduced

the

current

value

of

future

earnings.

The

software

and

services

industry

declined,

as

cuts

to

corporate

information

technology

budgets

reduced

revenue

growth.

Slowing

growth

in

cloud-based

software

sales,

which

provide

software

companies

with

steady

revenue

streams,

further

constrained

earnings.

Changing

consumer

behavior

patterns

pressured

the

IT

services

industry,

as

a

return

to

in-

person

spending

meant

slowing

revenue

growth

for

companies

that

provide

online

payment

platforms.

The

communication

services

sector

declined,

as

the

rising

interest

rate

environment

negatively

impacted

the

interactive

media

and

services

industry,

particularly

high-

valuation

stocks

with

growth

prospects.

Demand

for

online

advertisements

slowed

during

the

reporting

period,

as

businesses

cut

back

on

marketing

expenditures

in

a

more

challenging

economic

environment.

Heightened

competition

also

worked

against

large

companies

in

the

industry,

which

lost

market

share

to

new

players.

On

the

upside,

the

energy

sector

contributed

to

the

Index’s

return.

Relatively

high

average

prices

of

energy

commodities

following

Russia’s

invasion

of

Ukraine,

supported

profitability

in

the

oil,

gas,

and

consumable

fuels

industry.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

25.4‌

%

Health

Care

...................................

13.9‌

Financials

.....................................

13.2‌

Consumer

Discretionary

...........................

10.3‌

Industrials

.....................................

9.5‌

Communication

Services

...........................

7.9‌

Consumer

Staples

...............................

6.8‌

Energy

.......................................

4.6‌

Real

Estate

....................................

2.9‌

Materials

.....................................

2.8‌

Utilities

.......................................

2.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

....................................

6.5‌

%

Microsoft

Corp.

.................................

5.7‌

Amazon.com,

Inc.

...............................

2.4‌

NVIDIA

Corp.

..................................

1.7‌

Alphabet,

Inc.,

Class

A

............................

1.6‌

Berkshire

Hathaway,

Inc.,

Class

B

....................

1.5‌

Alphabet,

Inc.,

Class

C,

NVS

........................

1.4‌

Tesla,

Inc.

.....................................

1.4‌

Meta

Platforms,

Inc.,

Class

A

........................

1.2‌

Exxon

Mobil

Corp.

...............................

1.2‌

      aaa

aa

iShares

®

Russell

1000

Growth

ETF

7

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.................................

(11.06

)

%

13.45

%

14.38

%

(11.06

)

%

87.90

%

283.18

%

Fund

Market

...............................

(11.19

)

13.42

14.38

–

%

(11.19

)

87.68

283.20

Index

....................................

(10.90

)

13.66

14.59

(10.90

)

89.69

290.43

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,167.80

‌

$

1.03

‌

$

1,000.00

‌

$

1,023.98

‌

$

0.96

‌

0.19

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

Russell

1000

Growth

ETF

8

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Growth-oriented

large-

and

mid-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

Large-

and

mid-capitalization

growth

stocks,

which

derive

a

significant

portion

of

their

price

from

investors’

expectations

of

future

growth,

faced

significant

headwinds

relative

to

other

equities.

Growth

stocks

are

particularly

sensitive

to

interest

rates,

which

rose

notably

as

the

Fed

sharply

tightened

monetary

policy.

The

consumer

discretionary

sector

detracted

the

most

from

the

Index’s

return.

While

consumer

spending

continued

to

grow,

rising

inflation

drove

up

costs

for

companies,

and

consumers

increasingly

sought

bargains.

The

internet

and

direct

marketing

retail

industry

declined

significantly.

The

pandemic-related

rise

in

e-commerce

waned,

as

more

workers

returned

to

the

office

and

brick-and-mortar

retailers

gained

market

share.

Excess

warehouse

capacity

and

slowing

revenue

growth

from

data

cloud

services

further

pressured

industry

profitability.

Stocks

in

the

automobiles

industry

also

declined

amid

concerns

about

the

market

for

electric

vehicles

(“EVs”)

in

the

weakening

economy.

While

EV

sales

continued

to

grow,

production

did

not

meet

analysts’

expectations,

and

price

discounts

on

some

new

models

negatively

impacted

revenues.

The

information

technology

sector

also

detracted

significantly

from

the

Index’s

return.

Interest

rates

rose

sharply

during

the

reporting

period,

which

reduced

the

current

value

of

future

earnings.

Since

consumers

and

businesses

often

seek

to

reduce

spending

on

technology

products

and

services

during

a

downturn,

high

inflation

and

slow

growth

weighed

on

the

sector.

The

software

and

services

industry

declined,

as

cuts

to

corporate

information

technology

budgets

reduced

revenue

growth.

Slowing

growth

in

cloud-

based

software

sales,

which

provide

software

companies

with

steady

revenue

streams,

further

constrained

earnings.

The

failure

of

a

bank

that

served

a

large

number

of

software

and

technology

companies

also

worked

against

the

industry.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

41.8‌

%

Consumer

Discretionary

...........................

14.3‌

Health

Care

...................................

11.7‌

Industrials

.....................................

8.2‌

Communication

Services

...........................

7.1‌

Financials

.....................................

6.7‌

Consumer

Staples

...............................

6.0‌

Real

Estate

....................................

1.5‌

Energy

.......................................

1.4‌

Materials

.....................................

1.3‌

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.

....................................

12.7‌

%

Microsoft

Corp.

.................................

11.1‌

Amazon.com,

Inc.

...............................

4.7‌

NVIDIA

Corp.

..................................

3.4‌

Alphabet,

Inc.,

Class

A

............................

2.8‌

Tesla,

Inc.

.....................................

2.8‌

Alphabet,

Inc.,

Class

C,

NVS

........................

2.4‌

UnitedHealth

Group,

Inc.

...........................

2.1‌

Visa,

Inc.,

Class

A

...............................

1.9‌

Mastercard

,

Inc.,

Class

A

...........................

1.6‌

aaa

aa

iShares

®

Russell

1000

Value

ETF

9

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.................................

(6.07

)

%

7.32

%

8.94

%

(6.07

)

%

42.39

%

135.35

%

Fund

Market

...............................

(6.19

)

7.31

8.94

–

%

(6.19

)

42.30

135.38

Index

....................................

(5.91

)

7.50

9.13

(5.91

)

43.55

139.52

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,134.60

‌

$

1.01

‌

$

1,000.00

‌

$

1,023.98

‌

$

0.96

‌

0.19

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

Russell

1000

Value

ETF

10

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Value-oriented

large-

and

mid-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

financials

sector

detracted

the

most

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

While

bank

profitability

is

typically

supported

by

higher

interest

rates,

persistently

high

inflation

led

to

significant

tightening

from

the

Fed,

and

investors

became

concerned

about

the

long-term

effect

on

loan

growth

and

credit

losses.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

sudden

failure

of

two

regional

banks

led

to

government

intervention

to

cover

depositors

and

prevent

a

contagion

effect.

The

financial

services

industry

also

faced

headwinds

due

to

declining

prices

for

stocks

and

bonds

and

concerns

about

the

balance

sheet

liquidity

of

a

large

discount

broker

following

the

bank

failures.

The

real

estate

sector

detracted

significantly

from

the

Index’s

return,

as

higher

interest

rates

weighed

on

equity

real

estate

investment

trusts

(“REITs”).

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

make

financing

more

expensive.

In

the

information

technology

sector,

the

IT

services

industry

declined

amid

changing

consumer

behavior

patterns,

as

a

return

to

in-person

spending

meant

slowing

revenue

growth

for

online

payment

companies.

High

inflation

and

slow

economic

growth

weighed

on

the

semiconductor

industry,

as

consumers

often

reduce

spending

on

technology

during

a

downturn.

On

the

upside,

the

energy

sector

contributed

to

the

Index’s

return.

Relatively

high

average

prices

of

energy

commodities

following

Russia’s

invasion

of

Ukraine

supported

profitability

in

the

oil,

gas,

and

consumable

fuels

industry.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Financials

.....................................

20.0‌

%

Health

Care

...................................

16.4‌

Industrials

.....................................

10.9‌

Communication

Services

...........................

8.6‌

Information

Technology

............................

8.0‌

Energy

.......................................

8.0‌

Consumer

Staples

...............................

7.6‌

Consumer

Discretionary

...........................

5.9‌

Utilities

.......................................

5.6‌

Real

Estate

....................................

4.5‌

Materials

.....................................

4.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Berkshire

Hathaway,

Inc.,

Class

B

....................

3.0‌

%

Exxon

Mobil

Corp.

...............................

2.5‌

Johnson

&

Johnson

..............................

2.2‌

JPMorgan

Chase

&

Co.

...........................

2.1‌

Meta

Platforms,

Inc.,

Class

A

........................

2.0‌

Chevron

Corp.

..................................

1.7‌

Pfizer,

Inc.

....................................

1.3‌

Cisco

Systems,

Inc.

..............................

1.2‌

Walmart,

Inc.

...................................

1.1‌

Procter

&

Gamble

Co.

(The)

........................

1.1‌

      aaa

aa

About

Fund

Performance

11

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

March

31,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.8

%

Axon

Enterprise,

Inc.

(a)

.....................

50,728

$

11,406,191

Boeing

Co.

(The)

(a)

(b)

.......................

414,323

88,014,635

BWX

Technologies,

Inc.

....................

67,717

4,268,880

Curtiss-Wright

Corp.

.......................

28,388

5,003,669

General

Dynamics

Corp.

....................

182,187

41,576,895

HEICO

Corp.

...........................

32,990

5,642,609

HEICO

Corp.

,

Class

A

......................

58,824

7,994,182

Hexcel

Corp.

............................

62,649

4,275,794

Howmet

Aerospace,

Inc.

....................

277,340

11,750,896

Huntington

Ingalls

Industries,

Inc.

..............

29,181

6,041,051

L3Harris

Technologies,

Inc.

..................

141,541

27,776,006

Lockheed

Martin

Corp.

.....................

170,274

80,493,628

Mercury

Systems,

Inc.

(a)

(b)

...................

36,748

1,878,558

Northrop

Grumman

Corp.

...................

107,688

49,721,703

Raytheon

Technologies

Corp.

................

1,099,122

107,637,017

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

........

81,448

2,812,399

Textron,

Inc.

(b)

...........................

157,021

11,090,393

TransDigm

Group,

Inc.

.....................

38,400

28,302,720

Woodward,

Inc.

..........................

43,629

4,248,156

499,935,382

a

Air

Freight

&

Logistics

 — 

0

.6

%

CH

Robinson

Worldwide,

Inc.

................

86,466

8,592,126

Expeditors

International

of

Washington,

Inc.

.......

118,139

13,009,467

FedEx

Corp.

............................

174,436

39,856,882

GXO

Logistics,

Inc.

(a)

......................

77,954

3,933,559

United

Parcel

Service,

Inc.

,

Class

B

............

549,686

106,633,587

172,025,621

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(a)

.............................

202,599

22,729,582

BorgWarner,

Inc.

.........................

174,772

8,583,053

Gentex

Corp.

...........................

174,140

4,881,144

Lear

Corp.

.............................

43,925

6,127,098

QuantumScape

Corp.

,

Class

A

(a)

(b)

.............

204,809

1,675,338

43,996,215

a

Automobiles

 — 

1

.7

%

Ford

Motor

Co.

..........................

2,942,145

37,071,027

General

Motors

Co.

.......................

1,043,302

38,268,318

Harley-Davidson,

Inc.

......................

99,267

3,769,168

Lucid

Group,

Inc.

(a)

(b)

.......................

435,601

3,502,232

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

385,458

5,966,890

Tesla,

Inc.

(a)

.............................

1,932,618

400,940,930

Thor

Industries,

Inc.

.......................

38,797

3,089,793

492,608,358

a

Banks

 — 

3

.1

%

Bank

of

America

Corp.

.....................

5,251,910

150,204,626

Bank

of

Hawaii

Corp.

(b)

.....................

28,403

1,479,228

Bank

OZK

.............................

83,001

2,838,634

BOK

Financial

Corp.

.......................

21,860

1,845,203

Citigroup,

Inc.

...........................

1,447,457

67,871,259

Citizens

Financial

Group,

Inc.

................

363,608

11,042,775

Columbia

Banking

System,

Inc.

...............

154,548

3,310,418

Comerica,

Inc.

...........................

98,272

4,266,970

Commerce

Bancshares,

Inc.

.................

85,178

4,970,136

Cullen/Frost

Bankers,

Inc.

...................

43,790

4,612,838

East

West

Bancorp,

Inc.

....................

104,672

5,809,296

Fifth

Third

Bancorp

.......................

510,251

13,593,087

First

Citizens

BancShares,

Inc.

,

Class

A

..........

8,206

7,985,259

First

Hawaiian,

Inc.

.......................

95,075

1,961,397

First

Horizon

Corp.

........................

393,056

6,988,536

Security

Shares

Value

a

Banks

(continued)

First

Republic

Bank

(b)

......................

141,372

$

1,977,794

FNB

Corp.

.............................

271,906

3,154,110

Huntington

Bancshares,

Inc.

.................

1,066,244

11,941,933

JPMorgan

Chase

&

Co.

....................

2,181,117

284,221,356

KeyCorp

...............................

694,498

8,695,115

M&T

Bank

Corp.

.........................

128,292

15,339,874

New

York

Community

Bancorp,

Inc.

............

496,815

4,491,208

PacWest

Bancorp

(b)

.......................

86,189

838,619

Pinnacle

Financial

Partners,

Inc.

...............

55,124

3,040,640

PNC

Financial

Services

Group,

Inc.

(The)

........

301,307

38,296,120

Popular,

Inc.

............................

54,596

3,134,356

Prosperity

Bancshares,

Inc.

..................

64,888

3,991,910

Regions

Financial

Corp.

....................

699,161

12,976,428

Synovus

Financial

Corp.

....................

106,867

3,294,710

Truist

Financial

Corp.

......................

992,221

33,834,736

U.S.

Bancorp

...........................

1,031,864

37,198,697

Webster

Financial

Corp.

....................

128,660

5,071,777

Wells

Fargo

&

Co.

........................

2,868,429

107,221,876

Western

Alliance

Bancorp

...................

79,741

2,833,995

Wintrust

Financial

Corp.

....................

44,324

3,233,436

Zions

Bancorp

NA

........................

110,196

3,298,166

876,866,518

a

Beverages

 — 

1

.7

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

6,985

2,295,969

Brown-Forman

Corp.

,

Class

A

(b)

...............

33,941

2,212,614

Brown-Forman

Corp.

,

Class

B

,

NVS

............

136,171

8,751,710

Coca-Cola

Co.

(The)

......................

2,919,696

181,108,743

Constellation

Brands,

Inc.

,

Class

A

.............

112,957

25,515,857

Keurig

Dr

Pepper,

Inc.

.....................

639,179

22,550,235

Molson

Coors

Beverage

Co.

,

Class

B

...........

131,854

6,814,215

Monster

Beverage

Corp.

(a)

...................

549,588

29,683,248

PepsiCo,

Inc.

...........................

1,033,754

188,453,354

467,385,945

a

Biotechnology

 — 

2

.5

%

AbbVie,

Inc.

............................

1,321,577

210,619,727

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

91,575

18,344,304

Amgen,

Inc.

............................

399,296

96,529,808

Biogen,

Inc.

(a)

...........................

106,944

29,733,640

BioMarin

Pharmaceutical,

Inc.

(a)

...............

138,137

13,432,442

Exact

Sciences

Corp.

(a)

(b)

....................

132,221

8,965,906

Exelixis,

Inc.

(a)

...........................

237,096

4,602,033

Gilead

Sciences,

Inc.

......................

938,667

77,881,201

Horizon

Therapeutics

PLC

(a)

.................

165,880

18,104,143

Incyte

Corp.

(a)

(b)

..........................

137,592

9,943,774

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

107,070

3,826,682

Mirati

Therapeutics,

Inc.

(a)

...................

31,649

1,176,710

Moderna,

Inc.

(a)

(b)

.........................

248,492

38,163,401

Natera,

Inc.

(a)

...........................

71,645

3,977,730

Neurocrine

Biosciences,

Inc.

(a)

................

72,305

7,318,712

Novavax,

Inc.

(a)

(b)

.........................

53,069

367,768

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

77,505

63,683,533

Sarepta

Therapeutics,

Inc.

(a)

(b)

................

63,246

8,717,196

Seagen,

Inc.

(a)

...........................

101,048

20,459,189

Ultragenyx

Pharmaceutical,

Inc.

(a)

..............

50,397

2,020,920

United

Therapeutics

Corp.

(a)

..................

33,027

7,396,727

Vertex

Pharmaceuticals,

Inc.

(a)

................

191,201

60,241,699

705,507,245

a

Broadline

Retail

 — 

2

.6

%

Amazon.com,

Inc.

(a)

.......................

6,646,371

686,503,661

eBay,

Inc.

..............................

407,092

18,062,672

Etsy,

Inc.

(a)

(b)

............................

93,531

10,412,806

Kohl's

Corp.

............................

82,403

1,939,767

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Broadline

Retail

(continued)

Macy's,

Inc.

............................

201,954

$

3,532,175

Nordstrom,

Inc.

..........................

81,932

1,333,034

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

47,166

2,732,798

724,516,913

a

Building

Products

 — 

0

.6

%

A

O

Smith

Corp.

.........................

93,300

6,451,695

Advanced

Drainage

Systems,

Inc.

(b)

............

47,553

4,004,438

Allegion

PLC

............................

65,382

6,978,221

Armstrong

World

Industries,

Inc.

...............

33,892

2,414,466

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

(b)

..............

83,397

1,963,166

Builders

FirstSource,

Inc.

(a)

..................

108,303

9,615,140

Carlisle

Companies,

Inc.

....................

38,005

8,591,790

Carrier

Global

Corp.

.......................

625,981

28,638,631

Fortune

Brands

Innovations,

Inc.

..............

95,378

5,601,550

Hayward

Holdings,

Inc.

(a)

(b)

...................

52,860

619,519

Johnson

Controls

International

PLC

............

513,513

30,923,753

Lennox

International,

Inc.

...................

23,744

5,966,392

Masco

Corp.

............................

167,238

8,315,073

Masterbrand,

Inc.

(a)

.......................

96,746

777,838

Owens

Corning

..........................

69,444

6,652,735

Trane

Technologies

PLC

....................

171,378

31,530,125

Trex

Co.,

Inc.

(a)

(b)

.........................

81,779

3,980,184

163,024,716

a

Capital

Markets

 — 

3

.1

%

Affiliated

Managers

Group,

Inc.

...............

27,932

3,978,075

Ameriprise

Financial,

Inc.

...................

78,559

24,078,333

Ares

Management

Corp.

,

Class

A

..............

115,149

9,608,033

Bank

of

New

York

Mellon

Corp.

(The)

...........

547,226

24,865,949

BlackRock,

Inc.

(c)

.........................

110,910

74,212,099

Blackstone,

Inc.

,

NVS

......................

529,863

46,543,166

Blue

Owl

Capital,

Inc.

,

Class

A

................

322,218

3,570,175

Carlyle

Group,

Inc.

(The)

....................

152,187

4,726,928

Cboe

Global

Markets,

Inc.

...................

79,358

10,653,018

Charles

Schwab

Corp.

(The)

.................

1,134,892

59,445,643

CME

Group,

Inc.

,

Class

A

...................

268,143

51,354,747

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

..............

117,886

7,965,557

Evercore,

Inc.

,

Class

A

.....................

27,060

3,122,183

FactSet

Research

Systems,

Inc.

...............

28,465

11,815,537

Franklin

Resources,

Inc.

....................

215,047

5,793,366

Goldman

Sachs

Group,

Inc.

(The)

.............

245,250

80,223,727

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

68,462

5,652,223

Intercontinental

Exchange,

Inc.

...............

413,284

43,101,388

Invesco

Ltd.

............................

275,568

4,519,315

Janus

Henderson

Group

PLC

................

101,976

2,716,641

Jefferies

Financial

Group,

Inc.

................

150,924

4,790,328

KKR

&

Co.,

Inc.

..........................

427,677

22,461,596

Lazard

Ltd.

,

Class

A

.......................

65,897

2,181,850

LPL

Financial

Holdings,

Inc.

..................

59,709

12,085,102

MarketAxess

Holdings,

Inc.

..................

27,840

10,893,514

Moody's

Corp.

...........................

119,441

36,551,335

Morgan

Stanley

..........................

921,865

80,939,747

Morningstar,

Inc.

.........................

18,424

3,740,625

MSCI,

Inc.

,

Class

A

.......................

57,881

32,395,417

Nasdaq,

Inc.

............................

258,327

14,122,737

Northern

Trust

Corp.

.......................

153,869

13,560,475

Raymond

James

Financial,

Inc.

...............

144,725

13,498,501

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

............

436,305

4,236,522

S&P

Global,

Inc.

.........................

240,604

82,953,041

SEI

Investments

Co.

.......................

76,199

4,385,252

State

Street

Corp.

........................

261,469

19,790,589

Stifel

Financial

Corp.

......................

75,443

4,457,927

T

Rowe

Price

Group,

Inc.

...................

164,003

18,515,939

Tradeweb

Markets,

Inc.

,

Class

A

...............

80,074

6,327,447

Security

Shares

Value

a

Capital

Markets

(continued)

Virtu

Financial,

Inc.

,

Class

A

..................

72,941

$

1,378,585

867,212,632

a

Chemicals

 — 

1

.8

%

Air

Products

and

Chemicals,

Inc.

..............

165,540

47,544,743

Albemarle

Corp.

.........................

87,645

19,373,051

Ashland,

Inc.

............................

38,323

3,936,155

Axalta

Coating

Systems

Ltd.

(a)

(b)

...............

162,954

4,935,877

Celanese

Corp.

..........................

81,429

8,866,804

CF

Industries

Holdings,

Inc.

..................

144,955

10,507,788

Chemours

Co.

(The)

.......................

110,002

3,293,460

Corteva,

Inc.

............................

532,946

32,141,973

Dow,

Inc.

..............................

524,778

28,768,330

DuPont

de

Nemours,

Inc.

...................

343,863

24,679,048

Eastman

Chemical

Co.

.....................

88,401

7,455,740

Ecolab,

Inc.

............................

185,733

30,744,384

Element

Solutions,

Inc.

.....................

169,332

3,269,801

FMC

Corp.

.............................

94,544

11,546,659

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

605,621

805,476

Huntsman

Corp.

.........................

134,730

3,686,213

International

Flavors

&

Fragrances,

Inc.

..........

191,403

17,601,420

Linde

PLC

.............................

369,446

131,315,886

LyondellBasell

Industries

NV

,

Class

A

...........

190,390

17,875,717

Mosaic

Co.

(The)

.........................

256,030

11,746,656

NewMarket

Corp.

.........................

4,207

1,535,471

Olin

Corp.

..............................

91,378

5,071,479

PPG

Industries,

Inc.

.......................

176,124

23,526,644

RPM

International,

Inc.

.....................

94,595

8,252,468

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

29,892

2,084,668

Sherwin-Williams

Co.

(The)

..................

179,124

40,261,701

Valvoline,

Inc.

...........................

130,980

4,576,441

Westlake

Corp.

..........................

24,409

2,830,956

508,235,009

a

Commercial

Services

&

Supplies

 — 

0

.5

%

Cintas

Corp.

............................

64,921

30,037,648

Clean

Harbors,

Inc.

(a)

......................

37,658

5,368,524

Copart,

Inc.

(a)

...........................

317,734

23,896,774

Driven

Brands

Holdings,

Inc.

(a)

(b)

...............

46,738

1,416,629

MSA

Safety,

Inc.

.........................

27,134

3,622,389

Republic

Services,

Inc.

.....................

153,590

20,768,440

Ritchie

Bros

Auctioneers,

Inc.

................

52,333

2,945,825

Rollins,

Inc.

.............................

175,742

6,595,597

Stericycle,

Inc.

(a)

.........................

67,898

2,961,032

Tetra

Tech,

Inc.

..........................

39,322

5,776,795

Waste

Management,

Inc.

....................

306,709

50,045,708

153,435,361

a

Communications

Equipment

 — 

0

.9

%

Arista

Networks,

Inc.

(a)

.....................

183,368

30,780,152

Ciena

Corp.

(a)

...........................

110,528

5,804,931

Cisco

Systems,

Inc.

.......................

3,072,998

160,640,970

F5,

Inc.

(a)

..............................

43,821

6,384,282

Juniper

Networks,

Inc.

.....................

236,726

8,148,109

Lumentum

Holdings,

Inc.

(a)

(b)

.................

50,875

2,747,759

Motorola

Solutions,

Inc.

....................

123,055

35,209,727

Ubiquiti,

Inc.

(b)

...........................

3,113

845,771

Viasat,

Inc.

(a)

(b)

...........................

56,331

1,906,241

252,467,942

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

...............................

97,295

8,203,914

MasTec,

Inc.

(a)

...........................

45,121

4,261,227

MDU

Resources

Group,

Inc.

.................

154,130

4,697,882

Quanta

Services,

Inc.

......................

106,611

17,765,657

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Construction

&

Engineering

(continued)

Valmont

Industries,

Inc.

.....................

15,545

$

4,963,208

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

153,396

7,191,205

47,083,093

a

Construction

Materials

 — 

0

.1

%

Eagle

Materials,

Inc.

.......................

26,310

3,860,992

Martin

Marietta

Materials,

Inc.

................

46,350

16,457,031

Vulcan

Materials

Co.

......................

98,951

16,976,034

37,294,057

a

Consumer

Finance

 — 

0

.5

%

Ally

Financial,

Inc.

........................

220,901

5,630,767

American

Express

Co.

.....................

444,884

73,383,616

Capital

One

Financial

Corp.

..................

284,737

27,380,310

Credit

Acceptance

Corp.

(a)

(b)

..................

5,008

2,183,689

Discover

Financial

Services

..................

199,923

19,760,389

OneMain

Holdings,

Inc.

.....................

86,766

3,217,283

SLM

Corp.

.............................

182,839

2,265,375

SoFi

Technologies,

Inc.

(a)

(b)

..................

586,732

3,561,463

Synchrony

Financial

.......................

325,337

9,460,800

Upstart

Holdings,

Inc.

(a)

(b)

....................

52,225

829,855

147,673,547

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.9

%

Albertsons

Companies,

Inc.

,

Class

A

............

174,509

3,626,297

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

101,558

7,725,517

Casey's

General

Stores,

Inc.

.................

27,470

5,946,156

Costco

Wholesale

Corp.

....................

331,067

164,497,260

Dollar

General

Corp.

......................

168,095

35,377,274

Dollar

Tree,

Inc.

(a)

(b)

.......................

155,978

22,390,642

Grocery

Outlet

Holding

Corp.

(a)

(b)

...............

63,133

1,784,139

Kroger

Co.

(The)

.........................

488,895

24,136,746

Performance

Food

Group

Co.

(a)

...............

115,653

6,978,502

Sysco

Corp.

............................

379,987

29,346,396

Target

Corp.

............................

346,286

57,355,350

U.S.

Foods

Holding

Corp.

(a)

(b)

.................

149,949

5,539,116

Walgreens

Boots

Alliance,

Inc.

................

536,451

18,550,475

Walmart,

Inc.

............................

1,062,877

156,721,214

539,975,084

a

Containers

&

Packaging

 — 

0

.3

%

Amcor

PLC

.............................

1,103,347

12,556,089

AptarGroup,

Inc.

.........................

48,095

5,684,348

Ardagh

Group

SA

,

Class

A

..................

12,001

80,167

Ardagh

Metal

Packaging

SA

.................

108,872

444,198

Avery

Dennison

Corp.

......................

61,151

10,941,748

Ball

Corp.

(b)

.............................

230,403

12,697,509

Berry

Global

Group,

Inc.

....................

90,715

5,343,114

Crown

Holdings,

Inc.

......................

86,634

7,165,498

Graphic

Packaging

Holding

Co.

...............

225,224

5,740,960

International

Paper

Co.

.....................

266,273

9,601,804

Packaging

Corp.

of

America

.................

68,472

9,505,968

Sealed

Air

Corp.

.........................

110,284

5,063,139

Silgan

Holdings,

Inc.

.......................

63,990

3,434,343

Sonoco

Products

Co.

......................

71,825

4,381,325

Westrock

Co.

...........................

188,026

5,729,152

98,369,362

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

103,686

17,347,705

LKQ

Corp.

.............................

188,615

10,705,787

Pool

Corp.

.............................

28,706

9,830,083

37,883,575

a

Security

Shares

Value

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

..............................

154,232

$

1,115,097

Bright

Horizons

Family

Solutions,

Inc.

(a)

..........

42,590

3,279,004

Grand

Canyon

Education,

Inc.

(a)

...............

23,358

2,660,476

H&R

Block,

Inc.

..........................

112,694

3,972,464

Mister

Car

Wash,

Inc.

(a)

(b)

....................

56,880

490,306

Service

Corp.

International

..................

110,863

7,625,157

19,142,504

a

Diversified

REITs

 — 

0

.0

%

WP

Carey,

Inc.

..........................

156,446

12,116,743

a

Diversified

Telecommunication

Services

 — 

0

.8

%

AT&T,

Inc.

..............................

5,353,812

103,060,881

Frontier

Communications

Parent,

Inc.

(a)

(b)

.........

180,758

4,115,860

Lumen

Technologies,

Inc.

...................

757,151

2,006,450

Verizon

Communications,

Inc.

................

3,142,905

122,227,575

231,410,766

a

Electric

Utilities

 — 

1

.7

%

Alliant

Energy

Corp.

.......................

187,733

10,024,942

American

Electric

Power

Co.,

Inc.

..............

384,009

34,940,979

Avangrid,

Inc.

...........................

52,313

2,086,242

Constellation

Energy

Corp.

..................

243,383

19,105,565

Duke

Energy

Corp.

.......................

575,720

55,539,708

Edison

International

.......................

282,088

19,912,592

Entergy

Corp.

...........................

151,010

16,269,817

Evergy,

Inc.

.............................

167,049

10,210,035

Eversource

Energy

.......................

258,170

20,204,384

Exelon

Corp.

............................

741,967

31,080,998

FirstEnergy

Corp.

........................

405,030

16,225,502

Hawaiian

Electric

Industries,

Inc.

..............

80,617

3,095,693

IDACORP,

Inc.

..........................

37,197

4,029,551

NextEra

Energy,

Inc.

......................

1,485,039

114,466,806

NRG

Energy,

Inc.

.........................

159,062

5,454,236

OGE

Energy

Corp.

........................

147,596

5,558,465

PG&E

Corp.

(a)

...........................

1,226,105

19,826,118

Pinnacle

West

Capital

Corp.

.................

84,595

6,703,308

PPL

Corp.

.............................

552,801

15,362,340

Southern

Co.

(The)

.......................

813,065

56,573,063

Xcel

Energy,

Inc.

.........................

409,220

27,597,797

494,268,141

a

Electrical

Equipment

 — 

0

.7

%

Acuity

Brands,

Inc.

(b)

.......................

23,821

4,352,811

AMETEK,

Inc.

...........................

172,125

25,014,926

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

185,645

1,943,703

Eaton

Corp.

PLC

.........................

298,193

51,092,389

Emerson

Electric

Co.

......................

423,692

36,920,521

Generac

Holdings,

Inc.

(a)

(b)

...................

45,640

4,929,576

Hubbell,

Inc.

............................

39,760

9,674,006

nVent

Electric

PLC

........................

122,665

5,267,235

Plug

Power,

Inc.

(a)

(b)

.......................

392,980

4,605,726

Regal

Rexnord

Corp.

......................

48,348

6,804,014

Rockwell

Automation,

Inc.

...................

85,699

25,148,371

Sensata

Technologies

Holding

PLC

............

113,890

5,696,778

Sunrun,

Inc.

(a)

(b)

..........................

155,568

3,134,695

Vertiv

Holdings

Co.

,

Class

A

.................

230,583

3,299,643

187,884,394

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Amphenol

Corp.

,

Class

A

...................

439,001

35,875,162

Arrow

Electronics,

Inc.

(a)

....................

43,513

5,433,468

Avnet,

Inc.

.............................

69,886

3,158,847

CDW

Corp.

.............................

100,861

19,656,800

Cognex

Corp.

...........................

128,793

6,381,693

Coherent

Corp.

(a)

(b)

........................

88,621

3,374,688

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

(continued)

Corning,

Inc.

............................

551,490

$

19,456,567

IPG

Photonics

Corp.

.......................

24,575

3,030,343

Jabil,

Inc.

..............................

96,769

8,531,155

Keysight

Technologies,

Inc.

(a)

.................

134,191

21,669,163

Littelfuse,

Inc.

...........................

17,947

4,811,411

National

Instruments

Corp.

..................

98,753

5,175,645

TD

SYNNEX

Corp.

........................

34,828

3,371,002

Teledyne

Technologies,

Inc.

(a)

.................

34,451

15,412,000

Trimble,

Inc.

(a)

...........................

184,122

9,651,675

Vontier

Corp.

............................

116,024

3,172,096

Zebra

Technologies

Corp.

,

Class

A

(a)

............

38,231

12,157,458

180,319,173

a

Energy

Equipment

&

Services

 — 

0

.4

%

Baker

Hughes

Co.

,

Class

A

..................

706,380

20,386,127

Halliburton

Co.

..........................

669,453

21,181,493

NOV,

Inc.

..............................

289,079

5,350,852

Schlumberger

Ltd.

........................

1,056,082

51,853,626

98,772,098

a

Entertainment

 — 

1

.5

%

Activision

Blizzard,

Inc.

.....................

580,081

49,649,133

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

381,406

1,910,844

Electronic

Arts,

Inc.

.......................

204,207

24,596,733

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

15,590

1,052,325

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

150,037

11,227,269

Live

Nation

Entertainment,

Inc.

(a)

..............

116,587

8,161,090

Madison

Square

Garden

Sports

Corp.

,

Class

A

.....

14,231

2,772,910

Netflix,

Inc.

(a)

............................

327,343

113,090,460

Playtika

Holding

Corp.

(a)

....................

76,728

863,957

ROBLOX

Corp.

,

Class

A

(a)

(b)

..................

333,216

14,988,056

Roku,

Inc.

,

Class

A

(a)

(b)

.....................

91,837

6,044,711

Spotify

Technology

SA

(a)

(b)

...................

104,490

13,961,954

Take-Two

Interactive

Software,

Inc.

(a)

(b)

..........

123,864

14,776,975

Walt

Disney

Co.

(The)

(a)

....................

1,362,484

136,425,523

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

1,758,867

26,558,892

World

Wrestling

Entertainment,

Inc.

,

Class

A

(b)

.....

31,852

2,906,813

428,987,645

a

Financial

Services

 — 

4

.2

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

...............

161,984

1,825,560

Apollo

Global

Management,

Inc.

...............

362,895

22,920,448

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

1,349,078

416,554,814

Block,

Inc.

,

Class

A

(a)

(b)

.....................

399,421

27,420,252

Equitable

Holdings,

Inc.

....................

279,802

7,104,173

Euronet

Worldwide,

Inc.

(a)

(b)

..................

34,986

3,914,933

Fidelity

National

Information

Services,

Inc.

........

441,848

24,005,602

Fiserv,

Inc.

(a)

............................

440,173

49,752,754

FleetCor

Technologies,

Inc.

(a)

(b)

................

54,225

11,433,341

Global

Payments,

Inc.

.....................

195,707

20,596,205

Jack

Henry

&

Associates,

Inc.

................

53,775

8,104,968

Mastercard,

Inc.

,

Class

A

....................

636,293

231,235,239

MGIC

Investment

Corp.

....................

217,731

2,921,950

PayPal

Holdings,

Inc.

(a)

.....................

852,227

64,718,118

Rocket

Companies,

Inc.

,

Class

A

(a)

(b)

............

84,905

769,239

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..............

37,793

2,864,709

TFS

Financial

Corp.

.......................

28,561

360,726

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

192,814

3,422,449

UWM

Holdings

Corp.

,

Class

A

(b)

...............

67,618

332,004

Visa,

Inc.

,

Class

A

........................

1,215,533

274,054,070

Voya

Financial,

Inc.

.......................

73,664

5,264,030

Western

Union

Co.

(The)

...................

246,215

2,745,297

Security

Shares

Value

a

Financial

Services

(continued)

WEX,

Inc.

(a)

.............................

32,679

$

6,009,341

1,188,330,222

a

Food

Products

 — 

1

.1

%

Archer-Daniels-Midland

Co.

..................

409,879

32,650,961

Bunge

Ltd.

.............................

103,878

9,922,427

Campbell

Soup

Co.

.......................

145,629

8,006,682

Conagra

Brands,

Inc.

......................

350,715

13,172,855

Darling

Ingredients,

Inc.

(a)

(b)

..................

117,996

6,890,966

Flowers

Foods,

Inc.

.......................

138,130

3,786,143

Freshpet,

Inc.

(a)

(b)

.........................

34,430

2,278,922

General

Mills,

Inc.

........................

440,777

37,668,802

Hershey

Co.

(The)

........................

109,404

27,833,472

Hormel

Foods

Corp.

.......................

213,063

8,496,953

Ingredion,

Inc.

...........................

49,956

5,082,024

J

M

Smucker

Co.

(The)

.....................

76,489

12,037,074

Kellogg

Co.

.............................

189,920

12,717,043

Kraft

Heinz

Co.

(The)

......................

521,459

20,164,820

Lamb

Weston

Holdings,

Inc.

.................

107,917

11,279,485

McCormick

&

Co.,

Inc.

,

NVS

.................

186,422

15,512,175

Mondelez

International,

Inc.

,

Class

A

............

1,019,488

71,078,703

Pilgrim's

Pride

Corp.

(a)

(b)

....................

35,885

831,814

Post

Holdings,

Inc.

(a)

.......................

40,242

3,616,549

Seaboard

Corp.

..........................

201

757,772

Tyson

Foods,

Inc.

,

Class

A

..................

208,526

12,369,762

316,155,404

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

106,505

11,966,902

National

Fuel

Gas

Co.

.....................

66,663

3,849,122

UGI

Corp.

..............................

156,335

5,434,204

21,250,228

a

Ground

Transportation

 — 

1

.0

%

Avis

Budget

Group,

Inc.

(a)

...................

18,979

3,697,109

CSX

Corp.

.............................

1,572,056

47,067,356

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

136,141

2,217,737

JB

Hunt

Transport

Services,

Inc.

..............

61,528

10,795,703

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

115,762

6,549,814

Landstar

System,

Inc.

(b)

.....................

26,716

4,789,110

Lyft,

Inc.

,

Class

A

(a)

........................

252,021

2,336,235

Norfolk

Southern

Corp.

.....................

169,496

35,933,152

Old

Dominion

Freight

Line,

Inc.

...............

74,013

25,226,591

RXO,

Inc.

(a)

.............................

86,531

1,699,469

Ryder

System,

Inc.

........................

35,995

3,212,194

Schneider

National,

Inc.

,

Class

B

..............

43,892

1,174,111

Uber

Technologies,

Inc.

(a)

...................

1,436,363

45,532,707

U-Haul

Holding

Co.

.......................

6,683

398,641

Union

Pacific

Corp.

.......................

459,551

92,489,234

XPO,

Inc.

(a)

.............................

76,413

2,437,575

285,556,738

a

Health

Care

Equipment

&

Supplies

 — 

2

.7

%

Abbott

Laboratories

.......................

1,282,240

129,839,622

Align

Technology,

Inc.

(a)

.....................

58,430

19,523,800

Baxter

International,

Inc.

....................

375,333

15,223,506

Becton

Dickinson

&

Co.

....................

212,304

52,553,732

Boston

Scientific

Corp.

(a)

....................

1,066,895

53,376,757

Cooper

Companies,

Inc.

(The)

................

36,258

13,537,287

Dentsply

Sirona,

Inc.

......................

158,738

6,235,229

Dexcom,

Inc.

(a)

..........................

288,737

33,545,465

Edwards

Lifesciences

Corp.

(a)

................

460,828

38,124,300

Enovis

Corp.

(a)

...........................

37,707

2,016,947

Envista

Holdings

Corp.

(a)

....................

123,902

5,065,114

GE

HealthCare

Technologies,

Inc.

(a)

............

272,090

22,319,543

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Globus

Medical,

Inc.

,

Class

A

(a)

...............

55,808

$

3,160,965

Hologic,

Inc.

(a)

...........................

180,787

14,589,511

ICU

Medical,

Inc.

(a)

........................

14,691

2,423,427

IDEXX

Laboratories,

Inc.

(a)

...................

61,332

30,670,907

Insulet

Corp.

(a)

...........................

51,397

16,393,587

Integra

LifeSciences

Holdings

Corp.

(a)

...........

54,747

3,143,025

Intuitive

Surgical,

Inc.

(a)

.....................

263,420

67,295,907

Masimo

Corp.

(a)

(b)

.........................

35,681

6,584,572

Medtronic

PLC

..........................

999,452

80,575,820

Novocure

Ltd.

(a)

(b)

.........................

76,683

4,611,716

Penumbra,

Inc.

(a)

(b)

........................

26,430

7,365,777

QuidelOrtho

Corp.

(a)

.......................

36,944

3,291,341

ResMed,

Inc.

...........................

108,304

23,717,493

STERIS

PLC

............................

74,063

14,166,771

Stryker

Corp.

...........................

262,703

74,993,825

Tandem

Diabetes

Care,

Inc.

(a)

(b)

...............

46,975

1,907,655

Teleflex,

Inc.

............................

35,479

8,987,186

Zimmer

Biomet

Holdings,

Inc.

................

157,391

20,334,917

775,575,704

a

Health

Care

Providers

&

Services

 — 

2

.9

%

Acadia

Healthcare

Co.,

Inc.

(a)

.................

65,158

4,707,666

agilon

health,

Inc.

(a)

(b)

......................

138,060

3,278,925

Amedisys,

Inc.

(a)

.........................

23,656

1,739,899

AmerisourceBergen

Corp.

...................

122,182

19,562,560

Cardinal

Health,

Inc.

.......................

192,445

14,529,597

Centene

Corp.

(a)

.........................

410,722

25,961,738

Chemed

Corp.

...........................

10,850

5,834,587

Cigna

Group

(The)

........................

219,096

55,985,601

CVS

Health

Corp.

........................

959,866

71,327,642

DaVita,

Inc.

(a)

............................

42,409

3,439,794

Elevance

Health,

Inc.

......................

180,256

82,883,511

Encompass

Health

Corp.

...................

72,526

3,923,657

Enhabit,

Inc.

(a)

...........................

35,609

495,321

Guardant

Health,

Inc.

(a)

.....................

72,440

1,697,994

HCA

Healthcare,

Inc.

......................

161,585

42,606,733

Henry

Schein,

Inc.

(a)

.......................

100,189

8,169,411

Humana,

Inc.

...........................

94,586

45,917,720

Laboratory

Corp.

of

America

Holdings

...........

66,145

15,174,986

McKesson

Corp.

.........................

102,193

36,385,818

Molina

Healthcare,

Inc.

(a)

....................

42,987

11,498,593

Oak

Street

Health,

Inc.

(a)

....................

85,965

3,325,126

Premier,

Inc.

,

Class

A

......................

90,077

2,915,792

Quest

Diagnostics,

Inc.

.....................

82,644

11,692,473

Tenet

Healthcare

Corp.

(a)

....................

78,441

4,660,964

UnitedHealth

Group,

Inc.

....................

699,446

330,551,185

Universal

Health

Services,

Inc.

,

Class

B

(b)

........

47,074

5,983,105

814,250,398

a

Health

Care

REITs

 — 

0

.2

%

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

279,702

5,406,640

Healthpeak

Properties,

Inc.

..................

413,752

9,090,131

Medical

Properties

Trust,

Inc.

.................

437,283

3,594,466

Omega

Healthcare

Investors,

Inc.

..............

178,885

4,903,238

Ventas,

Inc.

............................

296,332

12,845,992

Welltower,

Inc.

...........................

352,237

25,251,871

61,092,338

a

Health

Care

Technology

 — 

0

.1

%

Certara,

Inc.

(a)

(b)

..........................

86,095

2,075,751

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

..........

29,497

304,704

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

80,716

2,613,584

Teladoc

Health,

Inc.

(a)

(b)

.....................

119,031

3,082,903

Security

Shares

Value

a

Health

Care

Technology

(continued)

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

104,417

$

19,190,800

27,267,742

a

Hotel

&

Resort

REITs

 — 

0

.0

%

Host

Hotels

&

Resorts,

Inc.

..................

535,382

8,828,449

Park

Hotels

&

Resorts,

Inc.

..................

166,677

2,060,128

10,888,577

a

Hotels,

Restaurants

&

Leisure

 — 

2

.3

%

Airbnb,

Inc.

,

Class

A

(a)

......................

279,773

34,803,761

Aramark

...............................

177,869

6,367,710

Booking

Holdings,

Inc.

(a)

....................

29,022

76,978,243

Boyd

Gaming

Corp.

.......................

58,014

3,719,858

Caesars

Entertainment,

Inc.

(a)

................

154,143

7,523,720

Carnival

Corp.

(a)

(b)

.........................

727,296

7,382,054

Chipotle

Mexican

Grill,

Inc.

(a)

.................

20,483

34,990,904

Choice

Hotels

International,

Inc.

(b)

..............

24,919

2,920,258

Churchill

Downs,

Inc.

......................

26,731

6,871,204

Darden

Restaurants,

Inc.

...................

92,081

14,287,288

Domino's

Pizza,

Inc.

.......................

26,521

8,748,482

DoorDash,

Inc.

,

Class

A

(a)

...................

185,226

11,772,965

DraftKings,

Inc.

,

Class

A

(a)

(b)

..................

263,446

5,100,315

Expedia

Group,

Inc.

(a)

......................

110,018

10,675,046

Hilton

Worldwide

Holdings,

Inc.

...............

196,087

27,622,776

Hyatt

Hotels

Corp.

,

Class

A

(a)

.................

34,624

3,870,617

Las

Vegas

Sands

Corp.

(a)

...................

248,182

14,258,056

Marriott

International,

Inc.

,

Class

A

.............

197,841

32,849,520

Marriott

Vacations

Worldwide

Corp.

.............

28,465

3,838,790

McDonald's

Corp.

........................

552,609

154,515,002

MGM

Resorts

International

..................

236,523

10,506,352

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.........

308,664

4,151,531

Penn

Entertainment,

Inc.

(a)

...................

117,228

3,476,982

Planet

Fitness,

Inc.

,

Class

A

(a)

................

61,657

4,788,899

Royal

Caribbean

Cruises

Ltd.

(a)

(b)

..............

165,183

10,786,450

Six

Flags

Entertainment

Corp.

(a)

...............

55,061

1,470,679

Starbucks

Corp.

..........................

857,450

89,286,268

Travel

+

Leisure

Co.

.......................

61,103

2,395,238

Vail

Resorts,

Inc.

.........................

29,556

6,906,646

Wendy's

Co.

(The)

........................

131,477

2,863,569

Wyndham

Hotels

&

Resorts,

Inc.

..............

65,461

4,441,529

Wynn

Resorts

Ltd.

(a)

.......................

77,180

8,637,214

Yum!

Brands,

Inc.

........................

210,016

27,738,913

646,546,839

a

Household

Durables

 — 

0

.4

%

DR

Horton,

Inc.

..........................

236,827

23,135,630

Garmin

Ltd.

.............................

114,665

11,571,992

Leggett

&

Platt,

Inc.

.......................

96,452

3,074,890

Lennar

Corp.

,

Class

A

......................

188,280

19,790,110

Lennar

Corp.

,

Class

B

.....................

10,293

919,268

Mohawk

Industries,

Inc.

(a)

...................

38,804

3,888,937

Newell

Brands,

Inc.

.......................

283,556

3,527,437

NVR,

Inc.

(a)

.............................

2,164

12,058,219

PulteGroup,

Inc.

.........................

171,088

9,971,009

Tempur

Sealy

International,

Inc.

...............

123,935

4,894,193

Toll

Brothers,

Inc.

.........................

83,356

5,003,861

TopBuild

Corp.

(a)

.........................

23,783

4,950,193

Whirlpool

Corp.

..........................

39,911

5,269,050

108,054,789

a

Household

Products

 — 

1

.3

%

Church

&

Dwight

Co.,

Inc.

...................

180,965

15,999,116

Clorox

Co.

(The)

.........................

92,623

14,656,663

Colgate-Palmolive

Co.

.....................

619,772

46,575,866

Kimberly-Clark

Corp.

......................

250,724

33,652,175

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Household

Products

(continued)

Procter

&

Gamble

Co.

(The)

.................

1,765,137

$

262,458,221

Reynolds

Consumer

Products,

Inc.

.............

40,197

1,105,417

Spectrum

Brands

Holdings,

Inc.

...............

30,236

2,002,228

376,449,686

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.........................

500,400

12,049,632

Brookfield

Renewable

Corp.

,

Class

A

...........

92,358

3,227,912

Vistra

Corp.

............................

292,596

7,022,304

22,299,848

a

Industrial

Conglomerates

 — 

0

.8

%

3M

Co.

................................

412,793

43,388,672

General

Electric

Co.

(b)

......................

810,392

77,473,475

Honeywell

International,

Inc.

.................

503,948

96,314,542

217,176,689

a

Industrial

REITs

 — 

0

.4

%

Americold

Realty

Trust,

Inc.

..................

200,270

5,697,682

EastGroup

Properties,

Inc.

..................

30,312

5,011,180

First

Industrial

Realty

Trust,

Inc.

...............

98,785

5,255,362

Prologis,

Inc.

............................

688,333

85,883,308

Rexford

Industrial

Realty,

Inc.

................

146,492

8,738,248

110,585,780

a

Insurance

 — 

2

.3

%

Aflac,

Inc.

..............................

455,852

29,411,571

Allstate

Corp.

(The)

.......................

196,912

21,819,819

American

Financial

Group,

Inc.

...............

50,077

6,084,355

American

International

Group,

Inc.

.............

553,864

27,892,591

Aon

PLC

,

Class

A

........................

153,322

48,340,893

Arch

Capital

Group

Ltd.

(a)

...................

263,542

17,886,596

Arthur

J

Gallagher

&

Co.

....................

155,671

29,781,419

Assurant,

Inc.

...........................

40,474

4,859,713

Assured

Guaranty

Ltd.

.....................

44,045

2,214,142

Axis

Capital

Holdings

Ltd.

...................

57,600

3,140,352

Brighthouse

Financial,

Inc.

(a)

.................

52,823

2,330,023

Brown

&

Brown,

Inc.

.......................

177,252

10,177,810

Chubb

Ltd.

.............................

310,748

60,341,047

Cincinnati

Financial

Corp.

...................

115,394

12,933,360

CNA

Financial

Corp.

.......................

18,446

719,947

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

18,307

4,241,000

Everest

Re

Group

Ltd.

.....................

28,995

10,380,790

F&G

Annuities

&

Life,

Inc.

...................

13,216

239,474

Fidelity

National

Financial,

Inc.

................

194,907

6,808,101

First

American

Financial

Corp.

................

76,413

4,253,148

Globe

Life,

Inc.

..........................

66,219

7,285,414

Hanover

Insurance

Group,

Inc.

(The)

...........

26,909

3,457,806

Hartford

Financial

Services

Group,

Inc.

(The)

......

238,137

16,595,768

Kemper

Corp.

...........................

46,884

2,562,679

Lincoln

National

Corp.

.....................

125,602

2,822,277

Loews

Corp.

............................

145,243

8,426,999

Markel

Corp.

(a)

(b)

..........................

9,850

12,582,488

Marsh

&

McLennan

Companies,

Inc.

............

370,366

61,684,457

MetLife,

Inc.

............................

492,510

28,536,029

Old

Republic

International

Corp.

...............

209,481

5,230,741

Primerica,

Inc.

...........................

27,627

4,758,474

Principal

Financial

Group,

Inc.

................

180,765

13,434,455

Progressive

Corp.

(The)

....................

436,523

62,448,980

Prudential

Financial,

Inc.

....................

274,305

22,695,996

Reinsurance

Group

of

America,

Inc.

............

49,510

6,572,948

RenaissanceRe

Holdings

Ltd.

................

31,912

6,393,250

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

(b)

........

60,691

2,442,206

Travelers

Companies,

Inc.

(The)

...............

175,236

30,037,203

Unum

Group

............................

150,189

5,941,477

Security

Shares

Value

a

Insurance

(continued)

W

R

Berkley

Corp.

........................

155,220

$

9,663,997

White

Mountains

Insurance

Group

Ltd.

(b)

.........

1,830

2,520,807

Willis

Towers

Watson

PLC

...................

80,164

18,628,510

638,579,112

a

Interactive

Media

&

Services

 — 

4

.4

%

Alphabet,

Inc.

,

Class

A

(a)

....................

4,498,066

466,584,386

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

3,911,627

406,809,208

IAC,

Inc.

(a)

..............................

58,429

3,014,937

Match

Group,

Inc.

(a)

.......................

206,641

7,932,948

Meta

Platforms,

Inc.

,

Class

A

(a)

................

1,663,956

352,658,835

Pinterest,

Inc.

,

Class

A

(a)

....................

445,111

12,138,177

TripAdvisor,

Inc.

(a)

........................

75,626

1,501,932

ZoomInfo

Technologies,

Inc.

(a)

................

208,961

5,163,426

1,255,803,849

a

IT

Services

 — 

1

.5

%

Accenture

PLC

,

Class

A

....................

473,811

135,419,922

Akamai

Technologies,

Inc.

(a)

(b)

.................

116,200

9,098,460

Amdocs

Ltd.

............................

89,411

8,586,138

Cloudflare,

Inc.

,

Class

A

(a)

(b)

..................

210,579

12,984,301

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

384,255

23,412,657

DXC

Technology

Co.

(a)

(b)

....................

170,759

4,364,600

EPAM

Systems,

Inc.

(a)

......................

40,723

12,176,177

Gartner,

Inc.

(a)

...........................

57,369

18,689,099

Globant

SA

(a)

............................

30,101

4,936,865

GoDaddy,

Inc.

,

Class

A

(a)

....................

115,864

9,004,950

International

Business

Machines

Corp.

..........

672,935

88,215,049

Kyndryl

Holdings,

Inc.

(a)

.....................

158,406

2,338,073

MongoDB,

Inc.

,

Class

A

(a)

(b)

..................

49,345

11,503,307

Okta,

Inc.

,

Class

A

(a)

.......................

113,543

9,791,948

Snowflake,

Inc.

,

Class

A

(a)

(b)

..................

232,470

35,867,796

Thoughtworks

Holding,

Inc.

(a)

.................

62,829

462,422

Twilio,

Inc.

,

Class

A

(a)

......................

130,126

8,670,295

VeriSign,

Inc.

(a)

..........................

69,218

14,627,840

Wix.com

Ltd.

(a)

(b)

.........................

41,748

4,166,451

414,316,350

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

54,846

4,497,372

Hasbro,

Inc.

............................

99,348

5,333,994

Mattel,

Inc.

(a)

............................

258,102

4,751,658

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

221,657

2,513,591

Polaris,

Inc.

(b)

...........................

40,926

4,527,643

YETI

Holdings,

Inc.

(a)

......................

64,024

2,560,960

24,185,218

a

Life

Sciences

Tools

&

Services

 — 

1

.8

%

10X

Genomics,

Inc.

,

Class

A

(a)

................

68,170

3,803,204

Agilent

Technologies,

Inc.

...................

220,400

30,490,136

Avantor,

Inc.

(a)

(b)

..........................

457,804

9,677,977

Azenta,

Inc.

(a)

...........................

50,880

2,270,266

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

15,836

7,585,761

Bio-Techne

Corp.

.........................

117,424

8,711,686

Bruker

Corp.

............................

80,297

6,330,615

Charles

River

Laboratories

International,

Inc.

(a)

.....

37,355

7,538,986

Danaher

Corp.

..........................

484,058

122,001,978

Illumina,

Inc.

(a)

...........................

117,820

27,399,041

IQVIA

Holdings,

Inc.

(a)

......................

138,666

27,579,281

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.....

86,711

1,214,821

Mettler-Toledo

International,

Inc.

(a)

.............

16,363

25,038,826

PerkinElmer,

Inc.

.........................

94,410

12,581,077

QIAGEN

NV

(a)

...........................

170,506

7,831,341

Repligen

Corp.

(a)

(b)

........................

40,748

6,860,333

Sotera

Health

Co.

(a)

.......................

78,762

1,410,627

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

Syneos

Health,

Inc.

,

Class

A

(a)

................

76,209

$

2,714,565

Thermo

Fisher

Scientific,

Inc.

.................

292,581

168,634,911

Waters

Corp.

(a)

..........................

44,340

13,728,994

West

Pharmaceutical

Services,

Inc.

............

55,494

19,227,006

512,631,432

a

Machinery

 — 

1

.9

%

AGCO

Corp.

............................

46,030

6,223,256

Allison

Transmission

Holdings,

Inc.

.............

68,796

3,112,331

Caterpillar,

Inc.

..........................

389,114

89,044,848

Crane

NXT

Co.

..........................

36,199

4,108,586

Cummins,

Inc.

...........................

104,962

25,073,323

Deere

&

Co.

............................

203,036

83,829,504

Donaldson

Co.,

Inc.

.......................

90,460

5,910,656

Dover

Corp.

............................

104,373

15,858,434

Esab

Corp.

.............................

42,454

2,507,758

Flowserve

Corp.

.........................

94,520

3,213,680

Fortive

Corp.

............................

264,794

18,051,007

Gates

Industrial

Corp.

PLC

(a)

.................

83,780

1,163,704

Graco,

Inc.

.............................

124,386

9,081,422

IDEX

Corp.

.............................

56,297

13,006,296

Illinois

Tool

Works,

Inc.

.....................

228,490

55,625,890

Ingersoll

Rand,

Inc.

.......................

304,443

17,712,494

ITT,

Inc.

(b)

..............................

61,799

5,333,254

Lincoln

Electric

Holdings,

Inc.

................

41,861

7,078,695

Middleby

Corp.

(The)

(a)

.....................

39,648

5,812,793

Nordson

Corp.

...........................

42,740

9,499,392

Oshkosh

Corp.

..........................

48,421

4,027,659

Otis

Worldwide

Corp.

......................

311,185

26,264,014

PACCAR,

Inc.

...........................

383,142

28,045,994

Parker-Hannifin

Corp.

......................

95,667

32,154,635

Pentair

PLC

............................

124,554

6,884,100

Snap-on,

Inc.

...........................

39,637

9,785,979

Stanley

Black

&

Decker,

Inc.

.................

110,524

8,906,024

Timken

Co.

(The)

.........................

46,254

3,779,877

Toro

Co.

(The)

...........................

77,706

8,637,799

Westinghouse

Air

Brake

Technologies

Corp.

.......

135,514

13,695,045

Xylem,

Inc.

.............................

133,252

13,951,484

537,379,933

a

Marine

Transportation

 — 

0

.0

%

Kirby

Corp.

(a)

............................

43,763

3,050,281

a

Media

 — 

0

.9

%

Altice

USA,

Inc.

,

Class

A

(a)

...................

155,376

531,386

Cable

One,

Inc.

..........................

4,145

2,909,790

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

........

78,882

28,208,992

Comcast

Corp.

,

Class

A

....................

3,128,017

118,583,124

DISH

Network

Corp.

,

Class

A

(a)

(b)

..............

183,935

1,716,113

Fox

Corp.

,

Class

A

,

NVS

....................

217,524

7,406,692

Fox

Corp.

,

Class

B

........................

105,670

3,308,528

Interpublic

Group

of

Companies,

Inc.

(The)

.......

289,049

10,764,185

Liberty

Broadband

Corp.

,

Class

A

(a)

.............

12,446

1,022,066

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

89,053

7,275,630

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

....

55,387

1,555,821

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

113,942

3,189,236

New

York

Times

Co.

(The)

,

Class

A

.............

121,842

4,737,217

News

Corp.

,

Class

A

,

NVS

..................

286,083

4,940,653

News

Corp.

,

Class

B

......................

86,599

1,509,421

Nexstar

Media

Group,

Inc.

...................

27,630

4,770,596

Omnicom

Group,

Inc.

......................

149,086

14,064,773

Paramount

Global

,

Class

A

(b)

.................

8,723

225,402

Paramount

Global

,

Class

B

,

NVS

..............

434,440

9,692,357

Sirius

XM

Holdings,

Inc.

(b)

...................

521,466

2,070,220

Security

Shares

Value

a

Media

(continued)

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

(b)

.............

328,171

$

19,988,896

248,471,098

a

Metals

&

Mining

 — 

0

.6

%

Alcoa

Corp.

.............................

133,447

5,679,504

Cleveland-Cliffs,

Inc.

(a)

.....................

378,772

6,942,891

Freeport-McMoRan,

Inc.

....................

1,063,869

43,522,881

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

66,970

1,887,884

Newmont

Corp.

..........................

592,030

29,021,311

Nucor

Corp.

............................

192,118

29,676,467

Reliance

Steel

&

Aluminum

Co.

...............

43,940

11,281,156

Royal

Gold,

Inc.

..........................

48,814

6,331,664

Southern

Copper

Corp.

.....................

63,911

4,873,214

SSR

Mining,

Inc.

(b)

........................

156,453

2,365,569

Steel

Dynamics,

Inc.

.......................

124,011

14,020,684

United

States

Steel

Corp.

...................

166,720

4,351,392

159,954,617

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

AGNC

Investment

Corp.

....................

424,708

4,281,057

Annaly

Capital

Management,

Inc.

..............

348,011

6,650,490

Rithm

Capital

Corp.

.......................

315,295

2,522,360

Starwood

Property

Trust,

Inc.

.................

216,142

3,823,552

17,277,459

a

Multi-Utilities

 — 

0

.7

%

Ameren

Corp.

...........................

191,077

16,507,142

CenterPoint

Energy,

Inc.

....................

471,540

13,891,568

CMS

Energy

Corp.

........................

216,825

13,308,719

Consolidated

Edison,

Inc.

...................

264,259

25,281,659

Dominion

Energy,

Inc.

......................

624,089

34,892,816

DTE

Energy

Co.

.........................

144,011

15,774,965

NiSource,

Inc.

...........................

306,868

8,580,029

Public

Service

Enterprise

Group,

Inc.

...........

370,803

23,156,647

Sempra

Energy

..........................

235,017

35,525,170

WEC

Energy

Group,

Inc.

....................

236,684

22,435,276

209,353,991

a

Office

REITs

 — 

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

............

128,743

16,168,833

Boston

Properties,

Inc.

.....................

116,821

6,322,353

Cousins

Properties,

Inc.

....................

114,953

2,457,695

Douglas

Emmett,

Inc.

......................

126,342

1,557,797

Highwoods

Properties,

Inc.

..................

81,094

1,880,570

Hudson

Pacific

Properties,

Inc.

................

99,294

660,305

JBG

SMITH

Properties

.....................

79,167

1,192,255

Kilroy

Realty

Corp.

........................

85,904

2,783,290

SL

Green

Realty

Corp.

.....................

47,206

1,110,285

Vornado

Realty

Trust

......................

133,122

2,046,085

36,179,468

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.2

%

Antero

Midstream

Corp.

....................

252,962

2,653,571

Antero

Resources

Corp.

(a)

(b)

..................

215,721

4,980,998

APA

Corp.

.............................

241,541

8,709,968

Cheniere

Energy,

Inc.

......................

186,073

29,325,105

Chesapeake

Energy

Corp.

..................

89,905

6,836,376

Chevron

Corp.

...........................

1,446,215

235,964,439

ConocoPhillips

..........................

915,426

90,819,413

Coterra

Energy,

Inc.

.......................

582,897

14,304,292

Devon

Energy

Corp.

.......................

487,510

24,672,881

Diamondback

Energy,

Inc.

...................

134,190

18,138,462

DT

Midstream,

Inc.

........................

71,524

3,531,140

Enviva,

Inc.

.............................

22,588

652,341

EOG

Resources,

Inc.

......................

437,269

50,124,146

EQT

Corp.

.............................

277,386

8,851,387

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

19

Schedule

of

Investments

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Exxon

Mobil

Corp.

........................

3,081,567

$

337,924,637

Hess

Corp.

.............................

210,349

27,837,587

HF

Sinclair

Corp.

.........................

100,449

4,859,723

Kinder

Morgan,

Inc.

,

Class

P

.................

1,489,055

26,073,353

Marathon

Oil

Corp.

........................

471,560

11,298,578

Marathon

Petroleum

Corp.

..................

338,426

45,629,978

New

Fortress

Energy,

Inc.

,

Class

A

.............

41,113

1,209,956

Occidental

Petroleum

Corp.

..................

591,959

36,956,000

ONEOK,

Inc.

............................

333,318

21,179,026

Ovintiv,

Inc.

.............................

183,324

6,614,330

PDC

Energy,

Inc.

.........................

65,398

4,197,244

Phillips

66

..............................

348,267

35,307,308

Pioneer

Natural

Resources

Co.

...............

178,227

36,401,083

Range

Resources

Corp.

....................

175,340

4,641,250

Southwestern

Energy

Co.

(a)

..................

822,466

4,112,330

Targa

Resources

Corp.

.....................

167,570

12,224,232

Texas

Pacific

Land

Corp.

....................

4,212

7,164,696

Valero

Energy

Corp.

.......................

287,277

40,103,869

Vitesse

Energy,

Inc.

.......................

17,767

338,106

Williams

Companies,

Inc.

(The)

...............

911,075

27,204,700

1,190,842,505

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

54,370

2,947,398

a

Passenger

Airlines

 — 

0

.2

%

Alaska

Air

Group,

Inc.

(a)

.....................

95,200

3,994,592

American

Airlines

Group,

Inc.

(a)

(b)

..............

477,506

7,043,214

Copa

Holdings

SA

,

Class

A

,

NVS

(a)

(b)

............

21,617

1,996,330

Delta

Air

Lines,

Inc.

(a)

......................

479,732

16,752,241

JetBlue

Airways

Corp.

(a)

(b)

...................

232,043

1,689,273

Southwest

Airlines

Co.

.....................

442,380

14,395,045

United

Airlines

Holdings,

Inc.

(a)

(b)

...............

244,211

10,806,337

56,677,032

a

Personal

Care

Products

 — 

0

.2

%

Coty,

Inc.

,

Class

A

(a)

(b)

......................

256,917

3,098,419

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

171,749

42,329,258

Olaplex

Holdings,

Inc.

(a)

....................

91,710

391,602

45,819,279

a

Pharmaceuticals

 — 

3

.9

%

Bristol-Myers

Squibb

Co.

....................

1,592,532

110,378,393

Catalent,

Inc.

(a)

(b)

.........................

133,233

8,754,741

Elanco

Animal

Health,

Inc.

(a)

..................

335,126

3,150,184

Eli

Lilly

&

Co.

...........................

630,074

216,380,013

Jazz

Pharmaceuticals

PLC

(a)

.................

46,332

6,779,762

Johnson

&

Johnson

.......................

1,967,980

305,036,900

Merck

&

Co.,

Inc.

.........................

1,891,649

201,252,537

Organon

&

Co.

..........................

188,014

4,422,089

Perrigo

Co.

PLC

.........................

102,255

3,667,887

Pfizer,

Inc.

.............................

4,226,387

172,436,590

Royalty

Pharma

PLC

,

Class

A

................

276,976

9,979,445

Viatris,

Inc.

.............................

897,840

8,637,221

Zoetis,

Inc.

,

Class

A

.......................

352,062

58,597,199

1,109,472,961

a

Professional

Services

 — 

0

.9

%

Automatic

Data

Processing,

Inc.

...............

312,224

69,510,429

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

97,269

9,015,864

Broadridge

Financial

Solutions,

Inc.

............

87,537

12,830,298

CACI

International,

Inc.

,

Class

A

(a)

(b)

............

17,103

5,067,277

Clarivate

PLC

(a)

(b)

.........................

359,119

3,372,127

Concentrix

Corp.

.........................

31,377

3,813,874

CoStar

Group,

Inc.

(a)

.......................

300,413

20,683,435

Dun

&

Bradstreet

Holdings,

Inc.

...............

185,552

2,178,380

Security

Shares

Value

a

Professional

Services

(continued)

Equifax,

Inc.

............................

91,181

$

18,495,154

FTI

Consulting,

Inc.

(a)

(b)

.....................

24,919

4,917,765

Genpact

Ltd.

............................

135,991

6,285,504

Jacobs

Solutions,

Inc.

......................

94,052

11,052,051

KBR,

Inc.

..............................

102,160

5,623,908

Leidos

Holdings,

Inc.

......................

102,758

9,459,901

ManpowerGroup,

Inc.

......................

38,171

3,150,253

Paychex,

Inc.

...........................

240,996

27,615,732

Robert

Half

International,

Inc.

.................

79,582

6,411,922

Science

Applications

International

Corp.

.........

40,440

4,345,682

SS&C

Technologies

Holdings,

Inc.

.............

165,359

9,337,823

TransUnion

.............................

145,102

9,016,638

Verisk

Analytics,

Inc.

.......................

116,139

22,282,429

264,466,446

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

235,214

17,125,931

Howard

Hughes

Corp.

(The)

(a)

(b)

...............

27,353

2,188,240

Jones

Lang

LaSalle,

Inc.

(a)

...................

35,856

5,216,690

Opendoor

Technologies,

Inc.

(a)

(b)

...............

302,027

531,568

WeWork,

Inc.

,

Class

A

(a)

(b)

...................

205,616

159,825

Zillow

Group,

Inc.

,

Class

A

(a)

.................

41,527

1,814,730

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

118,971

5,290,640

32,327,624

a

Residential

REITs

 — 

0

.4

%

American

Homes

4

Rent

,

Class

A

..............

231,426

7,278,348

Apartment

Income

REIT

Corp.

................

114,036

4,083,629

AvalonBay

Communities,

Inc.

................

104,190

17,510,171

Camden

Property

Trust

.....................

78,212

8,199,746

Equity

LifeStyle

Properties,

Inc.

...............

131,496

8,827,327

Equity

Residential

........................

276,631

16,597,860

Essex

Property

Trust,

Inc.

...................

47,756

9,987,690

Invitation

Homes,

Inc.

......................

455,935

14,238,850

Mid-America

Apartment

Communities,

Inc.

........

86,147

13,011,643

Sun

Communities,

Inc.

.....................

90,263

12,716,251

UDR,

Inc.

..............................

246,705

10,129,707

122,581,222

a

Retail

REITs

 — 

0

.3

%

Brixmor

Property

Group,

Inc.

.................

220,928

4,754,371

Federal

Realty

Investment

Trust

...............

59,210

5,851,724

Kimco

Realty

Corp.

.......................

455,568

8,897,243

National

Retail

Properties,

Inc.

................

133,741

5,904,665

Realty

Income

Corp.

.......................

470,539

29,794,529

Regency

Centers

Corp.

....................

128,338

7,851,719

Simon

Property

Group,

Inc.

..................

244,642

27,392,565

Spirit

Realty

Capital,

Inc.

....................

103,623

4,128,340

94,575,156

a

Road

&

Rail

 — 

0

.0

%

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

60,324

3,127,799

a

Semiconductors

&

Semiconductor

Equipment

 — 

5

.8

%

Advanced

Micro

Devices,

Inc.

(a)

...............

1,207,772

118,373,734

Allegro

MicroSystems,

Inc.

(a)

.................

48,359

2,320,748

Analog

Devices,

Inc.

.......................

378,045

74,558,035

Applied

Materials,

Inc.

.....................

629,233

77,288,689

Broadcom,

Inc.

..........................

295,339

189,471,782

Cirrus

Logic,

Inc.

(a)

(b)

.......................

40,287

4,406,592

Enphase

Energy,

Inc.

(a)

.....................

98,133

20,635,407

Entegris,

Inc.

(b)

..........................

112,114

9,194,469

First

Solar,

Inc.

(a)

.........................

78,932

17,167,710

GlobalFoundries,

Inc.

(a)

(b)

....................

46,938

3,387,985

Intel

Corp.

.............................

3,095,942

101,144,425

KLA

Corp.

..............................

103,352

41,255,018

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Lam

Research

Corp.

......................

100,720

$

53,393,686

Lattice

Semiconductor

Corp.

(a)

................

102,319

9,771,464

Marvell

Technology,

Inc.

....................

632,555

27,389,631

Microchip

Technology,

Inc.

...................

397,936

33,339,078

Micron

Technology,

Inc.

.....................

812,590

49,031,681

MKS

Instruments,

Inc.

(b)

....................

42,542

3,770,072

Monolithic

Power

Systems,

Inc.

...............

34,431

17,234,093

NVIDIA

Corp.

...........................

1,769,165

491,420,962

ON

Semiconductor

Corp.

(a)

..................

323,252

26,610,105

Qorvo,

Inc.

(a)

............................

74,415

7,558,332

QUALCOMM,

Inc.

........................

837,888

106,897,751

Skyworks

Solutions,

Inc.

....................

118,673

14,001,041

Teradyne,

Inc.

...........................

117,041

12,583,078

Texas

Instruments,

Inc.

.....................

678,568

126,220,434

Universal

Display

Corp.

....................

32,062

4,973,778

Wolfspeed,

Inc.

(a)

(b)

........................

91,722

5,957,344

1,649,357,124

a

Software

 — 

9

.7

%

Adobe,

Inc.

(a)

............................

341,899

131,757,618

Alteryx,

Inc.

,

Class

A

(a)

.....................

43,887

2,582,311

ANSYS,

Inc.

(a)

...........................

64,826

21,574,093

AppLovin

Corp.

,

Class

A

(a)

(b)

..................

169,754

2,673,625

Aspen

Technology,

Inc.

(a)

(b)

...................

19,907

4,556,115

Atlassian

Corp.

,

Class

A

(a)

(b)

..................

109,071

18,669,683

Autodesk,

Inc.

(a)

..........................

162,543

33,834,951

Bentley

Systems,

Inc.

,

Class

B

(b)

...............

124,416

5,348,644

BILL

Holdings,

Inc.

(a)

(b)

......................

73,662

5,976,935

Black

Knight,

Inc.

(a)

........................

115,896

6,670,974

Cadence

Design

Systems,

Inc.

(a)

..............

203,832

42,823,065

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

124,805

1,119,501

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

103,481

7,576,879

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

91,651

2,206,040

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

161,433

22,158,294

Datadog,

Inc.

,

Class

A

(a)

....................

197,154

14,325,210

DocuSign,

Inc.

(a)

.........................

146,803

8,558,615

Dolby

Laboratories,

Inc.

,

Class

A

..............

45,411

3,879,008

DoubleVerify

Holdings,

Inc.

(a)

.................

64,138

1,933,761

Dropbox,

Inc.

,

Class

A

(a)

....................

202,713

4,382,655

Dynatrace,

Inc.

(a)

.........................

159,645

6,752,984

Elastic

NV

(a)

............................

56,060

3,245,874

Fair

Isaac

Corp.

(a)

.........................

18,217

12,800,904

Five9,

Inc.

(a)

............................

51,227

3,703,200

Fortinet,

Inc.

(a)

...........................

482,553

32,070,472

Gen

Digital,

Inc.

..........................

409,978

7,035,222

Guidewire

Software,

Inc.

(a)

...................

61,861

5,075,695

HubSpot,

Inc.

(a)

..........................

34,654

14,857,902

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

25,089

411,460

Intuit,

Inc.

..............................

206,065

91,869,959

Jamf

Holding

Corp.

(a)

(b)

.....................

48,139

934,859

Manhattan

Associates,

Inc.

(a)

.................

45,698

7,076,335

Microsoft

Corp.

..........................

5,595,214

1,613,100,196

nCino,

Inc.

(a)

(b)

...........................

51,679

1,280,606

NCR

Corp.

(a)

............................

97,877

2,308,918

New

Relic,

Inc.

(a)

.........................

38,915

2,929,910

Nutanix,

Inc.

,

Class

A

(a)

.....................

170,982

4,443,822

Oracle

Corp.

............................

1,143,021

106,209,511

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

..........

1,370,028

11,576,737

Palo

Alto

Networks,

Inc.

(a)

...................

221,108

44,164,112

Paycom

Software,

Inc.

(a)

....................

38,617

11,739,954

Paycor

HCM,

Inc.

(a)

(b)

......................

41,999

1,113,813

Paylocity

Holding

Corp.

(a)

...................

30,333

6,029,594

Pegasystems,

Inc.

........................

31,013

1,503,510

Procore

Technologies,

Inc.

(a)

.................

54,490

3,412,709

PTC,

Inc.

(a)

.............................

79,132

10,147,096

Security

Shares

Value

a

Software

(continued)

RingCentral,

Inc.

,

Class

A

(a)

..................

64,102

$

1,966,008

Roper

Technologies,

Inc.

....................

78,873

34,758,542

Salesforce,

Inc.

(a)

.........................

719,654

143,772,476

SentinelOne,

Inc.

,

Class

A

(a)

(b)

................

137,204

2,244,657

ServiceNow,

Inc.

(a)

........................

151,614

70,458,058

Smartsheet,

Inc.

,

Class

A

(a)

..................

96,032

4,590,330

Splunk,

Inc.

(a)

...........................

121,375

11,637,435

Synopsys,

Inc.

(a)

.........................

114,132

44,083,485

Teradata

Corp.

(a)

.........................

75,675

3,048,189

Tyler

Technologies,

Inc.

(a)

...................

30,750

10,905,180

UiPath,

Inc.

,

Class

A

(a)

.....................

275,364

4,835,392

Unity

Software,

Inc.

(a)

(b)

.....................

176,341

5,720,502

VMware,

Inc.

,

Class

A

(a)

....................

160,121

19,991,107

Workday,

Inc.

,

Class

A

(a)

....................

149,852

30,950,432

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

184,161

13,598,448

Zscaler,

Inc.

(a)

(b)

..........................

62,930

7,352,112

2,758,315,684

a

Specialized

REITs

 — 

1

.2

%

American

Tower

Corp.

.....................

346,942

70,894,128

Crown

Castle,

Inc.

........................

322,607

43,177,721

CubeSmart

.............................

166,661

7,703,071

Digital

Realty

Trust,

Inc.

....................

213,498

20,988,988

EPR

Properties

..........................

54,819

2,088,604

Equinix,

Inc.

............................

69,047

49,785,649

Extra

Space

Storage,

Inc.

...................

99,140

16,152,880

Gaming

and

Leisure

Properties,

Inc.

............

181,226

9,434,626

Iron

Mountain,

Inc.

........................

213,775

11,310,835

Lamar

Advertising

Co.

,

Class

A

...............

64,095

6,402,450

Life

Storage,

Inc.

.........................

62,455

8,187,226

National

Storage

Affiliates

Trust

...............

62,654

2,617,684

Public

Storage

...........................

116,813

35,293,880

Rayonier,

Inc.

...........................

109,519

3,642,602

SBA

Communications

Corp.

,

Class

A

............

79,993

20,883,772

VICI

Properties,

Inc.

.......................

751,406

24,510,864

Weyerhaeuser

Co.

........................

551,024

16,602,353

349,677,333

a

Specialty

Retail

 — 

2

.2

%

Advance

Auto

Parts,

Inc.

....................

43,525

5,293,075

AutoNation,

Inc.

(a)

.........................

25,104

3,372,973

AutoZone,

Inc.

(a)

.........................

14,040

34,512,426

Bath

&

Body

Works,

Inc.

....................

169,837

6,212,638

Best

Buy

Co.,

Inc.

........................

147,687

11,559,462

Burlington

Stores,

Inc.

(a)

....................

48,748

9,851,971

CarMax,

Inc.

(a)

(b)

..........................

118,333

7,606,445

Carvana

Co.

,

Class

A

(a)

(b)

....................

78,879

772,225

Dick's

Sporting

Goods,

Inc.

..................

40,413

5,734,201

Five

Below,

Inc.

(a)

.........................

40,738

8,390,806

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

76,532

7,516,973

GameStop

Corp.

,

Class

A

(a)

(b)

.................

198,865

4,577,872

Gap,

Inc.

(The)

..........................

147,351

1,479,404

Home

Depot,

Inc.

(The)

....................

762,058

224,898,557

Leslie's,

Inc.

(a)

(b)

..........................

128,734

1,417,361

Lithia

Motors,

Inc.

........................

19,919

4,560,057

Lowe's

Companies,

Inc.

....................

452,396

90,465,628

O'Reilly

Automotive,

Inc.

(a)

...................

46,295

39,303,529

Penske

Automotive

Group,

Inc.

(b)

..............

19,863

2,816,772

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

.....

59,396

534,564

RH

(a)

(b)

................................

13,575

3,306,191

Ross

Stores,

Inc.

.........................

255,253

27,090,001

TJX

Companies,

Inc.

(The)

..................

867,882

68,007,234

Tractor

Supply

Co.

........................

82,644

19,424,646

Ulta

Beauty,

Inc.

(a)

........................

37,652

20,545,567

Victoria's

Secret

&

Co.

(a)

....................

61,694

2,106,850

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Specialty

Retail

(continued)

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

59,183

$

2,032,344

Williams-Sonoma,

Inc.

.....................

49,491

6,021,075

619,410,847

a

Technology

Hardware,

Storage

&

Peripherals

 — 

6

.8

%

Apple,

Inc.

.............................

11,238,617

1,853,247,943

Dell

Technologies,

Inc.

,

Class

C

...............

177,081

7,120,427

Hewlett

Packard

Enterprise

Co.

...............

958,758

15,273,015

HP,

Inc.

...............................

736,590

21,618,916

NetApp,

Inc.

............................

161,607

10,318,607

Pure

Storage,

Inc.

,

Class

A

(a)

.................

216,763

5,529,624

Western

Digital

Corp.

(a)

.....................

236,704

8,916,640

1,922,025,172

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.7

%

Capri

Holdings

Ltd.

(a)

......................

93,532

4,396,004

Carter's,

Inc.

............................

27,745

1,995,420

Columbia

Sportswear

Co.

...................

26,029

2,348,857

Deckers

Outdoor

Corp.

(a)

....................

19,567

8,796,345

Hanesbrands,

Inc.

........................

262,674

1,381,665

Lululemon

Athletica,

Inc.

(a)

...................

83,040

30,242,338

Nike,

Inc.

,

Class

B

........................

899,567

110,322,897

PVH

Corp.

.............................

47,240

4,211,918

Ralph

Lauren

Corp.

,

Class

A

.................

30,847

3,598,920

Skechers

USA,

Inc.

,

Class

A

(a)

................

101,360

4,816,627

Tapestry,

Inc.

............................

176,995

7,630,254

Under

Armour,

Inc.

,

Class

A

(a)

.................

146,570

1,390,949

Under

Armour,

Inc.

,

Class

C

(a)

................

137,458

1,172,517

VF

Corp.

..............................

264,650

6,063,132

188,367,843

a

Tobacco

 — 

0

.6

%

Altria

Group,

Inc.

.........................

1,340,569

59,816,189

Philip

Morris

International,

Inc.

................

1,158,723

112,685,811

172,502,000

a

Trading

Companies

&

Distributors

 — 

0

.3

%

Air

Lease

Corp.

,

Class

A

....................

77,127

3,036,490

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

................

54,280

1,253,868

Fastenal

Co.

............................

431,199

23,258,874

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

35,517

$

2,983,428

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

32,878

4,500,012

United

Rentals,

Inc.

.......................

52,234

20,672,128

Univar

Solutions,

Inc.

(a)

.....................

121,557

4,258,142

Watsco,

Inc.

............................

24,329

7,740,515

WESCO

International,

Inc.

...................

32,876

5,080,657

WW

Grainger,

Inc.

........................

33,803

23,283,844

96,067,958

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

144,181

21,121,075

Essential

Utilities,

Inc.

......................

175,267

7,650,404

28,771,479

a

Wireless

Telecommunication

Services

 — 

0

.2

%

T-Mobile

U.S.,

Inc.

(a)

.......................

438,497

63,511,905

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

25,420,205,538

)

..............................

28,297,906,596

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(c)

(d)

(e)

......................

415,675,603

415,800,305

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.73

%

(c)

(d)

............................

42,252,528

42,252,528

a

Total

Short-Term

Securities — 1.6%

(Cost:

$

457,752,702

)

................................

458,052,833

Total

Investments

—

101.4%

(Cost:

$

25,877,958,240

)

..............................

28,755,959,429

Liabilities

in

Excess

of

Other

Assets

—

(

1

.4

)

%

...............

(

389,837,305

)

Net

Assets

—

100.0%

.................................

$

28,366,122,124

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

382,039,449

$

33,538,204

(a)

$

—

$

13,267

$

209,385

$

415,800,305

415,675,603

$

3,934,343

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

49,500,000

—

(

7,247,472

)

(a)

—

—

42,252,528

42,252,528

1,152,497

26

BlackRock,

Inc.

..

78,453,513

25,410,540

(

20,673,842

)

6,472,798

(

15,450,910

)

74,212,099

110,910

2,176,728

—

$

6,486,065

$

(

15,241,525

)

$

532,264,932

$

7,263,568

$

26

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

ETF

22

2023

iShares

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(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

...................................................................

300

06/16/23

$

62,066

$

3,336,210

S&P

MidCap

400

E-Mini

Index

.............................................................

20

06/16/23

5,059

143,466

$

3,479,676

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

3,479,676

$

—

$

—

$

—

$

3,479,676

(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

.................................

$

—

$

—

$

(

5,067,302

)

$

—

$

—

$

—

$

(

5,067,302

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

371,186

$

—

$

—

$

—

$

371,186

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

64,382,451

a

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(continued)

March

31,

2023

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

.........................................

$

28,297,826,429

‌

$

80,167

‌

$

—

‌

$

28,297,906,596

‌

Short-Term

Securities

Money

Market

Funds

......................................

458,052,833

‌

—

‌

—

‌

458,052,833

‌

$

28,755,879,262

‌

$

80,167

‌

$

—

‌

$

28,755,959,429

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

3,479,676

‌

$

—

‌

$

—

‌

$

3,479,676

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.0

%

Axon

Enterprise,

Inc.

(a)

.....................

170,430

$

38,321,186

Boeing

Co.

(The)

(a)

........................

561,390

119,256,078

BWX

Technologies,

Inc.

....................

114,359

7,209,191

HEICO

Corp.

(b)

..........................

138,494

23,688,014

HEICO

Corp.

,

Class

A

......................

241,254

32,786,418

Howmet

Aerospace,

Inc.

....................

117,549

4,980,551

Huntington

Ingalls

Industries,

Inc.

..............

27,803

5,755,777

Lockheed

Martin

Corp.

.....................

741,891

350,714,132

Northrop

Grumman

Corp.

...................

54,950

25,371,514

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

........

319,696

11,039,103

TransDigm

Group,

Inc.

.....................

64,780

47,746,099

666,868,063

a

Air

Freight

&

Logistics

 — 

0

.7

%

CH

Robinson

Worldwide,

Inc.

................

102,506

10,186,021

Expeditors

International

of

Washington,

Inc.

(b)

......

159,904

17,608,629

GXO

Logistics,

Inc.

(a)

(b)

.....................

37,217

1,877,970

United

Parcel

Service,

Inc.

,

Class

B

............

2,136,391

414,438,490

444,111,110

a

Automobile

Components

 — 

0

.0

%

Aptiv

PLC

(a)

.............................

223,346

25,057,188

a

Automobiles

 — 

2

.8

%

Lucid

Group,

Inc.

(a)

(b)

.......................

1,777,199

14,288,680

Tesla,

Inc.

(a)

(b)

...........................

8,420,638

1,746,945,559

1,761,234,239

a

Banks

 — 

0

.0

%

First

Citizens

BancShares,

Inc.

,

Class

A

..........

8,722

8,487,378

Western

Alliance

Bancorp

(b)

..................

215,295

7,651,585

16,138,963

a

Beverages

 — 

2

.3

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

(b)

......

28,726

9,442,236

Brown-Forman

Corp.

,

Class

A

(b)

...............

85,561

5,577,722

Brown-Forman

Corp.

,

Class

B

,

NVS

............

353,817

22,739,818

Coca-Cola

Co.

(The)

......................

9,541,071

591,832,634

Monster

Beverage

Corp.

(a)

...................

2,205,674

119,128,453

PepsiCo,

Inc.

...........................

3,806,040

693,841,092

1,442,561,955

a

Biotechnology

 — 

3

.1

%

AbbVie,

Inc.

............................

5,758,250

917,692,303

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

399,718

80,071,510

Amgen,

Inc.

............................

1,461,399

353,293,208

Exact

Sciences

Corp.

(a)

(b)

....................

101,993

6,916,145

Exelixis,

Inc.

(a)

...........................

902,788

17,523,115

Horizon

Therapeutics

PLC

(a)

.................

670,079

73,132,422

Incyte

Corp.

(a)

...........................

514,355

37,172,436

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

427,459

15,277,385

Moderna,

Inc.

(a)

(b)

.........................

64,942

9,973,792

Natera,

Inc.

(a)

(b)

..........................

295,760

16,420,595

Neurocrine

Biosciences,

Inc.

(a)

................

312,197

31,600,580

Novavax,

Inc.

(a)

(b)

.........................

265,857

1,842,389

Regeneron

Pharmaceuticals,

Inc.

(a)

(b)

............

49,341

40,542,020

Sarepta

Therapeutics,

Inc.

(a)

(b)

................

272,988

37,625,936

Seagen,

Inc.

(a)

...........................

442,230

89,538,308

Ultragenyx

Pharmaceutical,

Inc.

(a)

(b)

.............

167,793

6,728,499

Vertex

Pharmaceuticals,

Inc.

(a)

................

786,430

247,780,500

1,983,131,143

a

Security

Shares

Value

a

Broadline

Retail

 — 

4

.8

%

Amazon.com,

Inc.

(a)

.......................

28,958,981

$

2,991,173,147

eBay,

Inc.

..............................

224,784

9,973,666

Etsy,

Inc.

(a)

(b)

............................

405,841

45,182,279

Nordstrom,

Inc.

(b)

.........................

309,266

5,031,758

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

10,155

588,381

3,051,949,231

a

Building

Products

 — 

0

.3

%

A

O

Smith

Corp.

.........................

98,242

6,793,435

Advanced

Drainage

Systems,

Inc.

(b)

............

206,548

17,393,407

Allegion

PLC

............................

228,592

24,397,624

Armstrong

World

Industries,

Inc.

...............

85,050

6,058,962

Carlisle

Companies,

Inc.

....................

140,718

31,812,118

Fortune

Brands

Innovations,

Inc.

..............

143,340

8,418,358

Masco

Corp.

............................

37,890

1,883,891

Masterbrand,

Inc.

(a)

.......................

143,228

1,151,553

Trane

Technologies

PLC

....................

433,536

79,761,953

Trex

Co.,

Inc.

(a)

(b)

.........................

359,073

17,476,083

195,147,384

a

Capital

Markets

 — 

1

.4

%

Ameriprise

Financial,

Inc.

...................

218,447

66,954,005

Ares

Management

Corp.

,

Class

A

..............

498,379

41,584,744

Blackstone,

Inc.

,

NVS

......................

2,311,222

203,017,740

Blue

Owl

Capital,

Inc.

,

Class

A

................

1,375,159

15,236,762

Charles

Schwab

Corp.

(The)

.................

2,748,448

143,963,706

FactSet

Research

Systems,

Inc.

...............

123,340

51,197,201

LPL

Financial

Holdings,

Inc.

..................

258,306

52,281,134

MarketAxess

Holdings,

Inc.

..................

121,242

47,440,782

Moody's

Corp.

...........................

490,894

150,223,382

Morningstar,

Inc.

.........................

73,130

14,847,584

MSCI,

Inc.

,

Class

A

.......................

190,424

106,578,409

Raymond

James

Financial,

Inc.

...............

49,847

4,649,230

Tradeweb

Markets,

Inc.

,

Class

A

...............

221,490

17,502,140

915,476,819

a

Chemicals

 — 

1

.0

%

Albemarle

Corp.

(b)

........................

195,911

43,304,167

Axalta

Coating

Systems

Ltd.

(a)

(b)

...............

171,526

5,195,523

CF

Industries

Holdings,

Inc.

..................

635,622

46,076,239

Chemours

Co.

(The)

.......................

300,247

8,989,395

Ecolab,

Inc.

............................

713,219

118,059,141

FMC

Corp.

.............................

139,075

16,985,230

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

529,074

703,668

Linde

PLC

(b)

............................

338,022

120,146,540

Mosaic

Co.

(The)

.........................

136,341

6,255,325

PPG

Industries,

Inc.

.......................

406,255

54,267,543

RPM

International,

Inc.

.....................

20,937

1,826,544

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

44,475

3,101,686

Sherwin-Williams

Co.

(The)

..................

779,032

175,103,023

Valvoline,

Inc.

...........................

558,863

19,526,673

619,540,697

a

Commercial

Services

&

Supplies

 — 

0

.8

%

Cintas

Corp.

............................

262,924

121,649,676

Copart,

Inc.

(a)

(b)

..........................

1,386,997

104,316,044

Driven

Brands

Holdings,

Inc.

(a)

(b)

...............

11,703

354,718

MSA

Safety,

Inc.

.........................

45,583

6,085,331

Republic

Services,

Inc.

.....................

42,234

5,710,881

Ritchie

Bros

Auctioneers,

Inc.

................

189,950

10,692,285

Rollins,

Inc.

.............................

703,577

26,405,245

Tetra

Tech,

Inc.

..........................

70,625

10,375,519

Waste

Management,

Inc.

....................

1,252,169

204,316,416

489,906,115

a

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Communications

Equipment

 — 

0

.2

%

Arista

Networks,

Inc.

(a)

.....................

800,995

$

134,455,021

Ubiquiti,

Inc.

(b)

...........................

3,903

1,060,406

135,515,427

a

Construction

&

Engineering

 — 

0

.1

%

AECOM

...............................

25,828

2,177,817

Quanta

Services,

Inc.

(b)

.....................

252,110

42,011,610

Valmont

Industries,

Inc.

.....................

9,314

2,973,774

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

353,582

16,575,924

63,739,125

a

Construction

Materials

 — 

0

.1

%

Eagle

Materials,

Inc.

.......................

98,533

14,459,718

Martin

Marietta

Materials,

Inc.

................

17,474

6,204,318

Vulcan

Materials

Co.

......................

210,652

36,139,457

56,803,493

a

Consumer

Finance

 — 

0

.0

%

American

Express

Co.

.....................

121,365

20,019,157

Credit

Acceptance

Corp.

(a)

(b)

..................

1,926

839,813

Upstart

Holdings,

Inc.

(a)

(b)

....................

43,274

687,624

21,546,594

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.9

%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

277,693

21,124,107

Costco

Wholesale

Corp.

....................

1,442,501

716,735,472

Dollar

General

Corp.

......................

734,131

154,505,210

Dollar

Tree,

Inc.

(a)

(b)

.......................

210,686

30,243,975

Grocery

Outlet

Holding

Corp.

(a)

(b)

...............

20,833

588,741

Performance

Food

Group

Co.

(a)

...............

151,791

9,159,069

Sysco

Corp.

............................

1,653,837

127,725,831

Target

Corp.

............................

831,365

137,698,985

1,197,781,390

a

Containers

&

Packaging

 — 

0

.2

%

Ardagh

Metal

Packaging

SA

.................

155,632

634,979

Avery

Dennison

Corp.

......................

162,598

29,093,660

Ball

Corp.

..............................

398,301

21,950,368

Berry

Global

Group,

Inc.

....................

191,000

11,249,900

Crown

Holdings,

Inc.

......................

329,826

27,279,908

Graphic

Packaging

Holding

Co.

...............

779,963

19,881,257

Sealed

Air

Corp.

.........................

477,883

21,939,609

132,029,681

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

35,897

6,005,927

Pool

Corp.

(b)

............................

124,473

42,624,534

48,630,461

a

Diversified

Consumer

Services

 — 

0

.0

%

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

52,304

4,026,885

H&R

Block,

Inc.

(b)

.........................

408,980

14,416,545

Mister

Car

Wash,

Inc.

(a)

(b)

....................

187,823

1,619,034

20,062,464

a

Electrical

Equipment

 — 

0

.3

%

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

806,353

8,442,516

Emerson

Electric

Co.

......................

591,331

51,528,583

Generac

Holdings,

Inc.

(a)

(b)

...................

203,060

21,932,510

Plug

Power,

Inc.

(a)

(b)

.......................

849,608

9,957,406

Rockwell

Automation,

Inc.

...................

252,395

74,065,313

Vertiv

Holdings

Co.

,

Class

A

.................

154,603

2,212,369

168,138,697

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Amphenol

Corp.

,

Class

A

...................

1,437,379

117,462,612

Arrow

Electronics,

Inc.

(a)

....................

10,258

1,280,916

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

(continued)

CDW

Corp.

.............................

439,436

$

85,641,682

Cognex

Corp.

(b)

..........................

527,308

26,128,111

Coherent

Corp.

(a)

(b)

........................

65,029

2,476,304

Corning,

Inc.

............................

143,347

5,057,282

Jabil,

Inc.

..............................

345,491

30,458,487

Keysight

Technologies,

Inc.

(a)

.................

539,889

87,181,276

National

Instruments

Corp.

..................

54,263

2,843,924

Vontier

Corp.

............................

317,596

8,683,075

Zebra

Technologies

Corp.

,

Class

A

(a)

(b)

...........

68,725

21,854,550

389,068,219

a

Energy

Equipment

&

Services

 — 

0

.1

%

Halliburton

Co.

..........................

1,327,123

41,990,172

a

Entertainment

 — 

0

.9

%

Electronic

Arts,

Inc.

.......................

55,478

6,682,325

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

7,639

515,633

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

71,733

5,367,780

Live

Nation

Entertainment,

Inc.

(a)

(b)

.............

252,898

17,702,860

Madison

Square

Garden

Sports

Corp.

,

Class

A

.....

30,452

5,933,572

Netflix,

Inc.

(a)

............................

643,252

222,230,701

Playtika

Holding

Corp.

(a)

(b)

...................

302,631

3,407,625

ROBLOX

Corp.

,

Class

A

(a)

(b)

..................

1,458,653

65,610,212

Roku,

Inc.

,

Class

A

(a)

(b)

.....................

109,397

7,200,511

Spotify

Technology

SA

(a)

(b)

...................

454,185

60,688,200

Take-Two

Interactive

Software,

Inc.

(a)

............

446,158

53,226,649

Walt

Disney

Co.

(The)

(a)

....................

396,739

39,725,476

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.........

5,632,788

85,055,099

World

Wrestling

Entertainment,

Inc.

,

Class

A

(b)

.....

138,943

12,679,938

586,026,581

a

Financial

Services

 — 

4

.0

%

Apollo

Global

Management,

Inc.

...............

1,201,485

75,885,792

Euronet

Worldwide,

Inc.

(a)

(b)

..................

114,530

12,815,907

Fiserv,

Inc.

(a)

............................

172,613

19,510,447

FleetCor

Technologies,

Inc.

(a)

(b)

................

233,689

49,273,326

Jack

Henry

&

Associates,

Inc.

................

236,608

35,661,558

Mastercard,

Inc.

,

Class

A

....................

2,772,380

1,007,510,616

PayPal

Holdings,

Inc.

(a)

.....................

1,142,989

86,798,585

Rocket

Companies,

Inc.

,

Class

A

(a)

(b)

............

205,563

1,862,401

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..............

163,999

12,431,124

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

827,454

14,687,308

UWM

Holdings

Corp.

,

Class

A

(b)

...............

272,992

1,340,391

Visa,

Inc.

,

Class

A

(b)

.......................

5,296,197

1,194,080,576

Western

Union

Co.

(The)

...................

369,440

4,119,256

WEX,

Inc.

(a)

.............................

103,025

18,945,267

2,534,922,554

a

Food

Products

 — 

0

.3

%

Darling

Ingredients,

Inc.

(a)

...................

35,623

2,080,383

Freshpet,

Inc.

(a)

(b)

.........................

81,568

5,398,986

Hershey

Co.

(The)

........................

411,815

104,769,854

Kellogg

Co.

.............................

455,540

30,502,959

Lamb

Weston

Holdings,

Inc.

.................

467,800

48,894,456

Pilgrim's

Pride

Corp.

(a)

(b)

....................

79,656

1,846,426

193,493,064

a

Gas

Utilities

 — 

0

.0

%

National

Fuel

Gas

Co.

.....................

22,662

1,308,504

a

Ground

Transportation

 — 

1

.3

%

CSX

Corp.

.............................

1,719,624

51,485,542

JB

Hunt

Transport

Services,

Inc.

..............

239,004

41,935,642

Landstar

System,

Inc.

(b)

.....................

103,264

18,511,105

Lyft,

Inc.

,

Class

A

(a)

(b)

.......................

820,957

7,610,271

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Ground

Transportation

(continued)

Old

Dominion

Freight

Line,

Inc.

(b)

..............

323,265

$

110,181,643

RXO,

Inc.

(a)

.............................

25,020

491,393

Uber

Technologies,

Inc.

(a)

(b)

..................

5,413,977

171,623,071

Union

Pacific

Corp.

.......................

2,002,329

402,988,734

XPO,

Inc.

(a)

.............................

25,020

798,138

805,625,539

a

Health

Care

Equipment

&

Supplies

 — 

2

.1

%

Abbott

Laboratories

.......................

738,696

74,800,357

Align

Technology,

Inc.

(a)

.....................

191,873

64,112,444

Baxter

International,

Inc.

....................

260,939

10,583,686

Dexcom,

Inc.

(a)

..........................

1,254,681

145,768,839

Edwards

Lifesciences

Corp.

(a)

................

2,012,012

166,453,753

GE

HealthCare

Technologies,

Inc.

(a)

............

65,996

5,413,652

Globus

Medical,

Inc.

,

Class

A

(a)

...............

13,663

773,872

ICU

Medical,

Inc.

(a)

(b)

.......................

11,974

1,975,231

IDEXX

Laboratories,

Inc.

(a)

...................

267,560

133,801,405

Insulet

Corp.

(a)

(b)

..........................

224,431

71,584,512

Intuitive

Surgical,

Inc.

(a)

.....................

1,057,057

270,046,352

Masimo

Corp.

(a)

(b)

.........................

118,319

21,834,588

Novocure

Ltd.

(a)

(b)

.........................

336,766

20,253,107

Penumbra,

Inc.

(a)

(b)

........................

115,871

32,292,089

ResMed,

Inc.

...........................

470,160

102,960,338

Stryker

Corp.

...........................

612,385

174,817,546

Tandem

Diabetes

Care,

Inc.

(a)

(b)

...............

189,253

7,685,564

1,305,157,335

a

Health

Care

Providers

&

Services

 — 

2

.8

%

agilon

health,

Inc.

(a)

(b)

......................

569,857

13,534,104

AmerisourceBergen

Corp.

...................

530,201

84,890,482

Chemed

Corp.

...........................

17,513

9,417,616

Cigna

Group

(The)

........................

151,783

38,785,110

DaVita,

Inc.

(a)

(b)

..........................

180,183

14,614,643

Elevance

Health,

Inc.

......................

238,733

109,771,821

Guardant

Health,

Inc.

(a)

(b)

....................

311,923

7,311,475

HCA

Healthcare,

Inc.

......................

43,140

11,375,155

Humana,

Inc.

...........................

290,746

141,145,553

McKesson

Corp.

.........................

87,650

31,207,783

Molina

Healthcare,

Inc.

(a)

....................

144,457

38,640,803

UnitedHealth

Group,

Inc.

....................

2,773,260

1,310,614,943

1,811,309,488

a

Health

Care

Technology

 — 

0

.2

%

Certara,

Inc.

(a)

(b)

..........................

243,965

5,881,996

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

..........

51,779

534,877

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

163,396

5,290,763

Teladoc

Health,

Inc.

(a)

......................

49,209

1,274,513

Veeva

Systems,

Inc.

,

Class

A

(a)

(b)

..............

454,332

83,501,678

96,483,827

a

Hotels,

Restaurants

&

Leisure

 — 

2

.4

%

Airbnb,

Inc.

,

Class

A

(a)

(b)

.....................

1,222,092

152,028,245

Booking

Holdings,

Inc.

(a)

....................

126,328

335,073,650

Caesars

Entertainment,

Inc.

(a)

................

463,599

22,628,267

Chipotle

Mexican

Grill,

Inc.

(a)

.................

89,470

152,840,706

Choice

Hotels

International,

Inc.

(b)

..............

104,667

12,265,926

Churchill

Downs,

Inc.

(b)

.....................

115,856

29,780,785

Darden

Restaurants,

Inc.

...................

290,429

45,062,964

Domino's

Pizza,

Inc.

.......................

84,731

27,950,215

DoorDash,

Inc.

,

Class

A

(a)

(b)

..................

717,924

45,631,249

DraftKings,

Inc.

,

Class

A

(a)

(b)

..................

1,148,393

22,232,888

Expedia

Group,

Inc.

(a)

(b)

.....................

480,849

46,656,778

Hilton

Worldwide

Holdings,

Inc.

...............

618,778

87,167,257

Las

Vegas

Sands

Corp.

(a)

...................

397,218

22,820,174

Marriott

International,

Inc.

,

Class

A

.............

864,372

143,520,327

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

(continued)

McDonald's

Corp.

........................

585,103

$

163,600,650

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.........

98,777

1,328,551

Planet

Fitness,

Inc.

,

Class

A

(a)

................

198,091

15,385,728

Six

Flags

Entertainment

Corp.

(a)

...............

119,846

3,201,087

Starbucks

Corp.

..........................

1,344,967

140,051,414

Travel

+

Leisure

Co.

.......................

186,950

7,328,440

Vail

Resorts,

Inc.

.........................

122,826

28,701,980

Wendy's

Co.

(The)

........................

548,788

11,952,603

Wyndham

Hotels

&

Resorts,

Inc.

..............

198,657

13,478,877

Wynn

Resorts

Ltd.

(a)

.......................

42,368

4,741,403

Yum!

Brands,

Inc.

........................

106,468

14,062,293

1,549,492,457

a

Household

Durables

 — 

0

.2

%

DR

Horton,

Inc.

..........................

539,137

52,668,294

NVR,

Inc.

(a)

.............................

6,855

38,197,362

PulteGroup,

Inc.

.........................

287,992

16,784,174

Toll

Brothers,

Inc.

.........................

186,133

11,173,564

TopBuild

Corp.

(a)

.........................

87,168

18,143,147

136,966,541

a

Household

Products

 — 

1

.2

%

Church

&

Dwight

Co.,

Inc.

...................

356,964

31,559,187

Clorox

Co.

(The)

.........................

333,077

52,706,105

Colgate-Palmolive

Co.

.....................

1,658,694

124,650,854

Kimberly-Clark

Corp.

......................

649,383

87,160,186

Procter

&

Gamble

Co.

(The)

.................

3,276,309

487,154,385

783,230,717

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.0

%

AES

Corp.

(The)

.........................

387,794

9,338,080

Vistra

Corp.

............................

735,703

17,656,872

26,994,952

a

Industrial

Conglomerates

 — 

0

.2

%

General

Electric

Co.

.......................

198,307

18,958,149

Honeywell

International,

Inc.

.................

645,548

123,377,134

142,335,283

a

Insurance

 — 

1

.2

%

Aon

PLC

,

Class

A

........................

628,734

198,233,543

Arch

Capital

Group

Ltd.

(a)

...................

371,688

25,226,464

Arthur

J

Gallagher

&

Co.

....................

78,994

15,112,342

Assurant,

Inc.

...........................

10,767

1,292,794

Brown

&

Brown,

Inc.

.......................

57,493

3,301,248

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

60,094

13,921,376

Everest

Re

Group

Ltd.

.....................

38,939

13,940,941

Lincoln

National

Corp.

.....................

113,232

2,544,323

Markel

Corp.

(a)

(b)

..........................

9,858

12,592,708

Marsh

&

McLennan

Companies,

Inc.

............

1,441,053

240,007,377

Progressive

Corp.

(The)

....................

1,654,727

236,725,245

RenaissanceRe

Holdings

Ltd.

................

75,971

15,220,030

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

(b)

........

267,626

10,769,270

788,887,661

a

Interactive

Media

&

Services

 — 

5

.8

%

Alphabet,

Inc.

,

Class

A

(a)

....................

17,050,748

1,768,674,090

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

14,827,736

1,542,084,544

Match

Group,

Inc.

(a)

.......................

847,691

32,542,857

Meta

Platforms,

Inc.

,

Class

A

(a)

................

1,544,254

327,289,193

Pinterest,

Inc.

,

Class

A

(a)

(b)

...................

416,950

11,370,227

TripAdvisor,

Inc.

(a)

(b)

.......................

26,569

527,660

ZoomInfo

Technologies,

Inc.

(a)

(b)

...............

895,937

22,138,603

3,704,627,174

a

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

IT

Services

 — 

2

.1

%

Accenture

PLC

,

Class

A

....................

2,064,446

$

590,039,311

Cloudflare,

Inc.

,

Class

A

(a)

(b)

..................

917,844

56,594,261

EPAM

Systems,

Inc.

(a)

(b)

....................

178,368

53,332,032

Gartner,

Inc.

(a)

(b)

..........................

249,604

81,313,495

Globant

SA

(a)

............................

133,033

21,818,742

GoDaddy,

Inc.

,

Class

A

(a)

....................

69,517

5,402,861

International

Business

Machines

Corp.

..........

1,958,619

256,755,365

MongoDB,

Inc.

,

Class

A

(a)

(b)

..................

215,342

50,200,527

Okta,

Inc.

,

Class

A

(a)

.......................

65,381

5,638,458

Snowflake,

Inc.

,

Class

A

(a)

(b)

..................

944,980

145,800,964

Thoughtworks

Holding,

Inc.

(a)

(b)

................

271,864

2,000,919

Twilio,

Inc.

,

Class

A

(a)

......................

215,192

14,338,243

VeriSign,

Inc.

(a)

..........................

32,354

6,837,371

Wix.com

Ltd.

(a)

(b)

.........................

139,791

13,951,142

1,304,023,691

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

41,484

3,401,688

Mattel,

Inc.

(a)

............................

544,407

10,022,533

Polaris,

Inc.

(b)

...........................

132,499

14,658,364

YETI

Holdings,

Inc.

(a)

(b)

.....................

278,104

11,124,160

39,206,745

a

Life

Sciences

Tools

&

Services

 — 

1

.3

%

10X

Genomics,

Inc.

,

Class

A

(a)

(b)

...............

266,326

14,858,328

Agilent

Technologies,

Inc.

...................

864,758

119,630,622

Avantor,

Inc.

(a)

...........................

1,840,359

38,905,189

Bio-Techne

Corp.

.........................

505,616

37,511,651

Bruker

Corp.

............................

349,697

27,570,112

Charles

River

Laboratories

International,

Inc.

(a)

(b)

....

153,604

31,000,359

Danaher

Corp.

..........................

143,137

36,076,249

IQVIA

Holdings,

Inc.

(a)

......................

603,924

120,114,444

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.....

351,611

4,926,070

Mettler-Toledo

International,

Inc.

(a)

.............

71,588

109,544,674

Repligen

Corp.

(a)

(b)

........................

128,855

21,694,028

Sotera

Health

Co.

(a)

(b)

......................

321,629

5,760,375

Syneos

Health,

Inc.

,

Class

A

(a)

................

57,358

2,043,092

Thermo

Fisher

Scientific,

Inc.

.................

155,430

89,585,189

Waters

Corp.

(a)

(b)

.........................

192,572

59,626,068

West

Pharmaceutical

Services,

Inc.

............

241,416

83,643,402

802,489,852

a

Machinery

 — 

1

.7

%

AGCO

Corp.

............................

26,217

3,544,538

Allison

Transmission

Holdings,

Inc.

.............

237,112

10,726,947

Caterpillar,

Inc.

..........................

1,476,725

337,933,749

Deere

&

Co.

............................

884,627

365,244,796

Donaldson

Co.,

Inc.

.......................

66,274

4,330,343

Graco,

Inc.

.............................

377,953

27,594,348

IDEX

Corp.

.............................

43,236

9,988,813

Illinois

Tool

Works,

Inc.

.....................

894,995

217,886,533

Lincoln

Electric

Holdings,

Inc.

................

183,736

31,069,758

Middleby

Corp.

(The)

(a)

.....................

11,941

1,750,670

Nordson

Corp.

...........................

43,369

9,639,194

Otis

Worldwide

Corp.

......................

166,781

14,076,316

Parker-Hannifin

Corp.

......................

95,216

32,003,050

Toro

Co.

(The)

...........................

340,155

37,811,630

Xylem,

Inc.

.............................

80,829

8,462,796

1,112,063,481

a

Media

 — 

0

.4

%

Cable

One,

Inc.

..........................

11,535

8,097,570

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

........

342,527

122,491,080

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

............

24,463

2,008,901

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

180,437

14,741,703

Security

Shares

Value

a

Media

(continued)

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

(b)

...

66,586

$

1,870,401

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

(b)

.............................

137,325

3,843,727

Nexstar

Media

Group,

Inc.

(b)

..................

9,336

1,611,954

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

(b)

.............

1,430,822

87,151,368

241,816,704

a

Metals

&

Mining

 — 

0

.0

%

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

295,268

8,323,605

Royal

Gold,

Inc.

..........................

13,588

1,762,499

Southern

Copper

Corp.

.....................

180,191

13,739,564

23,825,668

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.3

%

Antero

Resources

Corp.

(a)

(b)

..................

596,332

13,769,306

Cheniere

Energy,

Inc.

......................

465,195

73,314,732

Coterra

Energy,

Inc.

.......................

407,835

10,008,271

Devon

Energy

Corp.

.......................

1,037,906

52,528,423

Diamondback

Energy,

Inc.

...................

333,305

45,052,837

Enviva,

Inc.

.............................

97,871

2,826,515

EOG

Resources,

Inc.

......................

1,392,713

159,646,691

Hess

Corp.

.............................

717,362

94,935,687

New

Fortress

Energy,

Inc.

,

Class

A

.............

187,505

5,518,272

Occidental

Petroleum

Corp.

(b)

.................

2,135,422

133,314,395

ONEOK,

Inc.

............................

162,308

10,313,050

Ovintiv,

Inc.

.............................

568,706

20,518,913

PDC

Energy,

Inc.

.........................

152,901

9,813,186

Pioneer

Natural

Resources

Co.

...............

426,457

87,099,578

Range

Resources

Corp.

....................

504,488

13,353,797

Southwestern

Energy

Co.

(a)

..................

252,114

1,260,570

Targa

Resources

Corp.

.....................

734,265

53,564,632

Texas

Pacific

Land

Corp.

....................

18,610

31,655,982

818,494,837

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

22,933

1,243,198

a

Passenger

Airlines

 — 

0

.1

%

Delta

Air

Lines,

Inc.

(a)

......................

2,087,109

72,881,846

a

Personal

Care

Products

 — 

0

.3

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

747,535

184,237,476

Olaplex

Holdings,

Inc.

(a)

(b)

...................

396,835

1,694,486

185,931,962

a

Pharmaceuticals

 — 

2

.2

%

Catalent,

Inc.

(a)

(b)

.........................

186,078

12,227,185

Eli

Lilly

&

Co.

...........................

2,234,686

767,435,866

Merck

&

Co.,

Inc.

.........................

3,453,441

367,411,588

Zoetis,

Inc.

,

Class

A

.......................

1,533,968

255,313,634

1,402,388,273

a

Professional

Services

 — 

1

.2

%

Automatic

Data

Processing,

Inc.

...............

1,248,842

278,029,694

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

426,056

39,491,131

Broadridge

Financial

Solutions,

Inc.

............

345,401

50,625,425

CoStar

Group,

Inc.

(a)

.......................

187,231

12,890,854

Equifax,

Inc.

............................

197,257

40,011,610

FTI

Consulting,

Inc.

(a)

(b)

.....................

45,406

8,960,874

Genpact

Ltd.

............................

317,566

14,677,900

KBR,

Inc.

..............................

286,645

15,779,807

Paychex,

Inc.

...........................

1,050,041

120,324,198

Robert

Half

International,

Inc.

.................

302,607

24,381,046

TransUnion

.............................

460,220

28,598,071

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Professional

Services

(continued)

Verisk

Analytics,

Inc.

.......................

506,467

$

97,170,759

730,941,369

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

504,317

36,719,321

Opendoor

Technologies,

Inc.

(a)

(b)

...............

404,864

712,561

Zillow

Group,

Inc.

,

Class

A

(a)

.................

11,168

488,042

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

31,397

1,396,224

39,316,148

a

Residential

REITs

 — 

0

.0

%

Apartment

Income

REIT

Corp.

................

39,174

1,402,821

Camden

Property

Trust

.....................

27,799

2,914,447

Equity

LifeStyle

Properties,

Inc.

...............

356,859

23,955,945

28,273,213

a

Retail

REITs

 — 

0

.1

%

Simon

Property

Group,

Inc.

..................

514,240

57,579,453

a

Semiconductors

&

Semiconductor

Equipment

 — 

8

.8

%

Advanced

Micro

Devices,

Inc.

(a)

(b)

..............

4,146,791

406,426,986

Allegro

MicroSystems,

Inc.

(a)

.................

213,608

10,251,048

Analog

Devices,

Inc.

.......................

331,656

65,409,196

Applied

Materials,

Inc.

.....................

2,741,620

336,753,185

Broadcom,

Inc.

..........................

1,286,838

825,558,051

Enphase

Energy,

Inc.

(a)

.....................

425,794

89,535,962

Entegris,

Inc.

(b)

..........................

481,604

39,496,344

GlobalFoundries,

Inc.

(a)

(b)

....................

48,519

3,502,101

KLA

Corp.

..............................

451,064

180,051,217

Lam

Research

Corp.

......................

439,084

232,767,210

Lattice

Semiconductor

Corp.

(a)

................

442,339

42,243,374

Microchip

Technology,

Inc.

...................

1,479,809

123,978,398

Micron

Technology,

Inc.

.....................

672,393

40,572,194

Monolithic

Power

Systems,

Inc.

...............

149,462

74,811,709

NVIDIA

Corp.

...........................

7,708,460

2,141,178,934

ON

Semiconductor

Corp.

(a)

(b)

.................

880,274

72,464,156

QUALCOMM,

Inc.

........................

3,650,746

465,762,175

Teradyne,

Inc.

...........................

461,618

49,628,551

Texas

Instruments,

Inc.

.....................

2,025,288

376,723,821

Universal

Display

Corp.

....................

141,589

21,964,702

5,599,079,314

a

Software

 — 

17

.1

%

Adobe,

Inc.

(a)

............................

1,489,689

574,081,450

Alteryx,

Inc.

,

Class

A

(a)

.....................

195,098

11,479,566

ANSYS,

Inc.

(a)

...........................

149,148

49,636,454

AppLovin

Corp.

,

Class

A

(a)

...................

713,300

11,234,475

Aspen

Technology,

Inc.

(a)

(b)

...................

86,925

19,894,525

Atlassian

Corp.

,

Class

A

(a)

(b)

..................

474,432

81,208,525

Autodesk,

Inc.

(a)

(b)

.........................

708,662

147,515,082

Bentley

Systems,

Inc.

,

Class

B

(b)

...............

544,426

23,404,874

Black

Knight,

Inc.

(a)

........................

45,869

2,640,220

Cadence

Design

Systems,

Inc.

(a)

..............

888,120

186,585,131

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

209,407

1,878,381

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

82,988

6,076,381

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

418,411

10,071,153

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

700,763

96,186,729

Datadog,

Inc.

,

Class

A

(a)

....................

865,660

62,898,856

DocuSign,

Inc.

(a)

.........................

642,524

37,459,149

DoubleVerify

Holdings,

Inc.

(a)

.................

243,337

7,336,611

Dropbox,

Inc.

,

Class

A

(a)

....................

809,491

17,501,195

Dynatrace,

Inc.

(a)

.........................

705,421

29,839,308

Elastic

NV

(a)

(b)

...........................

251,137

14,540,832

Fair

Isaac

Corp.

(a)

(b)

.......................

79,174

55,634,778

Five9,

Inc.

(a)

............................

227,716

16,461,590

Fortinet,

Inc.

(a)

...........................

2,104,196

139,844,866

Security

Shares

Value

a

Software

(continued)

Gen

Digital,

Inc.

..........................

639,495

$

10,973,734

HubSpot,

Inc.

(a)

..........................

150,962

64,724,958

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

20,123

330,017

Intuit,

Inc.

..............................

897,845

400,286,236

Jamf

Holding

Corp.

(a)

(b)

.....................

179,044

3,477,034

Manhattan

Associates,

Inc.

(a)

(b)

................

124,588

19,292,452

Microsoft

Corp.

..........................

24,378,964

7,028,455,321

nCino,

Inc.

(a)

(b)

...........................

52,330

1,296,737

NCR

Corp.

(a)

............................

21,302

502,514

New

Relic,

Inc.

(a)

.........................

175,316

13,199,542

Nutanix,

Inc.

,

Class

A

(a)

.....................

388,185

10,088,928

Oracle

Corp.

............................

3,421,437

317,919,926

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

..........

5,971,219

50,456,801

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

968,496

193,447,391

Paycom

Software,

Inc.

(a)

....................

166,166

50,516,126

Paylocity

Holding

Corp.

(a)

...................

130,925

26,025,272

Pegasystems,

Inc.

........................

133,259

6,460,396

Procore

Technologies,

Inc.

(a)

.................

166,358

10,419,002

PTC,

Inc.

(a)

.............................

347,134

44,512,993

RingCentral,

Inc.

,

Class

A

(a)

..................

272,561

8,359,446

Salesforce,

Inc.

(a)

.........................

672,148

134,281,727

SentinelOne,

Inc.

,

Class

A

(a)

(b)

................

437,527

7,157,942

ServiceNow,

Inc.

(a)

........................

660,608

306,997,750

Smartsheet,

Inc.

,

Class

A

(a)

..................

412,693

19,726,725

Splunk,

Inc.

(a)

...........................

528,041

50,628,571

Synopsys,

Inc.

(a)

(b)

........................

496,336

191,709,780

Teradata

Corp.

(a)

.........................

178,497

7,189,859

Tyler

Technologies,

Inc.

(a)

...................

116,715

41,391,808

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

109,564

1,923,944

Unity

Software,

Inc.

(a)

(b)

.....................

517,085

16,774,237

VMware,

Inc.

,

Class

A

(a)

....................

339,221

42,351,742

Workday,

Inc.

,

Class

A

(a)

(b)

...................

650,237

134,299,950

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

403,808

29,817,183

Zscaler,

Inc.

(a)

(b)

..........................

273,840

31,992,727

10,880,398,902

a

Specialized

REITs

 — 

1

.3

%

American

Tower

Corp.

.....................

1,159,440

236,919,970

Crown

Castle,

Inc.

........................

1,405,627

188,129,118

Equinix,

Inc.

............................

226,857

163,572,971

Extra

Space

Storage,

Inc.

...................

51,323

8,362,057

Iron

Mountain,

Inc.

........................

704,855

37,293,878

Lamar

Advertising

Co.

,

Class

A

...............

249,954

24,967,905

Public

Storage

...........................

404,150

122,109,881

SBA

Communications

Corp.

,

Class

A

............

79,734

20,816,155

802,171,935

a

Specialty

Retail

 — 

2

.9

%

Advance

Auto

Parts,

Inc.

....................

15,394

1,872,064

AutoZone,

Inc.

(a)

.........................

55,401

136,183,968

Best

Buy

Co.,

Inc.

........................

203,234

15,907,125

Burlington

Stores,

Inc.

(a)

....................

199,327

40,283,987

CarMax,

Inc.

(a)

(b)

..........................

59,540

3,827,231

Carvana

Co.

,

Class

A

(a)

(b)

....................

359,914

3,523,558

Five

Below,

Inc.

(a)

(b)

........................

176,239

36,299,947

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

337,957

33,194,137

Home

Depot,

Inc.

(The)

....................

1,925,793

568,340,030

Leslie's,

Inc.

(a)

(b)

..........................

508,453

5,598,068

Lowe's

Companies,

Inc.

....................

1,701,079

340,164,768

O'Reilly

Automotive,

Inc.

(a)

(b)

..................

82,331

69,897,372

RH

(a)

(b)

................................

22,120

5,387,326

Ross

Stores,

Inc.

.........................

473,302

50,231,541

TJX

Companies,

Inc.

(The)

..................

3,781,428

296,312,698

Tractor

Supply

Co.

........................

359,435

84,481,602

Ulta

Beauty,

Inc.

(a)

........................

163,728

89,341,458

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Specialty

Retail

(continued)

Victoria's

Secret

&

Co.

(a)

(b)

...................

189,154

$

6,459,609

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

168,666

5,791,991

Williams-Sonoma,

Inc.

.....................

171,949

20,919,315

1,814,017,795

a

Technology

Hardware,

Storage

&

Peripherals

 — 

12

.9

%

Apple,

Inc.

.............................

48,967,861

8,074,800,279

Dell

Technologies,

Inc.

,

Class

C

...............

117,649

4,730,666

HP,

Inc.

...............................

1,470,845

43,169,301

NetApp,

Inc.

............................

708,434

45,233,511

Pure

Storage,

Inc.

,

Class

A

(a)

.................

920,921

23,492,695

8,191,426,452

a

Textiles,

Apparel

&

Luxury

Goods

 — 

1

.0

%

Deckers

Outdoor

Corp.

(a)

(b)

...................

75,567

33,971,145

Lululemon

Athletica,

Inc.

(a)

...................

363,528

132,393,262

Nike,

Inc.

,

Class

B

........................

3,919,519

480,689,810

Skechers

USA,

Inc.

,

Class

A

(a)

................

64,750

3,076,920

Tapestry,

Inc.

............................

109,846

4,735,461

654,866,598

a

Trading

Companies

&

Distributors

 — 

0

.5

%

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

................

81,714

1,887,593

Fastenal

Co.

............................

1,873,203

101,040,570

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

86,463

11,834,191

United

Rentals,

Inc.

.......................

104,172

41,227,111

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

Watsco,

Inc.

............................

56,713

$

18,043,808

WESCO

International,

Inc.

...................

76,699

11,853,063

WW

Grainger,

Inc.

........................

146,664

101,023,630

286,909,966

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

51,579,382,982

)

..............................

63,442,637,709

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(c)

(d)

(e)

......................

1,194,255,132

1,194,613,409

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.73

%

(c)

(d)

............................

90,622,505

90,622,505

a

Total

Short-Term

Securities — 2.0%

(Cost:

$

1,284,550,516

)

...............................

1,285,235,914

Total

Investments

—

101.8%

(Cost:

$

52,863,933,498

)

..............................

64,727,873,623

Liabilities

in

Excess

of

Other

Assets

—

(

1

.8

)

%

...............

(

1,174,613,903

)

Net

Assets

—

100.0%

.................................

$

63,553,259,720

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

1,167,477,245

$

26,545,626

(a)

$

—

$

30,100

$

560,438

$

1,194,613,409

1,194,255,132

$

5,869,379

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

91,770,000

—

(

1,147,495

)

(a)

—

—

90,622,505

90,622,505

2,558,522

56

$

30,100

$

560,438

$

1,285,235,914

$

8,427,901

$

56

(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

(continued)

March

31,

2023

iShares

®

Russell

1000

Growth

ETF

30

2023

iShares

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

NASDAQ

100

E-Mini

Index

...............................................................

223

06/16/23

$

59,326

$

5,984,601

S&P

500

E-Mini

Index

...................................................................

216

06/16/23

44,688

2,623,323

$

8,607,924

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

8,607,924

$

—

$

—

$

—

$

8,607,924

(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

.................................

$

—

$

—

$

(

15,067,472

)

$

—

$

—

$

—

$

(

15,067,472

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

542,771

$

—

$

—

$

—

$

542,771

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

105,109,459

a

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(continued)

March

31,

2023

31

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

.........................................

$

63,442,637,709

‌

$

—

‌

$

—

‌

$

63,442,637,709

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,285,235,914

‌

—

‌

—

‌

1,285,235,914

‌

$

64,727,873,623

‌

$

—

‌

$

—

‌

$

64,727,873,623

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

8,607,924

‌

$

—

‌

$

—

‌

$

8,607,924

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2023

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.5

%

Axon

Enterprise,

Inc.

(a)

.....................

41,555

$

9,343,642

Boeing

Co.

(The)

(a)

(b)

.......................

1,048,213

222,671,888

BWX

Technologies,

Inc.

....................

151,219

9,532,846

Curtiss-Wright

Corp.

.......................

105,746

18,638,790

General

Dynamics

Corp.

....................

667,829

152,405,256

HEICO

Corp.

...........................

7,752

1,325,902

HEICO

Corp.

,

Class

A

......................

13,671

1,857,889

Hexcel

Corp.

............................

231,516

15,800,967

Howmet

Aerospace,

Inc.

....................

919,605

38,963,664

Huntington

Ingalls

Industries,

Inc.

..............

84,698

17,534,180

L3Harris

Technologies,

Inc.

..................

521,376

102,314,826

Mercury

Systems,

Inc.

(a)

(b)

...................

134,597

6,880,599

Northrop

Grumman

Corp.

...................

349,436

161,341,590

Raytheon

Technologies

Corp.

................

4,035,986

395,244,109

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

........

14,601

504,172

Textron,

Inc.

............................

571,914

40,394,286

TransDigm

Group,

Inc.

.....................

86,368

63,657,534

Woodward,

Inc.

..........................

158,815

15,463,816

1,273,875,956

a

Air

Freight

&

Logistics

 — 

0

.5

%

CH

Robinson

Worldwide,

Inc.

................

233,864

23,239,066

Expeditors

International

of

Washington,

Inc.

(b)

......

301,605

33,212,743

FedEx

Corp.

............................

641,800

146,644,882

GXO

Logistics,

Inc.

(a)

(b)

.....................

259,779

13,108,448

United

Parcel

Service,

Inc.

,

Class

B

............

218,216

42,331,722

258,536,861

a

Automobile

Components

 — 

0

.3

%

Aptiv

PLC

(a)

.............................

555,478

62,319,077

BorgWarner,

Inc.

.........................

640,726

31,466,054

Gentex

Corp.

...........................

642,293

18,003,473

Lear

Corp.

.............................

161,286

22,497,784

QuantumScape

Corp.

,

Class

A

(a)

(b)

.............

708,563

5,796,045

140,082,433

a

Automobiles

 — 

0

.6

%

Ford

Motor

Co.

..........................

10,819,928

136,331,093

General

Motors

Co.

.......................

3,818,242

140,053,116

Harley-Davidson,

Inc.

......................

369,704

14,037,661

Lucid

Group,

Inc.

(a)

(b)

.......................

88,176

708,935

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

1,431,777

22,163,908

Thor

Industries,

Inc.

.......................

141,208

11,245,805

324,540,518

a

Banks

 — 

6

.3

%

Bank

of

America

Corp.

.....................

19,284,842

551,546,481

Bank

of

Hawaii

Corp.

......................

107,525

5,599,902

Bank

OZK

.............................

306,504

10,482,437

BOK

Financial

Corp.

.......................

80,364

6,783,525

Citigroup,

Inc.

...........................

5,314,994

249,220,069

Citizens

Financial

Group,

Inc.

................

1,341,111

40,729,541

Columbia

Banking

System,

Inc.

...............

569,008

12,188,151

Comerica,

Inc.

...........................

357,700

15,531,334

Commerce

Bancshares,

Inc.

.................

311,099

18,152,627

Cullen/Frost

Bankers,

Inc.

...................

159,997

16,854,084

East

West

Bancorp,

Inc.

....................

387,501

21,506,305

Fifth

Third

Bancorp

.......................

1,866,748

49,730,167

First

Citizens

BancShares,

Inc.

,

Class

A

..........

22,803

22,189,599

First

Hawaiian,

Inc.

.......................

348,712

7,193,929

First

Horizon

Corp.

........................

1,448,060

25,746,507

First

Republic

Bank

(b)

......................

510,475

7,141,545

FNB

Corp.

.............................

985,921

11,436,684

Security

Shares

Value

a

Banks

(continued)

Huntington

Bancshares,

Inc.

.................

3,936,650

$

44,090,480

JPMorgan

Chase

&

Co.

....................

8,009,018

1,043,655,136

KeyCorp

...............................

2,550,359

31,930,495

M&T

Bank

Corp.

.........................

471,629

56,392,679

New

York

Community

Bancorp,

Inc.

............

1,826,892

16,515,104

PacWest

Bancorp

(b)

.......................

315,748

3,072,228

Pinnacle

Financial

Partners,

Inc.

...............

206,267

11,377,688

PNC

Financial

Services

Group,

Inc.

(The)

........

1,105,283

140,481,469

Popular,

Inc.

............................

193,030

11,081,852

Prosperity

Bancshares,

Inc.

..................

241,338

14,847,114

Regions

Financial

Corp.

....................

2,563,898

47,585,947

Synovus

Financial

Corp.

....................

395,991

12,208,402

Truist

Financial

Corp.

......................

3,649,698

124,454,702

U.S.

Bancorp

...........................

3,796,468

136,862,671

Webster

Financial

Corp.

....................

472,777

18,636,869

Wells

Fargo

&

Co.

........................

10,532,789

393,715,653

Western

Alliance

Bancorp

(b)

..................

111,398

3,959,085

Wintrust

Financial

Corp.

....................

164,836

12,024,786

Zions

Bancorp

NA

........................

404,756

12,114,347

3,207,039,594

a

Beverages

 — 

1

.0

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

1,412

464,124

Brown-Forman

Corp.

,

Class

A

(b)

...............

50,852

3,315,042

Brown-Forman

Corp.

,

Class

B

,

NVS

............

208,600

13,406,722

Coca-Cola

Co.

(The)

......................

2,680,291

166,258,451

Constellation

Brands,

Inc.

,

Class

A

.............

415,735

93,910,379

Keurig

Dr

Pepper,

Inc.

.....................

2,352,898

83,010,241

Molson

Coors

Beverage

Co.

,

Class

B

...........

479,668

24,789,242

Monster

Beverage

Corp.

(a)

(b)

..................

151,981

8,208,494

PepsiCo,

Inc.

...........................

588,369

107,259,669

500,622,364

a

Biotechnology

 — 

1

.8

%

Amgen,

Inc.

............................

234,621

56,719,627

Biogen,

Inc.

(a)

(b)

..........................

393,292

109,346,975

BioMarin

Pharmaceutical,

Inc.

(a)

...............

507,021

49,302,722

Exact

Sciences

Corp.

(a)

(b)

....................

392,682

26,627,766

Exelixis,

Inc.

(a)

...........................

115,462

2,241,117

Gilead

Sciences,

Inc.

......................

3,446,768

285,978,341

Horizon

Therapeutics

PLC

(a)

.................

42,940

4,686,472

Incyte

Corp.

(a)

(b)

..........................

67,096

4,849,028

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

31,285

1,118,126

Mirati

Therapeutics,

Inc.

(a)

(b)

..................

122,884

4,568,827

Moderna,

Inc.

(a)

..........................

856,301

131,510,708

Natera,

Inc.

(a)

...........................

18,937

1,051,382

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

243,027

199,687,995

Ultragenyx

Pharmaceutical,

Inc.

(a)

(b)

.............

40,201

1,612,060

United

Therapeutics

Corp.

(a)

..................

122,245

27,377,990

Vertex

Pharmaceuticals,

Inc.

(a)

................

39,654

12,493,786

919,172,922

a

Broadline

Retail

 — 

0

.2

%

eBay,

Inc.

..............................

1,295,898

57,498,994

Kohl's

Corp.

............................

301,348

7,093,732

Macy's,

Inc.

............................

737,062

12,891,214

Nordstrom,

Inc.

..........................

44,000

715,880

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

162,338

9,405,864

87,605,684

a

Building

Products

 — 

0

.9

%

A

O

Smith

Corp.

.........................

262,366

18,142,609

Allegion

PLC

............................

49,713

5,305,869

Armstrong

World

Industries,

Inc.

...............

52,997

3,775,506

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

(b)

..............

303,158

7,136,339

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Building

Products

(continued)

Builders

FirstSource,

Inc.

(a)

..................

399,998

$

35,511,822

Carlisle

Companies,

Inc.

....................

22,257

5,031,640

Carrier

Global

Corp.

.......................

2,292,962

104,903,012

Fortune

Brands

Innovations,

Inc.

..............

229,562

13,482,176

Hayward

Holdings,

Inc.

(a)

(b)

...................

187,568

2,198,297

Johnson

Controls

International

PLC

............

1,889,869

113,807,911

Lennox

International,

Inc.

...................

87,401

21,962,123

Masco

Corp.

............................

585,261

29,099,177

Masterbrand,

Inc.

(a)

(b)

......................

229,964

1,848,911

Owens

Corning

..........................

255,145

24,442,891

Trane

Technologies

PLC

....................

264,132

48,595,005

435,243,288

a

Capital

Markets

 — 

4

.8

%

Affiliated

Managers

Group,

Inc.

...............

103,267

14,707,286

Ameriprise

Financial,

Inc.

...................

104,441

32,011,166

Bank

of

New

York

Mellon

Corp.

(The)

...........

2,015,221

91,571,642

BlackRock,

Inc.

(c)

.........................

407,227

272,483,730

Carlyle

Group,

Inc.

(The)

....................

568,174

17,647,484

Cboe

Global

Markets,

Inc.

...................

290,376

38,980,074

Charles

Schwab

Corp.

(The)

.................

1,857,171

97,278,617

CME

Group,

Inc.

,

Class

A

...................

984,621

188,574,614

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

..............

437,354

29,552,010

Evercore,

Inc.

,

Class

A

.....................

98,815

11,401,275

Franklin

Resources,

Inc.

....................

780,308

21,021,498

Goldman

Sachs

Group,

Inc.

(The)

.............

900,579

294,588,397

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

254,984

21,051,479

Intercontinental

Exchange,

Inc.

...............

1,514,944

157,993,510

Invesco

Ltd.

............................

1,025,220

16,813,608

Janus

Henderson

Group

PLC

................

370,661

9,874,409

Jefferies

Financial

Group,

Inc.

................

542,459

17,217,649

KKR

&

Co.,

Inc.

..........................

1,569,042

82,406,086

Lazard

Ltd.

,

Class

A

.......................

226,334

7,493,919

Moody's

Corp.

...........................

24,678

7,551,962

Morgan

Stanley

..........................

3,385,063

297,208,531

Morningstar,

Inc.

.........................

6,547

1,329,237

MSCI,

Inc.

,

Class

A

.......................

52,577

29,426,821

Nasdaq,

Inc.

............................

943,122

51,560,480

Northern

Trust

Corp.

.......................

563,844

49,691,572

Raymond

James

Financial,

Inc.

...............

491,162

45,810,680

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

............

1,576,788

15,310,611

S&P

Global,

Inc.

.........................

883,447

304,586,022

SEI

Investments

Co.

.......................

281,225

16,184,499

State

Street

Corp.

........................

956,847

72,423,749

Stifel

Financial

Corp.

......................

279,108

16,492,492

T

Rowe

Price

Group,

Inc.

...................

603,596

68,145,988

Tradeweb

Markets,

Inc.

,

Class

A

...............

107,873

8,524,124

Virtu

Financial,

Inc.

,

Class

A

..................

265,495

5,017,856

2,411,933,077

a

Chemicals

 — 

2

.7

%

Air

Products

and

Chemicals,

Inc.

..............

607,846

174,579,450

Albemarle

Corp.

.........................

155,528

34,377,909

Ashland,

Inc.

............................

138,526

14,228,005

Axalta

Coating

Systems

Ltd.

(a)

(b)

...............

456,734

13,834,473

Celanese

Corp.

..........................

297,997

32,448,893

Chemours

Co.

(The)

.......................

159,879

4,786,777

Corteva,

Inc.

............................

1,962,720

118,371,643

Dow,

Inc.

..............................

1,932,440

105,936,361

DuPont

de

Nemours,

Inc.

...................

1,258,336

90,310,775

Eastman

Chemical

Co.

.....................

327,977

27,661,580

Ecolab,

Inc.

(b)

...........................

79,988

13,240,414

Element

Solutions,

Inc.

.....................

620,484

11,981,546

FMC

Corp.

.............................

227,127

27,739,021

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

1,928,149

2,564,438

Security

Shares

Value

a

Chemicals

(continued)

Huntsman

Corp.

.........................

499,786

$

13,674,145

International

Flavors

&

Fragrances,

Inc.

..........

700,679

64,434,441

Linde

PLC

.............................

1,071,708

380,927,892

LyondellBasell

Industries

NV

,

Class

A

...........

704,944

66,187,192

Mosaic

Co.

(The)

.........................

817,896

37,525,068

NewMarket

Corp.

.........................

15,603

5,694,783

Olin

Corp.

..............................

334,254

18,551,097

PPG

Industries,

Inc.

.......................

303,721

40,571,051

RPM

International,

Inc.

.....................

331,415

28,912,645

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

72,068

5,026,022

Westlake

Corp.

(b)

.........................

89,674

10,400,391

1,343,966,012

a

Commercial

Services

&

Supplies

 — 

0

.3

%

Cintas

Corp.

............................

15,934

7,372,343

Clean

Harbors,

Inc.

(a)

......................

139,903

19,944,572

Driven

Brands

Holdings,

Inc.

(a)

(b)

...............

160,370

4,860,815

MSA

Safety,

Inc.

.........................

61,703

8,237,350

Republic

Services,

Inc.

.....................

529,557

71,606,697

Ritchie

Bros

Auctioneers,

Inc.

(b)

...............

32,647

1,837,700

Rollins,

Inc.

.............................

46,613

1,749,386

Stericycle,

Inc.

(a)

.........................

253,683

11,063,116

Tetra

Tech,

Inc.

..........................

85,257

12,525,106

Waste

Management,

Inc.

....................

71,200

11,617,704

150,814,789

a

Communications

Equipment

 — 

1

.6

%

Ciena

Corp.

(a)

...........................

405,088

21,275,222

Cisco

Systems,

Inc.

.......................

11,283,936

589,867,754

F5,

Inc.

(a)

..............................

162,724

23,707,260

Juniper

Networks,

Inc.

.....................

876,482

30,168,511

Lumentum

Holdings,

Inc.

(a)

(b)

.................

186,737

10,085,665

Motorola

Solutions,

Inc.

....................

451,743

129,257,225

Ubiquiti,

Inc.

............................

8,170

2,219,707

Viasat,

Inc.

(a)

(b)

...........................

199,116

6,738,085

813,319,429

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

...............................

339,622

28,636,927

MasTec,

Inc.

(a)

(b)

..........................

168,121

15,877,347

MDU

Resources

Group,

Inc.

.................

552,143

16,829,319

Quanta

Services,

Inc.

......................

176,972

29,490,614

Valmont

Industries,

Inc.

.....................

49,848

15,915,469

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

263,570

12,356,162

119,105,838

a

Construction

Materials

 — 

0

.2

%

Eagle

Materials,

Inc.

.......................

17,174

2,520,285

Martin

Marietta

Materials,

Inc.

................

155,549

55,229,228

Vulcan

Materials

Co.

......................

185,470

31,819,233

89,568,746

a

Consumer

Finance

 — 

1

.0

%

Ally

Financial,

Inc.

........................

815,622

20,790,205

American

Express

Co.

.....................

1,530,636

252,478,408

Capital

One

Financial

Corp.

..................

1,044,773

100,465,372

Credit

Acceptance

Corp.

(a)

(b)

..................

16,598

7,237,392

Discover

Financial

Services

..................

731,619

72,313,222

OneMain

Holdings,

Inc.

.....................

316,483

11,735,189

SLM

Corp.

.............................

656,418

8,133,019

SoFi

Technologies,

Inc.

(a)

(b)

..................

2,203,812

13,377,139

Synchrony

Financial

.......................

1,193,623

34,710,557

Upstart

Holdings,

Inc.

(a)

(b)

....................

155,841

2,476,313

523,716,816

a

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.9

%

Albertsons

Companies,

Inc.

,

Class

A

............

640,956

$

13,319,066

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

137,023

10,423,340

Casey's

General

Stores,

Inc.

.................

101,669

22,007,272

Dollar

Tree,

Inc.

(a)

(b)

.......................

395,169

56,726,510

Grocery

Outlet

Holding

Corp.

(a)

(b)

...............

222,743

6,294,717

Kroger

Co.

(The)

.........................

1,798,940

88,813,668

Performance

Food

Group

Co.

(a)

...............

288,892

17,431,743

Target

Corp.

............................

570,956

94,567,442

U.S.

Foods

Holding

Corp.

(a)

(b)

.................

555,244

20,510,713

Walgreens

Boots

Alliance,

Inc.

................

1,968,342

68,065,266

Walmart,

Inc.

............................

3,902,877

575,479,214

973,638,951

a

Containers

&

Packaging

 — 

0

.5

%

Amcor

PLC

.............................

4,067,539

46,288,594

AptarGroup,

Inc.

.........................

180,473

21,330,104

Ardagh

Group

SA

,

Class

A

..................

42,326

282,738

Ardagh

Metal

Packaging

SA

(b)

................

292,780

1,194,542

Avery

Dennison

Corp.

......................

86,198

15,423,408

Ball

Corp.

..............................

508,645

28,031,426

Berry

Global

Group,

Inc.

....................

172,225

10,144,053

Crown

Holdings,

Inc.

......................

37,609

3,110,640

Graphic

Packaging

Holding

Co.

...............

190,382

4,852,837

International

Paper

Co.

.....................

974,132

35,127,200

Packaging

Corp.

of

America

.................

251,104

34,860,768

Silgan

Holdings,

Inc.

.......................

232,199

12,462,120

Sonoco

Products

Co.

......................

265,980

16,224,780

Westrock

Co.

...........................

695,076

21,178,966

250,512,176

a

Distributors

 — 

0

.2

%

Genuine

Parts

Co.

........................

349,861

58,535,244

LKQ

Corp.

.............................

686,810

38,983,336

97,518,580

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

..............................

567,884

4,105,801

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

112,840

8,687,552

Grand

Canyon

Education,

Inc.

(a)

...............

83,839

9,549,262

H&R

Block,

Inc.

..........................

72,279

2,547,835

Mister

Car

Wash,

Inc.

(a)

(b)

....................

59,395

511,985

Service

Corp.

International

..................

411,757

28,320,646

53,723,081

a

Diversified

REITs

 — 

0

.1

%

WP

Carey,

Inc.

..........................

572,569

44,345,469

a

Diversified

Telecommunication

Services

 — 

1

.7

%

AT&T,

Inc.

..............................

19,659,090

378,437,482

Frontier

Communications

Parent,

Inc.

(a)

(b)

.........

673,490

15,335,367

Lumen

Technologies,

Inc.

...................

2,847,261

7,545,242

Verizon

Communications,

Inc.

................

11,540,610

448,814,323

850,132,414

a

Electric

Utilities

 — 

3

.6

%

Alliant

Energy

Corp.

.......................

686,273

36,646,978

American

Electric

Power

Co.,

Inc.

..............

1,411,336

128,417,463

Avangrid,

Inc.

...........................

192,415

7,673,510

Constellation

Energy

Corp.

..................

895,829

70,322,576

Duke

Energy

Corp.

.......................

2,113,996

203,937,194

Edison

International

.......................

1,031,458

72,810,620

Entergy

Corp.

...........................

556,750

59,984,245

Evergy,

Inc.

.............................

611,009

37,344,870

Eversource

Energy

.......................

945,426

73,989,039

Exelon

Corp.

............................

2,725,285

114,162,189

FirstEnergy

Corp.

........................

1,489,394

59,665,124

Security

Shares

Value

a

Electric

Utilities

(continued)

Hawaiian

Electric

Industries,

Inc.

..............

300,928

$

11,555,635

IDACORP,

Inc.

..........................

138,570

15,011,288

NextEra

Energy,

Inc.

......................

5,452,991

420,316,546

NRG

Energy,

Inc.

.........................

585,035

20,060,850

OGE

Energy

Corp.

........................

547,688

20,625,930

PG&E

Corp.

(a)

...........................

4,516,718

73,035,330

Pinnacle

West

Capital

Corp.

.................

309,321

24,510,596

PPL

Corp.

.............................

2,021,720

56,183,599

Southern

Co.

(The)

.......................

2,985,508

207,731,647

Xcel

Energy,

Inc.

.........................

1,496,258

100,907,640

1,814,892,869

a

Electrical

Equipment

 — 

1

.1

%

Acuity

Brands,

Inc.

(b)

.......................

88,242

16,124,461

AMETEK,

Inc.

...........................

632,080

91,860,186

Eaton

Corp.

PLC

.........................

1,095,805

187,755,229

Emerson

Electric

Co.

......................

1,061,860

92,530,480

Hubbell,

Inc.

............................

146,527

35,651,484

nVent

Electric

PLC

........................

456,275

19,592,449

Plug

Power,

Inc.

(a)

(b)

.......................

726,428

8,513,736

Regal

Rexnord

Corp.

......................

178,566

25,129,593

Rockwell

Automation,

Inc.

...................

102,233

30,000,274

Sensata

Technologies

Holding

PLC

............

414,549

20,735,741

Sunrun,

Inc.

(a)

(b)

..........................

569,139

11,468,151

Vertiv

Holdings

Co.

,

Class

A

.................

694,715

9,941,372

549,303,156

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.7

%

Amphenol

Corp.

,

Class

A

...................

394,592

32,246,058

Arrow

Electronics,

Inc.

(a)

....................

151,972

18,976,744

Avnet,

Inc.

.............................

251,810

11,381,812

Cognex

Corp.

(b)

..........................

32,601

1,615,380

Coherent

Corp.

(a)

(b)

........................

273,189

10,403,037

Corning,

Inc.

............................

1,899,283

67,006,704

IPG

Photonics

Corp.

(b)

.....................

90,441

11,152,280

Jabil,

Inc.

..............................

64,902

5,721,760

Keysight

Technologies,

Inc.

(a)

.................

36,290

5,860,109

Littelfuse,

Inc.

...........................

66,451

17,814,849

National

Instruments

Corp.

..................

313,040

16,406,426

TD

SYNNEX

Corp.

........................

127,467

12,337,531

Teledyne

Technologies,

Inc.

(a)

.................

127,040

56,832,614

Trimble,

Inc.

(a)

...........................

675,056

35,386,436

Vontier

Corp.

............................

162,516

4,443,187

Zebra

Technologies

Corp.

,

Class

A

(a)

(b)

...........

83,614

26,589,252

334,174,179

a

Energy

Equipment

&

Services

 — 

0

.7

%

Baker

Hughes

Co.

,

Class

A

(b)

.................

2,583,590

74,562,407

Halliburton

Co.

..........................

1,348,277

42,659,484

NOV,

Inc.

..............................

1,069,905

19,803,942

Schlumberger

Ltd.

........................

3,877,875

190,403,663

327,429,496

a

Entertainment

 — 

2

.1

%

Activision

Blizzard,

Inc.

.....................

2,132,250

182,499,277

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

1,411,549

7,071,860

Electronic

Arts,

Inc.

.......................

703,379

84,722,001

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

(b)

50,673

3,420,428

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

490,410

36,697,380

Live

Nation

Entertainment,

Inc.

(a)

..............

213,190

14,923,300

Madison

Square

Garden

Sports

Corp.

,

Class

A

.....

25,607

4,989,524

Netflix,

Inc.

(a)

............................

659,881

227,975,688

Playtika

Holding

Corp.

(a)

....................

21,412

241,099

Roku,

Inc.

,

Class

A

(a)

(b)

.....................

238,886

15,723,477

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Entertainment

(continued)

Take-Two

Interactive

Software,

Inc.

(a)

............

77,988

$

9,303,968

Walt

Disney

Co.

(The)

(a)

....................

4,667,797

467,386,514

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.........

1,721,484

25,994,408

1,080,948,924

a

Financial

Services

 — 

4

.4

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

...............

614,527

6,925,719

Apollo

Global

Management,

Inc.

...............

317,603

20,059,805

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

4,953,783

1,529,579,577

Block,

Inc.

,

Class

A

(a)

(b)

.....................

1,470,933

100,979,550

Equitable

Holdings,

Inc.

....................

1,009,186

25,623,232

Euronet

Worldwide,

Inc.

(a)

(b)

..................

31,743

3,552,042

Fidelity

National

Information

Services,

Inc.

........

1,626,981

88,393,878

Fiserv,

Inc.

(a)

(b)

...........................

1,469,223

166,066,276

Global

Payments,

Inc.

.....................

716,299

75,383,307

MGIC

Investment

Corp.

....................

816,749

10,960,772

PayPal

Holdings,

Inc.

(a)

.....................

2,165,489

164,447,235

Rocket

Companies,

Inc.

,

Class

A

(a)

(b)

............

136,168

1,233,682

TFS

Financial

Corp.

.......................

136,657

1,725,978

UWM

Holdings

Corp.

,

Class

A

(b)

...............

23,254

114,177

Voya

Financial,

Inc.

.......................

266,165

19,020,151

Western

Union

Co.

(The)

...................

604,598

6,741,268

WEX,

Inc.

(a)

.............................

33,232

6,111,032

2,226,917,681

a

Food

Products

 — 

2

.0

%

Archer-Daniels-Midland

Co.

..................

1,500,552

119,533,972

Bunge

Ltd.

.............................

379,064

36,208,193

Campbell

Soup

Co.

.......................

531,878

29,242,653

Conagra

Brands,

Inc.

......................

1,291,212

48,497,923

Darling

Ingredients,

Inc.

(a)

...................

408,088

23,832,339

Flowers

Foods,

Inc.

.......................

516,275

14,151,098

Freshpet,

Inc.

(a)

(b)

.........................

54,572

3,612,121

General

Mills,

Inc.

........................

1,618,502

138,317,181

Hershey

Co.

(The)

........................

53,622

13,641,973

Hormel

Foods

Corp.

.......................

788,089

31,428,989

Ingredion,

Inc.

...........................

180,657

18,378,237

J

M

Smucker

Co.

(The)

.....................

282,322

44,429,013

Kellogg

Co.

.............................

315,181

21,104,520

Kraft

Heinz

Co.

(The)

......................

1,917,467

74,148,449

McCormick

&

Co.,

Inc.

,

NVS

.................

687,649

57,219,273

Mondelez

International,

Inc.

,

Class

A

............

3,743,536

260,999,330

Pilgrim's

Pride

Corp.

(a)

(b)

....................

61,691

1,429,997

Post

Holdings,

Inc.

(a)

(b)

......................

149,046

13,394,764

Seaboard

Corp.

..........................

687

2,589,997

Tyson

Foods,

Inc.

,

Class

A

..................

763,198

45,272,905

997,432,927

a

Gas

Utilities

 — 

0

.2

%

Atmos

Energy

Corp.

.......................

389,710

43,787,816

National

Fuel

Gas

Co.

.....................

222,498

12,847,034

UGI

Corp.

..............................

573,638

19,939,657

76,574,507

a

Ground

Transportation

 — 

0

.7

%

Avis

Budget

Group,

Inc.

(a)

...................

69,734

13,584,183

CSX

Corp.

.............................

4,313,366

129,142,178

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

499,691

8,139,966

JB

Hunt

Transport

Services,

Inc.

..............

24,602

4,316,667

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

427,017

24,160,622

Landstar

System,

Inc.

......................

10,633

1,906,072

Lyft,

Inc.

,

Class

A

(a)

(b)

.......................

176,511

1,636,257

Norfolk

Southern

Corp.

.....................

623,993

132,286,516

RXO,

Inc.

(a)

(b)

............................

288,982

5,675,606

Ryder

System,

Inc.

........................

134,250

11,980,470

Security

Shares

Value

a

Ground

Transportation

(continued)

Schneider

National,

Inc.

,

Class

B

..............

147,701

$

3,951,002

Uber

Technologies,

Inc.

(a)

(b)

..................

709,780

22,500,026

U-Haul

Holding

Co.

.......................

25,172

1,501,510

XPO,

Inc.

(a)

(b)

............................

259,332

8,272,691

369,053,766

a

Health

Care

Equipment

&

Supplies

 — 

3

.5

%

Abbott

Laboratories

.......................

4,086,855

413,834,937

Align

Technology,

Inc.

(a)

.....................

54,005

18,045,231

Baxter

International,

Inc.

....................

1,165,661

47,279,210

Becton

Dickinson

&

Co.

....................

779,572

192,975,253

Boston

Scientific

Corp.

(a)

....................

3,917,553

195,995,177

Cooper

Companies,

Inc.

(The)

................

133,269

49,757,314

Dentsply

Sirona,

Inc.

......................

590,400

23,190,912

Enovis

Corp.

(a)

(b)

..........................

137,835

7,372,794

Envista

Holdings

Corp.

(a)

....................

447,342

18,287,341

GE

HealthCare

Technologies,

Inc.

(a)

(b)

...........

946,148

77,612,520

Globus

Medical,

Inc.

,

Class

A

(a)

(b)

..............

198,651

11,251,593

Hologic,

Inc.

(a)

...........................

667,003

53,827,142

ICU

Medical,

Inc.

(a)

(b)

.......................

44,516

7,343,359

Integra

LifeSciences

Holdings

Corp.

(a)

...........

196,733

11,294,442

Intuitive

Surgical,

Inc.

(a)

.....................

76,772

19,612,943

Masimo

Corp.

(a)

(b)

.........................

30,273

5,586,579

Medtronic

PLC

..........................

3,669,961

295,872,256

QuidelOrtho

Corp.

(a)

.......................

134,396

11,973,340

STERIS

PLC

............................

274,433

52,493,544

Stryker

Corp.

...........................

448,550

128,047,568

Tandem

Diabetes

Care,

Inc.

(a)

(b)

...............

11,283

458,203

Teleflex,

Inc.

(b)

...........................

128,569

32,567,813

Zimmer

Biomet

Holdings,

Inc.

................

575,531

74,358,605

1,749,038,076

a

Health

Care

Providers

&

Services

 — 

2

.9

%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

................

244,281

17,649,302

agilon

health,

Inc.

(a)

(b)

......................

33,967

806,716

Amedisys,

Inc.

(a)

.........................

86,957

6,395,687

Cardinal

Health,

Inc.

.......................

706,783

53,362,117

Centene

Corp.

(a)

.........................

1,503,115

95,011,899

Chemed

Corp.

...........................

25,893

13,923,961

Cigna

Group

(The)

........................

676,622

172,897,220

CVS

Health

Corp.

........................

3,524,613

261,913,992

Elevance

Health,

Inc.

......................

460,641

211,807,338

Encompass

Health

Corp.

...................

269,062

14,556,254

Enhabit,

Inc.

(a)

...........................

133,285

1,853,994

HCA

Healthcare,

Inc.

......................

556,220

146,664,090

Henry

Schein,

Inc.

(a)

(b)

......................

371,241

30,270,991

Humana,

Inc.

...........................

102,062

49,547,019

Laboratory

Corp.

of

America

Holdings

...........

242,891

55,724,053

McKesson

Corp.

.........................

302,385

107,664,179

Molina

Healthcare,

Inc.

(a)

(b)

...................

35,151

9,402,541

Oak

Street

Health,

Inc.

(a)

(b)

...................

322,244

12,464,398

Premier,

Inc.

,

Class

A

......................

320,807

10,384,523

Quest

Diagnostics,

Inc.

.....................

303,418

42,927,579

Tenet

Healthcare

Corp.

(a)

(b)

...................

292,419

17,375,537

UnitedHealth

Group,

Inc.

....................

231,148

109,238,233

Universal

Health

Services,

Inc.

,

Class

B

.........

170,747

21,701,944

1,463,543,567

a

Health

Care

REITs

 — 

0

.4

%

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

1,039,983

20,102,871

Healthpeak

Properties,

Inc.

..................

1,496,037

32,867,933

Medical

Properties

Trust,

Inc.

.................

1,627,577

13,378,683

Omega

Healthcare

Investors,

Inc.

..............

647,644

17,751,922

Ventas,

Inc.

............................

1,095,122

47,473,539

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

36

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Health

Care

REITs

(continued)

Welltower,

Inc.

...........................

1,297,828

$

93,041,289

224,616,237

a

Health

Care

Technology

 — 

0

.0

%

Certara,

Inc.

(a)

(b)

..........................

112,026

2,700,947

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

..........

43,591

450,295

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

164,017

5,310,870

Teladoc

Health,

Inc.

(a)

(b)

.....................

396,073

10,258,291

18,720,403

a

Hotel

&

Resort

REITs

 — 

0

.1

%

Host

Hotels

&

Resorts,

Inc.

..................

1,947,249

32,110,136

Park

Hotels

&

Resorts,

Inc.

..................

609,040

7,527,734

39,637,870

a

Hotels,

Restaurants

&

Leisure

 — 

2

.1

%

Aramark

...............................

647,872

23,193,818

Boyd

Gaming

Corp.

.......................

208,792

13,387,743

Caesars

Entertainment,

Inc.

(a)

................

175,220

8,552,488

Carnival

Corp.

(a)

(b)

.........................

2,687,341

27,276,511

Darden

Restaurants,

Inc.

...................

90,037

13,970,141

Domino's

Pizza,

Inc.

.......................

26,229

8,652,160

DoorDash,

Inc.

,

Class

A

(a)

...................

77,993

4,957,235

Hilton

Worldwide

Holdings,

Inc.

...............

199,382

28,086,942

Hyatt

Hotels

Corp.

,

Class

A

(a)

.................

129,805

14,510,901

Las

Vegas

Sands

Corp.

(a)

...................

568,214

32,643,894

Marriott

Vacations

Worldwide

Corp.

.............

102,509

13,824,364

McDonald's

Corp.

........................

1,536,110

429,511,717

MGM

Resorts

International

..................

868,364

38,572,729

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.........

1,064,730

14,320,618

Penn

Entertainment,

Inc.

(a)

...................

423,581

12,563,412

Planet

Fitness,

Inc.

,

Class

A

(a)

(b)

...............

60,374

4,689,249

Royal

Caribbean

Cruises

Ltd.

(a)

...............

603,803

39,428,336

Six

Flags

Entertainment

Corp.

(a)

...............

101,212

2,703,373

Starbucks

Corp.

..........................

2,015,052

209,827,365

Travel

+

Leisure

Co.

.......................

61,333

2,404,254

Vail

Resorts,

Inc.

.........................

5,855

1,368,196

Wyndham

Hotels

&

Resorts,

Inc.

..............

74,121

5,029,110

Wynn

Resorts

Ltd.

(a)

.......................

249,088

27,875,438

Yum!

Brands,

Inc.

........................

684,623

90,425,006

1,067,775,000

a

Household

Durables

 — 

0

.6

%

DR

Horton,

Inc.

..........................

412,648

40,311,583

Garmin

Ltd.

.............................

423,568

42,746,483

Leggett

&

Platt,

Inc.

.......................

368,348

11,742,934

Lennar

Corp.

,

Class

A

......................

687,910

72,306,220

Lennar

Corp.

,

Class

B

.....................

40,254

3,595,085

Mohawk

Industries,

Inc.

(a)

...................

144,840

14,515,865

Newell

Brands,

Inc.

.......................

1,042,451

12,968,090

NVR,

Inc.

(a)

.............................

2,253

12,554,144

PulteGroup,

Inc.

.........................

378,564

22,062,710

Tempur

Sealy

International,

Inc.

...............

459,351

18,139,771

Toll

Brothers,

Inc.

.........................

146,353

8,785,571

TopBuild

Corp.

(a)

.........................

13,748

2,861,509

Whirlpool

Corp.

..........................

147,223

19,436,380

282,026,345

a

Household

Products

 — 

1

.4

%

Church

&

Dwight

Co.,

Inc.

...................

363,398

32,128,017

Clorox

Co.

(The)

.........................

58,451

9,249,286

Colgate-Palmolive

Co.

.....................

874,815

65,742,347

Kimberly-Clark

Corp.

......................

375,872

50,449,540

Procter

&

Gamble

Co.

(The)

.................

3,720,375

553,182,559

Reynolds

Consumer

Products,

Inc.

.............

147,710

4,062,025

Security

Shares

Value

a

Household

Products

(continued)

Spectrum

Brands

Holdings,

Inc.

...............

108,453

$

7,181,758

721,995,532

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.........................

1,497,281

36,054,526

Brookfield

Renewable

Corp.

,

Class

A

...........

353,124

12,341,684

Vistra

Corp.

............................

455,635

10,935,240

59,331,450

a

Industrial

Conglomerates

 — 

1

.3

%

3M

Co.

................................

1,513,551

159,089,346

General

Electric

Co.

(b)

......................

2,809,077

268,547,761

Honeywell

International,

Inc.

.................

1,306,414

249,681,844

677,318,951

a

Industrial

REITs

 — 

0

.8

%

Americold

Realty

Trust,

Inc.

..................

736,852

20,963,439

EastGroup

Properties,

Inc.

..................

112,978

18,677,523

First

Industrial

Realty

Trust,

Inc.

...............

361,674

19,241,057

Prologis,

Inc.

............................

2,527,571

315,365,034

Rexford

Industrial

Realty,

Inc.

................

535,001

31,912,810

406,159,863

a

Insurance

 — 

3

.3

%

Aflac,

Inc.

..............................

1,673,883

107,998,931

Allstate

Corp.

(The)

.......................

725,142

80,352,985

American

Financial

Group,

Inc.

...............

184,486

22,415,049

American

International

Group,

Inc.

.............

2,039,841

102,726,393

Aon

PLC

,

Class

A

........................

32,618

10,284,129

Arch

Capital

Group

Ltd.

(a)

...................

656,601

44,563,510

Arthur

J

Gallagher

&

Co.

....................

505,751

96,755,224

Assurant,

Inc.

...........................

138,154

16,588,151

Assured

Guaranty

Ltd.

.....................

157,915

7,938,387

Axis

Capital

Holdings

Ltd.

...................

211,933

11,554,587

Brighthouse

Financial,

Inc.

(a)

.................

185,801

8,195,682

Brown

&

Brown,

Inc.

.......................

597,805

34,325,963

Chubb

Ltd.

.............................

1,141,041

221,567,341

Cincinnati

Financial

Corp.

...................

420,472

47,126,502

CNA

Financial

Corp.

.......................

75,634

2,951,995

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

17,583

4,073,278

Everest

Re

Group

Ltd.

.....................

73,717

26,392,160

F&G

Annuities

&

Life,

Inc.

...................

49,146

890,526

Fidelity

National

Financial,

Inc.

................

717,237

25,053,088

First

American

Financial

Corp.

................

275,554

15,337,336

Globe

Life,

Inc.

..........................

245,667

27,028,283

Hanover

Insurance

Group,

Inc.

(The)

...........

96,643

12,418,626

Hartford

Financial

Services

Group,

Inc.

(The)

......

870,256

60,648,141

Kemper

Corp.

...........................

172,605

9,434,589

Lincoln

National

Corp.

.....................

366,841

8,242,917

Loews

Corp.

............................

533,211

30,936,902

Markel

Corp.

(a)

(b)

..........................

27,965

35,722,771

Marsh

&

McLennan

Companies,

Inc.

............

145,915

24,302,143

MetLife,

Inc.

............................

1,813,448

105,071,177

Old

Republic

International

Corp.

...............

764,640

19,093,061

Primerica,

Inc.

...........................

100,560

17,320,454

Principal

Financial

Group,

Inc.

................

663,088

49,280,700

Progressive

Corp.

(The)

....................

208,055

29,764,348

Prudential

Financial,

Inc.

....................

1,010,279

83,590,484

Reinsurance

Group

of

America,

Inc.

............

182,663

24,250,340

RenaissanceRe

Holdings

Ltd.

................

53,159

10,649,874

Travelers

Companies,

Inc.

(The)

...............

642,072

110,057,562

Unum

Group

............................

544,536

21,541,844

W

R

Berkley

Corp.

........................

566,306

35,258,212

White

Mountains

Insurance

Group

Ltd.

(b)

.........

6,842

9,424,787

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

37

Schedule

of

Investments

Security

Shares

Value

a

Insurance

(continued)

Willis

Towers

Watson

PLC

...................

295,276

$

68,616,237

1,679,744,669

a

Interactive

Media

&

Services

 — 

2

.9

%

Alphabet,

Inc.

,

Class

A

(a)

....................

2,147,158

222,724,699

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

1,867,268

194,195,872

IAC,

Inc.

(a)

(b)

............................

210,681

10,871,140

Match

Group,

Inc.

(a)

.......................

48,885

1,876,695

Meta

Platforms,

Inc.

,

Class

A

(a)

(b)

...............

4,808,579

1,019,130,233

Pinterest,

Inc.

,

Class

A

(a)

(b)

...................

1,283,955

35,013,453

TripAdvisor,

Inc.

(a)

........................

255,099

5,066,266

1,488,878,358

a

IT

Services

 — 

0

.8

%

Akamai

Technologies,

Inc.

(a)

(b)

.................

423,844

33,186,985

Amdocs

Ltd.

............................

325,792

31,285,806

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

1,407,985

85,788,526

DXC

Technology

Co.

(a)

.....................

630,215

16,108,295

GoDaddy,

Inc.

,

Class

A

(a)

....................

369,522

28,719,250

International

Business

Machines

Corp.

..........

820,379

107,543,483

Kyndryl

Holdings,

Inc.

(a)

(b)

...................

559,293

8,255,165

Okta,

Inc.

,

Class

A

(a)

(b)

......................

359,652

31,016,389

Snowflake,

Inc.

,

Class

A

(a)

(b)

..................

53,983

8,329,037

Twilio,

Inc.

,

Class

A

(a)

(b)

.....................

296,310

19,743,135

VeriSign,

Inc.

(a)

..........................

227,303

48,035,943

Wix.com

Ltd.

(a)

(b)

.........................

32,369

3,230,426

421,242,440

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

163,644

13,418,808

Hasbro,

Inc.

............................

359,054

19,277,609

Mattel,

Inc.

(a)

............................

494,840

9,110,004

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

844,472

9,576,313

Polaris,

Inc.

(b)

...........................

39,763

4,398,981

55,781,715

a

Life

Sciences

Tools

&

Services

 — 

2

.4

%

10X

Genomics,

Inc.

,

Class

A

(a)

(b)

...............

25,999

1,450,484

Agilent

Technologies,

Inc.

...................

83,483

11,549,038

Avantor,

Inc.

(a)

(b)

..........................

117,883

2,492,046

Azenta,

Inc.

(a)

...........................

188,301

8,401,991

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

58,534

28,038,957

Charles

River

Laboratories

International,

Inc.

(a)

(b)

....

9,379

1,892,870

Danaher

Corp.

..........................

1,656,551

417,517,114

Illumina,

Inc.

(a)

...........................

431,277

100,293,466

PerkinElmer,

Inc.

.........................

346,000

46,107,960

QIAGEN

NV

(a)

(b)

..........................

621,403

28,541,040

Repligen

Corp.

(a)

(b)

........................

43,166

7,267,428

Syneos

Health,

Inc.

,

Class

A

(a)

................

231,772

8,255,719

Thermo

Fisher

Scientific,

Inc.

.................

943,258

543,665,613

1,205,473,726

a

Machinery

 — 

2

.1

%

AGCO

Corp.

............................

148,409

20,064,897

Allison

Transmission

Holdings,

Inc.

.............

55,019

2,489,060

Caterpillar,

Inc.

..........................

184,310

42,177,500

Crane

NXT

Co.

..........................

129,604

14,710,054

Cummins,

Inc.

...........................

386,688

92,372,029

Donaldson

Co.,

Inc.

.......................

277,177

18,110,745

Dover

Corp.

............................

384,216

58,377,779

Esab

Corp.

.............................

156,078

9,219,527

Flowserve

Corp.

.........................

360,278

12,249,452

Fortive

Corp.

............................

971,334

66,215,839

Gates

Industrial

Corp.

PLC

(a)

(b)

................

294,209

4,086,563

Graco,

Inc.

.............................

146,057

10,663,622

IDEX

Corp.

.............................

171,460

39,612,404

Security

Shares

Value

a

Machinery

(continued)

Illinois

Tool

Works,

Inc.

.....................

85,003

$

20,693,980

Ingersoll

Rand,

Inc.

.......................

1,114,111

64,818,978

ITT,

Inc.

...............................

228,476

19,717,479

Middleby

Corp.

(The)

(a)

.....................

136,109

19,954,941

Nordson

Corp.

...........................

120,642

26,813,891

Oshkosh

Corp.

..........................

179,474

14,928,647

Otis

Worldwide

Corp.

......................

1,004,235

84,757,434

PACCAR,

Inc.

...........................

1,404,021

102,774,337

Parker-Hannifin

Corp.

......................

271,419

91,226,640

Pentair

PLC

............................

451,168

24,936,055

Snap-on,

Inc.

...........................

144,530

35,683,012

Stanley

Black

&

Decker,

Inc.

.................

404,569

32,600,170

Timken

Co.

(The)

.........................

168,212

13,746,285

Westinghouse

Air

Brake

Technologies

Corp.

.......

496,545

50,180,838

Xylem,

Inc.

.............................

423,202

44,309,249

1,037,491,407

a

Marine

Transportation

 — 

0

.0

%

Kirby

Corp.

(a)

............................

162,737

11,342,769

a

Media

 — 

1

.4

%

Altice

USA,

Inc.

,

Class

A

(a)

(b)

..................

568,118

1,942,964

Cable

One,

Inc.

..........................

6,049

4,246,398

Comcast

Corp.

,

Class

A

....................

11,485,925

435,431,417

DISH

Network

Corp.

,

Class

A

(a)

(b)

..............

680,980

6,353,543

Fox

Corp.

,

Class

A

,

NVS

....................

799,925

27,237,446

Fox

Corp.

,

Class

B

........................

382,496

11,975,950

Interpublic

Group

of

Companies,

Inc.

(The)

.......

1,064,223

39,631,665

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

............

24,885

2,043,556

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

174,910

14,290,147

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

(b)

...

147,400

4,140,466

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

303,552

8,496,420

New

York

Times

Co.

(The)

,

Class

A

.............

445,944

17,338,303

News

Corp.

,

Class

A

,

NVS

..................

1,041,703

17,990,211

News

Corp.

,

Class

B

......................

330,021

5,752,266

Nexstar

Media

Group,

Inc.

...................

90,332

15,596,723

Omnicom

Group,

Inc.

......................

549,915

51,878,981

Paramount

Global

,

Class

A

(b)

.................

24,916

643,829

Paramount

Global

,

Class

B

,

NVS

..............

1,580,216

35,254,619

Sirius

XM

Holdings,

Inc.

(b)

...................

1,913,766

7,597,651

707,842,555

a

Metals

&

Mining

 — 

1

.1

%

Alcoa

Corp.

.............................

484,799

20,633,045

Cleveland-Cliffs,

Inc.

(a)

(b)

....................

1,396,934

25,605,800

Freeport-McMoRan,

Inc.

....................

3,912,747

160,070,480

Newmont

Corp.

..........................

2,180,547

106,890,414

Nucor

Corp.

............................

703,459

108,663,312

Reliance

Steel

&

Aluminum

Co.

...............

160,473

41,199,838

Royal

Gold,

Inc.

(b)

.........................

168,085

21,802,305

Southern

Copper

Corp.

.....................

79,326

6,048,608

SSR

Mining,

Inc.

(b)

........................

561,782

8,494,144

Steel

Dynamics,

Inc.

.......................

456,471

51,608,611

United

States

Steel

Corp.

...................

615,565

16,066,247

567,082,804

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

AGNC

Investment

Corp.

....................

1,558,984

15,714,559

Annaly

Capital

Management,

Inc.

..............

1,287,018

24,594,914

Rithm

Capital

Corp.

.......................

1,187,506

9,500,048

Starwood

Property

Trust,

Inc.

.................

801,506

14,178,641

63,988,162

a

Multi-Utilities

 — 

1

.5

%

Ameren

Corp.

...........................

706,034

60,994,277

CenterPoint

Energy,

Inc.

....................

1,728,516

50,922,081

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Multi-Utilities

(continued)

CMS

Energy

Corp.

........................

794,222

$

48,749,346

Consolidated

Edison,

Inc.

...................

973,657

93,149,765

Dominion

Energy,

Inc.

......................

2,284,780

127,742,050

DTE

Energy

Co.

.........................

529,235

57,972,402

NiSource,

Inc.

...........................

1,117,944

31,257,714

Public

Service

Enterprise

Group,

Inc.

...........

1,366,047

85,309,635

Sempra

Energy

..........................

863,478

130,523,335

WEC

Energy

Group,

Inc.

....................

865,788

82,068,045

768,688,650

a

Office

REITs

 — 

0

.3

%

Alexandria

Real

Estate

Equities,

Inc.

............

471,273

59,187,176

Boston

Properties,

Inc.

.....................

431,889

23,373,833

Cousins

Properties,

Inc.

....................

411,856

8,805,481

Douglas

Emmett,

Inc.

......................

458,911

5,658,373

Highwoods

Properties,

Inc.

..................

282,225

6,544,798

Hudson

Pacific

Properties,

Inc.

................

375,789

2,498,997

JBG

SMITH

Properties

.....................

291,957

4,396,872

Kilroy

Realty

Corp.

........................

322,152

10,437,725

SL

Green

Realty

Corp.

.....................

182,474

4,291,788

Vornado

Realty

Trust

......................

480,728

7,388,789

132,583,832

a

Oil,

Gas

&

Consumable

Fuels

 — 

7

.3

%

Antero

Midstream

Corp.

....................

917,796

9,627,680

Antero

Resources

Corp.

(a)

...................

273,982

6,326,244

APA

Corp.

.............................

878,700

31,685,922

Cheniere

Energy,

Inc.

......................

290,206

45,736,466

Chesapeake

Energy

Corp.

..................

331,470

25,204,979

Chevron

Corp.

...........................

5,310,482

866,458,243

ConocoPhillips

..........................

3,361,457

333,490,149

Coterra

Energy,

Inc.

.......................

1,805,365

44,303,657

Devon

Energy

Corp.

.......................

914,161

46,265,688

Diamondback

Energy,

Inc.

...................

210,091

28,398,000

DT

Midstream,

Inc.

........................

264,084

13,037,827

EOG

Resources,

Inc.

......................

432,621

49,591,345

EQT

Corp.

.............................

1,008,527

32,182,097

Exxon

Mobil

Corp.

........................

11,315,473

1,240,854,769

Hess

Corp.

.............................

167,652

22,187,066

HF

Sinclair

Corp.

.........................

368,638

17,834,706

Kinder

Morgan,

Inc.

,

Class

P

.................

5,452,344

95,470,543

Marathon

Oil

Corp.

........................

1,738,603

41,656,928

Marathon

Petroleum

Corp.

..................

1,244,291

167,767,756

Occidental

Petroleum

Corp.

(b)

.................

381,322

23,805,932

ONEOK,

Inc.

............................

1,081,635

68,727,088

Ovintiv,

Inc.

.............................

193,813

6,992,773

PDC

Energy,

Inc.

.........................

111,288

7,142,464

Phillips

66

..............................

1,278,857

129,650,523

Pioneer

Natural

Resources

Co.

...............

293,579

59,960,575

Range

Resources

Corp.

....................

219,527

5,810,880

Southwestern

Energy

Co.

(a)

(b)

.................

2,802,904

14,014,520

Valero

Energy

Corp.

.......................

1,063,868

148,515,973

Vitesse

Energy,

Inc.

.......................

65,547

1,247,359

Williams

Companies,

Inc.

(The)

...............

3,341,760

99,784,954

3,683,733,106

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

175,979

9,539,822

a

Passenger

Airlines

 — 

0

.3

%

Alaska

Air

Group,

Inc.

(a)

.....................

344,688

14,463,108

American

Airlines

Group,

Inc.

(a)

(b)

..............

1,769,705

26,103,149

Copa

Holdings

SA

,

Class

A

,

NVS

(a)

(b)

............

78,395

7,239,778

JetBlue

Airways

Corp.

(a)

(b)

...................

875,215

6,371,565

Southwest

Airlines

Co.

.....................

1,623,835

52,839,591

Security

Shares

Value

a

Passenger

Airlines

(continued)

United

Airlines

Holdings,

Inc.

(a)

(b)

...............

895,711

$

39,635,212

146,652,403

a

Personal

Care

Products

 — 

0

.0

%

Coty,

Inc.

,

Class

A

(a)

(b)

......................

965,715

11,646,523

a

Pharmaceuticals

 — 

5

.7

%

Bristol-Myers

Squibb

Co.

....................

5,847,772

405,309,077

Catalent,

Inc.

(a)

(b)

.........................

336,083

22,084,014

Elanco

Animal

Health,

Inc.

(a)

(b)

................

1,227,595

11,539,393

Eli

Lilly

&

Co.

...........................

430,338

147,786,676

Jazz

Pharmaceuticals

PLC

(a)

.................

168,409

24,643,289

Johnson

&

Johnson

.......................

7,226,373

1,120,087,815

Merck

&

Co.,

Inc.

.........................

4,035,705

429,358,655

Organon

&

Co.

..........................

697,066

16,394,992

Perrigo

Co.

PLC

.........................

367,180

13,170,747

Pfizer,

Inc.

.............................

15,519,190

633,182,952

Royalty

Pharma

PLC

,

Class

A

................

1,022,179

36,829,109

Viatris,

Inc.

.............................

3,328,606

32,021,190

2,892,407,909

a

Professional

Services

 — 

0

.7

%

Automatic

Data

Processing,

Inc.

...............

94,053

20,939,019

Broadridge

Financial

Solutions,

Inc.

............

29,534

4,328,798

CACI

International,

Inc.

,

Class

A

(a)

(b)

............

63,772

18,894,368

Clarivate

PLC

(a)

(b)

.........................

1,291,859

12,130,556

Concentrix

Corp.

.........................

117,186

14,243,958

CoStar

Group,

Inc.

(a)

.......................

948,194

65,283,157

Dun

&

Bradstreet

Holdings,

Inc.

...............

683,453

8,023,738

Equifax,

Inc.

(b)

...........................

166,407

33,753,996

FTI

Consulting,

Inc.

(a)

(b)

.....................

53,614

10,580,723

Genpact

Ltd.

............................

231,552

10,702,334

Jacobs

Solutions,

Inc.

......................

345,308

40,577,143

KBR,

Inc.

..............................

132,502

7,294,235

Leidos

Holdings,

Inc.

......................

374,412

34,468,369

ManpowerGroup,

Inc.

......................

139,055

11,476,209

Robert

Half

International,

Inc.

(b)

...............

34,744

2,799,324

Science

Applications

International

Corp.

.........

151,232

16,251,391

SS&C

Technologies

Holdings,

Inc.

.............

606,568

34,252,895

TransUnion

.............................

139,721

8,682,263

354,682,476

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

(b)

................

443,730

32,307,981

Howard

Hughes

Corp.

(The)

(a)

(b)

...............

99,850

7,988,000

Jones

Lang

LaSalle,

Inc.

(a)

...................

131,166

19,083,342

Opendoor

Technologies,

Inc.

(a)

(b)

...............

929,413

1,635,767

WeWork,

Inc.

,

Class

A

(a)

(b)

...................

583,043

453,199

Zillow

Group,

Inc.

,

Class

A

(a)

(b)

................

146,553

6,404,366

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

406,466

18,075,543

85,948,198

a

Residential

REITs

 — 

0

.8

%

American

Homes

4

Rent

,

Class

A

..............

847,979

26,668,940

Apartment

Income

REIT

Corp.

................

376,904

13,496,932

AvalonBay

Communities,

Inc.

................

383,162

64,394,206

Camden

Property

Trust

.....................

261,336

27,398,466

Equity

LifeStyle

Properties,

Inc.

...............

189,583

12,726,707

Equity

Residential

........................

1,015,699

60,941,940

Essex

Property

Trust,

Inc.

...................

176,256

36,862,180

Invitation

Homes,

Inc.

......................

1,673,991

52,278,739

Mid-America

Apartment

Communities,

Inc.

........

314,890

47,560,986

Sun

Communities,

Inc.

.....................

333,729

47,015,741

UDR,

Inc.

..............................

898,125

36,877,012

426,221,849

a

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

39

Schedule

of

Investments

Security

Shares

Value

a

Retail

REITs

 — 

0

.6

%

Brixmor

Property

Group,

Inc.

.................

819,603

$

17,637,857

Federal

Realty

Investment

Trust

...............

221,535

21,894,304

Kimco

Realty

Corp.

.......................

1,659,664

32,413,238

National

Retail

Properties,

Inc.

................

498,543

22,010,673

Realty

Income

Corp.

.......................

1,721,811

109,025,072

Regency

Centers

Corp.

....................

468,555

28,666,195

Simon

Property

Group,

Inc.

..................

460,863

51,602,830

Spirit

Realty

Capital,

Inc.

....................

380,946

15,176,889

298,427,058

a

Road

&

Rail

 — 

0

.0

%

U-Haul

Holding

Co.

,

Series

N

,

NVS

(b)

...........

220,209

11,417,837

a

Semiconductors

&

Semiconductor

Equipment

 — 

2

.6

%

Advanced

Micro

Devices,

Inc.

(a)

...............

940,218

92,150,766

Analog

Devices,

Inc.

.......................

1,109,131

218,742,816

Cirrus

Logic,

Inc.

(a)

........................

150,883

16,503,582

First

Solar,

Inc.

(a)

(b)

........................

291,372

63,373,410

GlobalFoundries,

Inc.

(a)

(b)

....................

130,526

9,421,367

Intel

Corp.

.............................

11,368,246

371,400,597

Marvell

Technology,

Inc.

....................

2,328,353

100,817,685

Microchip

Technology,

Inc.

...................

213,629

17,897,838

Micron

Technology,

Inc.

.....................

2,417,656

145,881,363

MKS

Instruments,

Inc.

(b)

....................

158,228

14,022,165

ON

Semiconductor

Corp.

(a)

(b)

.................

447,144

36,808,894

Qorvo,

Inc.

(a)

............................

273,182

27,747,096

Skyworks

Solutions,

Inc.

....................

435,757

51,410,611

Teradyne,

Inc.

...........................

39,703

4,268,469

Texas

Instruments,

Inc.

.....................

784,861

145,991,995

Wolfspeed,

Inc.

(a)

(b)

........................

339,583

22,055,916

1,338,494,570

a

Software

 — 

1

.9

%

ANSYS,

Inc.

(a)

...........................

112,742

37,520,538

BILL

Holdings,

Inc.

(a)

(b)

......................

272,785

22,133,775

Black

Knight,

Inc.

(a)

........................

384,197

22,114,379

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

281,801

2,527,755

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

304,084

22,265,030

Dolby

Laboratories,

Inc.

,

Class

A

..............

162,276

13,861,616

DoubleVerify

Holdings,

Inc.

(a)

.................

30,700

925,605

Dropbox,

Inc.

,

Class

A

(a)

(b)

...................

50,868

1,099,766

Gen

Digital,

Inc.

..........................

966,248

16,580,816

Guidewire

Software,

Inc.

(a)

(b)

..................

224,768

18,442,214

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

81,977

1,344,423

Jamf

Holding

Corp.

(a)

(b)

.....................

25,611

497,366

Manhattan

Associates,

Inc.

(a)

.................

65,282

10,108,918

nCino,

Inc.

(a)

(b)

...........................

155,402

3,850,861

NCR

Corp.

(a)

(b)

...........................

336,885

7,947,117

Nutanix,

Inc.

,

Class

A

(a)

(b)

....................

300,755

7,816,622

Oracle

Corp.

............................

1,313,680

122,067,146

Paycor

HCM,

Inc.

(a)

(b)

......................

167,359

4,438,361

Procore

Technologies,

Inc.

(a)

(b)

................

53,330

3,340,058

Roper

Technologies,

Inc.

....................

289,756

127,692,572

Salesforce,

Inc.

(a)

(b)

........................

2,077,044

414,951,850

SentinelOne,

Inc.

,

Class

A

(a)

(b)

................

156,080

2,553,469

Teradata

Corp.

(a)

.........................

127,830

5,148,992

Tyler

Technologies,

Inc.

(a)

...................

14,318

5,077,735

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

936,585

16,446,433

Unity

Software,

Inc.

(a)

(b)

.....................

211,661

6,866,283

VMware,

Inc.

,

Class

A

(a)

....................

300,373

37,501,569

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

(b)

.....

333,071

24,593,963

959,715,232

a

Security

Shares

Value

a

Specialized

REITs

 — 

1

.2

%

American

Tower

Corp.

.....................

296,824

$

60,653,016

CubeSmart

.............................

612,301

28,300,552

Digital

Realty

Trust,

Inc.

....................

787,046

77,374,492

EPR

Properties

..........................

202,546

7,717,003

Equinix,

Inc.

............................

62,335

44,946,028

Extra

Space

Storage,

Inc.

...................

320,239

52,176,540

Gaming

and

Leisure

Properties,

Inc.

............

669,650

34,861,979

Iron

Mountain,

Inc.

........................

200,757

10,622,053

Lamar

Advertising

Co.

,

Class

A

...............

28,460

2,842,870

Life

Storage,

Inc.

.........................

230,248

30,183,210

National

Storage

Affiliates

Trust

...............

235,464

9,837,686

Public

Storage

...........................

88,259

26,666,574

Rayonier,

Inc.

...........................

401,844

13,365,332

SBA

Communications

Corp.

,

Class

A

............

225,720

58,928,721

VICI

Properties,

Inc.

.......................

2,750,399

89,718,015

Weyerhaeuser

Co.

........................

2,017,725

60,794,054

608,988,125

a

Specialty

Retail

 — 

1

.5

%

Advance

Auto

Parts,

Inc.

....................

149,588

18,191,397

AutoNation,

Inc.

(a)

.........................

92,117

12,376,840

AutoZone,

Inc.

(a)

.........................

4,759

11,698,336

Bath

&

Body

Works,

Inc.

....................

625,889

22,895,020

Best

Buy

Co.,

Inc.

........................

372,502

29,155,732

Burlington

Stores,

Inc.

(a)

....................

10,954

2,213,803

CarMax,

Inc.

(a)

(b)

..........................

381,894

24,548,146

Dick's

Sporting

Goods,

Inc.

..................

146,482

20,784,331

GameStop

Corp.

,

Class

A

(a)

(b)

.................

742,220

17,085,904

Gap,

Inc.

(The)

..........................

538,826

5,409,813

Home

Depot,

Inc.

(The)

....................

1,175,241

346,837,124

Leslie's,

Inc.

(a)

(b)

..........................

47,291

520,674

Lithia

Motors,

Inc.

........................

74,211

16,989,124

Lowe's

Companies,

Inc.

....................

227,608

45,514,772

O'Reilly

Automotive,

Inc.

(a)

...................

100,725

85,513,510

Penske

Automotive

Group,

Inc.

(b)

..............

70,710

10,027,385

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

.....

218,579

1,967,211

RH

(a)

(b)

................................

31,349

7,635,049

Ross

Stores,

Inc.

.........................

538,791

57,181,889

Victoria's

Secret

&

Co.

(a)

(b)

...................

63,914

2,182,663

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

78,867

2,708,293

Williams-Sonoma,

Inc.

.....................

37,912

4,612,374

746,049,390

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.3

%

Dell

Technologies,

Inc.

,

Class

C

...............

551,644

22,181,605

Hewlett

Packard

Enterprise

Co.

...............

3,525,976

56,168,798

HP,

Inc.

...............................

1,458,279

42,800,489

Western

Digital

Corp.

(a)

.....................

873,866

32,918,532

154,069,424

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.3

%

Capri

Holdings

Ltd.

(a)

......................

336,058

15,794,726

Carter's,

Inc.

............................

101,792

7,320,881

Columbia

Sportswear

Co.

(b)

..................

97,796

8,825,111

Deckers

Outdoor

Corp.

(a)

(b)

...................

8,482

3,813,083

Hanesbrands,

Inc.

........................

955,335

5,025,062

PVH

Corp.

.............................

173,750

15,491,550

Ralph

Lauren

Corp.

,

Class

A

.................

110,668

12,911,636

Skechers

USA,

Inc.

,

Class

A

(a)

................

310,323

14,746,549

Tapestry,

Inc.

............................

562,913

24,267,179

Under

Armour,

Inc.

,

Class

A

(a)

(b)

...............

514,822

4,885,661

Under

Armour,

Inc.

,

Class

C

(a)

................

528,042

4,504,198

VF

Corp.

..............................

958,889

21,968,147

139,553,783

a

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Tobacco

 — 

1

.3

%

Altria

Group,

Inc.

.........................

4,922,501

$

219,641,994

Philip

Morris

International,

Inc.

................

4,254,771

413,776,480

633,418,474

a

Trading

Companies

&

Distributors

 — 

0

.2

%

Air

Lease

Corp.

,

Class

A

....................

286,923

11,296,159

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

................

127,815

2,952,526

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

128,036

10,755,024

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

47,448

6,494,208

United

Rentals,

Inc.

.......................

103,564

40,986,489

Univar

Solutions,

Inc.

(a)

(b)

....................

439,445

15,393,758

Watsco,

Inc.

(b)

...........................

42,583

13,548,207

WESCO

International,

Inc.

...................

58,134

8,984,028

110,410,399

a

Water

Utilities

 — 

0

.2

%

American

Water

Works

Co.,

Inc.

...............

529,341

77,543,163

Essential

Utilities,

Inc.

......................

633,179

27,638,263

105,181,426

a

Security

Shares

Value

a

Wireless

Telecommunication

Services

 — 

0

.5

%

T-Mobile

U.S.,

Inc.

(a)

(b)

......................

1,610,113

$

233,208,767

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

47,556,805,614

)

..............................

50,445,813,655

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(c)

(d)

(e)

......................

696,811,773

697,020,816

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.73

%

(c)

(d)

............................

75,727,321

75,727,321

a

Total

Short-Term

Securities — 1.5%

(Cost:

$

772,304,043

)

................................

772,748,137

Total

Investments

—

101.2%

(Cost:

$

48,329,109,657

)

..............................

51,218,561,792

Liabilities

in

Excess

of

Other

Assets

—

(

1

.2

)

%

...............

(

623,481,940

)

Net

Assets

—

100.0%

.................................

$

50,595,079,852

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

555,372,018

$

141,259,534

(a)

$

—

$

20,679

$

368,585

$

697,020,816

696,811,773

$

8,775,629

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

115,810,000

—

(

40,082,679

)

(a)

—

—

75,727,321

75,727,321

2,253,773

57

BlackRock,

Inc.

..

303,843,926

75,832,100

(

72,837,840

)

27,142,243

(

61,496,699

)

272,483,730

407,227

8,211,515

—

$

27,162,922

$

(

61,128,114

)

$

1,045,231,867

$

19,240,917

$

57

(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

®

Russell

1000

Value

ETF

Schedule

of

Investments

(continued)

March

31,

2023

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

DJIA

Mini

e-CBOT

Index

.................................................................

353

06/16/23

$

59,057

$

2,053,591

S&P

500

E-Mini

Index

...................................................................

155

06/16/23

32,068

1,695,070

S&P

MidCap

400

E-Mini

Index

.............................................................

193

06/16/23

48,823

1,250,907

$

4,999,568

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

4,999,568

$

—

$

—

$

—

$

4,999,568

(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

.................................

$

—

$

—

$

(

11,287,759

)

$

—

$

—

$

—

$

(

11,287,759

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

569,136

$

—

$

—

$

—

$

569,136

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

126,764,798

a

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Russell

1000

Value

ETF

42

2023

iShares

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

.........................................

$

50,445,530,917

‌

$

282,738

‌

$

—

‌

$

50,445,813,655

‌

Short-Term

Securities

Money

Market

Funds

......................................

772,748,137

‌

—

‌

—

‌

772,748,137

‌

$

51,218,279,054

‌

$

282,738

‌

$

—

‌

$

51,218,561,792

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

4,999,568

‌

$

—

‌

$

—

‌

$

4,999,568

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

43

Financial

Statements

Statements

of

Assets

and

Liabilities

March

31,

2023

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)

.....................................................

$

28,223,694,497

‌

$

63,442,637,709

‌

$

50,173,329,925

‌

Investments,

at

value

—

affiliated

(c)

........................................................

532,264,932

‌

1,285,235,914

‌

1,045,231,867

‌

Cash

............................................................................

2,362,052

‌

1,361,692

‌

8,450,362

‌

Cash

pledged:

Futures

contracts

..................................................................

3,617,000

‌

6,850,840

‌

8,154,740

‌

Receivables:

Investments

sold

..................................................................

280,463

‌

420,839

‌

688,712

‌

Securities

lending

income

—

affiliated

....................................................

500,986

‌

447,855

‌

1,297,508

‌

Capital

shares

sold

.................................................................

842,850

‌

48,723

‌

42,240

‌

Dividends

—

unaffiliated

.............................................................

20,534,231

‌

18,228,111

‌

60,147,371

‌

Dividends

—

affiliated

...............................................................

191,124

‌

385,414

‌

298,073

‌

Interest

—

unaffiliated

...............................................................

6,203

‌

8,860

‌

20,735

‌

Variation

margin

on

futures

contracts

.....................................................

944,700

‌

1,603,676

‌

2,040,653

‌

Total

assets

.......................................................................

28,785,239,038

‌

64,757,229,633

‌

51,299,702,186

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................................

415,615,851

‌

1,194,397,371

‌

696,641,388

‌

Payables:

Investment

advisory

fees

.............................................................

3,501,063

‌

9,572,542

‌

7,980,946

‌

Total

liabilities

......................................................................

419,116,914

‌

1,203,969,913

‌

704,622,334

‌

NET

ASSETS

......................................................................

$

28,366,122,124

‌

$

63,553,259,720

‌

$

50,595,079,852

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................

$

26,700,982,493

‌

$

56,313,721,025

‌

$

50,749,765,934

‌

Accumulated

earnings

(loss)

............................................................

1,665,139,631

‌

7,239,538,695

‌

(

154,686,082

)

NET

ASSETS

......................................................................

$

28,366,122,124

‌

$

63,553,259,720

‌

$

50,595,079,852

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................

125,950,000

‌

259,950,000

‌

332,100,000

‌

Net

asset

value

.....................................................................

$

225.22

‌

$

244.48

‌

$

152.35

‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

None

None

None

(a)

Securities

loaned,

at

value

...........................................................

$

419,606,089

‌

$

1,202,858,228

‌

$

698,213,380

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................................

$

25,351,794,609

‌

$

51,579,382,982

‌

$

47,309,929,073

‌

(c)

Investments,

at

cost

—

affiliated

........................................................

$

526,163,631

‌

$

1,284,550,516

‌

$

1,019,180,584

‌

44

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Operations

Year

Ended

March

31,

2023

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

iShares

Russell

1000

Value

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................

$

452,186,129

‌

$

619,093,956

‌

$

1,202,315,975

‌

Dividends

—

affiliated

..............................................................

3,329,225

‌

2,558,522

‌

10,465,288

‌

Interest

—

unaffiliated

..............................................................

103,430

‌

201,513

‌

220,410

‌

Securities

lending

income

—

affiliated

—

net

...............................................

3,934,343

‌

5,869,379

‌

8,775,629

‌

Foreign

taxes

withheld

.............................................................

(

66,813

)

(

46,823

)

(

215,093

)

Total

investment

income

..............................................................

459,486,314

‌

627,676,547

‌

1,221,562,209

‌

EXPENSES

Investment

advisory

...............................................................

41,496,038

‌

113,807,003

‌

99,238,656

‌

Total

expenses

....................................................................

41,496,038

‌

113,807,003

‌

99,238,656

‌

Net

investment

income

...............................................................

417,990,276

‌

513,869,544

‌

1,122,323,553

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................

(

384,777,709

)

(

2,846,591,199

)

(

168,730,874

)

Investments

—

affiliated

...........................................................

(

321,035

)

30,100

‌

(

1,749,464

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................................

26

‌

56

‌

57

‌

Futures

contracts

...............................................................

(

5,067,302

)

(

15,067,472

)

(

11,287,759

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................

2,758,387,727

‌

7,187,172,652

‌

3,377,740,058

‌

In-kind

redemptions

—

affiliated

(a)

....................................................

6,807,100

‌

—

‌

28,912,386

‌

2,375,028,807

‌

4,325,544,137

‌

3,224,884,404

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................

(

5,281,153,272

)

(

12,458,461,715

)

(

7,661,343,560

)

Investments

—

affiliated

...........................................................

(

15,241,525

)

560,438

‌

(

61,128,114

)

Futures

contracts

...............................................................

371,186

‌

542,771

‌

569,136

‌

(

5,296,023,611

)

(

12,457,358,506

)

(

7,721,902,538

)

Net

realized

and

unrealized

loss

.........................................................

(

2,920,994,804

)

(

8,131,814,369

)

(

4,497,018,134

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................

$

(

2,503,004,528

)

$

(

7,617,944,825

)

$

(

3,374,694,581

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

45

Financial

Statements

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

417,990,276

‌

$

352,228,600

‌

$

513,869,544

‌

$

393,666,414

‌

Net

realized

gain

.............................................

2,375,028,807

‌

2,691,261,956

‌

4,325,544,137

‌

11,550,274,041

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

5,296,023,611

)

581,292,941

‌

(

12,457,358,506

)

(

2,627,760,691

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

2,503,004,528

)

3,624,783,497

‌

(

7,617,944,825

)

9,316,179,764

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

422,432,329

)

(

357,765,384

)

(

543,297,716

)

(

401,934,860

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

871,090,503

‌

5,598,922

‌

979,744,660

‌

(

1,335,411,437

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

2,054,346,354

)

3,272,617,035

‌

(

7,181,497,881

)

7,578,833,467

‌

Beginning

of

year

...............................................

30,420,468,478

‌

27,147,851,443

‌

70,734,757,601

‌

63,155,924,134

‌

End

of

year

...................................................

$

28,366,122,124

‌

$

30,420,468,478

‌

$

63,553,259,720

‌

$

70,734,757,601

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

46

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

Russell

1000

Value

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

1,122,323,553

‌

$

974,949,729

‌

Net

realized

gain

................................................................................

3,224,884,404

‌

4,757,318,937

‌

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

(

7,721,902,538

)

219,585,533

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................................................

(

3,374,694,581

)

5,951,854,199

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

1,145,296,254

)

(

973,061,947

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........................................

(

2,850,447,198

)

1,878,160,955

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................................................

(

7,370,438,033

)

6,856,953,207

‌

Beginning

of

year

..................................................................................

57,965,517,885

‌

51,108,564,678

‌

End

of

year

......................................................................................

$

50,595,079,852

‌

$

57,965,517,885

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

47

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

........................

$

250.07

‌

$

223.72

‌

$

141.59

‌

$

157.27

‌

$

146.79

‌

Net

investment

income

(a)

..............................

3

.31

‌

2

.88

‌

2

.74

‌

2

.96

‌

2

.74

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....................

(

24.81

)

26.40

‌

82.26

‌

(

15.46

)

10.60

‌

Net

increase

(decrease)

from

investment

operations

.............

(

21.50

)

29.28

‌

85.00

‌

(

12.50

)

13.34

‌

Distributions

from

net

investment

income

(c)

....................

(

3

.35

)

(

2

.93

)

(

2

.87

)

(

3

.18

)

(

2

.86

)

Net

asset

value,

end

of

year

............................

$

225.22

‌

$

250.07

‌

$

223.72

‌

$

141.59

‌

$

157.27

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

...............................

(

8

.51

)

%

13.09

%

60.37

%

(

8

.15

)

%

9

.18

%

(e)

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

......................................

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

.................................

1

.51

%

1

.17

%

1

.44

%

1

.78

%

1

.80

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.............................

$

28,366,122

‌

$

30,420,468

‌

$

27,147,851

‌

$

17,924,896

‌

$

19,312,905

‌

Portfolio

turnover

rate

(g)

.................................

5

%

6

%

5

%

5

%

6

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

48

2023

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

Growth

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

..........................

$

277.39

‌

$

243.05

‌

$

150.69

‌

$

151.33

‌

$

136.02

‌

Net

investment

income

(a)

................................

1

.96

‌

1

.53

‌

1

.54

‌

1

.72

‌

1

.69

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

(

32.81

)

34.37

‌

92.34

‌

(

0

.62

)

15.31

‌

Net

increase

(decrease)

from

investment

operations

...............

(

30.85

)

35.90

‌

93.88

‌

1

.10

‌

17.00

‌

Distributions

from

net

investment

income

(c)

......................

(

2

.06

)

(

1

.56

)

(

1

.52

)

(

1

.74

)

(

1

.69

)

Net

asset

value,

end

of

year

..............................

$

244.48

‌

$

277.39

‌

$

243.05

‌

$

150.69

‌

$

151.33

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

.................................

(

11.06

)

%

14.77

%

62.44

%

0

.68

%

12.57

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

........................................

0

.19

%

0

.18

%

0

.19

%

0

.19

%

0

.19

%

Net

investment

income

...................................

0

.85

%

0

.55

%

0

.72

%

1

.05

%

1

.17

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

63,553,260

‌

$

70,734,758

‌

$

63,155,924

‌

$

42,834,345

‌

$

42,729,330

‌

Portfolio

turnover

rate

(f)

...................................

14

%

13

%

14

%

18

%

12

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

49

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

Value

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

year

........................

$

165.88

‌

$

151.43

‌

$

99.22

‌

$

123.48

‌

$

119.95

‌

Net

investment

income

(a)

..............................

3

.24

‌

2

.83

‌

2

.69

‌

3

.14

‌

2

.86

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....................

(

13.46

)

14.44

‌

52.15

‌

(

23.93

)

3

.67

‌

Net

increase

(decrease)

from

investment

operations

.............

(

10.22

)

17.27

‌

54.84

‌

(

20.79

)

6

.53

‌

Distributions

from

net

investment

income

(c)

....................

(

3

.31

)

(

2

.82

)

(

2

.63

)

(

3

.47

)

(

3

.00

)

Net

asset

value,

end

of

year

............................

$

152.35

‌

$

165.88

‌

$

151.43

‌

$

99.22

‌

$

123.48

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

...............................

(

6

.07

)

%

11.45

%

55.84

%

(

17.30

)

%

5

.53

%

(e)

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

Total

expenses

......................................

0

.19

%

0

.18

%

0

.19

%

0

.19

%

0

.19

%

Net

investment

income

.................................

2

.12

%

1

.75

%

2

.15

%

2

.46

%

2

.36

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.............................

$

50,595,080

‌

$

57,965,518

‌

$

51,108,565

‌

$

31,175,791

‌

$

37,877,550

‌

Portfolio

turnover

rate

(g)

.................................

15

%

17

%

18

%

16

%

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)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

50

2023

iShares

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. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

March

31,

2023,

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.

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

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.

iShares

ETF

Diversification

Classification

Russell

1000

........................................................................................................

Diversified

Russell

1000

Growth

..................................................................................................

Diversified

Russell

1000

Value

...................................................................................................

Diversified

Notes

to

Financial

Statements

(

continued)

51

Notes

to

Financial

Statements

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

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.

Notes

to

Financial

Statements

(continued)

52

2023

iShares

Annual

Report

to

Shareholders

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

...............................................

$

24,598,339‌

$

(24,598,339‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

2,588,049‌

(2,576,358‌)

—‌

11,691‌

BNP

Paribas

SA

.................................................

14,551,396‌

(14,211,549‌)

—‌

339,847‌

BofA

Securities,

Inc.

..............................................

11,552,067‌

(11,552,067‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

14,842,184‌

(14,842,184‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

24,696,652‌

(24,118,429‌)

—‌

578,223‌

Deutsche

Bank

Securities,

Inc.

.......................................

353,521‌

(353,521‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

97,195,302‌

(95,641,005‌)

—‌

1,554,297‌

HSBC

Bank

PLC

................................................

13,469,601‌

(13,469,601‌)

—‌

—‌

ING

Financial

Markets

LLC

.........................................

52,569‌

(50,980‌)

—‌

1,589‌

J.P.

Morgan

Securities

LLC

.........................................

19,004,504‌

(19,004,504‌)

—‌

—‌

Jefferies

LLC

...................................................

517,703‌

(517,703‌)

—‌

—‌

Morgan

Stanley

.................................................

52,020,328‌

(51,528,487‌)

—‌

491,841‌

National

Financial

Services

LLC

......................................

54,460‌

(54,151‌)

—‌

309‌

Natixis

SA

.....................................................

2,453,572‌

(2,431,037‌)

—‌

22,535‌

RBC

Capital

Markets

LLC

..........................................

35,303,333‌

(35,114,389‌)

—‌

188,944‌

Scotia

Capital

(USA),

Inc.

..........................................

8,506,918‌

(8,506,918‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

4,095,012‌

(4,095,012‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

3,878,715‌

(3,878,715‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

61,775,890‌

(60,563,556‌)

—‌

1,212,334‌

UBS

AG

......................................................

22,523,422‌

(22,172,183‌)

—‌

351,239‌

UBS

Securities

LLC

..............................................

2,008,101‌

(1,972,228‌)

—‌

35,873‌

Wells

Fargo

Bank

NA

.............................................

671,631‌

(671,631‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

2,892,820‌

(2,892,820‌)

—‌

—‌

$

419,606,089‌

$

(414,817,367‌)

$

—‌

$

4,788,722‌

a

Russell

1000

Growth

Barclays

Bank

PLC

...............................................

66,089,764‌

(65,635,706‌)

—‌

454,058‌

Barclays

Capital,

Inc.

.............................................

9,678,533‌

(9,556,988‌)

—‌

121,545‌

BNP

Paribas

SA

.................................................

43,287,092‌

(43,011,218‌)

—‌

275,874‌

BofA

Securities,

Inc.

..............................................

8,031,852‌

(7,977,611‌)

—‌

54,241‌

Citadel

Clearing

LLC

..............................................

6,922,577‌

(6,921,970‌)

—‌

607‌

Citigroup

Global

Markets,

Inc.

........................................

79,550,370‌

(78,012,044‌)

—‌

1,538,326‌

Credit

Suisse

Securities

(USA)

LLC

....................................

40,932‌

(40,932‌)

—‌

—‌

Deutsche

Bank

Securities,

Inc.

.......................................

993‌

(993‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

260,972,835‌

(255,977,169‌)

—‌

4,995,666‌

HSBC

Bank

PLC

................................................

62,953,709‌

(62,953,709‌)

—‌

—‌

ING

Financial

Markets

LLC

.........................................

22,914‌

(22,805‌)

—‌

109‌

J.P.

Morgan

Securities

LLC

.........................................

92,488,128‌

(92,488,128‌)

—‌

—‌

Jefferies

LLC

...................................................

4,248,828‌

(4,248,828‌)

—‌

—‌

Morgan

Stanley

.................................................

123,302,750‌

(121,891,768‌)

—‌

1,410,982‌

National

Financial

Services

LLC

......................................

693,566‌

(686,797‌)

—‌

6,769‌

Natixis

SA

.....................................................

53,883,620‌

(53,707,513‌)

—‌

176,107‌

Nomura

Securities

International,

Inc.

...................................

1,408‌

(1,394‌)

—‌

14‌

RBC

Capital

Markets

LLC

..........................................

154,070,371‌

(152,689,993‌)

—‌

1,380,378‌

Scotia

Capital

(USA),

Inc.

..........................................

30,277,684‌

(30,277,684‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

5,235,367‌

(5,235,367‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

6,745,840‌

(6,745,840‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

90,975,706‌

(90,975,706‌)

—‌

—‌

UBS

AG

......................................................

77,324,124‌

(76,400,723‌)

—‌

923,401‌

UBS

Securities

LLC

..............................................

5,219,730‌

(5,170,684‌)

—‌

49,046‌

Virtu

Americas

LLC

...............................................

2,274,427‌

(2,274,427‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

14,795,967‌

(14,630,669‌)

—‌

165,298‌

Wells

Fargo

Securities

LLC

.........................................

3,769,141‌

(3,769,141‌)

—‌

—‌

$

1,202,858,228‌

$

(1,191,305,807‌)

$

—‌

$

11,552,421‌

a

Notes

to

Financial

Statements

(

continued)

53

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. 

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

...............................................

$

66,102,559‌

$

(66,102,559‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

13,317,557‌

(12,989,641‌)

—‌

327,916‌

BNP

Paribas

SA

.................................................

92,231,748‌

(91,588,774‌)

—‌

642,974‌

BofA

Securities,

Inc.

..............................................

13,246,295‌

(13,246,295‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

21,266,337‌

(21,266,337‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

41,075,323‌

(41,074,910‌)

—‌

413‌

Credit

Suisse

Securities

(USA)

LLC

....................................

425‌

(425‌)

—‌

—‌

Deutsche

Bank

Securities,

Inc.

.......................................

69,169‌

(69,169‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

101,651,357‌

(100,732,886‌)

—‌

918,471‌

HSBC

Bank

PLC

................................................

15,401,747‌

(15,145,530‌)

—‌

256,217‌

ING

Financial

Markets

LLC

.........................................

1,382‌

(1,262‌)

—‌

120‌

J.P.

Morgan

Securities

LLC

.........................................

92,284,765‌

(92,284,765‌)

—‌

—‌

Jefferies

LLC

...................................................

4,815,703‌

(4,810,986‌)

—‌

4,717‌

Morgan

Stanley

.................................................

100,461,103‌

(99,626,516‌)

—‌

834,587‌

National

Financial

Services

LLC

......................................

446,716‌

(446,716‌)

—‌

—‌

Natixis

SA

.....................................................

513,406‌

(513,406‌)

—‌

—‌

Nomura

Securities

International,

Inc.

...................................

2,293,799‌

(2,293,799‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

43,817,665‌

(43,817,665‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

16,108,876‌

(16,108,876‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

2,224,101‌

(2,224,101‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

813,741‌

(813,741‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

29,366,328‌

(29,118,718‌)

—‌

247,610‌

UBS

AG

......................................................

13,218,295‌

(13,218,295‌)

—‌

—‌

UBS

Securities

LLC

..............................................

6,932,360‌

(6,763,134‌)

—‌

169,226‌

Virtu

Americas

LLC

...............................................

7,157,865‌

(7,157,865‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

9,147,989‌

(9,147,989‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

4,246,769‌

(4,213,043‌)

—‌

33,726‌

$

698,213,380‌

$

(694,777,403‌)

$

—‌

$

3,435,977‌

a

(a)

Collateral

received,

if

any,

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

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

March

31,

2023.

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

the

counterparty.

Notes

to

Financial

Statements

(continued)

54

2023

iShares

Annual

Report

to

Shareholders

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. The

Funds

do

not

pay

BRIL

for

ETF

Services.

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 year

ended March

31,

2023,

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.

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

.......................................................................................................

$

1,138,600

‌

Russell

1000

Growth

.................................................................................................

1,858,543

‌

Russell

1000

Value

..................................................................................................

2,442,487

‌

Notes

to

Financial

Statements

(

continued)

55

Notes

to

Financial

Statements

For

the

year

ended

March

31,

2023,

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 year

ended

March

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the year

ended

March

31,

2023,

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

March

31,

2023,

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.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

March

31,

2023,

permanent

differences

attributable

to

distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Russell

1000

...................................................................

$

368,340,293

‌

$

264,708,492

‌

$

(146,321,661

)

Russell

1000

Growth

.............................................................

6,058,201,005

‌

4,439,004,663

‌

(1,994,986,516

)

Russell

1000

Value

..............................................................

5,546,374,150

‌

5,653,994,312

‌

208,841,032

‌

iShares

ETF

Purchases

Sales

Russell

1000

.....................................................................................

$

1,326,731,721

‌

$

1,319,568,393

‌

Russell

1000

Growth

...............................................................................

8,732,944,779

‌

8,768,506,029

‌

Russell

1000

Value

................................................................................

8,141,249,047

‌

8,207,484,058

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Russell

1000

.....................................................................................

$

8,032,785,700

‌

$

7,164,649,558

‌

Russell

1000

Growth

...............................................................................

14,931,981,890

‌

13,958,030,192

‌

Russell

1000

Value

................................................................................

9,124,563,218

‌

11,967,983,535

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

Russell

1000

.....................................................................................

$

2,752,712,917

‌

$

(2,752,712,917

)

Russell

1000

Growth

...............................................................................

7,164,126,222

‌

(7,164,126,222

)

Russell

1000

Value

................................................................................

3,372,057,021

‌

(3,372,057,021

)

iShares

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Russell

1000

Ordinary

income

..........................................................................................

$

422,432,329

‌

$

357,765,384

‌

Russell

1000

Growth

Ordinary

income

..........................................................................................

$

543,297,716

‌

$

401,934,860

‌

Russell

1000

Value

Ordinary

income

..........................................................................................

$

1,145,296,254

‌

$

973,061,947

‌

Notes

to

Financial

Statements

(continued)

56

2023

iShares

Annual

Report

to

Shareholders

As

of

March

31,

2023,

the

tax

components

of

accumulated

net earnings

(losses)

were

as

follows:

As

of

March

31,

2023,

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.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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.

iShares

ETF

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Losses

(c)

Total

Russell

1000

................................................

$

(1,048,166,720

)

$

2,713,343,133

‌

$

(36,782

)

$

1,665,139,631

‌

Russell

1000

Growth

..........................................

(4,435,951,491

)

11,675,490,186

‌

—

‌

7,239,538,695

‌

Russell

1000

Value

...........................................

(2,653,752,716

)

2,499,134,218

‌

(67,584

)

(154,686,082

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

timing

and

recognition

of

partnership

income,

the

characterization

of

corporate

actions

and

the

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes.

(c)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Russell

1000

.................................................

$

26,042,445,403

‌

$

4,846,837,892

‌

$

(2,133,323,866

)

$

2,713,514,026

‌

Russell

1000

Growth

...........................................

53,052,383,437

‌

14,380,708,435

‌

(2,705,218,249

)

11,675,490,186

‌

Russell

1000

Value

............................................

48,718,788,322

‌

6,754,877,548

‌

(4,255,104,078

)

2,499,773,470

‌

Notes

to

Financial

Statements

(

continued)

57

Notes

to

Financial

Statements

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.

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.

Year

Ended

03/31/23

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Russell

1000

Shares

sold

...............................................

37,350,000

‌

$

8,061,887,621

‌

22,500,000

‌

$

5,575,530,487

‌

Shares

redeemed

...........................................

(33,050,000

)

(7,190,797,118

)

(22,200,000

)

(5,569,931,565

)

4,300,000

‌

$

871,090,503

‌

300,000

‌

$

5,598,922

‌

Russell

1000

Growth

Shares

sold

...............................................

65,450,000

‌

$

14,964,701,868

‌

70,050,000

‌

$

19,313,363,514

‌

Shares

redeemed

...........................................

(60,500,000

)

(13,984,957,208

)

(74,900,000

)

(20,648,774,951

)

4,950,000

‌

$

979,744,660

‌

(4,850,000

)

$

(1,335,411,437

)

Russell

1000

Value

Shares

sold

...............................................

61,100,000

‌

$

9,177,683,939

‌

79,150,000

‌

$

12,783,707,883

‌

Shares

redeemed

...........................................

(78,450,000

)

(12,028,131,137

)

(67,200,000

)

(10,905,546,928

)

(17,350,000

)

$

(2,850,447,198

)

11,950,000

‌

$

1,878,160,955

‌

Report

of

Independent

Registered

Public

Accounting

Firm

58

2023

iShares

Annual

Report

to

Shareholders

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the three funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(three

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the

“Funds”)

as

of

March

31,

2023,

the

related

statements

of

operations

for

the

year

ended

March

31,

2023, the

statements

of changes

in

net

assets

for

each

of

the

two

years

in

the period

ended

March

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the period

ended

March

31,

2023 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended, the

changes

in

each

of

their

net

assets

for

each

of

the

two

years in

the period

ended

March 31,

2023

and

each

of

the

financial

highlights

for

each

of

the five

years

in

the

period

ended

March

31,

2023 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America. 

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2023 by

correspondence

with

the

custodian,

transfer

agent

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

25,

2023

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

    iShares

Russell

1000

ETF

    iShares

Russell

1000

Growth

ETF

    iShares

Russell

1000

Value

ETF

Important

Tax

Information

(unaudited)

59

Important

Tax

Information

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023

:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023

:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

March

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Russell

1000

........................................................................................................

$

429,655,892‌

Russell

1000

Growth

..................................................................................................

601,454,056‌

Russell

1000

Value

...................................................................................................

1,128,231,036‌

iShares

ETF

Qualified

Business

Income

Russell

1000

........................................................................................................

$

15,375,101‌

Russell

1000

Growth

..................................................................................................

17,189,245‌

Russell

1000

Value

...................................................................................................

42,728,577‌

iShares

ETF

Dividends-Received

Deduction

Russell

1000

........................................................................................................

98

.53‌

%

Russell

1000

Growth

..................................................................................................

100

.00‌

Russell

1000

Value

...................................................................................................

99

.41‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

60

2023

iShares

Annual

Report

to

Shareholders

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Russell

1000

ETF,

iShares

Russell

1000

Growth

ETF

and

iShares

Russell

1000

Value

ETF

(the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”). 

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays,

the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/

discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

61

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.

March

31,

2023

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive,

and

its

United

Kingdom

(“UK”)

equivalent,

(

“AIFMD”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK,

such

as BFA

(the

“Company”).

Rather,

the

Company

is

only

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

AIFMD

because

it

has

registered

the

iShares

Russell

1000

Value

ETF (the

“Fund”)

to

be

marketed

to

investors

in

the

EU

and/or

UK.

Report

on

Remuneration

The

Company

is

required

under

AIFMD

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of

the

Company;

(b)

staff

who

are

senior

management;

and

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

Fund

is

included

in

the

aggregate

figures

disclosed.

BlackRock

has

a

clear

and

well

defined

pay-for-performance

philosophy,

and

compensation

programs

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management

and

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund,

a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

clawback

policy.

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.

Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.

No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock’s

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

and

Internal

Audit)

each

have

their

own

organizational

structures

which

are

independent

of

the

business

units

and

therefore

staff

members

in

control

functions

are

remunerated

independently

of

the

business

they

oversee.

Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock’s

independent

remuneration

committee. 

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

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

......................

$

3

.346539

‌

$

—

‌

$

—

‌

$

3

.346539

‌

100

%

—

%

—

%

100

%

Russell

1000

Growth

(a)

...............

2

.021392

‌

—

‌

0

.042879

‌

2

.064271

‌

98

—

2

100

Russell

1000

Value

(a)

................

3

.247551

‌

—

‌

0

.067055

‌

3

.314606

‌

98

—

2

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.

Supplemental

Information

(unaudited)

(continued)

62

2023

iShares

Annual

Report

to

Shareholders

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Conversely,

members

of

staff

and

senior

management

of

the

broader

BlackRock

group

may

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

broader

BlackRock

group

and

of

the

Company.

Therefore,

the

figures

disclosed

are

a

sum

of

individuals’

portion

of

remuneration

attributable

to

the

Company

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company

and

the

broader

BlackRock

group.

Accordingly,

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

The

amount

of

the

total

remuneration

awarded

to

the

Company’s

staff

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022

was

USD

4,121

million.

This

figure

is

comprised

of

fixed

remuneration

of

USD

685

million

and

variable

remuneration

of

USD

3,436

million.

There

was

a

total

of

8

beneficiaries

of

the

remuneration

described

above.

The

amount

of

the

aggregate

remuneration

awarded

by

the

Company

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022,

to

its

senior

management

was

USD

2,958

million,

and

to

other

members

of

its

staff

whose

actions

potentially

have

a

material

impact

on

the

risk

profile

of

the

Company

or

its

funds

was

USD

970

million.

These

figures

relate

to

the

entire

Company

and

not

to

the

Fund.

Disclosures

under

the

EU

Sustainable

Finance

Disclosure

Regulation

The

iShares

Russell

1000

Value

ETF (the

“Fund”)

is

registered

under

the

Alternative

Investment

Fund

Managers

Directive

to

be

marketed

to

European

Union

(“EU”)

investors,

as

noted

above.

As

a

result,

certain

disclosures

are

required

under

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”).

The

Fund

has

not

been

categorized

under

the

SFDR

as

an

“Article

8”

or

“Article

9”

product.

In

addition,

the

Fund’s

investment

strategy

does

not

take

into

account

the

criteria

for

environmentally

sustainable

economic

activities

under

the

EU

sustainable

investment

taxonomy

regulation

or

principal

adverse

impacts

(“PAIs”)

on

sustainability

factors

under

the

SFDR.

PAIs

are

identified

under

the

SFDR

as

the

material

impacts

of

investment

decisions

on

sustainability

factors

relating

to

environmental,

social

and

employee

matters,

respect

for

human

rights,

and

anti-corruption

and

anti-bribery

matters.

Trustee

and

Officer

Information

(unaudited)

63

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”). 

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

March

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards, New

York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-

2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(continued)

64

2023

iShares

Annual

Report

to

Shareholders

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(

continued

)

General

Information

65

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

.

Glossary

of

Terms

Used

in

this

Report

66

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-317-0323

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.

©2023

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.

March

31,

2023

iShares

Trust

iShares

Focused

Value

Factor

ETF

|

FOVL

|

NYSE

Arca

iShares

US

Small

Cap

Value

Factor

ETF

|

SVAL

|

Cboe

BZX

2023

Annual

Report

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

March

31,

2023,

as

investors

navigated

changing

economic

conditions

and

volatile

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

modest

growth

in

the

second

half

of

the

year,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high

before

beginning

to

moderate.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

declined,

although

equities

began

to

recover

in

the

second

half

of

the

period

as

inflation

eased

and

economic

growth

resumed.

Emerging

market

stocks

and

international

equities

from

developed

markets

declined

overall,

pressured

by

rising

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

fluctuating

inflation

data

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

higher

interest

rates

led

to

rising

borrowing

costs

for

corporate

issuers.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

accelerated

the

reduction

of

its

balance

sheet.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

we

believe

that

it

still

seems

determined

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,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

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.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

knock-on

effects

of

substantially

higher

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

provides

a

supportive

backdrop.

We

also

see

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing

and

higher

yields

provide

attractive

income,

although

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

However,

we

believe

there

are

still

some

strong

opportunities

for

a

six-

to

twelve-month

horizon,

particularly

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

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

March

31,

2023

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)

15.62

%

(7.73

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

9.14

(11.61

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

27.27

(1.38

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

14.04

(10.70

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.93

2.52

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.38

(6.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.89

(4.78

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.00

0.26

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.88

(3.35

)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

9

Disclosure

of

Expenses

...................................................................................................

9

Schedules

of

Investments

.................................................................................................

10

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

20

Statements

of

Operations

................................................................................................

21

Statements

of

Changes

in

Net

Assets

........................................................................................

22

Financial

Highlights

.....................................................................................................

23

Notes

to

Financial

Statements

...............................................................................................

25

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

33

Important

Tax

Information

(Unaudited)

.................................................................................................

34

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

35

Supplemental

Information

.................................................................................................

36

Trustee

and

Officer

Information

..............................................................................................

37

General

Information

.....................................................................................................

39

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

40

Market

Overview

4

2023

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

declined

for

the

12

months

ended

March

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-8.58%.

Elevated

inflation

and

rapid

tightening

of

monetary

policy

dampened

growth

and

weighed

on

equities.

Higher

interest

rates

drove

bond

yields

higher

and

increased

borrowing

costs

for

businesses

and

consumers.

Equities

began

to

recover

in

the

second

half

of

the

reporting

period,

as

the

broader

economy

remained

resilient

and

the

pace

of

inflation

declined.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value.

This

drove

concern

among

investors

about

the

resiliency

of

the

financial

system

in

the

face

of

rapidly

rising

interest

rates.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

multi-

decade

highs.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

But

the

rate

of

inflation

began

to

decline

as

the

reporting

period

wore

on,

decelerating

for

nine

consecutive

months

beginning

in

July

2022.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

decline

in

the

first

half

of

2022

to

post

modest

growth

in

the

third

and

fourth

quarters

of

2022.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

recorded

level

since

1969.

Furthermore,

the

labor

force

participation

rate—which

measures

the

total

proportion

of

employed

persons

of

working

age—rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to

reduce

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

iShares

®

Focused

Value

Factor

ETF

5

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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”)

and

determined

by

the

Index

provider,

FTSE

Russell.

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

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

.............................................................

(11.02

)

%

3.71

%

(11.02

)

%

15.86

%

Fund

Market

...........................................................

(11.25

)

3.68

–

%

(11.25

)

15.71

Index

................................................................

(10.83

)

4.00

(10.83

)

17.12

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,121.70

‌

$

1.32

‌

$

1,000.00

‌

$

1,023.68

‌

$

1.26

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

Focused

Value

Factor

ETF

6

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Large

and

mid-capitalization

stocks

with

prominent

value

characteristics

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

financials

sector

detracted

the

most

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

capital

markets

industry

declined

due

to

lower

stock

and

bond

prices

and

slower

capital

markets

activity.

In

particular,

an

electronic

trading

company

that

serves

several

large

trading

platforms

for

retail

investors

faced

a

sharp

slowdown

in

trading

volumes.

The

banking

industry

also

faced

significant

challenges

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

Although

higher

interest

rates

typically

support

bank

profitability,

sharp

increases

in

interest

rates

during

the

reporting

period

due

to

persistently

high

inflation

raised

concerns

among

investors

about

the

long-term

effect

on

loan

growth

and

credit

losses.

The

sudden

failure

of

two

regional

banks

late

in

the

reporting

period

further

pressured

bank

stocks,

leading

to

government

intervention

to

cover

depositors

and

prevent

a

contagion

effect.

The

real

estate

sector

also

detracted

from

the

Index’s

return,

as

higher

interest

rates

and

changing

usage

patterns

weighed

on

equity

real

estate

investment

trusts

(“REITs”).

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

the

properties

they

manage,

so

higher

interest

rates

made

financing

more

expensive

for

REITs.

On

the

upside,

stocks

in

the

consumer

discretionary

sector

contributed

to

the

Index’s

return

as

a

strong

labor

market

supported

consumer

spending.

The

energy

sector

also

contributed,

despite

lower

oil

prices

and

a

sharp

decline

in

the

price

of

natural

gas.

In

terms

of

relative

performance,

the

Index

underperformed

the

broader

market,

as

represented

by

the

Russell

1000®

Index.

The

Index’s

research-based

selection

process

is

designed

to

maximize

exposure

to

the

value

factor.

Relative

to

the

broader

market,

sector

and

industry

allocations

detracted

from

overall

performance.

In

particular,

stock

selection

and

an

overweight

position

in

the

financials

sector

(banks)

detracted

the

most

from

relative

performance.

Security

selection

within

the

real

estate

sector

also

detracted

from

relative

performance,

while

an

underweight

position

to

communication

services

contributed.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Financials

.....................................

42.1‌

%

Consumer

Discretionary

...........................

17.6‌

Materials

.....................................

14.3‌

Energy

.......................................

10.9‌

Communication

Services

...........................

4.3‌

Utilities

.......................................

4.2‌

Industrials

.....................................

2.9‌

Consumer

Staples

...............................

2.3‌

Real

Estate

....................................

1.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Marathon

Petroleum

Corp.

.........................

3.9‌

%

PVH

Corp.

....................................

3.7‌

Arch

Capital

Group

Ltd.

...........................

3.6‌

Nucor

Corp.

...................................

3.5‌

Penske

Automotive

Group,

Inc.

......................

3.2‌

Toll

Brothers,

Inc.

................................

3.2‌

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

.........

2.9‌

AutoNation,

Inc.

.................................

2.9‌

Olin

Corp.

.....................................

2.9‌

First

American

Financial

Corp.

.......................

2.8‌

      aaa

aa

iShares

®

US

Small

Cap

Value

Factor

ETF

7

Fund

Summary

Fund

Summary

as

of

March

31,

2023

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

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

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

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

.............................................................

(10.95

)

%

16.13

%

(10.95

)

%

43.76

%

Fund

Market

...........................................................

(11.03

)

16.13

‌

–

%

(11.03

)

43.75

‌

Index

................................................................

(10.75

)

16.52

(10.75

)

44.92

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/22)

Ending

Account

Value

(03/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,047.90

‌

$

1.02

‌

$

1,000.00

‌

$

1,023.93

‌

$

1.01

‌

0.20

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(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.

Fund

Summary

as

of

March

31,

2023

(continued)

iShares

®

US

Small

Cap

Value

Factor

ETF

8

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Small-capitalization

value

stocks

in

the

U.S.

declined

for

the

reporting

period,

as

high

inflation

and

tighter

financial

conditions

impeded

economic

growth

and

weighed

on

equities.

The

financials

sector

detracted

the

most

from

the

Index’s

performance

amid

tightening

financial

conditions.

The

banking

industry

faced

significant

challenges,

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

Although

higher

interest

rates

typically

support

bank

profitability,

sharp

increases

in

interest

rates

during

the

reporting

period

due

to

persistently

high

inflation

raised

concerns

among

investors

about

the

long-term

effect

on

loan

growth

and

credit

losses.

The

sudden

failure

of

two

regional

banks

late

in

the

reporting

period

further

pressured

bank

stocks,

leading

to

government

intervention

to

cover

depositors

and

prevent

a

contagion

effect.

Despite

government

actions

to

contain

the

impact,

these

bank

failures

weighed

heavily

on

the

industry,

as

markets

digested

the

long-term

implications

of

the

disruption.

The

real

estate

sector

detracted

significantly

from

the

Index’s

return,

as

higher

interest

rates

and

changing

usage

patterns

weighed

on

equity

real

estate

investment

trusts

(“REITs”).

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

make

financing

more

expensive.

Furthermore,

higher

interest

rates

also

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors.

An

ongoing

oversupply

of

office

space

due

to

the

shift

toward

remote

work

and

more

stringent

lending

standards

after

the

failure

of

two

prominent

banks

late

in

the

reporting

period

negatively

affected

office

REITs.

Meanwhile,

flat

economic

growth

and

rising

commodities

prices

weighed

on

the

materials

sector.

The

Index’s

investment

process

seeks

concentrated

exposure

to

small

size

and

value

factors

with

a

rules-based

approach

that

uses

liquidity,

risk,

debt,

and

sentiment

screens

to

select

stocks.

The

Index

outperformed

the

broad

small-capitalization

market,

as

represented

by

the

Russell

2000®

Index.

Stock

selection

in

the

industrials

sector

and

an

underweight

position

in

the

healthcare

sector

were

the

largest

contributors

to

the

Index’s

performance

for

the

reporting

period.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Financials

.....................................

42.4‌

%

Industrials

.....................................

16.3‌

Consumer

Discretionary

...........................

16.1‌

Information

Technology

............................

6.5‌

Energy

.......................................

6.0‌

Materials

.....................................

4.9‌

Real

Estate

....................................

2.8‌

Consumer

Staples

...............................

1.9‌

Utilities

.......................................

1.5‌

Other

(each

representing

less

than

1%)

.................

1.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

TravelCenters

of

America,

Inc.

.......................

1.0‌

%

Chord

Energy

Corp.

..............................

0.9‌

DHT

Holdings,

Inc.

...............................

0.9‌

Covenant

Logistics

Group,

Inc.,

Class

A

.................

0.8‌

Encore

Wire

Corp.

...............................

0.8‌

Stellar

Bancorp,

Inc.

..............................

0.8‌

Sanmina

Corp.

.................................

0.7‌

Meritage

Homes

Corp.

............................

0.7‌

Atkore

,

Inc.

....................................

0.7‌

M/I

Homes,

Inc.

.................................

0.7‌

aaa

aa

About

Fund

Performance

9

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

March

31,

2023

iShares

®

Focused

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Automobiles

 — 

2

.6

%

Thor

Industries,

Inc.

.......................

6,479

$

515,988

a

Banks

 — 

15

.2

%

Bank

OZK

.............................

12,897

441,077

Columbia

Banking

System,

Inc.

...............

17,196

368,338

JPMorgan

Chase

&

Co.

....................

4,299

560,203

Popular,

Inc.

............................

6,292

361,224

Prosperity

Bancshares,

Inc.

..................

7,090

436,177

Regions

Financial

Corp.

....................

25,815

479,126

Synovus

Financial

Corp.

....................

13,427

413,955

3,060,100

a

Beverages

 — 

2

.3

%

Molson

Coors

Beverage

Co.

,

Class

B

...........

8,880

458,918

a

Chemicals

 — 

10

.8

%

Dow,

Inc.

..............................

9,379

514,157

LyondellBasell

Industries

NV

,

Class

A

...........

5,532

519,399

Olin

Corp.

..............................

10,459

580,475

Westlake

Corp.

..........................

4,938

572,709

2,186,740

a

Consumer

Finance

 — 

4

.3

%

Ally

Financial,

Inc.

........................

14,461

368,611

Discover

Financial

Services

..................

5,117

505,764

874,375

a

Diversified

Telecommunication

Services

 — 

1

.8

%

Verizon

Communications,

Inc.

................

9,538

370,933

a

Electric

Utilities

 — 

2

.1

%

Avangrid,

Inc.

...........................

10,484

418,102

a

Financial

Services

 — 

2

.5

%

MGIC

Investment

Corp.

....................

38,381

515,073

a

Gas

Utilities

 — 

2

.2

%

UGI

Corp.

..............................

12,536

435,751

a

Ground

Transportation

 — 

2

.9

%

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

10,457

591,657

a

Household

Durables

 — 

5

.3

%

Toll

Brothers,

Inc.

.........................

10,867

652,346

Whirlpool

Corp.

..........................

3,137

414,147

1,066,493

a

Insurance

 — 

20

.4

%

American

Financial

Group,

Inc.

...............

3,904

474,336

American

International

Group,

Inc.

.............

9,467

476,758

Arch

Capital

Group

Ltd.

(a)

...................

10,640

722,137

Axis

Capital

Holdings

Ltd.

...................

8,478

462,221

CNA

Financial

Corp.

.......................

10,780

420,743

F&G

Annuities

&

Life,

Inc.

...................

890

16,127

Fidelity

National

Financial,

Inc.

................

14,733

514,624

First

American

Financial

Corp.

................

10,303

573,465

MetLife,

Inc.

............................

7,708

446,601

4,107,012

a

Media

 — 

2

.5

%

Nexstar

Media

Group,

Inc.

...................

2,972

513,146

a

Metals

&

Mining

 — 

3

.5

%

Nucor

Corp.

............................

4,636

716,123

a

Security

Shares

Value

a

Office

REITs

 — 

1

.4

%

SL

Green

Realty

Corp.

.....................

11,708

$

275,372

a

Oil,

Gas

&

Consumable

Fuels

 — 

11

.0

%

Marathon

Oil

Corp.

........................

21,532

515,907

Marathon

Petroleum

Corp.

..................

5,888

793,879

Ovintiv,

Inc.

.............................

10,954

395,220

PDC

Energy,

Inc.

.........................

7,858

504,326

2,209,332

a

Specialty

Retail

 — 

6

.1

%

AutoNation,

Inc.

(a)

.........................

4,337

582,719

Penske

Automotive

Group,

Inc.

...............

4,621

655,304

1,238,023

a

Textiles,

Apparel

&

Luxury

Goods

 — 

3

.8

%

PVH

Corp.

.............................

8,517

759,376

a

Total

Long-Term

Investments — 100.7%

(Cost:

$

20,750,768

)

.................................

20,312,514

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.2

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.73

%

(b)

(c)

............................

32,125

32,125

a

Total

Short-Term

Securities — 0.2%

(Cost:

$

32,125

)

....................................

32,125

Total

Investments

—

100.9%

(Cost:

$

20,782,893

)

.................................

20,344,639

Liabilities

in

Excess

of

Other

Assets

—

(

0

.9

)

%

...............

(

190,460

)

Net

Assets

—

100.0%

.................................

$

20,154,179

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

iShares

®

Focused

Value

Factor

ETF

Schedule

of

Investments

(continued)

March

31,

2023

11

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

March

31,

2023,

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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

$

—

‌

$

—

‌

$

(

314

)

(b)

$

314

‌

$

—

‌

$

—

‌

—

‌

$

475

(c)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

90,000

‌

—

‌

(

57,875

)

(b)

—

‌

—

‌

32,125

‌

32,125

‌

1,558

‌

—

‌

$

314

‌

$

—

‌

$

32,125

‌

$

2,033

‌

$

—

‌

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Micro

E-Mini

Russell

2000

Index

............................................................

5

06/16/23

$

45

$

2,454

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

2,454

$

—

$

—

$

—

$

2,454

(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

..................................

$

—

$

—

$

(

14,683

)

$

—

$

—

$

—

$

(

14,683

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

3,144

)

$

—

$

—

$

—

$

(

3,144

)

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

Focused

Value

Factor

ETF

12

2023

iShares

Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

35,594

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

20,312,514

‌

$

—

‌

$

—

‌

$

20,312,514

‌

Short-Term

Securities

Money

Market

Funds

......................................

32,125

‌

—

‌

—

‌

32,125

‌

$

20,344,639

‌

$

—

‌

$

—

‌

$

20,344,639

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

2,454

‌

$

—

‌

$

—

‌

$

2,454

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 0.5%

Moog,

Inc.,

Class

A

.......................

5,263

$

530,247

a

Air

Freight

&

Logistics

 — 0.8%

Air

Transport

Services

Group,

Inc.

(a)

............

13,760

286,621

Hub

Group,

Inc.,

Class

A

(a)

...................

5,985

502,381

789,002

a

Automobile

Components

 — 0.4%

Standard

Motor

Products,

Inc.

................

10,713

395,417

a

Automobiles

 — 0.5%

Winnebago

Industries,

Inc.

..................

8,552

493,450

a

Banks

 — 36.4%

1st

Source

Corp.

.........................

9,980

430,637

Amerant

Bancorp,

Inc.,

Class

A

...............

14,581

317,283

Ameris

Bancorp

..........................

10,531

385,224

Associated

Banc-Corp.

.....................

20,286

364,742

Atlantic

Union

Bankshares

Corp.

..............

12,594

441,420

Banc

of

California,

Inc.

.....................

23,868

299,066

BancFirst

Corp.

..........................

5,540

460,374

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

..........

12,879

347,733

BankUnited,

Inc.

.........................

10,917

246,506

Banner

Corp.

...........................

7,895

429,251

Berkshire

Hills

Bancorp,

Inc.

.................

15,950

399,707

Brookline

Bancorp,

Inc.

.....................

29,209

306,694

Byline

Bancorp,

Inc.

.......................

17,320

374,458

Cadence

Bank

..........................

15,792

327,842

Camden

National

Corp.

....................

9,823

355,494

Capitol

Federal

Financial,

Inc.

................

42,471

285,830

Cathay

General

Bancorp

....................

10,326

356,453

Central

Pacific

Financial

Corp.

................

16,562

296,460

City

Holding

Co.

.........................

5,871

533,556

Community

Trust

Bancorp,

Inc.

...............

11,189

424,623

ConnectOne

Bancorp,

Inc.

..................

14,424

255,016

Customers

Bancorp,

Inc.

(a)

...................

9,204

170,458

CVB

Financial

Corp.

.......................

19,909

332,082

Dime

Community

Bancshares,

Inc.

.............

13,367

303,698

Eagle

Bancorp,

Inc.

.......................

8,105

271,274

Eastern

Bankshares,

Inc.

...................

21,368

269,664

Enterprise

Financial

Services

Corp.

............

9,745

434,530

First

Bancorp

...........................

11,063

392,958

First

BanCorp

...........................

35,220

402,212

First

Bancshares,

Inc.

(The)

..................

13,728

354,594

First

Busey

Corp.

.........................

18,235

370,900

First

Commonwealth

Financial

Corp.

............

30,481

378,879

First

Financial

Bancorp

.....................

20,047

436,423

First

Financial

Corp.

.......................

10,677

400,174

First

Foundation,

Inc.

......................

18,974

141,356

First

Internet

Bancorp

......................

10,738

178,788

First

Interstate

BancSystem,

Inc.,

Class

A

........

12,567

375,251

First

Merchants

Corp.

......................

11,108

366,009

Fulton

Financial

Corp.

......................

27,803

384,237

German

American

Bancorp,

Inc.

...............

12,134

404,912

Great

Southern

Bancorp,

Inc.

.................

7,831

396,875

Hancock

Whitney

Corp.

....................

8,860

322,504

Hanmi

Financial

Corp.

.....................

18,776

348,670

HarborOne

Bancorp,

Inc.

...................

32,959

402,100

Heartland

Financial

USA,

Inc.

................

9,661

370,596

Heritage

Financial

Corp.

....................

18,439

394,595

Hilltop

Holdings,

Inc.

.......................

15,717

466,323

Home

BancShares,

Inc.

....................

20,446

443,883

HomeStreet,

Inc.

.........................

10,129

182,221

Security

Shares

Value

a

Banks

(continued)

Hope

Bancorp,

Inc.

.......................

28,737

$

282,197

Horizon

Bancorp,

Inc.

......................

24,647

272,596

Independent

Bank

Corp.

....................

21,004

373,241

Independent

Bank

Group,

Inc.

................

6,473

300,024

Kearny

Financial

Corp.

.....................

35,858

291,167

Lakeland

Bancorp,

Inc.

.....................

27,670

432,759

National

Bank

Holdings

Corp.,

Class

A

..........

11,472

383,853

NBT

Bancorp,

Inc.

........................

12,790

431,151

Nicolet

Bankshares,

Inc.

(a)(b)

..................

4,938

311,341

Northfield

Bancorp,

Inc.

....................

32,179

379,069

Northwest

Bancshares,

Inc.

..................

34,203

411,462

OceanFirst

Financial

Corp.

..................

22,989

424,837

OFG

Bancorp

...........................

17,346

432,609

Old

National

Bancorp

......................

28,210

406,788

Old

Second

Bancorp,

Inc.

...................

31,767

446,644

Origin

Bancorp,

Inc.

(b)

......................

10,897

350,339

Pacific

Premier

Bancorp,

Inc.

.................

13,100

314,662

Park

National

Corp.

.......................

3,509

416,062

Pathward

Financial,

Inc.

....................

8,414

349,097

Peapack-Gladstone

Financial

Corp.

............

13,297

393,857

Peoples

Bancorp,

Inc.

.....................

14,715

378,911

Premier

Financial

Corp.

....................

15,223

315,573

Provident

Financial

Services,

Inc.

..............

19,747

378,747

QCR

Holdings,

Inc.

.......................

8,143

357,559

Renasant

Corp.

..........................

13,814

422,432

Republic

First

Bancorp,

Inc.

(a)(b)

...............

89,280

121,421

S&T

Bancorp,

Inc.

........................

15,622

491,312

Sandy

Spring

Bancorp,

Inc.

..................

10,277

266,996

Seacoast

Banking

Corp.

of

Florida

.............

13,234

313,646

Simmons

First

National

Corp.,

Class

A

..........

35,391

618,989

Southside

Bancshares,

Inc.

..................

11,317

375,724

SouthState

Corp.

.........................

5,664

403,617

Stellar

Bancorp,

Inc.

.......................

29,575

727,841

Texas

Capital

Bancshares,

Inc.

(a)

..............

8,063

394,764

Towne

Bank

............................

15,421

410,970

TriCo

Bancshares

........................

11,543

480,073

TrustCo

Bank

Corp.

.......................

14,472

462,236

Trustmark

Corp.

.........................

15,238

376,379

UMB

Financial

Corp.

......................

4,744

273,824

United

Bankshares,

Inc.

....................

13,248

466,330

United

Community

Banks,

Inc.

................

13,293

373,799

Univest

Financial

Corp.

.....................

17,268

409,942

Valley

National

Bancorp

....................

35,490

327,928

Washington

Federal,

Inc.

....................

14,079

424,059

Washington

Trust

Bancorp,

Inc.

...............

8,773

304,072

WesBanco,

Inc.

..........................

13,448

412,854

WSFS

Financial

Corp.

.....................

9,912

372,790

35,401,078

a

Biotechnology

 — 0.2%

iTeos

Therapeutics,

Inc.

(a)

...................

14,347

195,263

a

Building

Products

 — 1.3%

Insteel

Industries,

Inc.

......................

12,492

347,527

Quanex

Building

Products

Corp.

...............

22,015

473,983

UFP

Industries,

Inc.

.......................

5,989

475,946

1,297,456

a

Capital

Markets

 — 0.6%

BGC

Partners,

Inc.,

Class

A

..................

105,019

549,249

a

Chemicals

 — 1.6%

AdvanSix,

Inc.

...........................

9,060

346,726

American

Vanguard

Corp.

...................

22,740

497,551

Kronos

Worldwide,

Inc.

.....................

29,648

273,058

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

US

Small

Cap

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Chemicals

(continued)

Minerals

Technologies,

Inc.

..................

6,985

$

422,034

1,539,369

a

Commercial

Services

&

Supplies

 — 1.9%

ABM

Industries,

Inc.

.......................

10,037

451,063

BrightView

Holdings,

Inc.

(a)

..................

33,937

190,726

CoreCivic,

Inc.

(a)

.........................

41,368

380,585

Interface,

Inc.

...........................

33,907

275,325

Matthews

International

Corp.,

Class

A

...........

14,280

514,937

1,812,636

a

Communications

Equipment

 — 0.8%

NETGEAR,

Inc.

(a)

.........................

18,712

346,359

NetScout

Systems,

Inc.

(a)

...................

14,404

412,675

759,034

a

Construction

&

Engineering

 — 1.1%

Argan,

Inc.

.............................

11,384

460,710

Sterling

Infrastructure,

Inc.

(a)

.................

17,242

653,127

1,113,837

a

Construction

Materials

 — 0.4%

Summit

Materials,

Inc.,

Class

A

(a)

..............

15,130

431,054

a

Consumer

Staples

Distribution

&

Retail

 — 0.9%

SpartanNash

Co.

.........................

13,997

347,126

Sprouts

Farmers

Market,

Inc.

(a)(b)

..............

14,449

506,148

853,274

a

Containers

&

Packaging

 — 0.5%

Greif,

Inc.,

Class

A

........................

7,113

450,751

a

Distributors

 — 0.3%

Funko,

Inc.,

Class

A

(a)

......................

26,771

252,450

a

Diversified

Consumer

Services

 — 1.1%

Adtalem

Global

Education,

Inc.

(a)

..............

15,553

600,657

Stride,

Inc.

(a)

............................

12,719

499,221

1,099,878

a

Diversified

REITs

 — 0.7%

Broadstone

Net

Lease,

Inc.

..................

21,216

360,884

CTO

Realty

Growth,

Inc.

....................

20,890

360,561

721,445

a

Diversified

Telecommunication

Services

 — 0.4%

EchoStar

Corp.,

Class

A

(a)(b)

..................

18,985

347,236

a

Electric

Utilities

 — 0.9%

PNM

Resources,

Inc.

......................

9,693

471,855

Portland

General

Electric

Co.

.................

8,380

409,698

881,553

a

Electrical

Equipment

 — 1.5%

Atkore,

Inc.

(a)

............................

4,696

659,694

Encore

Wire

Corp.

(b)

.......................

4,051

750,772

1,410,466

a

Electronic

Equipment,

Instruments

&

Components

 — 3.0%

Benchmark

Electronics,

Inc.

.................

18,454

437,175

Knowles

Corp.

(a)(b)

........................

21,503

365,551

Methode

Electronics,

Inc.

...................

10,684

468,814

Sanmina

Corp.

(a)

.........................

11,432

697,238

TTM

Technologies,

Inc.

(a)

....................

31,180

420,618

Vishay

Intertechnology,

Inc.

..................

23,576

533,289

2,922,685

a

Security

Shares

Value

a

Energy

Equipment

&

Services

 — 0.5%

Bristow

Group,

Inc.

(a)

......................

12,449

$

278,858

ProPetro

Holding

Corp.

(a)

....................

33,018

237,399

516,257

a

Financial

Services

 — 1.8%

A-Mark

Precious

Metals,

Inc.

.................

11,965

414,587

NMI

Holdings,

Inc.,

Class

A

(a)

.................

22,410

500,415

Radian

Group,

Inc.

........................

20,805

459,791

Waterstone

Financial,

Inc.

...................

23,893

361,501

1,736,294

a

Food

Products

 — 0.5%

Hostess

Brands,

Inc.,

Class

A

(a)

...............

21,061

523,998

a

Ground

Transportation

 — 2.4%

Covenant

Logistics

Group,

Inc.,

Class

A

..........

21,462

760,184

Heartland

Express,

Inc.

.....................

32,842

522,845

Marten

Transport

Ltd.

......................

26,018

545,077

Werner

Enterprises,

Inc.

....................

11,270

512,672

2,340,778

a

Health

Care

Technology

 — 0.4%

Computer

Programs

and

Systems,

Inc.

(a)

.........

13,413

405,073

a

Hotel

&

Resort

REITs

 — 0.4%

Chatham

Lodging

Trust

.....................

33,509

351,509

a

Hotels,

Restaurants

&

Leisure

 — 1.0%

Bloomin'

Brands,

Inc.

......................

21,061

540,215

Brinker

International,

Inc.

(a)

..................

12,109

460,142

1,000,357

a

Household

Durables

 — 4.6%

Century

Communities,

Inc.

..................

8,626

551,374

Ethan

Allen

Interiors,

Inc.

...................

17,725

486,728

GoPro,

Inc.,

Class

A

(a)

......................

53,947

271,353

KB

Home

..............................

14,271

573,409

M/I

Homes,

Inc.

(a)

.........................

10,419

657,335

Meritage

Homes

Corp.

.....................

5,832

680,944

Taylor

Morrison

Home

Corp.

(a)

................

16,976

649,502

Tri

Pointe

Homes,

Inc.

(a)(b)

...................

23,012

582,664

4,453,309

a

Household

Products

 — 0.5%

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

........

11,331

442,702

a

Insurance

 — 3.6%

Argo

Group

International

Holdings,

Ltd.

..........

11,194

327,872

CNO

Financial

Group,

Inc.

...................

18,417

408,673

Employers

Holdings,

Inc.

....................

11,265

469,638

Horace

Mann

Educators

Corp.

................

11,047

369,854

ProAssurance

Corp.

.......................

17,191

317,690

Safety

Insurance

Group,

Inc.

.................

5,086

379,009

Selective

Insurance

Group,

Inc.

...............

5,171

492,951

Stewart

Information

Services

Corp.

.............

7,624

307,628

United

Fire

Group,

Inc.

.....................

14,872

394,852

3,468,167

a

Interactive

Media

&

Services

 — 0.4%

Ziff

Davis,

Inc.

(a)(b)

.........................

4,783

373,313

a

Leisure

Products

 — 1.0%

MasterCraft

Boat

Holdings,

Inc.

(a)

..............

18,776

571,354

Vista

Outdoor,

Inc.

(a)(b)

......................

12,947

358,761

930,115

a

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(continued)

March

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Machinery

 — 1.8%

Hillenbrand,

Inc.

.........................

10,462

$

497,259

Mueller

Industries,

Inc.

.....................

8,530

626,784

Terex

Corp.

.............................

12,958

626,908

1,750,951

a

Marine

Transportation

 — 1.2%

Eagle

Bulk

Shipping,

Inc.

...................

6,785

308,717

Genco

Shipping

&

Trading

Ltd.

................

19,563

306,357

Matson,

Inc.

............................

3,827

228,357

Safe

Bulkers,

Inc.

........................

97,023

358,015

1,201,446

a

Metals

&

Mining

 — 1.7%

Commercial

Metals

Co.

.....................

11,102

542,888

Schnitzer

Steel

Industries,

Inc.,

Class

A

..........

8,885

276,324

TimkenSteel

Corp.

(a)

.......................

21,119

387,322

Warrior

Met

Coal,

Inc.

......................

12,452

457,113

1,663,647

a

Multi-Utilities

 — 0.5%

Unitil

Corp.

.............................

9,271

528,818

a

Office

REITs

 — 0.2%

City

Office

REIT,

Inc.

......................

26,132

180,311

a

Oil,

Gas

&

Consumable

Fuels

 — 5.5%

Berry

Corp.

.............................

44,747

351,264

Chord

Energy

Corp.

.......................

6,432

865,747

CNX

Resources

Corp.

(a)(b)

...................

22,301

357,262

CVR

Energy,

Inc.

.........................

18,093

593,088

DHT

Holdings,

Inc.

........................

79,670

861,233

Dorian

LPG,

Ltd.

.........................

31,890

635,887

Matador

Resources

Co.

....................

8,722

415,603

Murphy

Oil

Corp.

.........................

11,455

423,606

Sitio

Royalties

Corp.,

Class

A

.................

17,140

387,364

World

Fuel

Services

Corp.

...................

17,089

436,624

5,327,678

a

Paper

&

Forest

Products

 — 0.7%

Clearwater

Paper

Corp.

(a)

...................

16,485

550,929

Glatfelter

Corp.

..........................

37,058

118,215

669,144

a

Passenger

Airlines

 — 0.4%

SkyWest,

Inc.

(a)

..........................

16,004

354,809

a

Pharmaceuticals

 — 0.3%

Innoviva,

Inc.

(a)

..........................

23,778

267,502

a

Professional

Services

 — 0.6%

CRA

International,

Inc.

.....................

5,485

591,393

a

Real

Estate

Management

&

Development

 — 0.4%

Anywhere

Real

Estate,

Inc.

(a)(b)

................

29,415

155,311

Newmark

Group,

Inc.,

Class

A

................

29,005

205,356

360,667

a

Retail

REITs

 — 0.7%

Acadia

Realty

Trust

.......................

21,324

297,470

SITE

Centers

Corp.

.......................

27,653

339,579

637,049

a

Semiconductors

&

Semiconductor

Equipment

 — 2.3%

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

..........

8,420

226,919

Amkor

Technology,

Inc.

.....................

21,275

553,576

Cohu,

Inc.

(a)

............................

15,611

599,306

Kulicke

&

Soffa

Industries,

Inc.

................

8,258

435,114

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Photronics,

Inc.

(a)

.........................

27,230

$

451,473

2,266,388

a

Software

 — 0.4%

Adeia,

Inc.

.............................

26,670

236,296

Xperi,

Inc.

(a)

.............................

10,656

116,470

352,766

a

Specialized

REITs

 — 0.4%

PotlatchDeltic

Corp.

.......................

8,776

434,412

a

Specialty

Retail

 — 6.4%

Arko

Corp.

.............................

50,779

431,114

Caleres,

Inc.

............................

23,905

517,065

Conn's,

Inc.

(a)

...........................

29,964

181,582

Container

Store

Group,

Inc.

(The)

(a)

.............

56,521

193,867

Genesco,

Inc.

(a)

..........................

7,233

266,753

Group

1

Automotive,

Inc.

....................

2,753

623,334

Haverty

Furniture

Cos.,

Inc.

..................

16,852

537,747

LL

Flooring

Holdings,

Inc.

(a)

..................

32,993

125,373

MarineMax,

Inc.

(a)(b)

.......................

11,478

329,993

ODP

Corp.

(The)

(a)

........................

10,083

453,533

Shoe

Carnival,

Inc.

........................

15,847

406,476

Signet

Jewelers

Ltd.

.......................

6,360

494,681

TravelCenters

of

America,

Inc.

(a)

...............

10,756

930,394

Urban

Outfitters,

Inc.

(a)

.....................

18,402

510,104

Zumiez,

Inc.

(a)(b)

..........................

12,080

222,755

6,224,771

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.8%

G-III

Apparel

Group

Ltd.

(a)

...................

17,010

264,505

Oxford

Industries,

Inc.

.....................

5,106

539,143

803,648

a

Trading

Companies

&

Distributors

 — 2.6%

Boise

Cascade

Co.

.......................

6,659

421,182

DXP

Enterprises,

Inc.

(a)

.....................

17,057

459,174

Herc

Holdings,

Inc.

........................

2,765

314,933

MRC

Global,

Inc.

(a)

........................

38,798

377,117

Rush

Enterprises,

Inc.,

Class

A

...............

9,077

495,604

Titan

Machinery,

Inc.

(a)

.....................

16,351

497,888

2,565,898

a

Total

Long-Term

Investments — 99.8%

(Cost:

$109,718,731)

................................

96,970,000

a

Short-Term

Securities

Money

Market

Funds

 — 

4.3%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.01%

(c)(d)(e)

......................

3,855,415

3,856,572

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.73%

(c)(d)

............................

286,846

286,846

a

Total

Short-Term

Securities — 4.3%

(Cost:

$4,142,036)

..................................

4,143,418

Total

Investments

—

104.1%

(Cost:

$113,860,767)

................................

101,113,418

Liabilities

in

Excess

of

Other

Assets

—

(4.1)%

...............

(3,983,082)

Net

Assets

—

100.0%

.................................

$

97,130,336

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

US

Small

Cap

Value

Factor

ETF

16

2023

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

(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

year

ended

March

31,

2023

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

03/31/23

  Shares

Held

at

03/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

3,779,361

$

74,256

(a)

$

—

$

1,816

$

1,139

$

3,856,572

3,855,415

$

17,303

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

6,160,000

—

(5,873,154

)

(a)

—

—

286,846

286,846

52,607

2

$

1,816

$

1,139

$

4,143,418

$

69,910

$

2

(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

Micro

E-Mini

Russell

2000

Index

............................................................

16

06/16/23

$

145

$

4,996

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)

08/19/26

$

1,940

$

(393

)

(c

)

$

1,910

–

%

(d

)

Monthly

JPMorgan

Chase

Bank

NA

(e)

02/08/24

1,114

(626

)

(f

)

924

–

(d

)

$

(1,019

)

$

2,834

(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

$(363)

of

net

dividends

and

financing

fees.

(d)

Rounds

to

less

than

0.1%.

(f)

Amount

includes

$(436)

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)

(e)

Range:

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(continued)

March

31,

2023

17

Schedule

of

Investments

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Derivatives

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

March

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

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

August

19,

2026

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Pacific

Premier

Bancorp,

Inc.

...........

28

$

673

35.2

%

Trustmark

Corp.

...................

33

815

42.7

United

Community

Banks,

Inc.

..........

15

422

22.1

1,910

Total

Reference

Entity

—

Long

1,910

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

...................................

$

1,910

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,

2024

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Seacoast

Banking

Corp.

..............

39

$

924

100.0

%

a

Total

Reference

Entity

—

Long

924

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

....................................

$

924

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

................................................................

$

—

$

—

$

—

$

(1,019

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

4,996

$

—

$

—

$

—

$

4,996

Liabilities

—

Derivative

Financial

Instruments

Swaps

-

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

$

—

$

—

$

1,019

$

—

$

—

$

—

$

1,019

(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

.................................

$

—

$

—

$

(71,727

)

$

—

$

—

$

—

$

(71,727

)

Swaps

........................................

—

—

(415,356

)

—

—

—

(415,356

)

$

—

$

—

$

(487,083

)

$

—

$

—

$

—

$

(487,083

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(3,116

)

$

—

$

—

$

—

$

(3,116

)

Swaps

........................................

—

—

(8,735

)

—

—

—

(8,735

)

$

—

$

—

$

(11,851

)

$

—

$

—

$

—

$

(11,851

)

Schedule

of

Investments

(continued)

March

31,

2023

iShares

®

US

Small

Cap

Value

Factor

ETF

18

2023

iShares

Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows: 

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

237,399

Total

return

swaps

Average

notional

amount

...............................................................................................

$

2,180,146

a

Assets

Liabilities

Derivative

Financial

Instruments:

Futures

contracts

................................................................................

$

2,672

‌

$

—

‌

Swaps

—

OTC

(a)

................................................................................

—

‌

1,019

‌

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

........................................

$

2,672

‌

$

1,019

‌

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.....................................

(2,672

)

—

‌

Total

derivative

assets

and

liabilities

subject

to

an

MNA

........................................................

$

—

‌

$

1,019

‌

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents

the

Fund’s

derivative

assets

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

..............................

$

393

‌

$

–

‌

$

–

‌

$

–

‌

$

393

‌

JPMorgan

Chase

Bank

NA

..............................

626

‌

–

‌

–

‌

–

‌

626

‌

$

1,019

‌

$

–

‌

$

–

‌

$

–

‌

$

1,019

‌

(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,

if

any,

from

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.

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(continued)

March

31,

2023

19

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

.........................................

$

96,970,000

‌

$

—

‌

$

—

‌

$

96,970,000

‌

Short-Term

Securities

Money

Market

Funds

......................................

4,143,418

‌

—

‌

—

‌

4,143,418

‌

$

101,113,418

‌

$

—

‌

$

—

‌

$

101,113,418

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

4,996

‌

$

—

‌

$

—

‌

$

4,996

‌

Liabilities

Equity

Contracts

...........................................

—

‌

(1,019

)

—

‌

(1,019

)

$

4,996

‌

$

(1,019

)

$

—

‌

$

3,977

‌

a

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

20

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

March

31,

2023

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

iShares

US

Small

Cap

Value

Factor

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

20,312,514

‌

$

96,970,000

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

32,125

‌

4,143,418

‌

Cash

...........................................................................................

7,973

‌

16,997

‌

Cash

pledged:

Futures

contracts

.................................................................................

4,000

‌

12,000

‌

Receivables:

Investments

sold

.................................................................................

59,768

‌

—

‌

Securities

lending

income

—

affiliated

...................................................................

—

‌

884

‌

Dividends

—

unaffiliated

............................................................................

37,642

‌

113,949

‌

Dividends

—

affiliated

..............................................................................

197

‌

2,347

‌

Interest

—

unaffiliated

..............................................................................

4

‌

213

‌

Variation

margin

on

futures

contracts

....................................................................

835

‌

2,672

‌

Total

assets

......................................................................................

20,455,058

‌

101,262,480

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

—

‌

3,856,099

‌

Payables:

Investments

purchased

.............................................................................

86,192

‌

163,636

‌

Capital

shares

redeemed

............................................................................

210,110

‌

—

‌

Investment

advisory

fees

............................................................................

4,577

‌

19,607

‌

Swaps

........................................................................................

—

‌

91,783

‌

Unrealized

depreciation

on:

OTC

swaps

.....................................................................................

—

‌

1,019

‌

Total

liabilities

.....................................................................................

300,879

‌

4,132,144

‌

NET

ASSETS

.....................................................................................

$

20,154,179

‌

$

97,130,336

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

25,780,703

‌

$

116,437,438

‌

Accumulated

loss

..................................................................................

(

5,626,524

)

(

19,307,102

)

NET

ASSETS

.....................................................................................

$

20,154,179

‌

$

97,130,336

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

400,000

‌

3,650,000

‌

Net

asset

value

....................................................................................

$

50.39

‌

$

26.61

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

—

‌

$

3,847,448

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

20,750,768

‌

$

109,718,731

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

32,125

‌

$

4,142,036

‌

21

Financial

Statements

Statements

of

Operations

Year

Ended

March

31,

2023

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

iShares

US

Small

Cap

Value

Factor

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

779,120

‌

$

3,437,475

‌

Dividends

—

affiliated

..............................................................................

1,558

‌

52,607

‌

Interest

—

unaffiliated

..............................................................................

26

‌

829

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

475

‌

17,303

‌

Foreign

taxes

withheld

.............................................................................

(

1,653

)

(

3,711

)

Total

investment

income

..............................................................................

779,526

‌

3,504,503

‌

EXPENSES

Investment

advisory

...............................................................................

61,195

‌

406,077

‌

Total

expenses

....................................................................................

61,195

‌

406,077

‌

Less:

—

‌

(

137,638

)

Investment

advisory

fees

waived

.......................................................................

—

‌

(

137,638

)

Total

expenses

after

fees

waived

........................................................................

61,195

‌

268,439

‌

Net

investment

income

...............................................................................

718,331

‌

3,236,064

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

4,575,855

)

(

5,083,615

)

Investments

—

affiliated

...........................................................................

314

‌

1,816

‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................................................

—

‌

2

‌

Futures

contracts

...............................................................................

(

14,683

)

(

71,727

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

703,210

‌

3,035,831

‌

Swaps  

......................................................................................

—

‌

(

415,356

)

(

3,887,014

)

(

2,533,049

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

(

323,073

)

(

16,712,721

)

Investments

—

affiliated

...........................................................................

—

‌

1,139

‌

Futures

contracts

...............................................................................

(

3,144

)

(

3,116

)

Swaps  

......................................................................................

—

‌

(

8,735

)

(

326,217

)

(

16,723,433

)

Net

realized

and

unrealized

loss

.........................................................................

(

4,213,231

)

(

19,256,482

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................................

$

(

3,494,900

)

$

(

16,020,418

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

22

2023

iShares

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

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/23

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

718,331

‌

$

1,151,152

‌

$

3,236,064

‌

$

2,601,165

‌

Net

realized

gain

(loss)

.........................................

(

3,887,014

)

14,306,514

‌

(

2,533,049

)

5,799,701

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

326,217

)

(

10,805,165

)

(

16,723,433

)

(

6,804,306

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

3,494,900

)

4,652,501

‌

(

16,020,418

)

1,596,560

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

726,394

)

(

1,163,130

)

(

3,151,456

)

(

3,383,522

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

10,720,408

)

(

8,396,139

)

(

63,196,281

)

68,225,121

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

14,941,702

)

(

4,906,768

)

(

82,368,155

)

66,438,159

‌

Beginning

of

year

...............................................

35,095,881

‌

40,002,649

‌

179,498,491

‌

113,060,332

‌

End

of

year

...................................................

$

20,154,179

‌

$

35,095,881

‌

$

97,130,336

‌

$

179,498,491

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

23

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

Year

Ended

03/31/23

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)

..............................

1

.54

‌

1

.71

‌

1

.23

‌

1

.33

‌

0

.04

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................

(

8

.03

)

5

.25

‌

23.04

‌

(

18.31

)

(

0

.84

)

Net

increase

(decrease)

from

investment

operations

.............

(

6

.49

)

6

.96

‌

24.27

‌

(

16.98

)

(

0

.80

)

Distributions

from

net

investment

income

(d)

....................

(

1

.61

)

(

1

.81

)

(

1

.16

)

(

1

.42

)

—

‌

Net

asset

value,

end

of

period

...........................

$

50.39

‌

$

58.49

‌

$

53.34

‌

$

30.23

‌

$

48.63

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

...............................

(

11.02

)

%

13.20

%

81.85

%

(

35.71

)

%

(

1

.62

)

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

Total

expenses

......................................

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

(h)

Net

investment

income

.................................

2

.94

%

3

.01

%

3

.20

%

2

.76

%

2

.36

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................

$

20,154

‌

$

35,096

‌

$

40,003

‌

$

18,141

‌

$

31,607

‌

Portfolio

turnover

rate

(i)

.................................

133

%

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.

24

2023

iShares

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

Year

Ended

03/31/23

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

.68

‌

0

.57

‌

0

.20

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................................................

(

4

.03

)

0

.28

‌

10.94

‌

Net

increase

(decrease)

from

investment

operations

.............................................

(

3

.35

)

0

.85

‌

11.14

‌

Distributions

from

net

investment

income

(d)

....................................................

(

0

.72

)

(

0

.73

)

(

0

.14

)

Net

asset

value,

end

of

period

...........................................................

$

26.61

‌

$

30.68

‌

$

30.56

‌

Total

Return

(e)

–

–

–

Based

on

net

asset

value

...............................................................

(

10.95

)

%

2

.79

%

57.05

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

Total

expenses

......................................................................

0

.30

%

0

.30

%

0

.30

%

(h)

Total

expenses

after

fees

waived

..........................................................

0

.20

%

0

.20

%

0

.20

%

(h)

Net

investment

income

.................................................................

2

.39

%

1

.84

%

1

.74

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................................

$

97,130

‌

$

179,498

‌

$

113,060

‌

Portfolio

turnover

rate

(i)

.................................................................

71

%

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

25

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. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

March

31,

2023,

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.

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

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.

iShares

ETF

Diversification

Classification

Focused

Value

Factor

..................................................................................................

Diversified

US

Small

Cap

Value

Factor

..............................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

26

2023

iShares

Annual

Report

to

Shareholders

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

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

Notes

to

Financial

Statements

(

continued)

27

Notes

to

Financial

Statements

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).

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.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

US

Small

Cap

Value

Factor

Barclays

Capital,

Inc.

.........................................

$

120,207

‌

$

(110,497

)

$

—

‌

$

9,710

‌

BNP

Paribas

SA

.............................................

186,470

‌

(186,470

)

—

‌

—

‌

Goldman

Sachs

&

Co.

LLC

.....................................

1,820,767

‌

(1,820,767

)

—

‌

—

‌

J.P.

Morgan

Securities

LLC

.....................................

220,645

‌

(220,645

)

—

‌

—

‌

Morgan

Stanley

.............................................

668,179

‌

(668,179

)

—

‌

—

‌

National

Financial

Services

LLC

..................................

741,505

‌

(741,505

)

—

‌

—

‌

RBC

Capital

Markets

LLC

......................................

1,405

‌

(1,395

)

—

‌

10

‌

UBS

Securities

LLC

..........................................

88,270

‌

(88,270

)

—

‌

—

‌

$

3,847,448

‌

$

(3,837,728

)

$

—

‌

$

9,720

‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund’s

Statement

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

March

31,

2023.

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

the

counterparty.

Notes

to

Financial

Statements

(continued)

28

2023

iShares

Annual

Report

to

Shareholders

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

other fund 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 July

31,

2024.

This

amount

is

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the year

ended

March

31,

2023,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

as

follows:

iShares

ETF

Investment

Advisory

Fees

Focused

Value

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

US

Small

Cap

Value

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30

iShares

ETF

Amounts

Waived

US

Small

Cap

Value

Factor

.............................................................................................................................................

$

137,638

‌

Notes

to

Financial

Statements

(

continued)

29

Notes

to

Financial

Statements

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 year

ended March

31,

2023,

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

year

ended

March

31,

2023,

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 year

ended

March

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

Focused

Value

Factor

.................................................................................................

$

189

‌

US

Small

Cap

Value

Factor

.............................................................................................

5,639

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Focused

Value

Factor

.............................................................

$

2,682,067

‌

$

2,817,713

‌

$

(608,916

)

US

Small

Cap

Value

Factor

.........................................................

368,230

‌

2,396,183

‌

(314,874

)

iShares

ETF

Purchases

Sales

Focused

Value

Factor

...............................................................................

$

32,947,572

‌

$

32,896,258

‌

US

Small

Cap

Value

Factor

...........................................................................

94,424,132

‌

102,133,713

‌

Notes

to

Financial

Statements

(continued)

30

2023

iShares

Annual

Report

to

Shareholders

For

the year

ended

March

31,

2023,

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

March

31,

2023,

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.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

March

31,

2023,

permanent

differences

attributable

to

distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2023,

the

tax

components

of

accumulated

net earnings

(losses)

were

as

follows:

As

of

March

31,

2023,

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.

iShares

ETF

In-kind

Purchases

In-kind

Sales

Focused

Value

Factor

...............................................................................

$

2,408,427

‌

$

12,897,994

‌

US

Small

Cap

Value

Factor

...........................................................................

13,271,298

‌

63,966,207

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

Focused

Value

Factor

...............................................................................

$

644,997

‌

$

(644,997

)

US

Small

Cap

Value

Factor

...........................................................................

2,898,629

‌

(2,898,629

)

iShares

ETF

Year

Ended

03/31/23

Year

Ended

03/31/22

Focused

Value

Factor

Ordinary

income

..........................................................................................

$

726,394

‌

$

1,163,130

‌

US

Small

Cap

Value

Factor

Ordinary

income

..........................................................................................

$

3,151,456

‌

$

3,383,522

‌

iShares

ETF

Undistributed

Ordinary

Income

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Losses

(c)

Total

Focused

Value

Factor

........................

$

14,051

‌

$

(5,139,862

)

$

(500,713

)

$

—

‌

$

(5,626,524

)

US

Small

Cap

Value

Factor

....................

—

‌

(6,226,922

)

(13,053,811

)

(26,369

)

(19,307,102

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

accounting

for

swap

agreements

and

the

characterization

of

corporate

actions.

(c)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Focused

Value

Factor

...........................................

$

20,845,352

‌

$

1,683,030

‌

$

(2,183,743

)

$

(500,713

)

US

Small

Cap

Value

Factor

.......................................

114,167,229

‌

6,020,875

‌

(19,074,686

)

(13,053,811

)

Notes

to

Financial

Statements

(

continued)

31

Notes

to

Financial

Statements

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.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

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

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.

The 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.

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:

Year

Ended

03/31/23

‌

Year

Ended

03/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

Focused

Value

Factor

Shares

sold

...............................................

50,000

‌

$

2,482,133

‌

500,000

‌

$

29,481,775

‌

Shares

redeemed

...........................................

(250,000

)

(13,202,541

)

(650,000

)

(37,877,914

)

(200,000

)

$

(10,720,408

)

(150,000

)

$

(8,396,139

)

Notes

to

Financial

Statements

(continued)

32

2023

iShares

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.

Year

Ended

03/31/23

‌

Year

Ended

03/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

US

Small

Cap

Value

Factor

Shares

sold

...............................................

600,000

‌

$

16,584,672

‌

3,300,000

‌

$

103,708,907

‌

Shares

redeemed

...........................................

(2,800,000

)

(79,780,953

)

(1,150,000

)

(35,483,786

)

(2,200,000

)

$

(63,196,281

)

2,150,000

‌

$

68,225,121

‌

Report

of

Independent

Registered

Public

Accounting

Firm

33

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the two funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(two

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the

“Funds”)

as

of

March

31,

2023,

the

related

statements

of

operations

for

the

year

ended

March

31,

2023, the statements

of changes

in

net

assets

for

each

of

the

two

years

in

the period

ended

March

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the periods

indicated

therein (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended, the

changes

in

each

of

their

net

assets

for

each

of

the

two

years in

the period

ended

March 31,

2023

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein, in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America. 

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2023 by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

25,

2023

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Focused

Value

Factor

ETF

iShares

US

Small

Cap

Value

Factor

ETF

Important

Tax

Information

(unaudited)

34

2023

iShares

Annual

Report

to

Shareholders

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023

:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2023

:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

March

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Focused

Value

Factor

..................................................................................................

$

716,853‌

US

Small

Cap

Value

Factor

..............................................................................................

2,827,528‌

iShares

ETF

Qualified

Business

Income

Focused

Value

Factor

..................................................................................................

$

14,442‌

US

Small

Cap

Value

Factor

..............................................................................................

65,179‌

iShares

ETF

Dividends-Received

Deduction

Focused

Value

Factor

..................................................................................................

88

.47‌

%

US

Small

Cap

Value

Factor

..............................................................................................

99

.83‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

35

Statement

Regarding

Liquidity

Risk

Management

Program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Focused

Value

Factor

ETF

and

iShares

US

Small

Cap

Value

Factor

ETF

(the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”). 

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays,

the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/

discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

36

2023

iShares

Annual

Report

to

Shareholders

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Trustee

and

Officer

Information

(unaudited)

37

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”). 

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

March

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards, New

York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-

2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(continued)

38

2023

iShares

Annual

Report

to

Shareholders

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(

continued

)

General

Information

39

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

.

Glossary

of

Terms

Used

in

this

Report

40

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-320-0323

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.

©2023

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.

The registrant

has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics.

The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3.      Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4.      Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the eighteen series of the registrant for which the fiscal year-end is March 31, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees

– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $230,050 for the fiscal year ended

March 31, 2022

and $242,050 for the fiscal year ended March 31, 2023.

(b)

Audit-Related Fees

– There were no fees billed for the fiscal years end

ed March 31, 2022

and March 31, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees

– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $174,600 for the fiscal year ended

March 31, 2022

and $174,600 for the fiscal year ended March 31, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees

– There were no other fees billed in each of the fiscal years end

ed March 31, 2022 and March 31, 2023

for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not Applicable

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $174,600 for the fiscal year ended

March 31, 2022

and $174,600 for the fiscal year ended March 31, 2023.

 

(h)

The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i)

Not Applicable

(j)

Not Applicable

Item 5.      Audit Committee of Listed Registrants

(a)

The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934.  The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

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) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(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/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:	May 25, 2023
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/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:		May 25, 2023
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		May 25, 2023